Document:

Exhibit 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

5% CONVERTIBLE PROMISSORY NOTE

			
	 

$500,000
	 	September 22,
2009

For
value received MiMedx Group,
Inc., a
Florida corporation (the “Company”),
promises to pay to Parker H. PETIT (“Holder”) the principal sum of Five Hundred Thousand
Dollars ($500,000.00), or such lesser amount as has been advanced by the Holder to the Company by
the Holder, together with simple interest on the outstanding principal amount at the rate of five
percent (5.0%) per annum, calculated from the date of the applicable advance. The principal and all
accrued interest shall be due and payable in full on
December 20, 2009 (the “Maturity Date”).
Interest shall continue to accrue on the outstanding principal amount hereof until converted into
common stock of the Company (the “Common Stock”) as provided herein, or until the payment in full
of 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 cash payments of interest hereunder shall be in lawful
money of the United States of America. 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 Company for cancellation.

1. This Note is issued pursuant to that certain 5% Convertible Promissory Note Subscription
Agreement dated as of September 22, 2009, (the “Note Subscription Agreement”), 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.

2. This Note is convertible at any time upon the election of the Holder into that number of
shares of Common Stock of the Company 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) the selling price of the Company’s Common Stock pursuant to the $5,000,000 private placement
approved by the Corporation’s Board of Directors on September 22, 2009 or, if there are no such
sales, $.60 per share (the “Conversion Price”). Such voluntary election to convert by Holder is
herein called a “Voluntary Conversion”. Holder must give the Company written notice of its
election, addressed to
the Company at 811 Livingston Ct. SE, Suite B, Marietta, GA 30067, via hand delivery,
overnight courier or facsimile (678)-384-6741. Notice shall be deemed given upon receipt.

 

 

 

3. Upon receipt of written notice from the Holder of a Voluntary Conversion, the applicable
amount of outstanding principal and accrued interest under this Note shall be converted into Common
Stock of the Company at the Conversion Price, without any further action by the Holder and whether
or not the Note is surrendered to the Company or its transfer agent. The Company 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 Company or its transfer agent, or
Holder notifies the Company or its transfer agent that such Note has been lost, stolen or destroyed
and executes an agreement satisfactory to the Company to indemnify the Company from any loss
incurred by it in connection with such Note. The Company shall, as soon as practicable after such
delivery, or such agreement and indemnification, issue and deliver at such office to the Holder, a
certificate or certificates for the securities to which Holder shall be entitled and a check
payable to the holder 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 Company. 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.

4. In the event of any default hereunder, Company shall pay all reasonable attorneys’ fees and
court costs actually incurred by Holder in enforcing and collecting this Note.

5. Company may NOT prepay the principal amount of this Note and accrued interest hereunder, in
whole or part, at any time prior to the Maturity Date.

6. If there shall be any Event of Default (as defined below) hereunder, at the option and upon
the declaration of the Holder and upon written notice to the Company (which election and notice
shall not be required in the case of an Event of Default under Sections 6(b) or 6(c)), this Note
shall accelerate and all principal and unpaid accrued interest shall become immediately due and
payable. 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 Holder;

(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.

7. This Note shall be governed by construed and under the laws of the State of Florida,
without giving effect to conflicts of laws principles.

8. Nothing contained in this Note shall be construed as conferring upon the Holder or any
other person the right to vote or to consent or to receive notice as a stockholder of the Company.

9. This Note may be transferred only upon (a) its surrender by Holder to the Company for
registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of
transfer in form satisfactory to the Company and (b) compliance with applicable provisions of the
Note Subscription Agreement, including (without limitation) the Company’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 Company’s obligation to pay such interest and
principal.

	 	 	 	 	 
	 	MiMedx Group, Inc.

