Document:

Exclusive License Agreement - JGMG Bengochea, LLC

 Exhibit 10.1 
 EXCLUSIVE LICENSE AGREEMENT 
 This Exclusive License Agreement (this “Agreement”) is made
effective as of September 11, 2007 (the “Effective Date”) by and between Alphatec Spine, Inc., a Delaware corporation with an address of 2051 Palomar Airport Road, Suite 100, Carlsbad, California 92008 (“Licensee”), and JGMG
Bengochea, LLC, a Florida limited liability company, with an address of 4901 VanDiveer Rd., Jacksonville FL 32210 (“Licensor”). Licensee and Licensor are each hereafter referred to individually as a “Party” and together as the
“Parties”. 
 WHEREAS, Licensor is the owner of or otherwise controls certain proprietary Licensed Patents and Licensed Technology
(as defined below); and 
 WHEREAS, Licensee desires to obtain a license from Licensor under such Licensed Patents and Licensed Technology to
develop and commercialize Licensed Products (as defined below); and 
 WHEREAS, Licensor desires to grant such license to Licensee on the
terms and subject to the conditions of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for
other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as follows. 
 1. DEFINITIONS 
 Whenever used in the Agreement with an initial capital letter, the terms defined in this Article 1
shall have the meanings specified. 
 1.1 “Change of Control” shall mean (a) the sale or
disposition of all or substantially all the assets of the Licensee or its parent corporation; or (b) the reorganization, merger, consolidation, or similar transaction involving the Licensee or its parent corporation which results in the voting
securities of such entity outstanding immediately prior to that transaction ceasing to represent at least 50% of the combined voting power of the surviving entity immediately after such transaction. 
 1.2 “Confidential Information” shall mean with respect to a Party (the “Receiving Party”), all
information which is disclosed by the other Party (the “Disclosing Party”) to the Receiving Party hereunder or to any of its employees, consultants, affiliates, licensees or sublicensees, except to the extent that the Receiving Party can
demonstrate by written record or other suitable physical evidence that such information, (a) as of the date of disclosure is demonstrably known to the Receiving Party or its affiliates other than by virtue of a prior confidential disclosure to
such Party or its affiliates; (b) as of the date of disclosure is in, or subsequently enters, the public domain, through no fault or omission of the Receiving Party; (c) is obtained from a Third Party having a lawful right to make such
disclosure free from any obligation of confidentiality to the Disclosing Party; or (d) is independently developed by or for the Receiving Party without reference to or reliance upon any Confidential Information of the Disclosing Party.

 1.3 “Design Freeze” shall mean, with respect to a particular
Licensed Product, the date on which the Licensee has made a written decision that the design engineering with respect to such Licensed Product is complete and such Licensed Product is ready for volume production. 
 1.4 “GLIF Product” shall mean the guided lumbar interbody fusion system and the corresponding implants and
instrumentation. 
 1.5 “Improvements” shall mean any enhancement, invention or discovery created or
identified or controlled by Licensor during the Royalty Term, which constitutes an improvement to the subject matter of the Licensed Patent Rights or Licensed Technology. 
 1.6 “Indemnitees” and “Indemnifying Party” shall mean a Party, its
affiliates and their respective directors, officers, employees, stockholders and agents and their respective successors, heirs and assigns. 
 1.7 “Licensed Patent Rights” shall mean (a) any of the patent applications described in Schedule A attached hereto, and any divisional, continuation, continuation-in-part (to the
extent that the continuation-in-part is entitled to the priority date of an initial patent or patent application which is the subject of this Agreement), reissue, reexamination, registration, renewal, or extension, or any patent issuing therefrom or
any supplementary protection certificates related thereto; or (b) any patent application arising from the Licensed Technology, and any divisional, continuation, continuation-in-part (to the extent that the continuation-in-part is entitled to
the priority date of an initial patent or patent application which is the subject of this Agreement), reissue, reexamination, registration, renewal, or extension, or any patent issuing therefrom or any supplementary protection certificates related
thereto. 
 1.8 “Licensed Product” shall mean any product sold by Licensee or its affiliates or
Sublicensees that, absent the license provided in this Agreement, would infringe a Valid Claim of the Licensed Patent Rights, including without limitation Valid Claims of the Licensed Patent Rights covering the GLIF Product. 
 1.9 “Licensed Technology” shall mean and include all Technology, whether or not patentable, including but not
limited to, techniques and materials, owned or controlled by Licensor as of the Effective Date or which becomes owned or controlled by Licensor during the Royalty Term that (a) (i) is related to any patent or patent application included in
the Licensed Patent Rights, (ii) is necessary or useful for Licensee to practice the license granted to it hereunder, and (iii) which is not in the public domain; or (b) (i) is related to any of the products listed on Exhibit
B attached hereto, (ii) is necessary or useful for Licensee to practice the license granted to it hereunder, and (iii) which is not in the public domain. 
 1.10 “Licensee Inventions” shall mean any enhancement, invention or discovery created or identified, owned or
controlled by Licensee that does not fall within the Licensed Technology. 
 1.11 “Market Launch”
shall mean, with respect to a Licensed Product, the first full-scale national commercial launch of such Licensed Product following the Licensee's building of an amount of inventory necessary to conduct such full-scale national commercial launch.

  

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 1.12 “Net Sales” shall mean the amount received by Licensee for
all Licensed Products sold by Licensee, its affiliates or Sublicensees to Third Parties throughout the Territory during each calendar quarter, less the following amounts incurred or paid by Licensee or its affiliates or Sublicensees during such
calendar quarter with respect to sales of Licensed Products regardless of the calendar quarter in which such sales were made: 
 (a) trade, cash and quantity discounts or rebates actually allowed or taken, including discounts or rebates to governmental or managed care organizations; 
 (b) credits or allowances actually given or made for rejection of, and for uncollectible amounts on, or return of previously sold Licensed
Products (including Medicare and similar types of rebates); 
 (c) any charges for insurance, freight, and other
transportation costs directly related to the delivery of Licensed Product to the extent included in the gross invoiced sales price; 
 (d) any tax, tariff, duty or governmental charge levied on the sales, transfer, transportation or delivery of a Licensed Product (including any tax such as a value added or similar tax or government charge) borne by the seller thereof,
other than franchise or income tax of any kind whatsoever; and 
 (e) any import or export duties or their equivalent borne by
the seller. 
 “Net Sales” shall not include sales or transfers between Licensee and its affiliates or Sublicensees, unless the
Licensed Product is consumed by the affiliate or Sublicensee. 
 1.13 “Royalty Term” shall mean, with
respect to each Licensed Product, the period commencing on the Effective Date and continuing on a country-by-country, and product-by-product basis until the longer of (a) the last to expire of the Licensed Patent Rights covering the Licensed
Product, or (b) [***] years from the Effective Date. 
 1.14 “Sublicensee” shall mean any Third
Party to whom Licensee grants a sublicense of some or all of the rights granted to Licensee under this Agreement. 
 1.15
“Technology” shall mean and include any and all unpatented, proprietary ideas, inventions, discoveries, Confidential Information, data, results, formulae, designs, images, specifications, instruction manuals, SOPs, methods,
processes, techniques, ideas, know-how, technical information (including, without limitation, structural and functional information), notebooks, process information, pre-clinical information, clinical information, and any and all proprietary control
and manufacturing data and materials. 
 1.16 “Term” shall mean the period commencing on the Effective
Date and continuing until the end of the last Royalty Term, unless this Agreement is terminated or expires sooner in accordance with the terms of this Agreement. 
  

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 1.17 “Territory” shall mean all countries and jurisdictions of
the world. 
 1.18 “Third Party” shall mean any person or entity other than Licensee, Licensor and
their respective affiliates. 
 1.19 “Valid Claim” shall mean a claim indicated as allowable in an
issued, unexpired patent or in a pending patent application within the Licensed Patent Rights that (a) has not been finally cancelled, withdrawn, abandoned or rejected by any administrative agency or other body of competent jurisdiction,
(b) has not been revoked, held invalid, or declared unpatentable or unenforceable in a decision of a court or other body of competent jurisdiction that is unappealable or unappealed within the time allowed for appeal, (c) has not been
rendered unenforceable through disclaimer or otherwise, and (d) is not lost through an interference proceeding. 
 2. GRANT OF RIGHTS

 2.1 License to Licensee. 
 2.1.1 Grant of License. Licensor hereby grants to Licensee an exclusive, royalty-bearing license, including the right to grant
sublicenses in accordance with Section 2.1.2, under the Licensed Patent Rights and Licensed Technology and Licensor’s interest in any Improvements, to develop, have developed, make, have made, use, have used, sell, offer for sale, have
sold, import, have imported, export and have exported, Licensed Products and to practice the Licensed Technology in the Territory, for any and all uses, subject to the terms and conditions of this Agreement. 
 2.1.2 Right to Sublicense. Licensee shall have the right to grant sublicenses to any Sublicensee to all or any portion of its
rights under the license granted pursuant to this Section. 
 2.1.3 Retained Rights. Subject to the other terms of this
Agreement, Licensor retains no right to use the Licensed Technology or practice the Licensed Patent Rights or to use Licensor’s interest in Improvements. 
 3. RESPONSIBILITY FOR LICENSED PRODUCTS. 
 3.1 Responsibility and
Assistance. 
 3.1.1 Responsibility. From and after the Effective Date, Licensee shall have full control and
authority over the development, commercialization and regulatory approval of Licensed Products in the Territory. Licensee shall own all Licensee Inventions and data, results and all other information arising from any such activities under this
Agreement. All activities relating to development and commercialization under this Agreement shall be undertaken at Licensee’s sole cost and expense, except as otherwise expressly provided in this Agreement. 
  

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 3.1.2 Licensor Assistance. Licensor agrees that it shall provide commercially
reasonable assistance to the Licensee, to the extent that such assistance does not interfere with [***] practice of medicine, in connection with the development, commercialization and regulatory approval of (i) the GLIF Product, and
(ii) Licensed Product's that relate to the Licensed Technology set forth on Exhibit B attached hereto. The Parties agree that the Licensor shall not be required to provide more than [***] per calendar quarter providing such assistance.
In addition, the Parties agree that if the Licensee requests that such assistance be performed outside of the [***] that the Licensor shall be compensated at a rate of [***] per hour. Licensor shall promptly disclose to the Licensee all Licensed
Patent Rights and all Licensed Technology which are created, become owned or controlled by the Licensor during the [***] following the Effective Date. Licensee shall reimburse Licensor for any reasonable out-of-pocket expenses in connection
therewith. 
 4. PAYMENTS AND ROYALTIES 
 4.1 Common Stock Issuance; Milestone Payments and Royalty Payments.  
 4.1.1
Common Stock Issuance. Within thirty (30) days of the Effective Date Licensee shall issue to Licensor seven hundred fifty thousand (750,000) shares of Alphatec Holdings, Inc. Common Stock (the “Common Stock”). [***] shares
of the Common Stock shall be subject to a lockup (the “Lockup”) pursuant to which the Licensor shall agree to not directly or indirectly, offer, sell, contract to sell, grant any option to purchase, hypothecate, pledge, or otherwise
dispose of or transfer title to any of the Common Stock for a period of [***] years after the date that the stock is granted. Notwithstanding the previous sentence (a) in the event of a Change of Control, [***], (b) upon the Design Freeze
of the GLIF Product [***], and (c) upon the Market Launch of the GLIF Product [***]. 
 4.1.2 Milestone Payments.
Licensee shall pay Licensor a milestone payment (each a “Milestone Payment”) in the amount specified below no later than thirty (30) days after the occurrence of the corresponding event designated below, unless this Agreement has been
terminated prior to such due date. All Milestone Payments described in this Section 4.1.2 shall not be credited against earned royalties. 
  

