Document:

Exhibit 10.1

Purchase and Substitution Agreement 

        THIS PURCHASE AND SUBSTITUTION
AGREEMENT (the “Agreement”), dated March 19, 2004, is by and
among Merck KGaA, a German partnership limited by shares, whose principal
offices are located at Frankfurter Strasse 250, 64293 Darmstadt, Germany
(“MERCK”), Biomet, Inc., an Indiana corporation, whose
principal offices are located at 56 East Bell Drive, Warsaw, Indiana, 46582
USA (“BIOMET”), BioHoldings UK Ltd., a United Kingdom
company, whose principal offices are at Waterton Industrial Estate, Bridgend,
South Glamorgan CF31 3XA, Wales, United Kingdom
(“BIOHOLDINGS”), and Biomet Europe Ltd., a Delaware (USA)
corporation and wholly owned subsidiary of BIOMET, whose principal offices are
located at 1105 North Market Street, Suite 1300, Wilmington, Delaware, 19801,
USA (“BEL”).

WITNESSETH 

        WHEREAS, MERCK and BIOMET are
parties to that certain Joint Venture Agreement, dated November 24, 1997, as
amended (the “JVA”), which established a joint venture for the
purposes of developing, manufacturing and selling biomaterials and orthopedic
devices in Europe;

        WHEREAS, pursuant to the JVA,
MERCK and BIOMET made certain contributions to BioMer C.V., a partnership
organized and existing under the laws of The Netherlands
(“PARTNERSHIP”), which was formed pursuant to the JVA and that
certain Partnership Agreement (“Overeenkomst van Commanditaire
Vennootschap”) dated March 16, 1998 (the “Partnership
Agreement”), whereby BEL became the general partner (Beherend
Vennoot) of the PARTNERSHIP, and Merck became the limited partner
(Commanditaire Vennoot) of the PARTNERSHIP;

        WHEREAS, BIOHOLDINGS, a wholly
owned indirect subsidiary of BEL, desires to purchase Merck’s entire
interest in the PARTNERSHIP (the “Merck Interest”), represented
by the capital interest defined in the PARTNERSHIP’s balance sheet at the
end of the month in which Closing, as that term is defined below, occurs which
capital interest consists of the line items: MERCK’s Contributed Capital,
MERCK’s share in Retained Earnings and MERCK’s share in the
Accumulated other Comprehensive Income (“Figures”) irrespective
of the actual Figures at the end of the month in which Closing occurs, and MERCK
desires to sell the Merck Interest to BIOHOLDINGS, pursuant to the terms and
conditions set forth in this Agreement; and

        WHEREAS, in connection with the
sale of the Merck Interest to BIOHOLDINGS by MERCK, MERCK and BIOMET mutually
agree to terminate the JVA and release each other from all obligations
thereunder, except as specifically provided herein.

        WHEREAS, the Board of Directors
of the PARTNERSHIP has reviewed a draft of this Purchase and Substitution
Agreement and has found that draft, in particular Section 10 hereof,
satisfactory and in accordance with Article 14.3 of the Partnership
Agreement.

        NOW, THEREFORE, in consideration
of the mutual promises and covenants contained herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
confirmed, MERCK, BIOMET, BEL and BIOHOLDINGS intending to be legally bound
hereby, agree as follows:

1        Sale, Purchase and Transfer of
Interest

	1.1	
At the Closing (as defined below), BIOHOLDINGS will purchase from MERCK, and
MERCK will sell and transfer to BIOHOLDINGS the Merck Interest, free and clear
of all options, pledges, mortgages, charges, security interests, liens, third
party rights or other encumbrances (“Encumbrances”), on the
terms and subject to the conditions set forth herein.

	1.2	
With effect from and subject to Closing (as defined below), MERCK hereby, as far
as necessary, assigns, transfers, delivers and conveys all of its rights and
obligations under the Partnership Agreement free from all Encumbrances to
BIOHOLDINGS who hereby accepts the same. MERCK and BEL, in their capacity of
sole partners of the PARTNERSHIP, hereby expressly consent to such assignment,
transfer, delivery and conveyance.

	1.3	
MERCK hereby grants an irrevocable Power of Attorney to BIOHOLDINGS, with the
right of substitution, to effect all formalities and transactions which may
otherwise be required for the effectuation of the assignment, transfer, delivery
and conveyance mentioned above under Section 1.2 and furthermore to do all
things BIOHOLDINGS may deem necessary or conducive in view of the further
effectuation hereof.

