<SEC-DOCUMENT>0001193125-13-284859.txt : 20130708
<SEC-HEADER>0001193125-13-284859.hdr.sgml : 20130708
<ACCEPTANCE-DATETIME>20130708164452
ACCESSION NUMBER:		0001193125-13-284859
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130701
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130708
DATE AS OF CHANGE:		20130708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ORTHOFIX INTERNATIONAL N V
		CENTRAL INDEX KEY:			0000884624
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19961
		FILM NUMBER:		13957848

	BUSINESS ADDRESS:	
		STREET 1:		7 ABRAHAM DE VEERSTRAAT
		STREET 2:		CURACAO
		CITY:			NETHERLANDS ANTILLES
		STATE:			P8
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d565296d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>WASHINGTON, DC 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K
</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>of the Securities Exchange Act of
1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Date of Report (Date of earliest event reported): July&nbsp;1, 2013 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>Orthofix International N.V. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of Registrant as specified in its charter) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Curacao</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>0-19961</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>N/A</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or other jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>of incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission File</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Number)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(IRS Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7 Abraham de Veerstraat</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Curacao</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>N/A</B></FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Registrant&#146;s telephone number, including area code: 011-59-99-465-8525 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see</I> General Instruction
A.2. below): </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;1.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Entry into a Material Definitive Agreement. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Amendment No.&nbsp;3 to Matrix Commercialization Collaboration Agreement with Musculoskeletal Transplant Foundation </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Orthofix International N.V. (the &#147;<U>Company</U>&#148;) is party, through its wholly owned subsidiary, Orthofix Holdings, Inc. (&#147;<U>Orthofix</U>&#148;), to a Matrix Commercialization
Collaboration Agreement, dated as of July&nbsp;24, 2008, between Orthofix and Musculoskeletal Transplant Foundation (&#147;<U>MTF</U>&#148;), as amended by Amendment No.&nbsp;1 thereto dated December&nbsp;15, 2010 and Amendment No.&nbsp;2 thereto
dated January&nbsp;9, 2012 (as amended, the &#147;<U>Existing Agreement</U>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the terms of
the Existing Agreement, Orthofix and MTF agreed to commercialize Trinity<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT> Evolution&#153;, a stem cell-based
bone growth biologic matrix. Orthofix maintains exclusive marketing rights to Trinity<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT> Evolution&#153;, and MTF
supplies the product, in an allograft tissue form, to customers in accordance with orders received directly from Orthofix. MTF sources, processes and packages the tissue form and is the sole supplier of Trinity<FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT> Evolution&#153; to Orthofix&#146;s customers. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On July&nbsp;1, 2013, Orthofix and MTF entered into Amendment No.&nbsp;3 to Matrix Commercialization Collaboration Agreement (the
&#147;<U>Amendment</U>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the Amendment, which is effective as of June&nbsp;25, 2013,
Orthofix and MTF have agreed to collaborate to develop and commercialize a third generation of the stem cell-based bone growth biologic matrix currently sold and marketed as Trinity<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT> Evolution&#153; (the &#147;<U>Matrix III</U>&#148;). The Amendment provides that MTF will develop and improve the Matrix III, and that Orthofix will provide funding
support to MTF in connection with this development. In addition, Orthofix will develop application tools and instruments in connection with the Matrix III. The Amendment also provides that the parties will share responsibility for contributing
scientific or medical personnel, technical expertise and other resources to the development and improvement of the Matrix III, communicating findings and discoveries to one another with respect to the Matrix III and exchanging information related to
such collaboration. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">The Amendment provides that, upon commercialization of the Matrix III, Orthofix will
be provided with exclusive marketing rights to the Matrix III, and MTF will supply the Matrix III to Orthofix&#146;s customers in accordance with orders received directly from Orthofix, as is currently the case with the current generation of the
Trinity<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT> Evolution&#153; product. </FONT></P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Exhibits. </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibits </FONT></TD></TR></TABLE>

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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1+</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 3 to Matrix Commercialization Collaboration Agreement, entered into on July&nbsp;1, 2013 and effective as of June&nbsp;25, 2013, by and between Musculoskeletal
Transplant Foundation, Inc. and Orthofix Holdings, Inc.</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">+</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain confidential portions of this exhibit were omitted by means of redacting a portion of the text. This exhibit has been filed separately with the Secretary of the