			
	 Event
	  	 Milestone Payment

	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

  

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 4.1.3 Market Launch Milestone. In the event that the Market Launch of the GLIF
Product has not occurred within [***] of the Effective Date (the “GLIF Projected Market Launch Date”), the Licensor shall be entitled to terminate the license granted pursuant to this Agreement with respect to the Licensed Patent Rights
and the Licensed Technology, unless the primary reason that such launch date has not been met is due to the Licensor's failure to meet the obligations set forth in Section 3.1.2; provided that the Licensor shall not be entitled to terminate
under this section the license granted pursuant to this Agreement with respect to the Licensed Patent Rights and Licensed Technology if the Licensee pays the Licensor [***] within [***] after the GLIF Projected Market Launch Date, such payment to be
in addition to and not credited against future royalties due to Licensor. 
 4.1.4 Royalty Payments for GLIF Product.
During the Royalty Term, Licensee shall pay to Licensor earned royalties at the rate of [***] of all Net Sales of the GLIF Product sold by Licensee. 
 4.1.5 Royalty Payments for Non-GLIF Licensed Products. During the Royalty Term, Licensee shall pay to Licensor earned royalties at the rate of [***] of all Net Sales of Licensed Products (excluding the GLIF
Product) sold by Licensee. 
 4.1.6 Minimum Royalties. Licensee shall pay Licensor the following minimum amounts each
calendar year listed next to such amount. No minimum annual royalty described in this Subsection 4.1.6 shall be credited against or otherwise reduce any other amounts payable hereunder. For a particular calendar year, in the event that the sum of
the earned royalties on Net Sales paid in accordance with Subsections 4.1.4, 4.1.5 and 4.1.7 with respect to the four calendar quarters of such calendar year are less than the minimum annual royalty for such year designated below, the obligation to
pay the difference to Licensor (the “Royalty Shortfall Payment”) shall be payable by Licensee no later than [***] following the end of such calendar year: 
  

			
	 Calendar Year Ending
	  	 Minimum Annual Royalty

	 [***]
	  	[***]
	 [***]
	  	[***]

 In the event that the Licensee fails to pay the Royalty Shortfall Payment within the applicable time period, the
Licensor shall be entitled to terminate this Agreement, provided that the Licensor gives notice of the requirement to pay the Royalty Shortfall Amount to the Licensee and gives the Licensee [***] to pay such amount. 
  

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 4.1.7 Payment of Royalties. For purposes of determining when a sale of any
Licensed Product occurs under this Agreement, the sale shall be deemed to occur on the date the Licensed Product is invoiced and paid for in full by the purchaser. Each royalty payment shall be accompanied by a report specifying: the Net Sales
(including an accounting of deductions taken in the calculation of Net Sales); the applicable exchange rate to convert from any foreign country’s currency to United States Dollars (which calculation shall be determined in accordance with
Section 4.2.1); and the royalties payable in United States Dollars. Unless otherwise expressly provided, Licensee shall make any royalty payments owed to Licensor hereunder in arrears, within thirty (30) days from the end of each quarter
in which such payment accrues. 
 4.1.8 Third Party Royalty Offset. In the event that Licensee, in order to exploit the
license granted to it under Section 2.1 of this Agreement, makes payments to one or more Third Parties (“Third Party Payments”) as consideration for a license to intellectual property, in the absence of which the Licensed Product
could not legally be used or sold in such country, then Licensee shall have the right to reduce the royalties otherwise due to Licensor in Sections 4.1.3 and 4.1.4 for such Licensed Product by [***] of such Third Party Payments. Payments to any
Third Party by Licensee shall be cumulative and any excess payments uncredited to a particular royalty payment period shall be credited to future royalty payments owed by Licensee or until fully credited. The Parties agree that the Third Party
Payments referred to in this Section 4.1.8 shall not apply to any royalty obligations to which the Licensee is a party as of the Effective Date. 
 4.1.9 One Royalty. Only one royalty, shall be payable to Licensor hereunder for each sale of a Licensed Product. 
 4.2 Accounting and Withholding. 
 4.2.1 Accounting. All payments
hereunder shall be made in the United States in United States dollars. Conversion of foreign currency to United States dollars shall be made at the conversion rate existing in the United States (as reported in The Wall Street Journal) on the
last business day of the quarter immediately preceding the applicable calendar quarter. If The Wall Street Journal ceases to be published, then the rate of exchange to be used shall be that reported in such other business publication of
national circulation in the United States as the Parties reasonably agree.  
 4.2.2 Tax Withholding; Restrictions
on Payment. Licensee shall make, out of amounts due Licensor, any applicable withholding or other required tax or duty payments it is required by law to make on behalf of Licensor and shall provide Licensor upon request with such written
documentation regarding any such payment as available to Licensee relating to an application by Licensor for a foreign tax credit for such payment with the United States Internal Revenue Service. 
  

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 4.3 Royalty Payments; Review. 
 4.3.1 Royalties. Commencing as of the date of first commercial sale of the first Licensed Product hereunder, Licensee and its
affiliates and Sublicensees shall keep for at least two (2) years from the end of the calendar year to which they pertain, complete and accurate records of sales by Licensee or its affiliates and Sublicensees, as the case may be, of each
Licensed Product, in sufficient detail to allow the accuracy of the payments hereunder to be confirmed. 
 4.3.2
Review. At the request of Licensor, which shall not be made more frequently than once per calendar year during the Term, upon at least thirty (30) days’ prior written notice from Licensor, and at the expense of Licensor; Licensee
shall permit, under a confidentiality agreement with terms no less onerous than those hereunder, an independent certified public accountant reasonably selected by Licensor and reasonably acceptable to Licensee to inspect (during regular business
hours) the relevant records required to be maintained by Licensee under this Section 4.5. 
 5. TREATMENT OF CONFIDENTIAL INFORMATION

 5.1 Confidential Obligations. Licensor and Licensee each recognize that the other Party’s
Confidential Information constitutes highly valuable and proprietary confidential information. Licensor and Licensee each agree that during the Royalty Term and for five (5) years thereafter, it will keep confidential, and will cause its
employees, consultants, affiliates and sublicensees to keep confidential, all Confidential Information of the other Party. Neither Licensor nor Licensee nor any of their respective employees, consultants, affiliates or sublicensees shall use
Confidential Information of the other Party for any purpose whatsoever other than exercising any rights granted to it or reserved by it hereunder. Without limiting the foregoing, each Party may disclose information to the extent such disclosure is
reasonably necessary to (a) file and prosecute patent applications and/or maintain patents which are filed or prosecuted in accordance with the provisions of this Agreement, (b) file, prosecute or defend litigation in accordance with the
provisions of this Agreement, or (c) comply with applicable laws, regulations or court orders; provided, however, that if a Party is required to make any such disclosure of the other Party’s Confidential Information in connection with any
of the foregoing, it will give reasonable advance notice to the other Party of such disclosure requirement and will use reasonable efforts to cooperate with such other Party in efforts to secure confidential treatment of such information required to
be disclosed. 
 5.2 Limited Disclosure and Use. Licensor and Licensee each agree that any disclosure of
the other Party’s Confidential Information to any officer, employee, consultant or agent of the other Party or any of its affiliates or Sublicensees shall be made only if and to the extent necessary to carry out its rights and responsibilities
under this Agreement, shall be limited to the maximum extent possible consistent with such rights and responsibilities and shall only be made to the extent any such persons are bound by written confidentiality obligations to maintain the
confidentiality thereof and not to use such Confidential Information except as expressly permitted by this Agreement. Licensor and Licensee each further agree not to disclose or transfer the other Party’s Confidential Information to any Third
Parties under any circumstance without the prior written approval from the other Party (such approval not to be 

  

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unreasonably withheld), except as otherwise required by law, and except as otherwise expressly permitted by this Agreement. Each Party shall take such
action, and shall cause its affiliates or Sublicensees to take such action, to preserve the confidentiality of each other’s Confidential Information as it would customarily take to preserve the confidentiality of its own Confidential
Information, using, in all such circumstances, not less than reasonable care. Each Party, upon the request of the other Party, will return all the Confidential Information disclosed or transferred to it by the other Party pursuant to this Agreement,
including all copies and extracts of documents and all manifestations in whatever form, within sixty (60) days of such request or, if earlier, the termination or expiration of this Agreement; provided however, that a Party may retain
(a) any Confidential Information of the other Party relating to any license which expressly survives such termination and (b) one (1) copy of all other Confidential Information in inactive archives solely for the purpose of
establishing the contents thereof. 
 5.3 Publicity. Neither Party may publicly disclose the existence or terms
or any other matter of fact regarding this Agreement without the prior written consent of the other Party, which consent shall not be unreasonably withheld or delayed; provided, however, that either Party may make such a disclosure (a) to the
extent required by law or by the requirements of any nationally recognized securities exchange, quotation system or over-the-counter market on which such Party has its securities listed or traded, or (b) with respect to Licensee, to any
prospective Sublicensees or transferees or to investors, prospective investors, lenders and other potential financing sources who are obligated to keep such information confidential. The Parties, upon the execution of this Agreement, will mutually
agree to a press release with respect to this transaction for publication. Once such press release or any other written statement is approved for disclosure by both Parties, neither Party may make subsequent public disclosure of the contents of such
statement without the further approval of the other Party. 
 5.4 Use of Name. Neither Party shall employ
or use the name of the other Party in any promotional materials or advertising without the prior express written permission of the other party. 
 6. PROVISIONS CONCERNING THE FILING, PROSECUTION AND MAINTENANCE OF PATENT RIGHTS 
 6.1 Patent Filing,
Prosecution and Maintenance. With respect to any Licensed Patent Rights that are exclusive to the Licensee, the Licensee shall be responsible for and shall use reasonable efforts in preparing, filing, prosecuting, obtaining and maintaining
all Licensed Patent Rights, and any patent rights in Licensed Technology or Improvements in the countries of its choosing using patent counsel chosen by Licensee. The related costs shall be borne entirely by the Licensee. Licensor shall have the
right to participate with Licensee in the prosecution of each patent application of the Licensed Patent Rights. Licensor agrees to send Licensee copies of all file histories and prosecution documents for each of the patent applications of the
Licensed Patent Rights, within thirty (30) days of receipt by Licensor. Licensor shall have the right, but not the obligation, to assume responsibility for any Licensed Patent Rights which Licensee intends to abandon or otherwise cause or allow
to be forfeited. Licensee shall give Licensor at least sixty (60) days written notice prior to abandonment or other forfeiture of any Licensed Patent Rights or any part of the Licensed Patent Rights so as to permit Licensor to exercise its
rights under this Section 6.1. 
  

