Document:

EX-10.15

 Exhibit 10.15 

 

					
	

	  	 —
  

1551 Eastlake Ave E, Ste 200
 Seattle, WA
98102
	  	  
 206.659.0067

adaptivebiotech.com

 May 1, 2019 
 Charles Sang

 [address] 
 Re:    Executive Severance
Agreement 
 Dear Charles: 
 This letter
agreement (this “Agreement”) confirms the terms of your severance rights in connection with your employment with Adaptive Biotechnologies Corporation, a Washington corporation (the “Company”), and
supplements that certain letter agreement regarding your employment with the Company dated on or about May 1, 2019 (the “Employment Agreement”). Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to them in the Employment Agreement. 
 1.    Severance 

As further detailed in your Employment Agreement, your employment with the Company is “at will”; it is for no specified term, and
may be terminated by you or the Company at any time, with or without cause or advance notice. 
 If (i) you are terminated by the
Company for a reason other than for Cause (as defined below), death, or your disability or (ii) you resign for Good Reason (as defined below), then, if you execute a full release of claims in the form of the release attached as
Exhibit A (the “Release”) and such Release becomes effective and irrevocable within sixty (60) days of the effective date of such termination, the Company will pay you a lump sum payment equivalent to three
(3) months of your base salary (at the base salary rate then in effect as of your termination date or, if your termination is due to a Good Reason resignation, the greater of the base salary rate then in effect on your termination date or the
date immediately prior to the event constituting Good Reason) (the “Severance Payment”), payable on the first payroll period after the sixty (60)-day anniversary of your termination
date, subject to your continued compliance with the obligations set forth in the Release and the Company’s standard form of nondisclosure and assignment agreement. 

For purposes of this Agreement, “Cause” is defined as: (a) theft or embezzlement by you with respect to the
Company or its affiliates; (b) willful misconduct or gross negligence in performance of your duties, including your refusal to comply in any material respect with the directives of the chief executive officer or the Board so long as such
directives are not inconsistent with any legal obligation or requirement; (c) dishonest or fraudulent conduct, a deliberate attempt to do an injury to the Company, or other intentional conduct that materially discredits the Company or is
materially detrimental to the financial condition or reputation of the Company, including the commission by you of any felony or any crime involving moral turpitude; (d) willful or prolonged absence from work by you (other than by reason of
disability due to physical or mental illness) or failure, gross neglect or refusal by the you to perform your duties and responsibilities; (e) continued and habitual use of alcohol by you to an extent which materially impairs your performance
of your duties without the same being corrected within fifteen (15) days after being give written notice thereof by the Company; (f) your use of illegal drugs without the same being corrected within thirty (30) days after being given
written notice thereof; or (g) your material breach of any element of any agreement between you and the Company, including, without limitation, theft or other misappropriation of the Company’s proprietary information, which breach (if
determined in good faith by the Board to be curable) is not remedied within ten (10) working days after written notice. 
 For purposes
of this Agreement “Good Reason” means, without your written consent, (a) a reduction in your base salary other than in connection with simultaneous reductions in all other senior executives at the vice president

  
 

 

 Executive Severance Agreement 

May 1, 2019 
  Page
 2
 
  

 
level or above of equal or greater amount in percentage terms, or (b) the relocation of your principal work facility to a location that is more than thirty (30) miles from Seattle, it
being understood that significant travel to the Company’s San Francisco offices and occasional travel to other cities for conferences and meetings will be expected; provided, however, that for “Good Reason” to be
established, you must provide written notice to the Company’s general counsel within thirty (30) days immediately following the relevant event described in (a) or (b) above, the Company must fail to remedy such event within thirty
(30) days after receipt of such notice, and your resignation must be effective no later than fourteen (14) days after the expiration of such cure period. 

