Document:

EX-10.4

 Exhibit 10.4 

CORPORATE EXECUTIVE CONFIDENTIALITY, NON-COMPETITION 

AND NON-SOLICITATION AGREEMENT 

This Corporate Executive Confidentiality, Non-Competition and
Non-Solicitation Agreement (“Agreement”) is made by and between Zimmer, Inc., a corporation having its principal headquarters in Warsaw, Indiana, and ________________ (“Employee”). 

Recitals 
 A. For
purposes of this Agreement, the term “Company” means Zimmer, Inc., Zimmer US, Inc. and/or any or each of their affiliates, parents, or direct or indirect subsidiaries (including but not limited to Biomet, Inc. and its affiliates, parents
or direct or indirect subsidiaries), as well as any successor-in-interest to Zimmer, Inc., Zimmer US, Inc., and/or to any of their direct or indirect subsidiaries,
affiliates, or parents. 
 B. Employee is employed or is being employed by Company in an executive and/or high-level managerial capacity in
which Employee has or will have extensive access Confidential Information of Company, and/or is being offered certain equity incentives. 

C. Company has offered Employee employment and/or other valuable consideration, which may include without limitation such consideration as a
job promotion, an increase in compensation, and/or an equity award, contingent upon Employee’s entering into this Agreement. 

Agreement 
 NOW,
THEREFORE, in consideration of the foregoing recitals, the promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Company and Employee agree to be legally bound as follows:

 1. Acknowledgements. Employee acknowledges that Company is engaged in the highly competitive business of the development,
manufacture, distribution, and sale of orthopedic- and musculoskeletal-related medical and surgical devices, products, applications, and services, including, but not limited to, the following product categories: hip, knee, trauma, extremities,
craniomaxillofacial, thoracic, dental, spine, bone healing, vascular compression, bone cement, surgical (including MIS solutions), sports medicine, robotics, wearable technology, orthopedic diagnostic (including unique diagnostic products developed
for or by Company) and/or biologics. Employee serves or will serve in an executive and/or high-level managerial capacity for Company and in that capacity Employee has and/or will have access to and has and/or will gain knowledge of substantial
Confidential Information of Company across one or more of the Company’s product categories. 
 2.
Non-Disclosure and Ownership of Confidential Information. Employee acknowledges that Confidential Information is a valuable, special, and unique asset of Company, and solely the property of
Company, and agrees to the following; provided, however, that this Agreement does not, in any manner, prevent employees from filing a complaint with, providing information to, or participating in an investigation conducted by, the Securities and
Exchange Commission, the United States Equal Opportunity Commission or any other governmental or law enforcement agency. 

 (a) Confidential Information Defined. The term “Confidential Information”
includes, but is not limited to, any and all of Company’s trade secrets, confidential and proprietary information, and all other information and data of Company that is not generally known to the public or other third parties who could derive
economic value from its use or disclosure. Confidential Information includes, without limitation, technical information such as product specifications, compounds, formulas, improvements, discoveries, developments, designs, inventions, techniques,
new products and surgical training methods, and research and development information; confidential business methods and processes; business plans and strategies; marketing plans and strategies; non-public
financial information including budgets, sales data, sales forecasts, sales quotas, and information regarding profits or losses; office optimization and logistics information; information pertaining to current and prospective customers; information
pertaining to distributors and sales channel structures; pricing information; discount schedules; costing information; personnel information; compensation structure, schedules and plans; and information about current and prospective products or
services, whether or not reduced to writing or other tangible medium of expression, including work product created by Employee in rendering services for Company. 

(b) Non-Disclosure of Confidential Information. During Employee’s employment with Company
and thereafter, Employee will not disclose, transfer, or use (or seek to induce others to disclose, transfer, or use) any Confidential Information for any purpose other than (i) disclosure to authorized employees and agents of Company who are
bound to maintain the confidentiality of the Confidential Information; (ii) for authorized purposes during the course of Employee’s employment in furtherance of Company’s business; and/or (iii) as specifically allowed or required
under applicable law. Employee’s non-disclosure obligations shall continue as long as the Confidential Information remains confidential and shall not apply to information that becomes generally known to
the public through no fault or action of Employee. The Federal Defend Trade Secrets Act provides that individuals may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is
made (a) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney if such disclosure is made solely for the purpose of reporting or investigating a suspected violation of law or for
pursuing an anti-retaliation lawsuit; or (b) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and the individual does not disclose the trade secret except pursuant to a court order. 

(c) Protection of Confidential Information. Employee will notify Company in writing of any circumstances which may constitute
unauthorized disclosure, transfer, or use of Confidential Information. Employee will use Employee’s best efforts to protect Confidential Information from unauthorized disclosure, transfer, or use. Employee will implement and abide by all
procedures adopted by Company to prevent unauthorized disclosure, transfer, or use of Confidential Information. Notwithstanding the above requirements, nothing in this Agreement shall restrict Employee’s right to make disclosures specifically
allowed or required under applicable law. 

  
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 3. Intellectual Property. 