2        Purchase Price

	2.1	
The purchase price for the Merck Interest (the “Purchase
Price”) shall be the fixed amount of Three Hundred Million US Dollars
(US $300,000,000), without any adjustment. The Purchase Price shall be payable
in full by wire transfer of immediately available funds to an account designated
by MERCK within three (3) business days of the later of (a) the receipt of a
clearance of the transactions contemplated by this Agreement from the German
Federal Cartel Office, or (b) the date hereof.

	2.2	
The parties hereto mutually agree that the Purchase Price of US $300,000,000 for
MERCK’s 50% limited partnership interest in the PARTNERSHIP shall be valued
as follows: (a) an initial amount of U.S. $178,500 representing 50% of the value
of goodwill inherent in the PARTNERSHIP; (b) second, in respect of 50% of the
remaining business of the PARTNERSHIP, an amount equal to its net book value as
of the Closing Date; and (c) the remaining balance of the Purchase Price
represents the value of 50% of the share interest in BIOMET MERCK BV held by the
PARTNERSHIP as of the Closing Date. The value under this Section 2.2(a) above
takes into account the supportive nature of the activities conducted at the
PARTNERSHIP level.

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3        Closing and
Deliveries

	3.1	
The closing of the transactions contemplated hereunder (the
“Closing”) shall take place upon the later to occur of (a)
March 19, 2004, or (b) the date on which the conditions to Closing set forth in
Section 4 below have been met, or any other date as may be agreed upon
in writing by the parties hereto provided, however, that such date is not
earlier than the date specified under subsection (b) above (the “Closing
 Date”).

	3.2	
MERCK shall deliver to BIOHOLDINGS at the Closing letters of resignation from
the Board of Directors, effective as of the Closing Date, of all current
directors on the Board of Directors of the PARTNERSHIP nominated by MERCK ( Dr.
Michael Becker and Dr. Axel von Wietersheim) pursuant to Sections 9.1, 9.2 and
9.6 of the JVA, in which such directors waive any right for compensation for the
resignation and any other liability of the PARTNERSHIP and JV ENTITY (as defined
in the JVA) vis-à-vis such director

	3.3	
BIOHOLDINGS shall deliver to MERCK the Purchase Price in accordance with Section
2.1 hereof. 

4        Conditions to
Closing

	 	
The obligations of the parties to consummate the Closing are subject to the
requirements as specified under any Antitrust and Competition Acts (as defined
below) applicable to the execution, delivery and performance of this Agreement
and the consummation of the transactions contemplated hereby.

5        Representations and Warranties

	5.1 	MERCK
represents and warrants to BIOMET, BEL and BIOHOLDINGS that:

	 	

(a)
	

MERCK is duly organized, validly existing and in good standing under the laws
of Germany.

	 	

(b)
	

MERCK has full power and authority to execute and deliver this Agreement, and
to consummate the transactions contemplated hereby. The execution, delivery and
performance of this Agreement have been duly authorized by all necessary
partnership action by and on behalf of MERCK. This Agreement constitutes the
valid and legally binding obligation of MERCK, enforceable in accordance with
its terms.

	 	

(c)
	

The execution, delivery and performance of this Agreement by MERCK will not
violate any provision of any existing law, any court order, injunction or decree
applicable to MERCK or by which MERCK may be bound, the charter documents of
MERCK or any agreement or instrument of MERCK by which MERCK may be bound.

	 	

(d)
	

MERCK has the full legal and beneficial title (volledig rechthebbende)
to the Merck Interest, free and clear of any Encumbrances. The Merck Interest
represents the entire interest in the PARTNERSHIP held by MERCK.

3

	 	

(e)
	

MERCK acknowledges and agrees that the terms and conditions of the transactions
contemplated hereunder were arrived at on the basis of arms-length negotiations
between MERCK and BIOMET, BEL and BIOHOLDINGS, that the Purchase Price reflects
the fair market value of the pro rata interest of the PARTNERSHIP’s
subsidiaries, and that it has not withheld from BIOMET any material information
with respect to the properties, operations, assets and rights of the PARTNERSHIP
and its subsidiaries.

	 	

(f)
	

MERCK represents and warrants that there are no pending claims made by it
pursuant to Section 17 of the JVA.

	 	

(g)
	

MERCK is not making any representations or warranties of any nature, express or
implied, concerning the Merck Interest or the PARTNERSHIP, except as set forth
herein.