Commission without redactions pursuant to our Application Requesting Confidential Treatment under the Securities Exchange Act of 1934. </FONT></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Orthofix International N.V.</FONT></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Jeffrey M. Schumm</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jeffrey M. Schumm</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Administrative Officer,</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">General Counsel and Corporate Secretary</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: July&nbsp;8, 2013 </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT INDEX </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:37pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Exhibit&nbsp;No.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:37pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Description</FONT></P></TD></TR>


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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1+</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 3 to Matrix Commercialization Collaboration Agreement, entered into on July 1, 2013 and effective as of June 25, 2013, by and between Musculoskeletal Transplant
Foundation, Inc. and Orthofix Holdings, Inc.</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">+</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain confidential portions of this exhibit were omitted by means of redacting a portion of the text. This exhibit has been filed separately with the Secretary of the
Commission without redactions pursuant to our Application Requesting Confidential Treatment under the Securities Exchange Act of 1934. </FONT></TD></TR></TABLE>
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<TYPE>EX-10.1
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 10.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS DOCUMENT. THE CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND ARE DENOTED BY AN ASTERIK IN BRACKETS [*]. THE CONFIDENTIAL PORTIONS HAVE BEEN
SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AMENDMENT NO. 3 TO </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MATRIX COMMERCIALIZATION COLLABORATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>AGREEMENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THIS AMENDMENT NO. 3 TO MATRIX COMMERCIALIZATION
COLLABORATION AGREEMENT</B> (this &#147;<B><U>Amendment No.&nbsp;3</U></B>&#148;) is dated as of June&nbsp;25, 2013 (the &#147;<B><U>Amendment No.&nbsp;3 Effective Date</U></B>&#148;) by and between Musculoskeletal Transplant Foundation, Inc., a
non-profit corporation formed under the laws of the District of Columbia, and having a principal place of business at 125&nbsp;May Street, Suite 300, Edison, New Jersey 08837 (&#147;<B><U>MTF</U></B>&#148;), and Orthofix Holdings, Inc., a
corporation organized under the laws of the State of Delaware, and having a principal place of business at 3451 Plano Parkway, Lewisville, Texas 75056 (&#147;<B><U>Orthofix</U></B>&#148;) (each individually a &#147;<B><U>Party</U></B>&#148; and
collectively the &#147;<B><U>Parties</U></B>&#148;). </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>W</U> <U>I</U> <U>T</U> <U>N</U> <U>E</U> <U>S</U> <U>S</U>
<U>E</U> <U>T</U> <U>H:</U> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>WHEREAS</B>, the Parties have entered into that certain Matrix Commercialization
Collaboration Agreement dated as of July&nbsp;28, 2008, as amended by that certain Amendment No.&nbsp;1 to Matrix Commercialization Collaboration Agreement dated as of December&nbsp;15, 2010 and that certain Amendment No.&nbsp;2 to Matrix
Commercialization Collaboration Agreement dated as of January&nbsp;9, 2012 (collectively the &#147;<B><U>Original Agreement</U></B>&#148;), pursuant to which the Parties have collaborated on the commercialization of the Matrix I and Matrix II
(capitalized terms utilized in this Amendment No.&nbsp;3 and not otherwise defined in this Amendment No.&nbsp;3 to have the respective meaning assigned and ascribed to such terms under the Original Agreement); </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>WHEREAS</B>, the Parties desire further to collaborate with respect to the development and commercialization of an additional
allogenic cancellous bone matrix containing viable mesenchymal stem cells and/or osteoprogenitor cells and conforming to the Matrix III Specifications (as defined herein) (hereinafter identified as the &#147;<B><U>Matrix III</U></B>&#148;);
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>WHEREAS, </B>neither Party currently makes the Matrix III commercially available and the Parties believe that they can
develop and commercialize the Matrix III more effectively and efficiently together than on their own; </FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[*]</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. </FONT></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>WHEREAS,</B> to effectuate that collaboration, the Parties wish, subject to the terms and
conditions of the Original Agreement, as amended hereby, to (a)&nbsp;give responsibility to (i)&nbsp;MTF to develop and improve the Matrix III and (ii)&nbsp;Orthofix to develop application tools and instruments in connection with the Matrix III and
to provide specified funding to MTF for MTF&#146;s development and improvement of the Matrix III, and (b)&nbsp;share responsibility for contributing scientific or medical personnel, technical expertise and other resources to the development and
improvement of the Matrix III, communicating findings and discoveries to one another with respect to the Matrix III and exchanging information related to such collaboration and (c)&nbsp;give exclusive responsibility, following the Matrix III
Commercialization Date (as defined herein), to (i)&nbsp;MTF to Process quantities of the Matrix III using human tissue procured by MTF and fulfill orders for the Matrix III (x)&nbsp;submitted to MTF by any Third Party that places one or more orders
for the Matrix III directly with MTF or (y)&nbsp;solicited by Orthofix and (ii)&nbsp;Orthofix to market the Matrix III; and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>WHEREAS,</B> the parties acknowledge that, although the Development Agreement has expired by its terms, the references to the
Development Agreement herein and in the Original Agreement are nevertheless intentional and shall be construed as if the Development Agreement were still in effect; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>NOW, THEREFORE</B>, in consideration of the foregoing premises and mutual covenants contained herein, the Parties agree as follows: </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE I </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AMENDMENTS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A. <B><U>Initial Matrix III Forecast</U></B>. Section&nbsp;2.2 of the Original Agreement is hereby amended by inserting the following at the end thereof: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Orthofix shall have submitted to MTF, not later than the thirty (30)&nbsp;days after the date on which the second Matrix III
