Document:

Exhibit 10.20

 

WARRANT EXCHANGE AGREEMENT

(2008)

 

by and among the

 

EXCHANGING WARRANTHOLDERS

 

and

 

TORNIER B.V.

 

 

Dated as of May 25, 2010

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page No.

  
	
   

  	
   

  	
   

  
	
  Section 1

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 2

  	
  Exchange of Rights and Warrants
  for Exchange Shares

  	
  3

  
	
   

  	
   

  	
   

  
	
  Section 3

  	
  STAK Depositary Receipts

  	
  3

  
	
   

  	
   

  	
   

  
	
  Section 4

  	
  Warrant Agreement and
  Warrantholder Majority

  	
  3

  
	
   

  	
   

  	
   

  
	
  Section 5

  	
  Tax Consequences

  	
  4

  
	
   

  	
   

  	
   

  
	
  Section 6

  	
  Closing Documents and Deliveries

  	
  4

  
	
   

  	
   

  	
   

  
	
  Section 7

  	
  Representations and Warranties of
  Each Exchange Warrantholder

  	
  5

  
	
   

  	
   

  	
   

  
	
  Section 8

  	
  Representations and Warranties of
  the Issuer

  	
  7

  
	
   

  	
   

  	
   

  
	
  Section 9

  	
  Representation and Warranties of
  STAK

  	
  8

  
	
   

  	
   

  	
   

  
	
  Section 10

  	
  Limitations on Transfer

  	
  9

  
	
   

  	
   

  	
   

  
	
  Section 11

  	
  Survival of Representations,
  Warranties, Covenants and Agreements

  	
  9

  
	
   

  	
   

  	
   

  
	
  Section 12

  	
  Miscellaneous

  	
  9

  
	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule 1

  	
  Warrantholders

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A

  	
  Deed of Issue

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit B

  	
  Deed of Transfer

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit C

  	
  Form of Exchanging
  Warrantholder Power of Attorney

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit D

  	
  Form of Exchanging
  Warrantholder Authority Declaration

  	
   

  

 

 

WARRANT EXCHANGE AGREEMENT

(2008)

 

This WARRANT EXCHANGE AGREEMENT
(this “Agreement”) is made effective as of this 25th day of May, 2010,
by and among Tornier B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijikheid)
organized under the laws of the Netherlands with corporate seat in Amsterdam
(the “Issuer”), the warrantholder parties hereto that have executed a
signature page to this Agreement (such warrantholders, collectively, the “Exchanging
Warrantholders”), Stichting Administratiekantoor Tornier, a foundation
organized under the laws of the Netherlands (“STAK”), and Warburg Pincus
(Bermuda) Private Equity IX, L.P. (“Warburg Pincus” in its capacity as the
Warrantholder Majority).

 

RECITALS

 

A.                                   WHEREAS, the Issuer issued the Warrants to the
Warrantholders pursuant to the Warrant Agreement.

 

B.                                     WHEREAS, all the Exchanging Warrantholders desire to
contribute and transfer all of their Rights and Warrants to the Issuer in
exchange for the number of Issuer Shares calculated in accordance with this
Agreement (collectively, the “Exchange Shares”), and the Issuer desires
to accept such contribution and issue the Exchange Shares to the Exchanging
Warrantholders.

 

C.                                     WHEREAS, the board of managing directors of the Issuer has
approved, and the Warrantholder Majority hereby approves, the contemplated
transfer of each Exchanging Warrantholder’s Rights and Warrants to the Issuer.

 

D.                                    WHEREAS, Warburg Pincus transferred its Warrants under the
Warrant Agreement to TMG Holdings Coöperatief U.A., but retained the
Warrantholder Majority Rights and remains the Warrantholder Majority under the
Warrant Agreement.

 

E.                                      WHEREAS, each Exchanging Warrantholder, other than TMG
Holdings Coöperatief U.A., Vertical Fund I, L.P., Vertical Fund II, L.P., KCH
Stockholm AB, Split Rock Partners, L.P. and Douglas Kohrs (the “Non-STAK
Exchanging Warrantholders”), will immediately deposit their Exchange Shares
in STAK.

 

AGREEMENT

 

NOW THEREFORE, in consideration of
the above recitals, and for other good and valuable consideration, the adequacy
and sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

 

1.                                       Definitions.

 

“Act” has the meaning set
forth in Section 7(f) of this Agreement.

 

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

 

“Applicable Securities Laws”
means collectively, the Act, any U.S. state securities laws or any non-U.S.
securities laws.

 

 

Execution Version

 

“Closing Documents” means,
collectively, this Agreement, each Exchanging Warrantholder Power of Attorney,
each Exchanging Warrantholder Authority Declaration, the Issuer Power of
Attorney, the STAK Power of Attorney, the Contribution Description, the Deed of
Issue and the Deed of Transfer.

 

“Contribution Description”
has the meaning set forth in Section 6(b)(iii) of this Agreement.

 

“Deed of Issue” means a
notarial deed of issue of Exchange Shares to the Exchanging Warrantholders, in
the form as attached hereto as Exhibit A.

 

“Deed of Transfer” means a
notarial deed of transfer of the Exchange Shares to STAK in exchange for
depositary receipts, in the form as attached hereto as Exhibit B.

 

“Depositary Receipts” has the
meaning set forth in Section 3 of this Agreement.

 

“Dutch Notary” means a Dutch
civil law notary holding office with Stibbe N.V.

 

“Exchange Ratio” means 0.6133.

 

“Exchange Shares” has the
meaning set forth in Recital B of this Agreement.

 

“Exchange Transactions” means
the transactions set forth in Section 2(a) of this Agreement.

 

“Exchanging Warrantholder
Authority Declaration” has the meaning set forth in the Section 6(a)(iii) of
this Agreement.

 

“Exchanging Warrantholder Power
of Attorney” has the meaning set forth in Section 6(a)(ii) of
this Agreement.

 

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

 

“Issuer Power of Attorney”
has the meaning set forth in Section 6(b)(ii) of this Agreement.

 

“Issuer Share” means a share
in the share capital of the Issuer, each with a nominal value of €0.01.

 

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

 

“Lien” means any mortgage,
pledge, line, encumbrance, charge, restriction, claim or other security
interest.

 

“Non-STAK Exchanging
Warrantholders” has the meaning set forth in Recital E of this Agreement.

 

“Rights and Warrants” means,
with respect to each Warrantholder, all of such Warrantholder’s rights under
the Warrant Agreement, including the Warrants granted to such Warrantholder,
which collectively have a value at least equal to the nominal value of all of
the Exchange Shares issued to the Warrantholders; provided, however,
that if the Exchanging Warrantholder is the Warrantholder Majority, then such
Exchanging Warrantholder’s Rights and Warrants do not include the Warrantholder
Majority Rights.

 

“Securityholders’ Agreement”
means that certain Securityholders’ Agreement dated as of July 18, 2006,
by and among the Investors (as defined therein) and the Company (as defined
therein), as amended.

 

2

 

“STAK Deposit Transactions”
has the meaning set forth in Section 3 of this Agreement.

 

“STAK Power of Attorney” has
the meaning set forth in Section 6(c)(ii) of this Agreement.

 

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

 

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

 

“Warrant Agreement” means
that certain Warrant Agreement dated February 29, 2008, by and between the
Issuer and the Warrantholders.

 

“Warrantholder Majority Rights”
means those rights expressly and exclusively granted to the Warrantholder
Majority in the Warrant Agreement.

 

“Warrantholder Majority”
means the Warrantholder Majority as defined in the Warrant Agreement.

 

“Warrantholders” means each
Warrantholder (as defined in the Warrant Agreement), all as identified on Schedule
1 attached hereto.

 

“Warrants” means the Warrants
as defined in the Warrant Agreement.

 

2.                                       Exchange of Rights and Warrants for Exchange Shares.

 

(a)                                  Contribution and transfer.  In reliance on the representations and
warranties of the Issuer set forth in this Agreement, and subject to all of the
terms and conditions herein, each Exchanging Warrantholder that is a party to
the Warrant Agreement hereby irrevocably contributes, assigns and otherwise
transfers to the Issuer all of such Exchanging Warrantholder’s Rights and
Warrants and the Issuer hereby accepts and assumes the Rights and Warrants and
will immediately issue to each such Exchanging Warrantholder the number of
Exchange Shares equal to the Exchange Ratio multiplied by the number of
Warrants held by such Exchanging Warrantholder rounded down to the nearest
whole number, and no fractional shares shall be issued there thereon
(collectively, the “Exchange Transactions”).  The number of Exchange Shares to be issued to
each Exchanging Warrantholder is set forth on Schedule 1 attached
here.

 

(b)                                 Acknowledgement.  The Issuer acknowledges the transfer of
Warrants under the Exchange Transactions pursuant to this Agreement and
undertakes to promptly record such transfer in the Issuer’s warrant register.

 

3.                                       STAK Depositary Receipts.  Immediately following the Exchange
Transactions, each Exchanging Warrantholder, other than the Non-STAK Exchanging
Warrantholders, will transfer their Exchange Shares to STAK to be held for the
benefit of such Exchanging Warrantholder, and STAK will issue corresponding
depositary receipts to each such Exchanging Warrantholder (the “Depositary
Receipts”), which Depositary Receipts will have the same nomination and
nominal value as the Exchange Shares transferred by each such Exchanging
Warrantholder to STAK, and which Depositary Receipts will be governed by STAK’s
prevailing trust conditions (the “STAK Deposit Transactions”).

 

4.                                       Warrant Agreement and Warrantholder Majority.  Pursuant to the
Warrant Agreement, the Warrantholder Majority hereby consents to the transfer
of each Exchanging Warrantholder’s Rights and Warrants to the Issuer under this
Agreement.  For purposes of this
Agreement, the consent of the Warrantholder Majority will be deemed to have
been given immediately prior to the Exchange 

 

3

 

Transactions.  The Warrantholder Majority and the Issuer
hereby acknowledge and agree that immediately following the Exchange
Transactions, the Warrant Agreement will remain in full force and effect with
respect to those Warrantholders, if any, who do not execute this Agreement or
otherwise exercise such Warrantholder’s Warrants.  Consequently, Warburg Pincus will continue to
constitute the Warrantholder Majority and retain all of the Warrantholder
Majority Rights.  To the extent
necessary, this Section 4 is deemed to be an amendment of the Warrant
Agreement to this effect.

 

5.                                       Tax Consequences.  The parties hereto acknowledge and agree that
the U.S. and Dutch tax consequences of the transactions contemplated in this
Agreement, including the Exchange Transactions and the STAK Deposit
Transactions, may vary depending upon the current percentage of ownership in
Issuer of each Exchanging Warrantholder and any other facts, circumstances and
considerations relevant for tax purposes, specific to each Exchanging
Warrantholder.  Each Exchanging
Warrantholder acknowledges and agrees that it will determine and be responsible
for its own U.S., Dutch and other tax consequences.  Each of the Issuer and STAK hereby disclaim
any responsibility for, and shall not be liable or obligated in any way for the
U.S., Dutch or other tax consequences applicable to any Exchanging
Warrantholder arising from the transactions contemplated by this Agreement,
including the Exchange Transactions and the STAK Deposit Transactions.

 

6.                                       Closing Documents and Deliveries.

 

(a)                                  Exchanging Warrantholder Deliveries.  Upon execution of
this Agreement, each Exchanging Warrantholder will deliver to the Issuer and
STAK the following with respect to such Exchanging Warrantholder:

 

(i)                                     this Agreement, duly executed by the Exchanging
Warrantholder;

 

(ii)                                  a power of attorney, duly executed by the Exchanging
Warrantholder, in the form attached hereto as Exhibit C (the “Exchanging
Warrantholder Power of Attorney”), authorizing the Dutch Notary to execute
the Deed of Issue in respect of the Exchange Transaction and to execute the
Deed of Transfer in respect of the STAK Deposit Transaction, if applicable, in
each case with respect to the Exchanging Warrantholder; and

 

(iii)                               an authority declaration for each non-individual Exchanging
Warrantholder in the form attached hereto as Exhibit D (the “Exchanging
Warrantholder Authority Declaration”), certifying that the individual
signatory for the Exchanging Warrantholder is authorized to execute the
Exchanging Warrantholder Power of Attorney on behalf of the Exchanging
Warrantholder.

 

(b)                                 Issuer Deliveries.  Upon execution of this Agreement, the Issuer
will deliver to the Exchanging Warrantholders and STAK:

 

(i)                                     this Agreement, duly executed by the Issuer;

 

(ii)                                  a power of attorney, duly executed by the Issuer,
authorizing the Dutch Notary to execute the Deed of Issue in respect of the
Exchange Transaction and to execute the Deed of Transfer in respect of the STAK
Deposit Transactions, where applicable, (the “Issuer Power of Attorney”);
and

 

(iii)                               a description of the contribution of Rights and Warrants
being exchanged for the Exchange Shares (the “Contribution Description”).

 

4

 

(c)                                  STAK Deliveries.  Upon execution of this Agreement, STAK will
deliver to the Exchanging Warrantholders and the Issuer:

 

(i)                                     this Agreement, duly executed by STAK; and

 

(ii)                                  a power of attorney, duly executed by STAK, authorizing the
Dutch Notary to execute the Deed of Transfer in respect of the STAK Deposit
Transactions (the “STAK Power of Attorney”).

 

7.                                       Representations and Warranties of Each Exchanging
Warrantholder.  Each Exchanging Warrantholder, individually
and not for the other Exchanging Warrantholders, hereby represents and warrants
to the Issuer and STAK (where applicable) as of the date hereof, understanding
that the Issuer’s agreement to issue the Exchange Shares to such Exchanging
Warrantholder and STAK’s agreement to issue the Depositary Receipts (where
applicable) is predicated in part on these representations and warranties:

 

(a)                                  Title to Warrants.  Each Exchanging Warrantholder is the sole
record and beneficial owner of the Exchanging Warrantholder’s Warrants, free
and clear of any Liens other than those imposed by any Applicable Securities
Laws.

 

(b)                                 Authority; Organization; Good Standing.

 

(i)                                     If the Exchanging Warrantholder is an individual, such Exchanging
Warrantholder has full legal capacity, power and authority to execute and
deliver this Agreement, the Exchanging Warrantholder Power of Attorney and to
perform the Exchanging Warrantholder’s obligations hereunder and thereunder.

 

(ii)                                  If the Exchanging Warrantholder is a corporate entity, such
Exchanging Warrantholder (A) is a corporation, limited partnership or
limited liability company, as applicable, duly organized, validly existing and
in good standing under the laws of its incorporation, formation or
organization, (B) has full corporate, partnership or limited liability
company, as applicable, power and authority to execute and deliver this
Agreement, the Exchanging Warrantholder Power of Attorney and to perform the
Exchanging Warrantholder’s obligations hereunder and thereunder, and (C) the
execution, delivery and performance of this Agreement and all other agreements
and documents contemplated hereby has been duly authorized by the Exchanging
Warrantholder.

 

(iii)                               This Agreement and each of the Closing Documents required to
be executed by the Exchanging Warrantholder has been duly and validly executed
and delivered by the Exchanging Warrantholder and constitutes a legal, valid
and binding obligation of the Exchanging Warrantholder, enforceable against the
Exchanging Warrantholder in accordance with its terms, subject, as to the
enforcement of remedies, to the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium or other similar law of general
application affecting creditors and general principles of equity.

 

(c)                                  Non-Contravention.  Neither the execution and delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will
(i) violate any constitution, statute, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of any
government, governmental agency, or court to which the Exchanging Warrantholder
is subject, (ii) conflict with, result in a breach of, constitute a
default under, result in the acceleration 

 

5

 

of, create in any person the
right to accelerate, terminate, modify, or cancel, or require any notice under
any agreement, contract, lease, license, instrument, or other arrangement to
which the Exchanging Warrantholder is bound or to which any of its assets are
subject, or (iii) result in the imposition or creation of a Lien upon or
with respect to the Rights and Warrants being contributed by the Exchanging
Warrantholder.  The Exchanging
Warrantholder does not need to give any notice to, make any filing with, or
obtain any authorization, consent or approval of any government or governmental
agency in order to consummate the transactions contemplated in this Agreement,
including the Exchange Transactions and the STAK Deposit Transactions.

 

(d)                                 Domicile.  The Exchanging Warrantholder’s principal
domicile is the state in the United States, or the country, in each case as set
forth below the Exchanging Warrantholders’s name on its signature page to
this Agreement, and the offer and acceptance regarding the Exchanging
Warrantholders’s Exchange Shares occurred in that state or country.

 

(e)                                  Information.  The Exchanging Warrantholder has such
knowledge and experience in financial and business matters that the Exchanging
Warrantholder is capable of evaluating the merits and risks of the investment
to be made by the Exchanging Warrantholder hereunder.  The Exchanging Warrantholder has received and
reviewed the disclosure documents provided to the Exchanging Warrantholder by
the Issuer, and understands and has taken cognizance of all the risk factors
related to the investment in the Exchange Shares acquired by the Exchanging
Warrantholder.

 

(f)                                    No Registration.  The Exchanging Warrantholder understands that
(i) the Exchange Shares have not been registered under the United States
Securities Act of 1933, as amended (the “Act”), or other applicable
state or foreign securities laws, and (ii) no federal, state or foreign
agency has made any finding or determination as to the fairness for investment,
nor any recommendation or endorsement of the Exchange Shares.

 

(g)                                 Restrictions on Resale.  The Exchanging Warrantholder is fully
informed and aware of the circumstances under which the Exchange Shares must be
held and the restrictions upon the resale of the Exchange Shares under the Act
and applicable state and foreign securities laws.  The Exchanging Warrantholder understands that
the Exchanging Warrantholder must bear the economic risk of this investment in
the Exchange Shares for an indefinite period of time because (i) the
Exchange Shares have not been registered under the Act and cannot be sold
unless they are registered under the Act and any other applicable securities
laws or unless an exemption from such registration is available, and (ii) the
availability of an exemption may depend on factors over which the Exchanging
Warrantholder has no control.  The
Exchanging Warrantholder understands that unless so registered or exempt from
registration the Exchange Shares may be required to be held for an indefinite
period and that the reliance of the Issuer and others upon the exemptions from
registration referred to herein is predicated in part upon this representation
and warranty.

 

(h)                                 Registration or Offering of Issuer’s Securities.  The Exchanging
Warrantholder acknowledges and agrees that Issuer shall have no obligation to
register the Exchange Shares or otherwise conduct any offering of Issuer’s
equity securities.

 

(i)                                     Due Diligence.  The Exchanging Warrantholder acknowledges and
agrees that (i) the Exchanging Warrantholder has had an opportunity to ask
questions of, and receive answers from, officers of the Issuer concerning the
Issuer and its proposed business operations, and (ii) the Exchanging
Warrantholder has had full access to the Issuer’s books and records to the
extent requested and has had the opportunity to ask questions of and receive
answers from the directors, 

 

6

 

managers and officers of the
Issuer, and that to the extent asked, all such questions have been answered to
the Exchanging Warrantholder’s full satisfaction and the Exchanging
Warrantholder takes full responsibility for evaluating the adequacy of the
answers received.

