Document:

EX-10.2

 Exhibit 10.2 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of [●], 2021, by and among Bioventus Inc., a
Delaware corporation (the “Corporation”), and each Person identified on the Schedule of Investors attached hereto as of the date hereof (such Persons, collectively, the “Original LLC Owners”). 

RECITALS 

WHEREAS, the Corporation is contemplating an offer and sale of its shares of Class A common stock, par value $0.001 per share (the
“Class A Common Stock” and such shares, the “Shares”), to the public in an underwritten initial public offering (the “IPO”); 

WHEREAS, the Corporation desires to use a portion of the net proceeds from the IPO to purchase Common Units (as defined below) of Bioventus,
LLC, a Delaware limited liability company (the “Company”), and the Company desires to issue its Common Units to the Corporation in exchange for such portion of the net proceeds from the IPO; 

WHEREAS, immediately prior to the consummation of the issuances of Common Units by the Company to the Corporation, the Original LLC Owners are
the sole members of Bioventus LLC, a Delaware limited liability company (the “Company”); 
 WHEREAS, immediately
prior to or simultaneous with the purchase by the Corporation of the Common Units, the Corporation, the Company and the Original LLC Owners will enter into that certain Second Amended and Restated Limited Liability Company Agreement of the Company
(such agreement, as it may be amended, restated, amended and restated, supplemented or otherwise modified form time to time, the “LLC Agreement”); 

WHEREAS, in connection with the closing of the IPO, (i) the Corporation will become the sole managing member of the Company,
(ii) under the LLC Agreement, the existing membership interests of the Original LLC Owners in the Company will be exchanged for the Common Units of the Company (the “Common Units”), (iii) each Person identified on the
Schedule of Investors attached hereto as a “Former LLC Owner” (such Persons, collectively, the “Former LLC Owners”) will exchange their indirect ownership interest for shares of Class A Common
Stock, (iv) each Person identified on the Schedule of Investors attached hereto as a “Continuing LLC Owner” (such Persons, collectively, the “Continuing LLC Owners”) will become a
non-managing member of the Company holding Common Units in the Company, and (v) in consideration of the Corporation acquiring the Common Units and becoming the managing member of the Company, among other
things, the Company has provided the Continuing LLC Owners with a redemption right pursuant to which the Continuing LLC Owners may exchange each of their Common Units (together with a share of the Corporation’s Class B Common Stock, par
value $0.001 per share (the “Class B Common Stock”)) for a newly-issued share of Class A Common Stock; and 

WHEREAS, in connection with the IPO and the transactions described above, the Corporation has agreed to grant to the Holders (as defined
below) certain rights with respect to the registration of the Registrable Securities (as defined below) on the terms and conditions set forth herein. 

 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

Section 1.    Definitions. For purposes of this Agreement, the following terms shall have the meanings
specified in this Section 1: 
 “Acquired Common” has the meaning set forth in
Section 9. 
 “Additional Investor” has the meaning set forth in
Section 9, and shall be deemed to include each such Person’s Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder. 

“Affiliate” of any Person means any other Person controlled by, controlling or under common control with such Person;
provided that the Corporation and its Subsidiaries shall not be deemed to be Affiliates of any Holder. As used in this definition, “control” (including, with its correlative meanings, “controlling,” “controlled
by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or otherwise). 

“Agreement” has the meaning set forth in the preamble. 

“Automatic Shelf Registration Statement” has the meaning set forth in Section 2(a). 

“Business Day” means any day of the year on which national banking institutions in New York are open to the public for
conducting business and are not required or authorized to close. 
 “Capital Stock” means (i) with respect to
any Person that is a corporation, any and all shares, interests or equivalents in capital stock of such corporation (whether voting or nonvoting and whether common or preferred), (ii) with respect to any Person that is not a corporation, individual
or governmental entity, any and all partnership, membership, limited liability company or other equity interests of such Person that confer on the holder thereof the right to receive a share of the profits and losses of, or the distribution of
assets of the issuing Person, and (iii) any and all warrants, rights (including conversion and exchange rights) and options to purchase any security described in the clause (i) or (ii) above. 

“Class A Common Stock” has the meaning set forth in the recitals. 

“Class B Common Stock” has the meaning set forth in the recitals. 

“Common Units” has the meaning set forth in the recitals. 

“Company” has the meaning set forth in the recitals. 

“Continuing LLC Owners” has the meaning set forth in the recitals, and shall be deemed to include their respective
Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder. 

  
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 “Controlling Holder” means each of (i) the Essex Stockholders
and (ii) the S&N Stockholders (in each case, as identified on the Schedule of Investors), so long as such Holders continue to hold Registrable Securities. 

“Corporation” has the meaning set forth in the preamble. 

“Demand Registrations” has the meaning set forth in Section 2(a). 

“End of Suspension Notice” has the meaning set forth in Section 2(i)(iii). 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended from time to time, or any successor federal
law then in force, together with all rules and regulations promulgated thereunder. 
 “FINRA” means the Financial
Industry Regulatory Authority. 
 “Former LLC Owners” has the meaning set forth in the recitals, and shall be deemed
to include their respective Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder. 

“Free Writing Prospectus” means a free-writing prospectus, as defined in Rule 405. 

“Holdback Period” has the meaning set forth in Section 4. 

“Holder” means any Person who is the registered holder of Registrable Securities and deemed to be a “Holder”
pursuant to the definition of Registrable Securities below. 
 “Holder Indemnified Parties” has the
meaning set forth in Section 7(a). 
 “IPO” has the meaning set forth in the recitals.

 “Joinder” has the meaning set forth in Section 9. 

“LLC Agreement” has the meaning set forth in the recitals. 

“Long-Form Registrations” has the meaning set forth in Section 2(a). 

“MNPI” means material non-public information within the meaning of Regulation
FD promulgated under the Exchange Act. 
 “Original LLC Owners” has the meaning set forth in the preamble, and shall
be deemed to include their respective Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

“Piggyback Registrations” has the meaning set forth in Section 3(a). 

  
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 “Public Offering” means any sale or distribution to the public of
Capital Stock of the Corporation pursuant to an offering registered under the Securities Act, whether by the Corporation, by Holders and/or by any other holders of the Corporation’s Capital Stock. 

“Registrable Securities” means (i) any Class A Common Stock (A) issued by the Corporation in connection
with the IPO in exchange for the Common Units of the Former LLC Owners or (B) issued by the Corporation in a Share Settlement in connection with (x) the redemption by the Company of Common Units owned by any Continuing LLC Owner or
(y) at the election of the Corporation, in a direct exchange for Common Units owned by any Continuing LLC Owner, in each case in accordance with the terms of the LLC Agreement, (ii) any common Capital Stock of the Corporation or of any
Subsidiary of the Corporation issued or issuable with respect to the securities referred to in clause (i) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other
reorganization, and (iii) any other Shares owned by Persons that are the registered holders of securities described in clauses (i) or (ii) above. 

As to any particular Registrable Securities owned by any Person, such securities shall cease to be Registrable Securities on the date
(a) such securities have been sold or distributed pursuant to a Public Offering, (b) such securities have been sold in compliance with Rule 144 following the consummation of the IPO, (c) such securities have been repurchased by the
Corporation or a Subsidiary of the Corporation or (d) such securities may be disposed of pursuant to Rule 144 (or any successor rule promulgated under the Securities Act) in a single transaction without volume limitation or other restrictions
on transfer thereunder. 
 For purposes of this Agreement, a Person shall be deemed to be a Holder, and the Registrable Securities shall be
deemed to be in existence, whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or
limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a holder of Registrable Securities hereunder; provided a holder of
Registrable Securities may only request that Registrable Securities in the form of Capital Stock of the Corporation that is registered or to be registered as a class under Section 12 of the Exchange Act be registered pursuant to this Agreement.
For the avoidance of doubt, while Common Units and/or shares of Class B Common Stock may constitute Registrable Securities, under no circumstances shall the Corporation be obligated to register Common Units or shares of Class B Common
Stock. Notwithstanding the foregoing, with the consent of the Corporation and the Controlling Holders, any Registrable Securities held by any Person that may be sold under Rule 144(b)(1)(i) without limitation under any other of the requirements of
Rule 144 shall not be deemed to be Registrable Securities upon notice from the Corporation to such Person and the Corporation shall, at such Person’s request, remove the legend provided for in Section 12. 

“Registration Expenses” has the meaning set forth in Section 6(a). 

“Rule 144,” “Rule 158,” “Rule 405” and “Rule
415” mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the Securities and Exchange Commission, as the same shall be amended from time to time, or any successor rule then in force. 

  
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 “Schedule of Investors” means the schedule attached to this
Agreement entitled “Schedule of Investors”, which shall reflect each Holder from time to time party to this Agreement. 

“Securities Act” means the U.S. Securities Act of 1933, as amended from time to time, or any successor federal law
then in force, together with all rules and regulations promulgated thereunder. 
 “Share Settlement” means
“Share Settlement” as defined in the LLC Agreement. 
 “Shares” has the meaning set forth in the recitals.

 “Shelf Offering” has the meaning set forth in Section 2(g)(ii). 

“Shelf Offering Notice” has the meaning set forth in Section 2(g)(ii). 

“Shelf Offering Request” has the meaning set forth in Section 2(g)(ii). 

“Shelf Registrable Securities” has the meaning set forth in Section 2(g)(ii). 

“Shelf Registration” has the meaning set forth in Section 2(a). 

“Shelf Registration Statement” has the meaning set forth in Section 2(g)(i). 

“Short-Form Registrations” has the meaning set forth in Section 2(a). 

“Subsidiary” means, with respect to the Corporation, any corporation, limited liability company, partnership,
association or other business entity of which (i) if a corporation, a majority of the total voting power of Capital Stock of such Person entitled (without regard to the occurrence of any contingency) to vote in the election of directors is at
the time owned or controlled, directly or indirectly, by the Corporation, or (ii) if a limited liability company, partnership, association or other business entity, either (x) a majority of the Capital Stock of such Person entitled
(without regard to the occurrence of any contingency) to vote in the election of managers, general partners or other oversight board vested with the authority to direct management of such Person is at the time owned or controlled, directly or
indirectly, by the Corporation or (y) the Corporation or one of its Subsidiaries is the sole manager or general partner of such Person. 

“Suspension Event” has the meaning set forth in Section 2(i)(ii). 

“Suspension Notice” has the meaning set forth in Section 2(i)(ii). 

“Suspension Period” has the meaning set forth in Section 2(i)(i). 

“Underwritten Takedown” has the meaning set forth in Section 2(g)(ii). 

  
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 “Violation” has the meaning set forth in
Section 7(a). 
 “WKSI” means a “well-known seasoned issuer” as defined under
Rule 405. 
 Section 2.    Demand Registrations. 

(a)    Requests for Registration. Subject to the terms and conditions of this Agreement, each Controlling Holder may
request registration under the Securities Act of all or any portion of its Registrable Securities on Form S-1 or any similar long-form registration (“Long-Form Registrations”), and each
Controlling Holder may request registration under the Securities Act of all or any portion of its Registrable Securities on Form S-3 or any similar short-form registration (“Short-Form
Registrations”) if available. The Controlling Holder making a Demand Registration may request that the registration be made pursuant to Rule 415 under the Securities Act (a “Shelf Registration”) and, if the
Corporation is a WKSI at the time any request for a Demand Registration is submitted to the Corporation, that such Shelf Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an
“Automatic Shelf Registration Statement”). All registrations requested pursuant to this Section 2(a) are referred to herein as “Demand Registrations.” 

(b)    Long-Form Registrations. Each Controlling Holder shall be entitled to request an unlimited number of
Long-Form Registrations (and the Corporation shall pay all Registration Expenses relating to such Long-Form Registrations), regardless of whether any registration statement is filed or any such Demand Registration is consummated. All Long-Form
Registrations shall be underwritten registrations unless otherwise approved by the applicable Controlling Holder. 

(c)    Short-Form Registrations. In addition to the Long-Form Registrations described in
Section 2(b), each Controlling Holder shall be entitled to request an unlimited number of Short-Form Registrations (and the Corporation shall pay all Registration Expenses relating to such Short-Form Registrations),
regardless of whether any registration statement is filed or any such Demand Registration is consummated. Demand Registrations shall be Short-Form Registrations whenever the Corporation is permitted to use any applicable short form and if the
managing underwriters (if any) agree to the use of a Short-Form Registration. After the Corporation has become subject to the reporting requirements of the Exchange Act, the Corporation shall use its reasonable best efforts to make Short-Form
Registrations available for the sale of Registrable Securities. 
 (d)    Notice of Demand Registration. Except
to the extent that Section 2(g) applies, within 10 days after the receipt of a request for a Demand Registration (and at least 20 days prior to any filing of the registration statement relating to such Demand Registration),
the Corporation shall give written notice of the Demand Registration to all other Holders (the “DR Notice”) and, subject to the terms of Section 2(h), shall include in such Demand Registration (and
in all related registrations and qualifications under state blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Corporation has received written requests for inclusion therein within 10 days after the
DR Notice given by the Corporation under this Section 2(d). 

  
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 (e)     Effecting of Registration. Upon receipt of a request for
a Demand Registration, the Corporation shall use its reasonable best efforts to, as soon as practicable and in any event within ninety (90) days of such receipt, in the case of any Long-Form Registration or within forty-five (45) days of
such receipt, in the case of a Short-Form Registration, effect such registration (which shall, in the case of a secondary offering, be on Form S-3 if the Company is qualified for registration on Form S-3 at such time) (including, without limitation, the execution of an undertaking to file post-effective amendments, appropriate qualifications under applicable blue sky or other state securities laws and
appropriate compliance with applicable regulations issued under the Securities Act) as may be so requested and as would permit or facilitate the sale and distribution of all of such Registrable Shares as are specified in such Demand Registration,
together with all or such portion of the Registrable Securities provided for under Section 2(d) hereof. 

(f)    DR Notice Constitutes MNPI. Each Holder agrees that (1) any such DR Notice constitutes MNPI and that it
will not engage in any transaction in any securities of the Corporation until such DR Notice and the information contained therein ceases to constitute MNPI and (2) such Holder shall treat as confidential the receipt of the DR Notice and shall
not disclose or use the information contained in such DR Notice without the prior written consent of the Corporation until such time as the information contained therein is or becomes available to the public generally, other than as a result of
disclosure by the Holder in breach of the terms of this Agreement. 
 (g)    Shelf Registrations. 

(i)    Shelf Registration Statement. At any time and from time to time when the Company is eligible
to utilize a Shelf Registration, subject to the availability of required financial information, as promptly as practicable after the Corporation receives written notice of a request for a Shelf Registration, the Corporation shall file with the
Securities and Exchange Commission a registration statement under the Securities Act for the Shelf Registration (a “Shelf Registration Statement”). The Corporation shall use its reasonable best efforts to cause any Shelf
Registration Statement to be declared effective under the Securities Act as soon as practicable after the initial filing of such Shelf Registration Statement, and once effective, the Corporation shall cause such Shelf Registration Statement to
remain continuously effective for such time period as is specified in the request by the Holders, but for no time period longer than the period ending on the earliest of (A) the third anniversary of the initial effective date of such Shelf
Registration Statement, (B) the date on which all Registrable Securities covered by such Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement, and (C) the date as of which there are no longer any
Registrable Securities covered by such Shelf Registration Statement in existence. Without limiting the generality of the foregoing, the Corporation shall use its reasonable best efforts to prepare a Shelf Registration Statement with respect to all
of the Registrable Securities owned by or issuable to the Original LLC Owners in accordance with the terms of the LLC Agreement (or such other number of Registrable Securities specified in writing by the Holder with respect to the Registrable
Securities owned by or issuable to such Holder) to enable and cause such Shelf Registration Statement to be filed and maintained with the Securities and Exchange Commission as soon as practicable after the later to occur of (i)

  
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the expiration of the Holdback Period and (ii) the Corporation becoming eligible to file a Shelf Registration Statement for a Short-Form Registration; provided that any of the Original LLC
Owners may, with respect to itself, instruct the Corporation in writing not to include in such Shelf Registration Statement the Registrable Securities owned by or issuable to such Holder. In order for any of the Original LLC Owners to be named as a
selling securityholder in such Shelf Registration Statement, the Corporation may require such Holder to deliver all information about such Holder that is required to be included in such Shelf Registration Statement in accordance with applicable law,
including Item 507 of Regulation S-K promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto. Notwithstanding anything to the contrary in
Section 2(g)(ii), any Holder that is named as a selling securityholder in such Shelf Registration Statement may make a secondary resale under such Shelf Registration Statement without the consent of the Holders representing
a majority of the Registrable Securities or any other Holder if such resale does not require a supplement to the Shelf Registration Statement. 

(ii)    Underwritten Takedowns. In the event that a Shelf Registration Statement is effective
Holders representing the Registrable Securities with a market value of at least $50 million shall each have the right at any time or from time to time to elect to sell pursuant to an offering (including an underwritten offering (an
“Underwritten Takedown”)) Registrable Securities available for sale pursuant to such registration statement (“Shelf Registrable Securities”), so long as the Shelf Registration Statement remains in
effect, and the Corporation shall pay all Registration Expenses in connection therewith; provided that each Controlling Holder shall have the right at any time and from time to time to elect to sell pursuant to an offering (including an
Underwritten Takedown) pursuant to a Shelf Offering Request (as defined below) made by such Controlling Holder so long as the amount of Registrable Securities requested to be included in such Shelf Offering Request (including any Registrable
Securities included pursuant to the third succeeding sentence) is reasonably expected to result in aggregate gross proceeds in excess of $5 million. The applicable Holders shall make such election by delivering to the Corporation a written
request (a “Shelf Offering Request”) for such offering specifying the number of Shelf Registrable Securities that such Holders desire to sell pursuant to such offering (the “Shelf Offering”). As
promptly as practicable, but no later than two Business Days after receipt of a Shelf Offering Request, the Corporation shall give written notice (the “Shelf Offering Notice”) of such Shelf Offering Request to all other
holders of Shelf Registrable Securities. The Corporation, subject to Sections 2(h) and 8 hereof, shall include in such Shelf Offering the Shelf Registrable Securities of any other Holder that shall have made a written request to the
Corporation for inclusion in such Shelf Offering (which request shall specify the maximum number of Shelf Registrable Securities intended to be sold by such Holder) within 10 days after the receipt of the Shelf Offering Notice. The Corporation
shall, as expeditiously as possible (and in any event within 20 days after the receipt of a Shelf Offering Request, unless a longer period is agreed to by the Holders representing a majority of the Registrable Securities that made the Shelf Offering
Request), use its reasonable best efforts to facilitate such Shelf Offering. 

  
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 (iii)    Shelf Offering Notice Constitutes MNPI.
Each Holder agrees that (1) any Shelf Offering Notice constitutes MNPI and that it will not engage in any transaction in any securities of the Corporation until such Shelf Offering Notice and the information contained therein ceases to
constitute MNPI and (2) such Holder shall treat as confidential the receipt of the Shelf Offering Notice and shall not disclose or use the information contained in such Shelf Offering Notice without the prior written consent of the Corporation
until such time as the information contained therein is or becomes available to the public generally, other than as a result of disclosure by the Holder in breach of the terms of this Agreement. 

(iv)    Underwritten Block Trades. Notwithstanding the foregoing, if a Controlling Holder wishes to
engage in an underwritten block trade pursuant to a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an existing Shelf Registration Statement), then notwithstanding the
foregoing time periods, such Holder(s) only need to notify the Corporation of the block trade Shelf Offering two Business Days prior to the day such offering is to commence (unless a longer period is agreed to by Holder(s) representing a majority of
the Registrable Securities wishing to engage in the underwritten block trade) and the Corporation shall promptly notify other Holders and such other Holders must elect whether or not to participate by the next Business Day (i.e., one Business
Day prior to the day such offering is to commence) (unless a longer period is agreed to by Holder(s) representing a majority of the Registrable Securities wishing to engage in the underwritten block trade) and the Corporation shall as expeditiously
as possible use its reasonable best efforts to facilitate such offering (which may close as early as three Business Days after the date it commences); provided that Holder(s) representing a majority of the Registrable Securities wishing to
engage in the underwritten block trade shall use commercially reasonable best efforts to work with the Corporation and the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and
other offering documentation related to the underwritten block trade. 
 (v)    The Corporation shall, at
the request of Holders representing a majority of the Registrable Securities covered by a Shelf Registration Statement, file any prospectus supplement or, if the applicable Shelf Registration Statement is an Automatic Shelf Registration Statement,
any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by such Holders to effect such Shelf Offering. 

(h)    Priority on Demand Registrations and Shelf Offerings. The Corporation shall not include in any Demand
Registration or Shelf Offering any securities that are not Registrable Securities without the prior written consent of Holders representing a majority of the Registrable Securities included in such registration or offering. If a Demand Registration
or a Shelf Offering is an underwritten offering and the managing underwriters advise the Corporation in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such
offering exceeds the number of Registrable Securities and other securities, if any, that can be sold therein without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Corporation
shall include in 

  
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such registration or offering, as applicable, prior to the inclusion of any securities which are not Registrable Securities the number of Registrable Securities requested by Holders to be
included that, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among the respective Holders thereof on the basis of the amount of Registrable Securities owned by each such Holder that such Holder of
Registrable Securities shall have requested to be included therein. Alternatively, if the number of Registrable Securities which can be included on a Shelf Registration Statement is otherwise limited by Instruction I.B.6 to Form S-3 (or any successor provision thereto), the Corporation shall include in such registration or offering prior to the inclusion of any securities which are not Registrable Securities the number of Registrable
Securities requested to be included which can be included on such Shelf Registration Statement in accordance with the requirements of Form S-3, pro rata among the respective Holders thereof on the basis of the
amount of Registrable Securities owned by each such Holder that such Holder of Registrable Securities shall have requested to be included therein. 

(i)    Restrictions on Demand Registration and Shelf Offerings. 

(i)    Limitations on Demand Registrations; Suspension of Registration. The Corporation shall not be
obligated to effect any Demand Registration (i) prior to the 180th day following the date of the final prospectus for the IPO (unless not prohibited under the terms of the underwriting
agreement for the IPO) or (ii) within 180 days after the effective date of a previous Demand Registration or a previous registration in which Registrable Securities were included pursuant to Section 3 and in which
there was no reduction in the number of Registrable Securities requested to be included. The Corporation may postpone, for up to 60 days from the date of the request, the filing or the effectiveness of a registration statement for a Demand
Registration or suspend the use of a prospectus that is part of a Shelf Registration Statement for up to 60 days from the date of the Suspension Notice (as defined below) and therefore suspend sales of the Shelf Registrable Securities (such period,
the “Suspension Period”) by providing written notice to the Holders if (A) the Corporation shall have furnished to the Holders a certificate signed by the Chief Executive Officer (or other authorized officer) of the
Corporation stating that the board of directors determines in its reasonable good faith judgment that the offer or sale of Registrable Securities would reasonably be expected to have a material adverse effect on any proposal or plan by the
Corporation or any Subsidiary to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization or other transaction
involving the Corporation or any Subsidiary, (B) upon advice of counsel, the sale of Registrable Securities pursuant to the registration statement would require disclosure of MNPI not otherwise required to be disclosed under applicable law, and
(C) either (x) the Corporation has a bona fide business purpose for preserving the confidentiality of such transaction or (y) disclosure of such MNPI would have a material adverse effect on the Corporation or the Corporation’s ability
to consummate such transaction; provided that in such event, the Holders shall be entitled to withdraw such request for a Demand Registration or underwritten Shelf Offering and the Corporation shall pay all Registration Expenses in connection
with such Demand Registration or Shelf Offering. The Corporation may postpone the filing or the effectiveness of a registration statement for a Demand Registration or suspend the use of a prospectus that is part of a Shelf Registration Statement as
contemplated above only once in any twelve-month period, except with the consent of the applicable Controlling Holder. 

  
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 (ii)    Suspension Event; Suspension Notice. In
the case of an event that causes the Corporation to suspend the use of a Shelf Registration Statement as set forth in paragraph (f)(i) above or pursuant to applicable subsections of Section 5(a)(vi) (a
“Suspension Event”), the Corporation shall give a notice to the Holders of Registrable Securities registered pursuant to such Shelf Registration Statement (a “Suspension Notice”) to suspend sales of
the Registrable Securities and such notice shall state generally the basis for the notice and that such suspension shall continue only for so long as the Suspension Event or its effect is continuing. If the basis of such suspension is nondisclosure
of MNPI, the Corporation shall not be required to disclose the subject matter of such MNPI to Holders. A Holder shall not effect any sales of the Registrable Securities pursuant to such Shelf Registration Statement (or such filings) at any time
after it has received a Suspension Notice from the Corporation and prior to receipt of an End of Suspension Notice (as defined below). 

(iii)    Suspension Notice Constitutes MNPI. Each Holder agrees that (1) any Suspension Notice
constitutes MNPI and that it will not engage in any transaction in any securities of the Corporation until such notice and the information contained therein ceases to constitute MNPI and (2) such Holder shall treat as confidential the receipt
of the Suspension Notice and shall not disclose or use the information contained in such Suspension Notice without the prior written consent of the Corporation until such time as the information contained therein is or becomes available to the
public generally, other than as a result of disclosure by the Holder in breach of the terms of this Agreement. Holders may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement (or such filings)
following further written notice to such effect (an “End of Suspension Notice”) from the Corporation, which End of Suspension Notice shall be given by the Corporation to the Holders and their counsel, if any, promptly
following the conclusion of any Suspension Event. 
 (iv)    Extension Following Suspension.
Notwithstanding any provision herein to the contrary, if the Corporation gives a Suspension Notice with respect to any Shelf Registration Statement pursuant to this Section 2(i), the Corporation agrees that it shall
(A) extend the period of time during which such Shelf Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from the date of receipt by the Holders of the Suspension Notice to
and including the date of receipt by the Holders of the End of Suspension Notice, and (B) provide copies of any supplemented or amended prospectus necessary to resume sales, with respect to each Suspension Event; provided that such
period of time shall not be extended beyond the date that there are no longer Registrable Securities covered by such Shelf Registration Statement. 