 	 
	 	By:  	/s/: Michael J. Culumber
 	 
	 	 	Name:  	Michael J. Culumber 	 
	 	 	Title:  	Chief Financial Officer 	 

Acknowledged and Agreed to by Parker H. Petit:

	 	 	 
	/s/: Parker H. PetitExhibit 10.3

Exhibit 10.3

THIS WARRANT MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT AS SPECIFIED HEREIN.
NEITHER THE RIGHTS REPRESENTED BY THIS WARRANT NOR THE SHARES ISSUABLE UPON THE EXERCISE HEREOF
HAVE BEEN REGISTERED FOR OFFER OR SALE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE LAW. SUCH RIGHTS AND SHARES MAY NOT BE SOLD OR OFFERED FOR SALE IN WHOLE OR IN PART EXCEPT
IN ACCORDANCE WITH THE PROVISIONS HEREOF.

	 	 	 
	Warrant No.:

	 	Effective Date: September 22, 2009
	 
	 	 
	Number of Warrant Shares: TBD

	 	Warrant Exercise Price: USD$TBD per share

MiMedx Group, Inc.

Warrant to Purchase Common Stock

MiMedx Group, Inc., a Florida corporation (the “Company”), hereby certifies that Parker H.
Petit, the registered holder hereof, or his permitted assigns (“Holder”), is entitled, subject to
the terms set forth below, to purchase from the Company upon surrender of this warrant (the
“Warrant”), at any time or times on or after the Exercise Date hereof but not after 5:00 P.M.
(Eastern Standard Time) on the Expiration Date (as defined herein), all or any part of the Warrant
Shares (as defined herein), of fully paid and nonassessable Common Stock (as defined herein) of the
Company by payment of the applicable aggregate Warrant Exercise Price (as defined herein) in lawful
money of the United States.

1. Definitions. The following words and terms as used in this Warrant shall have the
following meanings:

(a) “Assignment Form” shall have the meaning given to such term in Section 12(h) of this
Warrant.

(b) “Common Stock” means (i) the Company’s common stock and (ii) any capital stock resulting
from a reclassification of such “Common Stock.”

(c) “Company” means MiMedx Group, Inc., a Florida corporation.

(d) “Convertible Securities” means any securities issued by the Company which are convertible
into or exchangeable for, directly or indirectly, shares of Common Stock.

(e) “Effective Date” means the date of this Warrant shown above on the face hereof.

(f) “Exercise Date” means any date after December 20, 2009, on which notice of exercise hereof
is given by Holder.

 

 

 

(g) “Expiration Date” means the date which is three (3) years after the Effective Date.

(h) “Holder” shall have that meaning given to such term in the introductory paragraph of this
Warrant.

(i) “Market Price” means the fair market value of one share of Common Stock determined as
follows: (i) where there exists a public market for the Company’s Common Stock at the time of such
exercise, the fair market value per share shall be the average of the closing bid and asked prices
of the Common Stock quoted in the Over-The-Counter Market Summary or the last reported sale price
of the Common Stock or the closing price quoted on the NASDAQ National Market System or on any
exchange on which the Common Stock is listed, whichever is applicable, for the five (5) trading
days ending on the trading day prior to the date of determination of fair market value and (ii) if
at any time the Common Stock is not listed on any domestic exchange or quoted in the NASDAQ System
or the domestic over-the-counter market, the higher of (A) the book value thereof, as determined by
any firm of independent public accountants of recognized standing selected by the Board of
Directors, as at the last day as of which such determination shall have been made, or (B) the fair
value thereof determined in good faith by the Board of Directors as of the date which is within
fifteen (15) days of the date as of which the determination is to be made (in determining the fair
value thereof, the Board of Directors shall consider stock market valuations and price to earnings
ratios of comparable companies in similar industries).

(j) “SEC” means the Securities and Exchange Commission.

(k) “Securities Act” means the Securities Act of 1933, as amended.

(l) “Subscription Notice” shall have that meaning given to such term in Section 2(a) of this
Warrant.

(m) “Warrant” shall have that meaning given to such term in the introductory paragraph of this
document.

(n) “Warrant Exercise Price” shall initially be the Conversion Price as defined in the 5%
Convertible Promissory Note issued by the Company to Parker H. Petit on the date hereof (the
“Note”) and shall be adjusted and readjusted from time to time as provided in this Warrant.

