Document:

Exhibit 4.3

 

ILS

 

STOCKHOLDERS’ AGREEMENT

 

BioHorizons, Inc.

(formerly known as

HEALTHPOINTCAPITAL Dental Holdings, Inc.)

 

THIS STOCKHOLDERS’ AGREEMENT, originally dated as of April 15,
2008 (this “Agreement”), is by and among BioHorizons, Inc.
(formerly known as HealthpointCapital Dental Holdings, Inc.), a Delaware
corporation (the “Company”), HealthpointCapital Partners, LP and
HealthpointCapital Partners II, LP (collectively, the “Fund”), and the
investors listed on Schedule I attached hereto (collectively, the “ILS
Investors”).  The Fund and the ILS
Investors are collectively referred to herein as the “Investors”).

 

RECITALS

 

WHEREAS, the Investors are beneficial owners of the capital
stock of the Company; and

 

WHEREAS, the Investors desire to enter into this Agreement to
regulate their relationships with regard to the Company and to regulate their
relationships among themselves as stockholders of the Company.

 

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

 

SECTION 1.  Definitions.

 

1.01.        Certain
Definitions.

 

(a)           As used
herein, the following capitalized terms shall have the following meanings:

 

“Affiliate” means (i) any corporation, firm, limited
liability company, partnership or other entity which directly or indirectly
controls or is controlled by or is under common control with a party, or (ii) the
spouse or child of a party, or a trust of which a party is a trustee or
beneficiary, or a limited partnership or similar entity owned solely by members
of the immediate family of a party or trusts established by or for the benefit
of such party or members of the immediately family of such party.  For purposes of this definition, “control”
means ownership, directly or through one or more Affiliates, of 

 

 

more
than fifty percent (50%) of the shares of stock entitled to vote for the
election of directors, in the case of a corporation, or more than fifty percent
(50%) of the equity interests in the case of any other type of legal entity,
status as a general partner in any partnership or a manager of any limited
liability company, or any other arrangement whereby a party controls or has the
right to control the board of directors or equivalent governing body of a
corporation or other entity.

 

“Board” means the board of directors of the Company.

 

“Bring-Along Sale” has the meaning ascribed to such term in Section 4.03.

 

“Common Stock” means, collectively, the Common Stock and the
Rolling Common Stock, each par value $0.0001 per share, of the Company.

 

“Company Indemnified Party” has the meaning ascribed to such
term in Section 5.05(b).

 

“Cutback Registration” means any Piggyback Registration to be
effected as a Public Offering in which the managing underwriter with respect
thereto advises the Company and the Requesting Holders in writing that, in its
opinion, the number of shares of capital stock requested to be included in such
registration (including shares of capital stock of the Company which are not
Registrable Securities) exceeds the number that can be sold in such offering
without a material reduction in the selling price anticipated to be received
for the shares of capital stock to be sold in such Public Offering.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended,
or any similar Federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at any time or from
time to time.

 

“Fund Shares” means any and all shares of Common Stock and
Preferred Stock held by the Fund or their Permitted Transferees.

 

“Holder” means any owner (beneficial or of record) of any
Restricted Securities.

 

“Holder Indemnified Party” has the meaning ascribed to such term
in Section 5.05(a).

 

“ILS Shares” means any and all shares of Common Stock held by
the ILS Investors or their Permitted Transferees.

 

“Indemnified Party” means any Company Indemnified Party or
Holder Indemnified Party, as the case may be, that is entitled to indemnity
pursuant to Section 5.05.

 

 

“Indemnifying Party” means a party that is obligated to provide
indemnification pursuant to Section 5.05.

 

“Joinder Agreement” has the meaning ascribed to such term in Section 4.01(c).

 

“Losses” has the meaning ascribed to such term in Section 5.05(a).

 

“Permitted Transferee” has the meaning ascribed to such term in Section 4.01(c).

 

“Person” means any individual, corporation, company, voluntary
association, partnership, limited liability company, joint venture, trust or
unincorporated organization, business entity or government (or any agency,
instrumentality or political subdivision thereof).

 

“Piggyback Registration” means any registration of shares of
capital stock of the Company under the Securities Act, whether for sale for the
account of the Company or for the account of any holder of shares of capital
stock of the Company (other than Registrable Securities), provided, however,
that the registration with respect to the Company’s initial public offering of
capital stock (the “IPO”) shall not be a Piggyback Registration.

 

“Preferred Stock” means the Series A Preferred Stock, par
value $0.001 per share, of the Company.

 

“Proportionate Share” has the meaning ascribed to such term in Section 4.02(b).

 

“Proposed Purchaser” has the meaning ascribed to such term in Section 4.02(b).

 

“Public Offering” means an underwritten public offering of
shares of Common Stock.

 

“Registrable Securities” means any shares of Common Stock from
time to time held by a Holder or issuable to a Holder upon the exercise or
conversion of any security. As to any particular Registrable Securities, once
issued such securities shall cease to be Registrable Securities when (i) a
registration statement with respect to sale of such securities shall have
become effective under the Securities Act and such securities shall have been
disposed of in accordance with such registration statement, (ii) they
shall have been distributed to the public pursuant to Rule 144, or (iii) they
shall have ceased to be outstanding.

 

“Registration Expenses” means all expenses incident to the Company’s
performance of or compliance with its obligations under this Agreement to
effect the registration of Registrable Securities in a Piggyback Registration,
including, without 

 

 

limitation,
all registration, filing, securities exchange listing, fees of the National
Association of Securities Dealers, all registration, filing, qualification and
other fees and expenses of complying with securities or blue sky laws, all word
processing, duplicating and printing expenses, messenger and delivery expenses,
the fees and disbursements of counsel for the Company and of its independent
public accountants, including the expenses of any special audits or “cold
comfort” letters required by or incident to such performance and compliance,
the reasonable fees and disbursements of a single counsel and single firm of
accountants retained by any Holder, premiums and other costs of policies of
insurance against liabilities arising out of the Public Offering of the
Registrable Securities being registered, and any fees and disbursements of
underwriters customarily paid by issuers or sellers of securities, but
excluding underwriting discounts and commissions or transfer taxes, if any, in
respect of Registrable Securities, which shall be payable by any Holder;
provided, however, that, in any case where Registration Expenses are not to be
borne by the Company, such expenses shall not include salaries of the Company’s
personnel or general overhead expenses of the Company, auditing fees, premiums
or other expenses relating to liability insurance required by underwriters of
the Company or other expenses for the preparation of financial statements or
other data normally prepared by the Company in the ordinary course of its
business or which the Company would have incurred in any event.

 

“Restricted Securities” means any shares of Common Stock or
Preferred Stock.

 

“Rule 144” means Rule 144 promulgated by the
Commission under the Securities Act (or any successor or similar rule then
in force).

 

“Shares” means shares of Common Stock and Preferred Stock.

 

“Tag-Along Purchase Offer” has the meaning ascribed to such term
in Section 4.02(b).

 

“Tag-Along Sale” has the meaning ascribed to such term in Section 4.02(b).

 

(b)           References
herein to the Common Stock outstanding “on a fully diluted basis” at any time
means, without duplication, the number of shares of Common Stock then issued
and outstanding, assuming full conversion, exercise and exchange of all
securities of any type that shall be (or may become) exchangeable for, or
exercisable or convertible into, Common Stock.

 

(c)           References
to “include” and “including” shall be construed as if followed by the phrase “,
without being limited to,”.

 

1.02.        General
Principles of Construction.  Unless
otherwise specified herein, (a) “Section” shall refer to a section or
subsection of this Agreement, as the context shall require, (b) 

 

 

“herein”, “hereunder”,
“hereby”, “hereof’ and words of similar import shall refer to this Agreement
and any schedules and exhibits hereto taken as a whole, and not just to the
specific section in which such term appears, (c) terms defined in the
singular have the appropriate correlative meaning when used in the plural and
vice versa, and (d) references to any gender shall include the others.

 

SECTION 2.  Corporate Governance.

 

2.01.        Number
and Identity of Directors.

 

(a)           The number
of directors of the Company shall initially be one (1). Such number may be
increased or decreased, at any time, by the Board.

 

(b)           Each
Holder agrees that all directors of the Company shall be persons nominated,
from time to time, by the Holders of a majority of outstanding Fund Shares,
subject to any contractual obligations to nominate particular individuals as
directors of the Company.

 

2.02.        Further
Assurances.  Each Holder agrees to
vote, in person or by proxy, all of the Shares owned by such Holder, at any
annual or special meeting of the stockholders of the Company called for the
purpose of voting on the election of directors, or by consensual action of
stockholders of the Company without a meeting with respect to the election of
directors, in favor of the election of the directors nominated in accordance
with this Section 2.  Each Holder
shall vote the Shares owned by such Holder and shall take all other actions
necessary to ensure that the Certificate of Incorporation and By-laws of the
Company do not at any time conflict with the provisions of this Agreement.

 

SECTION 3.  Certificate of Incorporation.  The parties hereto
acknowledge and agree that in connection with the execution of this Agreement,
the Certificate of Incorporation shall be restated to read in its entirety as
set forth in Exhibit A hereto.