(j)    Selection of Underwriters. Holders representing a majority of the Registrable Securities being registered by
the Controlling Holders in any Demand Registration, shall have the right to select the investment banker(s) and manager(s) to administer the offering (including assignment of titles), subject to the Corporation’s approval not be unreasonably
withheld, 

  
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conditioned or delayed. If any Shelf Offering is an Underwritten Takedown, the Holders representing a majority of the Registrable Securities participating in such Underwritten Takedown shall have
the right to select the investment banker(s) and manager(s) to administer the offering relating to such Shelf Offering (including assignment of titles), subject to the Corporation’s approval not be unreasonably withheld, conditioned or delayed.

 (k)    Other Registration Rights. The Corporation represents and warrants that it is not a party to, or
otherwise subject to, any other agreement granting registration rights to any other Person with respect to any securities of the Corporation. Except as provided in this Agreement, the Corporation shall not grant to any Persons the right to request
the Corporation or any Subsidiary to register any Capital Stock of the Corporation or of any Subsidiary, or any securities convertible or exchangeable into or exercisable for such securities, without the prior written consent of the applicable
Controlling Holder. 
 Section 3.    Piggyback Registrations. 

(a)    Right to Piggyback. Following the IPO, whenever the Corporation proposes to register any of its securities
under the Securities Act (other than (i) pursuant to a Demand Registration, (ii) in connection with registrations on Form S-4 or S-8 promulgated by the
Securities and Exchange Commission or any successor or similar forms or (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale
of Registrable Securities) and the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”), the Corporation shall give prompt written notice (in any event within
three Business Days after its receipt of notice of any request for registration on behalf of holders of the Company’s securities (other than the Holders)) to all Holders of its intention to effect such Piggyback Registration and, subject to the
terms of Section 3(c) and Section 3(d), shall include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws and in any related underwriting) all
Registrable Securities with respect to which the Corporation has received written requests for inclusion therein within 20 days after delivery of the Corporation’s notice. 

(b)    Piggyback Expenses. The Registration Expenses of the Holders shall be paid by the Corporation in all
Piggyback Registrations, whether or not any such registration became effective. 
 (c)    Priority on Primary
Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Corporation, and the managing underwriters advise the Corporation in writing that in their opinion the number of securities requested to be
included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Corporation shall include in such
registration (i) first, the securities the Corporation proposes to sell, (ii) second, the Registrable Securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse
effect, pro rata among the Holders on the basis of the number of Registrable Securities owned by each such Holder that such Holder of Registrable Securities shall have requested to be included therein, and (iii) third, other securities
requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect. 

  
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 (d)    Priority on Secondary Registrations. If a Piggyback
Registration is an underwritten secondary registration on behalf of holders of the Corporation’s securities (other than the Holders), and the managing underwriters advise the Corporation in writing that in their opinion the number of securities
requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Corporation shall
include in such registration (i) first, the securities requested to be included therein by the initial holders requesting such registration which, in the opinion of the underwriters, can be sold without any such adverse effect,
(ii) second, the Registrable Securities of Holders requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect, pro rata among the such Holders on the basis of the number
of Registrable Securities owned by each such Holder that such Holder of Registrable Securities shall have requested to be included therein and (iii) third, other securities requested to be included in such registration which, in the opinion of
the underwriters, can be sold without any such adverse effect. 
 (e)    Selection of Underwriters. If any
Piggyback Registration is an underwritten offering, the selection of investment banker(s) and manager(s) for the offering shall be at the election of the Corporation (in the case of a primary registration) or at the election of the holders of other
Corporation securities requesting such registration (in the case of a secondary registration); provided that Holders representing a majority of the Registrable Securities included in such Piggyback Registration may request that one or more
investment banker(s) or manager(s) be included in such offering (such request not to be binding on the Corporation or such other initiating holders of Corporation securities). 

(f)    Right to Terminate Registration. The Corporation shall have the right to terminate or withdraw any
registration initiated by it under this Section 3 whether or not any Holder has elected to include securities in such registration. The Registration Expenses of such withdrawn registration shall be borne by the Corporation
in accordance with Section 6. 
 Section 4.    Holdback Agreements. If requested
by the Corporation or the managing underwriter(s), all Holders shall enter into customary lock-up agreements (no less favorable to Holders than those entered into in connection with the IPO, if applicable)
with the managing underwriter(s) of such Public Offering. The Corporation may impose stop-transfer instructions with respect to the shares of Capital Stock (or other securities) subject to the restrictions set forth in any such lock-up agreements until the end of the applicable restricted period (the “Holdback Period”). 

Section 5.    Registration Procedures. 

(a)    Whenever the Holders have requested that any Registrable Securities be registered pursuant to this Agreement or have
initiated a Shelf Offering, (i) such Holders shall, if applicable, cause such Registrable Securities to be exchanged into shares of Class A Common Stock in accordance with the terms of the LLC Agreement prior to sale of such Registrable

  
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Securities and (ii), the Corporation shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of
disposition thereof, and pursuant thereto the Corporation shall as expeditiously as possible: 

(i)    in accordance with the Securities Act and all applicable rules and regulations promulgated
thereunder, prepare and file with the Securities and Exchange Commission (subject to the availability of required financial information) a registration statement, and all amendments and supplements thereto and related prospectuses, with respect to
such Registrable Securities and use its reasonable best efforts to cause such registration statement to become effective (provided that before filing a registration statement or prospectus or any amendments or supplements thereto, the Corporation
shall furnish to the counsel selected by the Holders representing a majority of the Registrable Securities covered by such registration statement copies of all such documents proposed to be filed, which documents shall be subject to the review and
comment of such counsel); 
 (ii)    notify each holder of Registrable Securities of (A) the
issuance by the Securities and Exchange Commission of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the Corporation or its counsel of any
notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (C) the effectiveness of each registration
statement filed hereunder; 
 (iii)    prepare and file with the Securities and Exchange Commission such
amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration
statement have been disposed of in accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement (but in any event not before the expiration of any longer period required under the Securities
Act or, if such registration statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities
by an underwriter or dealer) and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by
the sellers thereof set forth in such registration statement; 
 (iv)    furnish to each seller of
Registrable Securities thereunder such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), each Free Writing
Prospectus and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller; 

(v)    use its reasonable best efforts to register or qualify such Registrable Securities under such other
securities or blue sky laws of such jurisdictions as any seller 

  
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reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the
Registrable Securities owned by such seller (provided that the Corporation shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph,
(B) consent to general service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction); 

(vi)    notify each seller of such Registrable Securities (A) promptly after it receives notice
thereof, of the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been filed and when any
registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after receipt thereof, of any request by the Securities and Exchange Commission for the
amendment or supplementing of such registration statement or prospectus or for additional information and (C) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event as
a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject to
Section 2(f), at the request of any such seller, the Corporation shall prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus
shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading; 

(vii)    use reasonable best efforts to cause all such Registrable Securities to be listed on each
securities exchange on which similar securities issued by the Corporation are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least two market markers
to register as such with respect to such Registrable Securities with FINRA; 
 (viii)    use reasonable
best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement; 

(ix)    enter into and perform such customary agreements, including underwriting agreements, or other
agreements with underwriters, and including customary representations, warranties, covenants, indemnities and lock-up provisions (no less favorable than those entered into in connection with the IPO), and take
all such other actions as the Holders representing a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including,
without limitation, effecting a stock split, combination of shares, recapitalization or reorganization); 

(x)    make available for inspection by any seller of Registrable Securities, any underwriter participating
in any disposition pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate and business documents and properties of

  
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the Corporation as shall be necessary to enable them to exercise their due diligence responsibility, and cause the Corporation’s officers, directors, employees, agents, representatives and
independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement; 

(xi)    take all reasonable actions to ensure that any Free-Writing Prospectus utilized in connection with
any Demand Registration or Piggyback Registration hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act
to the extent required thereby and, when taken together with the related prospectus, shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; 
 (xii)    otherwise use its reasonable best efforts to
comply with all applicable rules and regulations of the Securities and Exchange Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning
with the first day of the Corporation’s first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158; 

(xiii)    to the extent that a Holder, in its sole and exclusive judgment, might be deemed to be an
underwriter of any Registrable Securities or a controlling person of the Corporation, permit such Holder to participate in the preparation of such registration or comparable statement and allow such Holder to provide language for insertion therein,
in form and substance satisfactory to the Corporation, which in the reasonable judgment of such Holder and its counsel should be included; 

(xiv)    in the event of the issuance of any stop order suspending the effectiveness of a registration
statement, or the issuance of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Class A Common Stock included in such registration statement for sale in any jurisdiction use reasonable
best efforts promptly to obtain the withdrawal of such order; 
 (xv)    use its reasonable best efforts
to cause such Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such
Registrable Securities; 
 (xvi)    cooperate with the Holders of Registrable Securities covered by the
registration statement and the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement and
enable such securities to be in such denominations and registered in such names as the managing underwriter, or agent, if any, or such Holders may request; 

  
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 (xvii)    cooperate with each Holder of Registrable
Securities covered by the registration statement and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

(xviii)    use its reasonable best efforts to make available the executive officers of the Corporation to
participate with the Holders of Registrable Securities covered by the registration statement and any underwriters in any “road shows” or other selling efforts that may be reasonably requested by the Holders in connection with the methods
of distribution for the Registrable Securities; 
 (xix)    in the case of any underwritten Public
Offering, use its reasonable best efforts to obtain one or more cold comfort letters from the Corporation’s independent public accountants or other independent public accountants as appropriate, in customary form and covering such matters of
the type customarily covered by cold comfort letters as the Holders representing a majority of the Registrable Securities being sold reasonably request; 

(xx)    in the case of any underwritten Public Offering, use its reasonable best efforts to provide a legal
opinion of the Corporation’s outside counsel, dated the closing date of the Public Offering, in customary form and covering such matters of the type customarily covered by legal opinions of such nature, which opinion shall be addressed to the
underwriters and the Holders of such Registrable Securities being sold; 
 (xxi)    if the Corporation
files an Automatic Shelf Registration Statement covering any Registrable Securities, use its reasonable best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during
which such Automatic Shelf Registration Statement is required to remain effective; 
 (xxii)    if the
Corporation does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold; 

(xxiii)    if the Automatic Shelf Registration Statement has been outstanding for at least three
(3) years, at the end of the third year, file a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the Corporation is required to re-evaluate its WKSI
status the Corporation determines that it is not a WKSI, use its reasonable best efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration statement effective during the period during which such registration statement is required to be kept effective; and 

(xxiv)    take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided,
however, that to the extent that any prohibition is applicable to the Corporation, the Corporation will use its reasonable best efforts to make any such prohibition inapplicable. 

  
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 (b)    Any officer of the Corporation who is a Holder agrees that if and
for so long as he or she is employed by the Corporation or any Subsidiary thereof, he or she shall participate fully in the sale process in a manner customary and reasonable for persons in like positions and consistent with his or her other duties
with the Corporation and in accordance with applicable law, including the preparation of the registration statement and the preparation and presentation of any road shows. 

(c)    The Corporation may require each Holder requesting, or electing to participate in, any registration to furnish the
Corporation such information regarding such Holder and the distribution of such Registrable Securities as the Corporation may from time to time reasonably request in writing. 

(d)    If the Original LLC Owners or any of their respective Affiliates seek to effectuate an in-kind distribution of all or part of their respective Registrable Securities to their respective direct or indirect equityholders, the Corporation shall, subject to any applicable
lock-ups, work with the foregoing persons to facilitate such in-kind distribution in the manner reasonably requested. 

Section 6.    Registration Expenses. 

(a)    The Corporation’s Obligation. All expenses incident to the Corporation’s performance of or
compliance with this Agreement (including, without limitation, all registration, qualification and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, fees and
disbursements of custodians, and fees and disbursements of counsel for the Corporation and all independent certified public accountants, underwriters (excluding underwriting discounts and commissions) and other Persons retained by the Corporation)
(all such expenses being herein called “Registration Expenses”), shall be borne as provided in this Agreement, except that the Corporation shall, in any event, pay its internal expenses (including, without limitation, all
salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be
registered on each securities exchange on which similar securities issued by the Corporation are then listed. Each Person that sells securities pursuant to a Demand Registration or Piggyback Registration hereunder shall bear and pay all underwriting
discounts and commissions applicable to the securities sold for such Person’s account. 
 (b)    Counsel Fees
and Disbursements. In connection with each Demand Registration, each Piggyback Registration and each Shelf Offering that is an underwritten Public Offering, the Corporation shall reimburse the Holders of Registrable Securities included in such
registration for the reasonable fees and disbursements of one counsel chosen by the Holders representing a majority of the Registrable Securities included in such registration or participating in such Shelf Offering. 

  
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 Section 7.    Indemnification and Contribution. 

(a)    By the Corporation. The Corporation shall indemnify and hold harmless, to the extent permitted by law, each
Holder, such Holder’s officers, directors, managers, employees, agents and representatives, and each Person who controls such Holder (within the meaning of the Securities Act) (the “Holder Indemnified
Parties”) against all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including reasonable attorney fees and expenses) caused by,
resulting from, arising out of, based upon or related to any of the following statements, omissions or violations (each a “Violation”) by the Corporation: (i) any untrue or alleged untrue statement of material fact
contained in (A) any registration statement, prospectus, preliminary prospectus or Free-Writing Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication (in this
Section 7, collectively called an “application”) executed by or on behalf of the Corporation or based upon written information furnished by or on behalf of the Corporation filed in any jurisdiction
in order to qualify any securities covered by such registration under the securities laws thereof, (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading
or (iii) any violation or alleged violation by the Corporation of the Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable to the Corporation and relating to action or
inaction required of the Corporation in connection with any such registration, qualification or compliance. In addition, the Corporation will reimburse such Holder Indemnified Party for any legal or any other expenses reasonably incurred by them in
connection with investigating or defending any such losses. Notwithstanding the foregoing, the Corporation shall not be liable in any such case to the extent that any such losses result from, arise out of, are based upon, or relate to an untrue
statement or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such prospectus, preliminary prospectus or Free-Writing Prospectus or any amendment or supplement thereto, or in any application, in
reliance upon, and in conformity with, written information prepared and furnished in writing to the Corporation by such Holder Indemnified Party expressly for use therein. In connection with an underwritten offering, the Corporation shall indemnify
such underwriters, their officers and directors, and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Holder Indemnified Parties.

 (b)    By Each Holder. In connection with any registration statement in which a Holder is participating, each
such Holder shall furnish to the Corporation in writing such information and affidavits as the Corporation reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, shall
indemnify the Corporation, its officers, directors, managers, employees, agents and representatives, and each Person who controls the Corporation (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and
expenses resulting from any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such
Holder; provided that the obligation to indemnify shall be individual, not joint and several, for each Holder and shall be limited to the net amount of proceeds received by such Holder from the sale of Registrable Securities pursuant to such
registration statement. 

  
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 (c)    Claim Procedure. Any Person entitled to indemnification
hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall impair any Person’s right to indemnification
hereunder only to the extent such failure has prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with
respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any
settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be
obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between
such indemnified party and any other of such indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties shall have a right to retain one separate counsel, chosen by the Holders representing a majority of the
Registrable Securities included in the registration if such Holders are indemnified parties, at the expense of the indemnifying party. 

(d)    Contribution. If the indemnification provided for in this Section 7 is held by a
court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any loss, claim, damage, liability or action referred to herein, then the indemnifying
party shall contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand
and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, claim, damage, liability or action as well as any other relevant equitable considerations; provided that the maximum amount of
liability in respect of such contribution shall be limited, in the case of each seller of Registrable Securities, to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to
such registration. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a
material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties
hereto agree that it would not be just or equitable if the contribution pursuant to this Section 7(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account such
equitable considerations. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to herein shall be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending against any action or claim which is the subject hereof. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(t) of the Securities Act) shall be
entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 

(e)    Release. No indemnifying party shall, except with the consent of the indemnified party, consent to the entry
of any judgment or enter into any settlement that does not include as 

  
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an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. Notwithstanding anything to the
contrary in this Section 7, an indemnifying party shall not be liable for any amounts paid in settlement of any loss, claim, damage, liability, or action if such settlement is effected without the consent of the
indemnifying party, such consent not to be unreasonably withheld, conditioned or delayed. 
 (f)    Non-exclusive Remedy; Survival. The indemnification and contribution provided for under this Agreement shall be in addition to any other rights to indemnification or contribution that any indemnified party may
have pursuant to law or contract and shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the
transfer of Registrable Securities and the termination or expiration of this Agreement. Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in
connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

Section 8.    Underwritten Registrations. 

(a)    Participation. No Person may participate in any Public Offering hereunder which is underwritten unless such
Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to any
over-allotment or “green shoe” option requested by the underwriters; provided that no Holder shall be required to sell more than the number of Registrable Securities such Holder has requested to include) and (ii) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements, custody agreements and other documents required under the terms of such underwriting arrangements. Each Holder shall execute and deliver such other agreements as
may be reasonably requested by the Corporation and the lead managing underwriter(s) that are consistent with such Holder’s obligations under Section 4, Section 5 and this
Section 8(a) or that are necessary to give further effect thereto. To the extent that any such agreement is entered into pursuant to, and consistent with, Section 4 and this
Section 8(a), the respective rights and obligations created under such agreement shall supersede the respective rights and obligations of the Holders, the Corporation and the underwriters created pursuant to this
Section 8(a). 
 (b)    Price and Underwriting Discounts. In the case of an
underwritten Demand Registration or Underwritten Takedown requested by Holders pursuant to this Agreement, the price, underwriting discount and other financial terms of the related underwriting agreement for the Registrable Securities shall be
determined by the Holders representing a majority of the Registrable Securities included in such underwritten offering. 

(c)    Suspended Distributions. Each Person that is participating in any registration under this Agreement, upon
receipt of any notice from the Corporation of the happening of any event of the kind described in Section 5(a)(vi)(B) or (C), shall immediately discontinue the disposition of its Registrable Securities pursuant to
the registration statement until such Person’s receipt of the copies of a supplemented or amended prospectus as contemplated by Section 5(a)(vi). 

  
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In the event the Corporation has given any such notice, the applicable time period set forth in Section 5(a)(iii) during which a Registration Statement is to remain
effective shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to this Section 8(c) to and including the date when each seller of Registrable Securities
covered by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by Section 5(a)(vi). 

Section 9.    Additional Parties; Joinder. Subject to the prior written consent of each Controlling Holder,
the Corporation may make any Person who acquires Class A Common Stock or rights to acquire Class A Common Stock from the Corporation after the date hereof (including without limitation any Person who acquires Common Units) a party to this
Agreement (each such Person, an “Additional Investor”) and to succeed to all of the rights and obligations of a Holder under this Agreement by obtaining an executed joinder to this Agreement from such Additional Investor in
the form of Exhibit A attached hereto (a “Joinder”). Upon the execution and delivery of a Joinder by such Additional Investor, the Class A Common Stock of the Corporation acquired by such Additional Investor or issuable
upon redemption or exchange of Common Units acquired by such Additional Investor (the “Acquired Common”) shall be Registrable Securities to the extent provided herein, such Additional Investor shall be a Holder under this
Agreement with respect to the Acquired Common, and the Corporation shall add such Additional Investor’s name and address to the Schedule of Investors and circulate such information to the parties to this Agreement. 

Section 10.    Current Public Information. With a view to making available the benefits of certain rules and
regulations of the Securities Exchange Commission which may permit the sale of restricted securities to the public without registration, the Corporation agrees to: 

(a) make and keep public information available as those terms are understood and defined in Rule 144, at all times from and after ninety
(90) days following the effective date of the registration statement with respect to the IPO; 
 (b) use its reasonable best efforts to
file with the Securities Exchange Commission in a timely manner all reports and other documents required of the Corporation under the Securities Act and the Exchange Act; and 

(c) so long as the Holders own any Registrable Shares, furnish to the Holders upon request, a written statement by the Company as to its
compliance with the reporting requirements of Rule 144 (at any time from and after ninety (90) days following the effective date of the registration statement with respect to the IPO), and of the Securities Act and the Exchange Act, a copy of
the most recent annual or quarterly report of the Corporation, and such other reports and documents so filed as a Holder may reasonably request in availing itself of any rule or regulation of the Securities Exchange Commission allowing such Holder
to sell any such securities without registration. 
 Section 11.    Subsidiary Public Offering. If, after an
initial Public Offering of the Capital Stock of one of its Subsidiaries (including the Company), the Corporation distributes securities of such Subsidiary to its equityholders, then the rights and obligations of the Corporation pursuant to this
Agreement shall apply, mutatis mutandis, to such Subsidiary, and the Corporation shall cause such Subsidiary to comply with such Subsidiary’s obligations under this Agreement. 

  
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 Section 12.    Transfer of Registrable Securities. 

(a)    Restrictions on Transfers. Notwithstanding anything to the contrary contained herein, except in the case of
(i) a transfer to the Corporation, (ii) a transfer by any Original LLC Owners or any of its Affiliates to its respective equityholders, (iii) a Public Offering, (iv) a sale pursuant to Rule 144 after the completion of the IPO or
(v) a transfer in connection with a sale of the Corporation, prior to transferring any Registrable Securities to any Person (including, without limitation, by operation of law), the transferring Holder shall cause the prospective transferee to
execute and deliver to the Corporation a Joinder agreeing to be bound by the terms of this Agreement. Any transfer or attempted transfer of any Registrable Securities in violation of any provision of this Agreement shall be void, and the Corporation
shall not record such transfer on its books or treat any purported transferee of such Registrable Securities as the owner thereof for any purpose. 

(b)    Legend. Each certificate evidencing any Registrable Securities and each certificate issued in exchange for
or upon the transfer of any Registrable Securities (unless such Registrable Securities would no longer be Registrable Securities after such transfer) shall be stamped or otherwise imprinted with a legend in substantially the following form: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET FORTH IN A REGISTRATION
RIGHTS AGREEMENT DATED AS OF [●], 2021, BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “CORPORATION”) AND CERTAIN OF THE CORPORATION’S STOCKHOLDERS, AS AMENDED FROM TIME TO TIME. A COPY OF SUCH REGISTRATION RIGHTS AGREEMENT
WILL BE FURNISHED WITHOUT CHARGE BY THE CORPORATION TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
 The Corporation shall imprint such legend on
certificates evidencing Registrable Securities outstanding prior to the date hereof, and shall cause the Company to imprint such legend on certificates, if any, evidencing Common Units exchangeable for Registrable Securities outstanding prior to the
date hereof. The legend set forth above shall be removed from the certificates evidencing any securities that have ceased to be Registrable Securities. 

Section 13.    MNPI Provisions. 

(a)    Each Holder acknowledges that (i) the provisions of this Agreement that require communications by the
Corporation or other Holders to such Holder may result in such Holder and its Representatives (as defined below) acquiring MNPI (which may include, solely by way of illustration, the fact that an offering of the Corporation’s securities is
pending or the number of Corporation securities or the identity of the selling Holders), and (ii) there is no limitation on the duration of time that such Holder and its Representatives may be in possession of MNPI and no requirement that the
Company or other Holders make any public disclosure to cause such information to cease to be MNPI; provided that the Corporation will use commercially reasonable best efforts to promptly notify each Holder if any proposed registration or
offering for which a notice has been delivered pursuant to this Agreement has been terminated or aborted. 

  
 23 

 (b)    Each Holder agrees that it will maintain the confidentiality of
such MNPI and, to the extent such Holder is not a natural person, such confidential treatment shall be in accordance with procedures adopted by it in good faith to protect confidential information of third parties delivered to such Holder
(“Policies”); provided that a holder may deliver or disclose MNPI to (i) its directors, officers, employees, agents, attorneys, affiliates and financial and other advisors (collectively, the
“Representatives”), but solely to the extent such disclosure reasonably relates to its evaluation of exercise of its rights under this Agreement and the sale of any Registrable Securities in connection with the subject of the
notice, (ii) any federal or state regulatory authority having jurisdiction over such Holder, (iii) any Person if necessary to effect compliance with any law, rule, regulation or order applicable to such Holder, (iv) in response to any
subpoena or other legal process, or (v) in connection with any litigation to which such Holder is a party; provided further, that in the case of clause (i), the recipients of such MNPI are subject to the Policies or agree to hold
confidential the MNPI in a manner substantially consistent with the terms of Section 13 and that in the case of clauses (ii) through (v), such disclosure is required by law and you promptly notify the
Corporation of such disclosure to the extent such Holder is legally permitted to give such notice. 
 (c)    Each
Holder, by its execution of a counterpart to this agreement or of a Joinder, hereby (i) acknowledges that it is aware that the U.S. securities laws prohibit any person who has MNPI about a company from purchasing or selling, directly or
indirectly, securities of such company (including entering into hedge transactions involving such securities), or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is
likely to purchase or sell such securities, and (ii) agrees that it will not use or permit any third party to use, and that it will use its reasonable best efforts to assure that none of its representatives will use or permit any third party to
use, any MNPI the Corporation provides in contravention of the U.S. securities laws and cease trading in the Corporation’s securities while in possession of material non-public information. 

(d)    Each Holder shall have the right, at any time and from time to time (including after receiving information
regarding any potential Public Offering), to elect to not receive any notice that the Corporation or any other Holders otherwise are required to deliver pursuant to this Agreement by delivering to the Corporation a written statement signed by such
Holder that it does not want to receive any notices hereunder (an “Opt-Out Request”); in which case and notwithstanding anything to the contrary in this Agreement the Corporation and
other Holders shall not be required to, and shall not, deliver any notice or other information required to be provided to Holders hereunder to the extent that the Corporation or such other Holders reasonably expect would result in a Holder acquiring
MNPI. An Opt-Out Request may state a date on which it expires or, if no such date is specified, shall remain in effect indefinitely. A Holder who previously has given the Corporation an Opt-Out Request may revoke such request at any time, and there shall be no limit on the ability of a Holder to issue and revoke subsequent Opt-Out Requests; provided
that each Holder shall use commercially reasonable best efforts to minimize the administrative burden on the Corporation arising in connection with any such Opt-Out Requests. 

  
 24 

 Section 14.    General Provisions. 