To the extent that payments and benefits in this Agreement are subject to Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), this Agreement is intended to comply with and will be interpreted in a manner intended to comply with Section 409A of the Code. To the extent that any provision in this offer is ambiguous as to its
compliance with Section 409A of the Code, the provision shall be read in such a manner so that no payments due under this Agreement shall be subject to an “additional tax” as defined in Section 409(a)(1)(B) of the Code.
Notwithstanding anything herein to the contrary, if at the time of your separation from service from the Company you designated as a “specified employee” as defined in Section 409A of the Code (and any related regulations or other
pronouncements thereunder) and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such separation from service is necessary in order to prevent any accelerated or additional tax under
Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to you) until the expiration of the
six-month period measured from the date of your separation from service with the Company (or the earliest date as is permitted under Section 409A of the Code). On the first day of the seventh month
following the date of your separation from service, or if earlier, the date of your death, all payments delayed pursuant to this paragraph (whether they would have otherwise been paid or reimbursed to you in a single sum or in installments) shall be
paid or reimbursed to you in a single sum and any remaining payments and benefits due to you shall be paid or provided in accordance with the normal dates specified for them in this Agreement or in another agreement between you and the Company. In
addition, if any other payments of money or other benefits due to you hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code as determined jointly by you and the Company, such payments or other
benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the
Company, that does not cause such an accelerated or additional tax. To the extent any reimbursements or in-kind benefits due to you under this Agreement or otherwise constitute “deferred
compensation” under Section 409A of the Code as determined jointly by you and the Company, any such reimbursements or in-kind benefits shall be paid to you in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Each payment made under this Agreement or otherwise shall be designated as a “separate payment” within the meaning of Section 409A of the Code. References herein to a
termination of your employment shall be deemed to refer to the date upon which you have experienced a “separation from service” within the meaning of Code Section 409A. The Company shall consult with you in good faith regarding the
implementation of the provisions of this paragraph. The preceding provisions, however, shall not be construed as a guarantee by the Company of any particular tax effect to you under this Agreement. 

2.    Arbitration 

In the event of any dispute or claim solely related to or arising out of the termination of your employment with the Company for any reason
(including, but not limited to, any claims for breach of contract, wrongful termination, or age, sex, race, national origin, disability or other discrimination or harassment), you agree that all such disputes will be fully, finally and exclusively
resolved by binding arbitration conducted by Judicial Dispute Resolution, LLC (or a similar entity if acceptable to the Company) in King County, Washington, pursuant to the Federal Arbitration Act. You and the Company hereby waive your respective
rights to have any such disputes or claims tried by a judge or jury. This 

  
 

 

 Executive Severance Agreement 

May 1, 2019 
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section will not apply to any claims for injunctive relief by the Company or you, any claims by the Company or you arising out of or related to proprietary and intellectual property rights,
claims pursuant to the National Labor Relations Act, claims pursuant to the Washington State Law Against Discrimination, claims under federal discrimination laws, workers compensation claim(s), unemployment compensation benefits claim(s), or any
other claims that, as a matter of law, the parties cannot agree to arbitrate. 
 3.    Additional Terms 

This Agreement, the Employment Agreement, the Nondisclosure and Assignment Agreement, the Existing Awards and the CIC Agreement (as defined
below) constitute the entire agreement between you and the Company regarding the terms and conditions of your employment are the complete and exclusive statement of all of the terms and conditions of your employment with the Company, and supersede
and replace any and all prior agreements or representations with regard to the subject matter hereof, whether written or oral, including that certain employment letter agreement by and between you and the Company dated on or about March 17,
2016, and that certain change of control agreement between you and the Company dated on or about August 7, 2017. However, this Agreement shall not supersede the change in control agreement between you and the Company dated on or about
May 1, 2019 (“CIC Agreement”). 
 This Agreement is entered into without reliance on any promise or
representation other than those expressly contained herein, and (except for changes reserved to the Company’s discretion herein) cannot be modified or amended except in a writing signed by you and a duly authorized Company representative.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced as if such invalid, illegal or
unenforceable provisions had never been contained herein. This Agreement and the terms of your employment with the Company shall be governed in all aspects by the laws of the State of Washington. 

[Signature page follows.] 

  
 

 

 Executive Severance Agreement 

May 1, 2019 
  Page
 4
 
  

 Please sign and date this Agreement on the spaces provided below to acknowledge your
acceptance of the terms of this Agreement. 
  