	5.2 	
BIOMET, BEL and BIOHOLDINGS jointly and severally represent and warrant to MERCK
that:

          	 	

               (a)
	

                BIOMET is a corporation duly organized and validly existing under the laws of
               the State of Indiana for which the most recent required biennial report has been
               filed with the Secretary of State of Indiana and no articles of dissolution have
               been filed with the Secretary of State of Indiana.

               

          	 	

               (b)
	

                BEL is duly organized, validly existing and in good standing under the laws of
               Delaware, USA.

               

          	 	

               (c)
	

                BIOHOLDINGS is duly organized, validly existing and in good standing under the
               laws of the United Kingdom.

               

          	 	

               (d)
	

                BIOMET, BEL and BIOHOLDINGS acknowledge and agree that the terms and conditions
               of the transactions contemplated hereunder were arrived at on the basis of
               arms-length negotiations between MERCK and BIOMET, BEL and BIOHOLDINGS, that the
               Purchase Price reflects the fair market value of the pro rata interest of the
               PARTNERSHIP’s subsidiaries, and that they have not withheld from MERCK any
               material information with respect to the properties, assets, operations and
               rights of the PARTNERSHIP and its subsidiaries.

               

          	 	

               (e)
	

                BIOMET, BEL and BIOHOLDINGS each have full power and authority to execute and
               deliver this Agreement, and to consummate the transactions contemplated hereby.
               The execution, delivery and performance of this Agreement have been duly
               authorized by all necessary corporate action by and on behalf of BIOMET, BEL and
               BIOHOLDINGS. This Agreement constitutes the valid and legally binding obligation
               of BIOMET, BEL and BIOHOLDINGS, enforceable in accordance with its terms.

               

          	 	

               (f)
	

                BIOMET represents and warrants there are no pending claims made by it pursuant
               to Section 17 of the JVA.

               

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               (g)
	

                The execution, delivery and performance of this Agreement by BIOMET, BEL or
               BIOHOLDINGS will not violate any provision of any existing law, any court order,
               injunction or decree applicable to BIOMET, BEL and BIOHOLDINGS or by which any
               of them may be bound, their respective charter documents or any agreement or
               instrument by which any of them may be bound.

               

          	 	

               (h)
	

                Neither BIOMET nor BEL is making any representations or warranties of any
               nature, express or implied, concerning the PARTNERSHIP or their interest in the
               PARTNERSHIP, except as set forth herein.

               

6        Termination of the
JVA

	6.1	
MERCK and BIOMET mutually agree that (i) the parties have performed all of their
material obligations under the JVA, (ii) except as otherwise provided in this
Agreement, the parties hereby waive any and all rights they may have under the
JVA, and (iii) the JVA shall be terminated effective as of the Closing Date and
shall be of no further force and effect as of said date, subject, however, to
the continued effectiveness of the following provisions of the JVA which the
parties hereto acknowledge and agree shall expressly survive such
termination:

          	 	

               (a)
	

                The non-competition restrictions contained in Section 10.1 of the JVA, the
               standstill restrictions and related proxy grant contained in Section 19.14 of
               the JVA and the no poaching restrictions contained in Section 10.3 of the JVA,
               shall each continue in effect for a period of five (5) years following the
               Closing Date;

               

          	 	

               (b)
	

                The confidentiality obligations contained in Section 19.2 of the JVA shall
               survive pursuant to the terms set forth in such section; and

               

          	 	

               (c)
	

                The arbitration provisions contained in Section 19.7 of the JVA shall survive
               and shall apply, mutatis mutandis, to any disputes arising in connection
               with this Agreement.

               

	6.2 	For
the avoidance of doubt, MERCK, BIOMET and BEL acknowledge and agree that:

	 	

(a)
	

There were no supply and distribution agreements for Completed Projects among
the PARTNERSHIP, MERCK, BEL and BIOMET;

	 	

(b)
	

There were no agreements or arrangements to license or supply any Completed
Project (as such term is defined in the JVA) outside of the JV Territory (as
such term is defined in the JVA) pursuant to Section 7.6 of the JVA under which
MERCK is entitled to royalty payments;

	 	

(c)
	

There were no licenses or supply agreements between the PARTNERSHIP, BEL,
BIOMET and MERCK or any of its affiliates pursuant to Section 11.2 of the JVA;

5

	 	

(d)
	

There were no license or supply agreements entered into between MERCK or any of
its affiliates and BIOMET, BEL or the PARTNERSHIP or any of its subsidiaries
pursuant to Section 11.4 of the JVA;

	 	

(e)
	

The indemnification provisions with respect to tax matters contained in
Sections 17.2, 17.3 and 17.4 of the JVA shall not survive termination of the
JVA.

