Document:

EX-10.2

 Exhibit 10.2 
 NON-EMPLOYEE DIRECTOR RESTRICTED STOCK UNIT AGREEMENT 
 TIME-BASED VESTING

 POLYCOM, INC. 
 RESTRICTED STOCK UNIT AGREEMENT 
 [NAME] 

Award Number: [NUMBER] 

NOTICE OF GRANT 

Polycom, Inc. (the “Company”) hereby grants you, [NAME] (the “Director”), an award of Restricted Stock Units under the
Company’s 2011 Equity Incentive Plan (the “Plan”). The date of this Restricted Stock Unit Agreement (the “Agreement”) is [DATE] (the “Grant Date”). Subject to the provisions of Appendix A (attached),
and of the Plan, the principal features of this award are as follows: 
  

			
	 Number of
	  	
	 Restricted Stock Units:
	  	[                    ]
		
	 Vesting Schedule:
	  	The Restricted Stock Units will vest in accordance with the following schedule: [INSERT VESTING SCHEDULE] *

 IMPORTANT: 

 

	*	Except as otherwise provided in Appendix A, Director will not vest in the Restricted Stock Units unless he or she is employed by the Company or one of its Subsidiaries
through the applicable vesting date. 

 Your signature below indicates your agreement and understanding that this
award is subject to all of the terms and conditions contained in Appendix A and the Plan. For example, important additional information on vesting and forfeiture of the Restricted Stock Units is contained in paragraphs 3 through 5 and
paragraph 7 of Appendix A. PLEASE BE SURE TO READ ALL OF APPENDIX A, WHICH CONTAINS THE SPECIFIC TERMS AND CONDITIONS OF THIS AGREEMENT. 
  

					
	POLYCOM, INC.	 		  	DIRECTOR
			
	  
	 		  	  

	[NAME]	 		  	[NAME]
	[TITLE]	 		  	
			
	Date:             , 2013	 		  	Date:             , 2013

 APPENDIX A 
 TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS 
 1. Grant. The
Company hereby grants to the Director under the Plan an award of the Number of Restricted Stock Units set forth on the Notice of Grant, subject to all of the terms and conditions in this Agreement and the Plan. When Shares are paid to the Director
in payment for the Restricted Stock Units, par value will be deemed paid by the Director for each Restricted Stock Unit by past services rendered by the Director, and will be subject to the appropriate tax withholdings. Unless otherwise defined
herein, capitalized terms used herein shall have the meanings ascribed to them in the Plan. 
 2. Company’s Obligation
to Pay. Each Restricted Stock Unit has a value equal to the Fair Market Value of a Share on the date that the Restricted Stock Unit is granted. Unless and until the Restricted Stock Units have vested in the manner set forth in paragraphs 3
through 5, the Director will have no right to payment of such Restricted Stock Units. Prior to actual payment of any vested Restricted Stock Units, such Restricted Stock Units will represent an unsecured obligation. Payment of any vested Restricted
Stock Units will be made in whole Shares only. 
 3. Vesting Schedule/Period of Restriction. Except as provided in
paragraphs 4 and 5, and subject to paragraph 7, the Restricted Stock Units awarded by this Agreement shall vest in accordance with the vesting provisions set forth on the first page of this Agreement. Except as provided in
paragraphs 4 and 5, and subject to paragraph 7, Restricted Stock Units shall not vest in the Director in accordance with any of the provisions of this Agreement unless the Director shall have been continuously providing service to the
Company or to one of its Subsidiaries from the Grant Date until the date the Restricted Stock Units are otherwise scheduled to vest. 
 4. Modifications to Vesting Schedule. 
 (a) Death or Disability of
Director. In the event that the Director incurs a Termination of Service due to his or her death or Disability, the Restricted Stock Units shall fully vest on the date of the Director’s death or Disability. 

(b) Voluntary Termination. In the event the Director voluntarily terminates his or her service from the Board and such voluntary
termination occurs not less than six (6) months after the Grant Date, the Restricted Stock Units shall [INSERT DESCRIPTION OF VESTING CONDITIONS]. 
 (c) Change in Control. In the event of a Change in Control, this award shall be subject to the definitive agreement governing such Change in Control. Such agreement, without the Director’s
consent and notwithstanding any provision to the contrary in this Agreement or the Plan, must provide for one of the following: (a) the assumption of this award by the surviving corporation or its parent; (b) the substitution by the
surviving corporation or its parent of an award with substantially the same terms as this award; or (c) the acceleration of the vesting of 100% of the Restricted Stock 