(o) “Warrant Shares” means the shares of Common Stock subject to this Warrant, which shall be
computed by dividing the aggregate amount of the advances made by Parker H. Petit pursuant to that
certain Subscription Agreement for 5% Convertible Promissory Note (the “Subscription Agreement”) of
even date herewith between the Company and Parker H. Petit by the Conversion Price and multiplying
the resultant quotient by two.

 

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(p) Other Definitional Provisions.

(i) Except as otherwise specified herein, all references herein (A) to any person other
than the Company, shall be deemed to include such person’s successors and permitted assigns,
(B) to the Company shall be deemed to include the Company’s successors and (C) to any
applicable law defined or referred to herein, shall be deemed references to such applicable
law as the same may have been or may be amended or supplemented from time to time.

(ii) When used in this Warrant, the words “herein,” “hereof,” and “hereunder,” and
words of similar import, shall refer to this Warrant as a whole and not to any provision of
this Warrant, and the words “Section,” “Schedule,” and “Exhibit” shall refer to Sections of,
and Schedules and Exhibits to, this Warrant unless otherwise specified.

(iii) Whenever the context so requires the neuter gender includes the masculine or
feminine, and the singular number includes the plural, and vice versa.

2. Exercise of Warrant.

(a) Subject to the terms and conditions hereof, this Warrant may be exercised in whole or in
part, at any time during normal business hours on or after the Exercise Date and prior to 5:00 p.m.
(Eastern Standard Time) on the Expiration Date. The rights represented by this Warrant may be
exercised by the holder hereof then registered on the books of the Company, in whole or from time
to time in part (except that this Warrant shall not be exercisable as to a fractional share), by:
(i) delivery of a written notice, in the form of the subscription notice attached as Exhibit
A hereto (the “Subscription Notice”), of such holder’s election to exercise this Warrant, which
notice shall specify the number of Warrant Shares to be purchased; (ii) payment to the Company of
an amount equal to the Warrant Exercise Price multiplied by the number of Warrant Shares as to
which the Warrant is being exercised (plus any applicable issue or transfer taxes) in cash, by wire
transfer or by certified or official bank check; and (iii) the surrender of this Warrant, properly
endorsed, at the principal office of the Company in Marietta, Georgia (or at such other agency or
office of the Company as the Company may designate by notice to the Holder); provided, that if such
Warrant Shares are to be issued in any name other than that of the Holder, such issuance shall be
deemed a transfer and the provisions of Section 12 shall be applicable. In the event of any
exercise of the rights represented by this Warrant, a certificate or certificates for the Warrant
Shares so purchased, registered in the name of, or as directed by, the Holder, shall be delivered
to, or as directed by the Holder within a reasonable time after the date on which such rights shall
have been so exercised.

(b) Unless the rights represented by this Warrant shall have expired or have been fully
exercised, the Company shall issue, within such 15 day period, a new Warrant identical in all
respects to the Warrant exercised except (x) such new Warrant shall represent rights to purchase
the number of Warrant Shares purchasable immediately prior to such exercise under the warrant
exercised, less the number of Warrant Shares with respect to which such original Warrant was
exercised, and (y) the Warrant Exercise Price thereof shall be, subject to
further adjustment as provided in this Warrant, the Warrant Exercise Price of the Warrant
exercised. The person in whose name any certificate for Warrant Shares is issued upon exercise of
this Warrant shall for all purposes be deemed to have become the holder of record of such Warrant
Shares immediately prior to the close of business on the date on which the Warrant was surrendered
and payment of the amount due in respect of such exercise and any applicable taxes was made,
irrespective of the date of delivery of such share certificate, except that, if the date of such
surrender and payment is a date when the stock transfer books of the Company are properly closed,
such person shall be deemed to have become the holder of such Warrant Shares at the opening of
business on the next succeeding date on which the stock transfer books are open.

