Document:

Exhibit 10.1

 Exhibit 10.1 
 Name of
Subscriber:                                       
            
 (Please Print Your Name Here) 

FORM OF 
 SUBSCRIPTION AGREEMENT 
 5% CONVERTIBLE SENIOR SECURED
PROMISSORY NOTE 
 (Series $5.0 Million 2011) 

MiMedx Group, Inc. 
 60
Chastain Center Blvd 
 Suite 60 

Kennesaw, GA 30144 
 Re: 5% Convertible Senior Secured Promissory Note of MiMedx Group, Inc. (Series $5.0 Million 2011) 
 ARTICLE 1 SUBSCRIPTION 
 Section 1.1 Subscription. The
undersigned subscriber (“Subscriber”) hereby irrevocably subscribes for and agrees to purchase a 5% Convertible Senior Secured Promissory Note (Series $5.0 Million 2011) (the “Note”) in the form
attached to the Confidential Term Sheet dated December 15, 2011, (the “Term Sheet”) as Exhibit B from MiMedx Group, Inc., a Florida corporation (the “Company”), in the principal amount set
forth below, a conversion warrant (the “Conversion Warrant”) in the form attached to the Term Sheet as Exhibit C-1, a contingent warrant (the “First Contingent Warrant”) in the form attached to
the Term Sheet as Exhibit C-2 and a second contingent warrant (the “Second Contingent Warrant,” and together with the First Contingent Warrant, collectively the “Contingent Warrants”) in the
form attached to the Term Sheet as Exhibit C-3, on the terms and conditions described in this subscription agreement (this “Subscription Agreement”), the Note, and a Security and Intercreditor Agreement (the
“Security Agreement”) in the form attached to the Term Sheet as Exhibit D. The Conversion Warrant and the Contingent Warrants are hereinafter referred to, collectively, as the “Warrants”.

 Amount And Dollar Value Of Note Subscribed For: 

$                   
  
 THE UNDERSIGNED SUBSCRIBER IS REQUIRED TO CHECK THE APPROPRIATE BOX ON THE ACCREDITED INVESTOR
CERTIFICATION FOUND ON PAGE 7 HEREOF TO CERTIFY HIS, HER OR ITS STATUS AS AN ACCREDITED INVESTOR. 

Section 1.2 Collateral. The Note is secured by a first priority security interest in all patents and other
intellectual property of the Company and its subsidiaries now owned or hereafter acquired and all accessions to, substitutions for and replacements, products and proceeds of any of the foregoing, pursuant to a security interest in favor of a
Collateral Agent for the benefit of Subscriber and certain other lenders to the Company as described in the Security Agreement, provided that, until the Convertible Secured Promissory Notes in the principal sum of $1,250,000 issued January 5,
2011, in connection with the acquisition of Surgical Biologics, LLC, are paid in full, the Collateral shall exclude (i) the patents and other intellectual property owned by Surgical Biologics, LLC, and (ii) all accessions to, substitutions
for and replacements, products and proceeds thereof. 

 Section 1.3 Conversion. The Note is convertible into common
stock of the Company at $1.00 per share at any time at the election of the Subscriber, as more particularly described in the Note. 
 Section 1.4 Acceptance or Rejection. The undersigned understands that the Company will accept this subscription (and only with respect to it) only after the undersigned has executed and
delivered this Subscription Agreement and the Counterpart Signature Pages to the Credit Agreement, the Note, the Warrants, the Security Agreement, and a Registration Rights Agreement substantially in the form attached to the Term Sheet as Exhibit
E (the “Registration Rights Agreement”). The undersigned acknowledges that the undersigned may not withdraw this subscription, but that the Company reserves the right, in its sole discretion, to accept or reject this
subscription, in whole or in part. 
 In the event this subscription is rejected in part by the Company, there
shall be returned to the undersigned the difference between the subscription amount paid to it and the subscription price allocable to the Note accepted. In the event this subscription is rejected in its entirety, the subscription amount paid will
be promptly returned to the undersigned without deduction and without interest, and this Subscription Agreement shall thereafter have no force or effect. 
 Section 1.6 Other Subscription Agreements. The Company has entered into or expects to enter into separate subscription agreements (the “Other Subscription Agreements”)
with other purchasers (the “Other Purchasers”), providing for the sale to the Other Purchasers of Notes. This Subscription Agreement and the Other Subscription Agreements are separate agreements, and the sales of Note(s) to
the undersigned and the Other Purchasers are to be separate sales. The Note, and fully executed copies of this Subscription Agreement, the Warrants, the Security Agreement and the Registration Rights Agreement will be delivered to you promptly after
the closing. 
 ARTICLE 2 
 INVESTOR REPRESENTATIONS, WARRANTIES AND COVENANTS 
 The
undersigned makes the following representations, warranties and covenants with the intent that the same will be relied upon by the Company: 
 Section 2.1 Information. The undersigned acknowledges that the undersigned has been offered the opportunity to obtain information, to verify the accuracy of the information received by him, her or
it and to evaluate the merits and risks of this investment and to ask questions of and receive satisfactory answers concerning the terms and conditions of this investment. The undersigned understands that information regarding the Company is on file
with the Securities and Exchange Commission (“SEC”), and the undersigned has reviewed such documents and information as he, she or it has deemed necessary in order to make an informed investment decision with respect to the
investment being made hereby. The Company has made its officers available to the undersigned to answer questions concerning the Company and the investment being made hereby. In making the decision to purchase the Note, the undersigned has relied and
will rely solely upon independent investigations made by him, her or it. The undersigned is not relying on the Company with respect to any tax or other economic considerations involved in this investment. Other than as set forth in Article 3 hereof,
no representations or warranties have been made to the undersigned by the Company. To the extent the undersigned has deemed it appropriate, the undersigned has consulted with his, her or its own attorneys and other advisors with respect to all
matters concerning this investment. 
 Section 2.2 Not a Registered Offering. The undersigned understands
that the Note (including any securities issuable upon conversion thereof) and the Warrants (and any securities issuable upon conversion thereof) have not been and will not being registered with the SEC nor with the governmental entity charged with
regulating the offer and sale of securities under the securities laws and regulations of the state of residence of the undersigned and are being offered and sold pursuant to the exemption from registration provided in Section 4(2) of the
Securities Act of 1933, as amended (the “1933 Act”), and Rule 506 of Regulation D (“Regulation D”) promulgated 

