<SEC-DOCUMENT>0001193125-14-080891.txt : 20140304
<SEC-HEADER>0001193125-14-080891.hdr.sgml : 20140304
<ACCEPTANCE-DATETIME>20140303194859
ACCESSION NUMBER:		0001193125-14-080891
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140227
ITEM INFORMATION:		Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140304
DATE AS OF CHANGE:		20140303

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:		14662273

	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>d686910d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): February&nbsp;27, 2014 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Orthofix International N.V. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of Registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Curacao</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>0-19961</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>N/A</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>7 Abraham de Veerstraat</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Curacao</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>N/A</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: 011-59-99-465-8525 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing</U>. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As previously reported, on February&nbsp;11, 2014, Orthofix International N.V. (the &#147;Company&#148;) received an expected letter from the
Listing Qualifications Department of the NASDAQ Stock Market (the &#147;NASDAQ Staff&#148;) stating that unless the Company requests a hearing before a NASDAQ Listing Qualifications Panel (a &#147;NASDAQ Hearings Panel&#148;) by February&nbsp;18,
2014, the Company&#146;s common stock would be subject to delisting based upon the Company&#146;s current non-compliance with NASDAQ Listing Rule 5250(c)(1) as a result of certain delinquent Securities and Exchange Commission reports. On
February&nbsp;18, 2014, the Company requested an appeal of the NASDAQ Staff determination, and also requested an extension of the automatic 15-day stay of the suspension of the delisting of the Company&#146;s common stock pending a hearing by a
NASDAQ Hearings Panel.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;27, 2014, the Company received a letter from NASDAQ&#146;s Office of General Counsel stating that
a NASDAQ Hearings Panel had granted the Company&#146;s request for a stay of the delisting of the Company&#146;s common stock until such time as the NASDAQ Hearings Panel makes a decision on the merits following a hearing, which hearing has been
scheduled for March&nbsp;27, 2014. The letter further states that, accordingly, the Company&#146;s common stock will continue to trade on the NASDAQ Stock Market pending the March&nbsp;27, 2014 hearing and the issuance of a final decision by the
NASDAQ Hearings Panel thereafter. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</U>. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;1 to Employment Agreement with Emily Buxton </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On January&nbsp;7, 2013, the Company, through its subsidiary Orthofix Inc., entered into an employment agreement (the &#147;Original
Agreement&#148;) with Emily Buxton, the Company&#146;s then-Interim Chief Financial Officer (and, since April&nbsp;1, 2013, Chief Financial Officer). The Original Agreement was described in and filed with the Company&#146;s Current Report on Form
8-K dated January&nbsp;11, 2013. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On February&nbsp;27, 2014, the Company and Ms.&nbsp;Buxton entered into Amendment No.&nbsp;1 to the
Original Agreement (the &#147;Amendment&#148;). The Amendment was authorized and approved on the same date by the Compensation Committee of the Company&#146;s Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Amendment provides that Ms.&nbsp;Buxton will receive a special retention cash bonus in an aggregate amount of $195,000, payable
(i)&nbsp;50% in amount on the date that the Company has filed each of (A)&nbsp;its financial statement restatement for the 2011 and 2012 fiscal years and the first fiscal quarter of 2013, (B)&nbsp;its Quarterly Reports on Form 10-Q for the second
and third fiscal quarters of 2013, and (C)&nbsp;its Annual Report on Form 10-K for the 2013 fiscal year (the first date by which all such filings have been made, the &#147;Filing Completion Date&#148;), and (ii)&nbsp;50% in amount on the date that
is six months following the Filing Completion Date. Both portions of the bonus are contingent upon Ms.&nbsp;Buxton remaining employed by the Company on the applicable payment date (unless her employment has been terminated by the Company without
&#147;Cause&#148; or by her for &#147;Good Reason&#148; prior to such payment date, in which case it shall remain payable on the applicable payment date). The Amendment also (i)&nbsp;amends the definition of &#147;Good Reason&#148; under the
agreement to provide that &#147;Good Reason&#148; will exist if Ms. Buxton&#146;s duties following the Filing Completion Date no longer include serving as the Company&#146;s Chief Financial Officer, and (ii)&nbsp;reflects salary and bonus target