 

(j)                                     Non-reliance; Investment Risk.  The Exchanging Warrantholder acknowledges and
agrees that: (i) except as expressly provided for in this Agreement, no
representations or warranties have been made to the Exchanging Warrantholder by
the Issuer, any manager, member, director, officer, agent, employee or
affiliate of the Issuer, or any other person with respect to the Exchanging
Warrantholder’s investment in the Exchange Shares; (ii) except for
(a) this Agreement, (b) the Warrant Agreement, and (c) the
Securityholders’ Agreement (but only if the Exchanging Warrantholder is a party
thereto), there are no agreements, contracts, understandings or commitments
between the Exchanging Warrantholder on the one hand and the Issuer, any
manager, member, director, officer, agent, employee or affiliate of the Issuer
on the other hand, with respect to the Exchanging Warrantholder’s investment in
the Exchange Shares; (iii) in entering into this transaction, the
Exchanging Warrantholder is not relying upon any information, other than that
contained in this Agreement, the Warrant Agreement and the results of the
Exchanging Warrantholder’s own independent investigation; (iv) the
Exchanging Warrantholder’s financial situation is such that the Exchanging
Warrantholder can afford to bear the economic risk of holding the Exchange
Shares for an indefinite period of time, has adequate means for providing for
the Exchanging Warrantholder’s current needs and personal contingencies, and
can afford to suffer a complete loss of the Exchanging Warrantholder’s
investment in the Exchange Shares; (v) the Exchange Shares are a
speculative investment which involves a high degree of risk of loss of the
Exchanging Warrantholder’s investment therein; and (vi) the Exchanging
Warrantholder’s investment in the Exchange Shares is subject to dilution by the
issuance of additional Issuer Shares or other equity securities by the Issuer,
and the Exchanging Warrantholder is not entitled to any preemptive, tag-along,
information or other minority investor rights with respect to the Exchange
Shares, other than as expressly set forth in this Agreement or as otherwise
provided under applicable law.

 

(k)                                  Opportunity to Seek Advice.  The Exchanging Warrantholder acknowledges
that Faegre & Benson LLP and Stibbe N.V., each legal counsel to the
Issuer, do not represent the Exchanging Warrantholder in connection with this
Agreement and the Closing Documents, and the Exchanging Warrantholder has not
relied to any extent on Faegre & Benson LLP or Stibbe N.V. in deciding
to enter this Agreement or any other agreement. 
The Exchanging Warrantholder has consulted with, or had ample
opportunity to consult with, the Exchanging Warrantholder’s own legal,
financial, accounting and tax counsel concerning the transactions contemplated
in this Agreement and the Closing Documents. 
The Exchanging Warrantholder has carefully reviewed this Agreement and
the Closing Documents and understands them.

 

(l)                                     Dutch Notary.  The Exchanging Warrantholder is aware that
the Dutch Notary is a civil law notary holding office with Stibbe N.V., a law
firm acting as legal advisor to the Issuer. With reference to the provisions of
the Code of Conduct (Verordening Beroeps- en
Gedragsregels) of the Royal Notarial Regulatory Body (Koninklijke Notariële Beroepsorganisatie) the Exchanging
Warrantholder acknowledges and agrees that Stibbe N.V. may assist and act on
behalf of the Issuer in connection with this Agreement including any disputes
arising in relation to this Agreement.

 

8.                                       Representations and Warranties of the Issuer.  The Issuer hereby
represents and warrants to the Exchanging Warrantholders and to STAK, as of the
date hereof:

 

7

 

(a)                                  Organization.  The Issuer is a company duly organized,
validly existing and in good standing under the laws of the Netherlands.

 

(b)                                 Authority; Organization; Good Standing.  The Issuer has full
corporate power and authority to execute and deliver this Agreement and the
Issuer Power of Attorney, and to perform its obligations hereunder and
thereunder.  The execution, delivery and
performance of this Agreement and all other agreements and documents
contemplated hereby has been duly authorized by the Issuer.  This Agreement and each of the Closing
Documents required to be executed by the Issuer has been duly and validly executed
and delivered by the Issuer and constitutes a legal, valid and binding
obligation of the Issuer, enforceable against the Issuer in accordance with its
terms, subject, as to the enforcement of remedies, to the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium or other similar
law of general application affecting creditors and general principles of
equity.

 

(c)                                  Non-Contravention.  Neither the execution and delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will
(i) violate any constitution, statute, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of any
government, governmental agency, or court to which the Issuer is subject,
(ii) conflict with, result in a breach of, constitute a default under,
result in the acceleration of, create in any person the right to accelerate,
terminate, modify, or cancel, or require any notice under any agreement,
contract, lease, license, instrument, or other arrangement to which the Issuer
is bound or to which any of its assets are subject, or (iii) result in the
imposition or creation of a Lien upon or with respect to the Exchange Shares
issued hereunder.  The Issuer does not
need to give any notice to, make any filing with, or obtain any authorization,
consent or approval of any government or governmental agency in order to
consummate the transactions contemplated in this Agreement, including the
Exchange Transactions.

 

9.                                       Representations and Warranties of STAK.  STAK hereby
represents and warrants to the Exchanging Warrantholders (other than the
Non-STAK Exchanging Warrantholders), and to the Issuer as of the date hereof:

 

(a)                                  Organization.  STAK is a foundation duly organized, validly
existing and in good standing under the laws of the Netherlands.

 

(b)                                 Authority.  STAK has full corporate power and authority
to execute and deliver this Agreement and the STAK Power of Attorney, and to
perform its obligations hereunder and thereunder.  The execution, delivery and performance of
this Agreement and all other agreements and documents contemplated hereby has
been duly authorized by STAK.  This
Agreement has been duly and validly executed and delivered by STAK and
constitutes a legal, valid and binding obligation of STAK, enforceable against
STAK in accordance with its terms, subject, as to the enforcement of remedies,
to the effect of any applicable bankruptcy, insolvency, reorganization,
moratorium or other similar law of general application affecting creditors and
general principles of equity.

 

(c)                                  Non-Contravention.  Neither the execution and delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will
(i) violate any constitution, statute, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of any
government, governmental agency, or court to which STAK is subject,
(ii) conflict with, result in a breach of, constitute a default under,
result in the acceleration of, create in any person the right to accelerate,
terminate, modify, or cancel, or require any notice under any agreement,
contract, lease, license, instrument, or other arrangement to which STAK is
bound or to which

 

8

 

any of its assets are
subject, or (iii) result in the imposition or creation of a Lien upon or
with respect to the Depositary Receipts issued hereunder.  STAK does not need to give any notice to,
make any filing with, or obtain any authorization, consent or approval of any
government or governmental agency in order to consummate the transactions
contemplated in this Agreement, including the Exchange Transactions.

 

10.                                 Limitations on Transfer.  Each Exchanging Warrantholder agrees not to
sell, transfer, assign, pledge, encumber, exchange or otherwise dispose of all
or any portion of its Exchange Shares (or corresponding Depositary Receipts)
unless the board of managing directors of the Issuer approves such transfer and
(i) a registration statement relating thereto has been duly filed and
becomes effective under the Act and all applicable state or foreign securities
laws, or (ii) such sale, assignment, transfer, offer, pledge or other
disposition is exempt from the registration and prospectus delivery requirements
of the Act and such laws (as evidenced by an opinion of counsel for the
Exchanging Warrantholder reasonably satisfactory in form and substance to the
Issuer) and, in the case of a transaction pursuant to this clause (ii), the
Issuer will not, as a result of such sale, transfer, assignment, pledge,
encumbrance, exchange or other disposition, be required to register its
securities under the United States Securities Exchange Act of 1934, as amended.

 

11.                                 Survival of Representations, Warranties, Covenants and
Agreements.  Each representation, warranty, covenant and
agreement herein will survive the execution and delivery of this Agreement and
the issuance of Exchange Shares (or corresponding Depositary Receipts)
contemplated hereby and remain in full force and effect until all liability
hereunder relating thereto is barred by all applicable statutes of
limitation.  Each party hereto will
indemnify and hold harmless each other party hereto from any liability, loss or
expense (including, without limitation, reasonable attorneys’ fees) if such
party has breached any representation, warranty, covenant or agreement
hereunder.

 

12.                                 Miscellaneous

 

(a)                                  Other Agreements; Further Assurances.  Each party hereto
acknowledges and agrees that upon execution of this Agreement, such party shall
execute and deliver each other Closing Document required to be delivered
hereunder by such party, or any other document reasonably necessary in the sole
judgment of the Issuer to accomplish the transactions contemplated hereunder.  By execution of this Agreement, each
Exchanging Warrantholder acknowledges that it has reviewed and understands the
effect of this Agreement, including the transactions contemplated hereunder,
and the Exchanging Warrantholder Power of Attorney and, if applicable, the
Exchanging Warrantholder Authority Declaration, and that the Exchanging
Warrantholder’s execution and delivery of these documents is a condition
precedent to (i) the obligations of the Issuer to issue the Exchanging
Warrantholder’s Exchange Shares pursuant to this Agreement, and (ii) the
obligations of STAK to issue the Exchanging Warrantholder’s Depositary Receipts
pursuant to this Agreement.

 

(b)                                 Assignment; Binding Effect.  Neither this Agreement nor any right or
obligation hereunder will be assigned, delegated or otherwise transferred (by
operation of law or otherwise) by any Exchanging Warrantholder without the
prior written consent of the Issuer (which consent may be withheld in the
Issuer’s sole discretion).  This
Agreement will be binding on and inure to the benefit of the respective
permitted successors and assigns of the parties hereto.  Any purported assignment, delegation or other
transfer not permitted by this section is void.

 

(c)                                  Complete Agreement; Amendments; Non-Waiver.  The Closing
Documents, the Warrant Agreement and, if applicable, the Securityholders’
Agreement, constitute the entire agreement between the parties hereto
pertaining to the subject matter herein and except for the 

 

9

 

Warrant Agreement and, where
applicable, the Securityholders’ Agreement, this Agreement supersedes any prior
representations, warranties, covenants, agreements and understandings of the
parties regarding such subject matter. 
No supplement, modification or amendment hereof will be binding unless
expressed as such and executed in writing by each party.  No waiver of any term hereof will be binding
unless expressed as such in a document executed by the party making such
waiver.  No waiver of any term hereof
will be a waiver of any other term hereof, whether or not similar, nor will any
such waiver be a continuing waiver beyond its stated terms.  Failure to enforce strict compliance with any
term hereof will not operate as a waiver of, or estoppel with respect to, any
existing or any subsequent failure to comply.

 

(d)                                 Governing Law.  This Agreement shall be construed and
enforced in accordance with the substantive laws of the Netherlands without
reference to principles of conflicts of law.

 

(e)                                  Counterparts; Several Obligations.  This Agreement may
be executed in counterparts, each of which will be deemed an original, but all
of which together will constitute one and the same instrument.  To the extent that any Warrantholder does not
execute this Agreement, this Agreement shall nonetheless be effective as a
binding Agreement between the Issuer, on the one hand, and each Exchanging
Warrantholder that executes this Agreement, on the other hand.  The obligations of each Exchanging
Warrantholder under this Agreement are individual and several, not joint.

 

(f)                                    Headings.  The section headings contained in this
Agreement are inserted for convenience only and shall not affect in any way the
meaning or the interpretation of this Agreement.

 

(g)                                 Interpretation; Severability.  The terms of this Agreement will, where
possible, be interpreted and enforced so as to sustain their legality and
enforceability, read as if they cover only the specific situation to which they
are being applied and enforced to the fullest extent permissible under
applicable law.  If any term of this
Agreement is determined by a court of competent jurisdiction to be invalid,
illegal or incapable of being enforced, then all other terms and provisions of
this Agreement shall nevertheless remain in full force and effect, and such
term automatically will be amended so that it is valid, legal and enforceable
to the maximum extent permitted by applicable law, but as close to the parties’
original intent as possible.

 

(h)                                 No Right of Employment or Continued Employment.  Neither the
issuance of the Exchange Shares nor anything contained in this Agreement shall
give any individual Exchanging Warrantholder any right to employment or
continued employment, as applicable, by the Issuer or any parent or subsidiary
of the Issuer or to prohibit or restrict the Issuer or any parent or subsidiary
of the Issuer from terminating the Exchanging Warrantholder’s employment (if
applicable) at any time or for any reason whatsoever, with or without cause,
notwithstanding the effect any such action may have on such Exchanging
Warrantholder the Closing Documents or any Exchange Shares or Depositary
Receipts issued under this Agreement.

 

(i)                                     Jurisdiction.  The competent court in Amsterdam, the
Netherlands shall have exclusive jurisdiction to settle any dispute in
connection with this Agreement without prejudice to the right of appeal and
that of appeal to the Supreme Court

 

(j)                                     Parties in Interest; No Third-Party Beneficiaries.  Nothing in this
Agreement (whether express or implied) will or is intended to confer any rights
or remedies under or by reason of this Agreement on any person, except the
Exchanging Warrantholders, the Issuer, STAK and their respective permitted
successors and assigns.

 

10

 

(k)                                  Notices.  All notices, requests, demands, claims, and
other communications hereunder shall be in writing, and shall only be deemed
duly given (i) when delivered personally to the recipient, (ii) one
business day after being sent to the recipient by reputable overnight courier
service (charges prepaid), (iii) one business day after being sent to the
recipient by facsimile transmission, or (iv) four business days after
being mailed to the recipient by certified or registered mail, return receipt
requested and postage prepaid, and addressed to the intended recipient as set
forth below:

 

	
  if to
  the Issuer

  	
   

  	
  Tornier
  B.V.,

  
	
   

  	
   

  	
  Fred
  Roeskestraat 123

  
	
   

  	
   

  	
  1076EE
  Amsterdam

  
	
   

  	
   

  	
  The
  Netherlands

  
	
   

  	
   

  	
  Attn:

  
	
   

  	
   

  	
  Facsimile:

  
	
   

  	
   

  	
   

  
	
  with a copy
  (not constituting notice)

  	
   

  	
  Tornier, Inc.

  7701
  France Avenue South, Suite 600

  
	
   

  	
   

  	
  Edina, MN 55435

  
	
   

  	
   

  	
  Attn: Chief Executive Officer

  
	
   

  	
   

  	
  Facsimile: (952) 426-7601

  
	
   

  	
   

  	
   

  
	
  with a copy
  (not constituting notice)

  	
   

  	
  Faegre & Benson LLP

  2200 Wells Fargo Center

  
	
   

  	
   

  	
  90 South Seventh Street

  
	
   

  	
   

  	
  Minneapolis, MN 55402

  
	
   

  	
   

  	
  Attn: Steven C. Kennedy

  
	
   

  	
   

  	
  Facsimile: (612) 766-1600

  
	
   

  	
   

  	
   

  
	
  if to STAK

  	
   

  	
  Stichting
  Administratiekantoor Tornier

  
	
   

  	
   

  	
  Fred
  Roeskestraat 123

  
	
   

  	
   

  	
  1076EE Amsterdam

  
	
   

  	
   

  	
  The Netherlands

  
	
   

  	
   

  	
  Attn:

  
	
   

  	
   

  	
  Facsimile:

  
	
   

  	
   

  	
   

  
	
  if to an
  Exchanging Warrantholder

  	
   

  	
  At the address set forth on the
  Exchanging Warrantholder’s signature page to this Agreement

  

 

(l)                                     Expenses.  Each party shall each bear its own costs and
expenses (including legal, tax, financial and accounting advisor fees and
expenses) incurred in connection with this Agreement and the transactions
contemplated hereby.

 

(m)                               Construction.  The parties hereto have participated jointly
in the negotiation and drafting of this Agreement.  If an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly
by all 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.  Any
reference to any U.S. federal, state, local, or non-U.S. statute or law shall
be deemed also to refer to all rules and regulations promulgated
thereunder, unless the context requires otherwise.  The word “including” shall mean including
without limitation.  The Parties intend that
each representation, warranty, and covenant contained herein shall have
independent significance.  If a party has
breached any representation, warranty, or 

 

11

 

covenant contained herein in
any respect, the fact that there exists another representation, warranty, or
covenant relating to the same subject matter (regardless of the relative levels
of specificity) that the party has not breached shall not detract from or
mitigate the fact that the party is in breach of the first representation,
warranty, or covenant.

 

(n)                                 Incorporation of Exhibits and Schedules.  The Exhibits and
Schedules identified in this Agreement are incorporated herein by reference and
made a part hereof.

 

* * *

 

[signatures
follow]

 

12

 

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

 

	
   

  	
  ISSUER:

  
	
   

  	
   

  
	
   

  	
  TORNIER B.V.

  
	
   

  	
   

  
	
   

  	
  /s/ Guido F.X.M.
  Nieuwenhuizen

  
	
   

  	
  By:

  	
  Guido F.X.M. Nieuwenhuizen

  
	
   

  	
  Its:

  	
  Managing Director A

  
	
   

  	
   

  
	
   

  	
  /s/ Ronald Arendsen

  
	
   

  	
  By:

  	
  Ronald Arendsen

  
	
   

  	
  Its:

  	
  Managing Director B

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STAK:

  
	
   

  	
   

  
	
   

  	
  STICHTING ADMINISTRATIEKANTOOR
  TORNIER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Douglas W. Kohrs

  
	
   

  	
  By:

  	
  Douglas W. Kohrs

  
	
   

  	
  Its:

  	
  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Timothy J. Curt

  
	
   

  	
  By:

  	
  Timothy J. Curt

  
	
   

  	
  Its:

  	
  Managing Director

  

 

 

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

 

	
   

  	
  WARRANTHOLDER MAJORITY:

  
	
   

  	
   

  
	
   

  	
  WARBURG PINCUS (BERMUDA)
  PRIVATE EQUITY IX, L.P.

  
	
   

  	
  By: Warburg Pincus IX, LLC, its
  General Partner

  
	
   

  	
  By: Warburg Pincus Partners, LLC,
  its Sole Member

  
	
   

  	
  By: Warburg Pincus & Co.,
  its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/  Sean D. Carney

  
	
   

  	
  By: Sean D. Carney

  
	
   

  	
  Title: Partner

  

 

 

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

 

	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/  Douglas W. Kohrs

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  /s/  Douglas W. Kohrs

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  
	
   

  	
  Domicile:

  	
  Minnesota, USA

  
	
   

  	
  [please
  print your U.S. State or Country of residence]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please
  print]

  
	
   

  	
   

  	
  7444 Shannon Dr.

  
	
   

  	
   

  	
  Edina, MN 55439

  
	
   

  	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  952-426-7601

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attn:

  
	
   

  	
  Facsimile:

  
					

 

 

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

 

	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Company:

  	
  KCH Stockholm AB

  
	
   

  	
  [please print the name of the Exchanging Warrantholder]

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/  Carl-Henry
  Salomonsson

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Carl-Henry Salomonsson

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  Solicitor

  
	
   

  	
   

  	
  [please print your title]

  
	
   

  	
   

  
	
   

  	
  Domicile:

  	
  Sweden

  
	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please
  print]

  
	
   

  	
   

  	
  Box 606, 65113

  
	
   

  	
   

  	
  Karlstad, Sweden

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attn:

  
	
   

  	
  Facsimile:

  
							

 

 

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

 

	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Company:

  	
  Split Rock Partners, LP

  
	
   

  	
  [please print the name of the Exchanging Warrantholder]

  
	
   

  	
  By:

  	
  Split Rock Partners Management,
  LLC

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/  Steven L.P. Schwen

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Steven L.P. Schwen

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
  [please print your title]

  
	
   

  	
   

  
	
   

  	
  Domicile:

  	
  Minnesota

  
	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please
  print]

  
	
   

  	
  10400 Viking Drive

  
	
   

  	
  Suite 550

  
	
   

  	
  Eden Prairie, MN 55347

  
	
   

  	
  Facsimile: 952-995-7475

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attn:

  
	
   

  	
  Facsimile:

  
						

 

 

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

 

	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/  Diane M. Doty

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Diane M. Doty

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  
	
   

  	
  Domicile:

  	
  Minnesota

  
	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please
  print]

  
	
   

  	
  27860 Brynmawr Place

  
	
   

  	
  Shorewood, MN 55331

  
	
   

  	
  U.S.A.