  
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under the 1933 Act by the SEC and limited exemptions provided in the “Blue Sky” laws of the state of residence of the undersigned, and that no governmental agency has recommended or
endorsed the Note or the Warrants nor made any finding or determination relating to the fairness for investment of the Note (including any securities issuable upon conversion thereof) or the Warrants (including any securities issuable upon
conversion thereof) or of the adequacy of the information on file with the SEC or this Subscription Agreement. The undersigned is unaware of, and is in no way relying on, any form of general solicitation or general advertising in connection with the
offer and sale of the Note (including any securities issuable upon conversion thereof) or the Warrants (including any securities issuable upon conversion thereof). The undersigned is purchasing the Note and Warrants without being furnished any
offering or sales literature or prospectus. 
 Section 2.3 Purchase for Investment. The undersigned is
subscribing for the Note and the Warrants solely for his, her or its own account for investment purposes and not with a view to, or with any intention of, a distribution, sale or subdivision for the account of any other individual, corporation,
firm, partnership, limited liability company, joint venture, association or person. The undersigned represents that he, she or it understands that there is no public market for the Note or the Warrants and that no such market will ever
exist. The undersigned represents that if he, she, or it has received certain confidential information concerning a transaction by which it is contemplated that the Company may acquire another company, he, she, or it
understands that such information is speculative in nature and that there is no guarantee that such possible acquisition transaction will be consummated, or, if consummated, will be successful or result in an increase in shareholder value.
 
 Section 2.4 Accredited Investor and other Investment Representations. The undersigned
represents and warrants that the undersigned is an “accredited investor” as defined in Rule 501(a) of Regulation D under the 1933 Act and that the undersigned has accurately completed the Accredited Investor Certification, which precedes
the signature page to this Subscription Agreement. 
 Section 2.5 Restrictions on Transfer. 

(a) The undersigned understands and agrees that because the offer and sale of the Note and the Warrants
subscribed for herein have not been registered under federal or state securities laws, the Note (including any securities issuable upon conversion thereof) and the Warrants (and any securities issuable upon conversion thereof) acquired may not at
any time be sold or otherwise disposed of by the undersigned unless it is registered under the 1933 Act or there is applicable to such sale or other disposition one of the exemptions from registration set forth in the 1933 Act, the rules and
regulations of the SEC thereunder and applicable state law. The undersigned further understands that the Company has no obligation or present intention to register the Note (including any securities issuable upon conversion thereof) or the Warrants
(and any securities issuable upon conversion thereof), or to permit its sale other than in strict compliance with the 1933 Act, SEC rules and regulations thereunder, and applicable state law. The undersigned recognizes that, as a result of the
aforementioned restrictions, there is no and will be no public market for the Note or the Warrants subscribed for hereunder. The undersigned expects to hold the Note (and any securities issuable upon conversion thereof) and the Warrants (and any
securities issuable upon conversion thereof) for an indefinite period and understands that the undersigned will not readily be able to liquidate this investment even in case of an emergency. 

(b) The Note (and the securities to be issued to the undersigned upon conversion thereof) and the
Warrants (and any securities issuable upon conversion thereof) shall have endorsed thereon legends substantially as follows: 
 “THE SECURITIES REPRESENTED BY THIS INSTRUMENT (AND THE SECURITIES INTO WHICH IT IS CONVERTIBLE) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY
STATE SECURITIES LAW AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT COVERING THESE SECURITIES UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL IN FORM
AND SUBSTANCE SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT OR UNDER APPLICABLE STATE SECURITIES LAWS.” 