terms that have been in effect since Ms.&nbsp;Buxton was promoted from Interim Chief Financial Officer to Chief Financial Officer in April&nbsp;1, 2013 (and which were previously reflected in the Company&#146;s prior proxy statement disclosure in
April 2013). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Amendment is a summary of material terms thereof, and is qualified in its entirety by the
text of the Amendment, a copy of which is filed herewith as Exhibit 10.1 and incorporated herein by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Financial Statements and Exhibits</U>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Amendment No. 1 to Employment Agreement, entered into on February&nbsp;27, 2014, by and between Orthofix Inc. and Emily Buxton.</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Orthofix International N.V.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jeffrey M. Schumm</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jeffrey M. Schumm</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">General Counsel and Corporate
Secretary</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: March&nbsp;3, 2014 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:37.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Exhibit&nbsp;No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:37.25pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Description</P></TD></TR>


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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amendment No. 1 to Employment Agreement, entered into on February 27, 2014, by and between Orthofix Inc. and Emily Buxton.</TD></TR>
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<TYPE>EX-10.1
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<FILENAME>d686910dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AMENDMENT #1 TO </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EMPLOYMENT AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">This AMENDMENT #1 TO EMPLOYMENT AGREEMENT (this &#147;<U>Amendment</U>&#148;) is dated as of February&nbsp;27, 2014, between Orthofix Inc., a
Minnesota corporation (the &#147;<U>Company</U>&#148;), and Emily Buxton (the &#147;<U>Executive</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Executive and
the Company have previously entered into an Employment Agreement on January&nbsp;7, 2013 (the &#147;<U>Agreement</U>&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties desire to enter into this Amendment to amend and revise the Agreement as set forth herein; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements of the parties contained herein and other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Amendments</U>. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"><U>Section&nbsp;1.1</U>. The second and third sentences of Section&nbsp;1.1 are hereby amended and restated in their entirety as follows: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">&#147;While serving as an employee of the Company, the Executive shall initially serve as the Company&#146;s Chief Financial Officer, and as
the Parent&#146;s Chief Financial Officer. Subject to Executive&#146;s rights under <U>Section&nbsp;4.4</U>, the Company and/or Parent may, in its sole discretion, change Executive&#146;s title, position and responsibilities after the date
hereof.&#148; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"><U>Section&nbsp;1.3</U>. Section&nbsp;1.3 is hereby amended to replace all references to &#147;July 1, 2014&#148; with &#147;July 1, 2015&#148;. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"><U>Section&nbsp;2.2</U>. Section&nbsp;2.2 is hereby amended to replace the reference to &#147;no less than $296,000&#148; with &#147;$325,000&#148;. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"><U>Section&nbsp;2.3</U>. Section&nbsp;2.3 is hereby amended to (i)&nbsp;replace the reference to &#147;at least 40%&#148; with &#147;60%&#148; and (ii)&nbsp;replace the reference to &#147;not less than 60%&#148; with
&#147;90%&#148;. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"><U>Section&nbsp;2.6</U>. Article II is amended to add the following text as <U>Section&nbsp;2.6</U> thereof. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman"><B>2.6</B><U> Retention Bonus</U>. The Executive shall be paid a special cash retention bonus of $97,500 (the &#147;<U>First Retention
Bonus</U>&#148;) on the date that the Company has filed each of its financial statement restatement for the 2011 and 2012 fiscal years and the first fiscal quarter of 2013, its Quarterly Reports on Form 10-Q for the second and third fiscal quarters
of 2013, and its Annual Report on Form 10-K for the 2013 fiscal year (the first date by which all such filings have been made, the &#147;<U>First Retention Date</U>&#148;) <U>if</U> (a)&nbsp;Executive remains employed by the Company on the First
