Document:

EX-4.1

 Exhibit 4.1 

SHAREHOLDER RIGHTS AGREEMENT 

dated as of November 6, 2018 

by and between 
 MIMEDX
GROUP, INC. 
 as the Company 

and 
 ISSUER DIRECT
CORPORATION, 
 as Rights Agent 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION 1.
	 	 Certain Definitions
	  	 	1	 
	 SECTION 2.
	 	 Appointment of Rights Agent
	  	 	8	 
	 SECTION 3.
	 	 Issue of Rights Certificates
	  	 	8	 
	 SECTION 4.
	 	 Form of Rights Certificate
	  	 	10	 
	 SECTION 5.
	 	 Countersignature and Registration
	  	 	11	 
	 SECTION 6.
	 	 Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost
or Stolen Rights Certificates
	  	 	12	 
	 SECTION 7.
	 	 Exercise of Rights; Exercise Price; Expiration Date of Rights
	  	 	13	 
	 SECTION 8.
	 	 Cancellation and Destruction of Rights Certificates
	  	 	14	 
	 SECTION 9.
	 	 Reservation and Availability of Capital Stock
	  	 	14	 
	 SECTION 10.
	 	 Preferred Stock Record Date
	  	 	16	 
	 SECTION 11.
	 	 Adjustment of Exercise Price, Number and Kind of Shares or Number of Rights
	  	 	16	 
	 SECTION 12.
	 	 Certificate of Adjusted Exercise Price or Number of Shares
	  	 	21	 
	 SECTION 13.
	 	 Consolidation, Merger or Sale or Transfer of Assets or Earning Power
	  	 	22	 
	 SECTION 14.
	 	 Fractional Rights; Fractional Shares; Waiver
	  	 	25	 
	 SECTION 15.
	 	 Rights of Action
	  	 	26	 
	 SECTION 16.
	 	 Agreement of Rights Holders
	  	 	26	 
	 SECTION 17.
	 	 Rights Certificate Holder Not Deemed a Shareholder
	  	 	27	 
	 SECTION 18.
	 	 Duties of Rights Agent
	  	 	27	 
	 SECTION 19.
	 	 Concerning the Rights Agent
	  	 	29	 
	 SECTION 20.
	 	 Merger or Consolidation or Change of Name of Rights Agent
	  	 	31	 
	 SECTION 21.
	 	 Change of Rights Agent
	  	 	31	 
	 SECTION 22.
	 	 Issuance of New Rights Certificates
	  	 	32	 
	 SECTION 23.
	 	 Redemption
	  	 	32	 
	 SECTION 24.
	 	 Exchange
	  	 	33	 
	 SECTION 25.
	 	 Notice of Certain Events
	  	 	34	 
	 SECTION 26.
	 	 Notices
	  	 	35	 
	 SECTION 27.
	 	 Supplements and Amendments
	  	 	36	 
	 SECTION 28.
	 	 Successors
	  	 	37	 
	 SECTION 29.
	 	 Determinations and Actions by the Board
	  	 	37	 
	 SECTION 30.
	 	 Benefits of this Agreement
	  	 	37	 
	 SECTION 31.
	 	 Tax Compliance and Withholding
	  	 	37	 
	 SECTION 32.
	 	 Severability
	  	 	37	 
	 SECTION 33.
	 	 Governing Law
	  	 	38	 
	 SECTION 34.
	 	 Counterparts
	  	 	38	 
	 SECTION 35.
	 	 Descriptive Headings
	  	 	38	 
	 SECTION 36.
	 	 Force Majeure
	  	 	38	 

  

			
	Exhibit A	  	Articles of Amendment
		
	Exhibit B	  	Summary of Rights
		
	Exhibit C	  	Rights Certificate

  

  
 i 

 SHAREHOLDER RIGHTS AGREEMENT 

SHAREHOLDER RIGHTS AGREEMENT, dated as of November 6, 2018, (this “Agreement”), by and between MiMedx Group, Inc., a Florida
corporation (the “Company”), and Issuer Direct Corporation, Inc., as rights agent (the “Rights Agent”). 

WHEREAS, the Board of Directors of the Company (the “Board”) authorized and declared a dividend of one preferred share purchase right
(a “Right”) for each share of Common Stock of the Company outstanding at the Close of Business on the Record Date, each Right initially representing the right to purchase one
one-thousandth (subject to adjustment) of one share of Preferred Stock, upon the terms and subject to the conditions herein set forth, and further authorized and directed the issuance of one Right (subject to
adjustment) with respect to each share of Common Stock of the Company that will become outstanding between the Record Date and the earlier of the Distribution Date and the Expiration Date; provided, however, that Rights may be issued
with respect to shares of Common Stock that will become outstanding after the Distribution Date and prior to the Expiration Date in accordance with Section 22 hereof; 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows: 

SECTION 1. Certain Definitions. 

For purposes of this Agreement, the following terms have the meanings indicated: 

(a) “Acquiring Person” shall mean any Person which, together with all of its Related Persons, is the Beneficial Owner
of 10% or more of the shares of Common Stock of the Company then outstanding, but shall exclude (i) the Exempt Persons and (ii) any Grandfathered Persons. 

Notwithstanding anything in this Agreement to the contrary, no Person shall become an “Acquiring Person”: 

(i) as the result of an acquisition of shares of Common Stock by the Company which, by reducing the number of shares of Common Stock
outstanding, increases the percentage of the shares of Common Stock Beneficially Owned by such Person, together with all of its Related Persons, to 10% or more of the shares of Common Stock of the Company then outstanding; provided,
however, that if a Person, together with all of its Related Persons, becomes the Beneficial Owner of 10% or more of the shares of Common Stock of the Company then outstanding by reason of share acquisitions by the Company and, after such share
acquisitions by the Company, becomes the Beneficial Owner of any additional shares of Common Stock of the Company (other than pursuant to a dividend or distribution paid or made by the Company on the outstanding Common Stock or pursuant to a split
or subdivision of the outstanding Common Stock), then such Person shall be deemed to be an “Acquiring Person” unless, upon becoming the Beneficial Owner of such additional shares of Common Stock, such Person, together with all of its
Related Persons, does not Beneficially Own 10% or more of the Common Stock then outstanding; 
 (ii) if (A) the Board determines that
such Person has become an “Acquiring Person” inadvertently (including, without limitation, because (1) such Person was unaware that it Beneficially Owned a percentage of the then outstanding Common Stock that would otherwise cause
such Person to be an “Acquiring Person”; or (2) such Person was aware of the extent of its Beneficial Ownership of Common Stock but had no actual knowledge of the consequences of such Beneficial Ownership under this Agreement); and
(B) such Person divests as promptly as practicable (as determined by the Board) a sufficient number of shares of Common Stock so that such Person would no longer be an “Acquiring Person”; 