	
	Sincerely,
	
	/s/ Chad Robins
	Chad Robins
	Chief Executive Officer

 I agree to and accept the terms and conditions set forth in this Agreement. 

 

			
	
	/s/ Charles Sang
	Charles Sang
		
	Date:	 	May 1, 2019

  
 

 

 Exhibit A 

Release 
 [Separately
attached.]EX-10.9

 Exhibit 10.9 

MIMEDX GROUP, INC. 
 2016
EQUITY AND CASH INCENTIVE PLAN 
 Restricted Stock Agreement 

No. of shares 
 of Restricted Stock: _________ 

THIS RESTRICTED STOCK AGREEMENT (this “Agreement”) dated as of the _____ day of     , 201___, between
MiMedx Group, Inc. (the “Company”) and _________________ (the “Participant”), is made pursuant and subject to the provisions of the Company’s 2016 Equity and Cash Incentive Plan (the “Plan”), a copy of which is
attached hereto. All terms used herein that are defined in the Plan have the same meaning given them in the Plan. 

1.      Grant of Restricted Stock. Pursuant to the Plan, the Company, on ___________ ____, 201__ (the
“Date of Grant”), granted to the Participant, subject to the terms and conditions of the Plan and subject further to the terms and conditions set forth herein, this Restricted Stock Award for ______ shares of Common Stock (the
“Shares”). The Shares are nontransferable and forfeitable until the time they vest and become nonforfeitable as described herein. The Shares will vest and become nonforfeitable as set forth in Section 2 below. 

2.      Vesting of the Shares. Subject to earlier expiration or termination as provided herein, the
Shares will become vested and nonforfeitable as follows: 
 (a)    Time-Based Vesting. The Shares will
become vested and nonforfeitable with respect to one-third (1/3) of the Shares on the Date of Grant and one-third of the Shares (rounded to the nearest whole Share) will
vest on each of the first and second anniversaries of the Date of Grant, and with respect to the remaining Shares on the third anniversary of the Date of Grant, provided the Participant has been continuously employed by, or providing services to,
the Company or an Affiliate from the Date of Grant until such time(s). 
 (b)    Change of Control.
Notwithstanding the foregoing, upon the occurrence of a Change of Control, the Shares shall become vested and nonforfeitable at the time of the Change of Control, provided the Participant has been continuously employed by, or providing services to,
the Company or an Affiliate from the Date of Grant until the time of the Change of Control. 
 (c)    Death and
Disability. Additionally, if the Participant’s employment with the Company and its Affiliates is terminated on account of the Participant’s death or Disability, the Shares shall become vested and nonforfeitable on termination of the
Participant’s employment with the Company and its Affiliates on account of the Participant’s death or Disability. 

3.      Non-Transferability of the Shares.  

(a)    Transfer Restrictions. Participant shall not assign or transfer any Shares while such Shares remain
forfeitable, other than by will or the laws of descent and distribution. No right or interest of Participant or any transferee in the Shares shall be subject to any lien or any obligation or liability of the Participant or any transferee. 

 (b)    Investment Intent. Participant represents and warrants to
the Company that Participant is acquiring the Shares only for investment and without any present intention to sell or distribute such Shares. 

(c)    Securities Law Compliance. Notwithstanding any other provision of this Agreement or the Plan, the Participant
may not sell or otherwise transfer the Shares unless the sale of the Shares is registered under the Securities Act of 1933, as amended, or unless an exemption from such registration requirement exists and the Participant provides a prior opinion of
counsel acceptable to the Company as to the existence of such exemption. 
 (d)    Legend. Participant understands
and agrees that the certificate representing such shares shall bear a restrictive legend as follows: “The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended. The shares have been
acquired for investment and may not be offered, sold or otherwise transferred in the absence of an effective registration statement with respect to the shares or an exemption from the registration requirement of said act that is then applicable to
the shares, as to which a prior opinion of counsel acceptable to the issuer or transfer agent may be required.” 