 
Units that remain unvested at the time of the Change in Control. In the event the definitive agreement does not provide for one of the foregoing alternatives with respect to the treatment of this
award, this award shall have the treatment specified in clause (c) of the preceding sentence. The Committee may, in its sole discretion, accelerate the vesting of this award in connection with any of the foregoing alternatives. In addition, if
the Director is not asked to be a member of the board of directors of the combined successor entity following a Change in Control that occurs prior to the date this award is fully vested, this award shall become fully vested as to all of the
Restricted Stock Units that are unvested immediately preceding the Change in Control and Paragraph 25 hereof shall be deemed to be without force and effect. For purposes of this Agreement, “Change in Control” means the occurrence of any of
the following events: (a) any “person” (as such term is used in Sections 13(d) and 14(d) of the 1934 Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the 1934 Act), directly or indirectly, of securities of
the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then outstanding voting securities; (b) the consummation of the sale or disposition by the Company of all or substantially
all of the Company’s assets; (c) a change in the composition of the Board occurring within a one-year period, as a result of which fewer than a majority of the directors are Incumbent Directors; or (d) the consummation of a merger or
consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding
immediately after such merger or consolidation. “Incumbent Directors” means directors who either (A) are Directors as of the effective date of the Plan, or (B) are elected, or nominated for election, to the Board with the
affirmative votes of at least a majority of the Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the
election of directors to the Company). 
 5. Committee Discretion. The Committee, in its discretion, may accelerate the
vesting of the balance, or some lesser portion of the balance, of the Restricted Stock Units at any time, subject to the terms of the Plan. If so accelerated, such Restricted Stock Units will be considered as having vested as of the date specified
by the Committee. If the Committee, in its discretion, accelerates the vesting of the balance, or some lesser portion of the balance, of the Restricted Stock Units and the Restricted Stock Units are “deferred compensation” within the
meaning of Section 409A, the payment of such accelerated Restricted Stock Units nevertheless shall be made at the same time or times as if such Restricted Stock Units had vested in accordance with the vesting schedule set forth in the Notice of
Grant (whether or not the Director remains providing services to the Company or to one of its Subsidiaries as of such date(s)). Notwithstanding the foregoing, if such Restricted Stock Units are accelerated in connection with the Director’s
Termination of Service (other than due to death), the Restricted Stock Units that vest on account of the Director’s Termination of Service will not be considered due or payable until the Director has a “separation from service” within
the meaning of Section 409A. In addition, if the Director is a “specified employee” within the meaning of Section 409A at the time of the Director’s separation from service, then any such accelerated Restricted Stock Units
otherwise payable within the six (6) month period following the Director’s separation from service instead will be paid on the date that is six (6) months and one (1) day following the date of the Director’s separation from
service, unless the Director dies following his or her separation from service, in which case, the accelerated Restricted 

 
Stock Units will be paid to the Director’s estate as soon as practicable following his or her death, subject to paragraph 8. Thereafter, such Restricted Stock Units shall continue to
be paid in accordance with the vesting schedule set forth on the first page of this Agreement. For purposes of this Agreement, “Section 409A” means Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and any final
Treasury Regulations and other Internal Revenue Service guidance thereunder, as each may be amended from time to time (“Section 409A”). 
 6. Payment after Vesting. Any Restricted Stock Units that vest in accordance with paragraphs 3 through 4 will be paid to the Director (or in the event of the Director’s death, to his or her
estate) in Shares as soon as practicable following the date of vesting, subject to paragraph 9, but in no event later than the applicable two and one-half
(2 1/2) month period of the “short-term deferral” rule set forth in the Section 1.409A-1(b)(4) of the Treasury Regulations issued under Section 409A. Notwithstanding the foregoing, if
the Restricted Stock Units are “deferred compensation” within the meaning of Section 409A, the vested Restricted Stock Units will be released to the Director (or in the event of the Director’s death, to his or her estate) in
Shares as soon as practicable following the date of vesting, subject to paragraph 9, but in no event later than the end of the calendar year that includes the date of vesting or, if later, the fifteen (15th) day of the third (3rd) calendar
month following the date of vesting (provided that the Director will not be permitted, directly or indirectly, to designate the taxable year of the payment). Further, if some or all of the Restricted Stock Units that are “deferred
compensation” within the meaning of Section 409A vest on account of the Director’s Termination of Service (other than due to death) in accordance with paragraphs 3 through 4, the Restricted Stock Units that vest on account of the
Director’s Termination of Service will not be considered due or payable until the Director has a “separation from service” within the meaning of Section 409A. In addition, if the Director is a “specified employee”
within the meaning of Section 409A at the time of the Director’s separation from service (other than due to death), then any accelerated Restricted Stock Units will be paid to the Director no earlier than six (6) months and one
(1) day following the date of the Director’s separation from service unless the Director dies following his or her separation from service, in which case, the Restricted Stock Units will be paid to the Director’s estate as soon as
practicable following his or her death, subject to paragraph 9. Any Restricted Stock Units that vest in accordance with paragraph 5 will be paid to the Director (or in the event of the Director’s death, to his or her estate) in Shares in
accordance with the provisions of such paragraph, subject to paragraph 9. For each Restricted Stock Unit that vests, the Director will receive one Share. 
 7. Forfeiture. Notwithstanding any contrary provision of this Agreement, the balance of the Restricted Stock Units that have not vested pursuant to paragraphs 3 through 5 at the time of the
Director’s Termination of Service for any or no reason will be forfeited and automatically transferred to and reacquired by the Company at no cost to the Company. 
 8. Death of Director. Any distribution or delivery to be made to the Director under this Agreement will, if the Director is then deceased, be made to the administrator or executor of the
Director’s estate. Any such administrator or executor must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and
compliance with any laws or regulations pertaining to said transfer. 