 

SECTION 4.  Transfers of Restricted Securities.

 

4.01.        Restrictions
on Transfers; Permitted Transferees

 

(a)           Each
Holder, severally and not jointly, agrees and acknowledges that such Holder
will not, directly or indirectly, offer, sell, assign, pledge, encumber or
otherwise transfer any Restricted Securities or solicit any offers to purchase
or otherwise acquire or make a pledge of any Restricted Securities, except (i) in
the case of (A) a sale of Restricted Securities pursuant to an effective
registration statement under the Securities Act, (B) a Tag-Along Sale or (C) a
Bring-Along Sale, in each case otherwise in accordance with this Agreement, or (ii) pursuant
to the terms and conditions of that certain Put Option Agreement of even date
herewith by and between the Company and the Holders.

 

 

(b)           Except as
specifically contemplated hereby, no Holder shall grant any proxy or enter into
or agree to be bound by any voting trust with respect to any Restricted
Securities, nor shall any Holder enter into any stockholder agreements or
arrangements of any kind with any Person with respect to any Restricted
Securities inconsistent with the provisions of this Agreement (whether or not
such agreements and arrangements are with other Holders of Restricted
Securities who are not parties to this Agreement), including agreements or
arrangements with respect to the acquisition, disposition or voting of Restricted
Securities, nor shall any Holder act, for any reason, as a member of a group or
in concert with any other Persons in connection with the acquisition,
disposition or voting of Restricted Securities in any manner which is
inconsistent with the provisions of this Agreement.

 

(c)           None of
the restrictions contained in this Agreement with respect to transfers of
Restricted Securities shall apply with respect to any transfer or assignment by
a Holder to an Affiliate of such Holder, provided such Holder obtains the prior
written consent of the Company to such transfer or assignment (which consent
shall not be unreasonably withheld), and provided further that such transferee
or assignee (a “Permitted Transferee”) shall have executed and delivered
to the Company, as a condition precedent to any acquisition of Restricted
Securities, a Joinder Agreement substantially in the form of Exhibit  B
hereto (a “Joinder Agreement”) confirming that such Permitted Transferee
takes such Restricted Securities subject to all the terms and conditions of
this Agreement and agrees to be bound by the terms thereof. The Company shall
not transfer upon its books any Restricted Securities to any Person except in
accordance with this Agreement.  For
purposes hereof, the Permitted Transferees of a Holder shall include the
Permitted Transferees of such Holder’s Permitted Transferees.

 

4.02.        Tag-Along
Right.

 

(a)           If any
Holder, or group of Holders, of Fund Shares proposes in a single transaction or
a series of related transactions to sell, dispose of or otherwise transfer
(except a transfer pursuant to Section 4.01(c) or Rule 144) any
Restricted Securities then outstanding (on a fully diluted basis), such Holder
or group of Holders shall refrain from effecting such transaction unless, prior
to the consummation thereof, the other Holders shall have been afforded the
opportunity to join in such transfer as provided in Section 4.02(b).

 

(b)           Prior to
the consummation of any transaction subject to the terms of this Section 4.02,
the Person or group of Persons (the “Proposed Purchaser”) that proposes
to acquire Restricted Securities in a transaction subject to Section 4.02(a) (the
“Tag-Along Sale”) shall offer (the “Tag-Along Purchase Offer”) in
writing to the other Holders the right to sell out of the total number of
Restricted Securities proposed to be acquired in the Tag-Along Sale the same
proportion (a “Proportionate Share”) of the number of Restricted
Securities to be sold as the total number of Restricted Securities owned by the
other Holders bears to the total number of Restricted Securities held on such
date by the other Holders and the selling Holder or group of Holders, at the
same price and on the same terms and conditions as the Proposed Purchaser has 

 

 

offered to
such original selling Holder or group of Holders. Such offer shall contain all
material information regarding the Tag-Along Purchase Offer.  Each other Holder shall have thirty (30) days
from the receipt of the Tag-Along Purchase Offer in which to accept the
Tag-Along Purchase Offer. In the event that a transfer subject to Section 4.02(a) is
to be made to a Person other than a Holder, the original selling Holder shall
notify the Proposed Purchaser that the transfer is subject to Section 4.02(a) and
shall ensure that no transfer is consummated without the Proposed Purchaser’s
first complying with this Section 4.02(b). 
It shall be the responsibility of each Holder to determine whether any
transaction to which it is a party is subject to Section 4.02(a).

 

4.03.        Bring-Along
Right.  From and after the date sixty
(60) days after the date hereof, if the Fund or Permitted Transferees holding
(in the aggregate with the Fund) a majority of the Fund Shares (collectively,
the “Bring-Along Holders”) proposes to make a bona fide sale, whether by
merger, consolidation, share exchange, or otherwise, (a “Bring-Along Sale”)
of any Restricted Securities held by the Bring-Along Holder(s) to a third
party that is not, and following such sale will not be, an Affiliate of the
Fund, and such sale is at a price that, in such the Bring-Along Holder’s(s’)
reasonable judgment, is a fair market value price, then the Bring-Along Holder(s) shall
have the right, exercisable upon thirty (30) days’ prior written notice to the
each of other Holders, to require each of such other Holders to sell such
Holder’s Proportionate Share of Restricted Securities to such third party on
the same terms as the Holder of Fund Shares and to refrain from exercising any
appraisal or dissenter’s rights with respect to such Bring-Along Sale.

 

4.04.        Legend
on Certificates.  Each outstanding
certificate representing Restricted Securities shall bear endorsements reading
substantially as follows:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED IN A PRIVATE PLACEMENT,
WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933 (AS THEN IN EFFECT), AND
IN RELIANCE UPON THE HOLDER’S REPRESENTATION THAT SUCH SECURITIES WERE BEING
ACQUIRED FOR INVESTMENT AND NOT FOR RESALE. 
NO TRANSFER OF SUCH SECURITIES MAY BE MADE ON THE BOOKS OF HEALTHPOINTCAPITAL
DENTAL HOLDINGS, INC. (THE “COMPANY”) UNLESS ACCOMPANIED BY AN OPINION OF
COUNSEL, SATISFACTORY TO THE COMPANY (WHICH MAY BE WAIVED BY THE COMPANY),
THAT SUCH TRANSFER MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE
SECURITIES ACT OF 1933 (AS AMENDED) OR THAT SUCH SECURITIES HAVE BEEN SO
REGISTERED UNDER A REGISTRATION STATEMENT WHICH IS IN EFFECT AT THE DATE OF
SUCH TRANSFER.

 

 

THE
SALE, ASSIGNMENT, PLEDGE, ENCUMBRANCE OR OTHER TRANSFER OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE PROVISIONS OF A STOCKHOLDERS’
AGREEMENT, DATED AS OF APRIL 15, 2008, AMONG THE COMPANY AND THE HOLDERS
SIGNATORY THERETO.  NO TRANSFER OF SUCH
SECURITIES WILL BE MADE ON THE BOOKS OF THE COMPANY UNLESS ACCOMPANIED BY
EVIDENCE OF COMPLIANCE WITH THE TERMS OF SAID AGREEMENT.

 

VOTING
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE PROVISIONS
OF A STOCKHOLDERS’ AGREEMENT, DATED AS OF APRIL 15, 2008, AMONG THE COMPANY AND
THE HOLDERS SIGNATORY THERETO.

 

SECTION 5.  Piggyback Registrations

 

5.01.        Right to
Include Registrable Securities. 
Notwithstanding any limitation contained in Section 4, if
the Company at any time after the IPO proposes to effect a Piggyback
Registration, it will each such time give prompt written notice to the Holders
of its intention to do so, including a description of the intended method of
disposition of the shares of capital stock. 
Upon the written request of any Holder, the Company shall use
commercially reasonable efforts to include in the registration statement
relating to such Piggyback Registration all Registrable Securities which the
Company has been so requested to register, subject, however, to Section 5.03.  Notwithstanding the foregoing, a Holder shall
not have a right to effect a Piggyback Registration if such Holder’s
Registrable Securities are immediately distributable pursuant to Rule 144
or another exemption under the Securities Act.

 

5.02.        Registration
Expenses.  The Company shall pay all
Registration Expenses incurred in connection with each Piggyback Registration.

 

5.03.        Priority
in Cutback Registrations.  If a
Piggyback Registration becomes a Cutback Registration, the Company shall
include in such registration, to the extent of the amount of the Shares which
the managing underwriter advises the Company can be sold in such offering, first,
the Shares proposed by the Company to be sold for its own account, second,
Registrable Securities requested to be included in the registration by Holders,
pro rata on the basis of the total number of Registrable Securities held
by such Holders and third, any Shares requested to be included in the
registration by holders of Shares that are not Registrable Securities, pro
rata on the basis of the total number of such Shares held by holders
thereof.  Any Shares so excluded shall be
withdrawn from and shall not be included in such Piggyback Registration.