	6.3	
MERCK and BIOMET and BEL mutually agree that the Merck Trade Name and Trademark
License Agreement, dated January 30, 1998, between MERCK and the PARTNERSHIP
(the “License Agreement”) shall be terminated effective as of
the Closing Date and shall be of no further force and effect as of said
date.

7        Covenants

	7.1	
MERCK and BIOMET shall (i) take all actions necessary to file as soon as
practicable all notifications, filings and other documents required to obtain
all governmental authorizations, approvals, consents or waivers, including,
without limitation, under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended, and the filings pursuant to the European Union, any applicable
European Union member state or other applicable antitrust and competition laws
and regulations (collectively, the “Antitrust and Competition
Acts”), (ii) respond as promptly as practicable to any inquiries
received from the Federal Trade Commission, the Antitrust Division of the
Department of Justice and any other governmental authority for additional
information or documentation under the Antitrust and Competition Acts and (iii)
respond as promptly as practicable to all inquiries and requests received from
any governmental authority with jurisdiction over the transactions contemplated
hereby (or any part thereof) in connection therewith. MERCK and BIOMET shall use
their commercially reasonable efforts to resolve such objections, if any, as may
be asserted with respect to the sale and purchase of the Merck Interest
contemplated hereby under any Antitrust and Competition Act by any governmental
authority with regulatory jurisdiction over the enforcement of such Antitrust
and Competition Acts.

	7.2	
Except as provided in Section 8.2 hereof, BIOMET shall pay, or cause to
be paid when due and payable, all sales, use, value added, documentary, stamp,
gross receipts, registration, transfer, conveyance, excise, recording, license
and other similar taxes and fees (“Transfer Taxes”) arising out
of, in connection with or attributable to the transactions effected pursuant to
this Agreement. The Purchase Price will not be reduced for any Transfer Taxes
which are the responsibility of BIOMET arising out of, in connection with or
attributable to the transactions effected pursuant to this
Agreement.

	7.3	
The Purchase Price shall be in lieu of any income that MERCK may be or have been
entitled to with respect to the Merck Interest on the basis of Article 6 of the
Partnership Agreement, all of which benefits, if any, are hereby waived by
MERCK. Except as provided herein, MERCK is not obligated to compensate the
PARTNERSHIP for any accumulated or current losses existing at the Closing
Date.

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	7.4	MERCK
and BIOMET acknowledge and agree that:

          	 	

               (a)
	

                On or before the Closing Date, MERCK and the PARTNERSHIP (or a legal entity
               designated by the PARTNERSHIP) will enter into mutually acceptable agreements
               for (i) the continued supply of specifically processed Gentamicin Sulfate for
               Refobacin Palacos®, (ii) the continued supply of Gentamicin
               Sulfate for Septopal and Septocoll, and (iii) the continued supply of Calcium
               Hydrogen Phosphate for Calcibon.

               

          	 	

               (b)
	

                Commencing on the Closing Date, MERCK will continue to offer to the PARTNERSHIP
               and its subsidiaries a variety of ancillary support services (with the exception
               of any legal services) for a period of one (1) year from the Closing Date on the
               same terms and conditions as MERCK is currently supplying those services to the
               PARTNERSHIP and its subsidiaries, with one exception: MERCK will provide quality
               control-related services for three (3) years from the Closing Date.

               

          	 	

               (c)
	

                For a period of eighteen (18) months following the Closing Date, MERCK will
               continue to provide computer hardware, software and related support services to
               the PARTNERSHIP and its subsidiaries on the same terms and conditions as MERCK
               is currently supplying those services to the PARTNERSHIP and its subsidiaries.

               

8        Post Closing
Obligations

	8.1	
Notwithstanding the termination of the License Agreement (defined in Section
6.3 hereof) or the provisions of Section 6.3 of the License
Agreement, from and after the Closing Date, the PARTNERSHIP and its subsidiaries
shall be entitled to continue to use and sublicense the trademarks, tradenames
and other intellectual property licensed to them pursuant to the License
Agreement to the extent and for the periods described in this
Section 8.1.