(e)    Delivery of Shares. The Company may postpone the delivery of any Shares provided for under this Agreement for
so long as the Company determines to be necessary or advisable to satisfy the following: (1) the completion or amendment of any registration of such Shares or satisfaction of any exemption from registration under any securities law, rule, or
regulation; (2) compliance with any requests for representations; and (3) receipt of proof satisfactory to the Company that a person seeking such Shares on the Participant’s behalf upon the Participant’s Disability or upon the
Participant’s estate’s behalf after the death of the Participant, is appropriately authorized. Notwithstanding any other provision of the Plan or any agreement entered into by the Company pursuant to the Plan, the Company shall not be
obligated, and shall have no liability for failure, to issue or deliver any Shares under the Plan unless such issuance or delivery would comply with applicable state and federal securities laws, with such compliance determined by the Company in
consultation with its legal counsel. 
 (f)    Stock Holding Requirements. Notwithstanding any other provision of
this Agreement, the shares that vest and become nonforfeitable may not be sold, transferred or otherwise disposed of until the level of ownership provided in the Company’s Stock Ownership Guidelines is met, to the extent applicable to the
Participant. All shares of Common Stock acquired hereunder (“net” shares acquired in case of any net exercise or withholding of shares) shall be subject to the terms and conditions of the Company’s Stock Ownership Guidelines, as they
may be amended from time to time. 
 4.      Forfeiture of the Shares. Shares that are not vested and
nonforfeitable pursuant to Sections 2(a), (b) or (c) as of the date of termination of Participant’s employment by, or provision of services to, the Company and its Affiliates will be forfeited automatically at the close of business on that
date (immediately upon notice of termination for Cause). In no event may the Shares become vested and nonforfeitable, in whole or in part, after forfeiture pursuant to this Section 4. 

  
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 5.      Agreement to Terms of the Plan and this Agreement.
The Participant has received a copy of the Plan, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions. All decisions and interpretations made by the Company or the Committee with
regard to any question arising under this Agreement will be binding and conclusive on the Company and Participant and any other person who has any rights under this Agreement. 

6.      Tax Consequences. The Participant acknowledges (i) that there may be adverse tax
consequences upon acquisition or disposition of the shares of Common Stock received upon vesting of the Shares and (ii) that Participant should consult a tax adviser prior to such acquisition or disposition. The Participant is solely
responsible for determining the tax consequences of the Restricted Stock Award and for satisfying the Participant’s tax obligations with respect to the Restricted Stock Award (including, but not limited to, any income or excise tax as resulting
from the application of Code Sections 409A or 4999 or related interest and penalties), and the Company and its Affiliates shall not be liable if this grant is subject to Code Sections 409A, 280G or 4999. The Company’s obligation to vest shares
of Common Stock is subject to the Participant’s satisfaction of any applicable federal, state and local income and employment tax and withholding requirements in a manner and form satisfactory to the Company. The Committee, to the extent
applicable law permits, may allow the Participant to pay any such amounts (but only for the minimum required withholding or such other amounts as will not otherwise have negative accounting consequences) (i) by surrendering (actual or by
attestation) shares of Common Stock that the Participant already owns; (ii) by a cashless exercise though a broker, (iii) by means of a “net exercise” procedure or (iv) by such other medium of payment as the Committee in its
discretion shall authorize. 
 7.      Fractional Shares. Fractional shares shall not be issuable
hereunder, and when any provision hereof may entitle the Participant to a fractional share such fractional share shall be disregarded. 

8.      Change in Capital Structure. The Shares shall be adjusted in accordance with the terms and
conditions of the Plan as the Committee determines is equitably required in the event the Company effects one or more stock dividends, stock splits, subdivisions or consolidations of shares or other similar changes in capitalization. 

9.      Notice. Any notice or other communication given pursuant to this Agreement, or in any way with
respect to the Shares, shall be in writing and shall be personally delivered or mailed by United States registered or certified mail, postage prepaid, return receipt requested, to the following addresses: 

  
 3 

									
	                	  	If to the Company:	  	 MiMedx Group, Inc.