  
	
   

  	
  Facsimile: None

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
  Same address

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attn: Michael J. Doty

  
	
   

  	
  Facsimile: None

  
					

 

 

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

 

	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/  Ralph E.
  Barisano, Jr.

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Ralph E. Barisano, Jr.

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  	
   

  
	
   

  	
  Domicile:

  	
  Massachusetts

  
	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please
  print]

  
	
   

  	
  29 Chicory Rd

  
	
   

  	
  Westford, MA 01886

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attn:

  
	
   

  	
  Facsimile:

  
					

 

 

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

 

	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Company:

  	
  Vertical Fund I, L.P.

  
	
   

  	
  [please print the name of the Exchanging Warrantholder]

  
	
   

  	
  By:

  	
  The Vertical Group, L.P. .

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Vertical Group GPHC, LLC

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/ John E. Runnells

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  John E. Runnells

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  
	
   

  	
  Domicile:

  	
  Delaware. U.S.A.

  
	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please
  print]

  
	
   

  	
  25 DeForest Ave.

  
	
   

  	
  Summit, N.J. 07901 USA

  
	
   

  	
   

  
	
   

  	
  Facsimile: 908-273-9434

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attn:

  
	
   

  	
  Facsimile:

  
						

 

 

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

 

	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Company:

  	
  Vertical Fund II, L.P.

  
	
   

  	
  [please
  print the name of the Exchanging Warrantholder]

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The Vertical Group, L.P. .

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Vertical Group GPHC, LLC

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/ John E. Runnells

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  John E. Runnells

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  
	
   

  	
  Domicile:

  	
  Delaware, U.S.A.

  
	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please
  print]

  
	
   

  	
  28 DeForest Ave.

  
	
   

  	
  Summit, N.J. 07901 USA

  
	
   

  	
   

  
	
   

  	
  Facsimile: 908-273-9434

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attn:

  
	
   

  	
  Facsimile:

  
							

 

 

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

 

	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/ Rod K. Mayer

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Rod K. Mayer

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  
	
   

  	
  Domicile:

  	
  Indiana

  
	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please
  print]

  
	
   

  	
  Rod K. Mayer

  
	
   

  	
  2607 Wildwood Lane

  
	
   

  	
  Winona Lake, Indiana 46590

  
	
   

  	
  Facsimile: 260-625-5128

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
  Rod K. Mayer C/O DelPalma
  Orthopedics LLC

  
	
   

  	
  5865 E. State Raso 14

  
	
   

  	
  Columbia City, Indiana 46725

  
	
   

  	
  Attn: Rod K. Mayer

  
	
   

  	
  Facsimile: 260-625-5128

  
					

 

 

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

 

	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/ Robert C. Anderson

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Robert C. Anderson

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  	
   

  
	
   

  	
  Domicile:

  	
  California, USA

  
	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please
  print]

  
	
   

  	
  1960 Bechelli Ln

  
	
   

  	
  Redding, CA 96002

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attn:

  
	
   

  	
  Facsimile:

  
					

 

 

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

 

	
   

  	
  EXCHANGING
  WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/ Jamal D.
  Rushdy

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Jamal D. Rushdy

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Domicile:

  	
  Minnesota, USA

  
	
   

  	
  [please print your U.S. State or Country of organizational
  jurisdiction]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please print]

  
	
   

  	
  17151 Acorn Ridge

  
	
   

  	
  Eden Prairie, MN
  55347

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  n/a

  
	
   

  	
   

  	
  (jrushdyctornier.com)

  
	
   

  	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attn:

  
	
   

  	
  Facsimile:

  
				

 

 

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

 

	
   

  	
  EXCHANGING
  WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature: 

  	
  /s/ James C.
  Harber

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  James C. Harber

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  	
   

  
	
   

  	
  Domicile: 

  	
  Minnesota, USA

  
	
   

  	
  [please print your U.S. State or Country of organizational
  jurisdiction]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please print]

  
	
   

  	
  4980 Brighton
  Blvd.

  
	
   

  	
  Mound, MN 55364

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attn:

  
	
   

  	
  Facsimile:

  
				

 

 

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

 

	
   

  	
  EXCHANGING
  WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature: 

  	
  /s/ Jean Narc
  Idier

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Jean Narc Idier

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  	
   

  
	
   

  	
  Domicile: 

  	
  France

  
	
   

  	
  [please print your U.S. State or Country of organizational
  jurisdiction]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please print]

  
	
   

  	
  300 chemin de
  Ribotiere

  
	
   

  	
  38330 St Ismier

  
	
   

  	
   

  
				

 

 

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

 

	
   

  	
  EXCHANGING
  WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature: 

  	
  James E. Kwan

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  James E. Kwan

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  	
   

  
	
   

  	
  Domicile: 

  	
  Minnesota

  
	
   

  	
  [please print your U.S. State or Country of organizational
  jurisdiction]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please print]

  
	
   

  	
  2 North Bay Lane

  
	
   

  	
  North Oaks, MN
  55127

  
	
   

  	
  USA

  
	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
  7701 France Ave. S

  
	
   

  	
  Suite 600

  
	
   

  	
  Edina, MN 55435
  USA

  
	
   

  	
  Attn: J. Kwan

  
	
   

  	
  Facsimile: 952-426-7601

  
				

 

 

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

 

	
   

  	
  EXCHANGING
  WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TMG HOLDINGS COÖPERATIEF U.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/  Sean
  D. Carney

  
	
   

  	
  By:

  	
  Sean D. Carney

  
	
   

  	
  Its:

  	
  Managing Director
  A

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/  Guido
  F.X.M. Nieuwenhuizen

  
	
   

  	
  By:

  	
  Guido F.X.M
  Nieuwenhuizen

  
	
   

  	
  Its:

  	
  Managing Director
  A

  
	
   

  	
   

  
	
   

  	
  Domicile: The
  Netherlands

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  1076 EE Amsterdan

  
	
   

  	
  Fred. Roeskestraat
  123-I

  
	
   

  	
  The Netherlands

  
	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attn:

  
	
   

  	
  Facsimile:

  

 

 

SCHEDULE
1

 

2008
WARRANTHOLDERS

 

	
  Name

  	
   

  	
  Warrants

  	
   

  	
  Exchange

  Shares (*)

  	
   

  
	
  TMG Holdings Coöperatief U.A. (formerly held by Warburg
  Pincus)

  	
   

  	
  6,633,216

  	
   

  	
  4,068,151

  	
   

  
	
  Vertical Fund I, L.P.

  	
   

  	
  846,742

  	
   

  	
  519,306

  	
   

  
	
  Vertical Fund II, L.P.

  	
   

  	
  249,484

  	
   

  	
  153,008

  	
   

  
	
  Douglas Kohrs

  	
   

  	
  150,926

  	
   

  	
  92,562

  	
   

  
	
  Split Rock Partners, LP

  	
   

  	
  311,251

  	
   

  	
  190,890

  	
   

  
	
  KCH Stockholm AB

  	
   

  	
  939,929

  	
   

  	
  576,458

  	
   

  
	
  Rod Mayer

  	
   

  	
  44,580

  	
   

  	
  27,340

  	
   

  
	
  Diane Doty

  	
   

  	
  44,580

  	
   

  	
  27,340

  	
   

  
	
  Robert Anderson

  	
   

  	
  20,678

  	
   

  	
  12,681

  	
   

  
	
  Ralph Barisano

  	
   

  	
  6,982

  	
   

  	
  4,282

  	
   

  
	
  Jamal Rushdy

  	
   

  	
  6,982

  	
   

  	
  4,282

  	
   

  
	
  James Christopher Harber

  	
   

  	
  5,102

  	
   

  	
  3,129

  	
   

  
	
  Jean-Marc Idier

  	
   

  	
  2,686

  	
   

  	
  1,647

  	
   

  
	
  Jim Kwan

  	
   

  	
  1,880

  	
   

  	
  1,153

  	
   

  
	
  Total

  	
   

  	
  9,265,018

  	
   

  	
  5,682,229

  	
   

  

 

(*)
Exchange Shares = Warrants x Exchange Ratio, rounded down to the nearest whole
number

 

* * *

 

 

EXHIBIT A

 

DEED OF ISSUE

 

	
  ISSUE
  OF SHARES

  	
   

  	
  BPB/6007622/10175683.uve

  
	
  TORNIER
  B.V.

  	
   

  	
  13-05-2010

  
	
   

  	
   

  	
  2

  

 

Today,

 

, appeared before me,

 

Paul Hubertus Nicolaas Quist, civil-law notary
in Amsterdam:

 

in the present matter acting as holder of a
power of attorney of:

 

1.                   the company with limited liability (besloten vennootschap met
beperkte aansprakelijkheid) Tornier B.V.,
having its seat in Amsterdam, its address at 1076 EE Amsterdam, Fred.
Roeskestraat 123, filed at the Trade Register under number 34250781 and with number B.V. 1383148

(the ‘Issuer’);

 

2.                   the cooperative (cooperatie), TMG Holdings
Coöperatief U.A., having its
seat in Amsterdam, its address at 1076 EE Amsterdam, Fred. Roeskestraat 123,
filed at the Trade Register under number 34252061

(‘TMG’);

 

3.                   the limited partnership formed and existing under the laws of the State of
Delaware, United States of America, Vertical Fund I, L.P.,
having its address at NJ 0790125, DeForest Avenue, Summit, United States of
America and
filed at the Secretary of State of the State of
Delaware under number 2186686

(‘Vertical I’);

 

4.                   the limited partnership formed and existing under the laws of the State of
Delaware, United States of America, Vertical Fund II, L.P.,
having its address at NJ 07901, 25 DeForest Avenue, Summit, United States of
America and
filed at the Secretary of State of the State of
Delaware under number 3459840

(‘Vertical II’);

 

 

Execution Version

 

5.                   the company incorporated and existing under the laws of Sweden (aktiebolag) KCH Stockholm AB,
having its address at Hamilton Advokatbyrå Karlstad
AB, Kungsgatan 2 A, Box 606, 651 13 Karlstad, Sweden, and filed at the Swedish
Companies Registration Office under number 556702-1885

(‘KCH’);

 

6.                   the limited partnership formed and existing under the laws of Delaware,
United States of America, Split Rock Partners, L.P. having its address at MN 55344
Minneapolis, United States of America, 10400 Viking Drive, Suite 550 and
filed at the Secretary of State of the State of
Delaware under number 3813224

(‘Split Rock’);

 

7.                   Douglas William Kohrs,
residing at [ ], born in [ ], on [ ], [married/registered partner/not married
nor registered partner] and holder of an [ ] passport with number [ ]

(‘Kohrs’);

 

8.                   Rod Mayer, residing at [ ], born in [ ], on [ ],
[married/registered partner/not married nor registered partner] and holder of
an [ ] passport with number [ ]

(‘Mayer’);

 

9.                   Robert Anderson, residing at [ ], born in [ ], on [
], [married/registered partner/not married nor registered partner] and holder
of an [ ] passport with number [ ]

(‘Anderson’);

 

10.             Ralph Barisano Jr., residing at [ ], born in [ ], on [
], [married/registered partner/not married nor registered partner] and holder
of an [ ] passport with number [ ]

(‘Barisano’)

 

11.             Jamal Rushdy, residing at [ ], born in [ ], on [ ],
[married/registered partner/not married nor registered partner] and holder of
an [ ] passport with number [ ]

(‘Rushdy’);

 

12.             James Christopher Harber, residing at [ ], born in [ ], on [
], [married/registered partner/not married nor registered partner] and holder
of an [ ] passport with number [ ]

(‘Harber’);

 

13.             Jean-Marc Idier, residing at [ ], born in [ ], on [ ],
[married/registered partner/not married nor registered partner] and holder of
an [ ] passport with number [ ]

(‘Idier’);

 

14.             Jim Kwan, residing at MN 55127, North Oaks, United States of
America, 2 W. Bay Lane, born in [ ], on [ ], [married/registered partner/not
married nor registered partner] and holder of an [ ] passport with number [ ]

 

 

(‘Kwan’);

 

15.             Diane Doty, residing at [ ], born in [ ], on [ ],
[married/registered partner/not married nor registered partner] and holder of
an [ ] passport with number [ ]

(‘Doty’);

 

(TMG,  Vertical I,  Vertical II,  KCH, Kohrs,  Mayer, Anderson,  Barisano,
Rushdy, Harber, Idier, Kwan  and Doty are
hereinafter jointly referred to as the ‘Warrantholders’).

 

Powers of attorney

 

The powers of attorney are evidenced by fifteen
(15) private deeds.

 

The appearing person declared:

 

Whereas

 

(a)              The Issuer
entered into that certain warrant agreement, dated the twenty-ninth of February two
thousand and eight (the ‘Warrant  Agreement’) with the Warrantholders with respect to rights
to acquire ordinary shares in the capital of the Issuer (the ‘Warrants’), each with a par value of one cent (EUR 0.01).

 

(b)             On the [ ]
of May two thousand and ten the Issuer entered into a warrant exchange
agreement (the ‘Warrant Exchange  Agreement’) with the Warrantholders pursuant to which each
of the Warrantholders contributes and transfers the Warrants in exchange for shares
in the share capital of the Issuer, calculated in accordance with the Warrant
Exchange Agreement.

 

(c)              Resolution
to issue shares

 

On the [  ] two thousand and ten the board of managing
directors of the Issuer, authorised to do so in accordance with the provisions
of the articles of association of the Issuer resolved among other things:

 

(i)                                     to issue such number of shares
in the capital of the Issuer, each with a nominal value of one cent (EUR 0.01),
at par to the Warrantholders calculated in accordance with the Warrant Exchange
Agreement and under the obligation to fulfil the payment obligation in kind as
further described below; and furthermore;

 

(ii)                                  to appoint one of its members,
Guido Fransicus Xaverius Maria Nieuwenhuizen, born in Amsterdam on the
twenty-third of August nineteen hundred and sixty-three, to determine the
exact number of shares in the capital of the Issuer to be issued to each of the
Warrantholders,

 

a copy of which resolution will be attached to this
deed.

 

(d)             on the [*]
two thousand and ten, the supervisory board approved, in accordance with
article 4 paragraph 1 of the articles of association of the Issuer, the
aforementioned resolutions of the management board of the Issuer , a copy of
which resolution will be attached to this deed.

 

 

(e)              Pursuant to
the power of attorney granted to him, Guido Nieuwenhuizen, aforementioned,
acting in his capacity of holder of power of attorney, determined and resolved
on [*] two thousand and ten to issue to the Warrantholders a total of five million
six hundred eighty-two thousand two hundred twenty-nine (5,682,229) shares in
the capital of the Issuers, each with a nominal value of one cent (EUR 0.01)
(the ‘Exchange  Shares’)
(the resolution of the management board of the Issuer to issue shares and the
written resolution of G.F.X.M. Nieuwenhuizen hereinafter together to be
referred to as the ‘Resolution’).

 

A
copy of the aforementioned resolution of G.F.X.M. Nieuwenhuizen will be
attached to this deed.

 

(f)                Method of
payment

 

The Exchange Shares are
to be paid up other than in cash, as further described below.

 

The Warrantholders and
the Issuer have agreed that to enable the Warrantholders to fulfil their
obligation to pay-up the Exchange Shares, the Warrantholders contributed nine
million two hundred sixty-five thousand eighteen (9,265,018) Warrants.

 

(g)             Pre-emption
right

 

Article 6 of the
articles of association of the Issuer provides that upon issue of shares the
shareholders will not have pre-emption rights to the shares issued.

 

It is hereby agreed and confirmed as follows

 

Issue of Exchange Shares

 

Article 1.

 

To implement the Resolution and the Warrant
Exchange Agreement, the Issuer herewith issues the Exchange Shares to the
Warrantholders under the obligation to pay up on the Exchange Shares in the
method mentioned above, as follows:

 

·                  four million sixty-eight thousand one hundred fifty-one (4,068,151)
shares to TMG (the ‘TMG Shares’).

TMG herewith accepts the TMG
Shares under the obligation and terms referred to above.

 

·                  five hundred nineteen thousand three hundred six (519,306) shares to
Vertical I (the ‘Vertical I Shares’).

Vertical I herewith accepts
the Vertical I Shares under the obligation and terms referred to above.

 

·                  one hundred fifty-three thousand eight (153,008) shares to Vertical II
(the ‘Vertical II Shares’).

Vertical II herewith accepts
the Vertical II Shares under the obligation and terms referred to above.

 

·                  five hundred seventy-six thousand four hundred fifty-eight (576,458)
shares to KCH (the ‘KCH Shares’).

 

 

KCH herewith accepts the KCH
Shares under the obligation and terms referred to above.

 

·                  one hundred ninety thousand eight hundred ninety (190,890) shares to
Split Rock (the ‘Split Rock Shares’).

Split Rock herewith accepts
the Split Rock Shares under the obligation and terms referred to above.

 

·                  ninety-two thousand five hundred sixty-two (92,562) shares to Kohrs (the
‘Kohrs Shares’).

Kohrs herewith accepts the
Kohrs Shares under the obligation and terms referred to above.

 

·                  twenty-seven thousand three hundred forty (27,340) shares to Mayer (the ‘Mayer Shares’)

Mayer herewith accepts the
Mayer Shares under the obligation and terms referred to above.

 

·                  twelve thousand six hundred eighty-one (12,681) shares to Anderson (the ‘Anderson Shares’).

Anderson herewith accepts
the Anderson Shares under the obligation and terms referred to above.

 

·                  four thousand two hundred eighty-two (4,282) shares to Barisano (the ‘Barisano Shares’).

Barisano herewith accepts
the Barisano Shares under the obligation and terms referred to above.

 

·                  four thousand two hundred eighty-two (4,282) shares to Rushdy (the ‘Rushdy Shares’).

Rushdy herewith accepts the
Rushdy Shares under the obligation and terms referred to above.

 

·                  three thousand one hundred twenty-nine (3,129) shares to Harber (the ‘Harber Shares’).

Harber herewith accepts the
Harber Shares under the obligation and terms referred to above.

 

·                  one thousand six hundred forty-seven (1,647) shares to Idier (the ‘Idier Shares’).

Idier herewith accepts the
Idier Shares under the obligation and terms referred to above.

 

·                  one thousand one hundred fifty-three (1,153) shares to Kwan (the ‘Kwan Shares’).

Kwan herewith accepts the
Kwan Shares under the obligation and terms referred to above.

 

·                  twenty-seven thousand three hundred forty (27,340) shares to Doty (the ‘Doty Shares’).

Doty herewith accepts the
Doty Shares under the obligation and terms referred to above.

 

Payment

 

Article 2.

 

·                  To fulfil its payment obligation TMG transferred and contributed to the
Issuer six million six hundred thirty-three thousand two hundred sixteen (6,633,216)
Warrants (the ‘TMG Contribution’).

 

·                  To fulfil its payment obligation Vertical I transfers transferred and
contributed to the Issuer eight hundred forty-six thousand seven hundred
forty-two (846,742) Warrants (the ‘Vertical I Contribution’).

 

·                  To fulfil its payment obligation Vertical II transferred and contributed
to the Issuer two hundred forty-nine thousand four hundred eighty-four
(249,484) Warrants (the ‘Vertical II Contribution’).

 

·                  To fulfil its payment obligation KCH transferred and contributed to the
Issuer nine hundred thirty-

 

 

nine thousand nine hundred
twenty-nine (939,929) Warrants (the ‘KCH Contribution’).