 

 

5.04.        Underwritten
Piggyback Offerings.  If the Company
at any time proposes to register any of its Shares in a Piggyback Registration
and such Shares are to be distributed by or through one or more underwriters,
the Company shall, subject to the provisions of Section 5.03, use
commercially reasonable efforts to arrange for such underwriters to include the
Registrable Securities to be offered and sold by any Holder among the Shares to
be distributed by such underwriters. Such Holder shall be a party to the
underwriting agreement between the Company and such underwriter or underwriters
and may, at its option, require that any or all of the representations and
warranties by, and the other agreements on the part of, the Company to and for
the benefit of such underwriters also be made to and for the benefit of such
Holder and that any or all of the conditions precedent to the obligations of
such underwriters under such underwriting agreement also be conditions
precedent to the obligations of such Holder. 
No Holder may participate in such underwritten offering unless such
Holder agrees to sell its Registrable Securities on the basis provided in such
underwriting agreement and completes and executes all questionnaires, powers of
attorney, indemnities and other documents reasonably required under the terms
of such underwriting agreement.  If any
Holder disapproves of the terms of an underwriting, such Holder may elect to
withdraw therefrom and from such registration by notice to the Company and the
managing underwriter.

 

5.05.        Cross-Indemnifications.

 

(a)           Indemnification
by the Company.  The Company shall,
to the full extent permitted by law, indemnify and hold harmless each Holder
and its Affiliates, and their respective managing directors, officers,
directors, managers, officers, employees and agents (each, a “Holder
Indemnified Party”), against any losses, claims, damages, expenses or
liabilities, joint or several (collectively, “Losses”), to which such
Holder Indemnified Party may become subject under the Securities Act or
otherwise, insofar as such Losses (or actions or proceedings, whether commenced
or threatened, in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact contained in any
registration statement of the Company, any preliminary prospectus of the
Company, final prospectus of the Company or summary prospectus contained
therein, or any amendment or supplement thereto, or any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein (in the case of a prospectus, in the
light of the circumstances under which they were made) not misleading, and the
Company shall reimburse each Holder Indemnified Party for any legal or any
other expenses reasonably incurred by them in connection with investigating or
defending any such Loss (or action or proceeding in respect thereof); provided,
however, that the Company shall not be liable to the extent that any such Loss
(or action or proceeding in respect thereof) arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission
made in any such registration statement, preliminary prospectus, final
prospectus, summary prospectus, amendment or supplement in reliance upon and in
conformity with written information furnished to the Company by or on behalf of
such Holder for use in the preparation thereof. 
Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of any 

 

 

Holder or
any such Holder Indemnified Party, and shall survive the transfer of Shares by
a Holder.  The Company shall also
indemnify each other Person that participates (including as an underwriter) in
the offering or sale of Registrable Securities, and such Person’s Affiliates,
and their respective managing directors, officers, directors, managers,
officers, employees and agents, to the same extent as provided above with
respect to each Holder.

 

(b)           Indemnification
by the Holders.  Each Holder shall,
to the full extent permitted by law, indemnify and hold harmless the Company
and its Affiliates, and their respective managing directors, officers,
directors, managers, officers, employees and agents (each, a “Company
Indemnified Party”) against any Losses to which the Company or any such
Company Indemnified Party may become subject under the Securities Act or
otherwise, insofar as such Losses (or actions or proceedings, whether commenced
or threatened, in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact contained in any
registration statement of the Company, any preliminary prospectus of the
Company, final prospectus of the Company or summary prospectus contained therein,
or any amendment or supplement thereto, or any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to
make the statements therein (in the case of a prospectus, in the light of the
circumstances under which they were made) not misleading, if such untrue
statement or alleged untrue statement or omission or alleged omission was made
in reliance upon and in conformity with written information furnished to the
Company by or on behalf of such Holder for use in the preparation of such
registration statement, preliminary prospectus, final prospectus, summary
prospectus, amendment or supplement. 
Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Company or any Company Indemnified
Party and shall survive the transfer of such shares by such seller.  Such Holder shall also indemnify each other
Person that participates (including as an underwriter) in the offering or sale
of Registrable Securities, and such Person’s Affiliates, and their respective
managing directors, officers, directors, managers, officers, employees and
agents, to the same extent as provided above with respect to the Company.

 

(c)           Notices
of Claims. Etc.  Promptly after
receipt by an Indemnified Party of notice of the commencement of any action or
proceeding involving a claim referred to in Section 5.05(a) or
5.05(b), such Indemnified Party will, if a claim in respect thereof is to be
made against an Indemnifying Party pursuant to such Sections, give written
notice to the latter of the commencement of such action; provided, however,
that the failure of any Indemnified Party to give notice as provided herein
shall not relieve the Indemnifying Party of its obligations under the Section 5.05(a) or
5.05(b), except to the extent that the Indemnifying Party is actually
prejudiced by such failure to give notice. In case any such action is brought
against an Indemnified Party, the Indemnifying Party shall be entitled to
participate in and to assume the defense thereof, with counsel reasonably
satisfactory to such Indemnified Party, and after notice from the Indemnifying
Party to such Indemnified Party of its election so to assume the defense
thereof and consent by such Indemnified Party to counsel proposed by such
Indemnifying Party, the Indemnifying Party shall not be liable to such
Indemnified Party for any legal or other 

 

 

expenses
subsequently incurred by the latter in connection with the defense thereof
other than reasonable costs of investigation. 
No Indemnifying Party shall be subject to any liability for any
settlement made without its consent, which consent shall not be unreasonably
withheld or delayed.

 

(d)           Contribution.  If the indemnity and reimbursement obligation
provided for in this Section 5 is unavailable or insufficient to hold
harmless an Indemnified Party in respect of any Losses (or actions or
proceedings in respect thereof) referred to therein, then the Indemnifying
Party shall contribute to the amount paid or payable by the Indemnified Party
as a result of such Losses (or actions or proceedings in respect thereof) in
such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party on the one hand and the Indemnified Party on the other hand
in connection with statements or omissions which resulted in such Losses, as
well as any other relevant equitable considerations.  The relative fault shall be determined by
reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Indemnifying Party or the
Indemnified Party and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such untrue statement or
omission.  The parties hereto agree that
it would not be just and equitable if contributions pursuant to this Section 5.05(d) were
to be determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred
to in the first sentence of this Section 5.05(d).  The amount paid by an Indemnified Party as a
result of the Losses referred to in the first sentence of this Section 5.05(d) shall
be deemed to include any legal and other expenses reasonably incurred by such
Indemnified Party in connection with investigating or defending any Loss which
is the subject of this Section 5.04(d). 
No Indemnified Party guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from the Indemnifying Party if the Indemnifying Party was not
guilty of such fraudulent misrepresentation.

 

(e)           Other
Indemnification.  Indemnification
similar to that specified in this Section 5.05 (with appropriate
modifications) shall be given by the Company and each Holder with respect to
any required registration or other qualification of shares of capital stock
under any federal or state law or regulation of any governmental authority
other than the Securities Act.  The
provisions of this Section 5.05 shall be in addition to any other rights
to indemnification or contribution which an Indemnified Party may have pursuant
to law, equity, contract or otherwise.

 

(f)            Indemnification
Payments.  The indemnification
required by this Section 5.05 shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and when
bills are received or Losses are incurred.

 

 

SECTION 6.  Access and Information

 

6.01.        Information
and Access.

 

(a)           Each
Holder of outstanding Restricted Securities shall have the rights set forth in
this Section 6.01(a).  The Company
shall furnish to each such Holder the following:

 

(i)            Within
ninety (90) days after the end of each fiscal year, an overview of the Company’s
financial condition and results of operations as at the end of the fiscal year,
which shall include:

 

(1)           a
balance sheet of the Company;

 

(2)           a
statement of operations;

 

(3)           a
statement of cash flows;

 

(4)           a
statement of changes in stockholders’ equity;

 

(5)           a
statement of the Company’s assets; and

 

(6)           any
other information the Company, after consultation with any Holder requesting
the same, deems necessary or appropriate.

 

(ii)           Within
forty-five (45) days after the end of each of the first three fiscal quarters
of each year, a report of the Company setting forth an overview of the Company’s
financial conditions and results of operations as at the end of the fiscal
quarter, which shall include the information described in clauses (1) through
(6) above.

 

(b)           Each
Holder who owns in excess of 10% of the outstanding Restricted Securities shall
have the rights set forth in this Section 6.01(b). The Company shall
furnish to each such Holder the following:

 

The
Company shall (i) afford each such Holder or its authorized agents access,
at reasonable times, upon reasonable prior notice, to inspect the books and
records (including the stock books and records) of the Company and to discuss
with senior management of the Company the business and affairs of the Company,
and (ii) provide each such Holder or its authorized agents with additional
information on the financial condition, operations and business of the Company
as such Holder shall reasonably request.

 

 

SECTION 7.  Miscellaneous.

 

7.01.        Remedies.  The parties to this Agreement acknowledge and
agree that the covenants and agreements of the Company and the Holders set
forth in this Agreement may be enforced in equity by a decree requiring
specific performance or injunctive relief. Such remedies shall be cumulative
and nonexclusive and shall be in addition to any other rights and remedies the
parties may have under this Agreement or otherwise.