  
 1 

 (iii) solely as a result of any unilateral grant of any security by the Company, or through
the exercise of any options, warrants, rights or similar interests (including, without limitation, restricted stock) granted by the Company to its directors, officers or employees; provided, however, that if a Person, together with all
of its Related Persons, becomes the Beneficial Owner of 10% or more of the shares of Common Stock of the Company then outstanding by reason of a unilateral grant of a security by the Company, or through the exercise of any options, warrants, rights
or similar interests (including, without limitation, restricted stock) granted by the Company to its directors, officers and employees, then such Person shall nevertheless be deemed to be an “Acquiring Person” if, subject to
Section 1(a)(ii), such Person, together with all of its Related Persons, thereafter becomes the Beneficial Owner of any additional shares of Common Stock (unless upon becoming the Beneficial Owner of additional shares of Common Stock, such
Person, together with all of its Related Persons, does not Beneficially Own 10% or more of the Common Stock then outstanding), except as a result of (A) a dividend or distribution paid or made by the Company on the outstanding Common Stock or a
split or subdivision of the outstanding Common Stock; or (B) the unilateral grant of a security by the Company, or through the exercise of any options, warrants, rights or similar interest (including, without limitation, restricted stock)
granted by the Company to its directors, officers or employees; 
 (iv) by means of share purchases or issuances (including, without
limitation, debt to equity exchanges), directly from the Company or indirectly through an underwritten offering of the Company, in a transaction approved by the Board; provided, however, that a Person shall be deemed to be an
“Acquiring Person” if such Person (A) is or becomes the Beneficial Owner of 10% or more of the shares of Common Stock then outstanding following such transaction and (B) following such transaction, becomes the Beneficial Owner of
any additional shares of Common Stock without the prior written consent of the Company and then Beneficially Owns 10% or more of the shares of Common Stock then outstanding; or 

(v) if such Person is a bona fide swaps dealer who has become an “Acquiring Person” as a result of its actions in the ordinary
course of its business that the Board determines, in its sole discretion, were taken without the intent or effect of evading or assisting any other Person to evade the purposes and intent of this Agreement, or otherwise seeking to control or
influence the management or policies of the Company. 
 (b) A person shall be deemed to be “Acting in Concert” with
another Person if such Person knowingly acts (whether or not pursuant to an express agreement, arrangement or understanding) in concert or in parallel with such other Person, or towards a common goal with such other Person, relating to
(i) acquiring, holding, voting or disposing of voting securities of the Company or (ii) changing or influencing the control of the Company or in connection with or as a participant in any transaction having that purpose or effect, where
(A) each Person is conscious of the other Person’s conduct or intent and this awareness is an element in their decision-making processes and (B) at least one additional factor supports a determination by the Board that such Persons
intended to act in concert or in parallel, which such additional factors may include, without limitation, exchanging information, attending meetings, conducting discussions or making or soliciting invitations to act in concert or in parallel. A
Person who is Acting in Concert with another Person shall be deemed to be Acting in Concert with any third Person who is Acting in Concert with such other Person. 

(c) “Adjustment Shares” shall have the meaning set forth in Section 11(a)(ii) hereof. 

(d) “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2
of the Exchange Act Regulations, as in effect on the date of this Agreement. 

  
 2 

 (e) “Agreement” shall have the meaning set forth in the Preamble
hereof. 
 (f) “Articles of Amendment” shall have the meaning set forth in Section 1(g) hereof. 

(g) “Articles of Incorporation” shall mean the Articles of Incorporation of the Company, as amended and as may be
further amended from time to time, as filed with the Secretary of State of the State of Florida, and together with the Articles of Amendment designating rights, preferences and limitations of Series A Junior Participating Preferred Stock of the
Company adopted contemporaneously with the approval of this Agreement and attached hereto as Exhibit A (the “Articles of Amendment”), as the same may hereafter be amended or restated. 

(h) “Associate” shall have the meaning ascribed to such term in Rule 12b-2
of the Exchange Act Regulations, as in effect on the date of this Agreement. 
 (i) A Person is the “Beneficial
Owner” of (and “Beneficially Owns” and has “Beneficial Ownership”) of any securities (that are as such “Beneficially Owned”): 

(i) that such Person or any of such Person’s Affiliates or Associates Beneficially Owns, directly or indirectly, as determined pursuant to
Rule 13d-3 of the Exchange Act Regulations as in effect on the date of this Agreement; 
 (ii)
that such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has (A) the right to acquire (whether such right is exercisable immediately or only after the passage of time or satisfaction of other conditions)
pursuant to any agreement, arrangement or understanding (whether or not in writing), or upon the exercise of conversion rights, exchange rights (other than the Rights), rights, warrants or options, or otherwise; provided, however, that
a Person shall not be deemed the “Beneficial Owner” of (1) securities tendered pursuant to a tender or exchange offer made in accordance with the Exchange Act Regulations by or on behalf of such Person or any of such Person’s
Affiliates or Associates until such tendered securities are accepted for purchase or exchange; (2) securities issuable upon exercise of Rights at any time prior to the occurrence of a Triggering Event; (3) securities issuable upon exercise
of Rights from and after the occurrence of a Triggering Event if such Rights were acquired by such Person or any of such Person’s Affiliates or Associates prior to the Distribution Date or pursuant to Section 3(a) or Section 22 hereof
(the “Original Rights”) or pursuant to Section 11(a) hereof in connection with an adjustment made with respect to any Original Rights; or (4) securities which such Person or any of such Person’s Affiliates or
Associates may acquire, does or do acquire or may be deemed to have the right to acquire, pursuant to any merger or other acquisition agreement between the Company and such Person (or one or more of such Person’s Affiliates or Associates) if
such agreement has been approved by the Board prior to such Person’s becoming an Acquiring Person; or (B) the right to vote pursuant to any agreement, arrangement, or understanding; 

(iii) that are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate of such Person) with which such
Person (or any of such Person’s Affiliates or Associates) is (A) Acting in Concert, or has (B) any agreement, arrangement, or understanding (whether or not in writing), for the purpose of acquiring, holding, voting or disposing of any
such securities; provided, however, that a Person shall not be deemed the “Beneficial Owner” of any security as a result of the foregoing clause (A) or (B) if such Acting in Concert or agreement, arrangement or
understanding is not also then reportable on Schedule 13D and arises solely from a revocable proxy or consent given to such Person in response to a proxy or consent solicitation made pursuant to, and in accordance with, the applicable
provisions of the Exchange Act Regulations; or 

  
 3 

 (iv) which are Beneficially Owned, directly or indirectly, by a Counterparty (or any of such
Counterparty’s Affiliates or Associates) under any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to which such Person or any of such Person’s Affiliates or
Associates is a Receiving Party; provided, however, that the number of shares of Common Stock that a Person is deemed to Beneficially Own pursuant to this clause (iv) in connection with a particular Derivatives Contract shall not
exceed the number of Notional Common Shares with respect to such Derivatives Contract; provided, further, that the number of securities Beneficially Owned by each Counterparty (including, without limitation, its Affiliates and
Associates) under a Derivatives Contract shall for purposes of this clause (iv) include all securities that are Beneficially Owned, directly or indirectly, by any other Counterparty (or any of such other Counterparty’s Affiliates or
Associates) under any Derivatives Contract to which such first Counterparty (or any of such first Counterparty’s Affiliates or Associates) is a Receiving Party, with this proviso being applied to successive Counterparties as appropriate. 