(a)    Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended,
modified, terminated or waived only with the prior written consent of the Corporation and each Controlling Holder; provided that no such amendment, modification, termination or waiver that would materially and adversely affect a Holder in a
manner materially different than any other Holder (provided that the accession by Additional Investors to this Agreement pursuant to Section 9 shall not be deemed to adversely affect any Holder), shall be effective
against such Holder without the consent of such Holder that is materially and adversely affected thereby. The failure or delay of any Person to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such
provisions and shall not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or default by any Person in the performance by that
Person of his, her or its obligations under this Agreement shall not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person under this Agreement.

 (b)    Remedies. The parties to this Agreement shall be entitled to enforce their rights under this Agreement
specifically (without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that a
breach of this Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party shall be entitled to specific
performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement. 

(c)    Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect under any applicable law or regulation in any jurisdiction, such prohibition, invalidity,
illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such
jurisdiction as if such prohibited, invalid, illegal or unenforceable provision had never been contained herein. 

(d)    Entire Agreement. Except as otherwise provided herein, this Agreement contains the complete agreement and
understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties hereto, written or oral, which may have related to the
subject matter hereof in any way. 
 (e)    Successors and Assigns. This Agreement shall bind and inure to the
benefit and be enforceable by the Corporation and its successors and assigns and the Holders and their respective successors and assigns (whether so expressed or not). In addition, whether or not any express assignment has been made, the provisions
of this Agreement which are for the benefit of Holders are also for the benefit of, and enforceable by, any subsequent or successor Holder that acquired Registrable Securities from a prior or predecessor Holder. 

  
 25 

 (f)    Notices. Any notice, demand or other communication to be
given under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail or facsimile if sent during
normal business hours of the recipient but; if not, then on the next Business Day, (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three Business Days after it is
mailed to the recipient by first class mail, return receipt requested. Such notices, demands and other communications shall be sent to the Corporation at the address specified below and to any Original LLC Owner or to any other party subject to this
Agreement at such address as indicated on the Schedule of Investors, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Any party may change such
party’s address for receipt of notice by providing prior written notice of the change to the sending party as provided herein. The Corporation’s address is: 

Bioventus Inc. 
 4721 Emperor
Boulevard, Suite 100 
 Durham, North Carolina 27703 

Attn: General Counsel 
 With a copy to: 

Latham & Watkins LLP 

200 Clarendon St. 
 Boston,
Massachusetts 02116 
 Attn: Wesley C. Holmes, Esq. 

Facsimile: (617) 948-6001 

or to such other address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. 

(g)    Business Days. If any time period for giving notice or taking action hereunder expires on a day that is not
a Business Day, the time period shall automatically be extended to the immediately following Business Day. 

(h)    Governing Law. The corporate law of the State of Delaware shall govern all issues and questions concerning
the relative rights of the Corporation and its stockholders. All other issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto shall be governed by, and
construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of New York. 
 (i)    MUTUAL WAIVER OF JURY TRIAL. AS A
SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS 

  
 26 

 
AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM
THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. 
 (j)    CONSENT TO JURISDICTION AND SERVICE OF PROCESS. EACH
OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE CITY AND COUNTY OF NEW YORK BOROUGH OF MANHATTAN, FOR THE PURPOSES OF
ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S.
REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH ABOVE SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES
DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM. 
 (k)    No Recourse. Notwithstanding anything to the contrary in this Agreement, the
Corporation and each Holder agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, shall be had against any current or future director, officer, employee, general or
limited partner or member of any Holder or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being
expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any
current or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this
Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

(l)    Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. 

  
 27 

 (m)    No Strict Construction. The language used in this
Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party. 

(n)    Counterparts. This Agreement may be executed in multiple counterparts, any one of which need not contain the
signature of more than one party, but all such counterparts taken together shall constitute one and the same agreement. 

(o)    Electronic Delivery. This Agreement, the agreements referred to herein, and each other agreement or
instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile or similar reproduction of
such signed writing using a facsimile machine or electronic mail shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed
version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to
all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated
through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

(p)    Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each Holder
shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby. 

(q)    No Inconsistent Agreements. The Corporation shall not hereafter enter into any agreement with respect to its
securities which is inconsistent with or violates the rights granted to the Holders in this Agreement. 

Section 15.    Term. This Agreement shall terminate on the date as of which all of the Registerable Securities
have been sold (i) pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the
Commission)) or (ii) without registration pursuant to Rule 144 (or any similar provision) under the Securities Act with no volume or other restrictions or limitations. The provisions of Section 7 and
Section 10(c) shall survive any termination. 
 * * * * * 

  
 28 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above. 
  

			
	BIOVENTUS INC.
		
	By:	 	
                     
                    

	Name:	 	Kenneth M. Reali
	Title:	 	Chief Executive Officer

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	SMITH & NEPHEW, INC.
		
	By:	 	
                     
                                        

	Name:	 	
	Title:	 	
	
	SMITH & NEPHEW (EUROPE) B.V.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	EW HEALTHCARE PARTNERS ACQUISITION FUND, L.P.
		
	By:	 	EW Healthcare Partners Acquisition Fund GP, L.P.
	Its:	 	General Partner
		
	By:	 	
                     
                    

	Name:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	WHITE PINE MEDICAL LLC
		
	By:	 	
                     
                    

	Name:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	SPINDLETOP HEALTHCARE CAPITAL L.P.
		
	By:	 	
                     
                    

	Name:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	PANTHEON GLOBAL CO-INVESTMENT OPPORTUNITIES FUND L.P.
		
	By:	 	
                     
                    

	Name:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	 AMP-CF HOLDINGS, LLC
  

	By:	 	
                     
                    

	Name:	 	Dana L. Niles
	Title:	 	Chief Operating Officer

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	ALTA PARTNERS VIII, L.P.
		
	By:	 	
                     
                    

	Name:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 SCHEDULE OF INVESTORS 

 

					
	 Holder
	  	Controlling
Holder	  	Continuing LLC Owner/
Former LLC Owner
	Smith & Nephew, Inc.	  	S&N Stockholders	  	Continuing LLC Owner
	Smith & Nephew (Europe) B.V.	  	S&N Stockholders	  	Former LLC Owner
	EW Healthcare Partners Acquisition Fund, L.P.	  	Essex Stockholders	  	Former LLC Owner
	White Pine Medical LLC	  	Essex Stockholder	  	Former LLC Owner
	Spindletop Healthcare Capital L.P.	  	Essex Stockholders	  	Former LLC Owner
	Pantheon Global Co-Investment Opportunities Fund L.P.	  	Essex Stockholders	  	Former LLC Owner
	 AMP-CF Holdings, LLC
	  	Essex Stockholders	  	Former LLC Owner
	Alta Partners VIII, L.P.	  	Essex Stockholders	  	Former LLC Owner

 EXHIBIT A 

REGISTRATION RIGHTS AGREEMENT JOINDER 

The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of [●], 2021 (as the
same may hereafter be amended, the “Registration Rights Agreement”), among Bioventus Inc., a Delaware corporation (the “Corporation”), and the other person named as parties therein. 

By executing and delivering this Joinder to the Corporation, and upon acceptance hereof by the Corporation upon the execution of a counterpart
hereof, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of the Registration Rights Agreement as a Holder of Registrable Securities in the same manner as if the undersigned were an original
signatory to the Registration Rights Agreement, and the undersigned’s shares of Class A Common Stock shall be included as Registrable Securities under the Registration Rights Agreement to the extent provided therein. The Corporation is
directed to add the address below the undersigned’s signature on this Joinder to the Schedule of Investors attached to the Registration Rights Agreement. 

Accordingly, the undersigned has executed and delivered this Joinder as of the      day
of            , 20    . 
  

			
	  

	Signature of Stockholder
	
	  

	Print Name of Stockholder
	Its:	 	
		
	Address:	 	
                     
                    

	  

	  

  

			
	Agreed and Accepted as of             , 20    
	
	Bioventus Inc.
		
	By:	 	
                     
                    

	Name:	 	
	Its:EX-10.4

 Exhibit 10.4 
  

 
  

BIOVENTUS LLC 
 SECOND
AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 

Dated as of [●], 2021 
  

 
 THE COMPANY INTERESTS REPRESENTED BY THIS SECOND
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH COMPANY INTERESTS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR
OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I. DEFINITIONS
	  	 	2	 
		
	 ARTICLE II. ORGANIZATIONAL MATTERS
	  	 	12	 
			
	 Section 2.01
	 	 Formation of Company
	  	 	12	 
	 Section 2.02
	 	 Second Amended and Restated Limited Liability Company Agreement
	  	 	12	 
	 Section 2.03
	 	 Name
	  	 	13	 
	 Section 2.04
	 	 Purpose
	  	 	13	 
	 Section 2.05
	 	 Principal Office; Registered Office
	  	 	13	 
	 Section 2.06
	 	 Term
	  	 	13	 
	 Section 2.07
	 	 No State-Law Partnership
	  	 	13	 
		
	 ARTICLE III. MEMBERS; UNITS; CAPITALIZATION
	  	 	14	 
			
	 Section 3.01
	 	 Members
	  	 	14	 
	 Section 3.02
	 	 Units
	  	 	14	 
	 Section 3.03
	 	 Recapitalization; the Corporation’s Capital Contribution; the Corporation’s
Purchase of Common Units; Member Distribution
	  	 	15	 
	 Section 3.04
	 	 Authorization and Issuance of Additional Units
	  	 	15	 
	 Section 3.05
	 	 Repurchase or Redemption of shares of Class A Common Stock
	  	 	16	 
	 Section 3.06
	 	 Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration
and Transfer of Units
	  	 	17	 
	 Section 3.07
	 	 Negative Capital Accounts
	  	 	17	 
	 Section 3.08
	 	 No Withdrawal
	  	 	18	 
	 Section 3.09
	 	 Loans From Members
	  	 	18	 
	 Section 3.10
	 	 Corporate Stock Option Plans and Equity Plans
	  	 	18	 
	 Section 3.11
	 	 Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other
Plan
	  	 	20	 
		
	 ARTICLE IV. DISTRIBUTIONS
	  	 	20	 
			
	 Section 4.01
	 	 Distributions
	  	 	20	 
	 Section 4.02
	 	 Restricted Distributions
	  	 	22	 
		
	 ARTICLE V. CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS
	  	 	22	 
			
	 Section 5.01
	 	 Capital Accounts
	  	 	22	 
	 Section 5.02
	 	 Allocations
	  	 	23	 
	 Section 5.03
	 	 Special Allocations
	  	 	23	 
	 Section 5.04
	 	 Final Allocations
	  	 	24	 
	 Section 5.05
	 	 Tax Allocations
	  	 	24	 
	 Section 5.06
	 	 Indemnification and Reimbursement for Payments on Behalf of a Member
	  	 	25	 

							
	 ARTICLE VI. MANAGEMENT
	  	 	26	 
			
	 Section 6.01
	 	 Authority of Manager
	  	 	26	 
	 Section 6.02
	 	 Actions of the Manager
	  	 	26	 
	 Section 6.03
	 	 Resignation; No Removal
	  	 	26	 
	 Section 6.04
	 	 Vacancies
	  	 	27	 
	 Section 6.05
	 	 Transactions Between Company and Manager
	  	 	27	 
	 Section 6.06
	 	 Reimbursement for Expenses
	  	 	27	 
	 Section 6.07
	 	 Delegation of Authority
	  	 	28	 
	 Section 6.08
	 	 Limitation of Liability of Manager
	  	 	28	 
	 Section 6.09
	 	 Investment Company Act
	  	 	29	 
	 Section 6.10
	 	 Outside Activities of the Manager
	  	 	29	 
		
	 ARTICLE VII. RIGHTS AND OBLIGATIONS OF MEMBERS
	  	 	30	 
			
	 Section 7.01
	 	 Limitation of Liability and Duties of Members
	  	 	30	 
	 Section 7.02
	 	 Corporate Opportunities
	  	 	31	 
	 Section 7.03
	 	 Lack of Authority
	  	 	32	 
	 Section 7.04
	 	 No Right of Partition
	  	 	32	 
	 Section 7.05
	 	 Indemnification
	  	 	32	 
	 Section 7.06
	 	 Members Right to Act
	  	 	34	 
	 Section 7.07
	 	 Inspection Rights
	  	 	35	 
		
	 ARTICLE VIII. BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS
	  	 	35	 
			
	 Section 8.01
	 	 Records and Accounting
	  	 	35	 
	 Section 8.02
	 	 Fiscal Year
	  	 	35	 
	 Section 8.03
	 	 Reports
	  	 	35	 
		
	 ARTICLE IX. TAX MATTERS
	  	 	36	 
			
	 Section 9.01
	 	 Preparation of Tax Returns
	  	 	36	 
	 Section 9.02
	 	 Tax Elections
	  	 	36	 
	 Section 9.03
	 	 Tax Controversies
	  	 	36	 
		
	 ARTICLE X. RESTRICTIONS ON TRANSFER OF UNITS
	  	 	37	 
			
	 Section 10.01
	 	 Transfers by Members
	  	 	37	 
	 Section 10.02
	 	 Permitted Transfers
	  	 	38	 
	 Section 10.03
	 	 Restricted Units Legend
	  	 	38	 
	 Section 10.04
	 	 Transfer
	  	 	39	 
	 Section 10.05
	 	 Assignee’s Rights
	  	 	39	 
	 Section 10.06
	 	 Assignor’s Rights and Obligations
	  	 	39	 
	 Section 10.07
	 	 Overriding Provisions
	  	 	40	 

  
 ii 

							
	 ARTICLE XI. REDEMPTION AND EXCHANGE RIGHTS
	  	 	41	 
			
	 Section 11.01
	 	 Redemption Right of a Member
	  	 	41	 
	 Section 11.02
	 	 Election and Contribution of the Corporation
	  	 	43	 
	 Section 11.03
	 	 Exchange Right of the Corporation
	  	 	44	 
	 Section 11.04
	 	 Reservation of Shares of Class A Common Stock; Listing; Certificate of the
Corporation
	  	 	44	 
	 Section 11.05
	 	 Effect of Exercise of Redemption or Exchange Right
	  	 	45	 
	 Section 11.06
	 	 Tax Treatment
	  	 	45	 
		
	 ARTICLE XII. ADMISSION OF MEMBERS
	  	 	45	 
			
	 Section 12.01
	 	 Substituted Members
	  	 	45	 
	 Section 12.02
	 	 Additional Members
	  	 	45	 
		
	 ARTICLE XIII. WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS
	  	 	45	 
			
	 Section 13.01
	 	 Withdrawal and Resignation of Members
	  	 	45	 
		
	 ARTICLE XIV. DISSOLUTION AND LIQUIDATION
	  	 	46	 
			
	 Section 14.01
	 	 Dissolution
	  	 	46	 
	 Section 14.02
	 	 Liquidation and Termination
	  	 	46	 
	 Section 14.03
	 	 Deferment; Distribution in Kind
	  	 	47	 
	 Section 14.04
	 	 Cancellation of Certificate
	  	 	47	 
	 Section 14.05
	 	 Reasonable Time for Winding Up
	  	 	47	 
	 Section 14.06
	 	 Return of Capital
	  	 	47	 
		
	 ARTICLE XV. VALUATION
	  	 	48	 
			
	 Section 15.01
	 	 Determination
	  	 	48	 
	 Section 15.02
	 	 Dispute Resolution
	  	 	48	 
		
	 ARTICLE XVI. GENERAL PROVISIONS
	  	 	48	 
			
	 Section 16.01
	 	 Representations and Warranties.
	  	 	48	 
	 Section 16.02
	 	 Power of Attorney
	  	 	49	 
	 Section 16.03
	 	 Confidentiality
	  	 	49	 
	 Section 16.04
	 	 Amendments
	  	 	50	 
	 Section 16.05
	 	 Title to Company Assets
	  	 	51	 
	 Section 16.06
	 	 Addresses and Notices
	  	 	51	 
	 Section 16.07
	 	 Binding Effect; Intended Beneficiaries
	  	 	52	 
	 Section 16.08
	 	 Creditors
	  	 	52	 
	 Section 16.09
	 	 Waiver
	  	 	52	 
	 Section 16.10
	 	 Counterparts
	  	 	52	 
	 Section 16.11
	 	 Applicable Law
	  	 	52	 
	 Section 16.12
	 	 WAIVER OF JURY TRIAL
	  	 	53	 
	 Section 16.13
	 	 Severability
	  	 	53	 
	 Section 16.14
	 	 Further Action
	  	 	53	 

  
 iii 

							
	 Section 16.15
	 	 Delivery by Electronic Transmission
	  	 	53	 
	 Section 16.16
	 	 Effectiveness
	  	 	53	 
	 Section 16.17
	 	 Entire Agreement
	  	 	53	 
	 Section 16.18
	 	 Remedies
	  	 	54	 
	 Section 16.19
	 	 Descriptive Headings; Interpretation
	  	 	54	 

  

					
	 Schedules
	  		  	
			
	 Schedule 1
	  	 –
	  	 Schedule of Pre-IPO Members

	 Schedule 2
	  	 –
	  	 Schedule of Effective Date Members

			
	 Exhibits
	  		  	
			
	 Exhibit A
	  	 –
	  	 Form of Joinder Agreement

  
 iv 

 BIOVENTUS LLC 

SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

This SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”), dated as of [●], 2021,
is entered into by and among Bioventus LLC, a Delaware limited liability company (the “Company”), and its Members (as defined herein). 

WHEREAS, the Company initially was formed as a limited liability company with the name “Bioventus LLC”, pursuant to and in
accordance with the Delaware Act (as defined herein) by the filing of the Certificate (as defined herein) with the Secretary of State of the State of Delaware pursuant to Section 18-201 of the Delaware Act on November 23, 2011; 

WHEREAS, the Company entered into a Limited Liability Company Agreement, dated as of November 29, 2011 (as amended, restated, amended and
restated, supplemented or otherwise modified from time to time to but excluding May 4, 2012, together with all schedules, exhibits and annexes thereto, the “Initial LLC Agreement”), with the members of the Company party
thereto; 
 WHEREAS, the Company entered into an Amended and Restated Limited Liability Company Agreement, dated as of May 4, 2012 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time to but excluding the date hereof, together with all schedules, exhibits and annexes thereto, the “First A&R LLC Agreement”),
which the parties listed on Schedule 1 hereto have executed in their capacity as members (including pursuant to consent and joinders thereto) (collectively, the “Pre-IPO
Members”); 
 WHEREAS, the Pre-IPO Members, prior to the date hereof, hold Preferred
Units, Common Units, OUS Units, the EPR Unit and Profits Interest Units (as defined in the First A&R LLC Agreement, respectively, the “Original Preferred Units”, the “Original Common Units”, the
“Original OUS Units”, the “Original EPR Unit” and the “Original Profits Interests Units”, and collectively, the “Original Units”) of the Company; 

WHEREAS, the Company desires to have Bioventus Inc., a Delaware corporation (the “Corporation”), effect an initial
public offering (the “IPO”) of shares of its Class A common stock, par value $0.001 (the “Class A Common Stock”), and in connection therewith, to amend and restate
the First A&R LLC Agreement as of the Effective Time (as defined herein) to reflect (a) a recapitalization of the Company and the associated split in the number of Units (as defined herein) then outstanding (the
“Recapitalization”), (b) the addition of the Corporation as a Member (as defined herein) in the Company and its designation as sole Manager (as defined herein) of the Company, and (c) the rights and obligations of the
Members of the Company that are enumerated and agreed upon in the terms of this Agreement effective as of the Effective Time, at which time the First A&R LLC Agreement shall be superseded entirely by this Agreement; 

  
 1 

 WHEREAS, in connection with the Recapitalization and as of the Effective Time, the Original
Units of each Pre-IPO Member will be converted into Common Units (as defined herein); 
 WHEREAS,
the parties listed on Schedule 2 hereto are the members of the Company as of the Effective Time and after giving effect to the Recapitalization (the “Effective Date Members”); 

WHEREAS, prior to the IPO Closing Date, the shareholders of each Blocker Corp (as defined herein) will contribute all of their shares of stock
in each Blocker Corp to the Corporation in exchange for Class A Common Stock and thereafter each Blocker Corp will merge with and into the Corporation, in each case, pursuant to an integrated plan that is intended to be treated as a
reorganization with the meaning of Section 368(a) of the Code (the “Blocker Roll Up”); 
 WHEREAS, the
Corporation will sell shares of its Class A Common Stock to public investors in the IPO and will use the net proceeds received from the IPO (the “IPO Net Proceeds”) to purchase newly issued Common Units from the Company
pursuant to that certain IPO Common Unit Purchase Agreement (as defined herein); 
 WHEREAS, the Corporation will issue additional shares of
Class A Common Stock in connection with the IPO in the event the underwriters exercise their over-allotment option (the “Over-Allotment Option”), and any resulting additional net proceeds (the “Over-Allotment
Option Net Proceeds”) will be used by the Corporation to purchase newly issued Common Units from the Company pursuant to the IPO Common Unit Purchase Agreement; and 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Members, intending to be legally bound, hereby agree as follows: 
 ARTICLE
I. 
 DEFINITIONS 
 The
following definitions shall be applied to the terms used in this Agreement for all purposes, unless otherwise clearly indicated to the contrary. 

“9.9% Member” means (i) a Member that holds a direct Percentage Interest of at least 9.9% or (ii) a Person
that holds, directly and/or indirectly and together with such Person’s Affiliates, a Percentage Interest of at least 9.9% provided that the Company has knowledge that such Person (together with such Person’s Affiliates) holds, directly
and/or indirectly, a Percentage Interest of at least 9.9%. 
 “Additional Member” has the meaning set forth in
Section 12.02. 

  
 2 

 “Adjusted Capital Account Deficit” means with respect to the Capital
Account of any Member as of the end of any Taxable Year, the amount by which the balance in such Capital Account is less than zero. For this purpose, such Member’s Capital Account balance shall be: 

 

	 	(a)	 reduced for any items described in Treasury Regulation Section 1.704- 1(b)(2)(ii)(d)(4), (5), and (6); and

  

	 	(b)	 increased for any amount such Member is obligated to contribute or is treated as being obligated to contribute
to the Company pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or 1.704-2(g)(1) and 1.704-2(i) (relating to minimum gain). 

“Admission Date” has the meaning set forth in Section 10.06. 

“Affiliate” (and, with a correlative meaning, “Affiliated”) means, with respect to a specified
Person, each other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified. As used in this definition and the definition of Majority Members,
“control” (including with correlative meanings, “controlled by” and “under common control with”) means possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether
through ownership of voting securities or by contract or other agreement). 
 “Agreement” has the meaning set forth
in the preamble to this Agreement. 
 “Appraisers” has the meaning set forth in
Section 15.02. 
 “Assignee” means a Person to whom a Company Interest has been
transferred but who has not become a Member pursuant to Article XII. 
 “Assumed Tax Liability” means, with
respect to a Member, an amount equal to the Distribution Tax Rate multiplied by the estimated or actual taxable income of the Company, as determined for U.S. federal income tax purposes, allocated to such Member pursuant to
Section 5.05 for the period to which the Assumed Tax Liability relates, less prior losses of the Company, as determined for U.S. federal income tax purposes, allocated to such Member pursuant to
Section 5.05 to the extent not previously taken into account in determining the Assumed Tax Liability of such Member, as reasonably determined by the Manager. 

“Award Agreement” has the meaning set forth in Section 4.01(a). 

“Base Rate” means, on any date, a variable rate per annum equal to the rate of interest most recently published by The
Wall Street Journal as the “prime rate” at large U.S. money center banks. 

“Black-Out Period” means any
“black-out” or similar period under the Corporation’s policies covering trading in the Corporation’s securities to which the applicable Redeeming Member is subject, which period restricts
the ability of such Redeeming Member to immediately resell shares of Class A Common Stock to be delivered to such Redeeming Member in connection with a Share Settlement. 

“Blocker Corps” means the Pre-IPO Members other than Smith & Nephew,
Inc. 

  
 3 

 “Book Value” means, with respect to any Company property, the
Company’s adjusted basis for U.S. federal income tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulation Section 1.704-1(b)(2)(iv)(d)-(g). 

“Business Day” means any day other than a Saturday or a Sunday or a day on which banks located in New York City, New
York generally are authorized or required by Law to close. 
 “Capital Account” means the capital account maintained
for a Member in accordance with Section 5.01. 
 “Capital Contribution” means, with
respect to any Member, the amount of any cash, cash equivalents, promissory obligations or the Fair Market Value of other property that such Member contributes (or is deemed to contribute) to the Company pursuant to Article III hereof. 

“Cash Settlement” means immediately available funds in U.S. dollars in an amount equal to the Redeemed Units
Equivalent. 
 “Certificate” means the Company’s Certificate of Formation as filed with the Secretary of State
of Delaware. 
 “Change of Control Transaction” means (a) a sale of all or substantially all of the
Company’s assets determined on a consolidated basis (including, without limitation, as a result of the sale of equity securities of any Subsidiary of the Company) or (b) a sale of a majority of the Company’s outstanding Units (other
than (i) to the Corporation or (ii) in connection with a Redemption or Exchange in accordance with Article XI); in any such case, whether by merger, recapitalization, consolidation, reorganization, combination or otherwise;
provided, however, that neither (w) a transaction solely between the Company or any of its Subsidiaries, on the one hand, and the Company or any of its Subsidiaries, on the other hand, (x) nor a transaction solely for the purpose of
changing the jurisdiction of domicile of the Company, nor (y) a transaction solely for the purpose of changing the form of entity of the Company, nor (z) a sale of a majority of the outstanding shares of Class A Common Stock, whether
by merger, recapitalization, consolidation, reorganization, combination or otherwise, shall in each case of clauses (w), (x), (y) and (z) constitute a Change of Control Transaction. 

“Class A Common Stock” has the meaning set forth in the recitals to this Agreement.

 “Class B Common Stock” means the Class B Common Stock, par value $0.001 per
share, of the Corporation. 
 “Code” means the United States Internal Revenue Code of 1986, as amended. 