Development Milestone has been achieved and MTF has delivered to Orthofix the Matrix III Notice of Achievement with respect thereto, a Forecast setting forth the orders that Orthofix reasonably believes will be solicited by Orthofix during
(a)&nbsp;the calendar quarter in which the third Matrix III Development Milestone is achieved, which will be presented in two (2)&nbsp;individual, consecutive forty-five (45)&nbsp;day periods and (b)&nbsp;the three calendar quarters immediately
succeeding (the &#147;<U>Initial Matrix III Forecast</U>&#148;). The Initial Matrix III Forecast may be amended from time to time pursuant to the terms of this Agreement and, as so amended, will be deemed incorporated into each Forecast as aforesaid
pertaining to the same calendar quarters.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">B. <B><U>Matrix III Collaboration</U></B>. The Original Agreement is hereby
amended by inserting the following new Article VI-B immediately following Article VI-A thereof: </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[*]</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&#147;ARTICLE VI-B </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MATRIX III DEVELOPMENT COLLABORATION </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>6B.1 General.</B> MTF and Orthofix will engage in the Matrix III Development Collaboration upon the terms and conditions set forth in this Agreement. In furtherance of the foregoing, this Agreement
will from time to time be deemed amended as hereinafter set forth to attach, respectively, the Matrix III Specifications, the Matrix III Release Criteria and the Matrix III Development Plan if and to the extent determined pursuant to the provisions
hereof and subject to revision if and to the extent applicable. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6B.2 MTF Obligations. </B>Subject to the
terms and conditions of this Agreement, MTF will, during the Matrix III Development Term, use Reasonable Commercial Efforts to develop the Matrix III in a good scientific manner in accordance with applicable Law and the Matrix III Development Plan
so as to meet the Matrix III Development Milestones, including, without limitation, so that the Matrix III meets the Matrix III Specifications and conforms to and complies with applicable Law. In addition, MTF will, during the Matrix III Development
Term, provide consulting, medical and/or other expertise within the capability of MTF, as reasonably necessary and appropriate, in support of Orthofix&#146;s obligations under this <U>ARTICLE VI-B</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6B.3 Orthofix Obligations.</B> During the Matrix III Development Term, Orthofix will timely disclose to MTF and provide
information in Orthofix&#146;s possession or within its control, as reasonably necessary or appropriate, for MTF to perform MTF&#146;s obligations under this <U>ARTICLE VI-B</U> and will also provide consulting, medical and/or other expertise within
the capability of Orthofix, as reasonably necessary and appropriate, in support of MTF&#146;s performance of such obligations. Orthofix will use Reasonable Commercial Efforts to develop application tools and instruments in connection with the Matrix
III, including such application tools and instruments as may be proposed by MTF and reasonably acceptable to Orthofix, and MTF will, during the Matrix III Development Term, provide consulting, medical and/or other expertise, in each case within the
capability of MTF, as reasonably necessary or appropriate, in support of such activities. Orthofix will be entitled to have a representative present from time to time during normal business hours upon reasonable prior notice during the performance
at any Facility of MTF of MTF&#146;s development activities under this <U>ARTICLE VI-B</U> to monitor the performance of such activities, subject in all respects to all safety and security procedures reasonably adopted by MTF and communicated to
Orthofix </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[*]</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6B.4 Change Management Procedure.</B> Either Party may request a change
to the Matrix III Development Plan, the Matrix III Specifications (including line extensions) or the Matrix III Release Criteria at any time by giving a written request to the other Party. Any change requested by MTF will describe the requested
change and explain the anticipated impact of such change on MTF&#146;s performance of its obligation to develop the Matrix III in accordance with this Agreement, including the Matrix III Development Milestones; and in response to any change
requested by MTF, Orthofix will advise MTF, as promptly as practicable, of the anticipated impact of such change on Orthofix&#146;s performance of its obligations hereunder. Any change requested by Orthofix will describe the requested change and
explain the anticipated impact of such change on Orthofix&#146;s performance of its obligations in accordance with this Agreement; and in response to any change requested by Orthofix, MTF will advise Orthofix, as promptly as practicable, of the
anticipated impact of such change on MTF&#146;s performance of its obligation to develop the Matrix III in accordance with this Agreement, including the Matrix III Development Milestones. No change to the Matrix III Specifications, the Matrix III
Development Plan or the Matrix III Release Criteria will become effective unless and until approved by the Steering Committee. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>6B.5 Research Funding.</B> Subject to Orthofix&#146;s obligations hereunder to make payments in respect of MTF&#146;s achievement of the Matrix III Development Milestones, each Party will pay its own
costs and expenses associated with the technical expertise, scientific personnel, facilities, equipment, materials and other resources it provides in performing its obligations under this <U>ARTICLE VI-B</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6B.6 Project Managers; Progress Reports; Steering Committee.</B> Each Party will appoint and maintain during the Matrix
III Development Term a project manager who will be primarily responsible to the other Party for all communications relating to the performance of the appointing Party&#146;s obligations under this <U>ARTICLE VI-B</U> (&#147;<U>Matrix I</U>I<U>I