 

7.02.        Complete
Agreement.  This Agreement represents
the complete agreement among the parties hereto as to all matters covered
hereby, and supersedes any prior agreements or understandings (oral or written)
between the parties with respect to such matters.

 

7.03.        Amendments.  Any provision of this Agreement may be
amended or waived only in writing and shall require the written consent of the
holders of a majority of each of (i) the Fund Shares then outstanding and (ii) the
ILS Shares then outstanding.  In the
event that any Holder or the Company shall be required, as a result of the enactment,
amendment or modification, subsequent to the date hereof, of any applicable law
or regulation, or by the order of any governmental authority, to take any
action which is inconsistent with or which would constitute a violation or
breach of any terms of this Agreement, then the Holders and the Company shall
use commercially reasonable efforts to negotiate an appropriate amendment or
modification of, or waiver of compliance with, such terms.

 

7.04.        Captions.  Captions appearing in this Agreement are for
convenience only and shall not be deemed to explain, limit or amplify the
provisions hereof.

 

7.05.        Severability.  The invalidity or unenforceability of any
particular provision of this Agreement shall not affect the other provisions
hereof, and this Agreement shall be construed in all respects as if the invalid
or unenforceable provision were omitted.

 

7.06.        No
Waiver.  No failure on the part of
any party hereunder to exercise, and no delay in exercising, and no course of
dealing with respect to, any right, power or privilege hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any right,
power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, power or privilege.

 

7.07.        Notices.

 

(a)                                  All notices under this Agreement must be in writing and may
be given by personal delivery, telex, telegram, private courier service or
registered or certified mail, postage prepaid and return receipt requested.

 

(b)           A notice
is deemed to have been given:

 

 

(i)                                     by personal delivery, facsimile or private courier service,
as of the day of delivery of the notice to the addressee; and

 

(ii)                                  by mail, as of the date of receipt or refusal by the
addressee.

 

(c)           Notices
must be sent to:

 

(i)                                     if to the Company, to:

 

BioHorizons, Inc.

2300
Riverchase Center

Birmingham,
AL 35244

Telecopier:
(205) 870-0304

Attention:
R. Steven Boggan, President & CEO

 

with
a copy to:

 

HealthpointCapital
Partners II, L.P.

505
Park Avenue, 12th Floor

New
York, New York 10022

Attention:
John H. Foster, Managing Director

 

with
a copy to:

 

Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Chrysler
Center

666
Third Avenue

New
York, New York 10017

Attention:
James M. McKnight, Esq.

 

or
such other address or addresses as to which the Holders have been given notice
in accordance with this Section 7.07; and

 

(ii)                                  if to the Holders, to the addresses listed on the books of
the Company or such other addresses as to which the Company has been given
notice in accordance with this Section 7.07.

 

7.08.        Successors
and Assigns.  This Agreement shall be
binding upon and inure to the benefit of the parties hereto and to their
respective transferees, successors, assigns, legal representatives, heirs and
administrators; provided, however, that neither this Agreement nor any rights
or duties hereunder may be assigned by any of the parties hereto except in
accordance with the express terms and conditions of this Agreement.

 

 

7.09.        Governing
Law.  This Agreement shall be
governed by, and construed in accordance with, the laws of the State of
Delaware, without giving effect to the conflict of law principles thereof.

 

7.10.        JURISDICTION.

 

(a)           ANY SUIT,
ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT AND ANY ACTION OR
PROCEEDING TO EXECUTE OR OTHERWISE ENFORCE ANY JUDGMENT OBTAINED IN CONNECTION
HEREWITH MAY BE INSTITUTED IN THE STATE OR FEDERAL COURTS LOCATED IN NEW
CASTLE COUNTY, DELAWARE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH
OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS GENERALLY (BUT
NON-EXCLUSIVELY) TO THE JURISDICTION OF EACH SUCH COURT OF ANY SUIT, ACTION OR
PROCEEDING.  EACH OF THE PARTIES HERETO
HEREBY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS IN ANY SUIT,
ACTION OR PROCEEDING IN SAID COURTS BY THE MAILING THEREOF BY ANY OTHER PARTY
BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS
FOR NOTICES SPECIFIED PURSUANT TO SECTION 7.07.

 

(b)           EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW
OR HEREAFTER HAVE TO LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THE ENFORCEMENT OF THIS AGREEMENT BROUGHT IN THE STATE OR
FEDERAL COURTS LOCATED IN NEW CASTLE COUNTY, DELAWARE, AND HEREBY FURTHER
IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT
IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

(c)           EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

7.11.        Termination;
Survival.  This Agreement shall
terminate, as between any Holder and the other parties hereto, upon disposition
of all Restricted Securities held by such Holder pursuant to Section 4 or
upon a Public Offering (except that the registration rights granted under Section 5
shall survive a Public Offering).  The
representations, warranties, covenants and agreements of any Holder contained
in Section 5.05(b), and of the Company contained in Section 5.05(a),
shall survive any such termination.

 

 

7.12.        Counterparts.  This Agreement may be executed with
counterpart signature pages or in any number of counterparts, all of which
taken together shall constitute one and the same instrument, and any of the
parties hereto may execute this Agreement by signing any such counterpart
signature page or counterpart.

 

(Continued
on Next Page)

 

 

IN WITNESS WHEREOF, the parties hereto have
executed, or cause to be executed by their duly authorized officers, this
Agreement as of the date first above written.

 

	
   

  	
   

  	
  BIOHORIZONS,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  John H. Foster

  
	
   

  	
   

  	
   

  	
  Name:John
  H. Foster

  
	
   

  	
   

  	
   

  	
  Title:
  Chairman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HEALTHPOINTCAPITAL
  PARTNERS II, LP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  HGP
  II, LLC, its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  John H. Foster

  
	
   

  	
   

  	
   

  	
   

  	
  Name:
  John H. Foster

  
	
   

  	
   

  	
   

  	
   

  	
  Title:
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HEALTHPOINTCAPITAL
  PARTNERS, LP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  HGP,
  LLC, its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  John H. Foster

  
	
   

  	
   

  	
   

  	
   

  	
  Name:
  John H. Foster

  
	
   

  	
   

  	
   

  	
   

  	
  Title:
  Managing Member

  

 

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name: Michael Abrams

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [PRINT NAME ABOVE]

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Michael Abrams

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name:  Yakov S. Eisenberger

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [PRINT NAME ABOVE]

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Yakov S.
  Eisenberger

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature
page to BioHorizons, Inc. (fka HealthpointCapital Dental Holdings, Inc.)
Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name:  Murray Friedman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [PRINT NAME ABOVE]

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Murray Friedman

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name:  Elliot Ganz

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [PRINT NAME ABOVE]

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Elliot Ganz

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name:  Jacob Z. Ganz

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [PRINT NAME ABOVE]

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Jacob Z. Ganz

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name:  Ari J. Glazer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [PRINT NAME ABOVE]

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Ari J. Glazer

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:  L. Gordon 401(k) Profit Sharing
  Plan

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [PRINT NAME  ABOVE]

  
	
  By:

  	
  /s/ Laurence Gordon

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name: Laurence Gordon

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  
				

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name: Ari Greenspan

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [PRINT NAME  ABOVE]

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Ari Greenspan

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name: Robert M. Hersh

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [PRINT NAME  ABOVE]

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Robert M. Hersh

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name: Paul Hilbert

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [PRINT NAME  ABOVE]

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Paul Hilbert

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name: Robyn Katz

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
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  By:

  	
   

  	
   

  
	
   

  	
   

  	
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  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name: Ahron Kirzner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
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  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name: Barbara Klein

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
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  By:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Barbara Klein

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name: Michael Klein

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
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  By:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Michael Klein

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name: Sidney Klein

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
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  /s/ Sidney Klein

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name: Marc Kramer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
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  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  By:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Mayer Kramer

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name: Paul Kudowitz

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
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  /s/ Paul Kudowitz

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name: 

  	
  Henry Lazarus  

  
	
   

  	
   

  	
   

  	
  Aviva Lazarus

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
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  By:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Henry Lazarus

  
	
  Name:

  	
   

  	
  /s/ Aviva Lazarus

  
	
   

  	
   

  	
  [SIGN HERE]

  
	
  Title:

  	
   

  	
   

  

 

[Signature page to BioHorizons, Inc. (fka HealthpointCapital
Dental Holdings, Inc.) Stockholders’ Agreement]

 

 

investors

 

	
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  Name of Entity:

  	
   

  	
  Name: Herbert Maltz

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
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SCHEDULE I

 

Names of Investors

 

HealthpointCapital
Partners, LP

 

HealthpointCapital
Partners II, LP

 

Michael
Abrams

 

Yakov
S. Eisenberger

 

Murray
Friedman

 

Elliot Ganz

 

Jacob Z. Ganz

 

Ari J. Glazer

 

L.
Gordon 401(k) Profit Sharing Plan

 

Ari
Greenspan

 

Robert
M. Hersh

 

Paul
Hilbert

 

Robyn Katz

 

Ahron Kirzner

 

Barbara Klein

 

Michael Klein

 

Sidney Klein

 

Marc Kramer

 

Mayer Kramer

 

 

Paul Kudowitz

 

Henry Lazarus

 

Herbert Maltz

 

Michael
L. Maltz

 

Richard
Manno

 

James
F. McConkey III

 

Steven
Oken

 

Sandra
Ostreicher

 

Michael
Saltzman

 

Allan
Schuman

 

Asher
Taub

 

Joseph
Ungar

 

Murray
Voroba

 

Steven
Weinstein

 

David
Wiseman

 

 

EXHIBIT A

 

Certificate of Incorporation

 

 

 

FORM OF
RESTATED

CERTIFICATE
OF INCORPORATION

OF

BIOHORIZONS, INC.