          	 	

               (a)
	

                Promptly following the Closing Date, BIOMET (i) shall either file or shall
               cause to be filed, an amendment to the charter document (the Partnership
               Agreement or “Commanditaire Vennootschap” dated March 16, 1998)
               of the PARTNERSHIP or its successor entity, if any, and its subsidiaries
               changing the PARTNERSHIP name to any other name not containing the word
               “Merck” or “Mer” or any name likely to be confused with any
               of the foregoing, or take such other action as may be appropriate to effect the
               aforesaid change of PARTNERSHIP name, and (ii) shall amend any and all
               registrations required under local law (including the PARTNERSHIP’s
               registration in the trade register of the Chamber of Commerce in Rotterdam, The
               Netherlands), or take such other action as may be appropriate to reflect the
               aforesaid change of PARTNERSHIP name.

               

          	 	

               (b)
	

                Commencing on the date which is six (6) months after the Closing Date, BIOMET
               will not use or authorize others to use (and shall undertake to cause the
               PARTNERSHIP and its subsidiaries not to use or authorize others to use),
               directly or indirectly, any corporate, firm or business name, logo, trademark,
               service mark, domain name or trade name which contains or incorporates, whether
               alone or in conjunction with any other names or words, the word
               “Merck” or “Mer” or any name likely to be confused with any
               of the foregoing, on any PARTNERSHIP e-mail, letterhead, website, website links,
               e-mail addresses or business cards. However, prior to such date, BIOMET, the
               PARTNERSHIP and the PARTNERSHIP’s subsidiaries may continue to use the word
               “Merck” or “Mer” or any trademarks registered and owned by
               MERCK or its affiliates in connection with any materials listed under this
               subsection (b).

               

7

          	 	

               (c)
	

                Promptly following the Closing Date, BIOMET shall cease producing or causing to
               produce, and shall cause the PARTNERSHIP and its subsidiaries to cease producing
               or causing to produce, any and all signage, invoices, product labels, packaging,
               advertising and promotional materials, packing and shipping materials, and
               similar materials which contain the word “Merck” or “Mer” or
               any trademarks registered and owned by MERCK or its affiliates. However, BIOMET,
               the PARTNERSHIP and the Partnership’s subsidiaries may continue to use the
               word “Merck” or “Mer” or any trademarks registered and owned
               by MERCK or its affiliates in connection with any materials listed under this
               subsection (c) which are in stock at the Closing Date.

               

          	 	

               (d)
	

                At the end of the month in which Closing occurs, BIOMET shall present MERCK a
               balance sheet of the PARTNERSHIP representing the Figures of the PARTNERSHIP at
               such month end.

               

	8.2	
Promptly following the Closing Date, MERCK shall at MERCK’s sole cost and
expense take all such necessary action in order to assign and transfer, or cause
the owner thereof to assign and transfer, to the PARTNERSHIP (or its designee)
the patents listed in Appendix 1 hereto and the trademarks listed on
Appendix 2 hereto free and clear of all Encumbrances. In addition, BIOMET
has identified an additional 33 patents listed on Appendix 3 owned by
subsidiaries of the PARTNERSHIP, which were previously not identified or had
been scheduled for abandonment. With respect to the patents listed on
Appendix 3, MERCK agrees to maintain these patents for a period not to
exceed sixty (60) days following the Closing Date, and if BIOMET wishes to
retain such patents, MERCK shall take all necessary action in order to assign
and transfer, or cause the owner thereof to assign and transfer, to the
PARTNERSHIP (or its designee)such patents at the sole cost and expense of the
PARTNERSHIP.

	8.3	
A dispute has arisen between MERCK and Heraeus Kulzer GmbH
(“Kulzer”) regarding the ownership of the bone cement Palamed
(“Palamed”). Palamed was an Uncompleted Project (as such term
is defined in the JVA), the ownership of which was transferred into the
PARTNERSHIP by MERCK. From and after the date of this Agreement and continuing
after the Closing Date, MERCK shall use good faith and reasonable efforts,
including but not limited to engaging in litigation, if necessary, to preserve
the PARTNERSHIP’s full rights to Palamed on behalf of the PARTNERSHIP in
accordance with the terms and conditions of the Cooperation Agreement between
MERCK and Kulzer signed September 5/19, 1999 (the “Cooperation
Agreement ”), to the extent enforceable under applicable law and the
JVA. BIOMET and/or the PARTNERSHIP expressly agree that they shall have no
claims against MERCK if MERCK’S reasonable commercial efforts should fail
to result in such assignment or transfer of Palamed.