 

·                  To fulfil its payment obligation Split Rock transferred and contributed
to the Issuer three hundred eleven thousand two hundred fifty-one (311,251)
Warrants (the ‘Split Rock Contribution’).

 

·                  To fulfil his payment obligation Kohrs transferred and contributed to
the Issuer one hundred fifty thousand nine hundred twenty-six (150,926)
Warrants (the ‘Kohrs Contribution’).

 

·                  To fulfil his payment obligation Mayer transferred and contributed to
the Issuer forty-four thousand five hundred eighty (44,580) Warrants (the ‘Mayer Contribution’).

 

·                  To fulfil his payment obligation Anderson transferred and contributed to
the Issuer twenty thousand six hundred seventy-eight (20,678) Warrants (the ‘Anderson Contribution’).

 

·                  To fulfil his payment obligation Barisano transferred and contributed to
the Issuer six thousand nine hundred eighty-two (6,982) Warrants) Warrants (the
‘Barisano Contribution’).

 

·                  To fulfil his payment obligation Rushdy transferred and contributed to
the Issuer six thousand nine hundred eighty-two (6,982) Warrants (the ‘Rushy Contribution’).

 

·                  To fulfil his payment obligation Harber transferred and contributed to
the Issuer five thousand one hundred two (5,102) Warrants (the ‘Harber Contribution’).

 

·                  To fulfil his payment obligation Idier transferred and contributed to
the Issuer two thousand six hundred eighty-six (2,686) Warrants (the ‘Idier Contribution’).

 

·                  To fulfil his payment obligation Kwan transferred and contributed to the
Issuer one thousand eight hundred eighty (1,880) Warrants (the ‘Kwan Contribution’).

 

·                  To fulfil her payment obligation Doty transferred and contributed to the
Issuer forty-four thousand five hundred eighty (44,580) Warrants (the ‘Doty Contribution’).

 

(the TMG Contribution, the
Vertical I Contribution, the Vertical II Contribution, the KCH Contribution,
the Split Rock Contribution, the Kohrs Contribution, the Mayer Contribution,
the Anderson Contribution, the Barisano Contribution, the Rushdy Contribution,
the Harber Contribution, the Idier Contribution, the Kwan Contribution and the
Doty Contribution hereinafter jointly to be referred to as the ‘Contribution’).

 

The Contribution is described
in more detail in the description of what is to be contributed according to
article 2:204b paragraph 1 Dutch Civil Code, attached to this deed (the ‘Description’).

 

The Description relates to
the condition of the Contribution per [*] two thousand and ten.

 

The Description is signed by
all members of the board of managing directors of the Issuer.

 

An expert as defined in
article 2:393 Dutch Civil Code has issued an opinion on the Description, as
referred to in article 2:204b paragraph 2 Dutch Civil Code, stating that the
value of the Contribution at least equals the amount of the payment obligation
as referred to in the statement, being an amount of [*], which the Contribution
needs to satisfy (the ‘Auditor’s opinion’).

 

 

To the extent the value of
the Contribution exceeds the par value of the Exchange Shares, the surplus will
be considered to be share premium (agio).

 

To the extent the actual
value of the Contribution exceeds the value of the Contribution mentioned in
the Description, the surplus will be considered share premium (agio).

 

Insofar further formalities need to be met to transfer the
Contribution, the Warrantholders and the Issuer will undertake all necessary
actions without delay to complete the transfer of the Contribution.

 

Approval of the transfer and acknowledgement

 

Article 3.

 

The board of managing directors of the Issuer and the Warrantholder
Majority (as defined in the Warrant Agreement) have approved the transfer of
the Warrants in accordance with clause 3.1 of the Warrant Agreement.

 

The Issuer hereby acknowledges the transfer of
the Warrants.

 

Shareholders’ register

 

Article 4.

 

The Issuer declared to make
the appropriate entry in the shareholders’ register concerning this issue.

 

Attached documents

 

Article 5.

 

Furthermore, to this deed
will be attached:

 

·                      the powers of attorney in connection with this deed;

 

·                      the copy of the Warrant Exchange Agreement;

 

·                      the Resolution;

 

·                      the resolution of the supervisory board;

 

·                      the Description; and

 

·                      the Auditors’ opinion.

 

This deed was executed today
in Amsterdam.

 

The substance of this deed
was stated and explained to the appearing person.

 

The appearing person
declared not to require a full reading of the deed, to have taken note of the
contents of this deed and to consent to it.

 

Subsequently, this deed was read out in a
limited form, and immediately thereafter signed by the appearing person and
myself, civil-law notary, at

 

* * *

 

 

EXHIBIT B

 

DEED OF TRANSFER

 

	
  TRANSFER
  OF SHARES

  	
   

  	
  BPB/6007622/10175705.uve

  
	
  AND
  ISSUE OF DEPOSITARY RECEIPTS (CERTIFICATEN)

  	
   

  	
  13-05-2010

  
	
  TORNIER
  B.V.

  	
   

  	
  1

  

 

Today,

 

, appeared before me,

 

Paul Hubertus Nicolaas Quist, civil-law notary
in Amsterdam:

 

in the present matter acting as holder of a
written power of attorney of:

 

in the present matter acting as holder of a
written power of attorney of:

 

16.             Rod Mayer, residing at [ ], born in [ ], on [ ],
[married/registered partner/not married nor registered partner] and holder of
an [ ] passport with number [ ]

(‘Mayer’);

 

17.             Robert Anderson, residing at [ ], born in [ ], on [
], [married/registered partner/not married nor registered partner] and holder
of an [ ] passport with number [ ]

(‘Anderson’);

 

18.             Ralph Barisano Jr., residing at [ ], born in [ ], on [
], [married/registered partner/not married nor registered partner] and holder
of an [ ] passport with number [ ]

(‘Barisano’)

 

19.             Jamal Rushdy, residing at [ ], born in [ ], on [ ],
[married/registered partner/not married nor registered partner] and holder of
an [ ] passport with number  [ ]

(‘Rushdy’);

 

20.             James Christopher Harber, residing at [ ], born in [ ], on [
], [married/registered partner/not married nor registered partner] and holder
of an [ ] passport with number [ ]

(‘Harber’);

 

21.             Jean-Marc Idier, residing at [ ], born in [ ], on [ ],
[married/registered partner/not married nor registered partner] and holder of
an [ ] passport with number [ ]

 

Execution Version

 

(‘Idier’);

 

22.             Jim Kwan, residing at [ ], born in [ ], on [ ],
[married/registered partner/not married nor registered partner] and holder of
an [ ] passport with number [ ]

(‘Kwan’);

 

23.             Diane Doty, residing at [ ], born in [ ], on [ ],
[married/registered partner/not married nor registered partner] and holder of
an [ ] passport with number [ ]

(‘Doty’)

(Mayer, Anderson,  Barisano,  Rushdy, Harber, Idier, Kwan and Doty are hereinafter
jointly referred to as the ‘Transferors’);

 

24.             the foundation (stichting) Stichting Administratiekantoor Tornier, having its seat in
Amsterdam, its address at 1076 EE Amsterdam, Fred. Roeskestraat 123 and filed
in the Trade Register under number 34298214

(the ‘Foundation’);

 

25.             the company with limited liability (besloten vennootschap met
beperkte aansprakelijkheid)  Tornier B.V., having its seat in Amsterdam, its address at
1076 EE Amsterdam, Fred. Roeskestraat 123, filed at the Trade Register under
number 34250781 and with number B.V. 1383148

(the ‘Company’).

 

Powers of attorney

 

The powers of attorney are evidenced by nine (9) private
deeds, which will be attached to this deed.

 

The appearing person declared:

 

Whereas

 

(h)             On the [ ]
of May two thousand and ten the Company entered into a warrant exchange
agreement (the ‘Warrant Exchange  Agreement’) with the Transferors pursuant to which the
Transferors contributed and transferred warrants to the Company in exchange for
shares in the share capital of the Company. Pursuant to the Warrant Exchange
Agreement, the Transferors agreed to transfer these shares to the Foundation
against the issue of corresponding depositary receipts.

 

(i)                 The Transferors
acquired eighty-one thousand eight hundred fifty-four (81,854) shares in the
Company, each with a par value of one cent (EUR 0.01) (the “Shares”) by issue by deed executed on the date of this deed
before Paul Hubertus Nicolaas Quist, civil-law notary in Amsterdam, as follows

 

·                       twenty-seven thousand three hundred forty (27,340) shares by
Mayer;

 

·                       twelve thousand six hundred eighty-one (12,681) shares by
Anderson;

 

·                       four thousand two hundred eighty-two (4,282) shares by
Barisano;

 

·                       four thousand two hundred eighty-two (4,282) shares by
Rushdy;

 

 

·                       three thousand one hundred twenty-nine (3,129) shares by
Harber;

 

·                       one thousand six hundred forty-seven (1,647) shares by
Idier;

 

·                       one thousand one hundred fifty-three (1,153) shares by Kwan;

 

·                       twenty-seven thousand three hundred forty (27,340) shares by
Doty.

 

It is hereby agreed and confirmed as follows

 

Transfer of shares for
which depositary receipts (certificaten)
are to be issued

 

Article 6.

 

Pursuant to the Warrant Exchange Agreement the
Transferors hereby transfer to the Foundation and the Foundation accepts the
Shares of the Transferors, in exchange for assignment of depositary receipts by
the Foundation, of which depositary receipts the classification, the numbers
and the nominal value are identical to those of the Shares.

 

Assignment of depositary
receipts (certificaten)

 

Article 7.

 

Hereby the Foundation assigns depositary receipts as follows:

 

twenty-seven thousand three hundred
forty (27,340) depositary receipts to Mayer;

 

(j)                 twelve
thousand six hundred eighty-one (12,681) depositary receipts to Anderson;

 

(k)              four
thousand two hundred eighty-two (4,282) depositary receipts to Barisano;

 

(l)                 four
thousand two hundred eighty-two (4,282) depositary receipts to Rushdy;

 

(m)           three
thousand one hundred twenty-nine (3,129) depositary receipts to Harber;

 

(n)             one thousand
six hundred forty-seven (1,647) depositary receipts to Idier;

 

(o)             one thousand
one hundred fifty-three (1,153) depositary receipts to Kwan;

 

(p)             twenty-seven
thousand three hundred forty (27,340) depositary receipts to Doty;

 

The
Transferors hereby accept the depositary receipts for the Shares described
above.

 

Trust Conditions

 

Article 8.

 

The current assignment of depositary receipts
for the Shares occurs under the terms and conditions as laid down in the
notarial deed establishing the trust conditions executed on [*] before Paul
Hubertus Nicolaas Quist, civil-law notary in Amsterdam, a copy of which is
attached to this deed.

 

The Transferors declare that they have received
a copy of the prevailing trust conditions of the Foundation and that they have
taken note of the contents thereof and that they consent thereto.

 

The Foundation and the Transferors acknowledge
that the trust conditions constitute an integral part of the agreement
concerning the issue of depositary receipts.

 

 

The Transferors acknowledges that the
assignment of the depositary receipts has been done without the concurrence of
the Company and hereby waive any right conferred to them by law in the event
that it should be established nonetheless that such took place with the Company’s
concurrence.

 

Provision restricting the
free transferability of shares

 

Article 9.

 

The board of managing directors of the Company
has resolved on the [*] two thousand and ten outside a formal meeting to grant
its approval required by articles of association for the present transfer.

 

Acknowledgement

 

Article 10.

 

The Company declared that it acknowledges the
transfer of the Shares and that it will make the appropriate entry in the
shareholders’ register.

 

Register of the holders of
depositary receipts (certificaathoudersregister)

 

Article 11.

 

The Foundation declared that it will make an
appropriate entry of the issue of depositary receipts for shares in the
register of the Holders of depositary receipts.

 

Attached documents

 

Article 12.

 

Furthermore, to this deed
will be attached:

 

·       the powers of attorney in connection with this deed;

 

·       the copy of the Warrant Exchange Agreement;

 

·       the Management Board resolution evidencing the decisions indicated in this
deed;

 

This deed was executed today in Amsterdam.

 

The substance of this deed was stated and
explained to the appearing person.

 

The appearing person declared not to require a
full reading of the deed, to have taken note of the contents of this deed and
to consent to it.

 

Subsequently, this deed was read out in a
limited form, and immediately thereafter signed by the appearing person and
myself, civil-law notary, at

 

* * *

 

 

EXHIBIT C

 

FORM OF EXCHANGING
WARRANTHOLDER POWER OF ATTORNEY

 

Power
of Attorney

 

May,     
2010

 

THE UNDERSIGNED:

 

[For Non-individual
Warrantholders]

 

a company incorporated and
existing under the laws of                                       ,
having its registered address at                                                                                              ,
which is validly being represented by:

 

	
  first name(s):

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  surname:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  date of birth:

  	
   

  	
   

  
	
   

  	
  (day, month and year)

  	
   

  
	
   

  	
   

  	
   

  
	
  place of birth:

  	
   

  	
   

  
	
   

  	
  (city, state/province,
  country)

  	
   

  
	
   

  	
   

  	
   

  
	
  [For
  Individual Warrantholders]

  	
   

  
	
   

  	
   

  	
   

  
	
  first name(s):

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  surname:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  date of birth:

  	
   

  	
   

  
	
   

  	
  (day, month and year)

  	
   

  
	
   

  	
   

  	
   

  
	
  place of birth:

  	
   

  	
   

  
	
   

  	
  (city, state/province,
  country)

  	
   

  
	
   

  	
   

  	
   

  
	
  married/not married
  (please strike out which is not applicable)

  	
   

  
	
   

  	
   

  	
   

  
	
  passport with number:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  nationality:

  	
   

  	
   

  

 

[For All Warrantholders]

 

WHEREAS:

 

The
undersigned wishes to contribute and transfer all of its Rights and Warrants
(as defined in the Warrant Exchange Agreement) to Tornier B.V. a private
company with limited liability (besloten vennootschap met
beperkte aansprakelijkheid) incorporated under the laws of the
Netherlands, having its

 

 

Execution Version

 

corporate
seat in Amsterdam, the Netherlands (the “Issuer”) in
exchange for a number of shares in the Issuer (the “Exchange
Shares”) calculated in accordance with the warrant exchange
agreement (the “Warrant Exchange Agreement”)
entered into by the undersigned, the Issuer, and the Stichting
Adminstratiekantoor Tornier, a foundation organized under the laws of the
Netherlands (“STAK”).

 

[For Warrantholders who
will transfer their shares to STAK]

 

Immediately
after the undersigned acquires the Exchange Shares, it wishes to transfer the
Exchange Shares to the STAK against the issue of corresponding depositary
receipts for those Exchange Shares.

 

[For all Warrantholders
except as indicated]

 

DECLARES:

 

to grant a power of attorney to each civil-law
notary, prospective civil-law notary and notarial paralegal, of Stibbe N.V. in
Amsterdam to:

 

(A)          cooperate on
behalf of the undersigned to execute the notarial deed of issue of the Exchange
Shares, in accordance with the form attached to the Warrant Exchange Agreement
as Exhibit A;

 

(B)          [For
Warrantholders who will transfer their shares to STAK] cooperate on
behalf of the undersigned to execute the notarial deed of transfer of the
Exchange Shares to the STAK in exchange for the same number of corresponding
depositary receipts in accordance with the form attached to the Warrant
Exchange Agreement as Exhibit B;

 

(C)          to undertake
all other acts the holder of this power of attorney deems necessary in relation
with the present issue [and transfer] [for Warrantholders who
will transfer their shares to STAK] of the Exchange Shares,

 

[For all
Warrantholders]

 

CONDITIONS:

 

(q)           The holder
of this power of attorney is authorised to grant this power of attorney to
another person.

 

(r)            The
undersigned shall not make any claim against the holder of the power of
attorney in respect of any act that is done by the holder of the power of
attorney in such capacity under and according to this power of attorney.

 

(s)           The
undersigned shall indemnify and hold the holder of the power of attorney
harmless against any claims, actions or proceedings made against the holder of
the power of attorney and against any damages, costs and expenses that the
holder of the power of attorney may suffer or incur as a result of or in
connection with any act that is done by the holder of the power of attorney in
such capacity and under and according to this power of attorney.

 

(t)            The
undersigned declares that this power of attorney also applies in situations
where the holder of the power of attorney also acts as a counterparty of the
undersigned or as a representative of a counterparty of the undersigned (Selbsteintritt).

 

 

(u)           This power
of attorney is being granted and being irrevocable for a period of six months
from the date hereof after which time it shall cease to exist.

 

(v)           This power
of attorney is being governed by and to be construed in accordance with the
laws of the Netherlands.

 

This power of attorney has
been signed on the date first above written.

 

	
  [For Individual Warrantholders]

  	
   

  	
  [[For Non-individual
  Warrantholders]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  (print name)

  	
   

  	
  (print name)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

 

Please have this power of attorney legalized or,
for U.S. domiciled Warrantholders, notarized by a notary public as follows:

 

	
  STATE OF

  	
   

  	
  )

  
	
   

  	
   

  	
  ) ss.

  
	
  COUNTY OF

  	
   

  	
  )

  

 

[For Individual Warrantholders] within and for this state and county above

 

On this
         day of
                            ,
2010, before me, a Notary Public within and for this state and county above,
personally appeared
                                            
[name], to me known to be the person
described in and who executed the foregoing Power of Attorney and acknowledged
that he executed the same at his free act and deed and did dispose on oath
before me that he is of the age of majority.

 

[For Non-individual
Warrantholders]

 

On this
         day of
                            ,
2010, before me, a Notary Public within and for this state and county above
appeared                                                   
[name], to me personally known, who,
being by me duly sworn, did say that he is the
                                                                      
[title] of
                                                                        
[company name], a
                                    
[state or country]
                                                                      
[corporate entity] (the “Company”), and that the foregoing Power of Attorney was signed
on behalf of the Company, by authority of its
                                            
[Board of Directors etc.] and said
                                                    
[title] acknowledged said instrument to
be the free act and deed of the Company.

 

IN TESTIMONY WHEREOF, I
have hereunto set my hand affixed my official seal in the County and State
aforesaid, and the day and year first above written.

 

	
   

  	
   

  
	
   

  	
  Notary Public

  
	
   

  	
   

  

 

My Commission Expires:

 

* *
*

 

 

EXHIBIT D

 

FORM OF EXCHANGING WARRANTHOLDER
AUTHORITY DECLARATION

 

[Letterhead]

 

[May         ,
2010]

 

Stibbe N.V.

Stibbetoren

Strawinskylaan 2001 

1077 ZZ  Amsterdam

The Netherlands

Attn: Paul Quist, Civil Law Notary

 

Re:          Issuance
of shares by Tornier B.V.

 

Dear Mr. Quist:

 

I am an attorney admitted to
practice under the laws of [the state of
              ,
United States of America].  In connection
with the issue of shares by the company with limited liability (besloten vennootschap met beperkte aansprakelijkheid)
Tornier B.V., I hereby confirm that:

 

1.             [Name
of entity Exchanging Warrantholder], having its address at [address, city,
state, zip code, United States of America] (the “Company”), is a
[corporation/limited liability company/limited partnership] duly organized and
validly existing under the laws of [the state of
              ,
United States of America]; and

 

2.             the
Power of Attorney, of which a photocopy is attached hereto, has been signed by
[name of signing officer of the Company], the Company’s [title], who is duly
authorized to sign such Power of Attorney on behalf of the Company.