“Common Unit” means a Unit representing a fractional part of the Company Interests of the Members and having the
rights and obligations specified with respect to the Common Units in this Agreement. 
 “Common Unit Redemption
Price” means the arithmetic average of the volume weighted average prices for a share of Class A Common Stock on the principal U.S. securities 

  
 4 

 
exchange or automated or electronic quotation system on which the Class A Common Stock trades, as reported by Bloomberg, L.P., or its successor, for each of the five (5) consecutive
full Trading Days ending on and including the last full Trading Day immediately prior to the Redemption Date, subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the
Class A Common Stock. If the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, then a majority of the Independent Directors shall determine the Common Unit Redemption Price in good
faith. 
 “Common Unitholder” means a Member who is the registered holder of Common Units. 

“Company” has the meaning set forth in the preamble to this Agreement. 

“Company Interest” means the interest of a Member in Profits, Losses and Distributions. 

“Contribution Notice” has the meaning set forth in Section 11.01(b). 

“Corporate Board” means the Board of Directors of the Corporation. 

“Corporate Incentive Award Plan” means the [Bioventus Inc. 2021 Incentive Award Plan], as the same may be amended,
restated, amended and restated, supplemented or otherwise modified from time to time. 
 “Corporation” has the
meaning set forth in the recitals to this Agreement, together with its successors and assigns. 
 “Credit Agreement”
means that certain Credit Agreement, dated as of December 6, 2019, by and among the Company, as borrower, the several banks and other financial institutions or entities from time to time parties thereto, and Wells Fargo Bank, N.A., as
syndication agent, administrative agent and collateral agent, including all exhibits, schedules and attachments thereto as the same may be amended, restated, supplemented or otherwise modified from time to time and including any one or more
refinancings or replacements thereof, in whole or in part, with any other debt facility or debt obligation. 
 “Delaware
Act” means the Delaware Limited Liability Company Act, 6 Del.L. § 18-101, et seq., as it may be amended from time to time, and any successor thereto. 

“Direct Exchange” has the meaning set forth in Section 11.03(a). 

“Distributable Cash” shall mean, as of any relevant date on which a determination is being made by the Manager
regarding a potential distribution pursuant to Section 4.01(a), the amount of cash that could be distributed by the Company for such purposes in accordance with the Credit Agreement (and without otherwise violating any
applicable provisions of the Credit Agreement). 
 “Distribution” (and, with a correlative meaning,
“Distribute”) means each distribution made by the Company to a Member with respect to such Member’s Units, whether in cash, property or securities of the Company and whether by liquidating distribution or otherwise;

  
 5 

 
provided, however, that none of the following shall be a Distribution: (a) any recapitalization that does not result in the distribution of cash or property to Members or any exchange
of securities of the Company, and any subdivision (by Unit split or otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding Units or (b) any other payment made by the Company to a Member that is not properly
treated as a “distribution” for purposes of Sections 731, 732, or 733 or other applicable provisions of the Code. 

“Distribution Tax Rate” shall mean a rate equal to the highest effective marginal combined U.S. federal, state and
local income tax rate for a Fiscal Year applicable to a domestic corporation whose principal place of business is in New York City, New York (taking into account the deductibility of state and local taxes) as reasonably determined by the Manager.

 “Effective Date Members” has the meaning set forth in the recitals to this Agreement. 

“Effective Time” has the meaning set forth in Section 16.17. 

“Equity Plan” means any stock or equity purchase plan, restricted stock or equity plan or other similar equity
compensation plan now or hereafter adopted by the Company or the Corporation. 
 “Equity Securities” means
(a) Units or other equity interests in the Company or any Subsidiary of the Company (including other classes or groups thereof having such relative rights, powers and duties as may from time to time be established by the Manager pursuant to the
provisions of this Agreement, including rights, powers and/or duties senior to existing classes and groups of Units and other equity interests in the Company or any Subsidiary of the Company), (b) obligations, evidences of indebtedness or other
securities or interests convertible or exchangeable into Units or other equity interests in the Company or any Subsidiary of the Company, and (c) warrants, options or other rights to purchase or otherwise acquire Units or other equity interests
in the Company or any Subsidiary of the Company. 
 “Event of Withdrawal” means the expulsion, bankruptcy or
dissolution of a Member or the occurrence of any other event that terminates the continued membership of a Member in the Company. “Event of Withdrawal” shall not include an event that (a) terminates the existence of a Member for
income tax purposes (including, without limitation, (i) a change in entity classification of a Member under Treasury Regulations Section 301.7701-3, (ii) a sale of assets by, or liquidation of, a
Member pursuant to an election under Code Sections 336 or 338, or (iii) merger, severance, or allocation within a trust or among sub-trusts of a trust that is a Member) but that (b) does not
terminate the existence of such Member under applicable state law (or, in the case of a trust that is a Member, does not terminate the trusteeship of the fiduciaries under such trust with respect to all the Company Interests of such trust that is a
Member). 
 “Exchange Election Notice” has the meaning set forth in Section 11.03(b). 

“Fair Market Value” means, with respect to any asset, its fair market value determined according to Article XV.

 “First A&R LLC Agreement” has the meaning set forth in the recitals to this Agreement. 

  
 6 

 “Fiscal Period” means any interim accounting period within a Taxable
Year established by the Company and which is permitted or required by Section 706 of the Code. 
 “Fiscal Year”
means the Company’s annual accounting period established pursuant to Section 8.02. 

“Governmental Entity” means (a) the United States of America, (b) any other sovereign nation, (c) any
state, province, district, territory or other political subdivision of (a) or (b) of this definition, including any county, municipal or other local subdivision of the foregoing, or (d) any entity exercising executive, legislative,
judicial, regulatory or administrative functions of government on behalf of (a), (b) or (c) of this definition. 

“Indemnified Person” has the meaning set forth in Section 7.05(a). 

“Independent Directors” means the members of the Corporate Board who are “independent” under the standards
set forth in Rule 10A-3 promulgated under the U.S. Securities Exchange Act of 1933, as amended, and the corresponding rules of the applicable exchange on which the Class A Common Stock is traded or
quoted. 
 “Initial LLC Agreement” has the meaning set forth in the recitals to this Agreement. 

“Investment Company Act” means the U.S. Investment Company Act of 1940, as amended from time to time. 

“IPO” has the meaning set forth in the recitals to this Agreement. 

“IPO Closing Date” means the closing date of the IPO, which for the avoidance of doubt means the date on which all IPO
Net Proceeds required to be delivered pursuant to the Underwriting Agreement have been delivered to the Corporation in respect of its sale of Class A Common Stock excluding any proceeds from the Over-Allotment Option which may be delivered at a
subsequent date following exercise of such option. 
 “IPO Common Unit Purchase” has the meaning set forth in
Section 3.03(b). 
 “IPO Common Unit Purchase Agreement” means that certain Common Unit
Purchase Agreement, dated as of the date hereof, by and among the Corporation and the Company. 
 “IPO Net Proceeds”
has the meaning set forth in the recitals to this Agreement. 
 “Joinder” means a joinder to this Agreement, in form
and substance substantially similar to Exhibit A to this Agreement. 
 “Law” means all laws, statutes,
ordinances, rules and regulations of the United States, any foreign country and each state, commonwealth, city, county, municipality, regulatory body, agency or other political subdivision thereof. 

“LLC Employee” means an employee of, or other service provider to, the Company or any Subsidiary, in each case acting
in such capacity. 

  
 7 

 “Losses” means items of Company loss or deduction determined
according to Section 5.01(b). 
 “Majority Members” means the Members holding a majority
of the Voting Units then outstanding other than Voting Units held by the Manager or any of its Affiliates. 

“Manager” has the meaning set forth in Section 6.01. 

“Market Price” means, with respect to a share of Class A Common Stock as of a specified date, the last sale price
per share of Class A Common Stock, regular way, or if no such sale took place on such day, the average of the closing bid and asked prices per share of Class A Common Stock, regular way, in either case as reported in the principal
consolidated transaction reporting system with respect to securities listed or admitted to trading on the Stock Exchange or, if the Class A Common Stock is not listed or admitted to trading on the Stock Exchange, as reported on the principal
consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Class A Common Stock is listed or admitted to trading or, if the Class A Common Stock is not listed or
admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the
over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotation System or, if such system is no longer in use, the
principal other automated quotation system that may then be in use or, if the Class A Common Stock is not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a
market in the Class A Common Stock selected by the Corporate Board or, in the event that no trading price is available for the shares of Class A Common Stock, the fair market value of a share of Class A Common Stock, as determined in
good faith by the Corporate Board. 
 “Member” means, as of any date of determination, (a) each of the members
named on the Schedule of Members and (b) any Person admitted to the Company as a Substituted Member or Additional Member in accordance with Article XII, but in each case only so long as such Person is shown on the Company’s books
and records as the owner of one or more Units. 
 “Minimum Gain” means “partnership minimum gain”
determined pursuant to Treasury Regulation Section 1.704-2(d). 
 “Net Loss” means, with respect to a Fiscal
Year, the excess if any, of Losses for such Fiscal Year over Profits for such Fiscal Year (excluding Profits and Losses specially allocated pursuant to Section 5.03 and Section 5.04). 

“Net Profit” means, with respect to a Fiscal Year, the excess if any, of Profits for such Fiscal Year over Losses for
such Fiscal Year (excluding Profits and Losses specially allocated pursuant to Section 5.03 and Section 5.04). 

“Officer” has the meaning set forth in Section 6.01(b). 

“Optionee” means a Person to whom a stock option is granted under any Stock Option Plan. 

  
 8 

 “Original Common Units” has the meaning set forth in the recitals to
this Agreement. 
 “Original Class B Units” has the meaning set forth in the
recitals to this Agreement. 
 “Original Preferred Units” has the meaning set forth in the recitals to this
Agreement. 
 “Original Profits Interests Units” has the meaning set forth in the recitals to this Agreement. 

“Original OUS Units” has the meaning set forth in the recitals to this Agreement. 

“Original Units” has the meaning set forth in the recitals to this Agreement. 

“Other Agreements” has the meaning set forth in Section 10.04. 

“Other Business” has the meaning set forth in Section 7.02(b). 

“Over-Allotment Option” has the meaning set forth in the recitals to this Agreement. 

“Over-Allotment Option Net Proceeds” has the meaning set forth in the recitals to this Agreement. 

“Partnership Representative” has the meaning set forth in Section 9.03. 

“Percentage Interest” means, as among an individual class of Units and with respect to a Member at a particular time,
such Member’s percentage interest in the Company determined by dividing such Member’s Units of such class by the total Units of all Members of such class at such time. The Percentage Interest of each member shall be calculated to the 4th decimal place. 
 “Permitted Transfer” has the meaning set forth
in Section 10.02. 
 “Person” means an individual or any corporation, partnership, limited
liability company, trust, unincorporated organization, association, joint venture or any other organization or entity, whether or not a legal entity. 

“Pro rata,” “pro rata portion,” “according to their interests,”
“ratably,” “proportionately,” “proportional,” “in proportion to,” “based on the number of Units held,” “based upon the
percentage of Units held,” “based upon the number of Units outstanding,” and other terms with similar meanings, when used in the context of a number of Units of the Company relative to other Units, means as
amongst an individual class of Units, pro rata based upon the number of such Units within such class of Units. 

“Profits” means items of Company income and gain determined according to Section 5.01(b).

 “Recapitalization” has the meaning set forth in the recitals to this Agreement. 

“Redeemed Units” has the meaning set forth in Section 11.01(a). 

  
 9 

 “Redeemed Units Equivalent” means the product of (a) the Share
Settlement, times (b) the Common Unit Redemption Price. 
 “Redeeming Member” has the meaning set forth in
Section 11.01(a). 
 “Redemption” has the meaning set forth in
Section 11.01(a). 
 “Redemption Date” has the meaning set forth in
Section 11.01(a). 
 “Redemption Notice” has the meaning set forth in
Section 11.01(a). 
 “Redemption Right” has the meaning set forth in
Section 11.01(a). 
 “Registration Rights Agreement” means that certain Registration
Rights Agreement, dated as of the date hereof, by and among the Corporation, S&N, Smith & Nephew OUS, Inc., a Delaware corporation, EW Healthcare Partners Acquisition Fund, L.P., Spindletop Healthcare Capital L.P., Pantheon Global Co-Investment, AMP-CF Holdings, LLC and Alta Partners VIII, L.P. (together with any joinder thereto from time to time by any successor or assign to any party to such Agreement). 

“Retraction Notice” has the meaning set forth in Section 11.01(b). 

“Revised Partnership Audit Provisions” shall mean Section 1101 of Title XI (Revenue Provisions Related to Tax
Compliance) of the Bipartisan Budget Act of 2015, H.R. 1314, Public Law Number 114-74, any amendments thereto, and any regulations or other official guidance issued with respect thereto. 

“S&N” means Smith & Nephew, Inc., a Delaware corporation and its successors and assigns. 

“Schedule of Members” has the meaning set forth in Section 3.01(b). 

“SEC” means the U.S. Securities and Exchange Commission, including any governmental body or agency succeeding to the
functions thereof. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and applicable rules and
regulations thereunder, and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future Law. 

“Share Settlement” means a number of shares of Class A Common Stock equal to the number of Redeemed Units. 

“Specified Person” has the meaning set forth in Section 7.05(d). 

“Stock Exchange” means the New York Stock Exchange. 

  
 10 

 “Stock Option Plan” means any stock option plan now or hereafter
adopted by the Company or by the Corporation, including the Corporate Incentive Award Plan. 
 “Subsidiary” means,
with respect to any Person, any corporation, limited liability company, partnership, association or business entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination
thereof, or (b) if a limited liability company, partnership, association or other business entity (other than a corporation), a majority of the voting interests thereof are at the time owned or controlled, directly or indirectly, by any Person
or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, references to a “Subsidiary” of the Company shall be given effect only at such times that the Company has one or more Subsidiaries, and, unless
otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company. 
 “Substituted Member”
means a Person that is admitted as a Member to the Company pursuant to Section 12.01. 
 “Tax
Distribution Date” has the meaning set forth in Section 4.01(b)(i). 
 “Tax
Distributions” has the meaning set forth in Section 4.01(b)(i). 
 “Tax Receivable
Agreement” means that certain Tax Receivable Agreement, dated as of the date hereof, by and among the Corporation, the Company and S&N (together with any joinder thereto from time to time by any successor or assign to any party to
such Agreement). 
 “Taxable Year” means the Company’s accounting period for U.S. federal income tax purposes
determined pursuant to Section 9.02. 
 “Trading Day” means a day on which the Stock
Exchange or such other principal United States securities exchange on which the Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day).

 “Transfer” (and, with a correlative meaning, “Transferring”) means, in respect of any
Unit, property or other asset, any sale, transfer, assignment, pledge, encumbrance or other disposition (whether directly or indirectly, whether with or without consideration and whether voluntarily or involuntarily or by operation of Law),
including without limitation, the exchange of any Unit for any other security. 
 “Treasury Regulations” means the
income tax regulations promulgated under the Code and any corresponding provisions of succeeding regulations. 
 “Underwriting
Agreement” means the Underwriting Agreement, dated as of [●], 2021, by and among the Corporation, the Company, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Canaccord Genuity
Securities LLC and the other underwriters named therein, if any. 

  
 11 

 “Unit” means a Company Interest of a Member or a permitted Assignee
in the Company representing a fractional part of the Company Interests of all Members and Assignees as may be established by the Manager from time to time in accordance with Section 3.02; provided, however, that any
class or group of Units issued shall have the relative rights, powers and duties set forth in this Agreement, and the Company Interest represented by such class or group of Units shall be determined in accordance with such relative rights, powers
and duties. 
 “Unitholder” means a Common Unitholder and any Member who is the registered holder of any other class
of Units, if any. 
 “Unvested Corporate Shares” means shares of Class A Common Stock issued pursuant to the
Corporate Incentive Award Plan that are not Vested Corporate Shares. 
 “Value” means (a) for any Stock Option
Plan, the Market Price for the trading day immediately preceding the date of exercise of a stock option under such Stock Option Plan and (b) for any Equity Plan other than a Stock Option Plan, the Market Price for the trading day immediately
preceding the Vesting Date. 
 “Vested Corporate Shares” means the shares of Class A Common Stock issued
pursuant to the Corporate Incentive Award Plan that are vested pursuant to the terms thereof or any award or similar agreement relating thereto. 

“Vesting Date” has the meaning set forth in Section 3.10(c)(ii). 

“Voting Units” means (a) the Common Units and (b) any other Units other than Units that by their express
terms do not entitle the record holder thereof to vote on any matter presented to the Members generally under this Agreement for approval; provided that (i) no vote by Voting Units shall have the power to override any action taken by the
Manager or to remove or replace the Manager, (ii) the Voting Units have no ability to take part in the conduct or control of the Company’s business and (iii) notwithstanding any vote by Voting Units hereunder, the Manager shall retain
exclusive management power over the business and affairs of the Company in accordance with Section 6.01(a). 

ARTICLE II. 
 ORGANIZATIONAL
MATTERS 
 Section 2.01    Formation of Company. The Company was formed on
November 23, 2011 pursuant to the provisions of the Delaware Act. 

Section 2.02    Second Amended and Restated Limited Liability Company Agreement. The
Members hereby execute this Agreement for the purpose of establishing the affairs of the Company and the conduct of its business in accordance with the provisions of the Delaware Act. The Members hereby agree that during the term of the Company set
forth in Section 2.06 the rights and obligations of the Members with respect to the Company will be determined in accordance with the terms and conditions of this Agreement and the Delaware Act. On any matter upon which
this Agreement is silent, the Delaware Act shall control. No provision of this Agreement shall be in violation of the Delaware Act and to the extent any provision of this Agreement is in violation of the Delaware Act, such provision shall be void
and of no effect to 

  
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the extent of such violation without affecting the validity of the other provisions of this Agreement; provided, however, that where the Delaware Act provides that a provision of the
Delaware Act shall apply “unless otherwise provided in a limited liability company agreement” or words of similar effect, the provisions of this Agreement shall in each instance control; provided further, that notwithstanding the
foregoing, Section 18-210 of the Delaware Act shall not apply or be incorporated into this Agreement. 

Section 2.03    Name. The name of the Company shall be “Bioventus LLC.” The
Manager in its sole discretion may change the name of the Company at any time and from time to time. Notification of any such change shall be given to all of the Members and, to the extent practicable, to all of the holders of any Equity Securities
then outstanding. The Company’s business may be conducted under its name and/or any other name or names deemed advisable by the Manager. 

Section 2.04    Purpose. The primary business and purpose of the Company shall be to
engage in such activities as are permitted under the Delaware Act and determined from time to time by the Manager in accordance with the terms and conditions of this Agreement. 

Section 2.05    Principal Office; Registered Office. The principal office of the Company
shall be at 4721 Emperor Boulevard, Suite 100, Durham, NC 27703, or such other place as the Manager may from time to time designate. The address of the registered office of the Company in the State of Delaware shall be c/o The Corporation Trust
Company, 1209 Orange Street, in the City of Wilmington, County of New Castle, 19801, and the registered agent for service of process on the Company in the State of Delaware at such registered office shall be The Corporation Trust Company. The
Manager may from time to time change the Company’s registered agent and registered office in the State of Delaware. 

Section 2.06    Term. The term of the Company commenced upon the filing of the
Certificate in accordance with the Delaware Act and shall continue in existence until termination and dissolution of the Company in accordance with the provisions of Article XIV. 

Section 2.07    No State-Law Partnership. The
Members intend that the Company not be a partnership (including, without limitation, a limited partnership) or joint venture, and that no Member be a partner or joint venturer of any other Member by virtue of this Agreement, for any purposes other
than as set forth in the last sentence of this Section 2.07, and neither this Agreement nor any other document entered into by the Company or any Member relating to the subject matter hereof shall be construed to suggest
otherwise. The Members intend that the Company shall be treated as a partnership for U.S. federal and, if applicable, state or local income tax purposes, and that each Member and the Company shall file all tax returns and shall otherwise take all
tax and financial reporting positions in a manner consistent with such treatment. 

  
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 ARTICLE III. 

MEMBERS; UNITS; CAPITALIZATION 

Section 3.01    Members. 

(a)    S&N previously was admitted as a Member and shall remain a Member of the Company upon the Effective Time. At the
Effective Time and concurrently with the IPO Common Unit Purchase and the Blocker Roll Up, the Corporation shall be admitted to the Company as a Member. 

(b)    The Company shall maintain a schedule setting forth: (i) the name and address of each Member; (ii) the
aggregate number of outstanding Units and the number and class of Units held by each Member; (iii) the aggregate amount of cash Capital Contributions that has been made by the Members with respect to their Units; and (iv) the Fair Market
Value of any property other than cash contributed by the Members with respect to their Units (including, if applicable, a description and the amount of any liability assumed by the Company or to which contributed property is subject) (such schedule,
the “Schedule of Members”). The applicable Schedule of Members in effect as of the Effective Time is set forth as Schedule 2 to this Agreement. The Schedule of Members shall be the definitive record
of ownership of each Unit of the Company and all relevant information with respect to each Member. The Company shall be entitled to recognize the exclusive right of a Person registered on its records as the owner of Units for all purposes and shall
not be bound to recognize any equitable or other claim to or interest in Units on the part of any other Person, whether or not it shall have express or other notice thereof, except as otherwise provided by the Delaware Act. 

(c)    No Member shall be required or, except as approved by the Manager pursuant to
Section 6.01 and in accordance with the other provisions of this Agreement, permitted to (i) loan any money or property to the Company, (ii) borrow any money or property from the Company, or (iii) make any
additional Capital Contributions. 
 Section 3.02    Units. Interests in the Company
shall be represented by Units, or such other securities of the Company, in each case as the Manager may establish in its discretion in accordance with the terms and subject to the restrictions hereof. Immediately after the Effective Time, the Units
will be comprised of a single class of Common Units (with an aggregate of [●] Common Units being authorized for issuance by the Company). To the extent required pursuant to Section 3.04(a), the Manager may create one
or more classes or series of Common Units or preferred Units solely to the extent they are in the aggregate substantially equivalent to a class of common stock of the Corporation or class or series of preferred stock of the Corporation;
provided that as long as there are any Members of the Company (other than the Corporation), then no such new class or series of Units may deprive such Members of, or dilute or reduce, the pro rata share of all Company Interests they would
have received or to which they would have been entitled if such new class or series of Units had not been created except to the extent (and solely to the extent) the Company actually receives cash in an aggregate amount, or other property with a
Fair Market Value in an aggregate amount, equal to the pro rata share allocated to such new class or series of Units and the number thereof issued by the Company. 

  
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 Section 3.03    Recapitalization; the
Corporation’s Capital Contribution; the Corporation’s Purchase of Common Units; Member Distribution. 

(a)    Recapitalization. In connection with the Recapitalization, immediately prior to the Effective Time,
the Original Preferred Units, Original Common Units, Original OUS Units, Original EPR Unit and Original Profits Interests Units that in each case were issued and outstanding and held by the respective Pre-IPO
Members prior to the execution and effectiveness of this Agreement in the amounts set forth on Schedule 1 are hereby converted into the number of Common Units set forth next to each Effective Date Member on Schedule 2 (provided, for
the avoidance of doubt, that the number of Common Units set forth on Schedule 2 shall include the Common Units issued to the Corporation pursuant to the IPO Common Unit Purchase Agreement), which are hereby issued and outstanding as of the
Effective Date. 
 (b)    The Corporation’s Common Unit Purchase. (i) Following the
Recapitalization, immediately upon the Effective Time, the Corporation will contribute the IPO Net Proceeds to the Company in exchange for [●] Common Units and (ii) upon the exercise, if any, of the Over-Allotment Option, the Corporation
will contribute the Over-Allotment Option Net Proceeds in exchange for a number of Common Units equal to the number of shares with respect to which the Over-Allotment Option is exercised, in each case pursuant to the IPO Common Unit Purchase
Agreement (the “IPO Common Unit Purchase”). The parties hereto acknowledge and agree that the IPO Common Unit Purchase will result in a “reevaluation of partnership property” and corresponding adjustments to Capital
Account balances as described in Section 1.704-1(b)(2)(iv)(f) of the Treasury Regulations. 

Section 3.04    Authorization and Issuance of Additional Units. 

(a)    The Company shall undertake all actions, including, without limitation, a reclassification, distribution, division
or recapitalization, with respect to the Common Units, to maintain at all times a one-to-one ratio between the number of Common Units owned by the Corporation and the
number of outstanding shares of Class A Common Stock, disregarding, for purposes of maintaining the one-to-one ratio, (i) Unvested Corporate Shares,
(ii) treasury stock or (iii) preferred stock or other debt or equity securities (including without limitation warrants, options or rights) issued by the Corporation that are convertible into or exercisable or exchangeable for Class A
Common Stock (except to the extent the net proceeds from such other securities, including any exercise or purchase price payable upon conversion, exercise or exchange thereof, have been contributed by the Corporation to the equity capital of the
Company). In the event the Corporation issues, transfers or delivers from treasury stock or repurchases Class A Common Stock in a transaction not contemplated in this Agreement, the Manager shall take all actions such that, after giving effect
to all such issuances, transfers, deliveries or repurchases, the number of outstanding Common Units owned by the Corporation will equal on a one-for-one basis the number
of outstanding shares of Class A Common Stock. In the event the Corporation issues, transfers or delivers from treasury stock or repurchases or redeems the Corporation’s preferred stock in a transaction not contemplated in this Agreement,
the Manager shall have the authority to take all actions such that, after giving effect to all such issuances, transfers, deliveries, repurchases or redemptions, the Corporation holds (in the case of any issuance, transfer or delivery) or ceases to
hold (in the case of any repurchase or redemption) equity interests in the Company which (in the good faith determination by the Manager) are in 

  
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the aggregate substantially equivalent to the outstanding preferred stock of the Corporation so issued, transferred, delivered, repurchased or redeemed. The Company shall not undertake any
subdivision (by any Common Unit split, Common Unit distribution, reclassification, recapitalization or similar event) or combination (by reverse Common Unit split, reclassification, recapitalization or similar event) of the Common Units that is not
accompanied by an identical subdivision or combination of Class A Common Stock to maintain at all times a one-to-one ratio between the number of Common Units owned
by the Corporation and the number of outstanding shares of Class A Common Stock, unless such action is necessary to maintain at all times a one-to-one ratio between
the number of Common Units owned by the Corporation and the number of outstanding shares of Class A Common Stock as contemplated by the first sentence of this Section 3.04(a). 