(a) Invention Defined. The term “Invention” includes, but is not limited to ideas, programs, processes, systems, intellectual
property, discoveries, and/or improvements which Employee discovers, invents, originates, develops, makes, or conceives alone or in conjunction with others which relate to Company’s present or future business during Employee’s employment
with Company and/or within six (6) months after Employee’s employment ends. An Invention is covered by this Agreement regardless of whether (i) Employee conceived of the Invention in the scope of Employee’s employment;
(ii) the Invention is patentable; or (iii) Company takes any action to commercialize or develop the Invention. 
 (b) Ownership
of Inventions. Inventions are solely the property of Company. Employee agrees that by operation of law and/or the effect of this Agreement, Employee does not have any rights, title, or interest in any Inventions. Notwithstanding, Employee may be
recognized as the inventor of an Invention without retaining any other rights associated therewith. 
 (c) Disclosure and Assignment of
Inventions. Employee hereby assigns to Company all right, title and interest Employee may have in any Inventions. Employee agrees to: (i) promptly disclose all such Inventions in writing to Company; (ii) keep complete and accurate
records of all such Inventions, which records shall be Company property and shall be retained on Company premises; and (iii) execute such documents and do such other acts as may be necessary in the opinion of Company to establish and preserve
Company’s property rights in all such Inventions. This section shall not apply to any Invention for which no equipment, supplies, facility, or Confidential Information of Company was used and which was developed entirely on Employee’s own
time, and (1) which does not relate (a) directly to the business of Company or (b) to Company’s actual or demonstrably anticipated research or development, and (2) which does not result from any work performed by Employee
for Company. 
 (d) Works of Authorship. All written, graphic or recorded material and all other works of authorship fixed in a
tangible medium of expression (including but not limited to computer software) made or created by Employee, solely or jointly with others, during Employee’s employment with Company and relating to Company’s business, actual or
contemplated, shall be the exclusive property of Company (collectively “Works”). Company will have the exclusive right to copyright such Works. Employee agrees that if any Work created by Employee while employed by Company, whether or not
created at the direction of Company, is copyrightable, such Work will be a “work made for hire,” as that term is defined in the copyright laws of the United States. If, for any reason, any copyrightable Works created by Employee are
excluded from that definition, Employee hereby assigns and conveys to Company all right, title, and interest (including any copyright and renewals) in such Works. 

(e) Attribution and Use of Works and Inventions; Waiver of Assertion of “Moral” Rights in Inventions and Works. Employee
agrees that Company and its licensees are not required to designate Employee as author, inventor, or developer of any Works or Inventions when distributed or otherwise. Employee hereby waives, and agrees not to assert, any “moral” rights
in any Inventions and Works. Employee agrees that Company and its licensees shall have sole discretion with regard to how and for what purposes any Inventions or Works are used or distributed. 

  
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 (f) Employee Cooperation in Establishment of Company Proprietary Rights. Employee
will sign documents of assignment, declarations, and other documents and take all other actions reasonably required by Company, at Company’s expense, to perfect and enforce any of its proprietary rights. In the event Company is unable, for any
reason whatsoever, to secure Employee’s signature to any lawful or necessary documents required to apply for, prosecute, perfect, or assign any United States or foreign application for Letters Patent, trademark, copyright registration, or other
filing to protect any Invention or Work, Employee hereby irrevocably designates and appoints Company and its duly authorized officers and agents as Employee’s agent and attorney in fact, to act for and on Employee’s behalf, to execute and
file any such application, registration, or other filing, and to do all other lawfully permitted acts to further the prosecution, issuance, or assignment of Letters Patent or other protections on such Inventions, or registrations for trademark or
copyright or other protections on such Works, with the same force and effect as if executed by Employee. 
 4. Return of Confidential
Information and Company Property. Immediately upon termination of Employee’s employment with Company, Employee shall return to Company all of Company’s property relating to Company’s business, including without limitation all
of Company’s property which is in the possession, custody, or control of Employee such as Confidential Information, documents, hard copy files, copies of documents and electronic information/files, and equipment (e.g., computers and
mobile phones). 
 5. Obligations to Other Entities or Persons. Employee warrants that Employee is not bound by the terms of a
confidentiality agreement or any other legal obligation which would either preclude or limit Employee from disclosing or using any of Employee’s ideas, inventions, discoveries or other information or otherwise fulfilling Employee’s
obligations to Company. While employed by Company, Employee shall not disclose or use any confidential information belonging to another entity or other person. 

6. Conflict of Interest and Duty of Loyalty. During Employee’s employment with Company, Employee shall not engage, directly
or indirectly, in any activity, employment or business venture, whether or not for remuneration, that (i) is competitive with Company’s business; (ii) deprives or potentially could deprive Company of any business opportunity;
(iii) conflicts or potentially could conflict with Company’s business interests; or (iv) is otherwise detrimental to Company, including but not limited to preparations to engage in any of the foregoing activities. 