8

	8.4	
Merck shall enter into a royalty-free, perpetual license agreement with the
PARTNERSHIP (or a legal entity designated by the PARTNERSHIP) effective as of
the Closing Date, substantially in the form attached as Exhibit A hereto,
granting the PARTNERSHIP (or a legal entity designated by the PARTNERSHIP) the
right to use the Refobacin trademark in connection with its Refobacin
Palacos® products in all countries in which Refobacin-Palacos is
currently sold (the “Refobacin Trademark License
Agreement”).

	8.5	
MERCK shall enter into a non-exclusive, worldwide, perpetual sublicense with the
PARTNERSHIP and its subsidiaries effective as of the Closing Date, substantially
in the form attached as Exhibit B hereto, granting the PARTNERSHIP and
its subsidiaries the right to make, have made, use and sell products under the
RGD Peptide patents licensed to MERCK for applications and indications within
the JV Business Field.

	8.6	
MERCK will reimburse the PARTNERSHIP for any and all liabilities, fees, costs
and expenses, including but not limited to attorneys’ fees, incurred by the
PARTNERSHIP and its subsidiaries after the Closing Date relating to or arising
in connection with the defense or settlement of the Rey/Dahan/Leandri litigation
pending in France.

	8.7	
 Following the Closing, Dr. Peter Pakinskyj’s pension obligations
shall be fully assumed by the PARTNERSHIP. Following the Closing, Hannes
Pfefferle’s pension obligations shall be fully assumed by
MERCK.

	8.8	
BIOMET and MERCK shall each retain their respective benefits and/or liabilities
for taxes related to the formation and operation of the PARTNERSHIP from the
date of formation up to and including the Closing Date.

	8.9	
Promptly following the Closing Date, MERCK shall cause its subsidiary, Lipha
Pharmaceuticals, Inc., to transfer the ownership and associated files including,
but not limited to, clinical documentation, U.S. Food and Drug Administration
(“FDA”) correspondence, technical files prepared for both the
Investigational New Drug (“IND”) and Orphan Drug submissions related
to the IND submission and the Orphan drug designation received from FDA for
Septopal.

	8.10	
Promptly following the Closing Date, MERCK shall enter into an exclusive,
worldwide, royalty-free, perpetual license with the PARTNERSHIP and its
subsidiaries granting the PARTNERSHIP and its subsidiaries the right to make,
have made, use and sell MERCK’s technology related to coatings for dental
fillings provided that the license will be limited to musculoskeletal products
including orthopedic, spinal and dental implants (not
fillings).

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9        Mutual Release and
Discharge

          	 	

               (a)
	

                MERCK, on behalf of itself and each of its affiliates (other than the
               PARTNERSHIP), and its subsidiaries, its officers, directors, employees and
               agents, and their respective successors and assigns (the “MERCK
               Group”), hereby fully and forever discharges and irrevocably releases
               BIOMET, the PARTNERSHIP, BIOHOLDINGS, BEL and their respective affiliates,
               officers, directors, employees and agents and their respective successors and
               assigns (the “BIOMET Group”) from any and all claims, demands,
               actions, suits, causes of action and liabilities of whatever kind and nature,
               whether in law or in equity and whether known or unknown, which any of the MERCK
               Group ever had, now has or hereafter can, shall or may have against any of the
               BIOMET Group, in each case, for, upon or by reason of or arising out of the JVA,
               including, without limitation, the payment (or non-payment) by the PARTNERSHIP
               of any income or benefits owed or claimed to be owed to MERCK under Article 6 of
               the Partnership Agreement at any time prior to the date hereof, except for the
               liabilities, duties and obligations created by or arising under this Agreement
               or the sections of the JVA that survive the termination of the JVA pursuant to
               the JVA or this Agreement.

               

          	 	

               (b)
	

                The BIOMET Group hereby fully and forever discharges and irrevocably releases
               the MERCK Group from any and all claims, demands, actions, suits, causes of
               action and liabilities of whatever kind and nature, whether in law or in equity
               and whether known or unknown, which any of the BIOMET Group ever had, now has or
               hereafter can, shall or may have against any of the MERCK Group, in each case,
               for, upon or by reason of or arising out of the JVA, including, without
               limitation, the claim by BIOMET that MERCK is required to make additional
               capital contributions to the COMPANY pursuant to Section 18.2 of the JVA because
               MERCK has not assigned or otherwise transferred to the COMPANY those certain
               Lieferverträge I and II between Kulzer and MERCK, both signed on April
               4/30, 1996, and the Cooperation Agreement, except for the liabilities, duties
               and obligations created by or arising under this Agreement or the sections of
               the JVA that survive the termination of the JVA pursuant to the JVA or this
               Agreement.