(b)     If at any time the Corporation issues any Equity Security (other than a share of Class A Common Stock) of the
Corporation entitled to any economic rights (an “Other Economic Security”) with regard thereto (other than Class B Common Stock or another Equity Security of the Corporation not entitled to any economic
rights with respect thereto), the Company shall issue to the Corporation such Equity Securities of the Company corresponding to the Other Economic Security with substantially the same rights to dividends and distributions (including distributions
upon liquidation) and other economic rights as those of such Other Economic Security, and shall thereafter maintain such correspondence in a manner consistent with the provisions of Section 3.04(a) for maintaining a one-to-one correspondence of the Common Units and Class A Common Stock. 

(c)     After the consummation of the IPO, if at any time the Corporation issues any Class A Common Stock or Other
Economic Security (other than in connection with any Stock Option Plan, in which case the provisions of Section 3.10 shall apply), the net proceeds received by the Corporation with respect to such Class A Common Stock or Other Economic
Security, if any, shall be concurrently contributed to the Company; provided, that if the Corporation issues any shares of Class A Common Stock in order to purchase or fund the purchase from another Member (other than the Corporation) of
a number of Common Units (and a corresponding number of shares of Class B Common Stock), then the Company shall not issue any new Units in connection therewith and the Corporation shall not be required to transfer such net proceeds to the
Company (it being understood that such net proceeds shall instead by transferred to such other Member as consideration for such purchase). 

(d)     The Company shall only be permitted to issue additional Units or other Equity Securities in the Company to the
Persons and on the terms and conditions provided for in Section 3.02, this Section 3.04, Section 3.10 and Section 3.11. Subject to the foregoing,
the Manager may cause the Company to issue additional Common Units authorized under this Agreement at such times and upon such terms as the Manager shall determine and the Manager shall amend this Agreement as necessary in connection with the
issuance of additional Common Units and admission of additional Members under this Section 3.04 without the requirement of any consent or acknowledgement of any other Member. 

Section 3.05    Repurchase or Redemption of shares of Class A Common
Stock or Other Economic Security. If, at any time, any shares of Class A Common Stock or Other Economic Security are repurchased or redeemed (whether by exercise of a put or call, automatically or by

  
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means of another arrangement) by the Corporation for cash, then the Manager shall cause the Company, immediately prior to such repurchase or redemption of Class A Common Stock or Other
Economic Security, to redeem a corresponding number of Common Units held by the Corporation (in the case of a repurchase or redemption of Class A Common Stock), or an amount of Equity Securities of the Company corresponding to the Other
Economic Securities repurchased or redeemed (in the case of a repurchase or redemption of Other Economic Securities), at an aggregate redemption price equal to the aggregate purchase or redemption price of the shares of Class A Common Stock or
Other Economic Security being repurchased or redeemed by the Corporation (plus any expenses related thereto) and upon such other terms as are the same for the shares of Class A Common Stock or Other Economic Security being repurchased or
redeemed by the Corporation. 
 Section 3.06    Certificates Representing Units; Lost,
Stolen or Destroyed Certificates; Registration and Transfer of Units. 
 (a)    Units shall not be certificated
unless otherwise determined by the Manager. If the Manager determines that one or more Units shall be certificated, each such certificate shall be signed by or in the name of the Company, by the Chief Executive Officer and any other officer
designated by the Manager, representing the number of Units held by such holder. Such certificate shall be in such form (and shall contain such legends) as the Manager may determine. Any or all of such signatures on any certificate representing one
or more Units may be a facsimile, engraved or printed, to the extent permitted by applicable Law. The Manager agrees that it shall not elect to treat any Unit as a “security” within the meaning of Article 8 of the Uniform Commercial Code
unless thereafter all Units then outstanding are represented by one or more certificates. 
 (b)    If Units are
certificated, the Manager may direct that a new certificate representing one or more Units be issued in place of any certificate theretofore issued by the Company alleged to have been lost, stolen or destroyed, upon delivery to the Manager of an
affidavit of the owner or owners of such certificate, setting forth such allegation. The Manager may require the owner of such lost, stolen or destroyed certificate, or such owner’s legal representative, to give the Company a bond sufficient to
indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of any such new certificate. 

(c)    Upon surrender to the Company or the transfer agent of the Company, if any, of a certificate for one or more Units,
duly endorsed or accompanied by appropriate evidence of succession, assignment or authority to transfer, in compliance with the provisions hereof, the Company shall issue a new certificate representing one or more Units to the Person entitled
thereto, cancel the old certificate and record the transaction upon its books. Subject to the provisions of this Agreement, the Manager may prescribe such additional rules and regulations as it may deem appropriate relating to the issue, Transfer
and registration of Units. 
 Section 3.07    Negative Capital Accounts. No Member
shall be required to pay to any other Member or the Company any deficit or negative balance which may exist from time to time in such Member’s Capital Account (including upon and after dissolution of the Company). 

  
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 Section 3.08    No Withdrawal. No
Person shall be entitled to withdraw any part of such Person’s Capital Contribution or Capital Account or to receive any Distribution from the Company, except as expressly provided in this Agreement. 

Section 3.09    Loans From Members. Loans by Members to the Company shall not be
considered Capital Contributions. Subject to the provisions of Section 3.01(c), the amount of any such advances shall be a debt of the Company to such Member and shall be payable or collectible in accordance with the terms
and conditions upon which such advances are made. 
 Section 3.10    Corporate Stock Option
Plans and Equity Plans. 
 (a)    Options Granted to Persons other than LLC Employees. If at any time or from
time to time, in connection with any Stock Option Plan, a stock option granted over shares of Class A Common Stock to a Person other than an LLC Employee is duly exercised: 

(i)    The Corporation shall, as soon as practicable after such exercise, make a Capital Contribution to
the Company in an amount equal to the exercise price paid to the Corporation by such exercising Person in connection with the exercise of such stock option. 

(ii)    Notwithstanding the amount of the Capital Contribution actually made pursuant to
Section 3.10(a)(i), the Corporation shall be deemed to have contributed to the Company as a Capital Contribution, in lieu of the Capital Contribution actually made and in consideration of additional Common Units, an amount
equal to the Value of a share of Class A Common Stock as of the date of such exercise multiplied by the number of shares of Class A Common Stock then being issued by the Corporation in connection with the exercise of such stock option.

 (iii)    The Corporation shall receive in exchange for such Capital Contributions (as deemed made
under Section 3.10(a)(ii)), a corresponding number of Units of a class correlative to the class of Equity Securities for which such stock options were granted. 

(b)    Options Granted to LLC Employees. If at any time or from time to time, in connection with any Stock Option
Plan, a stock option granted over shares of Class A Common Stock to an LLC Employee is duly exercised: 

(i)    The Corporation shall sell to the Optionee, and the Optionee shall purchase from the Corporation,
for a cash price per share equal to the Value of a share of Class A Common Stock at the time of the exercise, the number of shares of Class A Common Stock equal to the quotient of (x) the exercise price payable by the Optionee in
connection with the exercise of such stock option divided by (y) the Value of a share of Class A Common Stock at the time of such exercise. 

(ii)    The Corporation shall sell to the Company (or if the Optionee is an employee of, or other service
provider to, a Subsidiary, the Corporation shall sell to such Subsidiary), and the Company (or such Subsidiary, as applicable) shall purchase from the Corporation, a number of shares of Class A Common Stock equal to the excess of (x) the
number of shares of Class A Common Stock as to which such stock option is being 

  
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exercised over (y) the number of shares of Class A Common Stock sold pursuant to Section 3.10(b)(i) hereof. The purchase price per share of Class A Common
Stock for such sale of shares of Class A Common Stock to the Company (or such Subsidiary) shall be the Value of a share of Class A Common Stock as of the date of exercise of such stock option. 

(iii)    The Company shall transfer to the Optionee (or if the Optionee is an employee of, or other service
provider to, a Subsidiary, the Subsidiary shall transfer to the Optionee) at no additional cost to such LLC Employee and as additional compensation to such LLC Employee, the number of shares of Class A Common Stock described in
Section 3.10(b)(ii). 
 (iv)    The Corporation shall, as soon as practicable
after such exercise, make a Capital Contribution to the Company in an amount equal to all proceeds received (from whatever source, but excluding any payment in respect of payroll taxes or other withholdings) by the Corporation in connection with the
exercise of such stock option. The Corporation shall receive for such Capital Contribution, a number of Units equal to the number of shares of Class A Common Stock for which such option was exercised. 

(c)    Restricted Stock Granted to LLC Employees. If at any time or from time to time, in connection with any
Equity Plan (other than a Stock Option Plan), any shares of Class A Common Stock are issued to an LLC Employee (including any shares of Class A Common Stock that are subject to forfeiture in the event such LLC Employee terminates his or
her employment with the Company or any Subsidiary) in consideration for services performed for the Company or any Subsidiary: 

(i)    The Corporation shall issue such number of shares of Class A Common Stock as are to be issued
to such LLC Employee in accordance with the Equity Plan; 
 (ii)    On the date (such date, the
“Vesting Date”) that the Value of such shares is includible in taxable income of such LLC Employee, the following events will be deemed to have occurred: (a) the Corporation shall be deemed to have sold such shares of
Class A Common Stock to the Company (or if such LLC Employee is an employee of, or other service provider to, a Subsidiary, to such Subsidiary) for a purchase price equal to the Value of such shares of Class A Common Stock, (b) the
Company (or such Subsidiary) shall be deemed to have delivered such shares of Class A Common Stock to such LLC Employee, (c) the Corporation shall be deemed to have contributed the purchase price for such shares of Class A Common
Stock to the Company as a Capital Contribution, and (d) in the case where such LLC Employee is an employee of a Subsidiary, the Company shall be deemed to have contributed such amount to the capital of the Subsidiary; and 

(iii)    The Company shall issue to the Corporation on the Vesting Date a number of Units equal to the
number of shares of Class A Common Stock issued under Section 3.10(c)(i) in consideration for a Capital Contribution in cash in an amount equal to the product of (x) the number of such newly issued Units
multiplied by (y) the Value of a share of Class A Common Stock. 

  
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 (d)    Future Stock Incentive Plans. Nothing in this Agreement
shall be construed or applied to preclude or restrain the Corporation from adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates of the Corporation, the Company or any of their
respective Affiliates. The Members acknowledge and agree that, in the event that any such plan is adopted, modified or terminated by the Corporation, amendments to this Section 3.10 may become necessary or advisable and
that any approval or consent to any such amendments requested by the Corporation shall be deemed granted by the Manager without the requirement of any further consent or acknowledgement of any other Member. 

(e)    Anti-dilution adjustments. For all purposes of this Section 3.10, the number of
shares of Class A Common Stock and the corresponding number of Common Units shall be determined after giving effect to all anti-dilution or similar adjustments that are applicable, as of the date of exercise or vesting, to the option, warrant,
restricted stock or other equity interest that is being exercised or becomes vested under the applicable Stock Option Plan or other Equity Plan and applicable award or grant documentation. 

Section 3.11    Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan
or Other Plan. Except as may otherwise be provided in this Article III, all amounts received or deemed received by the Corporation in respect of any dividend reinvestment plan, cash option purchase plan, stock incentive or other stock or
subscription plan or agreement, either (a) shall be utilized by the Corporation to effect open market purchases of shares of Class A Common Stock, or (b) if the Corporation elects instead to issue new shares of Class A Common
Stock with respect to such amounts, shall be contributed by the Corporation to the Company in exchange for additional Units. Upon such contribution, the Company will issue to the Corporation a number of Units equal to the number of new shares of
Class A Common Stock so issued. 
 ARTICLE IV. 

DISTRIBUTIONS 

Section 4.01    Distributions. 

(a)    Distributable Cash; Other Distributions. To the extent permitted by applicable Law and hereunder,
Distributions to Members may be declared by the Manager out of Distributable Cash or other funds or property legally available therefor in such amounts and on such terms (including the payment dates of such Distributions) as the Manager shall
determine using such record date as the Manager may designate; such Distributions shall be made to the Members as of the close of business on such record date on a pro rata basis in accordance with each Member’s Percentage Interest as of the
close of business on such record date; provided, however, that the Manager shall have the obligation to make Distributions as set forth in Sections 4.01(b) and 14.02; and provided further that, notwithstanding any
other provision herein to the contrary, no Distributions shall be made to any Member to the extent such Distribution would render the Company insolvent. For purposes of the foregoing sentence, insolvency means the inability of the Company to meet
its payment obligations when due. Promptly following the designation of a record date and the declaration of a Distribution pursuant to this Section 4.01(a), the Manager shall give notice to each Member of the record date,
the amount and the terms of the Distribution and the payment date thereof. In furtherance of the foregoing, it is intended that 

  
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the Manager shall, to the extent permitted by applicable Law and hereunder, have the right in its sole discretion to make Distributions to the Members pursuant to this
Section 4.01(a) in such amounts as shall enable the Corporation to pay dividends or to meet its obligations, including its obligations pursuant to the Tax Receivable Agreement (to the extent such obligations are not
otherwise able to be satisfied as a result of Tax Distributions required to be made pursuant to Section 4.01(b)). 

(b)    Tax Distributions. 

(i)    On or about each date (a “Tax Distribution Date”) that is five
(5) Business Days prior to each due date for the U.S. federal income tax return of a corporate calendar year taxpayer (without regard to extensions) (or, if earlier, the due date for the U.S. federal income tax return of the Corporation, as
determined without regard to extensions), the Company shall make a Distribution to each Member out of Distributable Cash, pro rata, in accordance with each Member’s Percentage Interest, in an amount sufficient to cause the Corporation to
receive a Distribution equal to the sum of (x) all of the Corporation’s U.S. federal, state, local and non-U.S. tax liabilities and (y) the amount necessary to satisfy the Corporation’s
obligations pursuant to the Tax Receivable Agreement, in each case, during the Taxable Year period to which the tax-related distribution under this Section 4.01(b) relates (the
“Tax Distributions”). 
 (ii)    If a Member (other than the Corporation) has an
Assumed Tax Liability at a Tax Distribution Date in excess of the sum of the amount of Tax Distributions made to such Member under Section 4.01(b)(i) with respect to the relevant Taxable Year (such excess, a “Tax
Distribution Shortfall”), the Company shall make an additional Distribution to each Member (including the Corporation) out of Distributable Cash, pro rata, in accordance with each Member’s Percentage Interest, in an amount
sufficient to cause any Member with a Tax Distribution Shortfall to receive an amount equal to such Tax Distribution Shortfall. 

(iii)    If, on a Tax Distribution Date, there is insufficient Distributable Cash to distribute to the
Members the full amount of the Distributions to which such Members are otherwise entitled pursuant to Section 4.01(b)(i) and Section 4.01(b)(ii), the Company shall make future Distributions
pursuant to Section 4.01(b)(i) and Section 4.01(b)(ii) as soon as Distributable Cash becomes available sufficient to pay the remaining portion of such Distributions to which such Members are
otherwise entitled. 
 (iv)    In the event of any audit by, or similar event with, a taxing authority
that affects the calculation of the Corporation’s U.S. federal, state, local and non-U.S. tax liabilities for any Taxable Year, or in the event the Company files an amended tax return, any shortfall in
the amount of Tax Distributions received by the Corporation and the other Members for the relevant Taxable Years based on such recalculated tax liability promptly shall be distributed to the Corporation and such Members in accordance with
Section 4.01(b)(i) and Section 4.01(b)(ii), except, for the avoidance of doubt, to the extent Distributions were made to such Members pursuant to Section 4.01(b)(i) and
Section 4.01(b)(ii) in the relevant Taxable Years sufficient to cover such shortfall. 

  
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 (v)    Notwithstanding the foregoing, all Distributions
pursuant to this Section 4.01(b), if any, shall be made to a Member only to the extent all previous Distributions to such Member pursuant to Section 4.01(b) with respect to the relevant Taxable
Year are less than the Distributions such Member otherwise would have been entitled to receive with respect to such Taxable Year pursuant to this Section 4.01(b). 

Section 4.02    Restricted Distributions. Notwithstanding any provision to the contrary
contained in this Agreement, the Company shall not make any Distribution to any Member on account of any Company Interest if such Distribution would violate any applicable Law or the terms of the Credit Agreement. 

ARTICLE V. 
 CAPITAL ACCOUNTS;
ALLOCATIONS; TAX MATTERS 
 Section 5.01    Capital Accounts. 

(a)    The Company shall maintain a separate Capital Account for each Member according to the rules of Treasury Regulation
Section 1.704-1(b)(2)(iv). For this purpose, the Company may (in the discretion of the Manager), upon the occurrence of the events specified in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in
accordance with the rules of such Treasury Regulation and Treasury Regulation Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation of Company property. 

(b)    For purposes of computing the amount of any item of Company income, gain, loss or deduction to be allocated
pursuant to this Article V and to be reflected in the Capital Accounts of the Members, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for U.S. federal
income tax purposes (including any method of depreciation, cost recovery or amortization used for this purpose); provided, however, that: 

(i)    The computation of all items of income, gain, loss and deduction shall include those items described
in Code Section 705(a)(l)(B) or Code Section 705(a)(2)(B) and Treasury Regulation Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items are not includable in gross income or are not deductible for U.S. federal
income tax purposes. 
 (ii)    If the Book Value of any Company property is adjusted pursuant to
Treasury Regulation Section 1.704-1(b)(2)(iv)(e) or (f), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property. 

(iii)    Items of income, gain, loss or deduction attributable to the disposition of Company property
having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property. 

(iv)    Items of depreciation, amortization and other cost recovery deductions with respect to Company
property having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the property’s Book Value in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g). 

  
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 (v)    To the extent an adjustment to the adjusted tax
basis of any Company asset pursuant to Code Sections 732(d), 734(b) or 743(b) is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to
the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis). 

Section 5.02    Allocations. Except as otherwise provided in
Section 5.03 and Section 5.04, Net Profits and Net Losses for any Fiscal Year or Fiscal Period shall be allocated among the Capital Accounts of the Members pro rata in accordance with their
respective Percentage Interests. 
 Section 5.03    Special Allocations. 

(a)    Losses attributable to partner nonrecourse debt (as defined in Treasury Regulation Section 1.704-2(b)(4)) shall
be allocated in the manner required by Treasury Regulation Section 1.704-2(i). If there is a net decrease during a Taxable Year in partner nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(3)), Profits for
such Taxable Year (and, if necessary, for subsequent Taxable Years) shall be allocated to the Members in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(i)(4). 

(b)    Nonrecourse deductions (as determined according to Treasury Regulation Section 1.704-2(b)(1)) for any Taxable
Year shall be allocated pro rata among the Members in accordance with their Percentage Interests. Except as otherwise provided in Section 5.03(a), if there is a net decrease in the Minimum Gain during any Taxable Year, each
Member shall be allocated Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(f). This
Section 5.03(b) is intended to be a minimum gain chargeback provision that complies with the requirements of Treasury Regulation Section 1.704-2(f), and shall be interpreted in a manner consistent therewith. 

(c)    If any Member that unexpectedly receives an adjustment, allocation or Distribution described in Treasury Regulation
Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year, computed after the application of Sections 5.03(a) and 5.03(b) but before the application of any
other provision of this Article V, then Profits for such Taxable Year shall be allocated to such Member in proportion to, and to the extent of, such Adjusted Capital Account Deficit. This Section 5.03(c) is intended
to be a qualified income offset provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner consistent therewith. 

(d)    If the allocation of Net Losses to a Member as provided in Section 5.02 would create or
increase an Adjusted Capital Account Deficit, there shall be allocated to such Member only that amount of Losses as will not create or increase an Adjusted Capital Account Deficit. The Net Losses that would, absent the application of the preceding
sentence, otherwise be allocated to such Member shall be allocated to the other Members in accordance with their relative Percentage Interests, subject to this Section 5.03(d). 

  
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 (e)    Profits and Losses described in
Section 5.01(b)(v) shall be allocated in a manner consistent with the manner that the adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(j), (k) and
(m). 
 (f)    The allocations set forth in Section 5.03(a) through and including
Section 5.03(d) (the “Regulatory Allocations”) are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury Regulations. The Regulatory Allocations may not be
consistent with the manner in which the Members intend to allocate Profit and Loss of the Company or make Distributions. Accordingly, notwithstanding the other provisions of this Article V, but subject to the Regulatory Allocations, income,
gain, deduction and loss shall be reallocated among the Members so as to eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital Accounts of the Members to be in the amounts (or as close thereto as possible) they
would have been if Profit and Loss (and such other items of income, gain, deduction and loss) had been allocated without reference to the Regulatory Allocations. In general, the Members anticipate that this will be accomplished by specially
allocating other Profit and Loss (and such other items of income, gain, deduction and loss) among the Members so that the net amount of the Regulatory Allocations and such special allocations to each such Member is zero. In addition, if in any
Fiscal Year or Fiscal Period there is a decrease in partnership minimum gain, or in partner nonrecourse debt minimum gain, and application of the minimum gain chargeback requirements set forth in Section 5.03(a) or
Section 5.03(b) would cause a distortion in the economic arrangement among the Members, the Members may, if they do not expect that the Company will have sufficient other income to correct such distortion, request the
Internal Revenue Service to waive either or both of such minimum gain chargeback requirements. If such request is granted, this Agreement shall be applied in such instance as if it did not contain such minimum gain chargeback requirement. 

Section 5.04    Final Allocations. Notwithstanding any contrary provision in this
Agreement except Section 5.03, the Manager shall make appropriate adjustments to allocations of Profits and Losses to (or, if necessary, allocate items of gross income, gain, loss or deduction of the Company among) the
Members upon the liquidation of the Company (within the meaning of Section 1.704 1(b)(2)(ii)(g) of the Treasury Regulations), the transfer of substantially all the Units (whether by sale or exchange or merger) or sale of all or substantially
all the assets of the Company, such that, to the maximum extent possible, the Capital Accounts of the Members are proportionate to their Percentage Interests. In each case, such adjustments or allocations shall occur, to the maximum extent possible,
in the Fiscal Year of the event requiring such adjustments or allocations. 

Section 5.05    Tax Allocations. 

(a)    The income, gains, losses, deductions and credits of the Company will be allocated, for federal, state and local
income tax purposes, among the Members in accordance with the allocation of such income, gains, losses, deductions and credits among the Members for computing their Capital Accounts; provided that if any such allocation is not permitted by
the Code or other applicable Law, the Company’s subsequent income, gains, losses, deductions and credits will be allocated among the Members so as to reflect as nearly as possible the allocation set forth herein in computing their Capital
Accounts. 

  
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 (b)    Items of Company taxable income, gain, loss and deduction with
respect to any property contributed to the capital of the Company shall be allocated among the Members in accordance with Code Section 704(c) so as to take account of any variation between the adjusted basis of such property to the Company for
federal income tax purposes and its Book Value using the traditional method, as described in Treasury Regulations Section 1.704-3(b). 

(c)    If the Book Value of any Company asset is adjusted pursuant to Section 5.01(b),
subsequent allocations of items of taxable income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Book Value in the same manner
as under Code Section 704(c) using the traditional method, as described in Treasury Regulations Section 1.704-3(b). 

(d)    Allocations of tax credits, tax credit recapture, and any items related thereto shall be allocated to the Members
pro rata as determined by the Manager taking into account the principles of Treasury Regulation Section 1.704-1(b)(4)(ii). 

(e)    For purposes of determining a Member’s pro rata share of the Company’s “excess nonrecourse
liabilities” within the meaning of Treasury Regulation Section 1.752-3(a)(3), each Member’s interest in income and gain shall be in proportion to the Units held by such Member. 

(f)    Allocations pursuant to this Section 5.05 are solely for purposes of federal, state and
local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Profits, Losses, Distributions or other Company items pursuant to any provision of this Agreement. 

Section 5.06    Indemnification and Reimbursement for Payments on Behalf of a Member. If
the Company is obligated to pay any amount to a Governmental Entity (or otherwise makes a payment to a Governmental Entity) that is specifically attributable to a Member or a Member’s status as such (including federal withholding taxes, state
personal property taxes, state unincorporated business taxes, U.S. federal income taxes as a result of Company obligations pursuant to the Revised Partnership Audit Provisions, but excluding payments such as professional association fees and the
like made voluntarily by the Company on behalf of any Member based upon such Member’s status as an employee of the Company), then such Person shall indemnify the Company in full for the entire amount paid (including interest, penalties and
related expenses). The Manager may offset Distributions to which a Person is otherwise entitled under this Agreement against such Person’s obligation to indemnify the Company under this Section 5.06. A Member’s
obligation to make contributions to the Company under this Section 5.06 shall survive the termination, dissolution, liquidation and winding up of the Company, and for purposes of this Section 5.06,
the Company shall be treated as continuing in existence. The Company may pursue and enforce all rights and remedies it may have against each Member under this Section 5.06, including instituting a lawsuit to collect such
contribution with interest calculated at a rate per annum equal to the sum of the Base Rate plus 300 basis points (but not in excess of the highest rate per annum permitted by Law). Each Member hereby agrees to furnish to the Company such
information and forms as required or reasonably requested in order to comply with any laws and regulations governing withholding of tax or in order to claim any reduced rate of, or exemption from, withholding to which the Member is legally entitled.

  
 25 

 ARTICLE VI. 

MANAGEMENT 

Section 6.01    Authority of Manager. 

(a)    Except for situations in which the approval of any Member(s) is specifically required by this Agreement,
(i) all management powers over the business and affairs of the Company shall be exclusively vested in the Corporation, as the sole managing member of the Company (the Corporation, in such capacity, the “Manager”) and
(ii) the Manager shall conduct, direct and exercise full control over all activities of the Company. The Manager shall be the “manager” of the Company for the purposes of the Delaware Act. Except as otherwise expressly provided for
herein and subject to the other provisions of this Agreement, the Members hereby consent to the exercise by the Manager of all such powers and rights conferred on the Members by the Delaware Act with respect to the management and control of the
Company. Any vacancies in the position of Manager shall be filled in accordance with Section 6.04. 