7. Restrictive Covenants.  

(a) Definitions. 
 (1)
“Competing Product” is defined as any implant, device, or medical product, instrument, supply, process, application, or service that is the same as, related to, or similar to any product, process, application, or service that Company is
researching, developing, manufacturing, distributing, selling, and/or providing at the time of Employee’s separation from employment with Company, including, but not limited to, the following Company product categories: hip, knee, trauma,
extremities, craniomaxillofacial, thoracic, biologics, surgical (including MIS solutions), sports medicine, bone healing, bone cement, orthopedic diagnostic, robotics, wearable technology, spine and/or dental. 

  
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 (2) “Competing Organization” is defined as any organization that researches,
develops, manufactures, markets, distributes and/or sells one or more Competing Products. A Competing Organization is diversified if it operates multiple, independently operating business divisions, units, lines or segments some of which do not
research, develop, manufacture, market, distribute, and/or sell any Competing Products. 
 (3) “Prohibited Capacity” is defined
as (i) any same or similar capacity to that held by Employee at any time during Employee’s last two (2) years of employment with Company; (ii) any executive or managerial capacity; and/or (iii) any capacity in which
Employee’s knowledge of Confidential Information and/or Inventions would render Employee’s assistance to a Competing Organization a competitive advantage. 

(4) “Restricted Geographic Area” is defined as all countries, states, parishes or counties, municipalities, and territories in
which Company is doing business or is selling its products at the time of Employee’s separation from employment with Company, including but not limited to every parish and municipality in the state of Louisiana. Employee acknowledges that this
geographic scope is reasonable given Employee’s position with Company, the international scope of Company’s business, and the fact that Employee could compete with Company from anywhere Company does business. 

(5) “Restricted Period” is defined as the date Employee executes this Agreement, continuing eighteen (18) months after the
Employee’s last day of employment with Company unless otherwise extended by Employee’s breach of this Agreement. The running time on the Restricted Period shall be suspended during any period in which Employee is in violation of any of the
restrictive covenants set forth herein, and all restrictions shall automatically be extended by the period Employee was in violation of any such restrictions. 

(6) “Customer” is defined as any person or entity to whom or which Company sold or provided any products and/or services during the
last two (2) years of Employee’s employment with the Company. 
 (7) “Active Prospect” is defined as any person or
entity that Company individually and specifically marketed to and/or held discussions with regarding the research, development, manufacture, distribution, and/or sale of any Company products, processes, applications, or services at any time during
the last six (6) months of Employee’s employment with Company. 
 (8) “Severance Benefit Period” is the period of time
represented by the total amount of any severance benefit offered to Employee (whether or not actually paid). By way of illustration, if Employee were offered a lump-sum severance benefit equivalent to ten
(10) weeks of Employee’s final base pay upon termination of his or her employment with the Company, Employee’s Severance Benefit Period would be 10 weeks, whether or not Employee actually fulfilled all requirements of receiving, and
did receive, any portion of the severance benefit. 

  
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 (b) Restrictive Covenants. During the Restricted Period, Employee agrees to be bound
by each of the following independent and divisible restrictions: 
 (1) Covenant Not to Compete. 

(A) Employee will not, within the Restricted Geographic Area, directly or indirectly, be employed by, work for, consult with, provide
services to, or lend assistance to any Competing Organization in a Prohibited Capacity. 
 (B) Employee may be employed by, work for,
consult with, provide services to, or lend assistance to a Competing Organization provided that: (i) the Competing Organization’s business is diversified; (ii) the part of the Competing Organization’s diversified business with
which Employee will be affiliated would not, evaluated on a stand-alone basis, be a Competing Organization; (iii) Employee’s affiliation with the Competing Organization does not involve any Competing Products; (iv) Employee provides
Company a written description of Employee’s anticipated activities on behalf of the Competing Organization which includes, without limitation, an assurance satisfactory to Company that Employee’s affiliation with the Competing Organization
does not constitute a Prohibited Capacity; and (v) Employee’s affiliation with the Competing Organization does not constitute a competitive disadvantage to Company. 

(C) If Employee, during the twelve (12) months preceding the last day of employment with Company, served in a product-specific role,
“Competing Product” shall be limited to those products with which Employee worked or about which Employee possessed Confidential Information (e.g. hip, knee, trauma) during any part of the twenty-four (24) month period preceding the
Employee’s last day of employment with Company. 
 (2) Covenant Not to Solicit Customers or Active Prospects. Employee will
not, directly or indirectly, (i) provide, sell, or market; (ii) attempt to provide, sell, or market; or (iii) assist any person or entity in the provision, sale, or marketing of any Competing Products to any Customers or Active
Prospects located in the Restricted Geographic Area. 
 (3) Covenant Not to Interfere with Business Relationships. Employee will
not, within the Restricted Geographic Area, urge, induce, or seek to induce any of Company’s independent contractors, subcontractors, distributors, brokers, consultants, sales representatives, customers, vendors, suppliers, or any other person
or entity with whom Company has a business relationship at the time of Employee’s separation from Company employment to terminate its or their relationship with, or representation of, Company or to cancel, withdraw, reduce, limit, or in any
manner modify any such person’s or entity’s business with, or representation of, Company 
 (4) Covenant Not to Solicit
Company Employees. Employee will not employ, solicit for employment, or advise any other person or entity to employ or solicit for employment, any individual (1) who is employed by Company at the time of Employee’s separation from
Company and (2) who has access to or possession of any Confidential Information that would give a Competing Organization an unfair advantage or otherwise directly or indirectly induce or entice any such individual to terminate his/her
employment with Company. 