 

	
   

  	
  Sincerely

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Name of Attorney]

  

 

*
* *Exhibit
10.21

 

WARRANT EXCHANGE AGREEMENT

(2009)

 

by and among the

 

EXCHANGING WARRANTHOLDERS

 

and

 

TORNIER B.V.

 

 

Dated as of May 25, 2010

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
  Page No.

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 1

  	
   

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 2

  	
   

  	
  Exchange of Rights and Warrants for
  Exchange Shares

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 3

  	
   

  	
  STAK Depositary Receipts

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 4

  	
   

  	
  Warrant Agreement and
  Warrantholder Majority

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 5

  	
   

  	
  Tax Consequences

  	
  4

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 6

  	
   

  	
  Closing Documents and Deliveries

  	
  4

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 7

  	
   

  	
  Representations and Warranties of
  Each Exchange Warrantholder

  	
  5

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 8

  	
   

  	
  Representations and Warranties of
  the Issuer

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 9

  	
   

  	
  Representation and Warranties of
  STAK

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 10

  	
   

  	
  Limitations on Transfer

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 11

  	
   

  	
  Survival of Representations, Warranties,
  Covenants and Agreements

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 12

  	
   

  	
  Miscellaneous

  	
  9

  

 

SCHEDULES

 

	
  Schedule 1

  	
   

  	
  Warrantholders

  

 

EXHIBITS

 

	
  Exhibit A

  	
   

  	
  Deed of Issue

  
	
   

  	
   

  	
   

  
	
  Exhibit B

  	
   

  	
  Deed of Transfer

  
	
   

  	
   

  	
   

  
	
  Exhibit C

  	
   

  	
  Form of Exchanging
  Warrantholder Power of Attorney

  
	
   

  	
   

  	
   

  
	
  Exhibit D

  	
   

  	
  Form of Exchanging
  Warrantholder Authority Declaration

  

 

 

WARRANT EXCHANGE AGREEMENT

(2009)

 

This WARRANT EXCHANGE AGREEMENT
(this “Agreement”) is made effective as of this 25th day of May, 2010,
by and among Tornier B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijikheid)
organized under the laws of the Netherlands with corporate seat in Amsterdam
(the “Issuer”), the warrantholder parties hereto that have executed a
signature page to this Agreement (such warrantholders, collectively, the “Exchanging
Warrantholders”), Stichting Administratiekantoor Tornier, a foundation
organized under the law of the Netherlands (“STAK”), and Medtronic
Bakken Research Center B.V. (“Medtronic” in its capacity as the Warrantholder
Majority).

 

RECITALS

 

A.                                   WHEREAS, the Issuer issued the Warrants to the
Warrantholders pursuant to the Warrant Agreement.

 

B.                                     WHEREAS, all the Exchanging Warrantholders desire to
contribute and transfer all of their Rights and Warrants to the Issuer in
exchange for the number of Issuer Shares calculated in accordance with this
Agreement (collectively, the “Exchange Shares”), and the Issuer desires
to accept such contribution and issue the Exchange Shares to the Exchanging
Warrantholders.

 

C.                                     WHEREAS, the board of managing directors of the Issuer has
approved, and the Warrantholder Majority hereby approves, the contemplated
transfer of each Exchanging Warrantholder’s Rights and Warrants to the Issuer.

 

D.                                    WHEREAS, each Exchanging Warrantholder, other than
Medtronic, TMG Holdings Coöperatief U.A., KCH Stockholm AB, Split Rock
Partners, L.P., and Douglas Kohrs (the “Non-STAK Exchanging Warrantholders”),
will immediately deposit their Exchange Shares in STAK.

 

AGREEMENT

 

NOW THEREFORE, in consideration of
the above recitals, and for other good and valuable consideration, the adequacy
and sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

 

1.                                       Definitions.

 

“Act” has the meaning set
forth in Section 7(f) of this Agreement.

 

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

 

“Applicable Securities Laws”
means collectively, the Act, any U.S. state securities laws or any non-U.S.
securities laws.

 

“Closing Documents” means,
collectively, this Agreement, each Exchanging Warrantholder Power of Attorney,
each Exchanging Warrantholder Authority Declaration, the Issuer Power of
Attorney, the STAK Power of Attorney, the Contribution Description, the Deed of
Issue and the Deed of Transfer.

 

“Contribution Description”
has the meaning set forth in Section 6(b)(iii) of this Agreement.

 

 

Execution Version

 

“Deed of Issue” means a
notarial deed of issue of Exchange Shares to the Exchanging Warrantholders, in
the form as attached hereto as Exhibit A.

 

“Deed of Transfer” means a
notarial deed of transfer of the Exchange Shares to STAK in exchange for
depositary receipts, in the form as attached hereto as Exhibit B.

 

“Depositary Receipts” has the
meaning set forth in Section 3 of this Agreement.

 

“Dutch Notary” means a Dutch
civil law notary holding office with Stibbe N.V.

 

“Exchange Ratio” means 0.6410.

 

“Exchange Shares” has the
meaning set forth in Recital B of this Agreement.

 

“Exchange Transactions” means
the transactions set forth in Section 2(a) of this Agreement.

 

“Exchanging Warrantholder
Authority Declaration” has the meaning set forth in the Section 6(a)(iii) of
this Agreement.

 

“Exchanging Warrantholder Power
of Attorney” has the meaning set forth in Section 6(a)(ii) of
this Agreement.

 

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

 

“Issuer Power of Attorney”
has the meaning set forth in Section 6(b)(ii) of this Agreement.

 

“Issuer Share” means a share
in the share capital of the Issuer, each with a nominal value of €0.01.

 

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

 

“Lien” means any mortgage,
pledge, line, encumbrance, charge, restriction, claim or other security
interest.

 

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

 

“Non-STAK Exchanging
Warrantholders” has the meaning set forth in Recital D of this Agreement.

 

“Rights and Warrants” means,
with respect to each Warrantholder, all of such Warrantholder’s rights under
the Warrant Agreement, including the Warrants granted to such Warrantholder,
which collectively have a value at least equal to the nominal value of all of
the Exchange Shares issued to the Warrantholders; provided, however,
that if the Exchanging Warrantholder is the Warrantholder Majority, then such
Exchanging Warrantholder’s Rights and Warrants do not include the Warrantholder
Majority Rights.

 

“Securityholders’ Agreement”
means that certain Securityholders’ Agreement dated as of July 18, 2006,
by and among the Investors (as defined therein) and the Company (as defined
therein), as amended.

 

“STAK Deposit Transactions”
has the meaning set forth in Section 3 of this Agreement.

 

“STAK Power of Attorney” has
the meaning set forth in Section 6(c)(ii) of this Agreement.

 

2

 

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

 

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

 

“Warrant Agreement” means
that certain Warrant Agreement dated April 3, 2009, by and between the
Issuer and the Warrantholders.

 

“Warrantholder Majority Rights”
means those rights expressly and exclusively granted to the Warrantholder
Majority in the Warrant Agreement.

 

“Warrantholder Majority”
means the Warrantholder Majority as defined in the Warrant Agreement.

 

“Warrantholders” means each
Warrantholder (as defined in the Warrant Agreement), all as identified on Schedule
1 attached hereto.

 

“Warrants” means the Warrants
as defined in the Warrant Agreement.

 

2.                                       Exchange of Rights and Warrants for Exchange Shares.

 

(a)                                  Contribution and transfer.  In reliance on the representations and
warranties of the Issuer set forth in this Agreement, and subject to all of the
terms and conditions herein, each Exchanging Warrantholder that is a party to
the Warrant Agreement hereby irrevocably contributes, assigns and otherwise
transfers to the Issuer all of such Exchanging Warrantholder’s Rights and
Warrants and the Issuer hereby accepts and assumes the Rights and Warrants and
will immediately issue to each such Exchanging Warrantholder the number of
Exchange Shares equal to the Exchange Ratio multiplied by the number of
Warrants held by such Exchanging Warrantholder rounded down to the nearest
whole number, and no fractional shares shall be issued there thereon (collectively,
the “Exchange Transactions”).  The
number of Exchange Shares to be issued to each Exchanging Warrantholder is set
forth on Schedule 1 attached here.

 

(b)                                 Acknowledgement.  The Issuer acknowledges the transfer of
Warrants under the Exchange Transactions pursuant to this Agreement and
undertakes to promptly record such transfer in the Issuer’s warrant register.

 

3.                                       STAK Depositary Receipts.  Immediately following the Exchange
Transactions, each Exchanging Warrantholder, other than the Non-STAK Exchanging
Warrantholders, will transfer their Exchange Shares to STAK to be held for the
benefit of such Exchanging Warrantholder, and STAK will issue corresponding
depositary receipts to each such Exchanging Warrantholder (the “Depositary
Receipts”), which Depositary Receipts will have the same nomination and
nominal value as the Exchange Shares transferred by each such Exchanging
Warrantholder to STAK, and which Depositary Receipts will be governed by STAK’s
prevailing trust conditions (the “STAK Deposit Transactions”).

 

4.                                       Warrant Agreement and Warrantholder Majority.  Pursuant to the
Warrant Agreement, the Warrantholder Majority hereby consents to the transfer
of each Exchanging Warrantholder’s Rights and Warrants to the Issuer under this
Agreement.  For purposes of this
Agreement, the consent of the Warrantholder Majority will be deemed to have
been given immediately prior to the Exchange Transactions.  The Warrantholder Majority and the Issuer
hereby acknowledge and agree that immediately following the Exchange
Transactions, the Warrant Agreement will remain in full force and effect with
respect to those Warrantholders, if any, who do not execute this Agreement or
otherwise exercise such Warrantholder’s Warrants.  Consequently, Medtronic will continue to constitute
the

 

3

 

Warrantholder Majority and retain
all of the Warrantholder Majority Rights. 
To the extent necessary, this Section 4 is deemed to be an
amendment of the Warrant Agreement to this effect.

 

5.                                       Tax Consequences.  The parties hereto acknowledge and agree that
the U.S. and Dutch tax consequences of the transactions contemplated in this
Agreement, including the Exchange Transactions and the STAK Deposit
Transactions, may vary depending upon the current percentage of ownership in
Issuer of each Exchanging Warrantholder and any other facts, circumstances and
considerations relevant for tax purposes, specific to each Exchanging
Warrantholder.  Each Exchanging Warrantholder
acknowledges and agrees that it will determine and be responsible for its own
U.S., Dutch and other tax consequences. 
Each of the Issuer and STAK hereby disclaim any responsibility for, and
shall not be liable or obligated in any way for the U.S., Dutch or other tax
consequences applicable to any Exchanging Warrantholder arising from the
transactions contemplated by this Agreement, including the Exchange
Transactions and the STAK Deposit Transactions.

 

6.                                       Closing Documents and Deliveries.

 

(a)                                  Exchanging Warrantholder Deliveries.  Upon execution of
this Agreement, each Exchanging Warrantholder will deliver to the Issuer and
STAK the following with respect to such Exchanging Warrantholder:

 

(i)                                     this Agreement, duly executed by the Exchanging
Warrantholder;

 

(ii)                                  a power of attorney, duly executed by the Exchanging
Warrantholder, in the form attached hereto as Exhibit C (the “Exchanging
Warrantholder Power of Attorney”), authorizing the Dutch Notary to execute
the Deed of Issue in respect of the Exchange Transaction and to execute the Deed
of Transfer in respect of the STAK Deposit Transaction, if applicable, in each
case with respect to the Exchanging Warrantholder; and

 

(iii)                               an authority declaration for each non-individual Exchanging
Warrantholder in the form attached hereto as Exhibit D (the “Exchanging
Warrantholder Authority Declaration”), certifying that the individual
signatory for the Exchanging Warrantholder is authorized to execute the
Exchanging Warrantholder Power of Attorney on behalf of the Exchanging
Warrantholder.

 

(b)                                 Issuer Deliveries.  Upon execution of this Agreement, the Issuer
will deliver to the Exchanging Warrantholders and STAK:

 

(i)                                     this Agreement, duly executed by the Issuer;

 

(ii)                                  a power of attorney, duly executed by the Issuer,
authorizing the Dutch Notary to execute the Deed of Issue in respect of the
Exchange Transaction and to execute the Deed of Transfer in respect of the STAK
Deposit Transactions, where applicable, (the “Issuer Power of Attorney”);
and

 

(iii)                               a description of the contribution of Rights and Warrants
being exchanged for the Exchange Shares (the “Contribution Description”).

 

(c)                                  STAK Deliveries.  Upon execution of this Agreement, STAK will
deliver to the Exchanging Warrantholders and the Issuer:

 

4

 

(i)                                     this Agreement, duly executed by STAK; and

 

(ii)                                  a power of attorney, duly executed by STAK, authorizing the
Dutch Notary to execute the Deed of Transfer in respect of the STAK Deposit
Transactions (the “STAK Power of Attorney”).

 

7.                                       Representations and Warranties of Each Exchanging
Warrantholder.  Each Exchanging Warrantholder, individually
and not for the other Exchanging Warrantholders, hereby represents and warrants
to the Issuer and STAK (where applicable) as of the date hereof, understanding
that the Issuer’s agreement to issue the Exchange Shares to such Exchanging
Warrantholder and STAK’s agreement to issue the Depositary Receipts (where
applicable) is predicated in part on these representations and warranties:

 

(a)                                  Title to Warrants.  Each Exchanging Warrantholder is the sole
record and beneficial owner of the Exchanging Warrantholder’s Warrants, free
and clear of any Liens other than those imposed by any Applicable Securities
Laws.

 

(b)                                 Authority; Organization; Good Standing.

 

(i)                                     If the Exchanging Warrantholder is an individual, such
Exchanging Warrantholder has full legal capacity, power and authority to
execute and deliver this Agreement, the Exchanging Warrantholder Power of
Attorney and to perform the Exchanging Warrantholder’s obligations hereunder
and thereunder.

 

(ii)                                  If the Exchanging Warrantholder is a corporate entity, such
Exchanging Warrantholder (A) is a corporation, limited partnership or
limited liability company, as applicable, duly organized, validly existing and
in good standing under the laws of its incorporation, formation or
organization, (B) has full corporate, partnership or limited liability
company, as applicable, power and authority to execute and deliver this
Agreement, the Exchanging Warrantholder Power of Attorney and to perform the
Exchanging Warrantholder’s obligations hereunder and thereunder, and (C) the
execution, delivery and performance of this Agreement and all other agreements
and documents contemplated hereby has been duly authorized by the Exchanging
Warrantholder.

 

(iii)                               This Agreement and each of the Closing Documents required to
be executed by the Exchanging Warrantholder has been duly and validly executed
and delivered by the Exchanging Warrantholder and constitutes a legal, valid
and binding obligation of the Exchanging Warrantholder, enforceable against the
Exchanging Warrantholder in accordance with its terms, subject, as to the
enforcement of remedies, to the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium or other similar law of general
application affecting creditors and general principles of equity.

 

(c)                                  Non-Contravention.  Neither the execution and delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will
(i) violate any constitution, statute, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of any
government, governmental agency, or court to which the Exchanging Warrantholder
is subject, (ii) conflict with, result in a breach of, constitute a
default under, result in the acceleration of, create in any person the right to
accelerate, terminate, modify, or cancel, or require any notice under any
agreement, contract, lease, license, instrument, or other arrangement to which
the Exchanging Warrantholder is bound or to which any of its assets are
subject, or (iii) result in the

 

5

 

imposition or creation of a
Lien upon or with respect to the Rights and Warrants being contributed by the
Exchanging Warrantholder.  The Exchanging
Warrantholder does not need to give any notice to, make any filing with, or
obtain any authorization, consent or approval of any government or governmental
agency in order to consummate the transactions contemplated in this Agreement,
including the Exchange Transactions and the STAK Deposit Transactions.

 

(d)                                 Domicile.  The Exchanging Warrantholder’s principal
domicile is the state in the United States, or the country, in each case as set
forth below the Exchanging Warrantholders’s name on its signature page to
this Agreement, and the offer and acceptance regarding the Exchanging
Warrantholders’s Exchange Shares occurred in that state or country.

 

(e)                                  Information.  The Exchanging Warrantholder has such
knowledge and experience in financial and business matters that the Exchanging
Warrantholder is capable of evaluating the merits and risks of the investment
to be made by the Exchanging Warrantholder hereunder.  The Exchanging Warrantholder has received and
reviewed the disclosure documents provided to the Exchanging Warrantholder by
the Issuer, and understands and has taken cognizance of all the risk factors
related to the investment in the Exchange Shares acquired by the Exchanging
Warrantholder.

 

(f)                                    No Registration.  The Exchanging Warrantholder understands that
(i) the Exchange Shares have not been registered under the United States
Securities Act of 1933, as amended (the “Act”), or other applicable
state or foreign securities laws, and (ii) no federal, state or foreign
agency has made any finding or determination as to the fairness for investment,
nor any recommendation or endorsement of the Exchange Shares.

 

(g)                                 Restrictions on Resale.  The Exchanging Warrantholder is fully
informed and aware of the circumstances under which the Exchange Shares must be
held and the restrictions upon the resale of the Exchange Shares under the Act
and applicable state and foreign securities laws.  The Exchanging Warrantholder understands that
the Exchanging Warrantholder must bear the economic risk of this investment in
the Exchange Shares for an indefinite period of time because (i) the
Exchange Shares have not been registered under the Act and cannot be sold
unless they are registered under the Act and any other applicable securities
laws or unless an exemption from such registration is available, and (ii) the
availability of an exemption may depend on factors over which the Exchanging
Warrantholder has no control.  The
Exchanging Warrantholder understands that unless so registered or exempt from
registration the Exchange Shares may be required to be held for an indefinite
period and that the reliance of the Issuer and others upon the exemptions from
registration referred to herein is predicated in part upon this representation
and warranty.

 

(h)                                 Registration or Offering of Issuer’s Securities.  The Exchanging
Warrantholder acknowledges and agrees that Issuer shall have no obligation to
register the Exchange Shares or otherwise conduct any offering of Issuer’s
equity securities.

 

(i)                                     Due Diligence.  The Exchanging Warrantholder acknowledges and
agrees that (i) the Exchanging Warrantholder has had an opportunity to ask
questions of, and receive answers from, officers of the Issuer concerning the
Issuer and its proposed business operations, and (ii) the Exchanging
Warrantholder has had full access to the Issuer’s books and records to the
extent requested and has had the opportunity to ask questions of and receive
answers from the directors, managers and officers of the Issuer, and that to
the extent asked, all such questions have been answered to the Exchanging
Warrantholder’s full satisfaction and the Exchanging Warrantholder takes full
responsibility for evaluating the adequacy of the answers received.

 

6

 

(j)                                     Non-reliance; Investment Risk.  The Exchanging Warrantholder acknowledges and
agrees that: (i) except as expressly provided for in this Agreement, no
representations or warranties have been made to the Exchanging Warrantholder by
the Issuer, any manager, member, director, officer, agent, employee or
affiliate of the Issuer, or any other person with respect to the Exchanging
Warrantholder’s investment in the Exchange Shares; (ii) except for
(a) this Agreement, (b) the Warrant Agreement, and (c) the Securityholders’
Agreement (but only if the Exchanging Warrantholder is a party thereto), there
are no agreements, contracts, understandings or commitments between the
Exchanging Warrantholder on the one hand and the Issuer, any manager, member,
director, officer, agent, employee or affiliate of the Issuer on the other
hand, with respect to the Exchanging Warrantholder’s investment in the Exchange
Shares; (iii) in entering into this transaction, the Exchanging
Warrantholder is not relying upon any information, other than that contained in
this Agreement, the Warrant Agreement and the results of the Exchanging
Warrantholder’s own independent investigation; (iv) the Exchanging
Warrantholder’s financial situation is such that the Exchanging Warrantholder
can afford to bear the economic risk of holding the Exchange Shares for an
indefinite period of time, has adequate means for providing for the Exchanging
Warrantholder’s current needs and personal contingencies, and can afford to
suffer a complete loss of the Exchanging Warrantholder’s investment in the
Exchange Shares; (v) the Exchange Shares are a speculative investment
which involves a high degree of risk of loss of the Exchanging Warrantholder’s
investment therein; and (vi) the Exchanging Warrantholder’s investment in
the Exchange Shares is subject to dilution by the issuance of additional Issuer
Shares or other equity securities by the Issuer, and the Exchanging
Warrantholder is not entitled to any preemptive, tag-along, information or
other minority investor rights with respect to the Exchange Shares, other than
as expressly set forth in this Agreement or as otherwise provided under
applicable law.