 

(Pursuant to Sections 242 and 245 of
the

General Corporation Law of the State
of Delaware)

 

BioHorizons, Inc.
(the “Corporation”), a corporation organized
and existing under and by virtue of the provisions of the General Corporation
Law of the State of Delaware (the “General Corporation Law”),

 

DOES HEREBY CERTIFY:

 

1.                                     The name of the
corporation is BioHorizons, Inc.

 

2.                                     The Corporation’s
original Certificate of Incorporation was filed in the office of the Secretary
of State of Delaware on May 5, 2006. The original name at the time of
incorporation was BH Holdings I, Inc.

 

3.                                     This Amended
and Restated Certificate of Incorporation restates, integrates and amends the
Corporation’s Certificate of Incorporation, in order to eliminate accruing
dividends thereunder.

 

4.                                     This Amended
and Restated Certificate of Incorporation was duly adopted by written consent
of the directors and stockholders of the Corporation in accordance with the
applicable provisions of Sections 228, 242 and 245 of the General Corporation
Law of the State of Delaware.

 

5.                                     The text of the
Corporation’s Certificate of Incorporation is hereby amended and restated to
read in full as follows:

 

FIRST:  The name of
this corporation is BioHorizons, Inc. (the “Corporation”).

 

SECOND: The address of the registered office of the
Corporation in the State of Delaware is 2711 Centerville Road, Suite 400,
in the City of Wilmington, County of New Castle. The name of its registered
agent at such address is Corporation Service Company.

 

THIRD:  The nature
of the business or purposes to be conducted or promoted is to engage in any
lawful act or activity for which corporations may be organized under the
General Corporation Law.

 

FOURTH:  The total number
of shares of all classes of capital stock which the Corporation shall have
authority to issue is: (i) 25,000,000 shares of a class of common stock,
$0.0001 par value per share, of which (a) 13,400,000 shares are designated
“Class A Common Stock,” (b) 8,800,000
shares are designated “Class B Common Stock”,
(c) 1,400,000 shares are designated “Rolling Common Stock,”
and (d) 1,400,000 are without designation; and (ii)

 

 

300,000
shares of a class of preferred stock, $0.0001 par value per share, all of which
are designated “Preferred Stock.”

 

Except
as may be otherwise required by the provisions herein establishing such class
of stock, the number of authorized shares of any class of capital stock may be
increased or decreased (but not below the number of shares thereof then
outstanding) by the affirmative vote (or written consent in lieu thereof) of
the holders of shares of stock of the Corporation representing a majority of
the votes represented by all outstanding shares of capital stock of the Corporation
entitled to vote, without a vote of the holders of any such class of capital
stock voting as a separate class, irrespective of the provisions of Section 242(b)(2) of
the General Corporation Law. There shall be no cumulative voting.

 

The
following is a statement of the designations and the powers, privileges and
rights, and the qualifications, limitations or restrictions thereof in respect
of each class or series of capital stock of the Corporation. Unless otherwise
indicated, references to “Sections” or “Subsections” in this ARTICLE FOURTH refer to sections
and subsections of this ARTICLE FOURTH.

 

A.                                   COMMON STOCK

 

1.                                       General.  Common stock may be issued from time to time
in one or more series, each of such series to consist of such number of shares
and to have such terms, rights, powers and preferences, and the qualifications
and limitations with respect thereto, as stated or expressed herein. The
voting, dividend and liquidation rights of the holders of the common stock are
subject to and qualified by the rights, powers and preferences of the holders
of the preferred stock set forth herein.

 

2.                                       Dividends.  Dividends shall be payable on shares of
common stock outstanding when, as and if declared by the Corporation’s Board of
Directors (the “Board”).

 

3.                                       Liquidation;
Payments to Holders of Common Stock.

 

(a)                                  Payments to
Holders of Rolling Common Stock.  In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Corporation and certain other
events, the holders of shares of Preferred Stock and Rolling Common Stock shall
be entitled to be paid amounts specified in Subsection B.3(a)(ii).

 

(b)                                 Payments to
Holders of Class A Common Stock.  After payment of the Senior Liquidation
Amount required under Section B.3, the holders of shares of Class A
Common Stock and Rolling Common Stock then outstanding shall be entitled to be
paid by the Corporation an amount (the “Common Preference Amount”)
equal to Thirty Five Million Four Hundred Thousand Dollars ($35,400,000). In
the event the assets of the Corporation have a value of less than the Common
Preference Amount after payment of the Senior Liquidation Amount, holders of
the shares of Class A Common Stock and Rolling Common Stock shall be paid
the remaining of assets of the Corporation. Payments under this Subsection
A.3(b) shall be made on the basis of the number of shares of Class A
Common Stock and Rolling Common Stock owned by each stockholder.

 

2

 

(c)                                  Payments to
Holders of Common Stock. After payment of the Common Preference
Amount required under Subsection A.3(b) and the Senior Liquidation
Amount required under Subsection B.3(a), the holders of shares of common
stock then outstanding shall be entitled to be paid the remaining assets of the
Corporation available for distribution to its stockholders as otherwise set
forth in this Amended and Restated Certificate of Incorporation. Payments under
this Subsection A.3(c) shall be made on the basis of the number of
shares of common stock owned by each stockholder.

 

4.                                       Mandatory
Conversion Prior to an IPO or a Deemed Liquidation Event.

 

(a)                                  Immediately
prior to the closing of an initial public offering of the common stock of the
Corporation (an “IPO”) or a Deemed Liquidation
Event (as defined in Subsection B.3(b)(i) (the “Mandatory
Conversion Date”), but following any payment of the Redemption Price
or Common Preference Amount pursuant to Subsection B.3(b)(iii) or B.(b)(iv) or
any Forced Conversion pursuant to Subsection 3(b)(v), (i) each
share of Class A Common Stock and Class B Common Stock shall
automatically be converted into one share of common stock, and (ii) each
share of Rolling Common Stock shall automatically be converted into one share
of common stock and 0.0119420722744719 shares of Preferred Stock, in each case
subject to appropriate adjustment in the event of any stock dividend, stock
split, combination or other similar recapitalization affecting such shares. The
shares of common stock into which the shares of Class A Common Stock, Class B
Common Stock and Rolling Common Stock convert pursuant to this Subsection
A.4(a) are collectively referred to herein as the “Converted
Common Stock”.

 

(b)                                 Prior written
notice of the conversion pursuant to Subsection A.4(a) shall be
mailed, postage prepaid, to each holder of record of outstanding shares of Class A
Common Stock, Class B Common Stock and Rolling Common Stock, at its post
office address last shown on the records of the Corporation, or given by
electronic communication in compliance with the provisions of the General
Corporation Law.

 

(c)                                  On the
Mandatory Conversion Date, all outstanding shares of Converted Common Stock
shall be deemed to have been converted into shares of common stock, which shall
be deemed to be outstanding of record, and all rights with respect to the
Converted Common Stock so converted, including the rights, if any, to receive
notices and vote (other than as a holder of common stock), will terminate,
except only the rights of the holders thereof to receive payment of any
declared but unpaid dividends thereon.

 

5.                                       Voting.  Unless otherwise required by law, all shares
of common stock (including Class A Common Stock, Class B Common Stock
and Rolling Common Stock) shall be non-voting.

 

B.                                     PREFERRED STOCK
AND PREFERRED PAYMENTS TO ROLLING COMMON STOCK

 

1.                                       Issuance and
Reissuance.  Preferred
stock may be issued from time to time in one or more series, each of such
series to consist of such number of shares and to have such terms, 

 

3

 

rights,
powers and preferences, and the qualifications and limitations with respect
thereto, as stated or expressed herein.

 

2.                                       Dividends.  Dividends shall be payable on shares of
Preferred Stock outstanding when, as and if declared by the Board.

 

3.                                       Liquidation,
Dissolution or Winding Up; Certain Mergers, Consolidations and Asset Sales.

 

(a)                                  Payments to
Holders of Preferred Stock and Rolling Common Stock.  In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Corporation, the Corporation
shall pay the following amounts to the following holders of its capital stock,
pari passu, out of the assets available for distribution to the Corporation’s
stockholders before any payment shall be made to the holders of common stock,
by reason of their ownership thereof:

 

(i)                                    the holders of
shares of Preferred Stock then outstanding shall be entitled to an amount equal
to $1,000 per share (subject to appropriate adjustment in the event of any
stock dividend, stock split, combination or other similar recapitalization
affecting such shares) (the aggregate amount payable pursuant to this clause is
the “Preferred Liquidation Amount”), and

 

(ii)                                 the holders of
shares of Rolling Common Stock then outstanding shall be entitled to an amount
equal to $11.9420722744719 per share (subject to appropriate adjustment in the
event of any stock dividend, stock split, combination or other similar
recapitalization affecting such shares) (the aggregate amount payable pursuant
to this clause is the “Rolling Common
Liquidation Amount”).