(b)    The day-to-day business and
operations of the Company shall be overseen and implemented by officers of the Company (each, an “Officer” and collectively, the “Officers”), subject to the limitations imposed by the Manager. An
Officer may, but need not, be a Member. Each Officer shall be appointed by the Manager and shall hold office until his or her successor shall be duly designated and shall qualify or until his or her death or until he shall resign or shall have been
removed in the manner hereinafter provided. Any one Person may hold more than one office. Subject to the other provisions in this Agreement (including in Section 6.07 below), the salaries or other compensation, if any, of
the Officers of the Company shall be fixed from time to time by the Manager. The authority and responsibility of the Officers shall include, but not be limited to, such duties as the Manager may, from time to time, delegate to them and the carrying
out of the Company’s business and affairs on a day-to-day basis. The existing Officers of the Company as of the Effective Time shall remain in their respective
positions and shall be deemed to have been appointed by the Manager. All Officers shall be, and shall be deemed to be, officers and employees of the Company. An Officer may also perform one or more roles as an officer of the Manager. 

(c)    The Manager shall have the power and authority to effectuate the sale, lease, transfer, exchange or other
disposition of any, all or substantially all of the assets of the Company (including the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time held by the
Company) or the merger, consolidation, reorganization or other combination of the Company with or into another entity. 
 Section
6.02    Actions of the Manager. The Manager may act through any Officer or through any other Person or Persons to whom authority and duties have been delegated pursuant to Section 6.07. 

Section 6.03    Resignation; No Removal. The Manager may resign at any time by giving written notice to
the Members. Unless otherwise specified in the notice, the resignation shall take effect upon receipt thereof by the Members, and the acceptance of the resignation shall not be necessary to make it effective. For the avoidance of doubt, the Members
have no right under this Agreement to remove or replace the Manager. 

  
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 Section 6.04    Vacancies. Vacancies in the position of
Manager occurring for any reason shall be filled, upon written notice to the Company, by the Corporation (or, if the Corporation has ceased to exist without any successor or assign, then by the holders of a majority in interest of the voting capital
stock of the Corporation immediately prior to such cessation) with a successor that is (a) a wholly-owned Subsidiary of the Corporation, (b) a Person of which the Corporation is a wholly-owned Subsidiary, (c) a Person into which the
Corporation is merged or consolidated or (d) a transferee of all or substantially all of the assets of the Corporation. For the avoidance of doubt, the Members have no right under this Agreement to fill any vacancy in the position of Manager.
No appointment of a Person other than the Corporation (or its successor, as the case may be) as Manager shall be effective unless the Corporation (or its successor, as the case may be) and the new Manager provide all other Members with contractual
rights, directly enforceable by such other Members against the new Manager, to cause the new Manager to comply with all of the Manager’s obligations under this Agreement. 

Section 6.05    Transactions Between Company and Manager. The Manager may cause the Company to contract
and deal with the Manager, or any Affiliate of the Manager, provided such contracts and dealings (other than contracts and dealings between the Company and its Subsidiaries) are on terms comparable to and competitive with those available to the
Company from others dealing at arm’s length or are approved by the Members and otherwise are permitted by the Credit Agreement. Notwithstanding the foregoing, the Members hereby approve (i) each of the contracts or agreements between or
among the Manager, the Company and their respective Affiliates entered into on or prior to the date hereof in accordance with the First A&R LLC Agreement or that the board of managers has approved in connection with an initial public offering as
of the date hereof and (ii) any other contracts and dealings that are customary (and necessary or desirable for the proper implementation of the transaction structure) among a public corporation and its Subsidiaries following an initial public
offering pursuant to an “Up-C” structure in accordance with the terms hereof. 

Section 6.06    Reimbursement for Expenses. 

(a)    The Manager shall not be compensated for its services as Manager of the Company except as expressly provided in this
Agreement. The Members acknowledge and agree that, upon consummation of the IPO, the Manager’s Class A Common Stock will be publicly traded and therefore the Manager will have access to the public capital markets and that such status and
the services performed by the Manager will inure to the benefit of the Company and all Members; therefore, the Manager shall be reimbursed by the Company for any reasonable
out-of-pocket expenses incurred on behalf of the Company, including without limitation all fees, expenses and costs associated with the IPO and all fees, expenses and
costs of being a public company (including without limitation public reporting obligations, proxy statements, stockholder meetings, stock exchange fees, transfer agent fees, SEC and FINRA filing fees and offering expenses) and maintaining its
corporate existence. In the event that shares of Class A Common Stock are sold to underwriters in the IPO (or in any subsequent public offering) at a price per share that is lower than the price per share for which such shares of Class A
Common Stock are sold to the public in the IPO (or in such subsequent public offering, as applicable) after 

  
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taking into account underwriters’ discounts or commissions and brokers’ fees or commissions (such difference, the “Discount”), the Company shall reimburse the
Manager for such Discount by treating such Discount as an additional Capital Contribution made by the Manager to the Company and increasing the Manager’s Capital Account by the amount of such Discount. To the extent practicable, expenses
incurred by the Manager on behalf of or for the benefit of the Company shall be billed directly to and paid by the Company and, if and to the extent any reimbursements to the Manager or any of its Affiliates by the Company pursuant to this
Section 6.06 constitute gross income to such Person (as opposed to the repayment of advances made by such Person on behalf of the Company), such amounts shall be treated as “guaranteed payments” within the meaning
of Code Section 707(c) and shall not be treated as distributions for purposes of computing the Members’ Capital Accounts. 
 (b)
    Notwithstanding Section 6.06(a), until the Tax Receivable Agreement has been terminated pursuant to Section 4.1 of the Tax Receivable Agreement and the Early Termination Payment (as defined in the Tax Receivable
Agreement) has been paid to S&N, or, if earlier, the fifteenth anniversary of the date on which S&N ceases to be a Member of the Company, S&N shall promptly, but in any event within 30 days after receipt of an invoice therefor (which the
Company shall provide no more frequently than quarterly, on or promptly following the first day of each quarter), reimburse the Company for all reasonable and documented
(i) out-of-pocket fees, expenses and costs associated with administering the Tax Receivable Agreement (excluding, for the avoidance of doubt, any payments required
to be made by the Company to S&N thereunder, including pursuant to Sections 3.1(a) and 4.3(a) thereof) and (ii) incremental out-of-pocket fees, expenses and
costs incurred by the Company in connection with the administration of the tax and organizational functions of the Company that are reasonably determined to be in excess of the fees, expenses and costs that would have been incurred in connection
with the tax and organizational functions of the Corporation had it owned, immediately after the IPO, all of the outstanding equity interests of the Company; provided that, notwithstanding the foregoing or anything else to the contrary
contained herein, in no event shall S&N be obligated to pay more than $[●] per annum pursuant to this Section 6.06(b); and, provided further, that such amount shall not include the fees, expenses and costs of an initial public
offering pursuant to an “Up-C” structure incurred on or prior to the date hereof. 

Section 6.07    Delegation of Authority. The Manager (a) may, from time to time, delegate to one
or more Persons such authority and duties as the Manager may deem advisable, and (b) may assign titles (including, without limitation, chief executive officer, president, chief executive officer, chief financial officers, chief operating
officer, vice president, secretary, assistant secretary, treasurer or assistant treasurer) and delegate certain authority and duties to such Persons as the same may be amended, restated or otherwise modified from time to time. Any number of titles
may be held by the same individual. The salaries or other compensation, if any, of such agents of the Company shall be fixed from time to time by the Manager, subject to the other provisions in this Agreement. 

Section 6.08    Limitation of Liability of Manager. 

(a)    Except as otherwise provided herein or in an agreement entered into by such Person and the Company, neither the
Manager nor any of the Manager’s Affiliates shall be liable to the Company or to any Member that is not the Manager for any act or omission performed or 

  
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omitted by the Manager in its capacity as the sole managing member of the Company pursuant to authority granted to the Manager by this Agreement; provided, however, that, except as
otherwise provided herein, such limitation of liability shall not apply to the extent the act or omission was attributable to the Manager’s gross negligence, willful misconduct, bad faith or knowing violation of Law or for any present or future
breaches of any representations, warranties or covenants by the Manager or its Affiliates contained herein or in the other agreements with the Company. The Manager may exercise any of the powers granted to it by this Agreement and perform any of the
duties imposed upon it hereunder either directly or by or through its agents, and shall not be responsible for any misconduct or negligence on the part of any such agent (so long as such agent was selected in good faith and with reasonable care).
The Manager shall be entitled to rely upon the advice of legal counsel, independent public accountants and other experts, including financial advisors, and any act of or failure to act by the Manager in good faith reliance on such advice shall in no
event subject the Manager to liability to the Company or any Member that is not the Manager. 
 (b)    Whenever in this
Agreement or any other agreement contemplated herein, the Manager is permitted or required to take any action or to make a decision in its “sole discretion” or “discretion,” with “complete discretion” or under a grant
of similar authority or latitude, the Manager shall be entitled to consider such interests and factors as it desires, including its own interests, and shall, to the fullest extent permitted by applicable Law, have no duty or obligation to give any
consideration to any interest of or factors affecting the Company or other Members. 
 (c)    Whenever in this Agreement
the Manager is permitted or required to take any action or to make a decision in its “good faith” or under another express standard, the Manager shall act under such express standard and, to the extent permitted by applicable Law, shall
not be subject to any other or different standards imposed by this Agreement or any other agreement contemplated herein, and, notwithstanding anything contained herein to the contrary, so long as the Manager acts in good faith, the resolution,
action or terms so made, taken or provided by the Manager shall not constitute a breach of this Agreement or any other agreement contemplated herein or impose liability upon the Manager or any of the Manager’s Affiliates. 

Section 6.09    Investment Company Act. The Manager shall use its best efforts to ensure that the
Company shall not be subject to registration as an investment company pursuant to the Investment Company Act. 

Section 6.10    Outside Activities of the Manager. The Manager shall not, directly or indirectly, enter
into or conduct any business or operations, other than (a) the ownership, acquisition and disposition of Common Units, (b) the management of the business and affairs of the Company and its Subsidiaries, (c) the operation of the
Manager as a reporting company with a class (or classes) of securities registered under Section 12 of the Exchange Act and listed on a securities exchange, (d) the offering, sale, syndication, private placement or public offering of stock,
bonds, securities or other interests of the Manager, (e) financing or refinancing of any type related to the Company, its Subsidiaries or their assets or activities, and (f) such activities as are incidental to the foregoing; provided,
however, that, except as otherwise provided herein, the net proceeds of any financing raised by the Manager pursuant to the preceding clauses (d) and (e) shall be made available to the Company, whether as Capital Contributions, loans or
otherwise, as appropriate, and, provided further, that the Manager may, in its sole and absolute discretion, 

  
 29 

 
from time to time hold or acquire assets in its own name or otherwise other than through the Company and its Subsidiaries so long as the Manager takes commercially reasonable measures to ensure
that the economic benefits and burdens of such assets are otherwise vested in the Company or its Subsidiaries, through assignment, mortgage loan or otherwise or, if it is not commercially reasonable to vest such economic interests in the Company or
any of its Subsidiaries, the Members shall negotiate in good faith to amend this Agreement to reflect such activities and the direct ownership of assets by the Manager. Nothing contained herein shall be deemed to prohibit the Manager from executing
any guarantee of indebtedness of the Company or its Subsidiaries. 
 ARTICLE VII. 

RIGHTS AND OBLIGATIONS OF MEMBERS 

Section 7.01    Limitation of Liability and Duties of Members. 

(a)    No Member (including without limitation, the Manager) shall be obligated personally for any debts, obligation or
liability of the Company or any debts, obligation or liability solely by reason of being a Member or acting as the Manager of the Company, except to the extent required by the Delaware Act. Notwithstanding anything contained herein to the contrary,
the failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business and affairs under this Agreement or the Delaware Act shall not be grounds for imposing personal liability on
the Members for liabilities of the Company. 
 (b)    In accordance with the Delaware Act and the laws of the State of
Delaware, a Member may, under certain circumstances, be required to return amounts previously distributed to such Member. It is the intent of the Members that no Distribution to any Member pursuant to Article IV shall be deemed a return of
money or other property paid or distributed in violation of the Delaware Act. The payment of any such money or Distribution of any such property to a Member shall be deemed to be a compromise within the meaning of Section 18-502(b) of the
Delaware Act, and, to the fullest extent permitted by Law, any Member receiving any such money or property shall not be required to return any such money or property to the Company or any other Person. However, if any court of competent jurisdiction
holds that, notwithstanding the provisions of this Agreement, any Member is obligated to make any such payment, such obligation shall be the obligation of such Member and not of any other Member. 

(c)    Notwithstanding Section 7.02 below or any other provision to the contrary in this
Agreement, (i) the Manager shall, in its capacity as Manager, and not in any other capacity, have the same fiduciary duties to the Company and the Members as a member of the board of directors of a Delaware corporation (assuming such
corporation had in its certificate of incorporation a provision eliminating the liabilities of directors and officers to the maximum extent permitted by Section 102(b)(7) of the Delaware General Corporation Law); (ii) the parties hereto
acknowledge that the Manager will take action through its board of directors, and that the members of the Manager’s board of directors will owe fiduciary duties to the stockholders of the Manager; and (iii) the Manager will use
commercially reasonable and appropriate efforts and means, as determined in good faith by the Manager, to minimize any conflict of interest between the Members, on the one hand, and the stockholders of the Manager, on the other hand, and to

  
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effectuate any transaction that involves or affects any of the Company, the Manager, the Members and/or the stockholders of the Manager in a manner that does not (x) disadvantage the Members
of their interests relative to the stockholders of the Manager, (y) advantage the stockholders of the Manager relative to the Members or (z) treat the Members and the stockholders of the Manager differently; provided that in the event of a
conflict between the interests of the stockholders of the Manager and the interests of the Members other than the Manager, such other Members agree that the Manager shall discharge its fiduciary duties to such other Members by acting in the best
interests of the Manager’s stockholders. For the avoidance of doubt, the fiduciary duties described in clause (i) above shall not be limited by the fact that the Manager shall be permitted to take certain actions in its sole or reasonable
discretion pursuant to the terms of this Agreement or any agreement entered into in connection herewith. Any duties and liabilities set forth in this Agreement shall replace those existing at Law or in equity (including the duties of the Manager and
any Member) and each of the Company and each Member hereby, to the fullest extent permitted by applicable Law, including Section 18-1101(c) of the Delaware Act: (i) acknowledges and agrees that none of the Members, their respective
Affiliates or its or their respective Affiliates, directors, officers, employees, agents or representatives, acting in his or her capacity as such, shall be obligated to (A) reveal to the Company or any of its Subsidiaries confidential
information belonging to or relating to the business of such Person or any of its Affiliates or (B) recommend or to take any action in its capacity as such that prefers the interest of the Company or its Subsidiaries over the interest of such
Person; and (ii) waives the right to make any claim, bring any action or seek any recovery based on any duties or liabilities existing at Law or in equity (including the duties of the Manager and any Member) other than any such duties and
liabilities set forth in this Agreement. The provisions of this Section 7.01(c) shall survive any amendment, repeal or termination of this Agreement. 

(d)    Notwithstanding any other provision of this Agreement (subject to Section 6.08 and
Section 7.01(c) with respect to the Manager), to the extent that, at Law or in equity, any Member (or any Member’s Affiliate or any manager, managing member, general partner, director, officer, employee, agent,
fiduciary or trustee of any Member or of any Affiliate of a Member) has duties (including fiduciary duties) to the Company, to the Manager, to another Member, to any Person who acquires an interest in a Company Interest or to any other Person bound
by this Agreement, all such duties (including fiduciary duties) are hereby eliminated, to the fullest extent permitted by Law, and replaced with the duties or standards expressly set forth herein, if any. The elimination of duties (including
fiduciary duties) to the Company, the Manager, each of the Members, each other Person who acquires an interest in a Company Interest and each other Person bound by this Agreement and replacement thereof with the duties or standards expressly set
forth herein, if any, are approved by the Company, the Manager, each of the Members, each other Person who acquires an interest in a Company Interest and each other Person bound by this Agreement. 

Section 7.02    Corporate Opportunities. Subject to
Section 6.08 and Section 7.01(c) with respect to the Manager: 

(a)    In no event shall any Member be liable to the Company, any Subsidiary of the Company or to any party hereto for
breaches of fiduciary or other similar duties by virtue of the fact that such Person fails to bring a business opportunity to the attention of the Company or any 

  
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Subsidiary of the Company or presents a business opportunity to a Member or an Affiliate of a Member (rather than, or in addition to, presenting such opportunity to the Company). This
Section 7.02 shall not apply to any Member who is an employee of the Corporation or any Subsidiary of the Corporation (including the Company and the Subsidiaries of the Company). 

(b)    Without limiting the generality of the foregoing, the Members expressly acknowledge and agree that (i) each
Member and its Affiliates are permitted to have, and may presently or in the future have, investments or other business relationships, ventures, agreements or arrangements with, or ownership of, entities engaged in the same or a similar business to
the business conducted by the Company and its Subsidiaries, and in related businesses other than through the Company and its Subsidiaries (an “Other Business”), (ii) each Member or its Affiliates have or may develop a
strategic relationship with businesses that are or may be competitive with the Company and its Subsidiaries, (iii) no Member or its Affiliates will be prohibited by virtue of their investment in the Company and its Subsidiaries from pursuing
and engaging in any such activities, (iv) no Member or its Affiliates will be obligated to inform the Company of any such opportunity, relationship or investment, (v) the other Members will not acquire, be provided with an option or
opportunity to acquire or be entitled to any interest or participation in any Other Business as a result of the participation therein of a Member or its Affiliates, (vi) the Members expressly waive, to the fullest extent permitted by applicable
Law, any rights to assert any claim that such involvement breaches any duty owed to any Member, or the Company or its Subsidiaries or to assert that such involvement constitutes a conflict of interest by such Persons with respect to the Company or
its Subsidiaries and (vii) nothing contained herein shall limit, prohibit or restrict any Member or any of its Affiliates from serving on the board of directors or other governing body or committee of any Other Business.
This Section 7.02(b) shall not apply to the Corporation or any Member who is an employee of the Corporation or any Subsidiary of the Corporation (including the Company and the Subsidiaries of the Company). 

Section 7.03    Lack of Authority. No Member, other than the Manager or a duly appointed
Officer, in each case in its capacity as such, has the authority or power to act for or on behalf of the Company, to do any act that would be binding on the Company or to make any expenditure on behalf of the Company. The Members hereby consent to
the exercise by the Manager of the powers conferred on them by Law and this Agreement. 

Section 7.04    No Right of Partition. No Member, other than the Manager, shall have the
right to seek or obtain partition by court decree or operation of Law of any Company property, or the right to own or use particular or individual assets of the Company. 

Section 7.05    Indemnification. 

(a)    Subject to Section 5.06, the Company hereby agrees to indemnify and hold harmless any
Person (each an “Indemnified Person”) to the fullest extent permitted under the Delaware Act, as the same now exists or may hereafter be amended, substituted or replaced (but, in the case of any such amendment, substitution
or replacement only to the extent that such amendment, substitution or replacement permits the Company to provide broader indemnification rights than the Company is providing immediately prior to such amendment), against all expenses, liabilities,
damages and losses (including attorneys’ fees, judgments, 

  
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amounts paid in settlement, fines, excise taxes, interest or penalties) incurred or suffered by such Person (or one or more of such Person’s Affiliates) by reason of the fact that such
Person is or was a Member or an Affiliate thereof (other than as a result of an ownership interest in the Corporation) or is or was serving as the Manager, a manager, Officer, employee or other agent of the Company or is or was serving at the
request of the Company as a manager, officer, director, principal, member, employee or agent of another corporation, partnership, joint venture, limited liability company, trust or other enterprise in connection with any action, suit or proceeding,
whether civil, criminal, administrative or investigative, relating to such Person’s status or service as such; provided, however, that no Indemnified Person shall be indemnified for any expenses, liabilities, damages and losses suffered
that are (i) attributable to such Indemnified Person’s or its Affiliates’ gross negligence, willful misconduct, bad faith or knowing violation of Law or for any present or future breaches of any representations, warranties or
covenants by such Indemnified Person or its Affiliates contained herein or in the other agreements with the Company or (ii) in connection with (x) an action, suit or proceeding (or part thereof) commenced by the Indemnified Person or
(y) an action, suit or proceeding commenced by the Company or any of its Subsidiaries against the Indemnified Person. Expenses, including attorneys’ fees, incurred by any such Indemnified Person in defending a proceeding shall be paid by
the Company in advance of the final disposition of such proceeding, including any appeal therefrom, upon receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that such
Indemnified Person is not entitled to be indemnified by the Company. 
 (b)    The right to indemnification and the
advancement of expenses conferred in this Section 7.05 shall not be exclusive of any other right which any Person may have or hereafter acquire under any statute, agreement, bylaw, action by the Manager or otherwise. 

(c)    The Company shall maintain directors’ and officers’ liability insurance, or substantially equivalent
insurance, at its expense, to protect any Indemnified Person against any expense, liability or loss described in Section 7.05(a) whether or not the Company would have the power to indemnify such Indemnified Person against
such expense, liability or loss under the provisions of this Section 7.05. The Company shall use its commercially reasonable efforts to purchase and maintain property, casualty and liability insurance in types and at levels
customary for companies of similar size engaged in similar lines of business, as determined in good faith by the Manager, and the Company shall use its commercially reasonable efforts to purchase directors’ and officers’ liability
insurance (including employment practices coverage) with a carrier and in an amount determined necessary or desirable as determined in good faith by the Manager. 

(d)    Notwithstanding anything contained herein to the contrary (including in this
Section 7.05), the Company agrees that any indemnification and advancement of expenses available to any current or former Indemnified Person from any Member or Affiliate thereof who served as a director of the Company or as
a Member of the Company by virtue of such Person’s service as a member, director, partner or employee of any such Member prior to or following the Effective Time (any such Person, a “Specified Person”) shall be secondary
to the indemnification and advancement of expenses to be provided the Company pursuant to this Section 7.05 which shall be provided out of and to the extent of Company assets only and no Member (unless such Member otherwise
agrees in writing or is found in a final decision by a 

  
 33 

 
court of competent jurisdiction to have personal liability on account thereof) shall have personal liability on account thereof or shall be required to make additional Capital Contributions to
help satisfy such indemnity of the Company and the Company (i) shall be the primary indemnitor of first resort for such Specified Person pursuant to this Section 7.05 and (ii) shall be fully responsible for the
advancement of all expenses and the payment of all damages or liabilities with respect to such Specified Person which are addressed by this Section 7.05. 

(e)    If this Section 7.05 or any portion hereof shall be invalidated on any ground by any
court of competent jurisdiction, then the Company shall nevertheless indemnify and hold harmless each Indemnified Person pursuant to this Section 7.05 to the fullest extent permitted by any applicable portion of this
Section 7.05 that shall not have been invalidated and to the fullest extent permitted by applicable Law. 

(f)    Neither the amendment of this Section 7.05, nor, to the fullest extent permitted by
Delaware Law, any modification of Law, shall eliminate or reduce the effect of this Section 7.05 in respect of any acts or omissions occurring prior to such amendment or modification. 

Section 7.06    Members Right to Act. For matters that require the approval of the
Members, the Members shall act through meetings and written consents as described in paragraphs (a) and (b) below: 

(a)    Except as otherwise expressly provided by this Agreement, acts by the Members holding a majority of the Units,
voting together as a single class, shall be the acts of the Members. Any Member entitled to vote at a meeting of Members or to express consent or dissent to Company action in writing without a meeting may authorize another person or persons to act
for it by proxy. An electronic mail, telegram, telex, cablegram or similar transmission by the Member, or a photographic, photostatic, facsimile or similar reproduction of a writing executed by the Member shall (if stated thereon) be treated as a
proxy executed in writing for purposes of this Section 7.06(a). No proxy shall be voted or acted upon after eleven months from the date thereof, unless the proxy provides for a longer period. A proxy shall be revocable
unless the proxy form conspicuously states that the proxy is irrevocable and that the proxy is coupled with an interest. Should a proxy designate two or more Persons to act as proxies, unless that instrument shall provide to the contrary, a majority
of such Persons present at any meeting at which their powers thereunder are to be exercised shall have and may exercise all the powers of voting or giving consents thereby conferred, or, if only one be present, then such powers may be exercised by
that one; or, if an even number attend and a majority do not agree on any particular issue, the Company shall not be required to recognize such proxy with respect to such issue if such proxy does not specify how the votes that are the subject of
such proxy are to be voted with respect to such issue. 
 (b)    The actions by the Members permitted hereunder may be
taken at a meeting called by the Manager or by the Members holding a majority of the Units entitled to vote on such matter on at least 120 hours’ prior written notice to the other Members entitled to vote, which notice shall state the purpose
or purposes for which such meeting is being called. The actions taken by the Members entitled to vote or consent at any meeting (as opposed to by written consent), however called and noticed, shall be as valid as though taken at a meeting duly held
after regular call and notice if (but not until), either before, at or after the meeting, the Members 

  
 34 

 
entitled to vote or consent as to whom it was improperly held signs a written waiver of notice or a consent to the holding of such meeting or an approval of the minutes thereof. The actions by
the Members entitled to vote or consent may be taken by vote of the Members entitled to vote or consent at a meeting or by written consent, so long as such consent is signed by Members having not less than the minimum number of Units that would be
necessary to authorize or take such action at a meeting at which all Members entitled to vote thereon were present and voted. Prompt notice of the action so taken, which shall state the purpose or purposes for which such consent is required and may
be delivered via email, without a meeting shall be given to those Members entitled to vote or consent who have not consented in writing; provided, however, that the failure to give any such notice shall not affect the validity of the action
taken by such written consent. Any action taken pursuant to such written consent of the Members shall have the same force and effect as if taken by the Members at a meeting thereof. 