               

          	 	

               (c)
	

                It is expressly understood and agreed that the mutual release and discharge
               contained in this Section 9 is being delivered solely for the purpose of
               terminating any existing or potential claims or disputes arising out of or
               relating to the JVA, and shall not be construed as an admission of any breach of
               duty or law on the part of any party.

               

          	 	

               (d)
	

                It is expressly understood and agreed that the mutual release and discharge
               contained in this Section 9 does not release MERCK of its obligations
               arising from the warranties contained in Section 14.3 of the JVA and relating to
               the MERCK Shares (as defined in the JVA) or its obligations to effectuate the
               legal transfer of the Merck Shares (as defined in Section 4.2 of the JVA) to the
               JV Entities as agreed in Section 4.2 of the JVA, as far as such
               assignment or transfer has not taken place and except as explicitly agreed
               otherwise in this Agreement.

               

10

          	 	

               (e)
	

                Each member of the MERCK Group, on the one hand, and each member of the BIOMET
               Group, on the other hand, hereby irrevocably covenants and agrees to refrain
               from, directly or indirectly, asserting any claim, or commencing, instituting or
               causing to be commenced, any litigation, action or proceeding of any kind with
               respect to a claim against any member of the other group based upon any matters
               released hereby.

               

10        Substitution

        The parties, for the avoidance
of doubt, including BIOHOLDINGS as a substitute partner under Article 14.3 of
the Partnership Agreement, hereby agree that BIOHOLDINGS will, effective as of
the Closing, be bound by all the provisions of the Partnership Agreement, dated
March 16, 1998, as if originally a party thereto and substitute MERCK as the
limited partner in the PARTNERSHIP effective as of and subject to the
Closing.

11        Termination

        Anything herein or elsewhere to
the contrary notwithstanding, this Agreement may be terminated and the
transactions contemplated herein may be abandoned at any time prior to the
Closing Date: (a) by the mutual written consent of MERCK and BIOMET, or (b) by
written notice from either MERCK or BIOMET if the Closing shall not have
occurred on or prior to June 30, 2004.

12        Entire Agreement;
Amendment

        This Agreement supersedes all
prior or contemporaneous agreements or understandings, written or oral, of the
parties relating to the subject matter hereof. This Agreement may be amended or
modified only by an instrument signed by the parties or their duly authorized
agents. The invalidity, illegality or unenforceability for any reason of any one
or more provisions of this Agreement shall not affect the validity, legality or
enforceability of the remainder of this Agreement.

13         Governing Law;
Jurisdiction

        This Agreement will be governed
by and construed in accordance with the substantive laws of The Netherlands,
irrespective of any country’s or state’s conflict of law rules to the
contrary. The provisions hereof will, to the greatest extent possible, be
interpreted in such a manner as to comply with the applicable law, but if any
provision hereof is, despite such interpretation, determined to be invalid, void
or unenforceable, the remaining provisions of this Agreement will not be
affected thereby but will remain in full force and effect and be binding upon
the parties.

11

14        Assignment

        This Agreement will be binding
on the parties and their affiliates and the successors and assigns of each of
them. Except as otherwise provided in this Agreement, neither party may assign
its rights, duties or interests hereunder in whole or in part without the prior
express written permission of the other party.

15        Cooperation

        Each party shall take such
further actions and execute such further documents as may be reasonably
requested by the other party in order to carry out the provisions of this
Agreement. MERCK shall, at any time, and from time to time, from and after the
date hereof, upon the reasonable request of BIOMET (without further
consideration and at no additional cost), do, execute, acknowledge, deliver and
file, or cause to be done, executed, acknowledged, delivered and filed, all such
further acts, deeds, transfers, conveyances, assignments or assurances as BIOMET
may reasonably request in order to ensure the full transfer of beneficial
ownership and control of the Merck Interest to BIOMET (or its
designees).

16        Expenses

        Each of the parties hereto shall
bear its expenses separately incurred in connection with the execution and
delivery of this Agreement and with the performance of its respective
obligations hereunder. The parties represent and warrant that no broker, finder
or investment banker is entitled to any brokerage, finder’s or other fee or
commission in connection with the transactions contemplated hereby. Each party
shall indemnify and hold the other party harmless from and against all claims,
damages and expenses, including reasonable attorneys’ fees, arising out of
any claim for brokerage or finder’s fees or commissions related to the
transactions contemplated by this Agreement.