Project Manager</U>&#148;). At each meeting of the Steering Committee during the Matrix III Development Term, each Party will provide the other Party a report on the performance of its obligations under this <U>ARTICLE VI-B</U> so as to enable the
Steering Committee to evaluate the progress of the Matrix III Collaboration and the work performed in relation to the Matrix III Development Plan. Each Party will provide to the Steering Committee such other information as may be reasonably
requested by the Steering Committee relating to the progress of the Matrix III Collaboration in accordance with the Matrix III Development Plan. In addition to its authority set forth under <U>Section&nbsp;3.3</U> hereof, the Steering Committee is
authorized to take the following action: (i)&nbsp;review and evaluate data and progress of the activities under the Matrix III Development Plan; (ii)&nbsp;subject to the terms and provisions of this Agreement, resolve any issues and questions that
may arise with respect to the Matrix III Development Plan or the Matrix III Collaboration; (iii)&nbsp;ensure open </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[*]</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
communication between the Parties as related to the Matrix III Collaboration and as provided under this Agreement; (iv)&nbsp;determine the initial Matrix III Specifications (based on MTF&#146;s
proposal with respect thereto) and approve any changes thereto (including any line extensions), and determine the initial Matrix III Development Plan and the initial Matrix III Release Criteria, and approve any changes thereto, in accordance with
the change management procedures set forth in <U>Section&nbsp;6B.4</U> of this Agreement; and (v)&nbsp;manage and supervise the activities of the Parties under the Matrix III Development Plan and the Matrix III Collaboration. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6B.7 Milestone Payments.</B> Orthofix will make the following one-time, non-refundable payments to MTF upon the
completion of the applicable milestones described below (each a &#147;<U>Matrix III Development Milestone</U>&#148; and, collectively the &#147;<U>Matrix III Development Milestones</U>&#148;) as confirmed by Orthofix pursuant to the procedures set
forth in <U>Section&nbsp;6B.8</U>. The payment amount for each Matrix I<U>I</U>I Development Milestone is paid only once. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="5" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><U>Development Milestones</U></B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:11pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><BR>No.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Payment<BR>Amount</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Execution of Amendment No. 3 by MTF and Orthofix</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$500,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Determination of the initial Matrix III Specifications by the Steering Committee or otherwise pursuant to <U>ARTICLE XIX</U>
and delivery of the Matrix III Pre-Clinical Data Package that confirms that the Matrix III meets the Matrix III Specifications.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$250,000</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Creation by MTF of an inventory of a commercially-saleable quantity of the Matrix III that is sufficient to satisfy fifty
percent (50%) of Orthofix&#146;s requirements for the Matrix III as set forth in the initial forty-five (45) day forecast reflected in the Initial Matrix III Forecast, as may be amended pursuant to the terms of this Agreement; and MTF&#146;s
demonstration that its work in process supports the ongoing release by MTF, on a daily basis, of sufficient commercially-saleable quantities of the Matrix III to satisfy Orthofix&#146;s daily requirements of the remaining fifty percent (50%) of
Orthofix&#146;s requirements for the Matrix III as set forth in the initial forty-five (45) day forecast reflected in the Initial Matrix III Forecast, as may be amended pursuant to the terms of this Agreement.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$150,000</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[*]</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6B.8 Matrix III Milestone Determination Procedures.</B> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <U>Payment Obligations</U>. MTF will, in each case, provide to Orthofix written notice (the &#147;<U>Matrix III Notice
of Achievement</U>&#148;) in the event it has achieved a Matrix III Development Milestone (other than the first Matrix III Development Milestone, which shall be deemed achieved upon execution and delivery of Amendment No.&nbsp;3 by both Parties; and
it being acknowledged and agreed that the Matrix III Notice of Achievement with respect to the third Matrix III Development Milestone may not be provided unless and until MTF has achieved the second Matrix III Development Milestone and provided to
Orthofix the Matrix III Notice of Achievement with respect thereto). Subject to the foregoing, as soon as reasonably practicable following the date of the Matrix III Notice of Achievement of each Matrix III Development Milestone and in any event
within ten (10)&nbsp;business days after the date of the Matrix III Notice of Achievement of any such Matrix III Development Milestone, Orthofix will pay to MTF the applicable payment amount for such Matrix III Development Milestone set forth in
<U>Section&nbsp;6B.7</U>; <U>provided</U>, <U>however</U>, that each such payment shall be subject to Orthofix&#146;s confirmation, as hereinafter set forth, that the Matrix III Development Milestone covered by such Matrix III Notice of Achievement
has been achieved and in no event will Orthofix be liable for, and MTF will not be entitled to, the applicable payment amount for any Matrix III Development Milestone that is not achieved. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Standards for Confirmation</U>. Orthofix shall have the right to withhold payment due in respect of a Matrix III
Notice of Achievement covering the second Matrix III Development Milestone solely in the event that (i)&nbsp;MTF has not provided a Notice of Achievement with respect thereto, or (ii)&nbsp;the initial Matrix III Specifications have not been
determined by the Steering Committee or otherwise pursuant to <U>ARTICLE XIX,</U> or (iii)&nbsp;the data contained in the Matrix III Pre-Clinical Data Package fails reasonably to indicate that the Matrix III meets the Matrix III Specifications.