 9. Withholding of Taxes. When Shares are issued as payment for vested Restricted
Stock Units, all income and other taxes related to the Restricted Stock Units award and any Shares delivered in payment thereof are the sole responsibility of the Director. 
 10. No Effect on Service. The terms of the Director’s service to the Company, whether as a Director or otherwise, will be determined from time to time by the Company and the Company will have
the right, which is hereby expressly reserved, to terminate or change the terms of the service as a Director at any time for any reason whatsoever, with or without good cause. The transactions contemplated hereunder and the vesting schedule set
forth in the Notice of Grant do not constitute an express or implied promise of continued service as a Director for any period of time. A leave of absence or an interruption in service (including an interruption during military service) authorized
or acknowledged by the Company shall not be deemed a Termination of Service for the purposes of this Agreement. 
 11. Rights
as Stockholder. Neither the Director nor any person claiming under or through the Director will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates
representing such Shares (which may be in book entry form) will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Director (including through electronic delivery to a brokerage
account). After such issuance, recordation and delivery, the Director will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares. 

12. Address for Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company,
in care of its General Counsel, at 6001 America Center Drive, San Jose, CA 95002, or at such other address as the Company may hereafter designate in writing. 
 13. Grant is Not Transferable. Except to the limited extent provided in this Agreement, this grant of Restricted Stock Units and the rights and privileges conferred hereby will not be sold,
pledged, assigned, hypothecated, transferred or disposed of any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process, until the Director has been issued Shares in payment of
the Restricted Stock Units. Upon any attempt to sell, pledge, assign, hypothecate, transfer or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar
process, this grant and the rights and privileges conferred hereby immediately will become null and void. 
 14. Restrictions
on Sale of Securities. The Shares issued as payment for vested Restricted Stock Units under this Agreement will be registered under U.S. federal securities laws and will be freely tradable upon receipt. However, a Director’s subsequent sale
of the Shares may be subject to any market blackout-period that may be imposed by the Company and must comply with the Company’s insider trading policies, and any other applicable securities laws. 

15. Binding Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement will be
binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

 16. Additional Conditions to Issuance of Certificates for Shares. The Company shall
not be required to issue any certificate or certificates for Shares hereunder prior to fulfillment of all the following conditions: (a) the admission of such Shares to listing on all stock exchanges on which such class of stock is then listed;
(b) the completion of any registration or other qualification of such Shares under any U.S. state or federal law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the
Committee shall, in its absolute discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from any U.S. state or federal governmental agency, which the Committee shall, in its absolute discretion, determine
to be necessary or advisable; and (d) the lapse of such reasonable period of time following the date of vesting of the Restricted Stock Units as the Committee may establish from time to time for reasons of administrative convenience.

 17. Plan Governs. This Agreement is subject to all the terms and provisions of the Plan. In the event of a conflict
between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. 
 18. Committee Authority. The Committee will have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are
consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Restricted Stock Units have vested). All actions taken and all interpretations and determinations made by the
Committee in good faith will be final and binding upon the Director, the Company and all other interested persons. No member of the Committee will be personally liable for any action, determination or interpretation made in good faith with respect
to the Plan or this Agreement. 
 19. Captions. Captions provided herein are for convenience only and are not to serve as
a basis for interpretation or construction of this Agreement. 
 20. Agreement Severable. In the event that any provision
in this Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement. 

21. Modifications to the Agreement. This Agreement constitutes the entire understanding of the parties on the subjects covered.
The Director expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the Plan can be made only in an express
written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Agreement, the Company reserves the right to revise this Agreement as it deems necessary or advisable, in its sole
discretion and without the consent of the Director, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A prior to the actual payment of Shares pursuant to this award of
Restricted Stock Units (but, to the extent reasonably possible, without materially reducing the economic benefits to be provided to the Director). 
 22. Amendment, Suspension or Termination of the Plan. By accepting this Restricted Stock Units award, the Director expressly warrants that he or she has received a right to receive