 

(k)                                  Opportunity to Seek Advice.  The Exchanging Warrantholder acknowledges
that Faegre & Benson LLP and Stibbe N.V., each legal counsel to the
Issuer, do not represent the Exchanging Warrantholder in connection with this
Agreement and the Closing Documents, and the Exchanging Warrantholder has not
relied to any extent on Faegre & Benson LLP or Stibbe N.V. in deciding
to enter this Agreement or any other agreement. 
The Exchanging Warrantholder has consulted with, or had ample
opportunity to consult with, the Exchanging Warrantholder’s own legal,
financial, accounting and tax counsel concerning the transactions contemplated
in this Agreement and the Closing Documents. 
The Exchanging Warrantholder has carefully reviewed this Agreement and
the Closing Documents and understands them.

 

(l)                                     Dutch Notary.  The Exchanging Warrantholder is aware that
the Dutch Notary is a civil law notary holding office with Stibbe N.V., a law
firm acting as legal advisor to the Issuer. With reference to the provisions of
the Code of Conduct (Verordening Beroeps- en
Gedragsregels) of the Royal Notarial Regulatory Body (Koninklijke Notariële Beroepsorganisatie) the Exchanging
Warrantholder acknowledges and agrees that Stibbe N.V. may assist and act on
behalf of the Issuer in connection with this Agreement including any disputes
arising in relation to this Agreement.

 

8.                                       Representations and Warranties of the Issuer.  The Issuer hereby
represents and warrants to the Exchanging Warrantholders and to STAK, as of the
date hereof:

 

(a)                                  Organization.  The Issuer is a company duly organized,
validly existing and in good standing under the laws of the Netherlands.

 

(b)                                 Authority; Organization; Good Standing.  The Issuer has full
corporate power and authority to execute and deliver this Agreement and the
Issuer Power of Attorney, and to

 

7

 

perform its obligations
hereunder and thereunder.  The execution,
delivery and performance of this Agreement and all other agreements and
documents contemplated hereby has been duly authorized by the Issuer.  This Agreement and each of the Closing
Documents required to be executed by the Issuer has been duly and validly
executed and delivered by the Issuer and constitutes a legal, valid and binding
obligation of the Issuer, enforceable against the Issuer in accordance with its
terms, subject, as to the enforcement of remedies, to the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium or other similar
law of general application affecting creditors and general principles of
equity.

 

(c)                                  Non-Contravention.  Neither the execution and delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will
(i) violate any constitution, statute, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of any
government, governmental agency, or court to which the Issuer is subject,
(ii) conflict with, result in a breach of, constitute a default under,
result in the acceleration of, create in any person the right to accelerate,
terminate, modify, or cancel, or require any notice under any agreement, contract,
lease, license, instrument, or other arrangement to which the Issuer is bound
or to which any of its assets are subject, or (iii) result in the
imposition or creation of a Lien upon or with respect to the Exchange Shares
issued hereunder.    The Issuer does not
need to give any notice to, make any filing with, or obtain any authorization,
consent or approval of any government or governmental agency in order to
consummate the transactions contemplated in this Agreement, including the
Exchange Transactions.

 

9.                                       Representations and Warranties of STAK.  STAK hereby
represents and warrants to the Exchanging Warrantholders (other than the
Non-STAK Exchanging Warrantholders), and to the Issuer as of the date hereof:

 

(a)                                  Organization.  STAK is a foundation duly organized, validly
existing and in good standing under the laws of the Netherlands.

 

(b)                                 Authority.  STAK has full corporate power and authority
to execute and deliver this Agreement and the STAK Power of Attorney, and to
perform its obligations hereunder and thereunder.  The execution, delivery and performance of
this Agreement and all other agreements and documents contemplated hereby has
been duly authorized by STAK.  This
Agreement has been duly and validly executed and delivered by STAK and
constitutes a legal, valid and binding obligation of STAK, enforceable against
STAK in accordance with its terms, subject, as to the enforcement of remedies,
to the effect of any applicable bankruptcy, insolvency, reorganization,
moratorium or other similar law of general application affecting creditors and
general principles of equity.

 

(c)                                  Non-Contravention.  Neither the execution and delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will
(i) violate any constitution, statute, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of any
government, governmental agency, or court to which STAK is subject,
(ii) conflict with, result in a breach of, constitute a default under,
result in the acceleration of, create in any person the right to accelerate,
terminate, modify, or cancel, or require any notice under any agreement,
contract, lease, license, instrument, or other arrangement to which STAK is
bound or to which any of its assets are subject, or (iii) result in the
imposition or creation of a Lien upon or with respect to the Depositary
Receipts issued hereunder.  STAK does not
need to give any notice to, make any filing with, or obtain any authorization,
consent or approval of any government or governmental agency in order to
consummate the transactions contemplated in this Agreement, including the
Exchange Transactions.

 

8

 

10.                                 Limitations on Transfer.  Each Exchanging Warrantholder agrees not to
sell, transfer, assign, pledge, encumber, exchange or otherwise dispose of all
or any portion of its Exchange Shares (or corresponding Depositary Receipts)
unless the board of managing directors of the Issuer approves such transfer and
(i) a registration statement relating thereto has been duly filed and becomes
effective under the Act and all applicable state or foreign securities laws, or
(ii) such sale, assignment, transfer, offer, pledge or other disposition is
exempt from the registration and prospectus delivery requirements of the Act
and such laws (as evidenced by an opinion of counsel for the Exchanging
Warrantholder reasonably satisfactory in form and substance to the Issuer) and,
in the case of a transaction pursuant to this clause (ii), the Issuer will not,
as a result of such sale, transfer, assignment, pledge, encumbrance, exchange
or other disposition, be required to register its securities under the United
States Securities Exchange Act of 1934, as amended.

 

11.                                 Survival of Representations, Warranties, Covenants and
Agreements.  Each representation, warranty, covenant and
agreement herein will survive the execution and delivery of this Agreement and
the issuance of Exchange Shares (or corresponding Depositary Receipts)
contemplated hereby and remain in full force and effect until all liability
hereunder relating thereto is barred by all applicable statutes of
limitation.  Each party hereto will
indemnify and hold harmless each other party hereto from any liability, loss or
expense (including, without limitation, reasonable attorneys’ fees) if such
party has breached any representation, warranty, covenant or agreement
hereunder.

 

12.                                 Miscellaneous

 

(a)                                  Other Agreements; Further Assurances.  Each party hereto
acknowledges and agrees that upon execution of this Agreement, such party shall
execute and deliver each other Closing Document required to be delivered
hereunder by such party, or any other document reasonably necessary in the sole
judgment of the Issuer to accomplish the transactions contemplated
hereunder.  By execution of this
Agreement, each Exchanging Warrantholder acknowledges that it has reviewed and
understands the effect of this Agreement, including the transactions
contemplated hereunder, and the Exchanging Warrantholder Power of Attorney and,
if applicable, the Exchanging Warrantholder Authority Declaration, and that the
Exchanging Warrantholder’s execution and delivery of these documents is a
condition precedent to (i) the obligations of the Issuer to issue the
Exchanging Warrantholder’s Exchange Shares pursuant to this Agreement, and (ii)
the obligations of STAK to issue the Exchanging Warrantholder’s Depositary
Receipts pursuant to this Agreement.

 

(b)                                 Assignment; Binding Effect.  Neither this Agreement nor any right or
obligation hereunder will be assigned, delegated or otherwise transferred (by
operation of law or otherwise) by any Exchanging Warrantholder without the
prior written consent of the Issuer (which consent may be withheld in the
Issuer’s sole discretion).  This
Agreement will be binding on and inure to the benefit of the respective
permitted successors and assigns of the parties hereto.  Any purported assignment, delegation or other
transfer not permitted by this section is void.

 

(c)                                  Complete Agreement; Amendments; Non-Waiver.  The Closing
Documents, the Warrant Agreement and, if applicable, the Securityholders’
Agreement, constitute the entire agreement between the parties hereto
pertaining to the subject matter herein and except for the Warrant Agreement
and, where applicable, the Securityholders’ Agreement, this Agreement
supersedes any prior representations, warranties, covenants, agreements and
understandings of the parties regarding such subject matter.  No supplement, modification or amendment
hereof will be binding unless expressed as such and executed in writing by each
party.  No waiver of any term hereof will
be binding unless expressed as such in a document executed by the party making
such waiver.  No waiver of any term
hereof will be a waiver of any other term hereof, whether or

 

9

 

not similar, nor will any
such waiver be a continuing waiver beyond its stated terms.  Failure to enforce strict compliance with any
term hereof will not operate as a waiver of, or estoppel with respect to, any
existing or any subsequent failure to comply.

 

(d)                                 Governing Law.  This Agreement shall be construed and
enforced in accordance with the substantive laws of the Netherlands without
reference to principles of conflicts of law.

 

(e)                                  Counterparts; Several Obligations.  This Agreement may
be executed in counterparts, each of which will be deemed an original, but all
of which together will constitute one and the same instrument.  To the extent that any Warrantholder does not
execute this Agreement, this Agreement shall nonetheless be effective as a
binding Agreement between the Issuer, on the one hand, and each Exchanging
Warrantholder that executes this Agreement, on the other hand.  The obligations of each Exchanging
Warrantholder under this Agreement are individual and several, not joint.

 

(f)                                    Headings.  The section headings contained in this
Agreement are inserted for convenience only and shall not affect in any way the
meaning or the interpretation of this Agreement.

 

(g)                                 Interpretation; Severability.  The terms of this Agreement will, where
possible, be interpreted and enforced so as to sustain their legality and
enforceability, read as if they cover only the specific situation to which they
are being applied and enforced to the fullest extent permissible under
applicable law.  If any term of this
Agreement is determined by a court of competent jurisdiction to be invalid,
illegal or incapable of being enforced, then all other terms and provisions of
this Agreement shall nevertheless remain in full force and effect, and such
term automatically will be amended so that it is valid, legal and enforceable
to the maximum extent permitted by applicable law, but as close to the parties’
original intent as possible.

 

(h)                                 No Right of Employment or Continued Employment.  Neither the
issuance of the Exchange Shares nor anything contained in this Agreement shall
give any individual Exchanging Warrantholder any right to employment or
continued employment, as applicable, by the Issuer or any parent or subsidiary
of the Issuer or to prohibit or restrict the Issuer or any parent or subsidiary
of the Issuer from terminating the Exchanging Warrantholder’s employment (if
applicable) at any time or for any reason whatsoever, with or without cause,
notwithstanding the effect any such action may have on such Exchanging
Warrantholder the Closing Documents or any Exchange Shares or Depositary
Receipts issued under this Agreement.

 

(i)                                     Jurisdiction.  The competent court in Amsterdam, the
Netherlands shall have exclusive jurisdiction to settle any dispute in
connection with this Agreement without prejudice to the right of appeal and
that of appeal to the Supreme Court

 

(j)                                     Parties in Interest; No Third-Party Beneficiaries.  Nothing in this
Agreement (whether express or implied) will or is intended to confer any rights
or remedies under or by reason of this Agreement on any person, except the
Exchanging Warrantholders, the Issuer, STAK and their respective permitted
successors and assigns.

 

(k)                                  Notices.  All notices, requests, demands, claims, and
other communications hereunder shall be in writing, and shall only be deemed
duly given (i) when delivered personally to the recipient, (ii) one business
day after being sent to the recipient by reputable overnight courier service
(charges prepaid), (iii) one business day after being sent to the recipient by
facsimile transmission, or (iv) four business days after being mailed to the
recipient by certified

 

10

 

or registered mail, return
receipt requested and postage prepaid, and addressed to the intended recipient
as set forth below:

 

	
  if to the
  Issuer

  	
   

  	
  Tornier
  B.V., 

  
	
   

  	
   

  	
  Fred Roeskestraat 123

  
	
   

  	
   

  	
  1076EE Amsterdam

  
	
   

  	
   

  	
  The Netherlands

  
	
   

  	
   

  	
  Attn:                                           

  
	
   

  	
   

  	
  Facsimile:                                          

  
	
   

  	
   

  	
   

  
	
  with a copy
  (not constituting notice)

  	
   

  	
  Tornier, Inc.

  7701 France Avenue South, Suite 600

  
	
   

  	
   

  	
  Edina, MN  55435

  
	
   

  	
   

  	
  Attn:  Chief Executive Officer

  
	
   

  	
   

  	
  Facsimile: (952) 426-7601

  
	
   

  	
   

  	
   

  
	
  with a copy
  (not constituting notice)

  	
   

  	
  Faegre & Benson LLP

  2200 Wells Fargo Center

  
	
   

  	
   

  	
  90 South Seventh Street

  
	
   

  	
   

  	
  Minneapolis, MN  55402

  
	
   

  	
   

  	
  Attn:  Steven C. Kennedy

  
	
   

  	
   

  	
  Facsimile:  (612) 766-1600

  
	
   

  	
   

  	
   

  
	
  if to STAK

  	
   

  	
  Stichting Administratiekantoor
  Tornier

  
	
   

  	
   

  	
  Fred Roeskestraat 123

  
	
   

  	
   

  	
  1076EE Amsterdam

  
	
   

  	
   

  	
  The Netherlands

  
	
   

  	
   

  	
  Attn:                                           

  
	
   

  	
   

  	
  Facsimile:                                          

  
	
   

  	
   

  	
   

  
	
  if to an
  Exchanging Warrantholder

  	
   

  	
  At the address set forth on the
  Exchanging Warrantholder’s signature page to this Agreement

  

 

 

(l)                                     Expenses.  Each party shall each bear its own costs and
expenses (including legal, tax, financial and accounting advisor fees and
expenses) incurred in connection with this Agreement and the transactions
contemplated hereby.

 

(m)                               Construction.  The parties hereto have participated jointly
in the negotiation and drafting of this Agreement.  If an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly
by all 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.  Any
reference to any U.S. federal, state, local, or non-U.S. statute or law shall
be deemed also to refer to all rules and regulations promulgated thereunder,
unless the context requires otherwise. 
The word “including” shall mean including without limitation.  The Parties intend that each representation,
warranty, and covenant contained herein shall have independent
significance.  If a party has breached
any representation, warranty, or covenant contained herein in any respect, the
fact that there exists another representation, warranty, or covenant relating
to the same subject matter (regardless of the relative levels of specificity)
that the party has not breached shall not detract from or mitigate the fact
that the party is in breach of the first representation, warranty, or covenant.

 

11

 

(n)                                 Incorporation of Exhibits and Schedules.  The Exhibits and
Schedules identified in this Agreement are incorporated herein by reference and
made a part hereof.

 

* * *

 

[signatures
follow]

 

12

 

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

 

	
   

  	
  ISSUER:

  
	
   

  	
   

  
	
   

  	
  TORNIER B.V.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Guido F.X.M.
  Nieuwenhuizen

  
	
   

  	
  By:

  	
  Guido F.X.M. Nieuwenhuizen

  
	
   

  	
  Its:

  	
  Managing Director A

  
	
   

  	
   

  
	
   

  	
  /s/ Ronald Arendsen

  
	
   

  	
  By: 

  	
  Ronald Arendsen

  
	
   

  	
  Its:

  	
  Managing Director B

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STAK:

  
	
   

  	
   

  
	
   

  	
  STICHTING ADMINISTRATIEKANTOOR
  TORNIER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Douglas W. Kohrs

  
	
   

  	
  By:

  	
  Douglas W. Kohrs

  
	
   

  	
  Its:

  	
  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Timothy J. Curt

  
	
   

  	
  By:

  	
  Timothy J. Curt

  
	
   

  	
  Its:

  	
  Managing Director

  

 

 

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

 

	
   

  	
   

  	
  WARRANTHOLDER
  MAJORITY:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MEDTRONIC:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MEDTRONIC
  BAKKEN RESEARCH CENTER B.V.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ F.W. Lindemans

  
	
   

  	
   

  	
  By:  

  	
  Mr.
  F.W. Lindemans

  
	
   

  	
   

  	
  Its:   

  	
  Managing
  Director

  

 

 

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

 

	
   

  	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature:   

  	
    /s/  Douglas
  W. Kohrs

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:   

  	
    /s/  Douglas
  W. Kohrs

  
	
   

  	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Domicile:   

  	
     Minnesota, USA

  
	
   

  	
   

  	
  [please print your U.S. State or Country of residence]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice Address:

  
	
   

  	
   

  	
  [please
  print]

  
	
   

  	
   

  	
                        78444
  Shannon Dr.

  
	
   

  	
   

  	
                         Edina,
  MN 55439

  
	
   

  	
   

  	
  Facsimile:
        952-426-7601

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attn:

  
	
   

  	
   

  	
  Facsimile:

  
						

 

 

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

 

	
   

  	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Company:   

  	
     KCH Stockholm AB

  
	
   

  	
   

  	
  [please
  print the name of the Exchanging Warrantholder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature:   

  	
    /s/  Carl-Henry
  Salomonsson

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:   

  	
         Carl-Henry
  Salomonsson

  
	
   

  	
   

  	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:     

  	
   

  	
  Solicitor

  
	
   

  	
   

  	
   

  	
   

  	
  [please print your title]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Domicile:    

  	
   

  	
  Sweden

  
	
   

  	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice Address:

  
	
   

  	
   

  	
  [please
  print]

  
	
   

  	
   

  	
            Box
  606, 65113 Karlstad

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Facsimile:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attn:

  
	
   

  	
   

  	
  Facsimile:

  
								

 

 

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

 

	
   

  	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Company:  

  	
  Split Rock Partners, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [please
  print the name of the Exchanging Warrantholder]

  
	
   

  	
   

  	
  By:  

  	
  Split Rock Partners Management,
  LLC

  
	
   

  	
   

  	
  Its:  

  	
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature:  

  	
  /s/ Steven L.P. Schwen

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:  

  	
  Steven L.P. Schwen

  
	
   

  	
   

  	
  [please
  print your name]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:  

  	
  Chief Financial Officer

  
	
   

  	
   

  	
  [please
  print your title]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Domicile:  

  	
  Minnesota

  
	
   

  	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice Address:

  
	
   

  	
   

  	
  [please
  print]

  
	
   

  	
   

  	
  10400 Viking Drive

  
	
   

  	
   

  	
  Suite 550

  
	
   

  	
   

  	
  Eden Prairie, MN 55347

  
	
   

  	
   

  	
  Facsimile: 952-995-7475

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attn:

  
	
   

  	
   

  	
  Facsimile:

  
									

 

 

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

 

	
   

  	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature:  

  	
  /s/ Diane M. Doty

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:  

  	
  Diane M. Doty

  
	
   

  	
   

  	
  [please
  print your name]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Domicile:   

  	
  Minnesota

  
	
   

  	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice Address:

  
	
   

  	
   

  	
  [please
  print]

  
	
   

  	
   

  	
  27860 Brynmawr Place

  
	
   

  	
   

  	
  Shorewood, MN 55331

  
	
   

  	
   

  	
  USA

  
	
   

  	
   

  	
  Facsimile: None

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  	
  same address

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attn: Michael S. Doty

  
	
   

  	
   

  	
  Facsimile: None

  
					

 

 

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

 

	
   

  	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature:  

  	
  /s/ Ralph E. Barisano, Jr.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:  

  	
  Ralph E. Barisano, Jr.