Notwithstanding anything in this definition of “Beneficial Ownership” to the contrary, no Person engaged in business as an underwriter of
securities shall be the “Beneficial Owner” of any securities acquired through such Person’s participation in good faith in a firm commitment underwriting until the expiration of 40 days after the date of such acquisition. 

With respect to any Person, for all purposes of this Agreement, any calculation of the number of shares of Common Stock outstanding at any particular time,
including, without limitation, for purposes of determining the particular percentage of the outstanding shares of Common Stock of which any such Person is the Beneficial Owner, shall include the number of shares of Common Stock not outstanding at
the time of such calculation that such Person is otherwise deemed to Beneficially Own for purposes of this Agreement, provided, however, that the number of shares of Common Stock not outstanding that such Person is otherwise deemed to
Beneficially Own for purposes of this Agreement shall not be included for the purpose of computing the percentage of the outstanding shares of Common Stock Beneficially Owned by any other Person (unless such other Person is also deemed to
Beneficially Own for purposes of this Agreement such shares of Common Stock not outstanding). 
 (j) “Board” shall
have the meaning set forth in the Preamble hereof. 
 (k) “Book Entry” shall mean an uncertificated book entry for
the Common Stock. 
 (l) “Business Day” shall mean any day other than a Saturday, a Sunday, or a day on which banking
or trust institutions in New York City, New York are authorized or obligated by law or executive order to close. 
 (m) “Close of
Business” on any given date shall mean 5:00 P.M., New York City time, on such date; provided, however, that if such date is not a Business Day, it shall mean 5:00 P.M., New York City time, on the next succeeding
Business Day. 
 (n) “Closing Price” shall mean in respect of any security for any day shall mean the last sale
price, regular way, reported at or prior to 4:00 P.M. New York City time or, in case no such sale takes place on such day, the average of the bid and asked prices, regular way, reported at or prior to 4:00 P.M. New York City time, in
either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on NASDAQ or the NYSE or, if the security is not listed or admitted to trading on NASDAQ or the NYSE, as
reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the security is listed or admitted to trading or, if the security is not listed or admitted
to trading on any national securities exchange, the last quoted price reported at or prior to 4:00 P.M. New York City time or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by any system then in use reported as of 4:00 P.M. New York City time or, if not so quoted, the average of the closing bid and asked price furnished by a professional
market maker making a market in the security selected by the Board. 

  
 4 

 (o) “Common Stock” shall mean (i) when used with reference to
the Company, the common stock, par value $0.001 per share, of the Company; and (ii) when used with reference to any Person other than the Company, the class or series of capital stock or equity interest with the greatest voting power (in
relation to any other classes or series of capital stock or equity interest) of such other Person or if such other Person is a Subsidiary of another Person, the Person who ultimately controls such first mentioned Person. 

(p) “Common Stock Equivalents” shall have the meaning set forth in Section 11(a)(iii) hereof. 

(q) “Company” shall have the meaning set forth in the Preamble hereof. 

(r) “Counterparty” shall have the meaning set forth in Section 1(x) hereof. 

(s) “Current Market Price” of any security on any date shall mean the average of the daily closing prices per share of
such security for the 30 consecutive Trading Days immediately prior to, but not including, such date; provided, however, that in the event that the “Current Market Price” of such security is determined during a period
following the announcement by the issuer of such security of (i) a dividend or distribution on such security payable in shares of such security or securities convertible into such shares (other than the Rights); or (ii) any subdivision,
combination or reclassification of such security, and prior to the expiration of the requisite 30 Trading Day period after the ex-dividend date for such dividend or distribution or the record date for such
subdivision, combination or reclassification, then, in each such case, the “Current Market Price” shall be appropriately adjusted, as determined in good faith by the Board, whose determination shall be described in a statement filed with
the Rights Agent and shall be conclusive for all purposes, to take into account ex-dividend trading. If on any such date no market maker is making a market in such security or such security is not publicly
held or not listed or traded, the “Current Market Price” shall mean the fair value per share as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent and shall be
conclusive for all purposes. 
 Except as provided in this paragraph, the “Current Market Price” of the Preferred Stock shall be determined in
accordance with the method set forth above. If the Preferred Stock is not publicly traded, the “Current Market Price” of the Preferred Stock shall be conclusively deemed to be the Current Market Price of the Common Stock of the Company as
determined pursuant to the paragraph above (appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof), multiplied by one thousand. If neither the Common Stock nor the Preferred Stock is
publicly held or so listed or traded, the “Current Market Price” of the Preferred Stock shall mean the fair value per share as determined in good faith by the Board, whose determination shall be described in a statement filed with the
Rights Agent and shall be conclusive for all purposes. For all purposes of this Agreement, the “Current Market Price” of one one-thousandth of a share of Preferred Stock shall be equal to the
“Current Market Price” of one share of Preferred Stock divided by 1,000. 
 (t) “Current Value” shall have
the meaning set forth in Section 11(a)(iii) hereof. 
 (u) “Derivatives Contract” shall mean a contract,
including all related documentation, between two parties (the “Receiving Party” and the “Counterparty”) that is designed to produce economic benefits and risks to the Receiving Party that correspond
substantially to the ownership by the Receiving Party of a number of shares of Common Stock specified or referenced in such contract (the number corresponding to such economic benefits and risks, the “Notional Common
Shares”), regardless of 

  
 5 

 
whether obligations under such contract are required or permitted to be settled through the delivery of cash, Common Stock or other property, without regard to any short position under the same
or any other Derivatives Contract. For the avoidance of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate federal governmental
authority shall not be deemed “Derivatives Contracts.” 
 (v) “Distribution Date” shall mean the earlier of
(i) the Close of Business on the tenth Business Day after the Stock Acquisition Date (or, if the tenth Business Day after the Stock Acquisition Date occurs before the Record Date, the Close of Business on the Record Date) and (ii) the
Close of Business on the tenth Business Day (or, if such tenth Business Day occurs before the Record Date, the Close of Business on the Record Date), or such later date as may be determined by the Board prior to such time any Person becomes an
Acquiring Person, after the date of the commencement by any Person (other than any Exempt Person) of, or of the first public announcement of the intention of any Person (other than any Exempt Person) to commence, a tender or exchange offer the
consummation of which would result in such Person becoming the Beneficial Owner of 10% or more of the outstanding shares of Common Stock. 