  
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 Section 2.6 Investment Risks. The undersigned represents that he, she
or it has read and understands all of the “Risk Factors” set forth in the Company’s most recent Form 10-K and Form 10-Q on file with the SEC. Without limiting the foregoing, the undersigned has such knowledge and experience in
financial and business matters that he, she or it is capable of evaluating the merits and risks of an investment in the Note. The undersigned recognizes that the Company is a development stage company with an extremely limited financial and
operating history, that the development of medical devices is difficult, time consuming, and expensive, and that an investment in the Company involves very significant risks. The undersigned further recognizes that (A) an investment in the
Company is highly speculative, (B) an investor may not be able to liquidate his, her or its investment, (C) transferability of the Note is extremely limited, (D) in the event of a disposition, the investor could sustain a loss of his,
her or its entire investment, and (E) the Company intends to continue to raise additional funds in the near future through the sale of equity, and that any such sale below the conversion events set forth in the Note may be on terms to investors
that are more favorable than the terms to the undersigned. The undersigned is capable of bearing the economic risks of an investment in the Note and the Warrants, including, but not limited to, the possibility of a complete loss of the
undersigned’s investment, as well as limitations on the transferability of the Note and the Warrants, which may make the liquidation of an investment in the Note and the Warrants difficult or impossible for the indefinite future. The
undersigned acknowledges that legal advice has been provided to the Company by Womble Carlyle Sandridge & Rice, PLLC, and that such law firm has neither provided advice to the Subscriber nor performed any due diligence on the
Subscriber’s behalf. The undersigned acknowledges that he, she or it has been advised to seek his, her or its own independent counsel from attorneys, accountants and other advisors with respect to an investment in this offering. 

Section 2.7 Residence. The undersigned, if a natural person, is a bona fide resident of the state set forth in his
or her address on the signature page to this Subscription Agreement. The undersigned, if an entity, has its principal place of business at the mailing address set forth on the signature page of this Subscription Agreement. 

Section 2.8 Investor Information; Survival of Representations and Warranties and Covenants. The representations,
warranties, covenants and agreements contained in this Article 2 shall survive the date hereof. Any information that the undersigned is furnishing to the Company in this Subscription Agreement is correct and complete as of the date of this
Subscription Agreement and if there should be any material change in such information prior to his, her or its admission as a shareholder of the Company, the undersigned will immediately furnish such revised or corrected information to the Company.

 Section 2.9 Due Organization. If the undersigned is a corporation, partnership or limited liability
company, the undersigned is duly organized, validly existing and in good standing under the jurisdiction of its organization, has all requisite power and authority to own, lease and operate its properties, to carry on its business as currently being
conducted, to enter into this Subscription Agreement and to perform its obligations hereunder and thereunder. 

Section 2.10 Due Authorization. If the undersigned is a corporation, partnership or limited liability company, the
execution, delivery and performance by the undersigned of this Subscription Agreement and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the undersigned.

 Section 2.11 Capacity. If the undersigned is an individual, the undersigned has the capacity to
execute, deliver and perform this Subscription Agreement. 
 Section 2.12 Enforceability. This
Subscription Agreement will be, upon its execution and delivery, a valid and binding obligation of the undersigned, enforceable against the undersigned in accordance with its terms. 

  
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 Section 2.13 No Conflicts. Neither the execution, delivery or
performance by the undersigned of this Subscription Agreement, nor the consummation by the undersigned of the transactions contemplated hereby will (A) conflict with or result in a breach of any provision of the undersigned’s certificate
of incorporation, bylaws or other organizational documents, (B) cause a default (or give rise to any right of termination, cancellation or acceleration) under any of the terms, conditions or provisions of any agreement, instrument or obligation
to which the undersigned is a party or (C) violate any law, statute, rule, regulation, judgment, order, writ, injunction or decree of any court, administrative agency or governmental body, in each case applicable to the undersigned or its
properties or assets. 
 Section 2.14 No Approvals. No filing with, and no permit, authorization, consent
or approval of, any person (governmental or private) is necessary for the consummation by the undersigned of the transactions contemplated by this Subscription Agreement. 

Section 2.15 Brokerage Commissions and Finders’ Fees. Neither the undersigned nor anyone acting on the
undersigned’s behalf has taken any action which has resulted, or will result, in any claims for brokerage commissions or finders’ fees by any person in connection with the transactions contemplated by this Subscription Agreement.

 ARTICLE 3 
 COMPANY REPRESENTATIONS AND WARRANTIES 
 The Company makes the
following representations and warranties with the intent that the same may be relied upon by the undersigned: 

Section 3.1 Due Organization. The Company is a corporation duly organized, validly existing and in good standing
under the jurisdiction of its organization, has all requisite power and authority to own, lease and operate its properties, to carry on its business as currently being conducted, to enter into this Subscription Agreement and to perform its
obligations hereunder. 
 Section 3.2 Due Authorization. The execution, delivery and performance by the
Company of this Subscription Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Company. 

Section 3.3 Enforceability. This Subscription Agreement is, or upon its execution and delivery will be, a valid
and binding obligation of the Company, enforceable against the Company in accordance with its respective terms. 