 
stock under the Plan, and has received, read and understood a description of the Plan. The Director understands that the Plan is discretionary in nature and may be amended, suspended or
terminated by the Company at any time. 
 23. Disclosure of Director Information. By accepting this Restricted Stock
Units award, the Director consents to the collection, use and transfer of personal data as described in this paragraph. The Director understands that the Company and its Subsidiaries hold certain personal information about him or her, including his
or her name, home address and telephone number, date of birth, social security or identity number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all awards of Restricted Stock Units or any other
entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in his or her favor, for the purpose of managing and administering the Plan (“Data”). The Director further understands that the Company and/or its
Subsidiaries will transfer Data among themselves as necessary for the purpose of implementation, administration and management of his or her participation in the Plan, and that the Company and/or any of its Subsidiaries may each further transfer
Data to any third parties assisting the Company in the implementation, administration and management of the Plan. The Director understands that these recipients may be located in the European Economic Area, or elsewhere, such as in the U.S. The
Director authorizes the Company to receive, possess, use, retain and transfer the Data in electronic or other form, for the purposes of implementing, administering and managing his or her participation in the Plan, including any requisite transfer
to a broker or other third party with whom he or she may elect to deposit any Shares of stock acquired from this award of Restricted Stock Units of such Data as may be required for the administration of the Plan and/or the subsequent holding of
Shares of stock on his or her behalf. The Director understands that he or she may, at any time, view the Data, require any necessary amendments to the Data or withdraw the consent herein in writing by contacting the Equity Programs Department for
the Company and/or its applicable Subsidiaries. 
 24. Notice of Governing Law. This award of Restricted Stock Units
shall be governed by, and construed in accordance with, the laws of the State of California, without regard to principles of conflict of laws. 
 25. Non-Solicit. The Director agrees that for the period commencing on the date the Director executes this option and ending on the date occurring twelve (12) months after the Director incurs
a Termination of Service, the Director will not either directly or indirectly solicit, induce, recruit, or encourage any of the Company’s employees to leave their employment, or take away such employees, either for the benefit of the Director
or on behalf of another entity. 
 o   O   oExecutive Employment Agreement

 Exhibit 10.1 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS EXECUTIVE EMPLOYMENT
AGREEMENT (the “Agreement”), effective as of February 25, 2013, is made by and between AXOGEN CORPORATION, a Delaware corporation (“AXOGEN” or “Employer”), and Shawn McCarrey (“Employee”), whose
resident address is 4667 Warrington Drive, Roswell, GA 30075 (collectively, the “Parties”). 
 RECITALS:

 A. WHEREAS, AXOGEN believes it is in its best interest to employ Employee, and Employee desires to be employed by AXOGEN;
and 
 B. WHEREAS, AXOGEN and Employee desire to set forth the terms and conditions on which Employee shall be employed by and
perform duties on behalf of AXOGEN. 
 NOW, THEREFORE, in consideration of the promises set forth in this Agreement, and for
other good and valuable consideration, the receipt and adequacy of which is acknowledged by this Agreement, the Parties to this Agreement, intending to be legally bound, agree as follows: 
 1. Employment. AXOGEN hereby employs Employee, and Employee hereby accepts such employment, all upon the terms and conditions set forth in this Agreement, including those set forth in the attached
Schedules and Exhibits. 
 (a) Duties of Employee. The duties of Employee are set forth on Schedule 1 of this Agreement,
which is attached hereto and incorporated herein by reference. 
 (b) Compensation and Benefits. The compensation and
benefits to which Employee may be entitled pursuant to this Agreement are set forth on Schedule 2 of this Agreement, which is attached hereto and incorporated herein by reference. 
 2. Confidentiality Agreement/Non-Disclosure/Non-Competition Agreement. The Parties have entered into, as a condition of Employee’s employment, a Confidentiality Agreement/Non-Disclosure with
Invention Assignment Agreement (the “Confidentiality/Non-Compete Agreement”), which shall be incorporated herein by reference. 
 3.
Non-Competition Agreement. Employee has agreed as a condition to employment to the non-competition provisions of the Confidentiality/Non-Compete Agreement. 
 4. Termination. 
 (a) At-will. Either AXOGEN or Employee may
terminate this Agreement at any time during the course of Employee’s employment and for any reason, upon giving written notice to the other party. Employer shall have no further liability or obligation to Employee other than to pay for services
rendered through Employee’s last date of employment. If Employee elects to terminate this Agreement and provides Employer with any notice period prior to the date of termination, Employer may elect to terminate this Agreement immediately
thereon and incur no further obligation to Employee other than for wages worked through the date of termination of this Agreement. It is the intention of the Parties that at all times this shall be an at-will employment relationship during the
course of Employee’s employment with Employer. Nothing contained in this Agreement shall be deemed or construed to create a contractual relationship between the Parties for a specific duration of time. 

  
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 (b) Death. In the event of the death of the Employee, this Agreement shall terminate
on the date of Employee’s death, without any liability to or upon the Employer other than to pay for services rendered prior to the date of the Employee’s death. 
 (c) Permanent Disability. For purposes of this Agreement, the term “Permanent Disability” shall mean a physical or mental incapacity of Employee, which renders Employee unable to perform
Employee’s duties pursuant to this Agreement, and which shall continue for ninety (90) consecutive days or one hundred and eighty (180) days during any twelve month period. If AXOGEN or Employee terminates Employee’s employment
by reason of Permanent Disability of Employee, this Agreement shall terminate immediately upon written notice by AXOGEN to Employee, or the date Employee gives notice to terminate employment to AXOGEN, without any liability to or upon the Employer
other than to pay for services rendered through the termination date. 
 5. Change in Control. 