(w) “Equivalent Preferred Stock” shall have the meaning set forth in Section 11(b) hereof. 

(x) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

(y) “Exchange Act Regulations” shall mean the general rules and regulations promulgated under the Exchange Act. 

(z) “Exchange Date” shall have the meaning set forth in Section 7(a) hereof. 

(aa) “Exchange Ratio” shall have the meaning set forth in Section 24(a) hereof. 

(bb) “Exempt Person” shall mean (i) the Company or any of its Subsidiaries; (ii) any officers, directors and
employees of the Company or any of its Subsidiaries solely in respect of such Person’s status or authority as such (including, without limitation, any fiduciary capacity); or (iii) any employee benefit plan of the Company or of any
Subsidiary of the Company or any entity or trustee holding (or acting in a fiduciary capacity in respect of) shares of capital stock of the Company for or pursuant to the terms of any such plan, or for the purpose of funding other employee benefits
for employees of the Company or any Subsidiary of the Company. 
 (cc) “Exercise Price” shall have the meaning set
forth in Section 4(a), 11(a)(ii) and 13(a) hereof. 
 (dd) “Expiration Date” shall have the meaning set forth in
Section 7(a) hereof. 
 (ee) “Final Expiration Date” shall have the meaning set forth in Section 7(a)
hereof. 
 (ff) “Flip-In Event” shall mean any event described in
Section 11(a)(ii) hereof. 
 (gg) “Flip-In Trigger Date” shall have the
meaning set forth in Section 11(a)(iii) hereof. 
 (hh) “Flip-Over Event” shall mean any event described in
clause (x), (y) or (z) of Section 13(a) hereof. 

  
 6 

 (ii) “Grandfathered Person” shall mean any Person which, together
with all of its Related Persons, is, as of the date of this Agreement, the Beneficial Owner of 10% or more of the shares of Common Stock of the Company then outstanding. A Person ceases to be a “Grandfathered Person” if and when
(i) such Person becomes the Beneficial Owner of less than 10% of the shares of Common Stock of the Company then outstanding; or (ii) such Person increases its Beneficial Ownership of shares of Common Stock of the Company to an amount equal
to or greater than the greater of (A) 10% of the shares of Common Stock of the Company then outstanding and (B) the sum of (1) the lowest Beneficial Ownership of such Person as a percentage of the shares of Common Stock of the Company
outstanding as of any time from and after the public announcement of this Agreement (other than as a result of an acquisition of shares of Common Stock by the Company) plus (2) one share of Common Stock of the Company. The foregoing
definition shall grandfather the security or instrument underlying such Beneficial Ownership only in the type and form as of the date of this Agreement and shall not grandfather any subsequent change, modification, swap or exchange of such security
or instrument into a different type or form of security or instrument (unless such exchange is contemplated explicitly by the terms of such security or instrument). For the avoidance of doubt, the swap or exchange of contracts for differences for
shares of Common Stock or other equity securities of the Company shall not be grandfathered under this Agreement. 
 (jj)
“NASDAQ” shall mean the NASDAQ Stock Market. 
 (kk) “Notional Common Shares” shall have the
meaning set forth in Section 1(x) hereof. 
 (ll) “NYSE” shall mean the New York Stock Exchange. 

(mm) “Person” shall mean any individual, firm, corporation, partnership (general or limited), limited liability
company, limited liability partnership, association, unincorporated organization, trust or other legal entity, including, without limitation, (i) any syndicate or group deemed to be a Person under Section 13(d)(3) of the Exchange Act and Rule 13d-5(b) thereunder; and (ii) any successor (by merger or otherwise) of any such firm, corporation, partnership (general or limited), limited liability company, limited liability partnership,
association, unincorporated organization, trust, or other group or entity. 
 (nn) “Preferred Stock” shall mean the
Series A Junior Participating Preferred Stock, par value $0.001 per share, of the Company, having the voting rights, powers, designations, preferences and relative, participating, optional or other special rights and qualifications, limitations
and restrictions set forth in the Articles of Amendment. 
 (oo) “Principal Party” shall have the meaning set forth
in Section 13(b) hereof. 
 (pp) “Receiving Party” shall have the meaning set forth in Section 1(x) hereof.

 (qq) “Record Date” shall mean the Close of Business on November 19, 2018. 

(rr) “Redemption Date” shall have the meaning set forth in Section 7(a) hereof. 

(ss) “Redemption Period” shall have the meaning set forth in Section 23(a) hereof. 

(tt) “Redemption Price” shall have the meaning set forth in Section 23(a) hereof. 

(uu) “Related Person” shall mean, as to any Person, any Affiliates or Associates of such Person. 

(vv) “Rights” shall have the meaning set forth in the Preamble hereof. 

(ww) “Rights Agent” shall have the meaning set forth in the Preamble hereof. 

  
 7 

 (xx) “Rights Certificate” shall have the meaning set forth in
Section 3(d) hereof. 
 (yy) “Securities Act” shall mean the Securities Act of 1933, as amended. 

(zz) “Stock Acquisition Date” shall mean the first date of public announcement (including, without limitation, the
filing of any report pursuant to Section 13(d) of the Exchange Act) by the Company or an Acquiring Person that a Person has become an Acquiring Person, or such other date, as determined by the Board, on which a Person has become an Acquiring
Person. 
 (aaa) “Subsidiary” shall mean, with reference to any Person, any other Person of which (i) a majority
of the voting power of the voting securities or equity interests is Beneficially Owned, directly or indirectly, by such first-mentioned Person or otherwise controlled by such first-mentioned Person; or (ii) an amount of voting securities or
equity interests sufficient to elect at least a majority of the directors or equivalent governing body of such other Person is Beneficially Owned, directly or indirectly, by such first-mentioned Person, or otherwise controlled by such
first-mentioned Person. 
 (bbb) “Substitution Period” shall have the meaning set forth in Section 11(a)(iii)
hereof. 
 (ccc) “Summary of Rights” shall have the meaning set forth in Section 3(a) hereof. 

(ddd) “Trading Day” shall mean, in respect to any security, (i) if such security is listed or admitted to trading
on any national securities exchange, a day on which the principal national securities exchange on which such security is listed or admitted to trading is open for the transaction of business; and (ii) if such security is not so listed or
admitted, a Business Day. 
 (eee) “Triggering Event” shall mean any Flip-In
Event or any Flip-Over Event. 
 (fff) “Trust” shall have the meaning set forth in Section 24(d) hereof. 

(ggg) “Trust Agreement” shall have the meaning set forth in Section 24(d) hereof. 