  
	
   

  	
   

  	
  [please
  print your name]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Domicile:  

  	
  Massachusetts

  
	
   

  	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice Address:

  
	
   

  	
   

  	
  [please
  print]

  
	
   

  	
   

  	
  29 Chicory Rd

  
	
   

  	
   

  	
  Westford, MA 01886

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Facsimile:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attn:

  
	
   

  	
   

  	
  Facsimile:

  
						

 

 

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

 

	
   

  	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Company: Medtronic Bakken Research
  Center B.V.

  
	
   

  	
   

  	
  [please
  print the name of the Exchanging Warrantholder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature:  

  	
  /s/ F.W. Lindemans

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:  

  	
  Mr. F.W. Lindemans

  
	
   

  	
   

  	
  [please
  print your name]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:  

  	
  Managing Director

  
	
   

  	
   

  	
  [please
  print your title]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Domicile:  

  	
   

  
	
   

  	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice Address:

  
	
   

  	
   

  	
  [please
  print]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Facsimile:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attn:

  
	
   

  	
   

  	
  Facsimile:

  
								

 

 

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

 

	
   

  	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Company:  

  	
  PJC Capital LLC

  
	
   

  	
   

  	
  [please
  print the name of the Exchanging Warrantholder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature:  

  	
  /s/ Robert P. Rinek

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:  

  	
  Robert P. Rinek

  
	
   

  	
   

  	
  [please
  print your name]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:  

  	
  Co-President.Co-CEO

  
	
   

  	
   

  	
  [please
  print your title]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Domicile:  

  	
  Minnesota

  
	
   

  	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice Address:

  
	
   

  	
   

  	
  [please
  print]

  
	
   

  	
   

  	
  Robert P. Rinek

  
	
   

  	
   

  	
  800 Nicollet Mall

  
	
   

  	
   

  	
  Minneapolis, MN. 55402

  
	
   

  	
   

  	
  Facsimile: 612-303-1068

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  	
  James M. Martin

  
	
   

  	
   

  	
  800 Nicollet Mall

  
	
   

  	
   

  	
  Minneapolis, MN 55402

  
	
   

  	
   

  	
  Attn: James M. Martin

  
	
   

  	
   

  	
  Facsimile: 612-303-1410

  
								

 

 

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

 

	
   

  	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Company:  

  	
  PJC Merchant Banking Partners I,
  LLC

  
	
   

  	
   

  	
  [please
  print the name of the Exchanging Warrantholder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature:  

  	
  /s/ Robert P. Rinek

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:  

  	
  Robert P. Rinek

  
	
   

  	
   

  	
  [please
  print your name]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:  

  	
  Co-CEO

  
	
   

  	
   

  	
  [please
  print your title]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Domicile:  

  	
  Minnesota

  
	
   

  	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice Address:

  
	
   

  	
   

  	
  [please
  print]

  
	
   

  	
   

  	
  Robert P. Rinek

  
	
   

  	
   

  	
  800 Nicollet Mall

  
	
   

  	
   

  	
  Minnesota, MN 55402

  
	
   

  	
   

  	
  Facsimile: 612-303-1068

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  	
  800 Nicolett Mall

  
	
   

  	
   

  	
  Minneapolis, MN 55402

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attn: James M. Martin

  
	
   

  	
   

  	
  Facsimile: 612-303-1410

  
							

 

 

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

 

	
   

  	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature:  

  	
  /s/ Richard F. Wallman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:  

  	
  Richard F. Wallman

  
	
   

  	
   

  	
  [please
  print your name]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Domicile:  

  	
  Florida

  
	
   

  	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice Address:

  
	
   

  	
   

  	
  [please
  print]

  
	
   

  	
   

  	
  124 Deer Estates Lane

  
	
   

  	
   

  	
  Ponte Vedra Beach, FL 32082

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Facsimile:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attn:

  
	
   

  	
   

  	
  Facsimile:

  
						

 

 

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

 

	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/ Amy Wallman

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Amy Wallman

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  
	
   

  	
  Domicile:

  	
  Florida

  
	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please
  print]

  
	
   

  	
  124 Deer Estates Lane

  
	
   

  	
  Ponte Vedra Beach, FL 32082

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attn:

  
	
   

  	
  Facsimile:

  
					

 

 

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

 

	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/ Kevin Lee Ohashi

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Kevin Lee Ohashi

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  
	
   

  	
  Domicile:

  	
  Massachusetts

  
	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please
  print]

  
	
   

  	
  60 Orchard Street

  
	
   

  	
  Jamaica Plain, MA 02130

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attn:

  
	
   

  	
  Facsimile:

  
					

 

 

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

 

	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/ Stephan Epinette

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Stephan Epinette

  
	
   

  	
   

  	
  [please print your name]

  
	
   

  	
   

  
	
   

  	
  Domicile:

  	
  France

  
	
   

  	
  [please
  print your U.S. State or Country of organizational jurisdiction]

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  [please
  print]

  
	
   

  	
  372 Chemin Du Robiat

  
	
   

  	
  63250 Poleymieux Au Mont D’or

  
	
   

  	
   

  
	
   

  	
  Facsimile:  +33976613508

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attn:

  
	
   

  	
  Facsimile:

  
					

 

 

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

 

	
   

  	
  EXCHANGING WARRANTHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TMG HOLDINGS COÖPERATIEF U.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Sean D. Carney

  
	
   

  	
  By:

  	
  Sean D. Carney

  
	
   

  	
  Its:

  	
  Managing Director A

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Guido F.X.M Nieuwenhuizen

  
	
   

  	
  By:

  	
  Guido F.X.M Nieuwenhuizen

  
	
   

  	
  Its:

  	
  Managing Director A

  
	
   

  	
   

  
	
   

  	
  Domicile:  The Netherlands

  
	
   

  	
   

  
	
   

  	
  Notice Address:

  
	
   

  	
  1076 EE Amsterdan

  
	
   

  	
  Fred. Roeskestraat 123-I

  
	
   

  	
  The Netherlands

  
	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  with a copy that does not
  constitute notice to:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attn:

  
	
   

  	
  Facsimile:

  

 

 

SCHEDULE 1

 

2009 WARRANTHOLDERS

 

	
  Name

  	
   

  	
  Warrants

  	
   

  	
  Exchange

  Shares (*)

  	
   

  
	
  Medtronic
  Bakken Research Center B.V.

  	
   

  	
  4,412,544

  	
   

  	
  2,828,440

  	
   

  
	
  TMG
  Holdings Coöperatief U.A. (formerly held by Warburg
  Pincus)

  	
   

  	
  2,672,332

  	
   

  	
  1,712,964

  	
   

  
	
  PJC
  Capital LLC

  	
   

  	
  794,258

  	
   

  	
  509,119

  	
   

  
	
  PJC
  Merchant Banking Partners I, LLC

  	
   

  	
  88,251

  	
   

  	
  56,568

  	
   

  
	
  KCH
  Stockholm AB

  	
   

  	
  572,438

  	
   

  	
  366,932

  	
   

  
	
  Split
  Rock Partners, LP

  	
   

  	
  126,413

  	
   

  	
  81,030

  	
   

  
	
  Amy and
  Richard Wallman

  	
   

  	
  62,014

  	
   

  	
  39,750

  	
   

  
	
  Douglas
  Kohrs

  	
   

  	
  61,537

  	
   

  	
  39,445

  	
   

  
	
  Kevin
  Ohashi

  	
   

  	
  13,118

  	
   

  	
  8,408

  	
   

  
	
  Ralph
  Barisano Jr.

  	
   

  	
  10,733

  	
   

  	
  6,879

  	
   

  
	
  Stephan
  Epinette

  	
   

  	
  7,155

  	
   

  	
  4,586

  	
   

  
	
  Diane
  Doty

  	
   

  	
  4,293

  	
   

  	
  2,751

  	
   

  
	
  Total

  	
   

  	
  8,825,086

  	
   

  	
  5,656,872

  	
   

  

 

(*) Exchange Shares = Warrants x Exchange Ratio, rounded down to the
nearest whole number

 

* *
*

 

 

EXHIBIT A

 

DEED OF ISSUE

 

	
  ISSUE
  OF SHARES

  	
   

  	
  BPB/6007622/10175692.uve

  
	
  TORNIER
  B.V.

  	
   

  	
  13-05-2010

  
	
   

  	
   

  	
  2

  

 

Today,

 

, appeared before me,

 

Paul Hubertus Nicolaas Quist, civil-law notary
in Amsterdam:

 

in the present matter acting as holder of a
power of attorney of:

 

1.      the company
with limited liability (besloten vennootschap met
beperkte aansprakelijkheid) Tornier B.V.,
having its seat in Amsterdam, its address at 1076 EE Amsterdam, Fred.
Roeskestraat 123, filed at the Trade Register under number 34250781 and with number B.V. 1383148 

(the ‘Issuer’);

 

2.      the
cooperative (cooperatie), TMG Holdings
Coöperatief U.A., having its
seat in Amsterdam, its address at 1076 EE Amsterdam, Fred. Roeskestraat 123 and
filed at the Trade Register under number 34252061

(‘TMG’);

 

3.      the company
with limited liability (besloten vennootschap met
beperkte aansprakelijkheid) Medtronic Bakken Research
Center B.V.,  having its
seat in Maastricht, its address at 6229 GW Maastricht, Endepolsdomein 5 and
filed at the Trade Register under number 14625522

(‘Medtronic’);

 

4.      the company
formed and existing under the laws of Delaware, United States of America, PJC Capital LLC,  having its address at MN 55402
Minneapolis, United States of America, 800 Nicollet Mall and filed at the Secretary of State of the State of Delaware under number 4309235

(‘PJC Capital’);

 

5.      the company
incorporated and existing under the laws of Delaware, United States of America,
PJC Merchant Banking Partners I, LLC,  having its address at MN 55402 Minneapolis, United States 

 

 

Execution Version

 

of America,
800 Nicollet Mall and filed at the Secretary of State of
the State of Delaware under number 4521380

(‘PJC Merchant Banking’);

 

6.      the company
incorporated and existing under the laws of Sweden (aktiebolag) KCH Stockholm
AB, having its address at Hamilton
Advokatbyrå Karlstad AB, Kungsgatan 2 A, Box 606, 651 13 Karlstad, Sweden, and
filed at the Swedish Companies Registration Office under number 556702-1885

(‘KCH’);

 

7.      the limited
partnership formed and existing under the laws of Delaware, United States of
America, Split Rock Partners, L.P.,  having its address at MN 55344 Minneapolis, United States of America, 10400
Viking Drive, Suite 550 and filed at the
Secretary of State of the State of Delaware under number 3813224

(‘Split Rock’);

 

8.      Douglas William Kohrs, residing
at [ ], born in [ ], on [ ], [married/registered partner/not
married nor registered partner] and holder of an [ ] passport with number  [ ]

(‘Kohrs’);

 

9.      Diane Doty, residing at [ ], born in [ ], on [ ], [married/registered
partner/not married nor registered partner] and holder of an [ ] passport
with number  [ ]

(‘Doty’);

 

10.    Stephan Epinette,
residing
at [ ], born in [ ], on [ ], [married/registered partner/not
married nor registered partner] and holder of an [ ] passport with number  [ ]

(‘Epinette’);

 

11.    Ralph Barisano Jr.,
residing
at [ ], born in [ ], on [ ], [married/registered partner/not
married nor registered partner] and holder of an [ ] passport with number  [ ]

(‘Barisano’);

 

12.    Amy
Wallman, residing at [ ], born in [ ], on [ ],
[married/registered partner/not married nor registered partner] and holder of
an [ ] passport with number  [ ]

(‘Amy Wallman’);

 

13.    Richard Frederick Wallman, residing at [ ], born in [ ],
[married/registered partner/not married nor registered partner] and holder of
an [ ] passport with number  [ ]

(‘Richard Wallman’);
and

 

14.    Kevin Ohashi, residing at [ ], born in [ ],
on [ ], [married/registered partner/not married nor registered partner]
and holder of an [ ] passport with number  [ ]

(‘Ohashi’)

 

 

(TMG,  Medtronic, PJC
Capital, PJC Merchant Banking, KCH, Split Rock,  Kohrs,
Doty,  Epinette, Barisano, Amy Wallman,  Richard Wallman  and Ohashi are
hereinafter jointly referred to as the ‘Warrantholders’).

 

Powers of attorney

 

The powers of attorney are evidenced by
fourteen (14) private deeds.

 

The appearing person declared:

 

Whereas

 

(a)     The Issuer
entered into that certain warrant agreement, dated the twenty-ninth of February two
thousand and eight (the ‘Warrant  Agreement’) with the Warrantholders with respect to rights
to acquire ordinary shares in the capital of the Issuer (the ‘Warrants’), each with a par value of one cent (EUR 0.01).

 

(b)    On the [ ]
of May two thousand and ten the Issuer entered into a warrant exchange agreement
(the ‘Warrant Exchange  Agreement’)
with the Warrantholders pursuant to which each of the Warrantholders
contributes and transfers the Warrants in exchange for shares in the share
capital of the Issuer, calculated in accordance with the Warrant Exchange
Agreement.

 

(c)     Resolution
to issue shares

 

On the [ ] two
thousand and ten the board of managing directors of the Issuer, authorised to
do so in accordance with the provisions of the articles of association of the
Issuer resolved among other things:

 

(i)            to issue such number of shares in the capital of
the Issuer, each with a nominal value of one cent (EUR 0.01), at par to the
Warrantholders calculated in accordance with the Warrant Exchange Agreement and
under the obligation to fulfil the payment obligation in kind as further
described below; and furthermore

 

(ii)           to appoint one of its members, Guido Fransicus
Xaverius Maria Nieuwenhuizen, born in Amsterdam on the twenty-third of August nineteen
hundred and sixty-three, to determine the exact number of shares in the capital
of the Issuer to be issued to each of the Warrantholders,

 

a copy of which
resolution will be attached to this deed.

 

(d)    on the [*]
two thousand and ten, the supervisory board approved, in accordance with
article 4 paragraph 1 of the articles of association of the Issuer, the
aforementioned resolutions of the management board of the Issuer , a copy of
which resolution will be attached to this deed.

 

(e)     Pursuant to
the power of attorney granted to him, G.F.X.M. Nieuwenhuizen, aforementioned,
acting in his capacity of holder of power of attorney, determined and resolved
on [*] two thousand and ten to issue to the Warrantholders a total of five
million six hundred fifty-six thousand eight hundred 

 

 

seventy-two
(5,656,872) shares in the capital of the Issuers, each with a nominal value of
one cent (EUR 0.01) (the ‘Exchange  Shares’) (the resolution of the management board of the
Issuer to issue shares and the written resolution of G.F.X.M. Nieuwenhuizen
hereinafter together to be referred to as the ‘Resolution’).

 

A
copy of the aforementioned resolution of G.F.X.M. Nieuwenhuizen will be
attached to this deed.

 

(f)     Method of
payment

 

The Exchange Shares are
to be paid up other than in cash, as further described below.

 

The Warrantholders and
the Issuer have agreed that to enable the Warrantholders to fulfil their
obligation to pay-up the Exchange Shares, the Warrantholders contributed eight
million eight hundred twenty-five thousand eighty-six (8,825,086) Warrants.

 

(g)    Pre-emption
right

 

Article 6 of the
articles of association of the Issuer provides that upon issue of shares the
shareholders will not have pre-emption rights to the shares issued.

 

It is hereby agreed and confirmed as follows

 

Issue of Exchange Shares

 

Article 1.

 

To implement the Resolution and the Warrant
Exchange Agreement, the Issuer herewith issues the Exchange Shares to the
Warrantholders under the obligation to pay up on the Exchange Shares in the
method mentioned above, as follows:

 

·      one million seven hundred twelve thousand nine hundred
sixty-four (1,712,964) shares to TMG (the ‘TMG Shares’).

TMG herewith accepts the TMG Shares under the
obligation and terms referred to above.

 

·      two million eight hundred twenty-eight thousand four
hundred forty (2,828,440) shares to Medtronic (the ‘Medtronic
Shares’).

Medtronic herewith accepts the Medtronic Shares
under the obligation and terms referred to above.

 

·      five hundred nine thousand one hundred nineteen
(509,119) shares to PJC Capital (the ‘PJC Capital Shares’).

PJC Capital herewith accepts the PJC Capital
Shares under the obligation and terms referred to above.

 

·      fifty-six thousand five hundred sixty-eight (56,568)
shares to PJC Merchant Banking (the ‘PJC Merchant Banking
Shares’).

PJC Merchant Banking herewith accepts the PJC
Merchant Banking Shares under the obligation and terms referred to above.

 

·      three hundred sixty-six thousand nine hundred
thirty-two (366,932) shares to KCH (the ‘KCH 

 

 

Shares’).

KCH herewith accepts the KCH Shares under the
obligation and terms referred to above.

 

·      eighty-one thousand thirty (81,030) shares to Split
Rock (the ‘Split Rock Shares’).

Split Rock herewith accepts the Split Rock
Shares under the obligation and terms referred to above.

 

·      thirty-nine thousand four hundred forty-five (39,445)
shares to Kohrs (the ‘Kohrs Shares’).

Kohrs herewith accepts the Kohrs Shares under
the obligation and terms referred to above.

 

·      two thousand seven hundred fifty-one (2,751) shares to
Doty (the ‘Doty Shares’).

Doty herewith accepts the Doty Shares under the
obligation and terms referred to above.

 

·      four thousand five hundred eighty-six (4,586) shares
to Epinette (the ‘Epinette Shares’).

Epinette herewith accepts the Epinette Shares
under the obligation and terms referred to above.

 

·      six thousand eight hundred seventy-nine (6,879) shares
to Barisano (the ‘Barisano Shares’).

Barisano herewith accepts the Barisano Shares
under the obligation and terms referred to above.

 

·      thirty-nine thousand seven hundred fifty (39,750)
shares to Richard Wallman and Amy Wallman jointly (the ‘Wallman
Shares’).

Wallman herewith accepts the Wallman Shares
under the obligation and terms referred to above.

 

·      eight thousand four hundred eight (8,408) shares to
Ohashi (the ‘Ohashi Shares’).

Ohashi herewith accepts the Ohashi Shares under
the obligation and terms referred to above.

 

Payment

 

Article 2

 

·      To fulfil its payment obligation TMG transferred and
contributed to the Issuer two million six hundred seventy-two thousand three
hundred thirty-two (2,672,332) Warrants (the ‘TMG
Contribution’).

 

·      To fulfil its payment obligation Medtronic transferred
and contributed to the Issuer four million four hundred twelve thousand five
hundred forty-four (4,412,544) Warrants (the ‘Medtronic
Contribution’).

 

·      To fulfil its payment obligation PJC Capital
transferred and contributed to the Issuer seven hundred ninety-four thousand
two hundred fifty-eight (794,258) Warrants (the ‘PJC Capital
Contribution’).