Section 7.07    Inspection Rights. The Company shall permit each Member and each of its
designated representatives to (i) visit and inspect any of the properties of the Company and its Subsidiaries, all at reasonable times and upon reasonable notice, (ii) examine the corporate and financial records of the Company or any of
its Subsidiaries and make copies thereof or extracts therefrom, (iii) consult with the managers, officers, employees and independent accountants of the Company or any of its Subsidiaries concerning the affairs, finances and accounts of the
Company or any of its Subsidiaries, in each case including, without limitation, in the case of S&N, for purposes of S&N verifying any amounts claimed by the Company to be reimbursable pursuant to Section 6.06(b).
The presentation of an executed copy of this Agreement by any Member to the Company’s independent accountants shall constitute the Company’s permission to its independent accountants to participate in discussions with such Persons and
their respective designated representatives. 
 ARTICLE VIII. 

BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS 

Section 8.01    Records and Accounting. The Company shall keep, or cause to be kept,
appropriate books and records with respect to the Company’s business, including all books and records necessary to provide any information, lists and copies of documents required to be provided pursuant to Section 8.03
or pursuant to applicable Laws. All matters concerning (a) the determination of the relative amount of allocations and Distributions among the Members pursuant to Articles III and IV and (b) accounting procedures and
determinations, and other determinations not specifically and expressly provided for by the terms of this Agreement, shall be determined by the Manager, whose determination shall be final and conclusive as to all of the Members absent manifest
clerical error. 
 Section 8.02    Fiscal Year. The Fiscal Year of the Company shall
end on December 31 of each year or such other date as may be established by the Manager. 

Section 8.03    Reports. The Company shall deliver or cause to be delivered, within
ninety (90) days after the end of each Fiscal Year, to each Person who was a Member at any time during such Fiscal Year, all information reasonably necessary for the preparation of such Person’s United States federal and applicable state
income tax returns. 

  
 35 

 ARTICLE IX. 

TAX MATTERS 

Section 9.01    Preparation of Tax Returns. The Manager shall arrange for the preparation
and timely filing of all tax returns required to be filed by the Company. The Manager shall select an “Income Tax Return Preparer” for the Company as defined in Section 7701(a)(36) of the Code, not taking into account
Section 7701(a)(36)(B), which at all times shall be a nationally recognized accounting firm; provided as long as S&N is a 9.9% Member, such selection shall be subject to the approval of S&N, which shall not be unreasonably
withheld, conditioned or delayed. All income and franchise tax returns of, or relating to the Company and its Subsidiaries, shall be provided to S&N for review and comment not later than 60 Business Days prior to the due date (including
extensions). S&N shall be entitled to meet and discuss all income and franchise tax matters relating to the Company and its Subsidiaries with the Income Tax Return Preparer and the Partnership Representative (as defined below), and provide
comments not later than 30 Business Days prior to the due date (including extensions). On or before March 15, June 15, September 15, and December 15 of each Fiscal Year, the Company shall send to each Person who was a Member at
any time during the prior quarter, an estimate of such Member’s state tax apportionment information and allocations to the Members of taxable income, gains, losses, deductions and credits for the prior quarter, which estimate shall have been
reviewed by the Company’s outside tax accountants. As long as S&N is a 9.9% Member, such Member shall be entitled to review such outside tax accountants’ work papers (to the extent made available to the Company) and the information
made available to the Company in connection with the preparation and audit of the Company’s financial statements. In addition, no later than the later of (i) prior to April 15 following the end of the prior Fiscal Year, and
(ii) thirty (30) Business Days after the issuance of the final financial statement report for a Fiscal Year by the Company’s auditors, the Company shall send to each Person who was a Member at any time during such Fiscal Year, a statement
showing such Member’s final state tax apportionment information and allocations to the Members of taxable income, gains, losses, deductions and credits for such Fiscal Year and a completed IRS Schedule K-1. Each Member shall notify the other
Members upon receipt of any notice of tax examination of the Company by federal, state or local authorities. Subject to the terms and conditions of this Agreement, in its capacity as Partnership Representative, the Corporation shall have the
authority to prepare the tax returns of the Company using such permissible methods and elections as it determines in its reasonable discretion, including without limitation the use of any permissible method under Section 706 of the Code for
purposes of determining the varying Company Interests of its Members. 

Section 9.02    Tax Elections. The Taxable Year shall be the Fiscal Year set forth in
Section 8.02. The Company and any eligible Subsidiary shall make an election pursuant to Section 754 of the Code and shall not thereafter revoke such election. Each Member will upon request supply any information
reasonably necessary to give proper effect to any such elections. 
 Section 9.03    Tax
Controversies. The Manger shall cause the Company to take all necessary actions required by Law to designate the Corporation as the “tax matters partner” within the meaning given to such term in Section 6231 of the Code (as in
effect prior to the repeal of such section pursuant to the Revised Partnership Audit Provisions) with respect to any Taxable Year of the Company beginning on or before December 31, 2017. The Manager shall

  
 36 

 
further cause the Company to take all necessary actions required by Law to designate the Corporation as the “partnership representative” within the meaning of Section 6223(a) of
the Code with respect to any Taxable Year of the Company beginning after December 31, 2017, and if the “partnership representative” is an entity, the Corporation is hereby authorized to designate an individual to be the sole
individual through which such entity “partnership representative” will act (in such capacities, collectively, the “Partnership Representative”) The Company and the Members shall cooperate fully with each other and
shall use reasonable best efforts to cause the Corporation (or its designated individual, as applicable) to become the Partnership Representative with respect to any taxable period of the Company with respect to which the statute of limitations has
not yet expired (and causing any tax matters partner, partnership representative or designated individual designated prior to the Effective Date to resign, be revoked or replaced, as applicable), including (as applicable) by filing certifications
pursuant to Treasury Regulations Section 301.6231(a)(7)-1(d) and completing IRS Form 8970 or any other form or certificate required pursuant to Treasury Regulation
Section 301.6223-1(e)(1). The Partnership Representative shall have the right and obligation to take all actions authorized and required to represent the Company (at the Company’s expense) in
connection with all examinations of the Company’s affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend Company funds for professional services reasonably incurred in connection therewith. Each
Member agrees to cooperate with the Company and to do or refrain from doing any or all things reasonably requested by the Company with respect to the conduct of such proceedings. Without limiting the generality of the foregoing, with respect to any
audit or other proceeding, the Partnership Representative shall be entitled to cause the Company (and any of its Subsidiaries) to make any available elections pursuant to Section 6226 of the Code (and similar provisions of state, local and
other Law), and the Members shall cooperate to the extent reasonably requested by the Company in connection therewith. The Partnership Representative shall keep any 9.9% Member fully advised on a current basis of any contacts by or discussions with
the tax authorities, and the 9.9% Members shall have the right to observe and participate through representatives of their own choosing (at their sole expense) in any tax proceedings. The Company shall reimburse the Partnership Representative for
all reasonable out-of-pocket expenses incurred by the Partnership Representative, including reasonable fees of any professional attorneys, in carrying out its duties as
the Partnership Representative. The provisions of this Section 9.03 shall survive the transfer or termination of any Member’s interest in any Units of the Company, the termination of this Agreement and the termination
of the Company, and shall remain binding on each Member for the period of time necessary to resolve all tax matters relating to the Company, and shall be subject to the provisions of the Tax Receivable Agreement, as applicable. 

ARTICLE X. 
 RESTRICTIONS ON
TRANSFER OF UNITS 
 Section 10.01    Transfers by Members. No holder of Units may
Transfer any interest in any Units, except Transfers (a) pursuant to and in accordance with Section 10.02, (b) approved in writing by the Manager, in the case of Transfers by any Member other than the Manager, or
(c) in the case of Transfers by the Manager, to any Person who succeeds to the Manager in accordance with Section 6.04. Notwithstanding the foregoing, “Transfer” shall not include an event that terminates the
existence of a Member for income tax purposes (including, without limitation, a change in entity classification of a Member under Treasury Regulations Section 301.7701-3, 

  
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a sale of assets by, or liquidation of, a Member pursuant to an election under Code Sections 336 or 338, or merger, severance, or allocation within a trust or among
sub-trusts of a trust that is a Member), but that does not terminate the existence of such Member under applicable state law (or, in the case of a trust that is a Member, does not terminate the trusteeship of
the fiduciaries under such trust with respect to all the Company Interests of such trust that is a Member). 

Section 10.02    Permitted Transfers. The restrictions contained in
Section 10.01 shall not apply to any Transfer (each, a “Permitted Transfer”) pursuant to (i)(A) a Change of Control Transaction, (B) a Redemption or Exchange in accordance with Article XI
hereof or (C) a Transfer by a Member to the Corporation or any of its Subsidiaries, (ii) a Transfer by any Member to such Member’s spouse, any lineal ascendants or descendants or trusts or other entities in which such Member or
Member’s spouse, lineal ascendants or descendants hold (and continue to hold while such trusts or other entities hold Units) 50% or more of such entity’s beneficial interests, (iii) pursuant to the laws of descent and distribution and
(iv) a Transfer to an Affiliate, partner, shareholder or member of such Member; provided, however, that (A) the restrictions contained in this Agreement will continue to apply to Units after any Permitted Transfer of such Units, and
(B) in the case of the foregoing clauses (ii), (iii) and (iv), the transferees of the Units so Transferred shall agree in writing to be bound by the provisions of this Agreement and, the transferor will deliver a written notice to the Company
and the Members, which notice will disclose in reasonable detail the identity of the proposed transferee. In the case of a Permitted Transfer by any Effective Date Member of Common Units to a transferee in accordance with this
Section 10.02, such Member (or any subsequent transferee of such Member) shall be required to also transfer the fraction of its remaining Class B Common Stock ownership corresponding to the proportion of such
Member’s (or subsequent transferee’s) Common Units that were transferred in the transaction to such transferee. All Permitted Transfers are subject to the additional limitations set forth in Section 10.07(b). 

Section 10.03    Restricted Units Legend. The Units have not been registered under the
Securities Act and, therefore, in addition to the other restrictions on Transfer contained in this Agreement, cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is then available. To the
extent such Units have been certificated, each certificate evidencing Units and each certificate issued in exchange for or upon the Transfer of any Units (if such securities remain Units as defined herein after such Transfer) shall be stamped or
otherwise imprinted with a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE
ORIGINALLY ISSUED ON [●], 2021, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN
EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SPECIFIED IN THE SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF BIOVENTUS LLC, AS MAY
BE AMENDED AND MODIFIED FROM TIME TO TIME, AND BIOVENTUS LLC RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES 

  
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UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY BIOVENTUS LLC TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT
CHARGE.” 
 The Company shall imprint such legend on certificates (if any) evidencing Units. The legend set forth above shall be removed from the
certificates (if any) evidencing any units which cease to be Units in accordance with the definition thereof. 

Section 10.04    Transfer. Prior to Transferring any Units (other than pursuant to a
Change of Control Transaction), the Transferring Holder of Units shall cause the prospective Transferee to be bound by this Agreement as provided in Section 10.02 and any other agreements executed by the holders of Units
and relating to such Units in the aggregate (collectively, the “Other Agreements”), and shall cause the prospective Transferee to execute and deliver to the Company and the other holders of Units counterparts of this
Agreement and any applicable Other Agreements. Any Transfer or attempted Transfer of any Units in violation of any provision of this Agreement (including any prohibited indirect Transfers) (a) shall be void, and (b) the Company shall not
record such Transfer on its books or treat any purported Transferee of such Units as the owner of such securities for any purpose. 

Section 10.05    Assignee’s Rights. 

(a)    The Transfer of a Company Interest in accordance with this Agreement shall be effective as of the date of its
assignment (assuming compliance with all of the conditions to such Transfer set forth herein), and such Transfer shall be shown on the books and records of the Company. Profits, Losses and other Company items shall be allocated between the
transferor and the Assignee according to Code Section 706, using any permissible method as determined in the reasonable discretion of the Manager. Distributions made before the effective date of such Transfer shall be paid to the transferor,
and Distributions made after such date shall be paid to the Assignee. 
 (b)    Unless and until an Assignee becomes a
Member pursuant to Article XII, the Assignee shall not be entitled to any of the rights granted to a Member hereunder or under applicable Law, other than the rights granted specifically to Assignees pursuant to this Agreement; provided,
however, that, without relieving the transferring Member from any such limitations or obligations as more fully described in Section 10.06, such Assignee shall be bound by any limitations and obligations of a Member
contained herein that a Member would be bound on account of the Assignee’s Company Interest (including the obligation to make Capital Contributions on account of such Company Interest). 

Section 10.06    Assignor’s Rights and Obligations. Any Member who
shall Transfer any Company Interest in a manner in accordance with this Agreement shall cease to be a Member with respect to such Units or other interest and shall no longer have any rights or privileges, or, except as set forth in this
Section 10.06, duties, liabilities or obligations, of a Member with respect to such Units or other interest (it being understood, however, that the applicable provisions of Sections 6.08 and 7.05 shall
continue to inure to such Person’s benefit), except that unless and until the Assignee (if not already a Member) is admitted as a Substituted Member in 

  
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accordance with the provisions of Article XII (the “Admission Date”), (i) such assigning Member shall retain all of the duties, liabilities and obligations of a
Member with respect to such Units or other interest, and (ii) the Manager may, in its sole discretion, reinstate all or any portion of the rights and privileges of such Member with respect to such Units or other interest for any period of time
prior to the Admission Date. Nothing contained herein shall relieve any Member who Transfers any Units or other interest in the Company from any liability of such Member to the Company with respect to such Company Interest that may exist on the
Admission Date or that is otherwise specified in the Delaware Act and incorporated into this Agreement or for any liability to the Company or any other Person for any materially false statement made by such Member (in its capacity as such) or for
any present or future breaches of any representations, warranties or covenants by such Member (in its capacity as such) contained herein or in the other agreements with the Company. 

Section 10.07    Overriding Provisions. 

(a)    Any Transfer in violation of this Article X shall be null and void ab initio, and the provisions of
Sections 10.05 and 10.06 shall not apply to any such Transfers. For the avoidance of doubt, any Person to whom a Transfer is made or attempted in violation of this Article X shall not become a Member, shall not be
entitled to vote on any matters coming before the Members and shall not have any other rights in or with respect to any rights of a Member of the Company. The approval of any Transfer in any one or more instances shall not limit or waive the
requirement for such approval in any other or future instance. The Manager shall promptly amend the Schedule of Members to reflect any Permitted Transfer pursuant to this Article X. 

(b)    Notwithstanding anything contained herein to the contrary (including, for the avoidance of doubt, the provisions of
Section 10.01 and Article XI and Article XII), in no event shall any Member Transfer any Units to the extent such Transfer would: 

(i)    result in the violation of the Securities Act, or any other applicable federal, state or foreign
Laws; 
 (ii)    in the reasonable determination of the Manager, be a violation of or a default (or an
event that, with notice or the lapse of time or both, would constitute a default) under, or result in an acceleration of any indebtedness under, any promissory note, mortgage, loan agreement, indenture or similar instrument or agreement to which the
Company or the Manager is a party; provided that (x) the payee or creditor to whom the Company or the Manager owes such obligation is not an affiliate of the Company or the Manager and (y) such indebtedness, individually or in the
aggregate, has an aggregate principal amount of loans or revolving commitments then outstanding that is greater than $10,000,000; 

(iii)    cause the Company to lose its status as a partnership for federal income tax purposes or, without
limiting the generality of the foregoing, such Transfer was effected on or through an “established securities market” or a “secondary market or the substantial equivalent thereof,” as such terms are used in Section 1.7704-1 of the Treasury Regulations; 

  
 40 

 (iv)    be a Transfer to a Person who is not legally
competent or who has not achieved his or her majority under applicable Law (excluding trusts for the benefit of minors); 

(v)    cause the Company to be treated as a “publicly traded partnership” or to be taxed as a
corporation pursuant to Section 7704 of the Code or successor provision of the Code; or 

(vi)    result in the Company having more than one hundred (100) partners, within the meaning of
Treasury Regulations Section 1.7704-1(h)(1) (determined pursuant to the rules of Treasury Regulations Section 1.7704-1(h)(3)). 

ARTICLE XI. 
 REDEMPTION AND
EXCHANGE RIGHTS 
 Section 11.01    Redemption Right of a Member. 

(a)    Each Member (other than the Corporation) shall be entitled to cause the Company to redeem (a
“Redemption”) its Common Units in whole or in part (the “Redemption Right”) at any time and from time to time following the Effective Time in accordance with this Section 11.01. A Member desiring
to exercise its Redemption Right (the “Redeeming Member”) shall exercise such right by giving written notice (the “Redemption Notice”) to the Company with a copy to the Corporation. The Redemption
Notice shall specify (i) the number of Common Units (the “Redeemed Units”) that the Redeeming Member intends to have the Company redeem, (ii) whether the Redeeming Member is electing a Share Settlement or a Cash
Settlement and (iii) a date, not less than five (5) Business Days after delivery of such Redemption Notice (unless and to the extent that the Manager in its sole discretion agrees in writing to waive such time period), on which the
Redemption shall be completed (the “Redemption Date”); provided that the Redeeming Member may change the number of Redeemed Units, the requested settlement method and/or the Redemption Date specified in such Redemption
Notice to another number, settlement method and/or date by written notice delivered on or prior to the Business Day immediately preceding the Redemption Date; provided further that a Redemption Notice may condition a Redemption on
(A) the closing of an underwritten distribution of the shares of Class A Common Stock that may be issued in connection with such proposed Redemption or (B) the consummation of a purchase by another Person (whether in a tender or
exchange offer, an underwritten offering or otherwise) of shares of Class A Common Stock for which the Redeemed Units are redeemable, or contingent (including as to timing) upon the closing of an announced merger, consolidation or other
transaction or event in which the Class A Common Stock would be exchanged or converted or become exchangeable for or convertible into cash or other securities or property. Unless the Redeeming Member timely has delivered a Retraction Notice as
provided in Section 11.01(b) or has revoked or delayed a Redemption as provided in Section 11.01(c), on the Redemption Date (to be effective immediately prior to the close of business on the
Redemption Date) (i) the Redeeming Member shall transfer and surrender the Redeemed Units to the Company, free and clear of all liens and encumbrances (except those arising hereunder or under applicable securities Laws), and (ii) the
Company shall (x) cancel the Redeemed Units, (y) transfer to the Redeeming Member the consideration to which the Redeeming Member is entitled under Section 11.01(b), and (z) if the Units are certificated,
issue 

  
 41 

 
to the Redeeming Member a certificate for a number of Common Units equal to the difference (if any) between the number of Common Units evidenced by the certificate surrendered by the Redeeming
Member pursuant to clause (i) of this Section 11.01(a) and the Redeemed Units. 

(b)    In exercising its Redemption Right, a Redeeming Member shall be entitled to receive the Share Settlement or the
Cash Settlement, as specified in the Redemption Notice; provided that if the Redeeming Member has elected a Cash Settlement in the Redemption Notices, the Corporation shall have the option as provided in
Section 11.02 and subject to Section 11.01(d) to select whether the redemption payment is made by means of a Share Settlement or a Cash Settlement. Within three (3) Business Days after
delivery of a Redemption Notice pursuant to which the Redeeming Member has elected Cash Settlement, the Corporation shall give written notice (the “Contribution Notice”) to the Company (with a copy to the Redeeming Member) of
its intended settlement method; provided that if the Corporation does not timely deliver a Contribution Notice, the Corporation shall be deemed to have elected the Share Settlement method. If the Redeeming Member elects Cash Settlement in the
Redemption Notice and the Corporation elects Share Settlement (including if the Corporation does not timely deliver a Contribution Notice), the Redeeming Member may retract its Redemption Notice by giving written notice (the “Retraction
Notice”) to the Company (with a copy to the Corporation) within two (2) Business Days after delivery of the Contribution Notice. The timely delivery of a Retraction Notice shall terminate all of the Redeeming Member’s,
Company’s and the Corporation’ rights and obligations under this Section 11.01 arising from the Redemption Notice. 

(c)    In the event a Redemption will settle via Share Settlement in accordance with Section 11.01(b), a Redeeming
Member shall be entitled to revoke its Redemption Notice or delay the consummation of a Redemption if any of the following conditions exists: (i) any registration statement pursuant to which the resale of the Class A Common Stock to be
registered for such Redeeming Member at or immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by the SEC or no such resale registration statement has yet become effective;
(ii) the Corporation shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary to effect such Redemption; (iii) the Corporation shall have exercised its right to defer, delay or
suspend the filing or effectiveness of a registration statement and such deferral, delay or suspension shall affect the ability of such Redeeming Member to have its Class A Common Stock registered at or immediately following the consummation of
the Redemption; (iv) the Corporation shall have disclosed to such Redeeming Member any material non-public information concerning the Corporation, the receipt of which results in such Redeeming Member
being prohibited or restricted from selling Class A Common Stock at or immediately following the Redemption without disclosure of such information (and the Corporation does not permit disclosure); (v) any stop order relating to the registration
statement pursuant to which the Class A Common Stock was to be registered by such Redeeming Member at or immediately following the Redemption shall have been issued by the SEC; (vi) there shall have occurred a material disruption in the
securities markets generally or in the market or markets in which the Class A Common Stock is then traded; (vii) there shall be in effect an injunction, a restraining order or a decree of any nature of any Governmental Entity that
restrains or prohibits the Redemption; (viii) the Corporation shall have failed to comply in all material respects with its obligations under the Registration Rights Agreement, and such failure shall have affected the ability of such Redeeming
Member to consummate the resale of Class A Common Stock to be received upon 

  
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such redemption pursuant to an effective registration statement; (ix) the Redemption Date would occur three (3) Business Days or less prior to, or during, a Black-Out Period; provided further, that in no event shall the Redeeming Member seeking to revoke its Redemption Notice or delay the consummation of such Redemption and relying on any of the matters
contemplated in clauses (i) through (ix) above have controlled or intentionally materially influenced any facts, circumstances, or Persons in connection therewith (except in the good faith performance of his or her duties as an officer or
director of the Corporation) in order to provide such Redeeming Member with a basis for such delay or revocation. If a Redeeming Member delays the consummation of a Redemption pursuant to this Section 11.01(c), the
Redemption Date shall occur on the fifth Business Day following the date on which the conditions giving rise to such delay cease to exist (or such earlier day as the Corporation, the Company and such Redeeming Member may agree in writing). 

(d)    The number of shares of Class A Common Stock or the Redeemed Units Equivalent that a Redeeming Member is
entitled to receive under Section 11.01(b) (whether through a Share Settlement or Cash Settlement) shall not be adjusted on account of any Distributions previously made with respect to the Redeemed Units or dividends
previously paid with respect to Class A Common Stock; provided, however, that if a Redeeming Member causes the Company to redeem Redeemed Units and the Redemption Date occurs subsequent to the record date for any Distribution with
respect to the Redeemed Units but prior to payment of such Distribution, the Redeeming Member shall be entitled to receive such Distribution with respect to the Redeemed Units on the date that it is made notwithstanding that the Redeeming Member
transferred and surrendered the Redeemed Units to the Company prior to such date. 
 (e)    In the event of a
reclassification or other similar transaction as a result of which the shares of Class A Common Stock are converted into another security, then in exercising its Redemption Right a Redeeming Member shall be entitled to receive the amount of
such security that the Redeeming Member would have received if such Redemption Right had been exercised and the Redemption Date had occurred immediately prior to the record date of such reclassification or other similar transaction. 

Section 11.02    Election and Contribution of the Corporation. In connection with the
exercise of a Redeeming Member’s Redemption Rights under Section 11.01(a), the Corporation shall contribute to the Company the consideration the Redeeming Member is entitled to receive under
Section 11.01(b). Unless the Redeeming Member has timely delivered a Retraction Notice as provided in Section 11.01(b), or has revoked or delayed a Redemption as provided in
Section 11.01(c), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (i) the Corporation shall make its Capital Contribution to the Company (in the form of the
Share Settlement or the Cash Settlement, as applicable, in accordance with Section 11.01(b)) required under this Section 11.02, and (ii) the Company shall issue to the Corporation a number of
Common Units equal to the number of Redeemed Units surrendered by the Redeeming Member. Notwithstanding any other provisions of this Agreement to the contrary, in the event that the Redemption will settle via Cash Settlement, the Corporation shall
only be obligated to contribute to the Company an amount in respect of such Cash Settlement equal to the net proceeds (after deduction of any underwriters’ discounts or commissions and brokers’ fees or commissions) from the sale by the
Corporation of a number of shares of Class A Common Stock equal to the number of Redeemed Units to be redeemed with such Cash 

  
 43 

 
Settlement provided that the Corporation’s Capital Account shall be increased by an amount equal to any Discount relating to such sale of shares of Class A Common Stock in
accordance with Section 6.06. The timely delivery of a Retraction Notice shall terminate all of the Company’s and the Corporation’ rights and obligations under this Section 11.02 arising
from the Redemption Notice. 
 Section 11.03    Exchange Right of the Corporation. 

(a)    Notwithstanding anything to the contrary in this Article XI, the Corporation may, in its sole and absolute
discretion, elect to effect on the Redemption Date the exchange of Redeemed Units for the Share Settlement or Cash Settlement, as determined in accordance with Section 11.01(b), through a direct exchange of such Redeemed
Units and such consideration between the Redeeming Member and the Corporation (a “Direct Exchange”). Upon such Direct Exchange pursuant to this Section 11.03, the Corporation shall acquire the
Redeemed Units and shall be treated for all purposes of this Agreement as the owner of such Units. 
 (b)    The
Corporation may, at any time prior to a Redemption Date, deliver written notice (an “Exchange Election Notice”) to the Company and the Redeeming Member setting forth its election to exercise its right to consummate a Direct
Exchange; provided that such election does not prejudice the ability of the parties to consummate a Redemption or Direct Exchange on the Redemption Date. An Exchange Election Notice may be revoked by the Corporation at any time;
provided that any such revocation does not prejudice the ability of the parties to consummate a Redemption or Direct Exchange on the Redemption Date. The right to consummate a Direct Exchange in all events shall be exercisable for all (and
not less than all) the Redeemed Units that would have otherwise been subject to a Redemption. Except as otherwise provided by this Section 11.03, a Direct Exchange shall be consummated pursuant to the same timeframe and in
the same manner as the relevant Redemption would have been consummated if the Corporation had not delivered an Exchange Election Notice. 