SECTION 2. Appointment of Rights Agent. 
 The Company
hereby appoints the Rights Agent to act as rights agent for the Company and in accordance with the express terms and conditions hereof (and no implied terms or conditions), and the Rights Agent hereby accepts such appointment. The Company may from
time to time appoint such co-Rights Agents as it may deem necessary or desirable, upon 10 calendar days’ prior written notice to the Rights Agent. In the event the Company appoints one or more co-Rights Agents, the respective duties of the Rights Agent and any co-Rights Agents under the provisions of this Agreement shall be as the Company reasonably determines, and
the Company shall notify, in writing, the Rights Agent and any co-Rights Agents of such duties. The Rights Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions of
any such co-Rights Agents. 
 SECTION 3. Issue of Rights Certificates. 

(a) The Company will make available (directly or, at the expense of the Company, through the Rights Agent or its transfer agent if the Rights
Agent or transfer agent is directed by the Company and provided with all necessary information and documents), as promptly as practicable, a copy of a Summary of Rights to Purchase Preferred Stock, in substantially the form attached hereto as
Exhibit B and that may be appended to certificates that represent shares of Common Stock (the “Summary of Rights”), to any record holder of Common Stock as of the Close of Business on the Record
Date who may so request from 

  
 8 

 
time to time prior to the Expiration Time (other than any Acquiring Person or any Associate or Affiliate of any Acquiring Person), at the address of such holder shown on the records of the
Company or transfer agent or register for Common Stock. With respect to certificates representing shares of Common Stock (or Book Entry shares of Common Stock) outstanding as of the Record Date, until the Distribution Date, the Rights shall be
evidenced by such shares of Common Stock registered in the names of the holders thereof, and not by separate Rights Certificates. With respect to Book Entry shares of Common Stock outstanding as of the Record Date, until the Distribution Date, the
Rights shall be evidenced by the balances indicated in the Book Entry account system of the transfer agent for the Common Stock. Until the earlier of the Distribution Date and the Expiration Date, the transfer of any shares of Common Stock
outstanding on the Record Date (whether represented by certificates or evidenced by the balances indicated in the Book Entry account system of the transfer agent for the Common Stock), shall also constitute the transfer of the Rights associated with
such shares of Common Stock. 
 (b) Rights shall be issued, without any further action, in respect of all shares of Common Stock that become
outstanding (whether originally issued or delivered from the Company’s treasury) after the Record Date but prior to the earlier of the Distribution Date and the Expiration Date; provided, however, that Rights also shall be issued
to the extent provided in Section 22 hereof. Confirmation and account statements sent to holders of Common Stock for Book Entry form or, in the case of certificated shares, certificates, representing such shares of Common Stock, issued after
the Record Date shall bear a legend substantially in the following form: 
 “[This certificate] [These shares] also evidence[s] and entitle[s] the
holder hereof to certain Rights as set forth in a Shareholder Rights Agreement between MiMedx Group, Inc., a Florida corporation (the “Company”), and Issuer Direct Corporation (the “Rights Agent”) dated as of
November 6, 2018, as the same may be amended from time to time (the “Rights Agreement”), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of the
Company. Under certain circumstances, as set forth in the Rights Agreement, such Rights shall be evidenced by separate certificates and will no longer be evidenced by [this certificate] [these shares]. The Company will mail to the holder of [this
certificate] [these shares] a copy of the Rights Agreement as in effect on the date of mailing without charge after receipt of a written request therefor. 

Under certain circumstances, as set forth in the Rights Agreement, Rights that are Beneficially Owned by any Person who is, was or becomes an Acquiring Person
or any Related Person thereof (as such capitalized terms are defined in the Rights Agreement), or specified transferees of such Acquiring Person (or Related Person thereof) may become null and void and will no longer be transferable.” 

With respect to all certificates representing shares of Common Stock containing the foregoing legend in substantially similar form, until the earliest of the
Distribution Date and the Expiration Date, the Rights associated with the Common Stock represented by such certificates shall be evidenced by such certificates alone and registered holders of Common Stock shall also be the registered holders of the
associated Rights, and the transfer of any such certificate(s) shall also constitute the transfer of the Rights associated with the shares of Common Stock represented by such certificates. 

With respect to Common Stock in Book Entry form for which there has been sent a confirmation or account statement containing the foregoing legend in
substantially similar form, until the earliest of the Distribution Date and the Expiration Date, the Rights associated with the Common Stock shall be evidenced by such Common Stock alone and registered holders of Common Stock shall also be the
registered holders of the associated Rights, and the transfer of any such Common Stock shall also constitute the transfer of the Rights associated with such shares of Common Stock. 

  
 9 

 Notwithstanding this paragraph (b), the omission of the legend or the failure to send, deliver or
provide the registered owner of shares of Common Stock a copy of the Summary of Rights shall not affect the enforceability of any part of this Agreement or the rights of any holder of the Rights. 

In the event that the Company purchases or otherwise acquires any shares of Common Stock after the Record Date but prior to the Distribution Date, any Rights
associated with such shares of Common Stock shall be cancelled and retired so that the Company is not entitled to exercise any Rights associated with the shares of Common Stock that are no longer outstanding. 

(c) Until the Distribution Date, the Rights shall be transferable only in connection with the transfer of the underlying shares of Common Stock
(including, without limitation, a transfer to the Company). 
 (d) As soon as practicable after the Distribution Date, the Company will
prepare and execute, and upon the written request of the Company, the Rights Agent will countersign and the Company will send or cause to be sent (and the Rights Agent will, if so requested and provided with all necessary information and documents,
at the expense of the Company, send) by first-class, insured, postage-prepaid mail, to each record holder of shares of Common Stock as of the Close of Business on the Distribution Date (other than any Acquiring Person or any Related Person of an
Acquiring Person), at the address of such holder shown on the records of the Company, one or more rights certificates, in substantially the form of Exhibit C hereto (the “Rights Certificate”),
evidencing one Right for each share of Common Stock so held, subject to adjustment as provided herein. In the event that an adjustment in the number of Rights per share of Common Stock has been made pursuant to Section 11 hereof, at the time of
distribution of the Rights Certificates, the Company shall make the necessary and appropriate rounding adjustments (in accordance with Section 14(a) hereof) so that Rights Certificates representing only whole numbers of Rights are distributed
and cash is paid in lieu of any fractional Rights. As of and after the Distribution Date, the Rights shall be evidenced solely by such Rights Certificates, and the Rights Certificates and the Rights shall be transferable separately from the transfer
of Common Stock. The Company shall promptly notify the Rights Agent in writing upon the occurrence of the Distribution Date and, if such notification is given orally, the Company shall confirm the same in writing on or prior to the Business Day next
following. Until such written notice is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that the Distribution Date has not occurred. 

SECTION 4. Form of Rights Certificate. 