  
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 (5) Covenant Not to Disparage Company. Employee will not make or publish any
disparaging or derogatory statements about Company; about Company’s products, processes, applications, or services; or about Company’s past, present, or future officers, directors, employees, attorneys and agents. Disparaging or derogatory
statements include, but are not limited to, negative statements regarding Company’s business or other practices; provided, however, nothing herein shall prohibit Employee from providing any information as may be compelled by law or legal
process. 
 8. Reasonableness of Terms. Employee acknowledges and agrees that the restrictive covenants contained in this
Agreement restrict Employee from engaging in activities for a competitive purpose and are reasonably necessary to protect Company’s legitimate interests in Confidential Information, Inventions, and goodwill. Additionally, Employee acknowledges
and agrees that the restrictive covenants are reasonable in all respects, including, but not limited to, temporal duration, scope of prohibited activities, and geographic area. Employee further acknowledges and agrees that the restrictive covenants
set forth in this Agreement will not pose unreasonable hardship on Employee and that Employee will have a reasonable opportunity to earn an equivalent livelihood without violating any provision of this Agreement. 

9. Non-Competition Period Payments. 

(a) Eligibility and Amount. In the event of Employee’s involuntary separation from employment with the Company for a reason that
renders Employee eligible for benefits under the terms of the Company’s Severance Plan, then to the extent Employee is denied, solely because of the restrictive covenant provisions of Section 7 of this Agreement, a specific full-time or
part-time employment, consulting, or other position that would otherwise be offered to Employee by a Competing Organization, and provided Employee satisfies all conditions stated herein, then upon expiration of the Severance Benefit
Period, Company will make monthly payments to Employee for each month Employee remains unemployed through the end of the Restricted Period. These monthly payments shall equal the lesser of Employee’s monthly base pay at the time of
Employee’s separation from Company employment (exclusive of bonus and other extra compensation and any other employee benefits) or the monthly compensation that would have been offered to Employee by the Competing Organization. This Section
will not apply if Employee leaves employment with the Company voluntarily or if Company terminates Employee’s employment for a reason or reasons that render Employee ineligible for benefits under terms of the Company’s Severance Plan. 

(b) Verification of Eligibility for Non-Competition Period Payments. To qualify for payments
under this Section, Employee must provide Company detailed written documentation supporting eligibility for payment, including, at a minimum, (i) the name and location of the Competing Organization that would have employed Employee but for the
provisions of Section 7 of this Agreement, (ii) the title, nature, and detailed job responsibilities of the employment position with the Competing Organization that Employee was denied, (iii) the date Employee was denied the
employment position, and (iv) the name and contact information of a managerial employee at the Competing Organization who has sufficient authority to confirm that Employee was denied this specific employment position with the Competing
Organization solely because Employee is subject to the provisions of Section 7 of this Agreement (“Eligibility Documentation”). Upon receipt of the Eligibility Documentation, Company will determine eligibility for payment and, if
eligibility is established, payments will commence as of the date of Company’s receipt of the Eligibility Documentation or the date the Severance Benefit Period ends, whichever is later. 

  
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 (c) Obligation to Pursue Replacement Employment and Verification of Continued Eligibility
for Non-Competition Period Payments. Employee is obligated to diligently seek and pursue replacement employment that does not violate Section 7 of this Agreement (“Replacement Employment”)
during any period in which Employee seeks and/or accepts payment from Company under this Section. After eligibility for non-competition period payments is established, Employee will, on or before the 15th day of each month of eligibility for continued payments, submit to Company a written statement (i) identifying by name and address all prospective employers with whom Employee has applied or
inquired about employment; (ii) identifying positions sought or applied for with each listed employer and specific actions taken in seeking each position; (iii) describing all other efforts made to obtain Replacement Employment; and
(iv) describing any offers of employment received, including the name of the employer; the nature, title, and compensation terms of the position offered; whether the offer has been accepted and if so the actual or anticipated start date; and if
the offer was declined, the reason(s) for declining. 
 (d) Effect of Replacement Employment on
Non-Competition Period Payments. If Employee is denied a specific employment, consulting or other such position with a Competing Organization solely because of the restrictive covenant provisions of
Section 7 of this Agreement but obtains Replacement Employment for compensation, and the monthly compensation (including base pay, commissions, incentive compensation, bonuses, fees and other compensation) for the Replacement Employment is less
than Employee’s monthly base pay as was in effect at the time of the termination of Employee’s employment with the Company, Company agrees to pay Employee the difference for each such month through the end of the Restricted Period, again
upon expiration of Employee’s Severance Benefit Period and provided Employee satisfies all conditions stated herein. Employee shall submit to Company payroll records and/or any other records reasonably requested by Company showing all
compensation received by Employee from the Replacement Employment as a condition of Company’s payment of Non-Competition Period Payments covering any period of time when Employee performs work for
compensation. 
 (e) Company’s Right to Provide Release of Obligations in Lieu of
Non-Competition Period Payments. Notwithstanding any of the foregoing provisions of this Section, Company reserves the right to release Employee from Employee’s obligations under Section 7 of
this Agreement at any time during the Restricted Period, in full or in sufficient part to allow Employee to accept an opportunity that would otherwise be prohibited under this Agreement, at which time Company’s payment obligations under this
Section shall cease immediately and Employee shall not be entitled to any further such payments or compensation. 
 10. Severability,
Modification of Restrictions. The covenants and restrictions in this Agreement are separate and divisible, and to the extent any covenant, provision, or clause of this Agreement is determined to be unenforceable or invalid for any reason,
Company and Employee acknowledge and agree that such unenforceability or invalidity shall not affect the enforceability or validity of the remainder of the Agreement. If any particular covenant, 