Orthofix shall have the right to withhold payment due in respect of a Matrix III Notice of Achievement covering the third Matrix III Development Milestone solely in the event that (i)&nbsp;MTF has not provided a Notice of Achievement with respect
thereto or with respect to the second Matrix III Development Milestone, or (ii)&nbsp;the results of a physical inventory of the Matrix III and inspection of MTF&#146;s books and records related to the production of the Matrix III fail reasonably to
demonstrate the existence of the required amount of inventory and work in process and the capacity to support ongoing release of the Matrix III. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) <U>Dispute Resolution</U>. If Orthofix disagrees with MTF&#146;s claim regarding the achievement of a Matrix III Development Milestone as set forth in a Matrix III Notice of Achievement, then Orthofix
will refer the dispute to the Steering Committee as promptly as practicable and, in any event, prior to the date on which payment relating thereto is due, and will provide the Steering </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[*]</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Committee with an explanation of the basis for Orthofix&#146;s determination that the applicable Matrix III Development Milestone was not achieved on the date claimed by MTF. The Steering
Committee will meet as promptly as practicable to resolve the dispute. If the Steering Committee has not resolved the dispute within ten (10)&nbsp;business days after referral of the dispute by Orthofix, the dispute will be resolved in accordance
with <U>ARTICLE XIX</U>. In the event of any determination by the Steering Committee or pursuant to <U>ARTICLE XIX</U> that a Matrix III Development Milestone has not been achieved as set forth in a Matrix III Notice of Achievement, MTF shall
thereafter deliver to Orthofix a new Matrix III Notice of Achievement in the event it has achieved such Development Milestone.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">C. <B><U>Representations and Warranties of MTF</U></B>. The first paragraph of Article VIII of the Original Agreement is hereby deleted in its entirety, and the following is inserted in lieu thereof:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Except for the representations and warranties in <U>Section&nbsp;8.7(a)</U>, <U>Section&nbsp;8.7(b)</U>,
<U>Section&nbsp;8.7(c)</U> and <U>Section&nbsp;8.8</U>, each of which will be given for the entire Term, MTF hereby represents and warrants to Orthofix as of the Effective Date, and again as of the Amendment No.&nbsp;2 Effective Date and again as of
the Amendment No.&nbsp;3 Effective Date, as follows:&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">D. <B><U>Representations and Warranties of Orthofix</U></B>. The
first paragraph of Article IX of the Original Agreement is hereby deleted in its entirety, and the following is inserted in lieu thereof: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;Orthofix hereby represents and warrants to MTF as of the Effective Date, and again as of the Amendment No.&nbsp;2 Effective Date and again as of the Amendment No.&nbsp;3 Effective Date, as
follows:&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">E. <B><U>Specifications</U></B>. Section&nbsp;10.1 of the Original Agreement is hereby amended by inserting
the following after the second sentence thereof: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;The Matrix III Specifications and the Matrix III Release Criteria shall
be added to <U>Exhibits C</U> and <U>D</U>, respectively, upon approval by the Steering Committee, and each of the foregoing may be subsequently amended in accordance with <U>Section&nbsp;6B.4</U> (if prior to the Matrix III Commercialization Date)
or in accordance with <U>Section&nbsp;10.4</U> (in all other cases).&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">F. <B><U>Infringement Claims</U></B>.