(a) The Rights Certificates (and the forms of election to purchase and of assignment and the certificate to be printed on the reverse thereof)
shall be substantially in the form set forth in Exhibit C hereto and may have such changes or marks of identification or designation and such legends, summaries, or endorsements printed thereon as the Company may deem
appropriate (but which do not affect the rights, duties, liabilities or responsibilities of the Rights Agent), and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any applicable law or any rule or
regulation thereunder or with any applicable rule or regulation of any stock exchange upon which the Rights may from time to time be listed or the Financial Industry Regulatory Authority, or to conform to customary usage. Subject to the provisions
of this Agreement, the Rights Certificates, whenever distributed, shall be dated as of the Distribution Date and on their face shall entitle the holders thereof to purchase such number of one one-thousandth of
a share of Preferred Stock as shall be set forth therein at the price set forth therein (such price, the “Exercise Price”), but the amount and type of securities, cash, or other assets that may be acquired upon the exercise
of each Right and the Exercise Price thereof shall be subject to adjustment as provided herein. 

  
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 (b) Any Rights Certificate issued pursuant hereto that represents Rights Beneficially Owned
by (i) an Acquiring Person or any Related Person of an Acquiring Person; (ii) a transferee of an Acquiring Person (or of any such Related Person) that becomes a transferee after the Acquiring Person becomes an Acquiring Person; or
(iii) a transferee of an Acquiring Person (or of any such Related Person) that becomes a transferee prior to or concurrently with the Acquiring Person becoming an Acquiring Person and that receives such Rights pursuant to either (A) a
transfer (whether or not for consideration) from the Acquiring Person (or any such Related Person) to holders of equity interests in such Acquiring Person (or any such Related Person) or to any Person with whom such Acquiring Person (or any such
Related Person) has any continuing written or oral plan, agreement, arrangement, or understanding regarding the transferred Rights, shares of Common Stock, or the Company; or (B) a transfer that the Board has determined in good faith to be part
of a plan, agreement, arrangement, or understanding that has as a primary purpose or effect the avoidance of Section 7(e) hereof (and any Rights Certificate issued pursuant to Section 6 or Section 11 hereof upon transfer, exchange,
replacement or adjustment of any other Rights Certificate referred to in this sentence), shall contain upon the direction of the Board a legend substantially in the following form: 

“The Rights represented by this Rights Certificate are or were Beneficially Owned by a Person who was or became an Acquiring Person or a Related Person
of an Acquiring Person (as such terms are defined in the Shareholder Rights Agreement dated as of November 6, 2018 by and between MiMedx Group, Inc. and Issuer Direct Corporation (the “Rights Agreement”)). Accordingly, this
Rights Certificate and the Rights represented hereby may become null and void in the circumstances specified in Section 7(e) of the Rights Agreement.” 

The Company shall give written notice to the Rights Agent promptly after it becomes aware of the existence and identity of any Acquiring Person or any Related
Person thereof. Until such notice is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that no Person has become an Acquiring Person or a Related Person of an Acquiring Person. The Company shall instruct the
Rights Agent in writing of the Rights which should be so legended. 
 SECTION 5. Countersignature and Registration.

 (a) The Rights Certificates shall be executed on behalf of the Company by its Chief Executive Officer, President, Secretary, Treasurer,
any Vice-President, any Assistant Secretary or any other officer of the Company, shall have affixed thereto the Company’s corporate seal (or a facsimile thereof), and shall be attested by the Company’s Secretary or one of its Assistant
Secretaries. The signature of any of these officers on the Rights Certificates may be manual or by facsimile or other customary shall mean of electronic transmission (e.g., “pdf”). Rights Certificates bearing the manual or facsimile
signatures of the individuals who were at the time of execution the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the countersigning of such
Rights Certificates by the Rights Agent or did not hold such offices at the date of such Rights Certificates. No Rights Certificate shall be entitled to any benefit under this Agreement or shall be valid for any purpose unless there appears on such
Rights Certificate a countersignature duly executed by the Rights Agent by manual or facsimile or other customary shall mean of electronic transmission (e.g., “pdf”) of an authorized officer, and such countersignature upon any Rights
Certificate shall be conclusive evidence, and the only evidence, that such Rights Certificate has been duly countersigned as required hereunder. 

(b) Following the Distribution Date, and receipt by the Rights Agent of written notice to that effect and all other relevant and necessary
information referred to in Section 3(d) hereof, the Rights Agent shall keep or cause to be kept, at its office designated for such purpose, books for registration and transfer of the Rights Certificates issued hereunder. Such books shall show
the name and address of each holder of the Rights Certificates, the number of Rights evidenced on its face by each Rights Certificate and the date of each Rights Certificate. 

  
 11 

 SECTION 6. Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated,
Destroyed, Lost or Stolen Rights Certificates. 
 (a) Subject to the provisions of Sections 4(b), 7(e) and 14 hereof, at any time after
the Close of Business on the Distribution Date and at or prior to the Close of Business on the Expiration Date, any Rights Certificate (other than Rights Certificates representing Rights that have become null and void pursuant to Section 7(e)
hereof, that have been redeemed pursuant to Section 23 hereof, or that have been exchanged pursuant to Section 24 hereof) may be transferred, split up, combined or exchanged for another Rights Certificate, entitling the registered holder
to purchase a like number of one one-thousandth of a share of Preferred Stock (or following a Triggering Event, Common Stock, other securities, cash or other assets, as the case may be) as the Rights
Certificate or Certificates surrendered then entitled such holder to purchase. Any registered holder desiring to transfer, split up, combine or exchange any Rights Certificate shall make such request in writing delivered to the Rights Agent, and
shall surrender, together with any required form of assignment duly executed and properly completed, the Rights Certificates to be transferred, split up, combined or exchanged at the office of the Rights Agent designated for such purpose. The Rights
Certificates are transferable only on the books and records of the Rights Agent. Neither the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Rights Certificate until
the registered holder has properly completed and executed the certificate set forth in the form of assignment on the reverse side of such Rights Certificate and has provided such additional evidence of the identity of the Beneficial Owner (or former
Beneficial Owner) of the Rights represented by such Rights Certificate or Related Person thereof as the Company or the Rights Agent requests, whereupon the Rights Agent shall, subject to the provisions of Sections 4(b), 7(e) and 14 hereof,
countersign and deliver to the Person entitled thereto a Rights Certificate or Rights Certificates, as the case may be, as so requested. The Company may require payment by the holder of the Rights of a sum sufficient to cover any tax or charge that
may be imposed in connection with any transfer, split up, combination or exchange of Rights Certificates. If and to the extent the Company does require payment of any such taxes or charges, the Company shall give the Rights Agent prompt written
notice thereof and the Rights Agent shall not deliver any Rights Certificate unless and until it is satisfied that all such payments have been made, and the Rights Agent shall forward any such sum collected by it to the Company or to such Persons as
the Company specifies by written notice. The Rights Agent shall have no duty or obligation to take any action with respect to a Rights holder under any Section of this Agreement which requires the payment by such Rights holder of applicable taxes
and/or charges unless and until it is satisfied that all such taxes and/or charges have been paid. 
 (b) If a Rights Certificate is
mutilated, lost, stolen or destroyed, upon request by the registered holder of the Rights represented thereby and upon payment to the Company and the Rights Agent of all reasonable expenses incident thereto, there shall be issued, in exchange for
and upon cancellation of the mutilated Rights Certificate, or in substitution for the lost, stolen or destroyed Rights Certificate, a new Rights Certificate, in substantially the form of the prior Rights Certificate, of like tenor and representing
the equivalent number of Rights, but, in the case of loss, theft, or destruction, only upon receipt of evidence satisfactory to the Company and the Rights Agent of such loss, theft or destruction of such Rights Certificate and such additional
evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Related Persons thereof as the Company or the Rights Agent requests, and, if requested by the Company or the Rights Agent, indemnity also satisfactory to it. 