Section 3.4 No Conflicts. Neither the execution, delivery or performance by the Company of this Subscription
Agreement, nor the consummation by the Company of the transactions contemplated hereby, will (A) conflict with or result in a breach of any provision of the Company’s articles of incorporation or bylaws, (B) cause a default (or give
rise to any right of termination, cancellation or acceleration) under any of the terms, conditions or provisions of any agreement, instrument or obligation to which the Company is a party or (C) violate any law, statute, rule, regulation,
judgment, order, writ, injunction or decree of any court, administrative agency or governmental body, in each case applicable to the Company or its properties or assets. 

Section 3.5 No Approvals. Assuming the accuracy of the representations and warranties contained in Article 2, no
filing with, and no permit, authorization, consent or approval of, any person (governmental or private) is necessary for the consummation by the Company of the transactions contemplated by this Subscription Agreement, other than filings under
Federal and state securities laws. 

  
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 ARTICLE 4 
 MISCELLANEOUS PROVISIONS 
 Section 4.1 Notices and
Addresses. All notices required to be given under this Subscription Agreement shall be in writing and shall be mailed by certified or registered mail, hand delivered or delivered by next business day courier. Any notice to be sent to the Company
shall be mailed to the principal place of business of the Company as shown in the addressee block on the first page of this Subscription Agreement, or at such other address as the Company may specify in a notice sent to the undersigned in accordance
with this Section. All notices to the undersigned shall be mailed or delivered to the address set forth on the signature page to this Subscription Agreement or to such other address as the undersigned may specify in a notice sent to the Company in
accordance with this Section. Notices shall be effective on the date three days after the date of mailing or, if hand delivered or delivered by next day business courier, on the date of delivery; provided, however, that notices to the Company shall
be effective upon receipt. 
 Section 4.2 Governing Law; Jurisdiction. (A) THIS SUBSCRIPTION
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF GEORGIA WITHOUT REGARD TO ITS CONFLICTS OF LAWS PRINCIPLES, (B) THE UNDERSIGNED HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY GEORGIA
STATE COURT SITTING IN COBB COUNTY, GEORGIA OR THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF GEORGIA, OVER ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR ANY AGREEMENT CONTEMPLATED HEREBY, AND
(C) THE UNDERSIGNED HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION FEDERAL COURT. THE UNDERSIGNED FURTHER WAIVES ANY OBJECTION TO VENUE IN SUCH COURT AND ANY OBJECTION TO AN ACTION OR PROCEEDING IN SUCH COURT ON THE BASIS
OF A NON-CONVENIENT FORUM. THE UNDERSIGNED FURTHER AGREES THAT ANY ACTION OR PROCEEDING BROUGHT AGAINST THE COMPANY SHALL BE BROUGHT EXCLUSIVELY IN SUCH COURTS. THE UNDERSIGNED AGREES TO WAIVE ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF THIS SUBSCRIPTION AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY. 
 Section 4.3 Assignability. This Subscription Agreement and the rights, interests and obligations hereunder are not transferable or assignable by the undersigned and the undersigned acknowledges and
agrees that any transfer or assignment of the Note shall be made only in accordance with all applicable laws. 

Section 4.4 Successors and Assigns. This Subscription Agreement shall be binding upon and inure to the benefit of
the parties hereto, and each of their respective legal representatives and permitted successors. 
 Section 4.5
Counterparts. This Subscription Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which shall constitute one instrument. 

Section 4.6 Modifications To Be in Writing. This Subscription Agreement constitutes the entire understanding of
the parties hereto with respect to the subject matter hereof and no amendment, restatement, modification or alteration will be binding unless the same is in writing signed by the party against whom any such amendment, restatement, modification or
alteration is sought to be enforced. The Note(s) may be amended or any provision thereof waived with the written consent of the Company and the Lender(s) (as defined in the Credit Agreement) of a majority of the aggregate then outstanding principal
amount of the Note(s); provided, however, that any such amendment or waiver that disproportionately affects any Lender shall require the written consent of such Lender. 

Section 4.7 Captions. The captions are inserted for convenience of reference only and shall not affect the
construction of this Subscription Agreement. 
 Section 4.8 Validity and Severability. If any provision
of this Subscription Agreement is held invalid or unenforceable, such decision shall not affect the validity or enforceability of any other provision of this Subscription Agreement, all of which other provisions shall remain in full force and
effect. 
 Section 4.9 Statutory References. Each reference in this Subscription Agreement to a
particular statute or regulation, or a provision thereof, shall be deemed to refer to such statute or regulation, or provision thereof, or to any similar or superseding statute or regulation, or provision thereof, as is from time to time in effect.

 **** 

  
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 Accredited Investor Certification 

YOU MUST BE ABLE TO CHECK OFF AT LEAST ONE OF THE BOXES BELOW IN ORDER TO PURCHASE THE NOTE. 