  
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provision, or clause of this Agreement is determined to be unreasonable or unenforceable for any reason, including, without limitation, temporal duration, scope of prohibited activity, and/or
scope of geographic area, Company and Employee acknowledge and agree that such covenant, provision, or clause shall automatically be deemed reformed to have the closest effect permitted by applicable law to the original form and shall be given
effect and enforced as so reformed to whatever extent would be reasonable and enforceable under applicable law. The parties agree that any court interpreting the provisions of this Agreement shall have the authority, if necessary, to reform any such
provision to make it enforceable under applicable law. 
 11. Remedies. Employee acknowledges that a breach or threatened
breach by Employee of this Agreement will give rise to irreparable injury to Company and that money damages will not be adequate relief for such injury. Accordingly, Employee agrees that Company shall be entitled to obtain injunctive relief,
including, but not limited to, temporary restraining orders, preliminary injunctions and/or permanent injunctions, without having to post any bond or other security, to restrain or prohibit such breach or threatened breach, in addition to any other
legal remedies which may be available. In addition to all other relief to which it shall be entitled, Company shall be entitled to cease all payments to which Employee would otherwise be entitled under Section 9 hereto; continue to enforce this
Agreement; recover from Employee all payments made under Section 9 to the extent attributable to a time during which Employee was in violation of the covenants for which payment was made; and recover from Employee all litigation costs and
attorneys’ fees incurred by Company in any action or proceeding relating to this Agreement in which Company prevails in any respect, including, but not limited to, any action or proceeding in which Company seeks enforcement of this Agreement or
seeks relief from Employee’s violation of this Agreement. 
 12. Survival of Obligations. Employee acknowledges and
agrees that Employee’s obligations under this Agreement, including, without limitation, Employee’s non-disclosure and non-competition obligations, shall
survive the termination of Employee’s employment with Company, whether such termination is with or without cause and whether it is voluntary or involuntary. Employee acknowledges and agrees that nothing in this Agreement alters the at-will nature of Employee’s employment and that either Company or Employee may terminate the employment relationship at any time, with or without cause or notice. Employee further acknowledges and agrees that:
(a) Employee’s non-disclosure, non-disparagement, non-solicitation, and
non-competition covenants set forth in Sections 2 and 7 of this Agreement shall be construed as independent covenants and that no breach of any contractual or legal duty by Company shall be held sufficient to
excuse or terminate Employee’s obligations or to preclude Company from obtaining injunctive relief or other remedies for Employee’s violation or threatened violation of such covenants, and (b) the existence of any claim or cause of
action by Employee against Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to Company’s enforcement of Employee’s obligations under Sections 2 and 7 of this Agreement. 

13. Governing Law and Choice of Forum. This Agreement shall be construed and enforced in accordance with the laws of the State
of Indiana, notwithstanding any state’s choice-of-law rules to the contrary. The parties agree that this Agreement is deemed to have been entered into in the State
of Indiana and the State of Indiana has a material interest in the consistent enforcement of Company’s agreements. Accordingly, the parties agree that any legal 

  
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action relating to this Agreement shall be commenced and maintained exclusively before the United States District Court for the Northern District of Indiana if jurisdiction permits, or otherwise
before any appropriate state court located in Kosciusko County, Indiana. The parties hereby submit to the jurisdiction of such courts and waive any right to challenge or otherwise object to personal jurisdiction or venue, in any action commenced or
maintained in such courts. Language translations aside, the English version shall govern. 
 14. Enforcement. The parties
agree that Zimmer, Inc., Zimmer US, Inc. and/or any or each of their affiliates, parents, or direct or indirect subsidiaries (including but not limited to Biomet, Inc. and its direct or indirect subsidiaries), as well as any successor-in-interest to Zimmer, Inc., Zimmer US, Inc. and/or to any of their direct or indirect subsidiaries, affiliates, or parents are express and intended parties to and
beneficiaries of this Agreement, with full rights to enforce this Agreement independently or in conjunction with each other. 
 15.
Washington and Massachusetts Employees. Certain terms of this Agreement shall be modified for Washington and Massachusetts-based employees as set forth in Addendum A and Addendum B to this Agreement. 