 

The
Preferred Liquidation Amount and the Rolling Common Liquidation Amount are
collectively referred to herein as the “Senior Liquidation
Amount.” If upon any such liquidation, dissolution or winding up of
the Corporation, the remaining assets available for distribution to the
Corporation’s stockholders shall be insufficient to pay the Senior Liquidation
Amount, the holders of shares of Preferred Stock and Rolling Common Stock shall
share ratably in any distribution of the remaining assets available for
distribution in proportion to the respective amounts that would otherwise be
payable under this Subsection B.3(a) in respect of the shares held
by them upon such distribution as if all amounts payable under this Subsection
B.3(a) on or with respect to such shares were paid in full.

 

(b)                                 Redemption or Payment Upon
an IPO or a Deemed Liquidation Event.

 

(i)                                     The following
events constitute a “Deemed Liquidation Event”,
unless the holders of not less than fifty-one percent (51%) of the Preferred
Stock elect otherwise by written notice given to the Corporation at least ten (10) days
prior to the effective date of any such event:

 

(A)                              a merger or
consolidation in which

 

4

 

(I)                                   the Corporation
is a constituent party, or

 

(II)                               a subsidiary of
the Corporation is a constituent party and the Corporation issues shares of its
capital stock pursuant to such merger or consolidation,

 

except
any such merger or consolidation involving the Corporation or a subsidiary in
which the shares of capital stock of the Corporation outstanding immediately
prior to such merger or consolidation continue to represent, or are converted
or exchanged for shares of capital stock which represent, immediately following
such merger or consolidation at least a majority, by voting power, of the
capital stock of (1) the surviving or resulting corporation or (2) if
the surviving or resulting entity is a wholly owned subsidiary of another
corporation immediately following such merger or consolidation, the ultimate
parent corporation of such surviving or resulting entity (provided that,
for the purpose of this Subsection B.3(b)(i)(A), all shares of capital
stock issuable upon conversion of convertible securities, or any rights to
receive capital stock, outstanding immediately prior to such merger or
consolidation shall be deemed to be outstanding immediately prior to such
merger or consolidation and, if applicable, converted or exchanged in such
merger or consolidation on the same terms as the actual outstanding shares of
capital stock are converted or exchanged); or

 

(B)                                the sale,
lease, transfer or other disposition, in a single transaction or series of
related transactions, by the Corporation or any subsidiary of the Corporation
of all or substantially all the assets of the Corporation and its subsidiaries
taken as a whole, which shall include the grant of any license to all or
substantially all of the Corporation’s intellectual property, except where such
sale, lease, transfer or other disposition is to a wholly owned subsidiary of
the Corporation.

 

(ii)                                  The Corporation
shall not have the power to effect any transaction constituting a Deemed
Liquidation Event pursuant to Subsection B.3(b)(i)(A) unless the
agreement or plan of merger or consolidation provides that the consideration
payable to the stockholders of the Corporation shall be allocated among the
holders of capital stock of the Corporation in accordance with Subsection
B.3(b)(iii).

 

(iii)                               Upon the
earlier to occur of a closing of an IPO or a Deemed Liquidation Event (the “Redemption Date”), shares of Preferred Stock shall
automatically be redeemed by the Corporation out of funds lawfully available
therefor at a price equal to the Preferred Liquidation Amount, together with
any other dividends declared but unpaid thereon (the “Redemption
Price”). If the Corporation does not have sufficient funds legally
available to redeem on the Redemption Date all shares of Preferred Stock, the
Corporation shall redeem a pro rata portion of each holder’s redeemable shares
of such stock out of funds legally available therefor, based on the respective
amounts which would otherwise be payable in respect of the shares to be
redeemed if the legally available funds were sufficient to redeem all such
shares, and shall redeem the remaining shares to have been redeemed as soon as
practicable after the Corporation has funds legally available therefor.

 

(iv)                              Upon the
Redemption Date, after payment in full of the Redemption Price, holders of
shares of Class A Common Stock and Rolling Common Stock shall be paid the

 

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Common
Preference Amount by the Corporation out of funds lawfully available therefor.
If the Corporation does not have sufficient funds legally available to pay the
full Common Preference Amount on the Redemption Date, the Corporation shall pay
a pro rata portion of each holder’s Common Preference Amount out of funds
legally available therefor, based on the respective amounts which would otherwise
be payable to each such holder if the legally available funds were sufficient
to pay the full Common Preference Amount, and shall pay the remaining Common
Preference Amount as soon as practicable after the Corporation has funds
legally available therefor.

 

(v)                                 Notwithstanding
any contrary provision set forth in Subsection B.3(b)(iii) or B.3(b)(iv),
in the event of an IPO, all or part of the Redemption Price and/or the Common
Preference Amount shall be paid in shares of common stock upon the vote of not
less than fifty-one percent (51%) of the outstanding shares of Preferred Stock
(the “Forced Conversion”). In the event of a
Forced Conversion, holders of Preferred Stock, Class A Common Stock and/or
Rolling Common Stock, as the case may be, shall receive that number of shares
of common stock for each share of Preferred Stock Preferred Stock, Class A
Common Stock and/or Rolling Common Stock, as the case may be, subject to the
Forced Conversion (the “Converted Stock”)
as is determined by dividing the Redemption Price or the Common Preference
Amount for each such share (determined under Subsection B.3(b)(iii) or
B.3(b)(iv)) by the fair market value (determined in good faith by the
Board) of such common stock. In the event of a Forced Conversion, on the
Redemption Date, all outstanding shares of Converted Stock shall be deemed to
have been converted into shares of common stock, which shall be deemed to be
outstanding of record, and all rights with respect to the Converted Stock so
converted, including the rights, if any, to receive notices and vote (other
than as a holder of common stock), will terminate, except only the rights of
the holders thereof to receive payment of any declared but unpaid dividends
thereon.

 

(vi)                              Written notice
of redemption or payment pursuant to Subsection B.3(b)(iii) or B.3(iv) shall
be mailed, postage prepaid, to each holder of record of outstanding shares of
Preferred Stock, Class A Common Stock and/or Rolling Common Stock at its
post office address last shown on the records of the Corporation, or given by
electronic communication in compliance with the provisions of the General
Corporation Law, not less than twenty (20) days prior to the Redemption Date.
Such notice shall state:

 

(A)                              the anticipated
number of shares of Preferred Stock, Class A Common Stock and/or Rolling
Common held by the holder that the Corporation shall redeem (or with respect to
which the Corporation shall make payment) on the Redemption Date;

 

(B)                                the anticipated
Redemption Date; and

 

(C)                                the anticipated
Redemption Price and/or Common Preference Amount, including the amount thereof
to be paid in cash pursuant to Subsection B.3(b)(iii) and, if
applicable the amount thereof to be paid in common stock pursuant to Subsection
B.(b)(v).

 

(vii)                           Automatic
Surrender of Shares.  On the
Redemption Date, each share of Preferred Stock to be redeemed on such date
shall be deemed to have automatically been surrendered and redeemed if, on the
Redemption Date, the Redemption Price payable upon

 

6

 

redemption
of such share of Preferred Stock to be redeemed on such Redemption Date is
paid, delivered, tendered for payment or deposited with an independent payment
agent so as to be available therefore, whether or not certificates (if any) representing
such shares are surrendered to the Corporation. Upon such surrender, the
Redemption Price for each such share shall be payable or deliverable to the
order of the person whose name appears on the Corporation’s records as the
owner thereof, and each surrendered share shall be canceled and retired.

 

4.                                       Voting.  Each holder of shares of Preferred Stock
shall be entitled to one (1) vote for each share thereof held.

 

5.                                       Waiver.  Any of the rights, powers or preferences of
the holders of Preferred Stock set forth herein may be waived by the
affirmative consent or vote of the holders of at least fifty-one percent (51%)
of the shares of Preferred Stock then outstanding.

 

FIFTH:  Subject to
any additional vote required by this Amended and Restated Certificate of
Incorporation, in furtherance and not in limitation of the powers conferred by
statute, the Board is expressly authorized to make, repeal, alter, amend and
rescind any or all of the Bylaws of the Corporation.

 

SIXTH:  Subject to
any additional vote required by this Amended and Restated Certificate of
Incorporation, the number of directors of the Corporation shall be determined
in the manner set forth in the Bylaws of the Corporation.

 

SEVENTH:  Elections of
directors need not be by written ballot unless the Bylaws of the Corporation
shall so provide.

 

EIGHTH:  Meetings of
stockholders may be held within or without the State of Delaware, as the Bylaws
of the Corporation may provide. The books of the Corporation may be kept
outside the State of Delaware at such place or places as may be designated from
time to time by the Board or in the Bylaws of the Corporation.