(c) Notwithstanding any other provision hereof, the Company and the Rights Agent may amend this Agreement to provide for uncertificated Rights
in addition to or in lieu of Rights evidenced by Right Certificates, to the extent permitted by applicable law. 

  
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 SECTION 7. Exercise of Rights; Exercise Price; Expiration Date of Rights. 

(a) Subject to Section 7(e) hereof, the registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except as
otherwise provided herein including, without limitation, in the restrictions on exercisability set forth in Sections 9(c), 11(a)(iii) and 23(a) hereof) in whole or in part at any time after the Distribution Date upon surrender of the Rights
Certificate, with the form of election to purchase and the certificate on the reverse side thereof properly completed and duly executed, to the Rights Agent at the office of the Rights Agent designated for such purpose, together with payment of the
Exercise Price for each one one-thousandth of a share of Preferred Stock (or Common Stock, other securities, cash or other assets, as the case may be) as to which the Rights are exercised, at or prior to the
earliest of (i) the Close of Business on November 6, 2019 (the “Final Expiration Date”); (ii) the time at which the Rights are redeemed pursuant to Section 23 hereof (the “Redemption
Date”); (iii) the time at which the Rights are exchanged pursuant to Section 24 hereof (the “Exchange Date”) or (iv) the closing of any merger or other acquisition transaction involving the Company
pursuant to an agreement of the type described in Section 1(i)(ii)(A)(4) and Section 13(f) hereof at which time the Rights are terminated; (the earliest of (i), (ii), (iii) and (iv) being herein referred to as the
“Expiration Date”). 
 (b) Each Right shall entitle the registered holder thereof to purchase one one-thousandth of a share of Preferred Stock. The Exercise Price for each one one-thousandth of a share of Preferred Stock pursuant to the exercise of a Right shall be
initially $31.10, and shall be subject to adjustment from time to time as provided in Sections 11 and 13 hereof and payable in lawful money of the United States in accordance with paragraph (c) of this Section 7. 

(c) Upon receipt of a Rights Certificate representing exercisable Rights, with the form of election to purchase and the certificate properly
completed and duly executed, accompanied by payment, with respect to each Right so exercised, of the Exercise Price per one one-thousandth of a share of Preferred Stock (or Common Stock, other securities, cash
or other assets, as the case may be) to be purchased and an amount equal to any applicable tax or charge, then the Rights Agent shall, subject to Section 18(j) hereof, promptly (i) (A) requisition from any transfer agent of the
Preferred Stock certificates representing such number of one one-thousandth of a share of Preferred Stock (or fractions of shares that are integral multiples of one
one-thousandth of a share of Preferred Stock) as are to be purchased and the Company shall direct its transfer agent to comply with all such requests; or (B) if the Company has elected to deposit the
total number of shares of Preferred Stock issuable upon exercise of the Rights hereunder with a depositary agent, requisition from the depositary agent depositary receipts representing such number of one
one-thousandth of a share of Preferred Stock as are to be purchased (in which case certificates for the shares of Preferred Stock represented by such receipts shall be deposited by the transfer agent with the
depositary agent), and the Company shall direct the depositary agent to comply with all such requests; (ii) if necessary to comply with this Agreement, requisition from the Company the amount of cash, if any, to be paid in lieu of
fractional shares in accordance with Section 14 hereof; (iii) after receipt of such certificates or such depositary receipts, cause the same to be delivered to or upon the order of the registered holder of such Rights Certificate,
registered in such name or names as may be designated by such holder; and (iv) if necessary to comply with this Agreement, after receipt thereof, deliver such cash, if any, to or upon the order of the registered holder of such Rights
Certificate. In the event that the Company is obligated to issue Common Stock or other securities of the Company, pay cash and/or distribute other assets pursuant to Section 11(a) hereof, the Company shall make all arrangements necessary so
that such Common Stock, other securities, cash and/or other assets are available for distribution by the Rights Agent, if and when necessary to comply with this Agreement, and until so received, the Rights Agent shall have no duties or obligations
with respect to such securities, cash and/or other assets. The payment of the Exercise Price (as such amount may be reduced pursuant to Section 11(a)(iii) hereof) may be made in cash or by certified or bank check or money order payable to the
order of the Company. 

  
 13 

 (d) In the event a registered holder of any Rights Certificate exercises less than all the
Rights evidenced thereby, a new Rights Certificate evidencing the Rights remaining unexercised shall be issued by the Rights Agent and delivered to, or upon the order of, such holder, registered in such name or names as designated by such holder,
subject to the provisions of Sections 6 and 14 hereof. 
 (e) Notwithstanding anything in this Agreement to the contrary, from and after the
first occurrence of a Flip-In Event, any Rights Beneficially Owned by (i) an Acquiring Person or a Related Person of an Acquiring Person; (ii) a transferee of an Acquiring Person (or of any such
Related Person) who becomes a transferee after the Acquiring Person becomes such; or (iii) a transferee of an Acquiring Person (or of any such Related Person) who becomes a transferee prior to or concurrently with the Acquiring Person becoming
such and who receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person (or any such Related Person) to holders of equity interests in such Acquiring Person (or any such Related Person)
or to any Person with whom the Acquiring Person (or any such Related Person) has any continuing written or oral plan, agreement, arrangement or understanding regarding the transferred Rights, shares of Common Stock or the Company; or (B) a
transfer that the Board has determined in good faith to be part of a plan, agreement, arrangement or understanding that has as a primary purpose or effect the avoidance of this Section 7(e), shall be null and void without any further action,
and any holder of such Rights thereafter shall have no rights or preferences whatsoever with respect to such Rights, whether under any provision of this Agreement, the Rights Certificates or otherwise (including, without limitation, rights and
preferences pursuant to Section 7, 11, 13, 23 and 24 hereof). The Company shall use commercially reasonable efforts to ensure compliance with the provisions of this Section 7(e) and Section 4(b) hereof, but neither the Company nor the
Rights Agent have any liability to any holder of Rights or any other Person as a result of the Company’s failure to make any determination with respect to an Acquiring Person or its Related Persons or transferees hereunder. 