 

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(c) In lieu of the Holder exercising this Warrant (or any portion hereof) for cash, it may, in
connection with such exercise, elect to satisfy the Warrant Exercise Price by exchanging solely (x)
this Warrant (or such portion hereof) for (y) that number of Warrant Shares equal to the product of
(i) the number of Warrant Shares issuable upon such exercise of the Warrant (or, if only a portion
of this Warrant is being exercised, issuable upon the exercise of such portion) for cash multiplied
by (ii) a fraction, (A) the numerator of which is the Market Price per share of the Common Stock at
the time of such exercise minus the Warrant Exercise Price per Warrant Share at the time of such
exercise, and (B) the denominator of which is the Market Price per share of the Common Stock at the
time of such exercise, such number of shares so issuable upon such exercise to be rounded up or
down to the nearest whole number of Warrant Shares.

3. Covenants as to Common Stock.

(a) The Company covenants and agrees that all Warrant Shares that may be issued upon the
exercise of the rights represented by this Warrant will, upon issuance, be validly issued, fully
paid and nonassessable. The Company further covenants and agrees that during the period within
which the rights represented by this Warrant may be exercised, the Company will at all times have
authorized and reserved a sufficient number of shares of Common Stock to provide for the exercise
of the rights then represented by this Warrant and that the par value of said shares will at all
times be less than or equal to the applicable Warrant Exercise Price.

(b) If any shares of Common Stock reserved or to be reserved to provide for the exercise of
the rights then represented by this Warrant require registration with or approval of any
governmental authority under any federal or state law before such shares may be validly issued to
the Holder, then the Company covenants that it will in good faith and as expeditiously as possible
endeavor to secure such registration or approval, as the case may be.

4. Adjustment of Warrant Exercise Price upon Stock Splits, Dividends, Distributions and
Combinations; and Adjustment of Number of Shares.

(a) 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 Warrant
Exercise 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 Warrant Exercise Price in effect immediately prior to such combination shall be
proportionately increased, in each case, by multiplying the then effective Warrant Exercise 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 Warrant Exercise Price. For purposes of this Warrant, “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.

 

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(b) Upon each adjustment of the Warrant Exercise Price as provided above in this Section 4,
the Holder shall thereafter be entitled to purchase, at the Warrant Exercise Price resulting from
such adjustment, the number of shares (calculated to the nearest tenth of a share) obtained by
multiplying the Warrant Exercise Price in effect immediately prior to such adjustment by the number
of shares purchasable pursuant hereto immediately prior to such adjustment and dividing the product
thereof by the Warrant Exercise Price immediately after such adjustment.

5. Reorganization, Reclassification, Etc. 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) or in case of the consolidation or merger of the Company with or into any other
corporation (other than a consolidation or merger in which the Company is the continuing
corporation and which does not result in the Common Stock being changed into or exchanged for stock
or other securities or property of any other person), or of the sale of the properties and assets
of the Company as, or substantially as, an entirety to any other corporation, this Warrant shall,
after such capital reorganization, reclassification of capital stock, consolidation, merger or
sale, entitle the Holder hereof to purchase the kind and number of shares of stock or other
securities or property of the Company or of the corporation resulting from such consolidation or
surviving such merger or to which such sale shall be made, as the case may be, to which the holder
hereof would have been entitled if he had held the Common Stock issuable upon the exercise hereof
immediately prior to such capital reorganization, reclassification of capital stock, consolidation,
merger or sale, and, in any such case, appropriate provision shall be made with respect to the
rights and interests of the holder of this Warrant to the end that the provisions thereof
(including without limitation provisions for adjustment of the Warrant Exercise Price and of the
number of shares purchasable upon the exercise of this Warrant) shall thereafter be applicable, as
nearly as may be in relation to any shares of stock, securities, or assets thereafter deliverable
upon the exercise of the rights represented hereby. The Company shall not effect any such
consolidation, merger or sale, unless prior to or simultaneously with the consummation thereof the
successor corporation (if other than the Company) resulting from such consolidation or merger of
the corporation purchasing such assets shall assume by written instrument executed and mailed or
delivered to the registered holder hereof at the address of such holder appearing on the books of
the Company, the obligation to deliver to such holder such shares of stock,
securities or assets as, in accordance with the foregoing provisions, such holder may be
entitled to purchase.