 

NINTH:  To the
fullest extent permitted by law, no director of the Corporation shall be
personally liable for monetary damages for breach of fiduciary duty as a
director. Without limiting the effect of the preceding sentence, if the General
Corporation Law is hereafter amended to authorize the further elimination or
limitation of the liability of a director, then the liability of a director of the
Corporation shall be eliminated or limited to the fullest extent permitted by
the General Corporation Law, as so amended.

 

Neither
any amendment nor repeal of this ARTICLE NINTH, nor the adoption of any
provision of this Amended and Restated Certificate of Incorporation
inconsistent with this ARTICLE NINTH, shall eliminate, reduce or otherwise
adversely affect any limitation on the personal liability of a director of the
Corporation existing at the time of such amendment, repeal or adoption of such
an inconsistent provision.

 

TENTH:  To the
fullest extent permitted by applicable law, the Corporation is authorized to
provide indemnification of (and advancement of expenses to) directors, officers
and agents of the Corporation (and any other persons to which General
Corporation Law permits the Corporation to provide indemnification) through
Bylaw provisions, agreements with such

 

7

 

agents
or other persons, vote of stockholders or disinterested directors or otherwise,
in excess of the indemnification and advancement otherwise permitted by Section 145
of the General Corporation Law.

 

Any
amendment, repeal or modification of the foregoing provisions of this ARTICLE TENTH
shall not adversely affect any right or protection of any director, officer or
other agent of the Corporation existing at the time of, or increase the
liability of any director of the Corporation with respect to any acts or
omissions of such director, officer or other agent occurring prior to, such amendment,
repeal or modification.

 

ELEVENTH:  Subject to
any additional vote required by this Amended and Restated Certificate of
Incorporation, the Corporation reserves the right to amend, alter, change or
repeal any provision contained in this Amended and Restated Certificate of
Incorporation, in the manner now or hereafter prescribed by statute, and all
rights conferred upon stockholders herein are granted subject to this
reservation.

 

TWELFTH:  In the event
that a member of the Board who is also a partner or employee of an entity that
is a holder of preferred stock and that is in the business of investing and
reinvesting in other entities, or an employee of an entity that manages such an
entity (each, a “Fund”) acquires knowledge of a
potential transaction or other matter in such individual’s capacity as a
partner or employee of the Fund or the manager or general partner of the Fund
(and other than directly in connection with such individual’s service as a
member of the Board) and that may be an opportunity of interest for both the
Corporation and such Fund (a “Corporate Opportunity”),
then the Corporation (i) renounces any expectancy that such director or
Fund offer an opportunity to participate in such Corporate Opportunity to the
Corporation and (ii) to the fullest extent permitted by law, waives any
claim that such opportunity constituted a Corporate Opportunity that should
have been presented by such director or Fund to the Corporation or any of its
affiliates, provided, in each case, that such director acts in good faith.

 

8

 

IN
WITNESS WHEREOF, this Amended and Restated Certificate of Incorporation, which
restates and integrates and further amends the provisions of the Certificate of
Incorporation of this Corporation, and which has been duly adopted in
accordance with Sections 228, 242 and 245 of the General Corporation Law, has
been executed by its duly authorized officer this       
day of             
20    .

 

	
   

  	
  BIOHORIZONS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

9

 

 

EXHIBIT B

 

Form of Joinder Agreement

 

In
consideration of issuance to him/her/it of shares of capital stock of
BioHorizons, Inc. (the “Company”),                           
(the “Additional Holder”) and the Company hereby agree that, as of the date
written below, the Additional Holder shall become a party as a Holder to the
Stockholders’ Agreement (the “Stockholders’ Agreement”) dated as of April 15,
2008 by and among the Company, HealthpointCapital Partners II, L.P.,
HealthpointCapital Partners, L.P. and the other investors signatory
thereto.  The Additional Holder agrees to
be bound by the terms and provisions of the Stockholders’ Agreement as though
he/she/it were an original party thereto and were included in the definition of
“Holders” as used therein.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BIOHORIZONS,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Additional
  HolderExhibit 4.4

 

WARRANT TO PURCHASE CAPITAL STOCK

 

THIS WARRANT AND THE SHARES OF CAPITAL STOCK ISSUED UPON ANY EXERCISE
HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT
BE SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER
(A) A REGISTRATION STATEMENT WITH RESPECT THERETO SHALL BE EFFECTIVE UNDER
THE SECURITIES ACT, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT IS AVAILABLE, AND (2) THERE SHALL HAVE BEEN COMPLIANCE
WITH ALL APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS.

 

	
  March 31, 2010 Warrant

  	
   

  	
  Warrant to Purchase Shares of

  
	
   

  	
   

  	
  Capital Stock

  

 

WARRANT TO PURCHASE

CAPITAL STOCK

OF

BIOHORIZONS, INC.

(A DELAWARE CORPORATION)

 

BioHorizons, Inc., a Delaware
corporation (the “Company”), for value received, hereby certifies that HEALTHPOINTCAPITAL
Partners II, LP or its registered assigns (the “Holder”), is entitled,
subject to the terms set forth below, to purchase from the Company, at any time
before 5:00 p.m., Eastern Time, on July 1, 2011 (the “Expiration
Date”), the type and number of shares of the Company’s capital stock determined
pursuant to Section 1 herein at an exercise price per share determined
pursuant to Section 2 herein.

 

This Warrant to Purchase Capital Stock (this “Warrant”)
is issued in consideration of the Holder’s agreement to subordinate certain
indebtedness of the Company held by the Holder and to undertake certain other
actions in connection with a reorganization of the Company’s capital stock that
occurred on March 31, 2010.

 

1.                                       Type and Number of Shares for Which Warrant is Exercisable.  At any time prior to
the Expiration Date, the Warrant shall be exercisable for a number of shares of
the Company’s common stock (the “Warrant Shares”) determined by dividing
(A) $ 1,713,342 by (B) the Exercise Price.

 

2.                                       Exercise Price. The price
per Warrant Shares at which this Warrant may be exercised (the “Exercise
Price”) shall be the Offering Price (as defined in Section 3.5(c)(i).
In the event that the Company’s initial public offering has not occurred on or
before the date that the Holder exercises this Warrant, then the Exercise Price
shall be the value of a share of the Company’s common stock determined on a
fully-diluted basis in accordance with that certain Implant Reporting Unit
Valuation Report as of December 31, 2009 prepared for the Company by Marks
Paneth & Shron LLP.

 

 

3.                                       EXERCISE.

 

3.1                                 Manner of Exercise; Payment in Cash. This Warrant may be exercised by the Holder, in whole or in
part, by surrendering this Warrant, with the purchase form appended hereto as Exhibit A
duly executed by the Holder, at the principal office of the Company, or at such
other place as the Company may designate, accompanied by payment in full of the
Exercise Price payable in respect of the number of Warrant Shares purchased
upon such exercise. Payment of the Exercise Price shall be in cash or by
certified or official bank check payable to the order of the Company.

 

3.2                                 Effectiveness. Each
exercise of this Warrant shall be deemed to have been effected immediately
prior to the close of business on the day on which this Warrant shall have been
surrendered to the Company as provided in Section 3.1 above. At such time,
the person or persons in whose name or names any certificates for Warrant
Shares shall be issuable upon such exercise as provided in Section 3.3
below shall be deemed to have become the holder or holders of record of the
common stock represented by such certificates.

 

3.3                                 Delivery of Certificates.
As soon as practicable after the exercise of this Warrant in full or in part,
and in any event within ten business days thereafter, the Company at its sole
expense will cause to be issued in the name of, and delivered to, the Holder,
or, subject to the terms and conditions hereof; as such Holder may direct:

 

(a)                                  A certificate or certificates for the number of full Warrant
Shares to which such Holder shall be entitled upon such exercise, and

 

(b)                                 In case such exercise is in part only, a new warrant or
warrants (dated the date hereof) of like tenor, calling in the aggregate on the
face or faces thereof for the number of Warrant Shares (without giving effect
to any adjustment therein) equal to the number of such shares called for on the
face of this Warrant minus the number of such shares purchased by the Holder
upon such exercise as provided in Section 3.1 above.

 

3.4                                 Fractional Shares. The Company
shall not be required upon the exercise of this Warrant to issue any fractional
shares, and any fraction of a share resulting therefrom shall be rounded upward
or downward to the nearest whole share.

 

3.5                                 Right to Convert Warrant into Stock: Net Issuance.

 

(a)                                  Right to Convert. In
addition to and without limiting the rights of the Holder under the terms of
this Warrant, the Holder shall have the right to convert this Warrant or any
portion thereof (the “Conversion Right”), when exercisable, into Warrant
Shares as provided in this Section 3.5. Upon exercise of the Conversion
Right with respect to a particular number of shares subject to this Warrant
(the “Converted Warrant Shares”), the Company shall deliver to the
Holder (without payment by the Holder of any Exercise Price or any cash or
other consideration) that number of fully paid and nonassessable Warrant Shares
equal to the quotient obtained by dividing (X) the value of this Warrant
(or the specified portion hereof) on the Conversion Date (as defined in
subsection (b) hereof), which value shall be determined by subtracting (A) the
aggregate 

 

 

Exercise Price of the Converted
Warrant Shares immediately prior to the exercise of the Conversion Right from (B) the
aggregate fair market value of the Converted Warrant Shares issuable upon
exercise of this Warrant (or the specified portion hereof) on the Conversion
Date by (Y) the fair market value of one Warrant Share on the Conversion
Date.