16. Successors and Assigns. Company shall have the right to assign this Agreement, and, accordingly, this Agreement shall inure
to the benefit of, and may be enforced by, any and all successors and assigns of Company, including without limitation by asset assignment, stock sale, merger, consolidation or other corporate reorganization, and shall be binding on Employee. The
services to be provided by Employee to Company are personal to Employee, and Employee shall not have the right to assign Employee’s duties under this Agreement. 

17. Modification. This Agreement may not be amended, supplemented, or modified except by a written document signed by both
Employee and a duly authorized officer of Company. 
 18. No Waiver. The failure of Company to insist in any one or more
instances upon performance of any provision of this Agreement or to pursue its rights hereunder shall not be construed as a waiver of any such provisions or the relinquishment of any such rights. 

19. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but both of which
when taken together will constitute one and the same agreement. 
 20. Entire Agreement. This Agreement, including Recitals,
constitutes the entire agreement of the parties with respect to the subjects specifically addressed herein, and supersedes any prior agreements, understandings, or representations, oral or written, on the subjects addressed herein. Notwithstanding
the foregoing, to the extent the employee has an existing non-competition, confidentiality, and/or non-solicitation agreement in favor of Company and has breached or
violated the terms thereof, Company may continue to enforce its rights and remedies under and pursuant to such existing agreement. 

  
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 Employee’s signature below indicates that Employee has read the entire Agreement,
understands what Employee is signing, and is signing the Agreement voluntarily. Employee has the right to consult with counsel prior to signing this Agreement, and agrees that Company advised Employee to consult with an attorney prior to signing the
Agreement. 
  

			
	 “EMPLOYEE”

	
	 
	 (Employee Signature)

	 Printed Name:
                                         
                   

	 Date:
                                         
                               

  

			
	“COMPANY”
		
	By:	 	 

 
			
	Printed Name:	 	
	Title:	 	

 
			
	Date:	 	 

  
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 Addendum A – Washington Employees 

This Addendum applies only to Company employees who are entitled to the protections of Chapter 49.62 of the Revised Code of Washington. For
such employees: 
 (a) Section 13 of this Agreement is deleted in its entirety. 

(b) The Covenant Not to Compete in Section 7(b)(1) of this Agreement is deleted in its entirety unless Employee’s earnings from
Company, when annualized, exceed one hundred thousand dollars per year, as adjusted for inflation pursuant to the Revised Code of Washington §§ 49.62.020 and 49.62.040. If Employee’s earnings from Company exceed that amount,
Section 7(b)(1) of this Agreement remains effective. 
 (c) If Employee’s earnings from Company, when annualized, do not exceed
one hundred thousand dollars per year at the time this Agreement is signed (as adjusted for inflation pursuant to Revised Code of Washington §§ 49.62.020 and 49.62.040), but at a later date Employee’s compensation is changed to exceed
such amount, then Section 7(b)(1) of this Agreement shall become effective against Employee at the time such compensation change becomes effective. Employee acknowledges and understands that Section 7(b)(1) of this Agreement may become
enforceable against Employee in the future upon the occurrence of such an event. 
 (d) Section 9 of this Agreement is deleted in its
entirety and replaced with the following: 
 9. Garden Leave Payments.  

(a) In the event Employee is terminated from Company as a result of a layoff and Company seeks to enforce the Covenant Not to Compete in
Section 7(b)(1), for each month that Employer seeks to enforce, Employee is entitled to receive monthly payments from Company in an amount equal to Employee’s monthly base salary (exclusive of bonus and other employee benefits) at the time
of termination, less any compensation received through other subsequent employment (“Garden Leave Payments”), during the Restricted Period. 

(b) If, as a result of Employee’s layoff from the Company, Employee is eligible for severance benefits under the Company’s Severance
Plan, Employee shall only be entitled to Garden Leave Payments at the end of the Severance Benefit Period (expressed in number of weeks/months). However, if Employee’s severance pay is less than Garden Leave Payments, then Employee would be
entitled to receive the difference paid monthly until the expiration of the Severance Benefit Period. 
 (c) Upon expiration of the
Severance Benefit Period, Employee shall be entitled to receive Garden Leave Payments if eligible for the remainder of the Restricted Period. 

(d) Notwithstanding the foregoing provisions in this Section, Company reserves the right to release Employee from Employee’s obligations
under Section 7(b)(1) of this Agreement at any time during the Restricted Period, at which time Company’s obligation to make Garden Leave Payments shall cease immediately and Employee shall not be entitled to any further payments or
compensation. 

  
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 Addendum B – Massachusetts Employees 