Retention Date or (b)&nbsp;Executive&#146;s employment with the Company terminates prior to the First Retention Date pursuant to Sections 4.2, 4.3, 4.4 or 4.5 of this Agreement. The Executive shall be paid an additional special cash retention bonus
of $97,500 (the &#147;<U>Second Retention Bonus</U>&#148;) on the </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">
date that is six months following the First Retention Date (the &#147;<U>Second Retention Date</U>&#148;) <U>if</U> (x)&nbsp;Executive remains employed by the Company on the Second Retention Date
or (y)&nbsp;Executive&#146;s employment with the Company terminates prior to the Second Retention Date pursuant to Sections 4.2, 4.3, 4.4 or 4.5 of this Agreement. If for any reason neither of the applicable conditions set forth in clauses
(a)&nbsp;and (b)&nbsp;(with respect to the First Retention Bonus) or clauses (x)&nbsp;and (y)&nbsp;(with respect to the Second Retention Bonus) are satisfied, the First Retention Bonus and/or Second Retention Bonus, as applicable, shall not be owed,
earned or paid. Notwithstanding the foregoing, in no event shall the First Retention Bonus or the Second Retention Bonus be deemed a &#147;target bonus&#148; or &#147;Incentive Compensation&#148; under the definition of &#147;Base Amount&#148;
provided for herein. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"><U>Section&nbsp;4.4</U>. The last sentence of Section&nbsp;4.4 is amended and restated in its entirety as follows. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">&#147;Unless the Executive provides written notification of an event described in the definition of Good Reason within 90 days after the
Executive has actual knowledge of the occurrence of any such event (or in the case of an event described in clause (6)&nbsp;of such definition, within the later of (i)&nbsp;90 days after the Executive has actual knowledge of the occurrence of any
such event and (ii)&nbsp;September&nbsp;30, 2014), the Executive shall be deemed to have consented thereto and such event shall no longer constitute Good Reason for purposes of this Agreement.&#148; </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">g.</TD>
<TD ALIGN="left" VALIGN="top"><U>Definition of &#147;Good Reason&#148;</U>. The definition of &#147;Good Reason&#148; is amended to delete the word &#147;or&#148; preceding clause (4), and to insert the following text after clause (4).
</TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">&#147;; or (5)&nbsp;the effective date of Executive being replaced by Parent as the Chief Financial Officer of Parent;
provided, however, that in no event shall &#147;Good Reason&#148; be deemed to exist pursuant to clause (5)&nbsp;prior to the date that the Company has completed and filed (i)&nbsp;its financial restatement for the 2011 and 2012 calendar years and
the first quarter of 2013, and (ii)&nbsp;its quarterly reports on Form 10-Q for the fiscal quarters ended June&nbsp;30, 2013 and September&nbsp;30, 2013 and annual report on Form 10-K for the fiscal year ended December&nbsp;31, 2013&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>No Retroactive Effect</U>. The amendments to the Agreement provided for herein shall be applicable prospectively from the date of this
Amendment forward, and shall not have applicability with respect to periods under the Agreement prior to the date of this Amendment (except with respect to the changes set forth in Sections 1.1, 2.2 and 2.3, which memorialize arrangements that were
already in effect prior to the date of this Amendment). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>No Other Amendments</U>. Except as otherwise provided herein, the Agreement
shall remain in full force and effect in accordance with its original terms. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Legal Fees</U>. In connection with the negotiation of
this Amendment, the Company shall pay Executive&#146;s outside counsel fees (subject to the receipt of a customary invoice) in an amount not to exceed $15,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[signature page follows] </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the date first
set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>ORTHOFIX INC.</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Bradley R. Mason</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Bradley R. Mason</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">President and Chief Executive Officer</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:10pt"><B>EXECUTIVE</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:10pt">/s/ Emily Buxton</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:10pt">Emily Buxton</FONT></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">Agreed and Acknowledged:</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ORTHOFIX INTERNATIONAL N.V.</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Bradley R. Mason</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bradley R. Mason</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">President and Chief Executive Officer</P></TD></TR>
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