For the purposes of this Agreement, a “Change in Control” shall mean the occurrence of any of the following events: 

(i) any “person” (as that term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(“Exchange Act”)), who holds less than twenty percent (20%) of the combined voting power of the securities of AXOGEN or its parent company AxoGen, Inc. (“INC.”), becomes the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of AXOGEN or INC. representing fifty percent (50%) or more of the combined voting power of the securities of either AXOGEN or INC. then outstanding; or 

(ii) during any period of twenty-four (24) consecutive months, individuals, who, at the beginning of such period constitute all
members of the Board of Directors of INC. (the “Board”) and cease, for any reason, to constitute at least a majority of the Board, unless the election of each director who was not a director at the beginning of the period was either
nominated for election by, or approved by a vote of, at least two-thirds of the directors then still in office who were directors at the beginning of the period; or 
 (iii) AXOGEN or INC. consolidates or merges with another company, and AXOGEN or INC. is not the continuing or surviving corporation, provided, however, that any consolidation or merger whereby INC.
continues as the majority holder of AXOGEN securities or a merger or consolidation of AXOGEN and INC. will not constitute a Change in Control; or 
 (iv) shares of AXOGEN’s or INC.’s common stock are converted into cash, securities, or other property, other than by a merger of AXOGEN or INC., pursuant to Section 5(a)(iii), in which the
holders of AXOGEN’s or INC.’s common stock immediately prior to the merger have the same proportionate ownership of common stock of the surviving corporation as immediately after the merger; or 

  
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 (v) AXOGEN or INC. sells, leases, exchanges, or otherwise transfers all, or substantially
all, of its assets (in one transaction or in a series of related transactions), provided, however, that any such transaction related to AXOGEN whereby INC. continues as the majority holder of AXOGEN securities or INC. is the sole other party to the
transaction, will not constitute a Change in Control; or 
 (vi) the holders of AXOGEN’s or INC.’s stock approve a plan
or proposal for the liquidation or dissolution of AXOGEN or INC. 
 7. Surrender of Records and all Company Property. Upon the
termination of Employee’s employment for any reason, whether by AXOGEN or Employee, Employee agrees to return to AXOGEN, in good condition, (i) any and all equipment belonging to AXOGEN including, without limitation, computers, cell
phones, and personal digital assistants, and (ii) any and all data, computer files, customer lists and contact information, documents and other materials in Employee’s possession, or removed by Employee from AXOGEN’s premises, whether
now in Employee’s possession or not, which materials were obtained in connection with Employee’s employment with AXOGEN, including any and all copies (whether complete or partial) and extracts thereof, and (iii) any and all other
company property or Confidential Information and materials as they are defined in Employee’s Confidentiality/Non-Compete Agreement, in the Employee’s control or possession. 
 8. Miscellaneous Provisions. 
 (a). Amendments to this Agreement only in
Writing. The provisions of this Agreement and the attached Schedules and Exhibits shall only be amended, supplemented, or waived by a written agreement executed by both a duly authorized officer of AXOGEN and Employee. 

(b). Assignments. Employee shall not assign Employee’s rights and/or obligations pursuant to this Agreement or the attached
Schedules and Exhibits. AXOGEN may assign its rights and/or obligations pursuant to this Agreement and the attached Schedules and Exhibits at any time without prior notice to Employee. In the event of a Change of Control in which AXOGEN or INC. is
not the surviving entity, any reference to AXOGEN or INC. shall be deemed to refer to the surviving entity. 
 (c). Binding
Effect. All of the terms and provisions of this Agreement and the attached Schedules and Exhibits, whether so expressed or not, shall be binding upon, inure to the benefit of, and be enforceable by the Parties and their respective
administrators, executors, legal representatives, heirs, successors and permitted assigns. 
 (d). The Provisions of this
Agreement are Severable. If any part of this Agreement, or any of the Schedules or Exhibits entered into pursuant to this Agreement, is contrary to, prohibited by, or deemed invalid under any applicable law or regulation, such provision shall be
inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder of this Agreement and its Schedules and Exhibits shall not be so invalidated, and shall be given full force and effect so far as possible.

  
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 (e). Survival. Notwithstanding anything to the contrary in this Agreement, the
provisions of Sections 1 through 8 shall survive and remain in effect beyond the execution and delivery of this Agreement in accordance with their respective terms of duration. 

(f). Waivers. The failure or delay of AXOGEN at any time to require performance by Employee of any provision of this Agreement or
the attached Schedules and Exhibits, even if known, shall not affect the right of AXOGEN to require performance of that provision or to exercise any right, power or remedy pursuant to this Agreement or the attached Schedules and Exhibits. Any waiver
by AXOGEN of any breach of any provision of this Agreement or the attached Schedules and Exhibits shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any
right, power or remedy pursuant to this Agreement or the attached Schedules and Exhibits. 
 (g). Notices. All notices,
requests, consents and other communications required or permitted under this Agreement shall be in writing and shall be (i) hand-delivered by messenger or courier service; (ii) sent by an overnight-mail service (e.g. FedX or UPS); or
(iii) mailed (airmail, if international) by registered or certified mail (postage prepaid), return receipt requested, and addressed to: 

If to Employee: 
 Employee’s most
current address on file with AXOGEN. 
  