(i)&nbsp;Section&nbsp;14.1 of the Original Agreement is hereby amended by deleting Sub-paragraph (i)&nbsp;thereunder and inserting the following in lieu thereof: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;(i) the provisions of clause (d)&nbsp;immediately preceding shall not extend to, and Orthofix shall have no obligations to MTF under clause (d)&nbsp;immediately preceding with respect to, any Matrix
II Infringement Claim or any Matrix III Infringement Claim; and&#148; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[*]</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) Section&nbsp;14.2 of the Original Agreement is hereby amended by deleting
&#147;and&#148; immediately before clause (d)&nbsp;and inserting the following at the end thereof immediately prior to the period: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;and (e)&nbsp;any Matrix III Infringement Claim; <U>provided</U>, <U>however</U>, that (i)&nbsp;in the event of a Matrix III Infringement Claim or a reasonable determination by MTF that a Matrix III
Infringement Claim is likely to be initiated, MTF will have the right to direct Orthofix, by written notice, to cease marketing the Matrix III during the period beginning upon Orthofix&#146;s receipt of such notice and continuing until
Orthofix&#146;s receipt of written notice from MTF that the Matrix III Infringement Claim has been satisfactorily resolved in MTF&#146;s reasonable determination or is no longer expected to be initiated (the &#147;<U>Matrix III Cessation
Period</U>&#148;), and MTF will have no obligation to indemnify or hold harmless Orthofix or any other Person otherwise indemnified hereunder from or against any Damages attributable to any development or marketing of the Matrix III during the
Matrix III Cessation Period&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">G. <B><U>Notices</U></B>. The addresses for notices to Orthofix are hereby deleted from
Section&nbsp;20.8 of the Original Agreement in their entirety, and the following is inserted in lieu thereof: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;If to
Orthofix: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Orthofix Holdings, Inc. (c/o Orthofix International N.V.) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3451 Plano Parkway </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Lewisville, TX 75056 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Chief Executive Officer and General Counsel
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Facsimile No.: (440)&nbsp;445-0504 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Hogan Lovells US LLP </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7930 Jones Branch Drive </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ninth Floor </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">McLean, VA 22102 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Attention: Cullen G. Taylor </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Facsimile No.: (703)&nbsp;610-6200&#148; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">H. <B><U>Definitions</U></B>. (a)&nbsp;Addendum 1 of the Original Agreement is hereby amended by inserting the following definitions in
appropriate alphabetical sequence, respectively: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Amendment No.&nbsp;3</U>&#148; means that certain Amendment
No.&nbsp;3 to Matrix Commercialization Collaboration Agreement dated June&nbsp;25, 2013 entered into by the Parties. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[*]</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Amendment No.&nbsp;3 Effective Date</U>&#148; has the meaning set
forth in Amendment No.&nbsp;3. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Initial Matrix III Forecast</U>&#148; has the meaning set forth in
<U>Section&nbsp;2.2</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Matrix III</U>&#148; has the meaning set forth in the Recitals. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Matrix III Cessation Period</U>&#148; has the meaning set forth in <U>Section&nbsp;14.2</U>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Matrix III Commercialization Date</U>&#148; means the date of completion of the last Matrix III Development
Milestone pursuant to the Matrix III Development Plan. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Matrix III Development Collaboration</U>&#148;
means the development of the Matrix III undertaken by the Parties pursuant to the terms and conditions of <U>ARTICLE VI-B</U> of this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Matrix III Development Milestones</U>&#148; has the meaning set forth in <U>Section 6B.7.</U> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Matrix III Development Plan</U>&#148; means the plan for development of the Matrix III initially determined by the Steering Committee, as subsequently amended from time to time in accordance with
the procedures set forth in this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Matrix III Development Term</U>&#148; means the period
commencing on June&nbsp;25, 2013 and continuing until the completion of the last Matrix III Development Milestone. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Matrix III Infringement Claim</U>&#148; means any Third Party claim that the exploitation of the Matrix III Subject Intellectual Property in the development, Processing, supply or distribution
under this Agreement and for purposes of the Collaboration of the Matrix III in accordance with the Matrix III Specifications violates the intellectual property rights of a Third Party and/or infringes the valid claim of an existing Patent of a
Third Party; it being understood that a Third Party Claim regarding the development, Processing, supply or distribution of the Matrix III independent of the Collaboration shall not be within the definition of Matrix III Infringement Claim.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Matrix III Notice of Achievement</U>&#148; has the meaning set forth in <U>Section&nbsp;6B.8(a)</U>.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Matrix III Pre-Clinical Data Package</U>&#148; means the following data, to be obtained in accordance