This Addendum applies only to Company employees who are entitled to the protections of the Massachusetts Noncompetition Agreement Act, Mass.
Gen. Laws Chap. 149, § 24L. For such employees: 
 (a) The definition of “Restricted Period” as set forth in
Section 7(a)(5) shall be modified as follows: “Restricted Period” is defined as the date Employee executes this Agreement, continuing twelve (12) months after the Employee’s last day of employment with Company unless
otherwise extended by Employee’s breach of this Agreement. The running time on the Restricted Period shall be suspended during any period in which Employee is in violation of any of the restrictive covenants set forth herein, and all
restrictions shall automatically be extended by the period Employee was in violation of any such restrictions. 
 (b) Section 9 of the
Agreement is deleted in its entirety and replaced as follows: 
 9. Non-Competition Period
Payments. 
 (a) Eligibility and Amount. Subject to the limitations set forth below, in the event of Employee’s
separation from employment with the Company, Company will make monthly payments to Employee through the end of the Restricted Period. These monthly payments shall equal 50 percent of Employee’s highest annualized base salary paid by
Company within the 2 years preceding Employee’s separation from Company, divided on a monthly pro rata basis for the duration of the Restricted Period (i.e., 1/12 of said amount each month for a 12-month
Restricted Period) (“Non-Competition Period Payments”). 
 If, as a result of
Employee’s involuntary termination from the Company, Employee is eligible for severance benefits under the Company’s Severance Plan, Employee shall only be entitled to Non-Competition Period Payments
at the expiration of the Severance Benefit Period (expressed in number of weeks/months). However, if Employee’s severance pay is less than the Non-Competition Period Payment, then Employee would be
entitled to receive the difference paid monthly until the expiration of the Severance Benefit Period. 
 (b) Loss of Eligibility.
Company is not required to make Non-Competition Period Payments if Employee breaches the Agreement, breaches his or her fiduciary duties to Company, and/or unlawfully takes, physically or electronically,
property belonging to Company. In the event that Employee breaches this Agreement and is not eligible to receive Non-Competition Period Payments, Company may still enforce Employee’s post-termination
restrictions set forth in Section 7 of the Agreement. 
 (c) Company’s Right to Provide Release of Obligation in Lieu of Non-Competition Period Payments. Notwithstanding any of the foregoing provisions of this Section, Company reserves the right to release Employee from Employee’s obligations under Section 7(b)(1) of
this Agreement at any time during the Restricted Period, at which time Company’s payment obligations under this Section shall cease immediately and Employee shall not be entitled to any further such payments or compensation. 

  
 -13-EX-4.3

 Exhibit 4.3 

FORM OF DEBT SECURITY 
 [Face of Security]

 IMPEL PHARMACEUTICALS INC. 
 [If
applicable, insert—FOR PURPOSES OF THE ORIGINAL ISSUE DISCOUNT PROVISIONS OF THE INTERNAL REVENUE CODE OF 1986, THE ISSUE PRICE OF THIS SECURITY IS % OF ITS PRINCIPAL AMOUNT AT STATED MATURITY SET FORTH BELOW (ITS “PRINCIPAL AMOUNT”),
THE AMOUNT OF ORIGINAL ISSUE DISCOUNT IS % OF ITS PRINCIPAL AMOUNT, THE YIELD TO MATURITY IS % AND THE ISSUE DATE IS ] 
 [IF THE SECURITY IS A GLOBAL
SECURITY, INSERT—THIS NOTE IS A GLOBAL SECURITY. IT IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY (AS HEREINAFTER DEFINED) OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES HEREINAFTER DESCRIBED AND MAY
NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY TO A SUCCESSOR OF THE
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.] 
  

					
	 No.
	  	$	                 	 
		  	 
	CUSIP
No.	 
 

 Impel Pharmaceuticals Inc., a Delaware Corporation (herein called the “Company”, which term includes
any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to, or registered assigns, the principal sum of Dollars on [if Security is to bear interest prior to maturity, insert—,
and to pay interest thereon from or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on and in each year, commencing, at the rate of % per annum, until the principal hereof is paid or
made available for payment [if applicable, insert—, provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of % per annum (to the extent that the payment of such interest
shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand]. The interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be the or (whether
or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Record Date and may either be paid to the
Person this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be
listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. [If the Security is not to bear interest prior to maturity, insert—The principal of this Security shall not bear interest except in
the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue premium shall bear interest at the rate of % per annum (to the extent that the payment of
such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment. Interest on any overdue principal or premium shall be payable on demand. [Any such interest on overdue principal or
premium which is not paid on demand shall bear interest at the rate of % per annum (to the extent that the payment of such interest on interest shall be legally enforceable), from the date of such demand until the amount so demanded is paid or made
available for payment. Interest on any overdue interest shall be payable on demand.]]. 

 Payment of the principal of (and premium, if any, on) and [any such] interest on this
Security will be made at the office or agency of the Company maintained for that purpose in in such coin or currency of [the United States of America] as at the time of payment is legal tender for payment of public and private debts[; provided,
however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Register]. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been manually executed
by or on behalf of the Trustee under the Indenture referred to on the reverse hereof, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 

 

					
		 	Impel Pharmaceuticals Inc.
			
	Dated:	 	By:	 	  

		 		 	[Title]

  

	
	Attest and Countersign
	
	  

Secretary

  
 2 

 [Reverse of Security.] 