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 6.2 Notice of Infringement. If, during the Royalty Term, either Party
learns of any actual, alleged or threatened infringement by a Third Party of any Licensed Patent Rights under this Agreement, such Party shall promptly notify the other Party and shall provide such other Party with available evidence of such
infringement. 
 6.3 Infringement of Patent Rights. Licensee shall have the first right (but not the
obligation), at its own expense and with legal counsel of its own choice, to bring suit (or take other appropriate legal action) against any actual, alleged or threatened infringement of the Licensed Patent Rights. Licensor shall have the right, at
its own expense, to be represented in any such action by Licensee by counsel of Licensor’s own choice; provided, however, that under no circumstances shall the foregoing affect the right of Licensee to control the suit as described in the first
sentence of this Section 6.3. Any damages, monetary awards or other amounts recovered, whether by judgment or settlement, pursuant to any suit, proceeding or other legal action taken under this Section 6.3, shall applied as follows:

 (a) first, to reimburse the cost of Licensee for its reasonable costs and expenses (including reasonable attorneys’
fees and costs) incurred in prosecuting such enforcement action; 
 (b) second, to Licensee in reimbursement for lost sales
(net of royalties) associated with Licensed Products and to Licensor in reimbursement for lost royalties owing hereunder based on such lost sales; 
 (c) third, to reimburse the costs of Licensor for its reasonable costs and expenses (including reasonable attorneys’ fees and costs) incurred in prosecuting such enforcement action; and 
 (d) fourth, any amounts remaining shall be allocated to each Party on a pro rata basis based on each Party’s losses attributable to
the infringement. 
 If Licensee brings any such action or proceeding hereunder, Licensor agrees to be joined as party plaintiff if necessary
to prosecute such action or proceeding, and to give Licensee reasonable assistance and authority to file and prosecute the suit. 
 7.
REPRESENTATIONS AND WARRANTIES 
 7.1 Licensor Representations. Licensor represents and warrants to Licensee
that: 
 (a) the execution and delivery of this Agreement and the performance of the transactions contemplated hereby have
been duly authorized by all appropriate Licensor actions; 
 (b) this Agreement is a legal and valid obligation binding upon
Licensor and enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by the Parties does not conflict with any agreement, instrument or understanding to which Licensor is a party or by which it is
bound; 
  

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 (c) Licensor has the full right and legal capacity to grant the rights granted to
Licensee hereunder without violating the rights of any Third Party; 
 (d) Licensed Patent Rights have been properly filed and
prosecuted and Licensor is the sole owner of the Licensed Patent Rights and Licensed Technology; 
 (e) Licensor is not aware
of any Third Party patent, patent application or other intellectual property rights that would be infringed (i) by practicing Licensed Technology, or (ii) by making, using, offering for sale, selling or importing Licensed Products;

 (f) Licensor is not aware of any infringement or misappropriation by a Third Party of the Licensed Patent Rights or
Licensed Technology; 
 7.2 Licensee Representations. Licensee represents and warrants to Licensor that:

 (a) the execution and delivery of this Agreement and the performance of the transactions contemplated hereby have been duly
authorized by all appropriate Licensee corporate action; and 
 (b) this Agreement is a legal and valid obligation binding
upon Licensee and enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by the Parties does not conflict with any agreement, instrument or understanding to which Licensee is a party of or by which it
is bound. 
 7.3 No Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY OTHER
REPRESENTATION OR EXTENDS ANY ADDITIONAL WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. 
 8. INDEMNIFICATION 
 8.1 Indemnification. 
 8.1.1 Licensee Indemnity. Licensee shall indemnify, defend and hold harmless Licensor, its affiliates and their respective directors, officers, employees, stockholders and agents and their respective
successors, heirs and assigns (the “Licensor Indemnitees”) from and against any liability, damage, loss or expense (including reasonable attorneys’ fees and expenses of litigation) incurred by or imposed upon such Licensor
Indemnitees, or any of them, in connection with any Third Party claims, suits, actions, demands or judgments to the extent arising out of (a) the development, testing, production, manufacture, supply, promotion, import, sale or use by any
person of any Licensed Product (or any component thereof) manufactured or sold by Licensee or any affiliate or Sublicensee under this Agreement, (b) any material breach of this Agreement by Licensee, or (c) the negligence or willful
misconduct on the part of Licensee, except in all cases to the extent of Licensor’s responsibility therefore under Section 8.1.2 below. 
 8.1.2 Licensor Indemnity. Licensor shall indemnify, defend and hold harmless Licensee, its affiliates and their respective directors, officers, employees, and agents, 

  

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and their respective successors, heirs and assigns (the “Licensee Indemnitees”), from and against any liability, damage, loss or expense (including
reasonable attorneys’ fees and expenses of litigation) incurred by or imposed upon such Licensee Indemnitees, or any of them, in connection with any Third Party claims, suits, actions, demands or judgments to the extent arising out of
(a) any actions or omissions of Licensor under this Agreement, (b) any material breach of this Agreement by Licensor, or (c) the negligence or willful misconduct on the part of Licensor, except in all cases to the extent of
Licensee’s responsibility therefore under Section 8.1.1 above. 
 8.2 Indemnification Procedures. In
the event that any Indemnitee is seeking indemnification under Section 8.1 above from a Party (the “Indemnifying Party”), the other Party shall notify the Indemnifying Party of such claim with respect to such Indemnitee as soon as
reasonably practicable after the Indemnitee receives notice of the claim, and the Party (on behalf of itself and such Indemnitee) shall permit the Indemnifying Party to assume direction and control of the defense of the claim (including the right to
settle the claim solely for monetary consideration) and shall cooperate as requested (at the expense of the Indemnifying Party) in the defense of the claim. The indemnification obligations under Article 8 shall not apply to any harm suffered as a
direct result of any delay in notice to the Indemnifying Party hereunder or to amounts paid in settlement of any claim, demand, action or other proceeding if such settlement is effected without the consent of the Indemnifying Party, which consent
shall not be withheld or delayed unreasonably. The Indemnitee, its employees and agents, shall reasonably cooperate with the Indemnifying Party and its legal representatives in the investigation of any claim, demand, action or other proceeding
covered by Section 8.1. 
 9. TERM AND TERMINATION 
 9.1 Expiration. The Term shall expire upon the expiration of the final payment obligation under Section 4 above. Upon
the expiration of the Term of this Agreement, Licensee shall have a fully paid-up, irrevocable, freely transferable and sublicensable license in the Territory under the Licensed Patent Rights and Licensed Technology, to develop, have developed,
make, have made, use, have used, sell, have sold, offer for sale, import and have imported any and all Licensed Products. 
 9.2 Termination Rights for Breach and Voluntary Termination. 
 9.2.1 Termination for Breach.
Subject to the other terms of this Agreement, this Agreement and the rights granted herein may be terminated by either Party upon any material breach by the other Party of any material obligation or condition, effective ninety (90) days after
giving written notice to the breaching Party of such termination, which notice shall describe such breach in reasonable detail. The foregoing notwithstanding, if such material breach is cured or remedied or shown to be non-existent or not to be
material within the aforesaid ninety (90) day period, the notice shall be automatically withdrawn and of no effect. 
 9.2.2 Voluntary Termination. Licensee shall have the right to terminate this Agreement at any time upon thirty (30) days prior written notice to Licensor. 
  

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 9.2.3 Voluntary Termination following a Change of Control. If following a Change
in Control the successor-in-interest to the Licensee does not agree in writing to assume the obligations of the Licensee as set forth in this Agreement, such successor-in-interest to the Licensee shall be entitled to terminate this Agreement in
exchange for a payment of [***] to the Licensor within [***] of the closing of such Change of Control. 
 9.3
Termination for Bankruptcy. In the event that either Party files for protection under bankruptcy laws, makes an assignment for the benefit of creditors, appoints or suffers appointment of a receiver or trustee over its property, files
a petition under any bankruptcy or insolvency act or has any such petition filed against it which is not discharged within ninety (90) days of the filing thereof, then the other Party may terminate this Agreement effective immediately upon
written notice to such Party. 
 9.4 Effects of Termination. 
 9.4.1 Termination for Licensee Breach. Upon any termination of this Agreement by Licensor under Sections 9.2.1 or 9.3, or by
Licensee or its successor-in-interest pursuant to Section 9.2.2 or Section 9.2.3, as of the effective date of such termination all relevant licenses and sublicenses granted by Licensor to Licensee hereunder shall terminate automatically.
Notwithstanding the foregoing, (a) no such termination of this Agreement shall be construed as a termination of any valid sublicense of any Sublicensee hereunder, and thereafter each such Sublicensee shall be considered a direct licensee of
Licensor, provided that (i) such Sublicensee is then in full compliance with all terms and conditions of its sublicense, (ii) all accrued payments obligations to Licensor have been paid, and (iii) such Sublicensee agrees in writing to
assume all applicable obligations of Licensee under this Agreement, and (b) Licensee and its affiliates and Sublicensees shall have the right, for [***] or such longer time period on which the Parties mutually agree in writing, to sell or
otherwise dispose of all Licensed Products then on hand, with royalties to be paid to Licensor on all Net Sales of such Licensed Products as provided for in this Agreement. 
 9.4.2 Termination for Licensor Breach. Upon any termination of this Agreement by Licensee under Section 9.2.1 or 9.3, as of
the effective date of such termination, Licensee thereafter automatically shall have a fully sublicensable and transferable, fully paid up, exclusive license in the Territory under the Licensed Patent Rights and Licensed Technology, to develop, have
developed, make, have made, use, have used, sell, have sold, offer for sale, import and have imported any and all Licensed Products and to practice the Licensed Technology, provided that Licensee shall pay, for the remainder of any royalty term
hereunder, in lieu of any other payments, including milestone payments, royalty payments and minimum royalty payments, it would otherwise owe to Licensor under this Agreement, a royalty equal to one quarter (1/4) of the royalty rate that would
otherwise apply with respect to the Licensed Product hereunder. 
 9.5 Remedies. Except as otherwise expressly
set forth in this Agreement, the termination provisions of this Article 9 are in addition to any other relief and remedies available to either Party at law. 
  

 -13- 

 9.6 Surviving Provisions. Notwithstanding any provision herein to the
contrary, the rights and obligations of the Parties set forth in Sections 2.2, 2.3, 4.3, 5, 6, 8, 9.4, 9.6, 10, and 11 (to the extent relevant) as well as any rights or obligations otherwise accrued hereunder (including any accrued payment
obligations), shall survive the expiration or termination of the Term. Without limiting the generality of the foregoing, Licensee shall have no obligation to make any payment to Licensor that has not accrued prior to the effective date of any
termination of this Agreement, but shall remain liable for all such payment obligations accruing prior to the effective date of such termination. 
 10. DISPUTES 
 10.1 Negotiation. The Parties recognize that a bona fide dispute as to certain
matters may from time to time arise during the term of this Agreement that relates to either Party’s rights and/or obligations hereunder. In the event of the occurrence of such a dispute, either Party may, by written notice to the other Party,
have such dispute referred to their respective senior officials designated below or their successors, for attempted resolution by good faith negotiations within sixty (60) days after such notice is received. Said designated senior officials are
as follows: 
 For Licensee: President and Chief Executive Officer 
 For Licensor: Javier Garcia-Bengochea, M.D. 
 In the event the designated senior officials are not able to resolve such dispute within the sixty (60) day period, Section 10.2 shall apply. 
 10.2 Arbitration. Subject to Section 10.1, any dispute, controversy or claim initiated by either Party arising out of,
resulting from or relating to this Agreement, or the performance by either Party of its obligations under this Agreement (other than bona fide Third Party actions or proceedings filed or instituted in an action or proceeding by a Third Party against
a Party), whether before or after termination of this Agreement, shall be finally resolved by binding arbitration. The Party instituting arbitration proceedings hereunder shall give written notice to that effect to the other Party. Any such
arbitration shall be conducted under the Commercial Arbitration Rules of the American Arbitration Association by a panel of three arbitrators appointed in accordance with such rules. Any such arbitration shall be held in San Diego County, CA. The
method and manner of discovery in any such arbitration proceeding shall be governed by the laws of the State of California. The arbitrators shall have the authority to grant injunctions and/or specific performance and to allocate between the
Parties the costs of arbitration in such equitable manner as they determine. Judgment upon the award so rendered may be entered in any court having jurisdiction or application may be made to such court for judicial acceptance of any award and an
order of enforcement, as the case may be. In no event shall a demand for arbitration be made after the date when institution of a legal or equitable proceeding based upon such claim, dispute or other matter in question would be barred by the
applicable statute of limitations. Notwithstanding the foregoing, either Party shall have the right, without waiving any right or remedy available to such Party under this Agreement or otherwise, to seek and obtain from any court of competent
jurisdiction any interim or provisional relief that is necessary or desirable to protect the rights or property of such Party, pending the selection of the arbitrators hereunder or pending the arbitrators’ determination of any dispute,
controversy or claim hereunder. 
  