 

Expressed as a formula, such conversion shall be computed as follows:

 

N                                       =                                         B-A

                                                                                                 Y

 

where:                                                             N             =              the number of Warrant Shares
that may be issued to Holder

 

Y             =              the
fair market value (FMV) of one Warrant Share

 

A             =              the aggregate Warrant Price
(Converted Warrant Shares x Exercise Price)

 

B             =              the aggregate FMV (i.e., FMV x
Converted Warrant Shares)

 

(b)                                 Method of Exercise. The
Conversion Right may be exercised by the Holder by the surrender of this
Warrant, when exercisable, at the principal office of the Company together with
the Purchase Form in the form attached hereto duly completed and executed
and indicating the number of shares subject to this Warrant which are being
surrendered (referred to in Section 3.5(a) above as the Converted
Warrant Shares) in exercise of the Conversion Right. Such conversion shall be
effective upon receipt by the Company of this Warrant together with the
aforesaid written statement, or on such later date as is specified therein (the
“Conversion Date”), and, at the election of the Holder hereof, may be
made contingent upon the occurrence of any of the events specified in Section 4.
Certificates for the shares issuable upon exercise of the Conversion Right and,
if applicable, a new Warrant evidencing the balance of the shares remaining
subject to this Warrant, shall be issued as of the Conversion Date and shall be
delivered to the Holder within 30 days following the Conversion Date.

 

(c)                                  Determination of Fair Market Value. For purposes of this Section 3.5, “fair market value”
of a Warrant Share as of a particular date (the “Determination Date”) shall
mean:

 

(i)                                     If the Conversion Right is exercised in connection with and contingent
upon a public offering, and if the Company’s Registration Statement relating to
such public offering (“Registration Statement”) has been declared
effective by the Securities and Exchange Commission, then the initial “Price to
Public” of a share of common stock specified in the final prospectus with
respect to such offering (the “Offering Price”).

 

 

(ii)                                  If the Conversion Right is not exercised in connection with
and contingent upon a public offering, then as follows:

 

(1)                                  If traded on a
securities exchange, the fair market value of the common stock shall be deemed
to be the average of the closing prices of the common stock on such exchange
over the five-day period ending one business day prior to the Determination
Date or, if less, such number of days as the common stock has been traded on
such exchange;

 

(2)                                  If traded
over-the-counter, the fair market value of the common stock shall be deemed to
be the average of the closing bid prices of the common stock over the five-day
period ending one business day prior to the Determination Date or, if less,
such number of days as the common stock has been traded over-the-counter; and

 

(3)                                  If there is no
public market for the Company’s capital stock, then fair market value of a
Warrant Share shall be determined in good faith by the Board of Directors of
the Company.

 

4.                                       Taxes. The
Company shall pay all documentary, stamp or other transactional taxes, but
excluding any income or withholding taxes, attributable to the issuance or
delivery of shares of capital stock of the Company upon the exercise or
conversion of this Warrant.

 

5.                                       Reservation of Stock.
The Company will, at the time this Warrant becomes exercisable for capital
stock, reserve such amount and type of capital stock necessary for full
exercise hereof. The Company covenants that all shares of capital stock so
issuable will, when issued, be duly and validly issued and fully paid and
nonassessable.

 

6.                                       Replacement of Warrant.
Upon receipt of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Warrant and (in the case of loss,
theft or destruction) upon delivery of an indemnity agreement (with surety if
reasonably required) in an amount reasonably satisfactory to the Company, or
(in the case of mutilation) upon surrender and cancellation of this Warrant,
the Company will issue, in lieu thereof, a new Warrant of like tenor.

 

7.                                       Transferability. Subject
to compliance with applicable federal and state securities laws, this Warrant
and all rights hereunder are transferable in whole or in part by the Holder to
any person or entity upon written notice to the Company. The transfer shall be
recorded on the books of the Company upon the surrender of this Warrant,
properly endorsed, to the Company at its principal offices, and the payment to
the Company of all transfer taxes and other governmental charges imposed on
such transfer. In the event of a partial transfer, the Company shall issue to
the holders one or more appropriate new warrants.

 

8.                                       No Impairment. The
Company will not, by amendment of its Certificate of Incorporation or through
any reorganization, transfer of assets, consolidation, merger, dissolution, or
any other similar voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good
faith assist in the carrying out of all such terms and in the taking of all
such action as may be necessary or 

 

 

appropriate in order to protect the rights of the
holder of the Warrant against impairment due to such event. Without limiting
the generality of the foregoing, the Company (a) will not increase the
value assigned to any shares of capital stock receivable on the exercise of the
Warrant above the amount payable therefor on such exercise, (b) will take
all action that may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable shares of stock, free
from all taxes, liens and charges with respect to the issue thereof, on the
exercise of the Warrant or part thereof outstanding from time to time
outstanding, and (c) will not consolidate with or merge into any other
person or permit any such person to consolidate with or merge into the Company
(if the Company is not the surviving person), unless such other person shall
expressly assume in writing and will be bound by all the terms of this Warrant.

 

9.                                       Waivers and Modifications.
Any term or provision of this Warrant may be amended, modified or waived with
the written consent of the Company and the Holder.

 

10.                                 Headings. The
headings in this Warrant are for convenience of reference only and shall in no
way modify or affect the meaning or construction of any of the terms or
provisions of this Warrant.

 

11.                                 Governing Law. This
Warrant will be governed by and construed in accordance with and governed by
the laws of State of New York, without giving effect to the conflict of law
principles thereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

IN WITNESS WHEREOF, the Holder has caused
this Warrant to be executed by an officer thereunto duly authorized.

 

	
   

  	
  BIOHORIZONS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ Kendyl D. Lowe

  
	
   

  	
  Name: 

  	
  Kendyl D. Lowe

  
	
   

  	
  Title:

  	
  CFO

  

 

 

EXHIBIT A

 

PURCHASE FORM

 

To:                            BioHorizons, Inc.

 

The undersigned pursuant to the provisions
set forth in the attached Warrant, hereby irrevocably elects to (check one):

 

	
  o

  	
   

  	
  (A)                              purchase __________
  shares of ________________________________________ of the Company covered by
  such Warrant and herewith makes payment of $_____________, representing the
  full exercise price for such shares at the price per share provided for in
  such Warrant; or

  
	
   

  	
   

  	
   

  
	
  o

  	
   

  	
  (B)                                convert ________________ Converted
  Warrant Shares into that number of shares of fully paid and nonassessable
  shares of ____________________ of the Company, determined pursuant to the
  provisions of Section 3.5 of the Warrant.

  

 

The shares of capital stock for which the
Warrant may be exercised or converted shall be known herein as the “Warrant Stock.”

 

The undersigned is aware that the Warrant
Stock has not been and will not be registered under the Securities Act of 1933,
as amended (the “Securities Act”) or any state securities laws. The
undersigned understands that reliance by the Company on exemptions under the
Securities Act is predicated in part upon the truth and accuracy of the
statements of the undersigned in this Purchase Form.

 

The undersigned represents and warrants that (1) it
has been furnished with all information which it deems necessary to evaluate
the merits and risks of the purchase of the Warrant Stock, (2) it has had
the opportunity to ask questions concerning the Warrant Stock and the Company
and all questions posed have been answered to its satisfaction, (3) it has
been given the opportunity to obtain any additional information it deems
necessary to verify the accuracy of any information obtained concerning the
Warrant Stock and the Company and (4) it has such knowledge and experience
in financial and business matters that it is able to evaluate the merits and
risks of purchasing the Warrant Stock and to make an informed investment
decision relating thereto.

 

The undersigned hereby represents and warrant
that it is purchasing the Warrant Stock for its own account for investment and
not with a view to the sale or distribution of all or any part of the Warrant
Stock.

 

The undersigned understands that because the
Warrant Stock has not been registered under the Securities Act, it must
continue to bear the economic risk of the investment for an indefinite period
of time and the Warrant Stock cannot be sold unless it is subsequently registered
under applicable federal and state securities laws or an exemption from such
registration is available.

 

 

The undersigned agrees that it will in no
event sell or distribute or otherwise dispose of all or any part of the Warrant
Stock unless (1) there is an effective registration statement under the
Securities Act and applicable state securities laws covering any such
transaction involving the Warrant Stock, or (2) the Company receives an
opinion satisfactory to the Company of the undersigned’s legal counsel stating
that such transaction is exempt from registration. The undersigned consents to
the placing of a legend on its certificate for the Warrant Stock stating that
the Warrant Stock has not been registered and setting forth the restriction on
transfer contemplated hereby and to the placing of a stop transfer order on the
books of the Company and with any transfer agents against the Warrant Stock
until the Warrant Stock may be legally resold or distributed without
restriction.

 

The undersigned has considered the federal
and state income tax implications of the exercise of the Warrant and the
purchase and subsequent sale of the Warrant Stock.

 

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Dated:

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