			
	 If to AXOGEN:
	  	With a copy to:
		
	 AXOGEN Corporation
	  	AXOGEN Corporation
	 13859 Progress Blvd., Ste. 100
	  	13859 Progress Blvd., Ste. 100
	 Alachua, FL 32615
	  	Alachua, FL 32615
	 Attn: CEO
	  	Attn: Human Resources

 or to such other address as any party may designate by written notice complying with the terms of this section. Each such
notice shall be deemed delivered (a) on the date delivered, if by personal delivery, or (b) on the date upon which the return receipt is signed, delivery is refused, or the notice is designated by the postal authorities as not deliverable,
as the case may be, if mailed. 
 (h). Governing Law. This Agreement and the attached Schedules and Exhibits and all
transactions contemplated by this Agreement or the attached Schedules and Exhibits shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Florida, without regard to principles of conflicts of laws.

 (i). Jurisdiction and Venue. The Parties acknowledge that a substantial portion of negotiations, anticipated
performance and execution of this Agreement and the attached Schedules and Exhibits occurred, or shall occur, in Alachua County, Florida, and the Parties irrevocably and unconditionally (a) agree that any suit, action or legal proceeding
arising out of, or relating to, this Agreement or the attached Schedules and Exhibits shall be brought in the courts of record of the State of Florida in Alachua County, or the United States District Court, Northern District of Florida, Gainesville
Division; (b) consent to the jurisdiction of each such court in any such suit, action or proceeding; (c) waive any objection which they may have to the laying of venue of any such suit, action or proceeding in any of such courts; and
(d) agree that service of any court paper may be effected on such party by mail, as provided in this Agreement, or in such other manner as may be provided under applicable laws or court rules in said state. 

  
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 (j). Remedies Available to Either Party Cumulative. No remedy conferred upon any
party pursuant to this Agreement (or the attached Schedules and Exhibits) is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to every other remedy given pursuant to this
Agreement (or the attached Schedules and Exhibits) now or hereafter existing at law or in equity or by statute or otherwise. No single or partial exercise by any party of any right, power or remedy pursuant to this Agreement (or the attached
Schedules and Exhibits) shall preclude any other or further exercise of such right, power or remedy. 
 (k). Entire
Agreement. This Agreement and the attached Schedules and Exhibits represents the entire understanding and agreement between the Parties with respect to the subject matter contained herein and supersedes all other negotiations, understandings and
representations (if any) made by and between the Parties. 
 (l). Section and Paragraph Headings. Section and paragraph
headings used throughout this Agreement and the attached Schedules and Exhibits are for convenience of reference only and in no way define, limit or describe the scope or intent of this Agreement or the attached Schedules and Exhibits. 

(m). Preparation of Agreement. This Agreement shall not be construed more strongly against any party regardless of who is
responsible for its preparation. The Parties acknowledge that each party contributed to its negotiations and is equally responsible for its preparation. 
 (n). Section 409A of the Code. Notwithstanding any provision of this Agreement to the contrary, this Agreement is intended to meet the requirements of Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”) to the extent applicable, the Parties intend to administer this Agreement in a manner that is consistent with those requirements or an exception thereto, and this Agreement shall be construed and
interpreted in accordance with such intent. Any payments that are considered deferred compensation under Section 409A of the Code and that are paid to a “specified employee” (as defined in Section 409A of the Code) upon
separation from service shall be subject to a six (6) month delay, if required by Section 409A of the Code. If required by Section 409A of the Code, any amounts otherwise payable during the six (6) month period that commences on
and follows the Employee’s termination date shall be paid in one lump sum amount on the first payroll date following the six (6) month period following the Employee date of termination (or within thirty (30) days of the
Employee’s death, if earlier). For purposes of Section 409A of the Code, all payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” (within the meaning of such
term under Section 409A of the Code). Each payment made under this Agreement shall be treated as a separate payment. In no event shall the Employee, directly or indirectly, designate the calendar year of a payment. All reimbursements under this
Agreement shall be provided in a manner that complies with Section 409A of the Code, if applicable. If required by regulations or other guidance issued under Section 409A of the Code or a court of competent jurisdiction, the provisions
regarding payments hereunder shall be amended to provide for such payments to be made at the time allowed under such regulations, guidance or authority that most closely achieves the intent of this Agreement. 

  
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 EMPLOYEE AND AXOGEN have executed this Agreement as of the 25th day of February 2013.

  

	
	AXOGEN Corporation
	
	/s/ Karen Zaderej
	Name: Karen Zaderej
	Title: CEO

  

	
	EMPLOYEE:
	
	/s/ Shawn McCarrey
	Shawn McCarrey

  
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 SCHEDULE LIST 

 