 -14- 

 11. MISCELLANEOUS 
 11.1 Notification. All notices, requests and other communications hereunder shall be in writing, shall be addressed to the
receiving party’s address set forth below or to such other address as a party may designate by notice hereunder, and shall be either (a) delivered by hand, (b) sent by nationally-recognized overnight courier service providing evidence
of receipt, or (c) sent by registered or certified mail, return receipt requested, postage prepaid. The addresses and other contact information for the Parties are as follows: 
  

			
	If to Licensor:	  	 JGMG Bengochea, LLC
 4901 VanDiveer Rd.
 Jacksonville FL 32210
 Attention: Javier Garcia-Bengochea,
M.D.

		
	With a copy to:	  	 Rogers Towers, P.A.
 1301 Riverplace Boulevard

Suite 1500
 Jacksonville, FL 32207
 Attention: Thomas C. Saitta, Esq.

		
	If to Licensee:	  	 Alphatec Spine, Inc.
 2051 Palomar Airport Road, Suite
100
 Carlsbad, CA 92011
 Attn: President and
CEO

		
	With a copy to:	  	 Heller Ehrman, LLP
 7 Times Square
 New York, NY 10036
 Attention: Blaine Templeman, Esq.

 All notices, requests and other
communications hereunder shall be deemed to have been given either (i) if by hand, at the time of the delivery thereof to the receiving party at the address of such party set forth above, (ii) if made by telecopy or facsimile transmission,
at the time that receipt thereof has been acknowledged by the recipient, (iii) if sent by nationally-recognized overnight courier, on the day such notice is delivered to the recipient, or (iv) if sent by registered or certified mail, on
the fifth (5th) business day following the day such mailing is made. 
 11.2 Governing Law. This Agreement will be construed and interpreted in accordance with the laws of the State of California.

 11.3 Limitations. Except as expressly set forth in this Agreement, neither Party grants to the other Party
any right or license to any of its intellectual property. 
  

 -15- 

 11.4 Entire Agreement. This is the entire Agreement between the Parties
with respect to the subject matter hereof and supersedes all prior representations, understandings and agreements between the Parties with respect to the subject matter hereof. No modification shall be effective unless in writing with specific
reference to this Agreement and signed by the Parties. 
 11.5 Waiver. The terms or conditions of this Agreement
may be waived only by a written instrument executed by the Party waiving compliance. The failure of either Party at any time or times to require performance of any provision hereof shall in no manner affect its rights at a later time to enforce the
same. No waiver by either Party of any condition or term shall be deemed as a continuing waiver of such condition or term or of another condition or term. 
 11.6 Headings. Section and subsection headings are inserted for convenience of reference only and do not form part of this Agreement. 
 11.7 Assignment. Neither this Agreement nor any right or obligation hereunder may be assigned, delegated or otherwise
transferred, in whole or part, by Licensor without the prior express written consent of Licensee. Any permitted assignee shall assume all obligations of its assignor under this Agreement. Any purported assignment in violation of this
Section 11.7 shall be void. Licensee may freely assign this Agreement to other Parties without the consent to Licensor. The terms and conditions of this Agreement shall be binding upon and inure to the benefit of the permitted successors and
assigns of the Parties. 
 11.8 Force Majeure. Neither Party shall be liable for failure of or delay in
performing obligations set forth in this Agreement, and neither shall be deemed in breach of its obligations, if such failure or delay is due to natural disasters or any causes beyond the reasonable control of such Party. In event of such force
majeure, the Party affected thereby shall use reasonable efforts to cure or overcome the same and resume performance of its obligations hereunder. 
 11.9 Construction. The Parties hereto acknowledge and agree that: (i) each Party and its counsel reviewed and negotiated the terms and provisions of this Agreement and have contributed to its
revision; (ii) the rule of construction to the effect that any ambiguities are resolved against the drafting Party shall not be employed in the interpretation of this Agreement; and (iii) the terms and provisions of this Agreement shall be
construed fairly as to all Parties hereto and not in favor of or against any Party, regardless of which Party was generally responsible for the preparation of this Agreement. 
 11.10 Severability. If any provision(s) of this Agreement are or become invalid, are ruled illegal by any court of competent
jurisdiction or are deemed unenforceable under then current applicable law from time to time in effect during the Term hereof, it is the intention of the Parties that the remainder of this Agreement shall not be affected thereby provided that a
Party’s rights under this Agreement are not thereby materially diminished. The Parties hereto covenant and agree to renegotiate any such term, covenant or application thereof in good faith in order to provide a reasonably acceptable alternative
to the term, covenant or condition of this 

  

 -16- 

 
Agreement or the application thereof that is invalid, illegal or unenforceable, it being the intent of the Parties that the basic purposes of this Agreement
are to be effectuated. 
 11.11 Status. Nothing in this Agreement is intended or shall be deemed to constitute a
partner, agency, employer-employee, or joint venture relationship between the Parties. 
 11.12
Section 365(n). All licenses granted under this Agreement are deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses of right to “intellectual property” as defined in Section 101 of
such Code. The Parties agree that Licensee may fully exercise all of its rights and elections under the U.S. Bankruptcy Code, regardless of whether either Party files for bankruptcy in the United States or other jurisdiction. The Parties further
agree that, in the event Licensee elects to retain its rights as a licensee under such Code, Licensee shall be entitled to complete access to any technology licensed to it hereunder and all embodiments of such technology. Such embodiments of the
technology shall be delivered to the Licensee not later than: 
 (a) the commencement of bankruptcy proceedings against the
licensor, upon written request, unless the licensor elects to perform its obligations under the Agreement, or 
 (b) if not
delivered under Section 11.14 above, upon the rejection of this Agreement by or on behalf of Licensee, upon written request. 
 11.13 Further Assurances. Each Party agrees to execute, acknowledge and deliver such further instructions, and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this
Agreement. 
 11.14 Counterparts. This Agreement may be executed simultaneously in one or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 [Remainder of page
intentionally left blank] 
  

 -17- 

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

									
	ALPHATEC SPINE, INC.	 		 	JGMG BENGOCHEA, LLC
					
	By:	 	/s/ Dirk Kuyper	 		 	By:	 	/s/ Javier Garcia-Bengochea, M.D.
		 	Name: Dirk Kuyper	 		 		 	Name: Javier Garcia-Bengochea, M.D.
		 	Title:   President and CEO	 		 		 	Title:   Managing Member

  

 -18- 

 Schedule A 
 Licensed Patent Rights 
 [***] 

 Exhibit B 
 Licensed Technology 
 [***] 
  

 -2-Exclusive License Agreement - Stout Medical Group LP

 Exhibit 10.2 
 EXCLUSIVE LICENSE AGREEMENT 
 This Exclusive License Agreement (this “Agreement”) is made
effective as of September 11, 2007 (the “Effective Date”) by and between Alphatec Spine, Inc., a Delaware corporation with a principal place of business at 2051 Palomar Airport Road, Suite 100, Carlsbad, California 92008
(“Licensee”), and Stout Medical Group LP, a limited partnership company organized under the laws of the state of Delaware, and having a place of business at 410 East Walnut Street, Suite #8, Perkasie, Pennsylvania 18944,
(“Licensor”). Licensee and Licensor are each hereafter referred to individually as a “Party” and together as the “Parties”. 
 WHEREAS, Licensor is the owner of or otherwise controls certain proprietary Licensed Patents and Licensed Technology (as defined below); and 
 WHEREAS, Licensee desires to obtain a license from Licensor under such Licensed Patents and Licensed Technology to develop and commercialize Licensed
Products (as defined below); and 
 WHEREAS, Licensor desires to grant such license to Licensee on the terms and subject to the conditions of
this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as follows. 
 1. DEFINITIONS 
 Whenever used in the Agreement with an initial capital letter, the terms defined in this Article 1 shall have the meanings specified. 
 1.1 “Affiliate” shall mean any company, corporation, partnership, limited liability company, trust, or other
business entity that directly or indirectly controls, is controlled by, or is under common control with a designated person or entity, and for such purpose “control” shall mean the possession, direct or indirect, of the power to direct or
cause the direction of the management and policies of the entity, whether through the ownership of voting securities, by contract or otherwise. 
 1.2 “Confidential Information” shall mean with respect to a Party (the “Receiving Party”), all information which is disclosed by the other Party (the “Disclosing Party”) to
the Receiving Party hereunder or to any of its employees, consultants, Affiliates, licensees or sublicensees, except to the extent that the Receiving Party can demonstrate by written record or other suitable physical evidence that such information,
(a) as of the date of disclosure is demonstrably known to the Receiving Party or its Affiliates other than by virtue of a prior confidential disclosure to such Party or its Affiliates; (b) as of the date of disclosure is in, or
subsequently enters, the public domain, through no fault or omission of the Receiving Party; (c) is obtained from a Third Party having a lawful right to make such disclosure free from any obligation of confidentiality to the Disclosing Party;
or (d) is independently developed by or for the Receiving Party without reference to or reliance upon any Confidential Information of the 

 
Disclosing Party. Any information in relation to the subject matter of this Agreement disclosed by a Party under that certain Mutual Confidentiality
Agreement between the parties dated the 2d day of July 2007 shall, subject to the foregoing exceptions, be considered Confidential Information for purpose of this Agreement. 
 1.3 “First Commercial Sale” shall mean the date of the first transaction, transfer or disposition for value by or
on behalf of Licensee or any Affiliate or Sublicensee of Licensee to a Third Party of a Licensed Product in the United States following the applicable regulatory clearance by the FDA (as defined below). 
 1.4 “FDA” shall mean the United States Food and Drug Administration and any successor agency or authority thereto.

 1.5 “Joint Inventions” shall have the meaning given in Section 3.3. 
 1.6 “Licensor Indemnitees” and “Licensee Indemnitees” (each individually an
“Indemnitee”) shall have the meaning given in Section 8.1. 
 1.7 “Licensed
Field” shall mean the treatment of spinal vertebral body compression fractures. 
 1.8 “Licensed
Patent Rights” shall mean any of the patent applications described in Schedule A attached hereto, and any divisional, continuation, continuation-in-part (to the extent that the continuation-in-part is entitled to the priority
date of an initial patent or patent application which is the subject of this Agreement), reissue, reexamination, registration, renewal, or extension, or any patent issuing therefrom or any supplementary protection certificates related thereto, and
any foreign counterparts to any of the foregoing. 
 1.9 “Licensed Product” shall mean any product
sold by Licensee, its Affiliates or Sublicensees that embodies or uses any aspect of the Licensed Patent Rights and/or the Licensed Technology. 
 1.10 “Licensed Technology” shall mean all Technology which: 
 1.10.1
Licensor controls as of the Effective Date and which (i) is described in or related to any patent or patent application included in the Licensed Patent Rights and (ii) is necessary or useful for Licensee to practice the license granted to
it hereunder; 
 1.10.2 is developed by Licensor as a part of its efforts contemplated by Section 3.2; 
 1.10.3 Licensor controls after the Effective Date but during the Term and which (i) it has the right to disclose and license without
the payment of royalties or other consideration to any Third Party and (ii) constitutes an improvement to the subject matter of the Licensed Patent Rights or Licensed Technology as it exists on the date of determination, including
Licensor’s interest in any Joint Inventions; and/or 

 1.10.4 Licensee controls after the Effective Date but during the Term and which
constitutes an improvement to the subject matter of the Licensed Patent Rights or Licensed Technology as it exists on the date of determination. 
 1.11 “Net Sales” shall mean the gross amount invoiced or otherwise payable by Licensee, any of its Affiliates or any Sublicensee on account of sales or other transfers of a Licensed Product
anywhere in the Territory during a designated period, less (to the extent otherwise then or previously included in amounts invoiced for such Licensed Product and in respect of which no previous deduction was taken): 
 1.11.1 trade, cash and quantity discounts or rebates actually allowed or taken on Licensed Products, including discounts or rebates to
governmental or managed care organizations; 
 1.11.2 credits or allowances actually given or made for rejection of, and for
uncollectible amounts (except to the extent later collected) on, or return of previously sold Licensed Products; 
 1.11.3 any
charges for insurance, freight, and other transportation costs directly related to the delivery of Licensed Product to the extent included in the gross invoiced sales price; 
 1.11.4 any tax, tariff, duty or governmental charge levied on the sales, transfer, transportation or delivery of a Licensed Product
(including any tax such as a value added or similar tax or government charge), other than franchise or income tax of any kind whatsoever; and 
 1.11.5 any import or export duties or their equivalent borne. 
 In addition, should Licensee be required, in order to
lawfully exercise its rights as to a Licensed Product, obtain additional rights in a country to patents of any Third Parties which are not Affiliates of Licensee, which patents are (i) pending or issued on the Effective Date, and
(ii) required for Licensee to practice the inventions described in the Licensed Patent Rights or Licensed Technology or exercise the license granted under this Agreement for reasons not attributable to a design selection made by Licensee for
which alternative design selections not requiring such additional rights are available, then Licensee may also deduct from Net Sales with respect to a designated period the amount of the royalty Licensee is required to pay to such Third Party or
Parties for such necessary rights to such patents with respect to such Licensed Product; provided that in no event (i) shall the amount of Net Sales for any designated period be reduced by more than [***] on account of royalties paid to Third
Parties, and any amount so disallowed shall be lost and not carried forward and (ii) no such reduction shall be permitted with respect to additional rights obtained more than [***] after the First Commercial Sale in such country. 
 “Net Sales” shall not include amounts invoiced to or otherwise payable by Licensee, any of its Affiliates and/or any Sublicensees for Licensed Products sold or
otherwise transferred to Licensee or any of its Affiliates and/or its Sublicensees, unless the Licensed Product is consumed by the invoiced entity. 