 

·      To fulfil its payment obligation PJC Merchant Banking
transferred and contributed to the Issuer eighty-eight thousand two hundred
fifty-one (88,251) Warrants (the ‘PJC Merchant Banking
Contribution’).

 

·      To fulfil its payment obligation KCH transferred and
contributed to the Issuer five hundred seventy-two thousand four hundred thirty-eight
(572,438) Warrants (the ‘KCH Contribution’).

 

·      To fulfil its payment obligation Split Rock
transferred and contributed to the Issuer one hundred 

 

 

twenty-six thousand four hundred thirteen
(126,413) Warrants (the ‘Split Rock Contribution’).

 

·      To fulfil his payment obligation Kohrs transferred and
contributed to the Issuer sixty-one thousand five hundred thirty-seven (61,537)
Warrants (the ‘Kohrs Contribution’).

 

·      To fulfil her payment obligation Doty transferred and
contributed to the Issuer four thousand two hundred ninety-three (4,293)
Warrants (the ‘Doty Contribution’).

 

·      To fulfil his payment obligation Epinette transferred
and contributed to the Issuer seven thousand one hundred fifty-five (7,155)
Warrants (the ‘Epinette Contribution’).

 

·      To fulfil his payment obligation Barisano transferred
and contributed to the Issuer ten thousand seven hundred thirty-three (10,733)
Warrants (the ‘Barisano Contribution’).

 

·      To fulfil their payment obligation Richard Wallman and
Amy Wallman acting jointly transferred and contributed to the Issuer sixty-two
thousand fourteen (62,014) Warrants (the ‘Wallman Contribution’).

 

·      To fulfil his payment obligation Ohashi transferred
and contributed to the Issuer thirteen thousand one hundred eighteen (13,118)
Warrants (the ‘Ohashi Contribution’).

 

(the TMG Contribution, the Medtronic
Contribution, the PJC Capital Contribution, the PJC Merchant Banking
Contribution, the KCH Contribution, the Split Rock Contribution, the Kohrs
Contribution, the Doty Contribution, the Epinette Contribution, the Barisano
Contribution, the Wallman Contribution and the Ohashi Contribution hereinafter
jointly to be referred to as the ‘Contribution’).

 

The Contribution is described in more detail in
the description of what is to be contributed according to article 2:204b
paragraph 1 Dutch Civil Code, attached to this deed (the ‘Description’).

 

The Description relates to the condition of the
Contribution per the [*] two thousand and ten.

 

The Description is signed by all members of the
managing directors of the Issuer.

 

An expert as defined in article 2:393 Dutch
Civil Code has issued an opinion on the Description, as referred to in article
2:204b paragraph 2 Dutch Civil Code, stating that the value of the Contribution
at least equals the amount of the payment obligation as referred to in the
statement, being an amount of [*], which the Contribution needs to satisfy (the
‘Auditor’s opinion’).

 

To the extent the value of the Contribution
exceeds the par value of the Shares, the surplus will be considered to be share
premium (agio).

 

To the extent the actual value of the
Contribution exceeds the value of the Contribution mentioned in the
Description, the surplus will be considered share premium (agio).

 

Insofar
further formalities need to be met to transfer the Contribution, the Warrant
holders and the Issuer will undertake all necessary actions without delay to
complete the transfer of the Contribution.

 

 

Approval
of the transfer and acknowledgement

 

Article 3.

 

The board of managing directors of the Issuer and the Warrantholder
Majority (as defined in the Warrant Agreement) have approved the transfer of
the Warrants in accordance with clause 3.1 of the Warrant Agreement.

 

The Issuer hereby acknowledges the transfer of the Warrants.

 

Shareholders’ register

 

Article 4.

 

The Issuer declared to make the appropriate
entry in the shareholders’ register concerning this issue.

 

Attached documents

 

Article 5.

 

Furthermore, to this deed will be attached:

 

·       the powers
of attorney in connection with this deed;

 

·       the copy of
the Warrant Exchange Agreement;

 

·       the
Resolution;

 

·       the
resolution of the supervisory board;

 

·       the
Description; and

 

·       the Auditors’
opinion.

 

This deed was executed today in Amsterdam.

 

The substance of this deed was stated and
explained to the appearing person.

 

The appearing person declared not to require a
full reading of the deed, to have taken note of the contents of this deed and
to consent to it.

 

Subsequently, this deed was read out in a
limited form, and immediately thereafter signed by the appearing person and
myself, civil-law notary, at

 

* * *

 

 

EXHIBIT B

 

DEED OF TRANSFER

 

	
  TRANSFER
  OF SHARES

  	
   

  	
   

  
	
  AND
  ISSUE OF DEPOSITARY RECEIPTS (CERTIFICATEN)

  	
   

  	
   

  
	
  TORNIER
  B.V.

  	
   

  	
   

  

 

Today,

 

, appeared before me,

 

Paul Hubertus Nicolaas Quist, civil-law notary
in Amsterdam:

 

in the present matter acting as holder of a
written power of attorney of:

 

in the present matter acting as holder of a
written power of attorney of:

 

15.    the company incorporated and
existing under the laws of Delaware, United States of America, PJC Capital LLC, having its address at MN 55402 Minneapolis, United
States of America, 800 Nicollet Mall and filed at the
Secretary of State of the State of Delaware under number 4309235

(‘PJC Capital’);

 

16.    the company incorporated and
existing under the laws of Delaware, United States of America, PJC Merchant Banking Partners I, LLC,  having its address at MN 55402
Minneapolis, United States of America, 800 Nicollet Mall and filed at the Secretary of State of the State of Delaware under number 4521380               

(‘PJC Merchant Banking’);

 

17.    Diane Doty, residing at [ ], born in [ ],
on [ ], [married/registered partner/not married nor registered 

 

 

partner] and
holder of an [ ] passport with number  [ ]

(‘Doty’);

 

18.    Stephan Epinette,
residing
at [ ], born in [ ], on [ ], [married/registered partner/not
married nor registered partner] and holder of an [ ] passport with number  [ ]

(‘Epinette’);

 

19.    Ralph Barisano Jr.,
residing
at [ ], born in [ ], on [ ], [married/registered partner/not
married nor registered partner] and holder of an [ ] passport with number  [ ]

(‘Barisano’);

 

20.    Amy
Wallman, residing at [ ], born in [ ], on [ ],
[married/registered partner/not married nor registered partner] and holder of
an [ ] passport with number  [ ]

(‘Amy Wallman’);

 

21.    Richard Frederick Wallman, residing at [ ], born in [ ],
on [ ], [married/registered partner/not married nor registered partner]
and holder of an [ ] passport with number  [ ]

(‘Richard Wallman’);

 

22.    Kevin Ohashi, residing at [ ], born in [ ],
on [ ], [married/registered partner/not married nor registered partner]
and holder of an [ ] passport with number  [ ]

(‘Ohashi’)

(PJC Capital, PJC Merchant
Banking, Split Rock, Doty, Epinette, Barisano,  Amy
Wallman,  Richard Wallman  and
Ohashi are hereinafter jointly referred to as the ‘Transferors’);

 

23.    the foundation (stichting) Stichting
Administratiekantoor Tornier, having its seat in Amsterdam, its
address at 1076 EE Amsterdam, Fred. Roeskestraat 123 and filed in the Trade
Register under number 34298214

(the ‘Foundation’);

 

24.    the company with limited
liability (besloten vennootschap met beperkte
aansprakelijkheid)  Tornier B.V., having its seat in Amsterdam, its address at
1076 EE Amsterdam, Fred. Roeskestraat 123, filed at the Trade Register under
number 34250781 and with number B.V. 1383148

(the ‘Company’).

 

Powers of attorney

 

The powers of attorney are evidenced by eleven
(11) private deeds, which will be attached to this deed.

 

The appearing person declared:

 

Whereas:

 

(h)    On the [ ]
of May two thousand and ten the Company entered into a warrant exchange
agreement (the ‘Warrant Exchange  Agreement’) with the Transferors pursuant to which the
Transferors 

 

 

contributed
and transferred warrants to the Company in exchange for shares in the share
capital of the Company. Pursuant to the Warrant Exchange Agreement, the
Transferors agreed to transfer these shares to the Foundation against the issue
of corresponding depositary receipts.

 

(i)      The
Transferors acquired six hundred twenty-eight thousand sixty-one (628,061)
shares in the Company, each with a par value of one cent (EUR 0.01) (the “Shares”) by issue by deed executed on the date of this deed
before Paul Hubertus Nicolaas Quist, civil-law notary in Amsterdam, as follows

 

·        five hundred nine thousand one hundred nineteen (509,119)
shares by PJC Capital;

 

·        fifty-six thousand five hundred sixty-eight (56,568) shares
by PJC Merchant Banking;

 

·        two thousand seven hundred fifty-one (2,751) shares by Doty;

 

·        four thousand five hundred eighty-six (4,586) shares by
Epinette;

 

·        six thousand eight hundred seventy-nine (6,879) shares by
Barisano;

 

·        thirty-nine thousand seven hundred fifty (39,750) shares by
Richard Wallman and Amy Wallman acting jointly; and

 

·        eight thousand four hundred eight (8,408) shares by Ohashi.

 

It is
hereby agreed and confirmed as follows

 

Transfer of shares for which depositary receipts (certificaten) are to be issued

 

Article 4.

 

Pursuant to the Warrant Exchange Agreement the
Transferors hereby transfer to the Foundation and the Foundation accepts the
Shares of the Transferors, in exchange for assignment of depositary receipts by
the Foundation, of which depositary receipts the classification, the numbers
and the nominal value are identical to those of the Shares.

 

Assignment of depositary receipts (certificaten)

 

Article 5.

 

Hereby the Foundation assigns depositary receipts as follows:

 

five hundred nine thousand one hundred nineteen
(509,119) depositary receipts to PJC Capital;

 

(j)      fifty-six
thousand five hundred sixty-eight (56,568) depositary receipts to PJC Merchant
Banking;

 

(k)     two thousand
seven hundred fifty-one (2,751) depositary receipts to Doty;

 

(l)      four
thousand five hundred eighty-six (4,586) depositary receipts to Epinette;

 

(m)    six thousand
eight hundred seventy-nine (6,879) depositary receipts to Barisano;

 

(n)    thirty-nine
thousand seven hundred fifty (39,750) depositary receipts to Richard Wallman
and Amy Wallman jointly; and

 

(o)    eight
thousand four hundred eight (8,408) depositary receipts to Ohashi.

 

The
Transferors hereby accept the depositary receipts for the Shares described
above.

 

 

Trust Conditions

 

Article 6.

 

The current assignment of depositary receipts
for the Shares occurs under the terms and conditions as laid down in the
notarial deed establishing the trust conditions executed on [*] before Paul
Hubertus Nicolaas Quist, civil-law notary in Amsterdam, a copy of which is
attached to this deed.

 

The Transferors declare that they have received
a copy of the prevailing trust conditions of the Foundation and that they have
taken note of the contents thereof and that they consent thereto.

 

The Foundation and the Transferors acknowledge
that the trust conditions constitute an integral part of the agreement
concerning the issue of depositary receipts.

 

The Transferors acknowledges that the
assignment of the depositary receipts has been done without the concurrence of
the Company and hereby waive any right conferred to them by law in the event
that it should be established nonetheless that such took place with the Company’s
concurrence.

 

Provision restricting the
free transferability of shares

 

Article 7.

 

The board of managing directors of the Company
has resolved on the [*] two thousand and ten outside a formal meeting to grant
its approval required by the articles of association for the present transfer.

 

Acknowledgement

 

Article 8.

 

The Company declared that it acknowledges the
transfer of the Shares and that it will make the appropriate entry in the
shareholders’ register.

 

Register of the holders of
depositary receipts (certificaathoudersregister)

 

Article 9.

 

The Foundation declared that it will make an
appropriate entry of the issue of depositary receipts for shares in the
register of the Holders of depositary receipts.

 

Attached documents

 

Article 10.

 

Furthermore, to this deed
will be attached:

 

·                      the powers of attorney in connection with this deed;

 

·                      the copy of the Warrant Exchange Agreement;

 

·                      the Management Board resolution evidencing the decisions indicated in this
deed;

 

This deed was executed today in Amsterdam.

 

The substance of this deed was stated and
explained to the appearing person.

 

 

The appearing person declared not to require a
full reading of the deed, to have taken note of the contents of this deed and
to consent to it.

 

Subsequently, this deed was read out in a
limited form, and immediately thereafter signed by the appearing person and
myself, civil-law notary, at

 

* * *

 

 

EXHIBIT C

 

FORM OF EXCHANGING
WARRANTHOLDER POWER OF ATTORNEY

 

Power
of Attorney

 

May,     
2010

 

THE UNDERSIGNED:

 

[For Non-individual
Warrantholders]

 

                                                                       a
company incorporated and existing under the laws of                                   ,
having its registered address at                                                                                 ,
which is validly being represented by:

 

	
  first name(s):

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  surname:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  date of birth:

  	
   

  	
   

  
	
   

  	
  (day, month and year)

  	
   

  
	
   

  	
   

  	
   

  
	
  place of birth:

  	
   

  	
   

  
	
   

  	
  (city, state/province,
  country)

  	
   

  
	
   

  	
   

  	
   

  
	
  [For
  Individual Warrantholders]

  	
   

  
	
   

  	
   

  	
   

  
	
  first name(s):

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  surname:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  date of birth:

  	
   

  	
   

  
	
   

  	
  (day, month and year)

  	
   

  
	
   

  	
   

  	
   

  
	
  place of birth:

  	
   

  	
   

  
	
   

  	
  (city, state/province,
  country)

  	
   

  
	
   

  	
   

  	
   

  
	
  married/not married
  (please strike out which is not applicable)

  	
   

  
	
   

  	
   

  	
   

  
	
  passport with number:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  nationality:

  	
   

  	
   

  

 

[For All Warrantholders]

 

WHEREAS:

 

The
undersigned wishes to contribute and transfer all of its Rights and Warrants
(as defined in the Warrant Exchange Agreement) to Tornier B.V. a private
company with limited liability (besloten vennootschap met
beperkte aansprakelijkheid) incorporated under the laws of the
Netherlands, having its 

 

 

corporate
seat in Amsterdam, the Netherlands (the “Issuer”) in
exchange for a number of shares in the Issuer (the “Exchange
Shares”) calculated in accordance with the warrant exchange
agreement (the “Warrant Exchange Agreement”)
entered into by the undersigned, the Issuer, and the Stichting
Adminstratiekantoor Tornier, a foundation organized under the laws of the
Netherlands (“STAK”).

 

[For Warrantholders who
will transfer their shares to STAK]

 

Immediately
after the undersigned acquires the Exchange Shares, it wishes to transfer the
Exchange Shares to the STAK against the issue of corresponding depositary
receipts for those Exchange Shares.

 

[For all Warrantholders
except as indicated]

 

DECLARES:

 

to grant a power of attorney to each civil-law
notary, prospective civil-law notary and notarial paralegal, of Stibbe N.V. in
Amsterdam to:

 

(A)                             cooperate on
behalf of the undersigned to execute the notarial deed of issue of the Exchange
Shares, in accordance with the form attached to the Warrant Exchange Agreement
as Exhibit A;

 

(B)                               [For
Warrantholders who will transfer their shares to STAK] cooperate on
behalf of the undersigned to execute the notarial deed of transfer of the
Exchange Shares to the STAK in exchange for the same number of corresponding
depositary receipts in accordance with the form attached to the Warrant
Exchange Agreement as Exhibit B;

 

(C)                               to undertake
all other acts the holder of this power of attorney deems necessary in relation
with the present issue [and transfer] [for Warrantholders who
will transfer their shares to STAK] of the Exchange Shares,

 

[For all
Warrantholders]

 

CONDITIONS:

 

(p)                                The holder
of this power of attorney is authorised to grant this power of attorney to
another person.

 

(q)                                The
undersigned shall not make any claim against the holder of the power of
attorney in respect of any act that is done by the holder of the power of
attorney in such capacity under and according to this power of attorney.

 

(r)                                   The
undersigned shall indemnify and hold the holder of the power of attorney
harmless against any claims, actions or proceedings made against the holder of
the power of attorney and against any damages, costs and expenses that the
holder of the power of attorney may suffer or incur as a result of or in
connection with any act that is done by the holder of the power of attorney in
such capacity and under and according to this power of attorney.

 

(s)                                 The
undersigned declares that this power of attorney also applies in situations
where the holder of the power of attorney also acts as a counterparty of the
undersigned or as a representative of a counterparty of the undersigned (Selbsteintritt).

 

 

(t)                                   This power
of attorney is being granted and being irrevocable for a period of six months
from the date hereof after which time it shall cease to exist.

 

(u)                                This power
of attorney is being governed by and to be construed in accordance with the
laws of the Netherlands.

 

This power of attorney has
been signed on the date first above written.

 

	
  [For
  Individual Warrantholders]

  	
   

  	
  [[For
  Non-individual Warrantholders]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
  (print
  name)

  	
   

  	
   

  	
  (print
  name)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

Please have this power of attorney legalized or,
for U.S. domiciled Warrantholders, notarized by a notary public as follows:

 

	
  STATE OF

  	
  )

  	
   

  
	
   

  	
  ) ss.

  	
   

  
	
  COUNTY OF

  	
  )

  	
   

  

 

[For Individual Warrantholders] within and for this state and county above

 

On this
         day of
                            ,
2010, before me, a Notary Public within and for this state and county above,
personally appeared
                                            
[name], to me known to be the person
described in and who executed the foregoing Power of Attorney and acknowledged
that he executed the same at his free act and deed and did dispose on oath
before me that he is of the age of majority.

 

[For Non-individual
Warrantholders]

 

On this
         day of
                            ,
2010, before me, a Notary Public within and for this state and county above
appeared
                                                  
[name], to me personally known, who,
being by me duly sworn, did say that he is the
                                                                      
[title] of
                                                                        
[company name], a
                                    
[state or country]
                                                                      
[corporate entity] (the “Company”), and that the foregoing Power of Attorney was
signed on behalf of the Company, by authority of its
                                            
[Board of Directors etc.] and said
                                                    
[title] acknowledged said instrument to
be the free act and deed of the Company.

 

IN TESTIMONY WHEREOF, I
have hereunto set my hand affixed my official seal in the County and State
aforesaid, and the day and year first above written.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notary Public

  

 

My Commission Expires:

 

* *
*

 

 

EXHIBIT D

 

FORM OF EXCHANGING
WARRANTHOLDER AUTHORITY DECLARATION

 

[Letterhead]

 

[May         ,
2010]

 

Stibbe N.V.

Stibbetoren

Strawinskylaan 2001 

1077 ZZ  Amsterdam

The Netherlands

Attn: Paul Quist, Civil Law Notary

 

Re:          Issuance
of shares by Tornier B.V.

 

Dear Mr. Quist:

 

I am an attorney admitted to
practice under the laws of [the state of
              ,
United States of America].  In connection
with the issue of shares by the company with limited liability (besloten vennootschap met beperkte aansprakelijkheid)
Tornier B.V., I hereby confirm that:

 

1.             [Name
of entity Exchanging Warrantholder], having its address at [address, city,
state, zip code, United States of America] (the “Company”), is a
[corporation/limited liability company/limited partnership] duly organized and
validly existing under the laws of [the state of
              ,
United States of America]; and

 

2.             the
Power of Attorney, of which a photocopy is attached hereto, has been signed by
[name of signing officer of the Company], the Company’s [title], who is duly
authorized to sign such Power of Attorney on behalf of the Company.

 

	
   

  	
  Sincerely

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Name of Attorney]

  

 

* *
*

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