			
	Schedule 1 -	  	Duties of Employee
	Schedule 2 -	  	Compensation and Benefits

  
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 SCHEDULE 1 
 DUTIES OF EMPLOYEE 
 The duties of Employee with AXOGEN Corporation (“AXOGEN” or
“Employer”) are as follows: 
 1. Employee’s Title: AXOGEN hereby employs Employee as a Senior Vice President of Sales,
which title may change at AXOGEN’s discretion. 
 2. Employee’s Duties: During employment with AXOGEN, Employee’s duties
will include, without limitation, the following: 
 (a) Description of Duties. Employee shall perform all duties in
connection with Employee’s position, or as otherwise designated by AXOGEN, including, without limitation, the following duties: 
 Employee shall perform all duties in connection with Employee’s position, or as otherwise designated by AXOGEN, including, without limitation demonstrate creative, insightful ideas and implement them
quickly and effectively; work with deadlines; manage and complete projects through commercialization; develop techniques in the clinical sale of concepts and products; effectively manage budget and sales tracking; establish and monitor metrics to
demonstrate effectiveness in sales growth and market; create sales targets and meet or exceed such targets; manage the sales team ensuring proper level and use of resources; negotiate and execute contracts with hospitals and IDNs; work closely with
the Senior Vice President of Marketing or other designated person to create strategies to communicate effectively with customers and maximize customer retention; hire, develop, train and retain a high performing sales team; develop sales training
and sales tools as well as provide field sales support; develop programs that increase qualified leads; work closely with the team to develop and manage channel and partner programs, including identifying strategic alliances that can benefit
the growth of the company; assist in molding the strategic direction of the company; and any other activities assigned to Employee by AXOGEN from time to time. 
 (b) Report to AXOGEN Designated Manager. Employee shall report to the CEO of AXOGEN. 
 (c) Compliance With Employee Policies and Procedures. Employee shall comply with all AXOGEN policies and procedures for employees as provided to Employee on the hire date and as such policies and
procedures may exist from time to time. 
 (d) No Other Business Activities. 

(i) Employee shall devote Employee’s entire professional time, energy and skill to the performance of Employee’s duties
pursuant to the Agreement, the service of AXOGEN, and promotion of AXOGEN’s interests. The Parties agree that Employee may not during Employee’s employment, except as permitted in writing by AXOGEN, be engaged in any other business
activity, whether or not such activity is pursued for gain, profit, or other pecuniary advantage including, without limitation, management or management consulting activities. 

  
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 (ii) Notwithstanding the preceding subsection, Employee may invest Employee’s personal
assets in businesses or real estate that are not in competition with AXOGEN where the form or manner of such investment will not require services on the part of Employee, and in which Employee’s participation is solely that of a passive
investor. 
 (e) Compliance with AXOGEN’s Rules and Regulations. Employee agrees to abide by all rules and
regulations established from time to time by AXOGEN. 

  
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 SCHEDULE 2 
 COMPENSATION AND BENEFITS 
 Subject to the terms and conditions of the
Executive Employment Agreement (the “Agreement”), Employee may be entitled to receive from AXOGEN Corporation (“AXOGEN” or “Employer”) the following compensation and benefits: 

1. Base Salary. 
 (a)
Amount. Employee’s salary during employment with AXOGEN will be at the rate of $200,000 (Two Hundred Thousand Dollars) annually, (the “Base Salary”) effective upon execution and delivery of the Agreement and Employee’s
first day of employment with AXOGEN. 
 (b) Payment. The Base Salary shall be payable in accordance with the existing
payroll practices of AXOGEN, which practices may be changed by AXOGEN from time to time at its sole discretion. The Base Salary shall be subject to all appropriate withholding taxes. 

(c) Review of Base Salary. The Base Salary shall be reviewed by AXOGEN on an annual basis; however AXOGEN reserves the right to
increase or decrease the Base Salary at any time during the employment relationship in its sole discretion. 
 (d)
Commission. 
 (i) Calculation. Employee will be paid a commission based upon an agreed upon
commission plan determined by AxoGen with a target of 100% of monthly base salary. 
 (ii) Payment. The
Commission, if paid, shall be paid in accordance with, and subject to, the normal payroll policies of AXOGEN with respect to similar forms of compensation, including, without limitation, being subject to all appropriate withholding taxes.

 (iii) Termination. Except as otherwise set forth in Paragraph 5 of the Agreement, in the event that
Employee’s employment is terminated for any reason, either by Employee or AXOGEN, Employee’s entitlement to any Commissions set forth in this Section 1(d) shall cease as of the date of termination. Employer shall have no further
liability or obligation to Employee with respect to Commissions. 
 2. Business Expenses and Reimbursements. Employee shall be eligible
for reimbursement by AXOGEN in accordance with AXOGEN’s normal reimbursement practices for ordinary and necessary business expenses incurred by Employee in the performance of Employee’s duties for AXOGEN, so long as Employee timely submits
to AXOGEN accurate invoices and receipts of all expenses submitted for reimbursement pursuant to this section. 
 3. Stock Options.
Employee may be eligible to receive stock options in accordance with the terms of the Employee’s Incentive Stock Option Agreement. 
 4.
Car Allowance. During the Employee’s employment with AXOGEN, Employee will be paid a car allowance in accordance with AXOGEN’s then existing car allowance policy, if any. Employee shall timely submit to AXOGEN accurate invoices and
receipts of all expenses submitted for reimbursement. 