 

	 	•	 	 The undersigned is a natural person who had individual income of more than $200,000 in each of the most recent two years or joint income with his
spouse in excess of $300,000 in each of the most recent two years and reasonably expects to reach that same income level for this year; “income”, for purposes hereof, should be computed as follows: individual adjusted gross
income, as reported (or to be reported) on a federal income tax return, increased by (a) any deduction of long-term capital gains under section 1202 of the Internal Revenue Code of 1986 (the “Code”), (b) any
deduction for depletion under Section 611 et seq. of the Code, (c) any exclusion for interest under Section 103 of the Code and (d) any losses of a partnership as reported on Schedule E of Form 1040; 

 

	 	•	 	 The undersigned is a natural person whose individual net worth (i.e., total assets in excess of total liabilities), or joint net worth with his
spouse, will at the time of purchase of the Note be in excess of $1,000,000 (excluding the value of the undersigned’s primary residence); 

  

	 	•	 	 The undersigned is a corporation, Massachusetts or similar business trust, partnership, or limited liability company, or any organization described
in Section 501(c)(3) of the Internal Revenue Code, not formed for the specific purpose of acquiring the Note, with total assets in excess of $5,000,000; 

 

	 	•	 	 The undersigned is a trust (other than a revocable grantor trust), which trust has total assets in excess of $5,000,000, which is not formed for the
specific purpose of acquiring the Note offered hereby and whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of Regulation D and who has such knowledge and experience in financial and business matters that he is
capable of evaluating the risks and merits of an investment in the Note; 

  

	 	•	 	 The undersigned is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, and either:
(a) the investment decision will be made by a plan fiduciary, as defined in Section 3(21) of such act, which is either a bank, insurance company, or a registered investment adviser; or (b) the employee benefit plan has total assets in
excess of $5,000,000; or (c) the employee benefit plan is a self-directed plan, including an Individual Retirement Account, with the meaning of Title I of such act, and the person directing the purchase is an Accredited Investor**;

 **NOTE. If the undersigned is relying solely on this item for its Accredited
Investor status, please print the name of the person directing the purchase in the following space and furnish a completed and signed Accredited Investor Certification for such person. 

 

	 	•	 	 The undersigned is an investor otherwise satisfying the requirements of Section 501(a)(1), (2) or (3) of Regulation D promulgated
under the 1933 Act, which includes, but is not limited to, a self-directed employee benefit plan where investment decisions are made solely by persons who are “accredited investors” as otherwise defined in Regulation D;

  

	 	•	 	 The undersigned is a member of the Board of Directors or an executive officer of the Company; or 

 

	 	•	 	 The undersigned is an entity (including an IRA or revocable grantor trust but other than a conventional trust) in which all of the equity owners
meet the requirements of at least one of the above subparagraphs. 

  
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 SUBSCRIPTION AGREEMENT 

COUNTERPART SIGNATURE PAGE 

If the subscriber is an INDIVIDUAL, or if purchased as JOINT TENANTS, as TENANTS IN COMMON, or a COMMUNITY PROPERTY: 

 

									
	 Print Name(s)
	 		 	  

Social Security Number(s)

		 		 		 	
	 Signature(s) of subscriber(s)
	 		 	  

Signature(s) of subscriber(s)

		 		 		 	
	 Date
	 		 	 Address:
	 	 
		 		 		 	 
		 		 		 	 
		
	If the subscriber is a PARTNERSHIP, CORPORATION, LLC or TRUST:	 	
				
		 		 		 	
	 Name of Entity
	 		 	  

Federal Taxpayer ID Number

	 	 		 	  

  

									
	By:	 	  
	 		 	
		 	 Name:
	 	  
	 		 	  
 State of
Organization

		 	 Title:
	 	  
	 		 	
		 		 		 		 	

  

									
	 Date
	 		 	 Address:
	 	 
		 		 		 	 
		 		 		 	 

 SUBSCRIPTION ACCEPTED AND AGREED TO this             day of
            2011. 
 MiMedx Group, Inc. 

 

									
	By:	 	  
	 		 	
		 	 Name:
	 	  
	 		 	
		 	 Title:
	 	  
	 		 	
		 		 		 		 	

  
 8Exhibit 10.2

 Exhibit 10.2 
 THE SECURITIES REPRESENTED BY THIS PROMISSORY NOTE (AND THE SECURITIES INTO WHICH IT IS CONVERTIBLE) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY
STATE SECURITIES LAW AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT COVERING THESE SECURITIES UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL IN FORM
AND SUBSTANCE SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT OR UNDER APPLICABLE STATE SECURITIES LAWS 
 FORM OF 5% CONVERTIBLE SENIOR SECURED PROMISSORY NOTE 
 (Series $5.0 Million 2011)

                     , 2011

 For value received MiMedx Group, Inc., a Florida corporation (the
“Company” or “Borrower”), promises to pay to the order of             (“Lender”) the
principal sum of             Thousand and No/100 U.S. Dollars together with simple interest on the unpaid principal amount of this Note at the rate of five percent (5%) per annum.
Interest shall be due and payable quarterly in arrears on the fifteenth day of each April, July, October, and January hereafter until the Note is paid in full. Any payment of principal or, to the extent permitted by law, interest that is not paid by
the due date shall thereafter bear interest at the annual rate of twelve percent (12%) until paid in full. If the Borrower has not prepaid this Note in full prior to December 31, 2012, the Borrower shall pay to the Lender an additional
interest payment in the amount of five percent (5%) of the amount of the principal of the Note outstanding on December 31, 2012. Such additional interest payment shall be paid with the regular interest payment due on January 15, 2013.
No part of such additional interest payment shall apply to any other principal or interest obligations under the Note. The outstanding principal balance and all accrued interest shall be due and payable in full on December 31, 2013 (the
“Maturity Date”). Interest shall begin to accrue on the date hereof (or, if later, the date the principal of this Note is received by the Borrower) and shall continue to accrue on the outstanding principal amount hereof until
converted into common stock of the Borrower (the “Common Stock”) as provided herein, or until the payment in full of all amounts due under this Note, whichever occurs first. Interest shall be computed on the basis of a year
of 365 days for the actual number of days elapsed. All payments of principal of, or interest on, the Note shall be made in Federal or other funds immediately available to the Lender at the address set forth below not later than 5:00 p.m.,
Atlanta, Georgia time. Funds received after 5:00 p.m. shall be deemed to have been paid on the next following business 