IMPEL PHARMACEUTICALS INC. 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture dated as of , (herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and , as trustee (herein called the
“Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations or rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof [,
limited in aggregate principal amount to $ ]. 
 [If the Security is to be subordinated, insert—The indebtedness evidenced by this
Security is, to the extent and in the manner set forth in the Indenture, expressly subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness (as defined in the Indenture) of the Company. This Security is
issued subject to such provisions of the Indenture, and each Holder of this Security, by accepting the same, agrees to and shall be bound by such provisions and authorizes and directs the Trustee on the Holder’s behalf to take such action as
may be necessary or appropriate to acknowledge or effectuate such subordination as provided in the Indenture and appoints the Trustee such Holder’s attorney-in-fact
for any and all such purposes.] 
 The Securities of this series are subject to redemption upon not less than 30 days’, and no more
than 60 days, notice provided in the manner set forth in the Indenture, [(1) on in any year commencing with the year and ending with the year at the Redemption Price equal to 100% of the principal amount, and (2)] at any time [on or after], as a
whole or in part, at the election of the principal the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [on or before, %, and if redeemed] during the 12-month period
beginning of the years indicated, 
  

							
	Year	  	Redemption Price	  	Year	  	Redemption Price
		  		  		  	

 and thereafter at a Redemption Price equal to % of the principal amount together in the case of any such redemption with
accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities of record at the close of business on the relevant record dates
referred to on the face hereof, all as provided in the Indenture. 
 [If the Security is to be redeemable in part, insert—In the event
of redemption of this Security in part only, a new Security or Securities of this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 

[If the Security is to be subject to repayment at the option of the Holder, insert—To be repaid at the option of the Holder, the Company
must receive this Security, with the form of “Option to Elect Repayment” hereon duly completed, at an office or agency of the Company maintained for that purpose in (or at such other place of which the Company shall from time to time
notify the Holder of this Security) not less than nor more than days prior to the Repayment Date. The exercise of the repayment option by the Holder shall be irrevocable.] 

[If the Security is not to be subject to redemption at the option of the Company, insert—The Securities are not redeemable at the option
of the Company prior to Maturity.] 
 [If the Security is not to be an Original Issue Discount Security, insert—If an Event of Default
with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series under the Indenture to be affected at any time by the Company with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities
at the time Outstanding of each series to be affected. 
  

  
 3 

 The Indenture also contains provisions permitting the Holders of a majority in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent of waiver is made upon this Security. 
 As provided in and
subject to the provisions of the indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless
such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series , the Holders of not less than 25% in principal amount of the Securities of this series at the time
Outstanding shall have made written request to the trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity satisfactory to it, and the Trustee shall not have received from the
Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 90 days after receipt of such notice, request and
offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of (and premium, if any, on) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

[If the Security is to be in registered form, insert—As provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Security is registrable in the Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any, on) and interest on this
Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and, thereupon one or
more new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.] 

[The Securities of this series are issuable only in registered form in denominations of $ [and any integral multiple] [or increments of $ in
excess] thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination,
as requested by the Holder surrendering the same.] 
 [No service charge shall be made for any such registration of transfer or exchange,
but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.] 

[Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.] 

[If the Security is a Global Security, insert—“Global Security” and “Global Securities” means a Security or
Securities evidencing all or a part of a series of Securities, issued to the Depositary (as hereinafter defined) for such Series or its nominee, and registered in the name of such Depositary or its nominee. “Depositary” means, with respect
to the Securities of any series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as the Depositary by the Company. 

  
 4 

 No holder of any beneficial interest in this Security held on its behalf by a Depositary or
a nominee of such Depositary shall have any rights under the Indenture with respect to such Global Security, and such Depositary or nominee may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such
Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall impair, as between a Depositary and such holders of beneficial interests, the operation of customary practices governing the exercise of the rights of
the Depositary as Holder of any Security. 
 This Security is exchangeable, in whole but not in part, for Securities registered in the names
of Persons other than the Depositary or its nominee or in the name of a successor to the Depositary or a nominee of such successor depositary only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for this Note or if at any time such Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and, in either case, a successor depositary is not appointed by the Company within 90 days,
(ii) the Company in its discretion at any time determines not to have all of the Securities of this series represented by one or more Global Security or Securities and notifies the Trustee thereof, or (iii) an Event of Default has occurred
and is continuing with respect to the Securities of this series. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for Securities issuable in authorized denominations and registered in such names as the
Depositary holding this Security shall direct. Subject to the foregoing, this Security is not exchangeable, except for a Security or Securities of the same aggregate denominations to be registered in the name of such Depositary or its nominee or in
the name of a successor to the Depositary or a nominee of such successor depositary.] 
 [The Indenture entitles Holders to receive annual
reports with respect to the Trustee’s eligibility and qualifications to serve as Trustee by filing their names and addresses with the Trustee for that purpose within two years preceding and mailing of any such annual report.] 

No recourse shall be had for the payment of the principal of (and premium, if any, on) or interest on this Security, or for any claim based
hereon, or otherwise in respect hereof, or based on or in respect of the Indenture of any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to
them in the Indenture. 
 This Security, including without limitation the obligation of the Company contained herein to pay the principal of
(and premium, if any, on) and interest on this Security in accordance with the terms hereof and of the Indenture, shall be construed in accordance with and governed by the laws of the State of Delaware. 

[Trustee’s Certificate of Authentication.] 

This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

 

	
	                                      
                              , as
	[Authenticating Agent for] the Trustee

  

			
	By:	 	  

		 	Authorized Officer

  
 5

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