 

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6. Notice of Adjustment of Warrant Exercise Price. Upon any adjustment of the Warrant
Exercise Price, then the Company shall give notice thereof to the Holder of this Warrant, which
notice shall state the Warrant Exercise Price in effect after such adjustment and the increase, or
decrease, if any, in the number of Warrant Shares purchasable at the Warrant Exercise Price upon
the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the
facts upon which such calculation is based.

7. Computation of Adjustments. Upon each computation of an adjustment in the Warrant
Exercise Price and the number of shares which may be subscribed for and purchased upon exercise of
this Warrant, the Warrant Exercise 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 subscribed for and purchased upon exercise of this Warrant 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 Warrant Exercise 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.

8. No Change in Warrant Terms on Adjustment. Irrespective of any adjustment in the
Warrant Exercise Price or the number of shares of Common Stock issuable upon exercise hereof, this
Warrant, whether theretofore or thereafter issued or reissued, may continue to express the same
means of establishing the exercise price and number of shares as are stated herein and the Warrant
Exercise Price and such number of shares as so determined shall be deemed to have been so adjusted.

9. Taxes. The Company shall not be required to pay any tax or taxes attributable to
the initial issuance of the Warrant Shares or any transfer involved in the issue or delivery of any
certificates for Warrant Shares in a name other than that of the registered holder hereof or upon
any transfer of this Warrant.

10. Warrant Holder Not Deemed a Shareholder. No holder, as such, of this Warrant
shall be entitled to vote or receive dividends or be deemed the holder of shares of the Company for
any purpose, nor shall anything contained in this Warrant be construed to confer upon the holder
hereof, as such, any of the rights of a shareholder of the Company or any right to vote, give or
withhold consent to any corporate action (whether any reorganization, issue of stock,
reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of
meetings, receive dividends or subscription rights, or otherwise, prior to the issuance of record
to the holder of this Warrant of the Warrant Shares which he is then entitled to receive upon the
due exercise of this Warrant.

11. No Limitation on Corporate Action. No provisions of this Warrant and no right or
option granted or conferred hereunder shall in any way limit, affect or abridge the exercise by the
Company of any of its corporate rights or powers to recapitalize, amend its Articles of
Incorporation, reorganize, consolidate or merge with or into another corporation, or to transfer
all or any part of its property or assets, or the exercise of any other of its corporate rights and
powers.

 

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12. Transfer; Opinions of Counsel; Restrictive Legends. To the extent applicable,
each certificate or other document evidencing any of the Warrant Shares shall be endorsed with the
legends set forth below, and Holder covenants that, except to the extent such restrictions are
waived by the Company, Holder shall not transfer the Warrant Shares without complying with the
restrictions on transfer described in the legends endorsed thereon;

(a) The following legend under the Securities Act:

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED,
PLEDGED, OR HYPOTHECATED ABSENT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT
UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO
THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.”

(b) If required by the authorities of any state in connection with the issuance or sale of the
Warrant Shares, the legend required by such state authority.

(c) The Company shall not be required (i) to transfer on its books either this Warrant or any
Warrant Shares which shall have been transferred in violation of any of the provisions set forth in
this Section 12, or (ii) to treat as owner of such Warrant Shares or to accord the right to vote as
such owner or to pay dividends to any transferee to whom such Warrant Shares shall have been so
transferred.

(d) Any legend endorsed on a certificate pursuant to subsection (a) or (b) of this Section 12
shall be removed (i) if the Warrant Shares represented by such certificate shall have been
effectively registered under the Securities Act or otherwise lawfully sold in a public transaction,
or (ii) if the holder of such Warrant Shares shall have provided the Company with an opinion from
counsel, in form and substance reasonably acceptable to the Company and from attorneys reasonably
acceptable to the Company, stating that a public sale, transfer or assignment of the Warrant or the
Warrant Shares may be made without registration.