 1.12 “Product Trademark” shall mean the mark “V-Stent”,
U.S. Trademark Application Serial Number 77273484. 
 1.13 “Sublicensee” shall mean any Third Party to
whom Licensee grants a sublicense of some or all of the rights granted to Licensee under this Agreement. 
 1.14
“Technology” shall mean all of the following intangible legal rights, whether or not filed, perfected, registered or recorded, applicable to the Licensed Field: (i) inventions, patents, patent disclosures, patent rights,
including any and all continuations, continuations-in-part, divisionals, reissues, reexaminations, utility models, industrial designs and design patents or any extensions thereof, (ii) rights associated with works of authorship, including
without limitation, copyrights, copyright applications and copyright registrations and (iii) any and all proprietary ideas, inventions, discoveries, Confidential Information, data, results, formulae, designs, specifications, methods, processes,
techniques, ideas, know-how, technical information (including, without limitation, structural and functional information), process information, pre-clinical information, clinical information, and any and all proprietary control and manufacturing
data and materials, whether or not patentable. 
 1.15 “Term” shall have the meaning given in
Section 9.1. 
 1.16 “Territory” shall mean all countries and jurisdictions of the world.

 1.17 “Third Party” shall mean any person or entity other than Licensee, Licensor and their
respective Affiliates. 
 2. GRANT OF RIGHTS 
 2.1 License to Licensee. 
 2.1.1 Grant of License. Licensor hereby grants to Licensee an exclusive (even as to Licensor and its Affiliates), royalty-bearing license, including the right to grant sublicenses in accordance with Subsection
2.1.2, under the Licensed Patent Rights and Licensed Technology: (i) to conduct research and development in support of the licensed uses describe in clause (ii) of this Subsection, and (ii) to make, have made, import, export, use,
offer for sale or sell Licensed Products in the Licensed Field, subject to the terms and conditions of this Agreement. In addition, Licensor hereby grants to Licensee an exclusive license, including the right to grant sublicenses in accordance with
Subsection 2.1.2, to use and display the Product Trademarks in connection with the exercise of its rights under the license grant in clause (ii) of this Subsection, subject to the terms and conditions of this Agreement. 
 2.1.2 Right to Sublicense. Licensee shall have the right to grant sublicenses, subject to the terms of this Agreement, to all or
any portion of its rights under the license granted pursuant to this Section. 
 2.2 Right of First Discussion in
Relation to Sales of Licensed Patent Rights or Licensed Technology. In the event that Licensor decides to sell any of the Licensed Patent Rights or Licensed Technology (subject, of course, to this Agreement), it shall give 

 
prompt notice thereof to the Licensee. Such notice shall include a description of the Licensed Patent Rights or Licensed Technology to be sold. Thereafter,
Licensee shall have [***] to notify Licensor whether Licensee is interested in commencing negotiations to obtain a fully-paid license to such Licensed Patent Rights or Licensed Technology in the Licensed Field. If Licensee does not give such notice
within such [***] period, Licensor shall be entitled to sell such Licensed Patent Rights or Licensed Technology as it sees fit. If Licensee gives such written notice within such [***], the parties shall for a further [***] from the giving of such
notice, or such longer time period as upon which the Parties mutually agree in writing, negotiate in good faith as to the terms of such fully-paid license in the Licensed Field, and Licensor shall not be entitled to commence negotiations with any
Third Party with respect to the sale of such Licensed Patent Rights or Licensed Technology, or sell such Licensed Patent Rights or Licensed Technology, until the end of such [***] day or longer agreed-upon period, after which it shall be free to
negotiate or sell such intellectual property as it sees fit. 
 2.3 Right of First Discussion as to New In-Field
License. If, at any time during the term of the Agreement, Licensor acquires or develops intellectual property in respect of uses or applications within [***] (a “New In-Field Use”) which is not included in the Licensed Technology
and which Licensor has the right to disclose and license without the payment of royalties or other consideration to any Third Party, it shall give prompt notice thereof to the Licensee. Such notice shall include a description of the intellectual
property which Licensor has acquired or developed. Thereafter, Licensee shall have [***] to notify Licensor whether Licensee is interested in commencing negotiations to obtain a license to such rights (the “New In-Field License”). If
Licensee does not give such notice within such [***] period, Licensor shall be entitled to license such intellectual property as it sees fit. If Licensee gives such written notice within such [***], the parties shall for a further sixty
(60) days from the giving of such notice, or such longer time period as upon which the Parties mutually agree in writing, negotiate in good faith as to the terms of such New In-Field License, and Licensor shall not be entitled to commence
negotiations with any Third Party in respect to a license of such intellectual property, or license such intellectual property, within the Licensed Field until the end of such [***] or longer agreed-upon period, after which it shall be free to
negotiate or license such intellectual property as it sees fit. For the sake of clarity, this Section 2.2 does not apply to any intellectual property that is included in Licensed Technology and, as such, is subject to the license grant under
Section 2.1. 
 3. DEVELOPMENT AND COMMERCIALIZATION OF LICENSED PRODUCTS. 
 3.1 Commercialization. 
 3.1.1 Responsibility. From and after the Effective Date, Licensee shall have full control and authority over the development and commercialization of Licensed Products in the Licensed Field in the Territory.
Without prejudice to Section 3.3 hereof, Licensee shall own all Technology resulting solely from the efforts of its agents, Affiliates and employees as a part of such development and commercialization, but for such purposes (or any other
purpose of this Agreement) Licensor shall not be considered an agent of Licensee. All activities relating to development and commercialization under this Agreement shall be undertaken at Licensee’s sole cost and expense. 

 3.1.2 Diligence. After the Effective Date, Licensee will exercise commercially
reasonable efforts to develop a Licensed Product, such commercially reasonable efforts to take into account the competitiveness of the marketplace, the proprietary position of the Licensed Product, the relative potential safety and efficacy of the
Licensed Product, the cost of goods and availability of capacity to manufacture and supply the Licensed Product at commercial scale, the profitability of the applicable Licensed Product, and other relevant factors including, without limitation,
technical, legal, scientific or medical factors. Following the First Commercial Sale of a Licensed Product, the Licensee shall use commercially reasonable efforts to engage no less than [***] clinicians reasonably acceptable to Licensor to serve as
“product champions” for such Licensed Product. 
 3.2 Licensor Assistance. Prior to the First
Commercial Sale of a Licensed Product, Licensor agrees that it shall provide commercially reasonable assistance to the Licensee in connection with the development and commercialization of a Licensed Product as described in Schedule B hereto
in exchange for the compensation also described in Schedule B. Licensor shall own all Technology resulting solely from the efforts of the agents, Affiliates and employees of Licensor as a part of such development and commercialization, (but
for such purposes (or any other purpose of this Agreement) Licensee shall not be considered an agent of Licensor), but such Technology shall be deemed included in the Licensed Technology. 
 3.3 Joint Inventions. Technology conceived, developed or reduced to practice jointly by employees or consultants of Licensor
and Licensee during the term hereof shall be jointly owned by them (“Joint Inventions”). For purposes of this Section 3.3 Technology that is the subject of a patent application shall be deemed to have been developed jointly by
employees or consultants of Licensee and Licensor, and thus be a Joint Invention, if at least one employee or consultant of each of Licensee and Licensor is required to be named as an inventor in such application in order for such patent to be
valid, and a comparable concept shall apply to Technology not the subject of a patent application. Subject to its right of abandonment or other forfeiture, Licensee shall be responsible, at its costs, for preparing, filing and, prosecuting patent
applications which are available with respect to Joint Inventions in the [***] (and elsewhere as it may elect), using patent counsel reasonably chosen by Licensee, and for maintaining any patents obtained thereon. Licensee shall keep Licensor
reasonably appraised as to the prosecution of each such patent application. Licensee agrees to send Licensor copies of all file histories and prosecution documents for each of the patent applications of the Licensed Patent Rights, within thirty
(30) days of receipt by Licensor. Licensee shall have the right in its discretion to abandon or otherwise cause or allow to be forfeited, any patents or applications therefore as to Joint Inventions. Licensee shall give Licensor at least sixty
(60) days written notice prior to abandonment or other forfeiture so as to permit, but not obligate, Licensor, to file, in the name of Licensor, for protection as to such patent or application, at its cost and expense, and Licensee shall have
no interest in such patent or applications or underlying Joint Inventions (which shall thereupon cease to be Joint Inventions by shall rather be Confidential Information of Licensor). In any event each Party will, and will cause its employees and
consultants to, provide any assistance and executed agreements and instruments as are reasonably requested by a Party which is seeking to obtain in accordance herewith patents or other protection with respect to any Joint Inventions. 

 3.4 Licensee License Grant. Licensee hereby grants to Licensor:

 3.4.1 Non-exclusive License. a non-exclusive, fully-paid and royalty-free, perpetual license, including the right to
grant sublicenses, under all Technology owned by Licensee as a result of the activities set forth in Section 3.1: (i) to conduct research and development in support of the licensed uses describe in clause (ii) of this Subsection, and
(ii) to make, have made, import, export, use, offer for sale or sell any component or product for indications outside of the treatment of spinal disorders, subject to the terms and conditions of this Agreement; and 
 3.4.2 Exclusive License. an exclusive, fully-paid and royalty-free, perpetual license, including the right to grant sublicenses,
under its interest in all Joint Inventions: (i) to conduct research and development in support of the licensed uses describe in clause (ii) of this Subsection, (ii) to make, have made, import, export, use, offer for sale or sell any
component or product for indications outside of the treatment of spinal disorders, subject to the terms and conditions of this Agreement, and (iii) to prosecute at Licensor’s sole cost and for its sole benefit infringements of Joint
Inventions within the scope of the licenses granted in clauses (i) and (ii) of this Subsection 3.4.2. 
 4. PAYMENTS AND
ROYALTIES 
 4.1 Initial Payment; Milestone Payments, Payment of Royalties; Royalty Rates; Minimum Royalties;
Milestone Payments.  
 4.1.1 Initial Payment. Licensee shall pay Licensor a lump-sum, fully-earned and
non-refundable payment of [***] within three (3) business days of delivery by Licensor to Licensee of a preliminary specification for an initial Licensed Product as defined in Schedule C, which sum shall not be credited against or
otherwise reduce any other amounts payable hereunder. Such delivery shall occur not later than [***]. 
 4.1.2 Milestone
Payments. Licensee shall pay Licensor milestone payments (each a “Milestone Payment”) in the amount specified below no later than thirty (30) days after the occurrence of the corresponding event designated below, unless this
Agreement has been terminated prior to such due date. No Milestone Payments described in this Subsection 4.1.2 shall be credited against or otherwise reduce any other amounts payable hereunder. 
  