with criteria determined by the Steering Committee consistent with this Agreement, of completed Matrix III after thawing as it would be used in clinical practice: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">[*] </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Matrix III Project Manager</U>&#148; has the meaning set forth in <U>Section&nbsp;6B.6</U>. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[*]</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Matrix III Release Criteria</U>&#148; means the procedures and
release criteria for verification that each Lot of the Matrix III complies with the Matrix III Specifications to be determined initially by the Steering Committee and set forth in <U>Exhibit D</U> attached hereto, as subsequently amended from time
to time in accordance with the procedures set forth in this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Matrix III
Specifications</U>&#148; means the specifications for the Matrix III to be initially determined by the Steering Committee (based on MTF&#146;s proposal with respect thereto) and set forth in <U>Exhibit C</U> attached hereto, as subsequently amended
from time to time in accordance with the procedures set forth in this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Matrix III Subject
Intellectual Property</U>&#148; means any intellectual property exploited, in any manner, directly or indirectly, in whole or in part, in connection with the Matrix III and not also exploited in any manner, directly or indirectly, in whole or in
part, in connection with the Matrix I or Matrix II. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Third Phase Developed Technology</U>&#148; means
(a)&nbsp;all Technology, Inventions and Know-How arising during the Matrix III Development Term under or in connection with the activities of the Parties pursuant to the Matrix III Development Plan under <U>ARTICLE VI-B</U> hereof, and all
Improvements after the beginning of the Matrix III Development Term and during the remainder of the Term with respect thereto, including, without limitation, all Patents relating to the foregoing, and (b)&nbsp;all Improvements to the First Phase
Developed Technology and the Second Phase Developed Technology made after the beginning of the Matrix III Development Term and during the remainder of the Term, including, without limitation, all Patents relating to the foregoing. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) Addendum 1 of the Original Agreement is further amended by deleting the definitions of &#147;Collaboration&#148;, &#147;Developed
Technology&#148;, &#147;Existing MTF Technology&#148;, &#147;Existing Orthofix Technology&#148;, &#147;Matrix&#148;, &#147;Minimum Service Fee&#148; and &#147;Second Phase Developed Technology&#148; and inserting the following in lieu thereof,
respectively: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Collaboration</U>&#148; means the Processing and Commercialization of the Matrix
pursuant to the terms and conditions of this Agreement, and except for purposes of Section&nbsp;2.7, the Matrix II Development Collaboration and the Matrix III Development Collaboration. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Developed Technology</U>&#148; means the First Phase Developed Technology, the Second Phase Developed Technology
and the Third Phase Developed Technology. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Existing MTF Technology</U>&#148; means (a)&nbsp;for all
purposes of this Agreement other than <U>Section&nbsp;7.1(a)(ii)</U>, such Technology, Inventions and Know-How Controlled by MTF (x)&nbsp;in existence as of the date of this Agreement (including, without limitation, all Patents), in each case solely
insofar as necessary or useful for making, using, selling, offering to sell and importing the Matrix and (y)&nbsp;in existence as of the beginning of the Matrix III Development </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[*]</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Term (including, without limitation, all Patents, but excluding First Phase Developed Technology and the Second Phase Developed Technology), in each case solely insofar as necessary or useful for
making, using, selling, offering to sell and importing the Matrix, and (b)&nbsp;solely for purposes of <U>Section&nbsp;7.1(a)(ii)</U>, such Technology, Inventions and Know-How Controlled by MTF (x)&nbsp;in existence as of the Effective Date
(including, without limitation, all Patents), in each case solely insofar as necessary for making, using, selling, offering to sell and importing the Matrix and (y)&nbsp;in existence as of the beginning of the Matrix III Development Term (including,
without limitation, all Patents, but excluding First Phase Developed Technology and Second Phase Developed Technology), in each case solely insofar as necessary for making, using, selling, offering to sell and importing the Matrix. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Existing Orthofix Technology</U>&#148; means (a)&nbsp;for all purposes of this Agreement other than
<U>Section&nbsp;7.1(b)(ii)</U>, such Technology, Inventions and Know-How Controlled by Orthofix (x)&nbsp;in existence as of the date of this Agreement (including, without limitation, all Patents), in each case solely insofar as necessary or useful
for making, using, selling, offering to sell and importing the Matrix and (y)&nbsp;in existence as of the beginning of the Matrix III Development Term (including, without limitation, all Patents, but excluding First Phase Developed Technology and
the Second Phase Developed Technology), in each case solely insofar as necessary or useful for making, using, selling, offering to sell and importing the Matrix, and (b)&nbsp;solely for purposes of <U>Section&nbsp;7.1(b)(ii)</U>, such Technology,
Inventions and Know-How Controlled by Orthofix (x)&nbsp;in existence as of the Effective Date (including, without limitation, all Patents), in each case solely insofar as necessary for making, using, selling, offering to sell and importing the