 
day. Whenever any payment of principal of, or interest on, the unpaid amount under this Note shall be due on a day which is not a business day, the date for payment thereof shall be extended to
the next succeeding business day. If the date for any payment of principal is extended by operation of law or otherwise, interest thereon shall be payable for such extended time. Upon payment in full of the amount of all principal and interest
payable hereunder (whether in cash or Common Stock upon a Voluntary Conversion, as defined below), this Note shall be surrendered to the Borrower for cancellation. This Note is secured by a security interest in the Collateral, as defined in, and
subject to the terms of, that certain Security and Intercreditor Agreement of even date herewith (the “Security Agreement”). 
 1. This Note is issued pursuant to that certain 5% Convertible Senior Secured Promissory Note Subscription Agreement (Series $5.0 Million 2011) dated as of
            , 2011, (the “Note Subscription Agreement”) between the Lender and the Borrower, and is subject to its terms and conditions. However, in the event
of any conflict between the terms of this Note and the Note Subscription Agreement, the terms of this Note shall govern. This Note shall be pari passu as to payment and lien priority rights, ratably with all other purchasers who have executed
or hereafter shall execute Subscription Agreements with the Borrower pursuant to the offering of 5% Convertible Senior Secured Promissory Notes (Series $5.0 Million 2011) (the “Other Notes”), and with Parker H. Petit,
pursuant to the loan heretofore made by him to Borrower in the original principal amount of $3.6 million, as adjusted, pursuant to that certain 5% Convertible Senior Secured Promissory Note dated March 31, 2011, (the “Prior
Loan”) as more particularly described in the Security Agreement. 
 2. This Note is
convertible, in whole but not part, into Common Stock at any time upon the election of the Lender into that number of shares of Common Stock equal to the quotient of (a) the outstanding principal amount and accrued interest of this Note as of
date of such election, divided by (b) $1.00, subject to adjustment as herein provided (such denominator, as adjusted, being herein called the “Conversion Price”). Such voluntary election to convert by Lender is herein
called a “Voluntary Conversion.” 
 3. Notwithstanding the other terms and
conditions of this Note, in the event of a “Change in Control Transaction” (as hereinafter defined) which occurs prior to any other Voluntary Conversion, then, effective immediately upon the consummation of such Change in
Control Transaction, the outstanding principal balance and all accrued and unpaid interest under this Note shall be due and payable in full. As used herein, the term “Change in Control Transaction” means any of
the following transactions: (A) a share exchange, consolidation or merger of the Borrower with or into any other entity or any other corporate reorganization whether or not the Borrower is the surviving entity (unless the stockholders of the
Borrower immediately prior to such share exchange, consolidation, merger or reorganization hold in excess of fifty percent (50%) of the general voting power of the Borrower or the surviving entity, as the case may be, immediately after the
closing of such transaction); (B) a transaction or series of related transactions in which in excess of fifty percent (50%) of the Borrower’s general voting 

 
power is transferred to a third party (or group of affiliated third parties) that were not previously stockholders of the Borrower; or (C) a sale of all or substantially all of the assets of
the Borrower (unless the stockholders of the Borrower immediately prior to such sale hold in excess of fifty percent (50%) of the general voting power of the purchasing party or parties). The determination of “general voting
power” shall be based on the aggregate number of votes that are attributable to outstanding securities entitled to vote in the election of directors, general partners, managers or persons performing analogous functions to directors of
the entity in question, without regard to contractual arrangements that establish a management structure or that vest the right to designate directors in certain parties.

4. Upon the occurrence of a Voluntary Conversion, the applicable amount of outstanding principal and accrued and
unpaid interest under this Note shall be converted into Common Stock of the Borrower at the Conversion Price, without any further action by the Lender and whether or not the Note is surrendered to the Borrower or its transfer agent. Upon and
after a Voluntary Conversion, the Borrower shall have no further obligation to make any payment of principal, interest or other amounts under the Note. The Borrower shall not be obligated to issue certificates evidencing the shares of the
Common Stock issuable upon such conversion unless and until such Note is either delivered to the Borrower or its transfer agent, or Lender notifies the Borrower or its transfer agent that such Note has been lost, stolen or destroyed and executes an
agreement satisfactory to the Borrower to indemnify the Borrower from any loss incurred by it in connection with such Note. The Borrower shall, as soon as practicable after such delivery, or such agreement and indemnification, issue and deliver
at such office to the Lender, a certificate or certificates for the securities to which Lender shall be entitled and a check payable to the Lender in the amount of any cash amounts payable as the result of a conversion into fractional shares, as
determined by the board of directors of the Borrower. Such conversion shall be deemed to have been made concurrently with the close of the Voluntary Conversion. The person or persons entitled to receive securities issuable upon such
conversion shall be treated for all purposes as the record holder or holders of such securities on such date. 