			
		
	 Event
	  	 Milestone Payment

	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]

 4.1.3 Royalty Payments. During the Term, Licensee shall pay to Licensor within
thirty (30) days of the end of each calendar quarter earned royalties of [***] of Net Sales during such calendar quarter. Each royalty payment shall (i) be accompanied by a report specifying: the Net Sales (including an accounting of
deductions taken in the calculation of Net Sales) and (ii) state the applicable exchange rate used in conversion from any foreign country’s currency to United States Dollars (which conversion shall be determined in accordance with
Subsection 4.2.2). Earned royalties described in this Subsection 4.1.3 shall only be credited against minimum royalties which would otherwise be due as contemplated by Subsection 4.1.4 and shall not be credited against or otherwise reduce any other
amounts payable hereunder. 
 4.1.4 Minimum Royalties. Licensee shall pay Licensor the following minimum annual royalty
amounts in each calendar year listed next to such amount. No minimum annual royalty described in this Subsection 4.1.4 shall be credited against or otherwise reduce any other amounts payable hereunder. For a particular calendar year, in the event
that the sum of the earned royalties on Net Sales timely paid in accordance with Subsection 4.1.3 above with respect to the four calendar quarters of such calendar year are less than the minimum annual royalty for such year designated below, the
obligation to pay the difference to Licensor shall accrue on the last day of such calendar year and be payable by Licensee no later than [***] following the end of such calendar year: 
  

			
	 Calendar Year Ending
	  	 Minimum Annual Royalty

	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]

 4.1.5 One Royalty. Only one royalty shall be payable to Licensor hereunder
for each sale of a Licensed Product, notwithstanding that more than one patent or patent claim reads upon such Licensed Product and/or such Licensed Product embodies or was made using one or more aspects of Licensed Technology. 
 4.2 Payment, Conversion and Withholding. 
 4.2.1 Payment. All payments hereunder shall originate in the United States and be made in United States dollars. Licensor hereby directs that all payments, save payments for services and expense reimbursement
as contemplated by Section 3.2, be divided as follows and paid by wire transfer or other means reasonably selected by the payee to the following persons or as they shall direct from time to time: 
  

			
	 [***]
	  	 [***]

	 [***]
	  	[***]
	 [***]
	  	[***]

 4.2.2 Conversion. Conversion of foreign currency to United States dollars shall be
made at the conversion rate existing in the United States (as reported in The Wall Street Journal) on the last business day of the quarter immediately preceding the applicable calendar quarter. If The Wall Street Journal ceases to be
published, then the rate of exchange to be used shall be that reported in such other business publication of national circulation in the United States as the Parties reasonably agree.  
 4.2.3 Tax Withholding; Restrictions on Payment. All taxes, assessments and fees of any nature levied or incurred on account of any
payments from Licensee to Licensor accruing under this Agreement, by national, state or local governments, will be assumed and paid by Licensee, except taxes levied thereon as income to Licensor and if such taxes are required by applicable law to be
withheld by Licensee they will be deducted from payments due to Licensor and will be timely paid by Licensee to the proper taxing authority for the account of Licensor, a receipt or other proof of payment therefore secured and sent to Licensor as
soon as practicable. Licensee shall remit all payments to Licensor hereunder from within the United States. 
 4.3
Records Retention; Review. 
 4.3.1 Royalties. Licensee shall keep accurate books and accounts of the
computation of the number of Licensed Products sold and the Net Sales of Licensee, its Affiliates and Sublicensees of Licensed Products, and shall cause such Affiliates and Sublicensees to keep such records of their respective sales of Licensed
Products and Net Sales of Licensed Products, in sufficient detail to permit accurate determination of all figures necessary for verification of payments required to be paid hereunder, which books and accounts shall be maintained for at least three
(3) years from the end of the calendar year to which they pertain. 
 4.3.2 Review. At the request of Licensor,
which shall not be made more frequently than once per calendar year during the Term, on a business day designated by Licensor upon at least thirty (30) days’ prior written notice to Licensee, Licensee shall permit, under confidentiality
obligations with terms substantially the same as those hereunder, an independent certified public accountant reasonably selected by Licensor and reasonably acceptable to Licensee to inspect (during regular business hours) the relevant records
required to be maintained by Licensee under Subsection 4.3.1. In the event such inspection reveals an underpayment, such underpayment shall be due and payable by Licensee within thirty (30) days of the date of such inspection, together
with interest thereon from the date the amount due but unpaid was first due until the date paid, at the lower of 12% per annum or the maximum rate permitted by applicable law. Such inspection shall be at the expense of Licensor unless there is
an underpayment that differs by greater than five percent (5%) from the amount that was otherwise due, in which event Licensee shall also pay the reasonable costs of the inspection. The foregoing is without prejudice to the right of Licensee to
dispute the conclusion of the accountant, but such dispute shall not relieve Licensee of its obligation to pay interest and, under the circumstances described, costs of inspection as to amount actually due. 

 5. TREATMENT OF CONFIDENTIAL INFORMATION 
 5.1 Confidential Obligations. Licensor and Licensee each recognize that the other Party’s Confidential Information
constitutes highly valuable and proprietary confidential information. Licensor and Licensee each agree that during the Term and for five (5) years thereafter, it will keep confidential, and will cause its employees, consultants, Affiliates and
sublicensees to keep confidential, all Confidential Information of the other Party. Neither Licensor nor Licensee nor any of their respective employees, consultants, Affiliates or sublicensees shall use Confidential Information of the other Party
for any purpose whatsoever other than exercising any rights granted to it or reserved by it hereunder. Without limiting the foregoing, each Party may disclose information to the extent such disclosure is reasonably necessary to (a) file,
prosecute or defend litigation in accordance with the provisions of this Agreement or (b) comply with applicable laws, regulations (including those of the United States Securities Exchange Commission) or court orders; provided, however, that if
a Party is required to make any such disclosure of the other Party’s Confidential Information in connection with any of the foregoing, it will give reasonable advance notice to the other Party of such disclosure requirement and will use
reasonable efforts to cooperate with such other Party in efforts to secure confidential treatment of such information required to be disclosed. Each Party agrees that any Confidential Information disclosed by a Party under that certain Mutual
Confidentiality Agreement between the parties dated the 2nd day of July 2007 shall be protected by the obligations set forth therein through the date hereof and from and after the date hereof shall be protected by the obligations as to Confidential
Information set forth herein so as to be continuously protected. 
 5.2 Limited Disclosure and Use.
Licensor and Licensee each agree that any disclosure of the other Party’s Confidential Information to any officer, employee, consultant or agent of the other Party or any of its Affiliates or Sublicensees shall be made only if and to the
extent necessary to carry out its rights and responsibilities under this Agreement, shall be limited to the maximum extent possible consistent with such rights and responsibilities and shall only be made to the extent any such persons are bound by
written confidentiality obligations to maintain the confidentiality thereof and not to use such Confidential Information except as expressly permitted by this Agreement. Licensor and Licensee each further agree not to disclose or transfer the other
Party’s Confidential Information to any Third Parties under any circumstance without the prior written approval from the other Party (such approval not to be unreasonably withheld), except as otherwise required by law, and except as otherwise
expressly permitted by this Agreement. Each Party shall take such action, and shall cause its Affiliates or Sublicensees to take such action, to preserve the confidentiality of each other’s Confidential Information as it would customarily take
to preserve the confidentiality of its own Confidential Information, using, in all such circumstances, not less than reasonable care. Each Party, upon the request of the other Party, will return all the Confidential Information disclosed or
transferred to it by the other Party pursuant to this Agreement, including all copies and extracts of documents and all manifestations in whatever form, within sixty (60) days of such request or, if earlier, the termination or expiration of
this Agreement; provided however, that a Party may retain (a) any Confidential Information of the other Party relating to any license which expressly survives such termination and (b) one (1) copy of all other Confidential Information
in inactive archives in legal counsel’s files solely for the purpose of establishing the contents thereof. 

 5.3 Publicity. Neither Party may publicly disclose the existence or terms
or any other matter of fact regarding this Agreement without the prior written consent of the other Party, which consent shall not be unreasonably withheld or delayed; provided, however, that either Party may make such a disclosure (i) to the
extent required by law or by the requirements of any nationally recognized securities exchange, quotation system or over-the-counter market on which such Party has its securities listed or traded, or (ii) with respect to Licensee, to any
prospective Sublicensees, or to investors, prospective investors, lenders and other potential financing sources, who are obligated to keep such information confidential. The Parties, upon the execution of this Agreement, will mutually agree to a
press release with respect to this transaction for publication. Once such press release or any other written statement is approved for disclosure by both Parties, neither Party may make subsequent public disclosure of the contents of such statement
without the further approval of the other Party. 
 5.4 Use of Name. Neither Party shall employ or use the name
of the other Party in any promotional materials or advertising without the prior express written permission of the other Party. 
 6.
PROVISIONS CONCERNING THE FILING, PROSECUTION AND MAINTENANCE OF PATENT RIGHTS 
 6.1 Certain Patent Filing,
Prosecution and Maintenance. Subject to its right of abandonment or other forfeiture, Licensor shall be responsible, at its cost, for preparing, filing and prosecuting the patent applications listed in Schedule A, and available
foreign counterparts to such patent applications in the [***] using patent counsel reasonably chosen by Licensor (which in any event includes [***]), and for maintaining any patents obtained thereon. Licensor shall keep Licensee reasonably appraised
as to the prosecution of each such patent application. Licensor agrees to send Licensee copies of all file histories and prosecution documents for each of the patent applications of the Licensed Patent Rights, within thirty (30) days of receipt
by Licensor. Licensor shall have the right in its discretion to abandon or otherwise cause or allow to be forfeited, any Licensed Patent Rights (each a “Discontinued Patent”). Licensor shall give Licensee at least sixty
(60) days written notice prior to abandonment or other forfeiture of any such Discontinued Patent so as to permit Licensee to exercise its rights under Section 6.3. 
 6.2 Requests for Other Patent Filing, Prosecution and Maintenance. Licensee may reasonably request that Licensor seek patent
protection of the Licensed Patent Rights and/or Licensed Technology in addition to that contemplated by Section 6.1 by written notice to Licensor. 
 6.3 Right to Effect Other Patent Filing, Prosecution and Maintenance. Subject to any right of another licensee existing as of the Effective Date of all or any part of the Licensed Patent Rights or
Licensed Technology, as to any Discontinued Patent or as to any patent with respect to which Licensor refuses in its discretion to seek such additional patent protection in response to a request from Licensee in accordance with Section 6.2 (a
“Refused Patent”), Licensee shall have the right, but not the obligation, to file, in the name of Licensor, for protection as to such Discontinued Patent or Refused Patent. Licensee shall bear all costs associated with the preparation,
filing, prosecution and maintenance of all such Discontinued 