  
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 5. Benefits. Employee will be permitted to participate in such benefit plans of AXOGEN that
may be in effect from time to time, to the extent Employee is eligible under the terms of those plans. Nothing herein shall be construed to require AXOGEN to institute or continue any particular plan or benefit. AXOGEN reserves the right to add,
change, or eliminate any benefits at any time at its sole discretion. 
 6. Vacations and Holidays. Employee will be entitled to
paid vacation and holidays in accordance with the vacation and holiday policies of AXOGEN in effect for its employees from time to time. Vacation must be taken by Employee at such time or times as approved by AXOGEN. Employee is entitled to three
(3) weeks of paid vacation per calendar year with the first year prorated based upon the number of days employed. 
 7. Bonus.

 (a) Calculation. In the event that AxoGen’s gross revenue from March through December 2013 exceeds the budgeted gross
revenue as established by AXOGEN’s Board of Directors for such period, Employee will be paid a cash bonus equal to $40,000 and an additional Incentive Stock Option for the purchase of 17,000 shares granted on, and priced, January 15, 2014,
if earned. Bonuses for subsequent years will be agreed to by the parties. 
 (b) Payment. The Bonus if paid shall be paid in
accordance with, and subject to, the normal payroll policies of AXOGEN with respect to similar forms of compensation, including, without limitation, being subject to all appropriate withholding taxes. 

8. Compensation Review. AXOGEN shall, from time to time, but no less frequently than annually, review Employee’s compensation (including
benefits) and may, in its sole discretion, increase, or decrease, or eliminate any or all of the benefits. Any such increase or decrease in the compensation package shall be valid only if in writing, executed by a duly authorized officer of AXOGEN,
and such writing shall constitute an amendment to this Paragraph 8 (and to the Agreement and any applicable Schedules or Exhibits) solely as to the benefits, without waiver or modification of any other terms, conditions or provisions of the
Agreement. 
 9. Severance. 
 (a) Termination. In the event of Employee’s termination of employment by AXOGEN without Substantial Cause (as defined below) or within one hundred and eighty (180) days following a Change
in Control or by Employee for Good Reason (as defined below), Employee will be entitled to a severance payment consisting of such aggregate amount of compensation, consisting of base salary, commission and bonuses, that he received in the twelve
(12) months prior to termination. For purposes of this Agreement, “Substantial Cause” means: (A) the commission by Employee of any act of fraud, theft, or embezzlement; (B) any material breach by Employee of this Agreement,
provided that AXOGEN shall have first delivered to Employee written notice of the alleged breach, specifying the exact nature of the breach in detail, and provided, further, that Employee shall have failed to cure or substantially mitigate such
breach within ten (10) days after receiving such written notice; (C) commission or conviction of any felony, or of any misdemeanor involving moral turpitude, or entry of a plea of guilty or nolo contendere to any felony or misdemeanor;
(D) material failure to 

  
 Page 11

 
adhere to AXOGEN’s corporate codes, policies or procedures which have been adopted in good faith for a valid business purpose as in effect from time to time; or (E) failure to meet
reasonable performance standards as determined by AXOGEN, which include, but shall not be limited to, failure to have gross revenue in a calendar quarter exceed 80% of budgeted gross revenue for such quarter. For purposes of this Agreement,
“Good Reason” shall mean Employee’s resignation from employment upon or within ninety (90) days following a Change of Control, if AXOGEN or INC. is not the surviving entity, provided that Substantial Cause for termination of
Employee’s employment does not exist at the time of such resignation and the resignation is the result of the occurrence of any one or more of the following: 
  

	 	i.	the assignment to Employee of any duties inconsistent in any respect with his/her position (including status, offices, titles, and reporting requirements), authorities,
duties, or other responsibilities as in effect immediately prior to the Change in Control of the Company or any other action of the Company which results in a diminishment in such position, authority, duties, or responsibilities, other than an
insubstantial and inadvertent action which is remedied by the Company promptly after receipt of notice thereof given by Employee; 

  

	 	ii.	a reduction by AXOGEN in Employee’s base salary as in effect on the date hereof and as the same shall be increased from time to time hereafter; or

  

	 	iii.	the failure by AXOGEN to (A) continue in effect any material compensation or benefit plan, program, policy or practice in which Employee was participating at the
time of the Change in Control of the Company or (B) provide Employee with compensation and benefits at least equal (in terms of benefit levels and/or reward opportunities) to those provided for under each employee benefit plan, program, policy
and practice as in effect immediately prior to the Change in Control of the Company (or as in effect following the Change in Control of the Company, if greater. 

 (b) Payment of Severance. Payment of any severance for Employee will be made in a lump sum on the first payroll date following the 60th day following the date of Employee’s termination of
employment. Notwithstanding the foregoing, if the Employee is a “specified employee” on Employee’s termination date, the postponement provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), as described in Section 8(n) below, shall apply, if applicable. 
 10. No Other Compensation. Employee agrees
that the compensation and benefits set forth in the Agreement and this Schedule 2 are the sole and exclusive compensation and benefits to which Employee is entitled pursuant to the Agreement and this Schedule 2, and that Employee shall have no
rights to receive any other compensation or benefits of any nature from AXOGEN. 

  
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