17        Notices

        All notices, requests, demands
or other communications hereunder shall be in English and shall be made either
by registered airmail letter, postage prepaid, return receipt requested or by
facsimile or electronic mail directed to the other party as provided
below:

        If to MERCK:

	 	
Address:	
Frankfurter Strasse 250, 64293 Darmstadt, Germany

	 	
Fax No.:	
+49-6151-72-3882

	 	
E-mail:	
Klaus-Peter.Brandis@merck.de

	 	
Attention:	
Mr. Klaus-Peter Brandis

        If to BIOMET, BEL or
BIOHOLDINGS:

	 	
Address:	
56 East Bell Drive, Warsaw, Indiana U.S.A. 46582

	 	
Fax No.:	
+574-372-1960

	 	
E-mail:	
Dan.Hann@Biometmail.com

	 	
Attention:	
Daniel P. Hann, Senior Vice President and General Counsel

12

18        Counterparts

        This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original, and all
of which taken together shall constitute one and the same instrument.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

13

        IN WITNESS WHEREOF, the
undersigned have caused this Agreement to be duly executed as of the date first
above written.

	
BIOMET, INC.

By:  /s/ Dane A. Miller

By:  

BIOMET EUROPE LTD.

By:  /s/ Dane A. Miller

By:  

	 	
MERCK KGaA

By:  /s/ Bernard Scheuble

By:  /s/ Michael Becker

BIOHOLDINGS UK LTD.

By:  /s/ Dane A. Miller

By:  

14EX-10.1
                                NOTE SUBSCRIPTION

                                                              December 31, 2003

To the Board of Directors of PRINT DATA CORP.:

         The undersigned hereby subscribes for US$250,000 aggregate principal
amount of 12% Convertible Notes (the "NOTES") of PRINT DATA CORP., a Delaware
corporation (the "COMPANY"), which Notes are substantially in the form of Annex
A hereto, and agrees to pay therefor a total consideration equal to US$250,000
in cash.

         The undersigned hereby agrees, represents, and warrants that:

         (1)      It is acquiring the Notes and the shares of common stock of
                  the Company issuable upon the conversion thereof (the
                  "CONVERSION SHARES") for its own account (and not for the
                  account of others) for investment and not with a view to the
                  distribution or resale thereof;

         (2)      By virtue of its position, it has access to the same kind of
                  information which would be available in a registration
                  statement filed under the Securities Act of 1933, as amended
                  (the "SECURITIES ACT"), has conducted its own due diligence
                  review of the Company, including, without limitation, a review
                  of the documents heretofore filed by the Company with the
                  United States Securities and Exchange Commission, and has had
                  the opportunity to ask question of, and receive answers from,
                  the Company in connection therewith;

         (3)      It is a sophisticated investor and an "accredited investor,"
                  as defined in Rule 501 of Regulation D under the Securities
                  Act;

         (4)      It understands that it may not sell or otherwise dispose of
                  the Notes or the Conversion Shares in the absence of either an
                  effective registration statement under the Securities Act or
                  an exemption from the registration provisions of the
                  Securities Act;

         (5)      The Note and the certificates representing the Conversion
                  Shares may contain a legend to the effect of (4) above; and

                     [REMAINDER OF PAGE INTENTIONALLY BLANK]

<PAGE>

         (6)      It has reviewed the form of Note, the form of Guarantee and
                  Security Agreement attached hereto as Annex B, the form of
                  Escrow Agreement attached hereto as Annex C, the form of
                  Instructions to the Transfer Agent attached hereto as Annex D
                  [TBP BY PTF], the form of Opinion of Reitler Brown LLC [TBP BY
                  PTF], corporate and securities counsel to the Company attached
                  hereto as Annex E, the form of Side Letter attached hereto as
                  Annex F and are satisfied with the form and substance thereof.

                                                     Very truly yours,

                                                     PROFESSIONAL TRADERS FUND,
                                                         LLC

                                                     BY:
                                                         -----------------------
                                                         NAME:
                                                         TITLE:

ACCEPTED AS OF THE DATE SET FORTH ABOVE:

PRINT DATA CORP.

BY:
   -----------------------------
   NAME:
   TITLE:

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