Section 11.04    Reservation of Shares of Class A Common Stock; Listing;
Certificate of the Corporation. At all times the Corporation shall reserve and keep available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance upon a Redemption or Direct Exchange, such number of
shares of Class A Common Stock as shall be issuable upon any such Redemption or Direct Exchange pursuant to Share Settlements; provided that nothing contained herein shall be construed to preclude the Corporation from satisfying its
obligations in respect of any such Redemption or Direct Exchange by delivery of purchased Class A Common Stock (which may or may not be held in the treasury of the Corporation) or the delivery of cash pursuant to a Cash Settlement. The
Corporation shall deliver Class A Common Stock that has been registered under the Securities Act with respect to any Redemption or Direct Exchange to the extent a registration statement is effective and available for such shares. The
Corporation shall use its commercially reasonable efforts to list the Class A Common Stock required to be delivered upon any such Redemption or Direct Exchange prior to such delivery upon each national securities exchange upon which the
outstanding shares of Class A Common Stock are listed at the time of such Redemption or Direct Exchange (it being understood that any such shares may be subject to transfer restrictions under applicable securities Laws). The Corporation
covenants that all Class A Common Stock issued upon a Redemption or Direct Exchange will, upon issuance, be validly issued, fully paid and non-assessable. The provisions of this Article XI shall be
interpreted and applied in a manner consistent with the corresponding provisions of the Corporation’s certificate of incorporation. 

  
 44 

 Section 11.05    Effect of Exercise of
Redemption or Exchange Right. This Agreement shall continue notwithstanding the consummation of a Redemption or Direct Exchange and all governance or other rights set forth herein shall be exercised by the remaining Members and the Redeeming
Member (to the extent of such Redeeming Member’s remaining interest in the Company). No Redemption or Direct Exchange shall relieve such Redeeming Member of any prior breach of this Agreement. 

Section 11.06    Tax Treatment. Unless otherwise required by applicable Law, the parties
hereto acknowledge and agree a Redemption or a Direct Exchange, as the case may be, shall be treated as a direct exchange between the Corporation and the Redeeming Member for U.S. federal and applicable state and local income tax purposes. 

ARTICLE XII. 
 ADMISSION OF MEMBERS

 Section 12.01    Substituted Members. Subject to the provisions of Article
X hereof, in connection with the Permitted Transfer of a Company Interest hereunder, the transferee shall become a substituted Member (“Substituted Member”) on the effective date of such Transfer, which effective
date shall not be earlier than the date of compliance with the conditions to such Transfer, and such admission shall be shown on the books and records of the Company. 

Section 12.02    Additional Members. Subject to the provisions of Article X
hereof, any Person that is not an Effective Date Member may be admitted to the Company as an additional Member (any such Person, an “Additional Member”) only upon furnishing to the Manager (a) a duly executed Joinder and
counterparts to any applicable Other Agreements and (b) such other documents or instruments as may be reasonably necessary or appropriate to effect such Person’s admission as a Member (including entering into such documents as the Manager
may deem appropriate in its reasonable discretion). Such admission shall become effective on the date on which the Manager determines in its reasonable discretion that such conditions have been satisfied and when any such admission is shown on the
books and records of the Company. 
 ARTICLE XIII. 

WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS 

Section 13.01    Withdrawal and Resignation of Members. No Member shall have the power or
right to withdraw or otherwise resign as a Member from the Company prior to the dissolution and winding up of the Company pursuant to Article XIV. Any Member, however, that attempts to withdraw or otherwise resign as a Member from the Company
without the prior written consent of the Manager upon or following the dissolution and winding up of the Company pursuant to Article XIV, but prior to such Member receiving the full amount of Distributions from the Company to which such
Member is entitled pursuant to Article XIV, shall be liable to the Company for all damages (including all lost profits and special, indirect and consequential damages) directly or indirectly caused by the withdrawal or resignation of such
Member. Upon a Transfer of all of a Member’s Units in a Transfer permitted by this Agreement, subject to the provisions of Section 10.06, such Member shall cease to be a Member. 

  
 45 

 ARTICLE XIV. 

DISSOLUTION AND LIQUIDATION 

Section 14.01    Dissolution. The Company shall not be dissolved by the admission of
Additional Members or Substituted Members or the attempted withdrawal or resignation of a Member. The Company shall dissolve, and its affairs shall be wound up, upon: 

(a)    the unanimous decision of the Manager together with the Members that then hold Voting Units to dissolve the
Company; 
 (b)    a dissolution of the Company under Section 18-801(4) of the Delaware Act; or 

(c)    the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Delaware Act. 

Except as otherwise set forth in this Article XIV, the Company is intended to have perpetual existence. An Event of Withdrawal shall
not cause a dissolution of the Company and the Company shall continue in existence subject to the terms and conditions of this Agreement. 

Section 14.02    Liquidation and Termination. On dissolution of the Company, the Manager
shall act as liquidator or may appoint one or more Persons as liquidator. The liquidators shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Delaware Act. The costs of
liquidation shall be borne as a Company expense. Until final distribution, the liquidators shall continue to operate the Company properties with all of the power and authority of the Manager. The steps to be accomplished by the liquidators are as
follows: 
 (a)    as promptly as possible after dissolution and again after final liquidation, the liquidators shall
cause a proper accounting to be made by a recognized firm of certified public accountants of the Company’s assets, liabilities and operations through the last day of the calendar month in which the dissolution occurs or the final liquidation is
completed, as applicable; 
 (b)    the liquidators shall cause the notice described in the Delaware Act to be mailed to
each known creditor of and claimant against the Company in the manner described thereunder; 
 (c)    the liquidators
shall pay, satisfy or discharge from Company funds, or otherwise make adequate provision for payment and discharge thereof (including, without limitation, the establishment of a cash fund for contingent liabilities in such amount and for such term
as the liquidators may reasonably determine): first, all expenses incurred in liquidation; and second, all of the debts, liabilities and obligations of the Company; and 

(d)    all remaining assets of the Company shall be distributed to the Members in accordance with Article IV by the
end of the Taxable Year during which the liquidation of the Company occurs (or, if later, by ninety (90) days after the date of the liquidation). The 

  
 46 

 
distribution of cash and/or property to the Members in accordance with the provisions of this Section 14.02 and Section 14.03 below constitutes
a complete return to the Members of their Capital Contributions, a complete distribution to the Members of their interest in the Company and all the Company’s property and constitutes a compromise to which all Members have consented within the
meaning of the Delaware Act. To the extent that a Member returns funds to the Company, it has no claim against any other Member for those funds. 

Section 14.03    Deferment; Distribution in Kind. Notwithstanding the provisions of
Section 14.02, but subject to the order of priorities set forth therein, if upon dissolution of the Company the liquidators determine that an immediate sale of part or all of the Company’s assets would be impractical
or would cause undue loss (or would otherwise not be beneficial) to the Members, the liquidators may, in their sole discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy Company liabilities (other
than loans to the Company by Members) and reserves. Subject to the order of priorities set forth in Section 14.02, the liquidators may, in their sole discretion, distribute to the Members, in lieu of cash, either
(a) all or any portion of such remaining Company assets in-kind in accordance with the provisions of Section 14.02(d), (b) as tenants in common and in accordance with the
provisions of Section 14.02(d), undivided interests in all or any portion of such Company assets or (c) a combination of the foregoing. Any such Distributions in kind shall be subject to (y) such conditions
relating to the disposition and management of such assets as the liquidators deem reasonable and equitable and (z) the terms and conditions of any agreements governing such assets (or the operation thereof or the holders thereof) at such time.
Any Company assets distributed in kind will first be written up or down to their Fair Market Value, thus creating Profit or Loss (if any), which shall be allocated in accordance with Article V. The liquidators shall determine the Fair Market
Value of any property distributed in accordance with the valuation procedures set forth in Article XV. 

Section 14.04    Cancellation of Certificate. On completion of the distribution of
Company assets as provided herein, the Company is terminated (and the Company shall not be terminated prior to such time), and the Manager (or such other Person or Persons as the Delaware Act may require or permit) shall file a certificate of
cancellation with the Secretary of State of Delaware, cancel any other filings made pursuant to this Agreement that are or should be canceled and take such other actions as may be necessary to terminate the Company. The Company shall be deemed to
continue in existence for all purposes of this Agreement until it is terminated pursuant to this Section 14.04. 

Section 14.05    Reasonable Time for Winding Up. A reasonable time shall be allowed for
the orderly winding up of the business and affairs of the Company and the liquidation of its assets pursuant to Sections 14.02 and 14.03 in order to minimize any losses otherwise attendant upon such winding up. 

Section 14.06    Return of Capital. The liquidators shall not be personally liable for
the return of Capital Contributions or any portion thereof to the Members (it being understood that any such return shall be made solely from Company assets). 

  
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 ARTICLE XV. 

VALUATION 

Section 15.01    Determination. “Fair Market Value” of a specific
Company asset will mean the amount which the Company would receive in an all-cash sale of such asset in an arm’s-length transaction with a willing unaffiliated
third party, with neither party having any compulsion to buy or sell, consummated on the day immediately preceding the date on which the event occurred which necessitated the determination of the Fair Market Value (and after giving effect to any
transfer taxes payable in connection with such sale), as such amount is determined by the Manager (or, if pursuant to Section 14.02, the liquidators) in its good faith judgment using all factors, information and data it
deems to be pertinent. 
 Section 15.02    Dispute Resolution. If any Member or Members
dispute the accuracy of any determination of Fair Market Value in accordance with Section 15.01, and the Manager and such Member(s) are unable to agree on the determination of the Fair Market Value of any asset of the
Company, the Manager and such Member(s) shall each select a nationally recognized investment banking firm experienced in valuing securities of closely-held companies such as the Company in the Company’s industry (the
“Appraisers”), who shall each determine the Fair Market Value of the asset or the Company (as applicable) in accordance with the provisions of Section 15.01. The Appraisers shall be instructed to
give written notice of their determination of the Fair Market Value of the asset or the Company (as applicable) within thirty (30) days of their appointment as Appraisers. If Fair Market Value as determined by an Appraiser is higher than Fair
Market Value as determined by the other Appraiser by 10% or more, and the Manager and such Member(s) do not otherwise agree on a Fair Market Value, the original Appraisers shall designate a third Appraiser meeting the same criteria used to select
the original two. If Fair Market Value as determined by an Appraiser is within 10% of the Fair Market Value as determined by the other Appraiser (but not identical), and the Manager and such Member(s) do not otherwise agree on a Fair Market Value,
the Manager shall select the Fair Market Value of one of the Appraisers. The fees and expenses of the Appraisers shall be borne by the Company. 

ARTICLE XVI. 
 GENERAL PROVISIONS

 Section 16.01    Representations and Warranties. 

(a)    Each of the Corporation, the Company and the other Members represents and warrants to each other that (i) it is
a corporation or limited liability company duly incorporated or formed, as applicable, and is existing in good standing under the laws of the State of Delaware, (ii) it has all requisite corporate or limited liability company power, as
applicable, and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby (including, in the case of the Corporation, to issue the Class A Common Stock contemplated to be issued pursuant to
Article XI), (iii) the execution and delivery of this Agreement by it and the consummation by it of the transactions contemplated hereby (including, in the case of the Corporation, the issuance of the Class A Common Stock contemplated to
be issued pursuant to Article X) have been duly authorized by all necessary corporate or limited liability company action on its part, as applicable, and (iv) this Agreement constitutes a legal, valid and binding obligation of it
enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally.

  
 48 

 (b)    Each of the Corporation and the Company represents to each of the
Members that it does not have any contracts, other agreements, duties or obligations that are inconsistent with its duties and obligations (whether or not in its capacity as Manager) under this Agreement and covenants that, except as expressly
permitted by this Agreement, it will not enter into any contracts or other agreements or undertake or acquire any other duties or obligations that are inconsistent with such duties and obligations. 

Section 16.02    Power of Attorney. 

(a)    Each Member who is an individual hereby constitutes and appoints the Manager (or the liquidator, if applicable) with
full power of substitution, as his or her true and lawful agent and attorney-in-fact, with full power and authority in his, her or its name, place and stead, to: 

(i)    execute, swear to, acknowledge, deliver, file and record in the appropriate public offices
(A) this Agreement, all certificates and other instruments and all amendments thereof which the Manager deems appropriate or necessary to form, qualify, or continue the qualification of, the Company as a limited liability company in the State
of Delaware and in all other jurisdictions in which the Company may conduct business or own property; (B) all instruments which the Manager deems appropriate or necessary to reflect any amendment, change, modification or restatement of this
Agreement in accordance with its terms; (C) all conveyances and other instruments or documents which the Manager deems appropriate or necessary to reflect the dissolution and liquidation of the Company pursuant to the terms of this Agreement,
including a certificate of cancellation; and (D) all instruments relating to the admission, withdrawal or substitution of any Member pursuant to Article XII or XIII; and 

(ii)    sign, execute, swear to and acknowledge all ballots, consents, approvals, waivers, certificates and
other instruments appropriate or necessary, in the reasonable judgment of the Manager, to evidence, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the Members hereunder or is consistent with the
terms of this Agreement, in the reasonable judgment of the Manager, to effectuate the terms of this Agreement. 

(b)    The foregoing power of attorney is irrevocable and coupled with an interest, and shall survive the death,
disability, incapacity, dissolution, bankruptcy, insolvency or termination of any Member who is an individual and the transfer of all or any portion of his, her or its Company Interest and shall extend to such Member’s heirs, successors,
assigns and personal representatives. 
 Section 16.03    Confidentiality. 

(a)    The Manager and each of the Members agree to hold the Company’s Confidential Information in confidence and may
not use such information except in connection with its investment in the Company, in furtherance of the business of the Company or as otherwise 

  
 49 

 
authorized separately in writing by the Manager. “Confidential Information” as used herein includes all information concerning the Company or its Subsidiaries in the
possession of or furnished to any Member, but is not limited to, ideas, financial product structuring, business strategies, innovations and materials, all aspects of the Company’s business plan, proposed operation and products, corporate
structure, financial and organizational information, analyses, proposed partners, software code and system and product designs, employees and their identities, equity ownership, the methods and means by which the Company plans to conduct its
business, all trade secrets, trademarks, tradenames and all intellectual property associated with the Company’s business. With respect to the Manager and each Member, Confidential Information does not include information or material that:
(a) is rightfully in the possession of the Manager or each Member at the time of disclosure by the Company; (b) before or after it has been disclosed to the Manager or each Member by the Company, becomes patented, published, or otherwise
part of public knowledge, not as a result of any action of the Manager or such Member, respectively, in violation of this Agreement; (c) is approved for release by written authorization of the CEO of the Company or of the Corporation or any
other authorized officer; (d) is disclosed to the Manager or such Member or their representatives by a third party not, to the knowledge of the Manager or such Member, respectively, in violation of any obligation of confidentiality owed to the
Company with respect to such information; or (e) is or becomes independently developed by the Manager or such Member or their respective representatives other than by acts in contravention of this Agreement. 

(b)    The Manager and each of the Members may disclose Confidential Information to its Subsidiaries, Affiliates,
directors, officers, employees, counsel, advisers, consultants, outside contractors and other agents, on the condition that such Persons agree to keep the Confidential Information confidential to the same extent as such disclosing party is required
to keep the Confidential Information confidential, solely to the extent it is reasonably necessary or appropriate to fulfill its obligations or to exercise its rights under this Agreement; provided that the disclosing party shall remain
liable with respect to any breach of this Section 16.02 by any such Subsidiaries, Affiliates, directors, officers, employees, counsel, advisers, consultants, outside contractors and other agents. 

(c)    Notwithstanding Section 16.02(a) or Section 16.02(b), the
Manager and each of the Members may disclose Confidential Information (i) to the extent that the such party is legally compelled (by oral questions, interrogatories, request for information or documents, subpoena, civil investigative demand or
similar process) to disclose any of the Confidential Information, (ii) for purposes of reporting to its stockholders the performance of the Company and its Subsidiaries and for purposes of including applicable information in its financial
statements to the extent required by applicable Law or applicable accounting standards, (iii) to the extent required to be disclosed by applicable Law. Notwithstanding any of the foregoing, nothing in this
Section 16.03 will restrict in any manner the ability of the Corporation to comply with its disclosure obligations under Law, and the extent to which any Confidential Information is necessary or desirable to disclose in
order to comply with Law will be determined by the Corporation in its sole discretion. 

Section 16.04    Amendments. This Agreement may be amended or modified upon the consent
of the Manager and the Majority Members. Notwithstanding the foregoing, no amendment or modification (a) to this Section 16.04 may be made without the prior written 

  
 50 

 
consent of the Manager and each of the Members, (b) to any of the terms and conditions of this Agreement which terms and conditions expressly require the approval or action of certain
Persons may be made without obtaining the consent of the requisite number or specified percentage of such Persons who are entitled to approve or take action on such matter, (c) to any of the terms and conditions of Article VI or
Section 14.01 (and related definitions as used directly or indirectly therein) may be made without the prior written consent of the Manager, which consent may be given or withheld in the Manager’s sole discretion, and
(d) to any of the terms and conditions of Section 6.06(b) may be made without the prior written consent of S&N. Notwithstanding any of the foregoing, the Manager may make any amendment of an administrative nature
that is necessary in order to implement the substantive provisions hereof, without the consent of any other Member; provided that any such amendment does not change the rights of the Members hereunder in any respect. 

Section 16.05    Title to Company Assets. Company assets shall be deemed to be owned by the Company as
an entity, and no Member, individually or collectively, shall have any ownership interest in such Company assets or any portion thereof. The Company shall hold title to all of its property in the name of the Company and not in the name of any
Member. All Company assets shall be recorded as the property of the Company on its books and records, irrespective of the name in which legal title to such Company assets is held. The Company’s credit and assets shall be used solely for the
benefit of the Company, and no asset of the Company shall be transferred or encumbered for, or in payment of, any individual obligation of any Member. 

Section 16.06    Addresses and Notices. Any notice provided for in this Agreement will be in writing
and will be either personally delivered, or received by certified mail, return receipt requested, or sent by reputable overnight courier service (charges prepaid) to the Company at the address set forth below and to any other recipient and to any
Member at such address as indicated by the Company’s records, or at such address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been
given hereunder when delivered personally or sent by telecopier (provided confirmation of transmission is received), three (3) days after deposit in the U.S. mail and one (1) day after deposit with a reputable overnight courier
service. The Company’s address is: 
 to the Company: 

Bioventus LLC 
 4721 Emperor
Boulevard, Suite 100 
 Durham, North Carolina 27703 

Attn: Kenneth Reali, Chief Executive Officer 

E-mail: kenneth.reali@bioventusglobal.com 

  
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 with a copy (which copy shall not constitute notice) to: 

Bioventus LLC 
 4721 Emperor
Boulevard, Suite 100 
 Durham, North Carolina 27703 

Attn: Anthony D’Adamio, General Counsel 

E-mail: tony.dadamio@bioventusglobal.com 

and 
 Latham & Watkins
LLP 
 200 Clarendon Street 

Boston, MA 02116 
 Attn:
    Charles K. Ruck, Esq. 
               Wesley
C. Holmes, Esq. 
 E-mail: charles.ruck@lw.com 

              wesley.holmes@lw.com 

Section 16.07    Binding Effect; Intended Beneficiaries. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns, and, in the case of Section 7.05, the Indemnified Persons. 

Section 16.08    Creditors. None of the provisions of this Agreement shall be for the benefit of or
enforceable by any creditors of the Company or any of its Affiliates, and no creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by the Company in favor
of such creditor) at any time as a result of making the loan any direct or indirect interest in Company Profits, Losses, Distributions, capital or property other than as a secured creditor. 

Section 16.09    Waiver. No failure by any party to insist upon the strict performance of any covenant,
duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 

Section 16.10    Counterparts. This Agreement may be executed in separate counterparts, each of which
will be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto. 

Section 16.11    Applicable Law. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other
than the State of Delaware. Any suit, dispute. action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement shall be heard in the state or federal courts of the State of
Delaware, and the parties hereby consent to the exclusive jurisdiction of 

  
 52 

 
such court (and of the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid therein. Process in any such suit, action or proceeding may be
served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, the parties agree that service of process upon such party at the address referred to in
Section 16.06, together with written notice of such service to such party, shall be deemed effective service of process upon such party. 

Section 16.12    WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 16.13    Severability. Whenever possible, each provision of this Agreement will be interpreted
in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule in any jurisdiction, such invalidity, illegality
or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. 
 Section 16.14    Further Action. The
parties shall execute and deliver all documents, provide all information and take or refrain from taking such actions as may be reasonably necessary or appropriate to achieve the purposes of this Agreement. 

Section 16.15    Delivery by Electronic Transmission. This Agreement and any signed agreement or
instrument entered into in connection with this Agreement or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of an electronic transmission, including by a facsimile machine or via email, shall
be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or
to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument
shall raise the use of electronic transmission by a facsimile machine or via email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through such electronic transmission as a defense to
the formation of a contract and each such party forever waives any such defense. 

Section 16.16    Effectiveness. This Agreement shall be effective immediately prior to the time at
which the IPO closes on the IPO Closing Date (the “Effective Time”). The First A&R LLC Agreement shall govern the rights and obligations of the Company and the Pre-IPO Members in
their capacity as members prior to the Effective Time. 
 Section 16.17    Entire Agreement. This
Agreement, those documents expressly referred to herein (including the Registration Rights Agreement and the Tax Receivable Agreement), any indemnity agreements entered into in connection with the First A&R LLC Agreement with any member of the
board of managers at that time and other documents of even date herewith embody the complete agreement and understanding among the parties and supersede and 

  
 53 

 
preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. For the avoidance of
doubt, the First A&R LLC Agreement is superseded by this Agreement as of the Effective Time and shall be of no further force and effect thereafter. 

Section 16.18    Remedies. Each Member shall have all rights and remedies set forth in this Agreement
and all rights and remedies which such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any Law. Any Person having any rights under any provision of this Agreement or any
other agreements contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights
granted by Law. 
 Section 16.19    Descriptive Headings; Interpretation. The descriptive headings of
this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms,
and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. Reference to any agreement, document or
instrument means such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Without limiting the generality of the immediately preceding sentence, no
amendment or other modification to any agreement, document or instrument that requires the consent of any Person pursuant to the terms of this Agreement or any other agreement will be given effect hereunder unless such Person has consented in
writing to such amendment or modification. Wherever required by the context, references to a Fiscal Year shall refer to a portion thereof. The use of the words “or,” “either” and “any” shall not be exclusive. The
parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and
no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall
control but solely to the extent of such conflict. 

  
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 IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf
this Second Amended and Restated Limited Liability Company Agreement as of the date first written above. 
  

					
	COMPANY:
		
		 	BIOVENTUS LLC
		
		 	By: Bioventus Inc., its Managing Member
			
		 	By:	 	  

		 	Name:	 	Kenneth Reali
		 	Title:	 	Chief Executive Officer
	
	MEMBERS:
		
		 	BIOVENTUS INC.
			
		 	By:	 	  

		 	Name:	 	Kenneth Reali
		 	Title:	 	Chief Executive Officer

  
 [Signature Page to
Second Amended and Restated LLC Agreement] 

 
			
	SMITH & NEPHEW, INC.
		
	By:	 	
                     
    

	Name:	 	
	Title:	 	

  
 [Signature Page to
Second Amended and Restated LLC Agreement] 

 SCHEDULE 1 

PRE-IPO MEMBERS 
  

			
	 Member
	  	Membership Interests Immediately
Prior to the Effective Date
	Smith & Nephew, Inc.	  	
	Smith & Nephew OUS, Inc.	  	
	Beluga I, Inc.	  	
	Beluga II, Inc.	  	
	Beluga III, Inc.	  	
	Beluga IV, Inc.	  	
	Beluga V, Inc.	  	
	Beluga VI, Inc.	  	
	Beluga VII, Inc.	  	
	Beluga VII-A, Inc.	  	
	Beluga VIII, Inc.	  	

 SCHEDULE 2* 

SCHEDULE OF EFFECTIVE DATE MEMBERS 
  

													
	 Member
	  	Common Units	 	  	Percentage
Interest	 	  	Capital
Accounts	 
	 Bioventus Inc.
	  				  				  			
	 Smith & Nephew, Inc.
	  				  				  			

  

	*	 This schedule shall be updated from time to time to reflect any adjustment with respect to any subdivision (by
Unit split or otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding Common Units, or to reflect any additional issuances of Common Units pursuant to this Agreement. 

 Exhibit A 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT, dated as of             , 20     (this
“Joinder”), is delivered pursuant to that certain Second Amended and Restated Limited Liability Company Agreement, dated as of [●], 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time
to time, the “LLC Agreement”) by and among Bioventus LLC, a Delaware limited liability company (the “Company”), Bioventus Inc., a Delaware corporation and the managing member of the Company (“Bioventus
LLC”), and each of the Members from time to time party thereto. Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the LLC Agreement. 

 

	 	1.	 Joinder to the LLC Agreement. Upon the execution of this Joinder by the undersigned and delivery hereof
to Bioventus LLC, the undersigned hereby is and hereafter will be a Member under the LLC Agreement and a party thereto, with all the rights, privileges and responsibilities of a Member thereunder. The undersigned hereby agrees that it shall comply
with and be fully bound by the terms of the LLC Agreement as if it had been a signatory thereto as of the date thereof. 

  

	 	2.	 Incorporation by Reference. All terms and conditions of the LLC Agreement are hereby incorporated by
reference in this Joinder as if set forth herein in full. 

  

	 	3.	 Address. All notices under the LLC Agreement to the undersigned shall be direct to:

 [Name] 

[Address] 
 [City, State, Zip
Code] 
 Attn: 
 E-mail: 
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder as of the day
and year first above written. 
  

			
	[NAME OF NEW MEMBER]
		
	By:	 	
                     
        

	Name:	 	
	Title:	 	

 Acknowledged and agreed 

as of the date first set forth above: 
  

			
	BIOVENTUS LLC
	
	By: BIOVENTUS INC., its Managing Member
		
	By:	 	  

	Name:	 	Kenneth Reali
	Title:	 	Chief Executive Officer

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