 
Patents and Refused Patents; provided that Licensee shall have the right to deduct from Net Sales, on a country-by-country basis, [***] of the amount of such
costs borne by Licensee with respect to each such Discontinued Patents and Refused Patents that Licensee has filed in such country in the name of Licensor. All such Discontinued Patents or Refused Patents filed by Licensee in the name of Licensor
shall be included in the Licensed Technology. Nothing in this Section 6.3 shall be deemed to limit Licensor’s right to file, prosecute or maintain patent applications at its own expense in any country. 
 6.4 Notice of Infringement or Claims. If, during the Term, either Party learns of any (i) actual, alleged or threatened
infringement by a Third Party of any Licensed Patent Rights or Licensed Technology, (ii) attack on the enforceability or validity of any Licensed Patent Rights or Licensed Technology, or (iii) claim by a Third Party alleging that the
development or commercialization of a Licensed Product infringes or otherwise violates the intellectual property rights of such Third Party, then such Party shall promptly notify the other Party of the same and shall provide such other Party with
available details as to and evidence of such infringement, suit or claim. 
 6.5 Infringement of Patent Rights.
Licensee shall have the first right (but not the obligation), at its own expense and with legal counsel of its own choice, to bring suit (or take other appropriate legal action) against any actual, alleged or threatened infringement of the Licensed
Patent Rights or Licensed Technology in the Licensed Field. Such right includes the right to settle the infringement claim, provided that such settlement may not encompass matters beyond the scope of the license grant set forth in Section 2.1
and if such settlement would include Licensee’s agreement to the invalidity or unenforceability of any claim within the Licensed Patent Rights or Licensed Technology, Licensor must first approve in writing such settlement, which approval shall
not be unreasonably withheld. Any damages, monetary awards or other amounts recovered, whether by judgment or settlement, pursuant to any suit, proceeding or other legal action taken by Licensee under this Section 6.5, shall applied as follows:

 (a) first, to reimburse the cost of Licensee for its reasonable costs and expenses (including reasonable attorneys’
fees and costs) incurred in prosecuting such enforcement action; 
 (b) second, to reimburse the costs of Licensor for its
reasonable costs and expenses (including reasonable attorneys’ fees and costs) incurred in such enforcement action; 
 (c) third, to Licensee in reimbursement for lost sales associated with Licensed Products and to Licensor in reimbursement for lost royalties, it being agreed that for such purpose such lost sales shall equate to Net Sales; and 

(d) fourth, any amounts remaining shall be allocated to each Party on a pro rata basis based on each Party’s losses attributable
to the infringement. 
 If Licensee brings any such action or proceeding hereunder, Licensor agrees to be joined as party plaintiff if necessary to prosecute
such action or proceeding, and to give Licensee reasonable 

 
assistance and authority to file and prosecute the suit. Licensee shall bear Licensor’s costs, including costs of responding to discovery, arising from
involvement in such action or proceeding as and when incurred, subject to clause (a) of this Section 6.5; provided that in the event Licensor elects to actively participate in such action by counsel of Licensor’s own choice, the
incremental expense thereof shall be Licensor’s, subject to clause (b) of this Section 6.5. In no event shall Licensor being a party to or represented in any such action by Licensee affect the right of Licensee to control the suit as
described in the first sentence of this Section 6.5. If Licensee fails to take any action it is permitted to take by this Section 6.5 to obtain a discontinuance of such infringement or to bring suit against the infringer within four
(4) months of having knowledge of such infringement, Licensor shall have the right but not the obligation to enforce the Licensed Patents Rights at its expense and for its sole benefit. For the avoidance of doubt, neither Licensee’s nor
Licensor’s failure to enforce the Licensed Patent Rights in any way affects the rights granted to or responsibilities of Licensee under the Agreement. 
 6.6 Information and Updating. Each Party controlling any action to enforce the Licensed Patent Rights shall use commercially reasonable efforts to inform and update the other Party with respect to all
material aspects of actual or potential enforcement actions, providing copies of all material documents in connection with any enforcement action and notice of any and all material developments, including, without limitation, any other challenges
(threatened or pending) affecting the Licensed Patent Rights; provided that Licensor shall have no such obligation as to any enforcement action outside the Licensed Field. 
 7. REPRESENTATIONS AND WARRANTIES 
 7.1 Representations and Warranties of Licensor. As of the Effective Date, Licensor represents and warrants to Licensee as follows: 
 7.1.1 it owns and controls the Licensed Patents Rights and Licensed Technology and has the right to grant the exclusive licenses within
the Licensed Field free and clear of all encumbrances, and no Third Party has notified Licensor that the Third Party is claiming any ownership of or right to the Licensed Patents Rights or Licensed Technology; 
 7.1.2 it has not received any notice of invalidity or infringement of any of the Licensed Patent Rights or Licensed Technology; and

 7.1.3 it is not a party to any agreements which would be inconsistent with the licenses granted herein or the exercise of
the license granted under this Agreement. 
 7.2 Representations and Warranties of each Party. As of the
Effective Date, each Party represents and warrants to the other as follows: 
 7.2.1 the execution, delivery and performance
of this Agreement will not constitute a violation, be in conflict with, or result in a breach of any agreement or contract to which it is bound; 
 7.2.2 it is a corporation or entity duly organized and validly existing under the laws of the state or other jurisdiction of incorporation or formation; 

 7.2.3 the execution, delivery and performance of this Agreement by it has been duly
authorized by all requisite corporate action and do not require any shareholder action or approval; 
 7.2.4 it has the power
and authority to execute and deliver this Agreement and to perform its obligations hereunder; and 
 7.2.5 it shall at all
times comply with all applicable material laws and regulations relating to its activities under the Agreement 
 7.3 No
Warranties. Nothing in this Agreement is or shall be construed as a warranty or representation that anything made, used, sold or otherwise disposed of under any license granted pursuant to this Agreement is or will be free from infringement
of patents, copyrights, and other rights of Third Parties. EXCEPT AS EXPRESSLY SET FORTH IN THIS ARTICLE 7, EACH PARTY EXCLUDES ALL OTHER REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING AMONG SUCH EXCLUDED REPRESENTATIONS AND
WARRANTIES ANY AND ALL REPRESENTATIONS OR WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 
 8. INDEMNIFICATION 

 8.1 Indemnification. 
 8.1.1 Licensee Indemnity. Licensee shall indemnify, defend and hold harmless Licensor, its Affiliates and their respective
directors, officers, employees, stockholders and agents and their respective successors, heirs and assigns (the “Licensor Indemnitees”) from and against any claims, liability, damage, loss or expense (including reasonable
attorneys’ fees and expenses of litigation) incurred by or imposed upon such Licensor Indemnitee, or any of them, in connection with any Third Party claims, suits, actions, demands or judgments to the extent arising out of or related to
(i) the design, development, testing, production, manufacture, supply, promotion, marketing, importation, sale, use or instructions for use of any Licensed Product (or any component thereof) manufactured or sold by Licensee or any Affiliate or
Sublicensee under this Agreement, including without limitation any claims that (a) the design of any Licensed Product by Licensee infringed the intellectual property right of any Third Party or (b) any Licensed Product manufactured or sold
by Licensee or any Affiliate or Sublicensee under this Agreement caused the death of any person or any injury to any person or property, (ii) any material breach of any representation or warranty by Licensee in Article 7 of this Agreement.

 8.1.2 Licensor Indemnity. Licensor shall indemnify, defend and hold harmless Licensee, its Affiliates and their
respective directors, officers, employees, stockholders and agents and their respective successors, heirs and assigns (the “Licensee Indemnitees”) from and against any claims, liability, damage, loss or expense (including reasonable
attorneys’ fees and expenses of litigation) incurred by or imposed upon such Licensee Indemnitee, or any of them, in connection with any Third Party claims, suits, actions, demands or judgments to the extent arising out of any material breach
of any representation or warranty by Licensor in Article 7 of this Agreement. 

 8.2 Indemnification Procedures. In the event that any Indemnitee is seeking
indemnification under Section 8.1 above from a Party (the “Indemnifying Party”), the Indemnitee shall notify the Indemnifying Party of such claim with respect to such Indemnitee as soon as reasonably practicable after the
Indemnitee receives notice of the claim, and the Party seeking indemnification, on behalf of itself and such Indemnitee, shall permit the Indemnifying Party to assume direction and control of the defense of the claim (including the right to settle
the claim solely for monetary consideration) and shall cooperate as requested (at the expense of the Indemnifying Party) in the defense of the claim. The indemnification obligations under Article 8 shall not apply to any harm suffered as a direct
result of any delay in notice to the Indemnifying Party hereunder or to amounts paid in settlement of any claim, demand, action or other proceeding if such settlement is effected without the consent of the Indemnifying Party, which consent shall not
be withheld or delayed unreasonably. The Indemnitee, its employees and agents, shall reasonably cooperate with the Indemnifying Party and its legal representatives in the investigation of any claim, demand, action or other proceeding covered by
Section 8.1. 
 9. TERM AND TERMINATION 
 9.1 Expiration. The term of this Agreement shall commence on the Effective Date and expire [***] after the First Commercial
Sale (the “Term”). Following the Term, Licensee shall have a fully paid-up, irrevocable, freely transferable and sublicensable license in the Territory under the Licensed Patent Rights and Licensed Technology, to develop, have developed,
make, have made, use, have used, sell, have sold, offer for sale, import and have imported any and all Licensed Products in the Licensed Field. 
 9.2 Termination Rights for Breach and Voluntary Termination. 
 9.2.1
Termination for Breach. Subject to the other terms of this Agreement, this Agreement and the rights granted herein may be terminated by either Party upon any material breach by the other Party of any material obligation or condition,
effective ninety (90) days after giving written notice to the breaching Party of such termination, which notice shall describe such breach in reasonable detail. The foregoing notwithstanding, if such material breach is cured or remedied or
shown to be non-existent or not to be material within the aforesaid ninety (90) day period, the notice shall be automatically withdrawn and of no effect. 
 9.2.2 Voluntary Termination. Licensee shall have the right to terminate this Agreement effective as of the first day of any
calendar year upon not less than ninety (90) days prior written notice to Licensor. 
 9.3 Effects of
Termination. 
 9.3.1 Certain Effects of Termination. Upon any termination of this Agreement: (i) as of
the effective date of such termination all relevant licenses and sublicenses granted by Licensor to Licensee hereunder, and any sublicense granted by Licensee to any Sublicensee, shall terminate automatically, (ii) all payment or other rights
or obligations accrued hereunder prior to termination shall survive the expiration or termination of the Term; (iii) except in respect of a termination by Licensor under Subsection 9.2.1, Licensee and its Affiliates and Sublicensees shall have
the right, for [***] or such longer time period as upon which the Parties 

 
mutually agree in writing, to sell or otherwise dispose of all finished Licensed Products then on hand, with royalties to be paid to Licensor on all Net
Sales of such Licensed Products as provided for in this Agreement and (iv) by Licensor under Subsection 9.2.1 or by Licensee under Subsection 9.2.2, Licensee shall not, nor shall it permit its Affiliates to, for a period of [***] following such
termination in the event such termination is effective prior to the First Commercial Sale and for a period of [***] following such termination in the event such termination is effective on or after the First Commercial Sale, engage in any business
anywhere in the Territory, whether as a sole proprietor, partner, shareholder, consultant, agent, independent contractor, trustee or otherwise, to hold any beneficial interest in any business, incorporated or otherwise, which designs, develops,
tests, produces, manufactures, supplies, promotes, markets, imports or sells any product in the Licensed Field, or any component thereof (a “Competing Business”), derive any income from any interest in a Competing Business, or provide any
service or assistance to a Competing Business; provided that the foregoing will not restrict Licensee from owning a passive interest of less than five percent (5.0%) of the outstanding stock of a corporation engaged in a Competing Business.