(e) Any legend endorsed on a certificate pursuant to subsection (b) of this Section 12 shall
be removed if the Company receives an order of the appropriate state authority authorizing such
removal or if the holder of the Warrant or the Warrant Shares provides the Company with an opinion
of counsel, in form and substance reasonably acceptable to the
Company and from attorneys reasonably acceptable to the Company, stating that such state
legend may be removed.

 

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(f) Without in any way limiting the representations set forth above, Holder further agrees not
to make any disposition of all or any portion of the Warrant at any time other than to an affiliate
of the Holder; provided, however, that such affiliate transferee agrees in writing to be subject to
the terms of this Section 12. In addition, the Holder agrees not to make any disposition of all or
any portion of the Warrant Shares unless:

(i) There is then in effect a registration statement under the Securities Act covering
such proposed disposition and such disposition is made in accordance with such registration
statement; or

(ii) Holder shall have notified the Company of the proposed disposition and shall have
furnished the Company with a detailed statement of the circumstances surrounding the
proposed disposition, and, if requested by the Company, (A) Holder shall have furnished the
Company with an opinion of counsel, reasonably satisfactory to the Company, that such
disposition will not require registration of the Warrant or any Warrant Shares under the
Securities Act and (B) the transferee shall have furnished to the Company its agreement to
abide by the restrictions on transfer set forth herein as if it were a purchaser hereunder.

(g) Notwithstanding the other provisions of this Section 12, no such registration statement or
opinion of counsel shall be required for any transfer by a Holder, (i) if it is a partnership or a
corporation, to a partner or pro rata to its equity holder(s) of such Holder (or a third party duly
authorized to act on behalf of such Holder or its partners or equity holders), or (ii) if he or she
is an individual, to members of such individual’s family for estate planning purposes; provided,
however, that the transferee agrees in writing to be subject to the terms of this Section 12.

(h) Upon delivery of the foregoing opinion of counsel (with respect to a transfer of the
Warrant Shares) and the surrender of this Warrant to the Company at its principal office, together
with (i) the assignment form annexed hereto as Exhibit B (the “Assignment Form”) duly
executed and (ii) funds sufficient to pay any transfer tax, the Company shall, if it determines
such transfer is permitted by the terms of this Warrant, without additional charge, execute and
deliver a new Warrant in the name of the assignee named in such instrument of assignment and this
Warrant shall promptly be cancelled.

13. Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen,
mutilated or destroyed, the Company shall, on such terms as to indemnity or otherwise as it may in
its discretion impose (except in the event of loss, theft, mutilation or destruction while this
Warrant is in possession of the Company’s Escrow Agent, in which events the Company shall be solely
responsible) (which shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or
destroyed. Any such new Warrant shall constitute an original contractual obligation
of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant
shall be at any time enforceable by anyone.

14. Representation of Holder. The Holder, by the acceptance hereof, represents that
it is acquiring this Warrant, and the Warrant Shares, for its own account, for investment purposes,
and not with a present view either to sell, distribute, or transfer, or to offer for sale,
distribution, or transfer, any of the Warrant or the Warrant Shares, or any other securities
issuable upon the exercise thereof.

 

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15. Restricted Securities. The Holder understands that the Warrant and the Warrant
Shares issuable upon exercise of the Warrant, will not be registered at the time of their issuance
under the Securities Act for the reason that the sale provided for in this Warrant is exempt
pursuant to Section 4(2) of the Securities Act based on the representations of the Holder set forth
herein. The Warrant Holder represents that it is experienced in evaluating companies such as the
Company, has such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of its investment and has the ability to suffer the total loss of
the investment. The Holder further represents that it has had the opportunity to ask questions of
and receive answers from the Company concerning the terms and conditions of the Warrant, the
business of the Company, and to obtain additional information to such Holder’s satisfaction. The
Holder is an “Accredited Investor” within the meaning of Rule 501 of Regulation D under the
Securities Act, as presently in effect.