1775 West Oak Commons Ct. NE
 Marietta,
Georgia 30062
 Attn: General Counsel
	  		  	
					
	                	  	If to the Participant:	  	  
	  		  	
					
		  		  	  
	  		  	
					
		  		  	  
	  		  	

 10.      Shareholder Rights. While the Shares remain subject to
forfeiture in accordance with this Agreement, Participant shall have all rights of a stockholder with respect to such Shares, including the right to receive dividends and vote the Shares; provided, however, that during such period
(i) Participant may not sell, transfer, pledge, exchange, hypothecate or otherwise dispose of the Shares other than as described above and (ii) the Company shall retain custody of any certificates evidencing the Shares. In lieu of
retaining custody of any certificates evidencing the Shares, the Shares granted under the Agreement, may, in the Company’s discretion, be held in escrow by the Company or reflected in the Company’s books and records, until
Participant’s interest in such Shares becomes vested and nonforfeitable. With respect to any Shares forfeited under this Agreement, Participant does hereby irrevocably constitute and appoint the Secretary of the Company or any successor
Secretary of the Company (the “Secretary”) as Participant’s attorney to transfer the forfeited Shares on the books of the Company with full power of substitution in the premises. The Secretary shall use such authority to cancel any
Shares that are forfeited under this Agreement. 
 11.      No Right to Continued Employment or Service.
Neither the Plan, the granting of the Shares nor any other action taken pursuant to the Plan or this Agreement constitutes or is evidence of any agreement or understanding, expressed or implied, that the Company or any Affiliate shall retain the
Participant as an employee or other service provider for any period of time or at any particular rate of compensation.  

12.      Binding Effect. Subject to the limitations stated above and in the Plan, this Agreement shall be
binding upon and inure to the benefit of the legatees, distributees, and personal representatives of the Participant and the successors of the Company. 

13.      Conflicts. In the event of any conflict between the provisions of the Plan and the provisions of
this Agreement, the provisions of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the date hereof. 

14.      Counterparts. This Agreement may be executed in a number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute one in the same instrument. 

15.      Miscellaneous. The parties agree to execute such further instruments and take such further
actions as may be necessary to carry out the intent of the Plan and this Agreement. This Agreement and the Plan shall constitute the entire agreement of the parties with respect to the subject matter hereof. 

  
 4 

 16.      Section 409A. Notwithstanding any of the
provisions of this Agreement, it is intended that the Shares be exempt from Section 409A of the Code. Notwithstanding the preceding, neither the Company nor any Affiliate shall be liable to the Participant or any other person if the Internal
Revenue Service or any court or other authority have any jurisdiction over such matter determines for any reason that the Shares are subject to taxes, penalties or interest as a result of failing to be exempt from, or comply with, Section 409A
of the Code. 
 17.      Section 83(b). The Participant may make an election under Section 83(b)
of the Code to include the Fair Market Value of the Shares in taxable income as of the Date of Grant. Notwithstanding the foregoing, no such election may be made unless the Participant makes arrangements that are satisfactory to the Committee to pay
all applicable tax withholdings in cash or cash equivalents or some other acceptable methodology other than by means of a “net exercise” procedure. 

18.      Compensation Recoupment Policy. Notwithstanding any other provision of this Agreement, the
Participant shall reimburse or return to the Company the gross number of shares of Common Stock that the Participant received (or would have received absent a “net exercise” procedure) under this Agreement or, if greater, the amount of
gross proceeds from any earlier sale of any such shares of Common Stock, plus any other amounts received with respect to this Award, to the extent any reimbursement, recoupment or return is required under applicable law or the Company’s
Compensation Recoupment Policy or any similar policy that the Company may adopt. 
 19.      Governing Law.
This Agreement shall be governed by the governing laws applicable to the Plan. 
 [Signature Page to Follow] 

  
 5 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by a duly authorized
officer, and the Participant has affixed the Participant’s signature hereto. 
  

			
	 COMPANY:
  

MIMEDX GROUP, INC.

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 
			
	
	PARTICIPANT:
	
	 
	[Participant’s Name]

  
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