 9.4 Remedies. Except as otherwise expressly set forth in this Agreement, the termination provisions of this
Article 9 are in addition to any other relief and remedies available to either Party at law. 
 9.5 Surviving
Provisions. Notwithstanding any provision herein to the contrary, the rights and obligations of the Parties set forth in Sections 3.3, 3.4, 4.3, 7.3, 9.3, 9.4, 9.5 and Articles 5, 8, 10, and 11 (to the extent relevant) shall survive the
expiration or termination of this Agreement. 
 10. DISPUTES 
 10.1 Negotiation. The Parties recognize that a bona fide dispute as to certain matters may from time to time arise during
the term of this Agreement that relates to either Party’s rights and/or obligations hereunder. In the event of the occurrence of such a dispute, either Party may, by written notice to the other Party, have such dispute referred to their
respective senior officials designated below or their successors, for attempted resolution by good faith negotiations within sixty (60) days after such notice is received. Said designated senior officials are as follows: 
 For Licensee: President and Chief Executive Officer 
 For Licensor: Chief Executive Officer 
 In the event the designated senior officials are not able to resolve such dispute within the sixty
(60) day period, either Party may invoke the provisions of Section 10.2. 
 10.2 Arbitration. Subject
to Section 10.1, any dispute, controversy or claim initiated by either Party arising out of, resulting from or relating to this Agreement, or the performance by either Party of its obligations under this Agreement (other than bona fide Third
Party actions or proceedings filed or instituted in an action or proceeding by a Third Party against a Party), whether before or after termination of this Agreement, shall be finally resolved 

 
by binding arbitration. Whenever a Party shall decide to institute arbitration proceedings, it shall give written notice to that effect to the other Party.
Any such arbitration shall be conducted under the Commercial Arbitration Rules of the American Arbitration Association by one arbitrator appointed in accordance with such rules. Any such arbitration shall be held in New York, New York. The method
and manner of discovery in any such arbitration proceeding shall be governed by the laws of the State of New York. The arbitrator shall have the authority to grant injunctions and/or specific performance and to allocate between the parties
the costs of arbitration in such equitable manner as they determine. Judgment upon the award so rendered may be entered in any court having jurisdiction or application may be made to such court for judicial acceptance of any award and an order of
enforcement, as the case may be. In no event shall a demand for arbitration be made after the date when institution of a legal or equitable proceeding based upon such claim, dispute or other matter in question would be barred by the applicable
statute of limitations. Notwithstanding the foregoing, either Party shall have the right, without waiving any right or remedy available to such Party under this Agreement or otherwise, to seek and obtain from any court of competent jurisdiction any
interim or provisional relief that is necessary or desirable to protect the rights or property of such Party, pending the selection of the arbitrators hereunder or pending the arbitrators’ determination of any dispute, controversy or claim
hereunder. 
 11. MISCELLANEOUS 
 11.1 Notification. All notices, requests and other communications hereunder shall be in writing, shall be addressed to the receiving Party’s address set forth below or to such other address as a
Party may designate by notice hereunder, and shall be either (i) delivered by hand, (ii) sent by nationally-recognized overnight courier service providing evidence of receipt, or (iii) sent by registered or certified mail, return
receipt requested, postage prepaid. The addresses and other contact information for the parties are as follows: 
  

			
	 If to Licensor:
	  	 Stout Medical Group LP
 410 East Walnut Street, Suite
#8,
 Perkasie, Pennsylvania 18944
 (215) 450-8860 (ext.
102)
 Attn: Chief Executive Officer

		
	 With a copy to:
	  	 Hawk Healthcare, LLC
 Attn: William F. Shea
 48 Ledyard Rd.
 West Hartford, CT 06117
 Phone: 860-523-9180
 Fax: 860-523-9181

		
	 With a copy to:
	  	 Oppenheimer Wolff & Donnelly
 Plaza VII Building,
Suite 3300
 45 South Seventh Street
 Minneapolis, Minnesota 55402

 (612) 607-7397
 Attn: Dennis P. Whelpley

			
	 If to Licensee:
	  	 Alphatec Spine, Inc.
 2051 Palomar Airport Road, Suite
100
 Carlsbad, CA 92011
 (760) 431-9286 (ext. 169)
 Attn: President and CEO

		
	 With a copy to:
	  	 Heller Ehrman LLP
 Times Square Tower
 7 Times Square
 New York, New York 10036
 Attention: Blaine Templeman
 Telephone: (212) 847-8572
 Fax: (212) 763-7600
 Email:
blaine.templeman@hellerehrman.com

 All notices, requests and other
communications hereunder shall be deemed to have been given either (i) if by hand, at the time of the delivery thereof to the receiving Party at the address of such Party set forth above, (ii) if made by telecopy or facsimile transmission,
at the time that receipt thereof has been acknowledged by the recipient, (iii) if sent by nationally-recognized overnight courier, on the day such notice is delivered to the recipient, or (iv) if sent by registered or certified mail, on
the fifth (5th) business day following the day such mailing is made. 
 11.2 Governing Law. This Agreement will be construed and interpreted in accordance with the laws of the State of New York.

 11.3 Limitations. Except as expressly set forth in this Agreement, neither Party grants to the other Party
any right or license to any of its intellectual property. 
 11.4 Entire Agreement. This is the entire Agreement
between the Parties with respect to the subject matter hereof and supersedes all prior representations, understandings and agreements between the Parties with respect to the subject matter hereof. No modification shall be effective unless in writing
with specific reference to this Agreement and signed by the Parties. Without limiting the foregoing or the remaining terms hereof, and for the avoidance of doubt, the terms of that certain Mutual Confidentiality Agreement between the parties dated
the 2d day of July 2007 shall not apply to the transactions contemplated by, or Confidential Information exchanged in connection with, this Agreement, but shall otherwise remain in full force and effect in accordance with its terms. No modification
shall be effective unless in writing with specific reference to this Agreement and signed by the Parties; provided that no modification to this Agreement may be made without the prior written consent of [***] if such modification both: (i) will
materially and adversely affect the stream of payments made directly to [***] under Subsection 4.2.1 hereof and (ii) does not proportionately effect the parallel payments made to Licensor under such Subsection. 

 11.5 Waiver. The terms or conditions of this Agreement may be waived only
by a written instrument executed by the Party waiving compliance. The failure of either Party at any time or times to require performance of any provision hereof shall in no manner affect its rights at a later time to enforce the same. No waiver by
either Party of any condition or term shall be deemed as a continuing waiver of such condition or term or of another condition or term. 
 11.6 Headings. Section and subsection headings are inserted for convenience of reference only and do not form part of this Agreement. 
 11.7 Assignment. Neither this Agreement nor any right or obligation hereunder may be assigned, delegated or otherwise
transferred, in whole or part, by either Party without the prior express written consent of the other Party; provided that a Party may freely assign this Agreement, including all rights and obligations hereunder, at any time to any entity acquiring
in the same transaction substantially all of such Party’s business and assets, including those to which this Agreement relates, whether by way of sale, merger, consolidation or other transaction without the prior written consent of the other
Party. Any permitted assignee shall assume all obligations of its assignor under this Agreement. Any purported assignment in violation of this Section 11.7 shall be void. The terms and conditions of this Agreement shall be binding upon and
inure to the benefit of the permitted successors and assigns of the parties. 
 11.8 Force Majeure. Neither
Party shall be liable for failure of or delay in performing obligations set forth in this Agreement, and neither shall be deemed in breach of its obligations, for so long as and to the extent that such failure or delay is due to natural disasters or
any causes beyond the reasonable control of such Party. In event of such force majeure, the Party affected thereby shall use reasonable efforts to cure or overcome the same and resume performance of its obligations hereunder. 
 11.9 Construction. The Parties hereto acknowledge and agree that: (i) each Party and its counsel reviewed and
negotiated the terms and provisions of this Agreement and have contributed to its revision; (ii) the rule of construction to the effect that any ambiguities are resolved against the drafting Party shall not be employed in the interpretation of
this Agreement; and (iii) the terms and provisions of this Agreement shall be construed fairly as to all Parties hereto and not in favor of or against any Party, regardless of which Party was generally responsible for the preparation of this
Agreement. 
 11.10 Severability. If any provision(s) of this Agreement are or become invalid, are ruled illegal
by any court of competent jurisdiction or are deemed unenforceable under then current applicable law from time to time in effect during the Term hereof, it is the intention of the Parties that the remainder of this Agreement shall not be affected
thereby provided that a Party’s rights under this Agreement are not thereby materially diminished. The Parties hereto covenant and agree to renegotiate any such term, covenant or application thereof in good faith in order to provide a
reasonably acceptable alternative to the term, covenant or condition of this Agreement or the application thereof that is invalid, illegal or unenforceable, it being the intent of the Parties that the basic purposes of this Agreement are to be
effectuated. 

 11.11 Status. Nothing in this Agreement is intended or shall be deemed to
constitute a partner, agency, employer-employee, or joint venture relationship between the Parties. 
 11.12
Section 365(n). All licenses granted under this Agreement are deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses of right to “intellectual property” as defined in Section 101 of
such Code. The Parties agree that Licensee may fully exercise all of its rights and elections under the U.S. Bankruptcy Code, regardless of whether either Party files for bankruptcy in the United States or other jurisdiction. 
 11.13 Further Assurances. Each Party agrees to execute, acknowledge and deliver such further instructions, and to do all
such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 
 11.14
Counterparts. This Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 11.15 Trademark Matters. 
 11.15.1 Licensee acknowledges that Licensor is the sole and exclusive owner of the Product Trademark within and without the Territory. All goodwill resulting from use of the Product Trademark by Licensee shall at all
times inure solely to the benefit of Licensor. Licensee agrees that Licensor shall have the exclusive right to apply for registration, and extensions thereof, of the Product Trademark with respect to any and all products and services. Licensee will
not register or cause to be registered the Product Trademark or any mark confusingly similar thereto with any national, state or provincial or other governmental authority. 
 11.15.2 In order to insure the necessary supervision and control by Licensor over the content, quality, material and workmanship of the
Licensed Products and other materials (including advertising) bearing or using the Product Trademark, Licensee will (i) comply with good trademark practice, (ii) cause the form and content of all labels to be used by Licensee displaying
the Product Trademark to include indications of registration as may be required by the laws of the applicable portion of the Territory, (iii) wherever the Product Trademark appears to the public or the trade, whether on advertising or
promotional material or otherwise, cause the Product Trademark to be in a form required by Licensor and (iv) publish, where necessary or appropriate to preserve and protect Licensor’s rights in and to the Product Trademark, Licensor’s
ownership of the Product Trademark legibly and conspicuously when it is visible to the public or the trade, whether on advertising or promotional material or otherwise. Licensee will upon request furnish without charge to Licensor for approval, such
approval not to be unreasonably withheld, representative samples of any materials bearing the Product Trademark. After the approval of Licensor has been obtained for such samples, Licensee shall not depart therefrom in any material respect without
obtaining prior approval from Licensor, such approval not to be unreasonably withheld. 

 11.15.3 Licensee agrees that it will not at any time dispute or contest: (i) the
validity of the Product Trademark and/or any registrations thereof, whether now existing or hereafter obtained, (ii) the exclusive ownership by Licensor, its successors or assigns, of the Product Trademark and/or of any registrations thereof,
whether now existing or hereafter obtained, (iii) the exclusive ownership by Licensor of the present and future goodwill of the business pertaining to the Product Trademark and (iv) Licensor’s right to grant to Licensee the rights and
privileges conferred by this Agreement as to the Product Trademark. 
 11.15.4 Licensee shall notify Licensor in writing as
soon as practicable of any possible infringement of the Product Trademark which comes to the attention of Licensee. 
 [Remainder of page
intentionally left blank] 

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

									
	ALPHATEC SPINE, INC.:	 		 	STOUT MEDICAL GROUP LP:
		 		 	By: Stout Medical Group, Inc.
		 		 	Its: General Partner
					
	By:	 	/s/ Dirk Kuyper	 		 	By:	 	/s/ Tom Molz
		 	Name: Dirk Kuyper	 		 		 	Name: Tom Molz
		 	Title: President and CEO	 		 		 	Title: President

 Schedule A 
 Licensed Patent Rights 
 [***] 

 Schedule B 
 Assistance and Compensation 
 [***] 

 Schedule C 
 Preliminary Specification for an Initial Licensed Product 
 [***]

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