5. In case the Company shall at any time split or subdivide its outstanding shares of Common Stock into a greater
number of shares or issue a stock dividend (including any distribution of stock without consideration) or make a distribution with respect to outstanding shares of Common Stock or convertible securities payable in Common Stock or in convertible
securities, the Conversion Price in effect immediately prior to such subdivision or stock dividend or distribution shall be proportionately reduced and conversely, in case the outstanding shares of Common Stock of the Company shall be combined into
a smaller number of shares, the Conversion Price in effect immediately prior to such combination shall be proportionately increased, in each case, by multiplying the then effective Conversion Price by a fraction, the numerator of which shall be the
total number of shares of Common Stock outstanding immediately prior to such subdivision, stock dividend, distribution or combination (determined on a fully diluted basis), and the denominator of which shall be the total number of shares of Common
Stock, immediately after such subdivision, stock dividend, distribution or combination (determined on a fully diluted basis), and the product so obtained shall 

 
thereafter be the Conversion Price. For purposes of this Note, “on a fully diluted basis” means that all issued and outstanding capital stock of the Company, including all convertible
securities, and all outstanding options and warrants, whether or not vested, shall be taken into account. 

Upon each adjustment of the Conversion Price as provided above in this Section 5, the Lender shall thereafter be
entitled to convert, at the Conversion Price resulting from such adjustment, this Note into the number of shares (calculated to the nearest share as provided below) obtained by multiplying the Conversion Price in effect immediately prior to such
adjustment by the number of shares into which this Note is convertible pursuant hereto immediately prior to such adjustment and dividing the product thereof by the Conversion Price immediately after such adjustment. 

In case of any capital reorganization, or of any reclassification of the capital stock of the Company (other than a
change in par value or from par value to no par value or from no par value to par value or as a result of a split-up or combination), this Note shall, after such capital reorganization or reclassification of capital stock, entitle the Lender to
convert this Note into the kind and number of shares of stock or other securities or property of the Company or of the corporation resulting from such reorganization or reclassification, as the case may be, to which the Lender would have been
entitled if such Lender had converted into Common Stock issuable upon the conversion hereof immediately prior to such capital reorganization or reclassification of capital stock, and, in any such case, appropriate provision shall be made with
respect to the rights and interests of the Lender to the end that the provisions thereof (including without limitation provisions for adjustment of the Conversion Price and of the number of shares obtainable upon the conversion of this Note, shall
thereafter be applicable, as nearly as may be practicable, in relation to any shares of stock, securities, or assets thereafter deliverable upon the exercise of the rights represented hereby. 

Upon any adjustment of the Conversion Price, then the Company shall give notice thereof to the Lender, which notice shall
state the Conversion Price and the Termination Price in effect after such adjustment and the increase, or decrease, if any, in the number of shares of Common Stock into which this Note is convertible at the Conversion Price, setting forth in
reasonable detail the method of calculation and the facts upon which such calculation is based. 
 Upon each
computation of an adjustment in the Conversion Price and the number of shares which may be obtained upon conversion hereof, the Conversion Price shall be computed to the nearest cent (i.e. fraction of .5 of a cent, or greater, shall be rounded to
the next highest cent) and the number of shares which may be obtained upon conversion of this Note shall be calculated to the nearest whole share (i.e. fractions of less than one half of a share shall be disregarded and fractions of one half of a
share, or greater, shall be treated as being a whole share). No such adjustment shall be made however, if the change in the Conversion Price would be less than $.001 per share, but any such lesser adjustment shall be made (i) at the time and
together with the next subsequent adjustment which, together with any adjustments carried forward, shall amount to $.001 per share or more, or (ii) if earlier, upon the third anniversary of the event for which such adjustment is required.