Matrix and (y)&nbsp;in existence as of the beginning of the Matrix III Development Term (including, without limitation, all Patents, but excluding First Phase Developed Technology and Second Phase Developed Technology), in each case solely insofar
as necessary for making, using, selling, offering to sell and importing the Matrix. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Matrix</U>&#148;
means the Matrix I, the Matrix II and the Matrix III, and each of them; <U>provided</U>, <U>however</U>, that, prior to the Matrix II Commercialization Date, each reference to &#147;Matrix&#148; under <U>ARTICLES II</U> (except for
<U>Section&nbsp;2.9</U>), <U>IV</U>, <U>V</U>, <U>X</U> and <U>XII</U>, and under <U>Section&nbsp;7.3</U>, the proviso under <U>Section&nbsp;17.1</U> and under <U>Section&nbsp;17.3</U> means the Matrix I; and <U>provided further</U>, that, prior to
the Matrix III Commercialization Date, each reference to &#147;Matrix&#148; under <U>ARTICLES II</U> (except for <U>Section&nbsp;2.9</U>), <U>IV</U>, <U>V</U>, <U>X</U> and <U>XII</U>, and under <U>Section&nbsp;7.3</U>, the proviso under
<U>Section&nbsp;17.1</U> and under <U>Section&nbsp;17.3</U> means the Matrix I and the Matrix II. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Minimum Service Fee</U>&#148; means $[*]per cc of the Matrix I, $[*] per cc of the Matrix II and $[*] per cc of
the Matrix III. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Release Criteria</U>&#148; means the Matrix I Release Criteria, the Matrix II Release
Criteria and the Matrix III Release Criteria, as the case may be; <U>provided</U>, <U>however</U>, that, prior to the Matrix II Commercialization Date, each reference to &#147;Release Criteria&#148; under <U>ARTICLE X</U> means the Matrix I Release
Criteria; and <U>provided further</U>, that prior to the Matrix III Commercialization Date, each reference to &#147;Release Criteria&#148; under <U>ARTICLE X</U> means the Matrix I Release Criteria and the Matrix II Release Criteria. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[*]</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Second Phase Developed Technology</U>&#148; means (a)&nbsp;all
Technology, Inventions and Know-How arising during the Matrix II Development Term under or in connection with the activities of the Parties pursuant to the Matrix II Development Plan under <U>ARTICLE VI-A</U> hereof, and all Improvements after the
beginning of the Matrix II Development Term and prior to the beginning of the Matrix III Development Term with respect thereto, including, without limitation, all Patents relating to the foregoing, and (b)&nbsp;all Improvements to the First Phase
Developed Technology made after the beginning of the Matrix II Development Term and prior to the beginning of the Matrix III Development Term, including, without limitation, all Patents relating to the foregoing. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Specifications</U>&#148; means the Matrix I Specifications, the Matrix II Specifications and the Matrix III
Specifications, as the case may be; <U>provided</U>, <U>however</U>, that, prior to the Matrix II Commercialization Date, each reference to &#147;Specifications&#148; under <U>ARTICLE X</U> means Matrix I Specifications; and <U>provided further</U>,
that prior to the Matrix III Commercialization Date, each reference to &#147;Specifications&#148; under <U>ARTICLE X</U> means the Matrix I Specifications and the Matrix II Specifications. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) Addendum 1 of the Original Agreement is further amended by adding the phrase &#147;development of the Matrix III and the&#148;
immediately following the phrase &#147;development of the Matrix II&#148; contained under the definition of &#147;Reasonable Commercial Efforts&#148;. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE II </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MISCELLANEOUS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A. The Parties each hereby acknowledge and agree that, by entering into this Amendment No.&nbsp;3, they have satisfied any obligations
under Section&nbsp;6.2 of the Original Agreement with respect to the Matrix III as a Product Concept thereunder. In addition, and without limiting any provision of Article IX of the Original Agreement, as amended hereby, Orthofix hereby represents,
warrants and confirms to MTF that it has complied with the provisions of the NuVasive License (as defined in the Original Agreement), including, without limitation, Section&nbsp;3.2 thereof, with respect to this Amendment<B>\</B> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">B. Except as amended hereby, the Original Agreement shall remain in full force and effect. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">C. This Amendment may be executed in counterparts, each of which shall be deemed to be an original, and all of which taken together will
constitute one and the same instrument. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[*]</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">12 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>IN WITNESS WHEREOF</B>, the parties have caused this Amendment to be executed and
delivered as of the date first written above. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="44%"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MUSCULOSKELETAL TRANSPLANT<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOUNDATION, INC.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ORTHOFIX HOLDINGS, INC.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">By</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Bruce Stroever</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">By</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Michael Finegan</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[*]</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">13 </FONT></P>

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