16. Notices. All Notices, requests and other communications that the Holder or the
Company is required or elects to give hereunder shall be in writing and shall be deemed to have
been given (a) upon personal delivery thereof, including by appropriate courier service, five (5)
days after delivery to the courier or, if earlier, upon delivery against a signed receipt therefore
or (b) upon transmission by facsimile or telecopier, which transmission is confirmed, in either
case addressed to the party to be notified at the address set forth below or at such other address
as such party shall have notified the other parties hereto, by notice given in conformity with this
Section 16.

If to the Company:

MiMedx Group, Inc.

811 Livingston Ct. SE, Suite B

Marietta, GA 30067

Facsimile: (678)-384-6741

If to the Holder:

Parker H. Petit

300 Colonial Center Parkway, Suite 130

Roswell, GA 30067

Facsimile: 770-650-7569

17. Miscellaneous. This Warrant and any term hereof may be changed, waived,
discharged, or terminated only by an instrument in writing signed by the party or holder hereof
against which enforcement of such change, waiver, discharge or termination is sought. The headings
in this Warrant are for purposes of reference only and shall not limit or otherwise affect the
meaning hereof.

18. Date. The Effective Date of this Warrant is the date shown on the first page
above on the face hereof. This Warrant, in all events, shall be wholly void and of no effect after
5:00 p.m. (Eastern Time) on the Expiration Date, except that notwithstanding any other provisions
hereof, the provisions of Section 12 shall continue in full force and effect after such date as to
any Warrant Shares or other securities issued upon the exercise of this Warrant.

 

9

 

19. Severability. If any provision of this Warrant is held by a court of competent
jurisdiction to be invalid, void or unenforceable, the remaining provisions shall nevertheless
continue in full force and effect without being impaired or invalidated in any way and shall be
construed in accordance with the purposes and tenor and effect of this Warrant.

20. Governing Law. This Warrant shall be governed by and construed and enforced in
accordance with the laws of the State of Florida, without reference to its conflicts of law
principles.

	 	 	 	 	 
	 	MiMedx Group, Inc.

 	 
	 	By:  	/s/: Michael J. Culumber
 	 
	 	 	Name:  	Michael J. Culumber 	 
	 	 	Title:  	Chief Financial Officer 	 

Acknowledged and Agreed:

	 	 	 
	/s/: Parker H. Petit
 

	 	 
	Name: Parker H. Petit
	 	 

 

10

 

EXHIBIT A TO

WARRANT

SUBSCRIPTION NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER IF SUCH REGISTERED HOLDER

DESIRES TO EXERCISE THIS WARRANT

 

The undersigned hereby exercises the right to purchase Warrant Shares covered by this Warrant
according to the conditions thereof and herewith [makes payment
of $ _____, the aggregate
Warrant Exercise Price of such Warrant Shares in full] [tenders solely this Warrant, or applicable
portion hereof, in full satisfaction of the Warrant Exercise Price upon the terms and conditions
set forth herein.]

INSTRUCTIONS FOR REGISTRATION OF STOCK

	 	 	 
	Name
	 	 
	 

	 	 
	(Please typewrite or print in block letters)

	 
	 	 
	Address
	 	 
	 

	 	 

	 	 	 	 	 	 	 	 	 
	 	 	Holder Name:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	[Net] Number of Warrant Shares Being

Purchased            
                           	 	 

Dated:                
                , 20___

 

11

 

EXHIBIT B TO

WARRANT

ASSIGNMENT FORM

FOR VALUE RECEIVED,                                                              hereby
sells, assigns and transfers unto

	 	 	 
	Name
	 	 
	 

	 	 
	(Please typewrite or print in block letters)

	Address
	 	 
	 

	 	 

the right to purchase Common Stock represented by this Warrant to the extent of shares as to which
such right is exercisable and does hereby irrevocably constitute and appoint Attorney, to transfer
the same on the books of the Company with full power of substitution in the premises.

Date                     , 20___

Signature                     

 

12

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