 The Company hereby also agrees that the adjustment principles and
methodology set forth above in this Section 5 shall apply to the closing trading price referred to in Section 3 (herein called the “Termination Price”) of that certain Second Contingent Warrant as identified in the Note
Subscription Agreement. In the event of the occurrence of any event identified in this Section 5 that would result in adjustment to the Conversion Price, corresponding appropriate adjustments shall be made to the Termination Price in the Second
Contingent Warrant. 
 6. Company may prepay the principal amount of this Note and accrued interest
hereunder, in whole or part, at any time prior to the Maturity Date upon not less than thirty (30) days’ notice to Lender. 
 7. If there shall be any Event of Default (as defined below) hereunder, subject to the terms and conditions of the Security Agreement, upon the election of the Collateral Agent (as defined in the
Security Agreement), with the consent of the holders of a majority of the outstanding principal amounts of the Notes, the Other Notes and the Prior Loan, upon written notice to the Company (which notice shall not be required in the case of an Event
of Default under Sections 7(b) or 7(c)), this Note shall accelerate and all principal and unpaid accrued interest shall become immediately due and payable. Additionally, upon the occurrence of an Event of Default, and subject to the terms and
conditions of the Security Agreement and on behalf of the Lenders, the Collateral Agent may exercise the Lenders’ rights as a secured party, or take or decline to take, any other action, with respect to the Collateral and the enforcement of the
Notes. Company shall pay all reasonable attorneys’ fees and court costs actually incurred by the Collateral Agent in enforcing and collecting this Note. 
 The occurrence of any one or more of the following shall constitute an “Event of Default”: 
 (a) Company fails to pay timely any principal and accrued interest or other amounts due under this Note on the date the same becomes due and payable, and such amount remains unpaid for a period of ten
(10) business days after written notice thereof from Lender; 
 (b) Company files any petition or action
for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action
in furtherance of any of the foregoing; or 
 (c) An involuntary petition is filed against Company (unless such
petition is dismissed or discharged within sixty (60) days under any bankruptcy statute now or hereafter in effect), or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take
possession, custody or control of any property of Company. 

 8. Any term of this Note may be amended or waived with the written
consent of the holders of two thirds (2/3) of the outstanding principal amounts of this Note and the Other Notes, provided that any amendment hereof requires the consent of the Borrower, and further provided that this Note may not be amended if
it disproportionately affects the Lender hereof, without the consent of Lender of this Note. Upon the effectuation of such waiver or amendment in conformance with this Section 8, the Company shall promptly give written notice thereof to the
record holders of the Notes who have not previously consented thereto in writing. 
 9. This Note shall
be governed by construed and under the laws of the State of Georgia, without giving effect to conflicts of laws principles. The Borrower and the Lender hereby submit to the jurisdiction of any Georgia State or Superior Court sitting in Cobb County,
Georgia or the United States District Court for the Northern District of Georgia, over any action or proceeding arising out of or relating to this Note, the Security Agreement, or any of the other documents issued in connection therewith, and hereby
irrevocably agrees that all claims in respect of such action or proceeding shall be heard and determined exclusively in such Georgia State Court, Superior Court or Federal Court. Each of the Borrower and the Lender further waives any objection to
venue in such court and any objection to an action or proceeding in such court on the basis of a non-convenient forum, and further agrees that any action or proceeding brought against the other party hereto shall be brought exclusively in one of
such courts. Each of the Borrower and the Lender hereby further agrees to waive the right to a jury trial of any claim or cause of action based upon or arising out of this Note, the Security Agreement, or any other documents issued in connection
therewith. 
 10. Nothing contained in this Note shall be construed as conferring upon the Lender or any
other person the right to vote or to consent or to receive notice as a stockholder of the Borrower. 
 11.
This Note may be transferred only upon (a) its surrender by Lender to the Borrower for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Borrower and
(b) compliance with applicable provisions of the Note Subscription Agreement, including (without limitation) the Borrower’s receipt, if it so requests, of an opinion of counsel as set forth in the Note Subscription
Agreement. Thereupon, this Note shall be reissued to, and registered in the name of, the transferee, or a new Note for like principal amount and interest shall be issued to, and registered in the name of, the transferee. Interest and
principal shall be paid solely to the registered holder of this Note. Such payment shall constitute full discharge of the Borrower’s obligation to pay such interest and principal. 

12. The Borrower hereby waives presentment, demand, protest, notice of demand, protest and nonpayment and any
other notice required by law relative hereto. 

 13. All notices, requests and other communications shall be in
writing and shall be given at the address set forth below or such other address as such party may hereafter specify for the purpose by notice to the other party: (i) if to the Borrower, at 60 Chastain Center Blvd., Suite 60, Kennesaw, GA 30144;
Attn: General Counsel, and to the Lender as shown on the Signature Page hereto. Each such notice, request or other communication shall be effective upon delivery (A) if given by personal delivery, (B) by certified mail, return receipt
requested, (C) by overnight national courier to the address specified herein. 
 COUNTERPART SIGNATURE PAGE FOLLOWS

 5% CONVERTIBLE SENIOR SECURED PROMISSORY NOTE 

(Series $5.0 Million 2011) 
 COUNTERPART SIGNATURE PAGE 
 This Note is hereby issued to Lender
as of the date first above written. 
  

					
		 		 	MiMedx Group, Inc.
			
		 		 	By:                            
                                         
                   
		 		 	Name:                           
                                         
                
		 		 	Title:                           
                                         
                  

 Acknowledged and Agreed to by Lender: 
 Principal Amount of Note: $                     

 

					
	Signature for Corporate, Partnership, or other Entity Lender:	 		 	Signature for Individual Lender:
			
	  
	 		 	  

	(Print Name of Entity)	 		 	(Signature)
			
	By:                            
                                         
                           	 		 	Print Name:                           
                                         
                
	Print Name:                          
                                         
               	 		 	
	Print Title:                         
                                         
                  	 		 	
		 		 	
	Address:

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