(f) Notwithstanding anything in this Agreement or any Rights Certificate to the contrary, neither the Rights Agent nor the Company shall be
obligated to take any action with respect to a registered holder upon the occurrence of any purported transfer or exercise as set forth in this Section 7 by such registered holder unless such registered holder has (i) properly completed
and duly executed the certificate following the form of election to purchase set forth on the reverse side of the Rights Certificate surrendered for such exercise, and (ii) provided such additional evidence of the identity of the Beneficial
Owner (or former Beneficial Owner) of the Rights represented by such Rights Certificate or Related Persons thereof as the Company or the Rights Agent reasonably requests. 

SECTION 8. Cancellation and Destruction of Rights Certificates. 

All Rights Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or to any of
its agents, be delivered to the Rights Agent for cancellation or in cancelled form, or, if surrendered to the Rights Agent, shall be cancelled by it, and no Rights Certificates shall be issued in lieu thereof except as expressly permitted by
this Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any Rights Certificates acquired by the Company otherwise than upon the exercise thereof. The Rights
Agent shall deliver all cancelled Rights Certificates to the Company, or shall, at the written request of the Company, destroy or cause to be destroyed such cancelled Rights Certificates, and in such case shall deliver a certificate of destruction
thereof to the Company. 
 SECTION 9. Reservation and Availability of Capital Stock. 

(a) The Company shall cause to be reserved and kept available out of its authorized and unissued shares of Preferred Stock (and following the
occurrence of a Triggering Event, out of its authorized and unissued shares of Common Stock and/or other securities or out of its authorized and issued shares held 

  
 14 

 
in its treasury), a number of shares of Preferred Stock (and, following the occurrence of a Triggering Event, shares of Common Stock and/or other securities) that, as provided in this Agreement,
including Section 11(a)(iii) hereof, shall be sufficient to permit the exercise in full of all outstanding Rights. Upon the occurrence of any events resulting in an increase in the aggregate number of shares of Preferred Stock (or Common Stock
and/or other equity securities of the Company) issuable upon exercise of all outstanding Rights above the number then reserved, the Company shall make appropriate increases in the number of shares so reserved. 

(b) As long as the shares of Preferred Stock (and following the occurrence of a Triggering Event, Common Stock and/or other securities)
issuable upon the exercise of the Rights may be listed or admitted to trading on any national securities exchange, the Company shall use its commercially reasonable efforts to cause, from and after such time as the Rights become exercisable, all
shares reserved for such issuance to be listed or admitted to trading on such exchange upon official notice of issuance upon such exercise. 

(c) If the Company is required to file a registration statement pursuant to the Securities Act with respect to the securities purchasable upon
exercise of the Rights, the Company shall use its commercially reasonable efforts to (i) file, as soon as practicable following the earliest date after the first occurrence of a Flip-In Event on which the
consideration to be delivered by the Company upon exercise of the Rights has been determined in accordance with this Agreement, or as soon as is required by applicable law following the Distribution Date, as the case may be, such registration
statement; (ii) cause such registration statement to become effective as soon as practicable after such filing; and (iii) cause such registration statement to remain effective (and to include a prospectus at all times complying with the
requirements of the Securities Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for the securities covered by such registration statement, and (B) the Expiration Date. The Company shall also take such
action as may be appropriate under, or to ensure compliance with, the securities or “blue sky” laws of the various states in connection with the exercisability of the Rights. The Company may temporarily suspend (with prompt written notice
thereof to the Rights Agent), for a period of time not to exceed 90 days after the date set forth in clause (i) of the first sentence of this Section 9(c), the exercisability of the Rights in order to prepare and file such
registration statement and permit it to become effective. Upon any such suspension, the Company shall issue a public announcement (with prompt written notice thereof to the Rights Agent; and until such written notice is received by the Rights Agent,
the Rights Agent may presume conclusively that no such suspension has occurred) stating that the exercisability of the Rights has been temporarily suspended, as well as a public announcement at such time as the suspension has been rescinded (with
prompt written notice to the Rights Agent; and until such written notice is received by the Rights Agent, the Rights Agent may presume conclusively that such suspension has not been rescinded). In addition, if the Company shall determine that a
registration statement is required following the Distribution Date, the Company may temporarily suspend the exercisability of the Rights until such time as a registration statement has been declared effective. Notwithstanding any provision of this
Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction if the requisite qualification in such jurisdiction shall not have been obtained, the exercise thereof shall not be permitted under applicable law, or an effective
registration statement is required and shall not have been declared effective or has been suspended. 
 (d) The Company shall take such
action as may be necessary to ensure that each one one-thousandth of a share of Preferred Stock (and, following the occurrence of a Triggering Event, Common Stock and/or other securities that may be delivered
upon exercise of Rights) shall be, at the time of delivery of the certificates or depositary receipts for such securities (subject to payment of the Exercise Price), duly and validly authorized and issued, fully paid and non-assessable. 

  
 15 

 (e) The Company shall pay when due and payable any and all documentary, stamp or transfer
tax, or other tax or charge, that is payable in respect of the issuance and delivery of the Rights Certificates or the issuance and delivery of any certificates or depository receipts or entries in the Book Entry account system of the transfer agent
for the Preferred Stock for a number of one one-thousandth of a share of Preferred Stock (or Common Stock and/or other equity securities of the Company that may be delivered upon exercise of the Rights) upon
the exercise of Rights; provided, however, the Company shall not be required to pay any such tax or charge that may be payable in connection with the issuance or delivery of any of any certificates or depositary receipts or entries in
the Book Entry account system of the transfer agent for the Preferred Stock for a number of one one-thousandth of a share of Preferred Stock (or Common Stock and/or other equity securities of the Company as
the case may be) to any Person other than the registered holder of the Rights Certificates evidencing the Rights surrendered for exercise. The Company shall not be required to issue or deliver any certificates or depositary receipts or entries in
the Book Entry account system of the transfer agent for the Preferred Stock (or Common Stock and/or other equity securities of the Company as the case may be) to, or in a name other than that of, the registered holder upon the exercise of any Rights
until any such tax or charge has been paid (any such tax or charge being payable by the holder of such Rights Certificate at the time of surrender) or until it has been established to the Company’s or Rights Agent’s satisfaction that no
such tax or charge is due. 
 SECTION 10. Preferred Stock Record Date. 

Each Person in whose name any certificate or entry in the Book Entry account system of the transfer agent for the Preferred Stock for a number of one one-thousandth of a share of Preferred Stock (or Common Stock and/or other securities, as the case may be) is issued upon the exercise of Rights shall be for all purposes the holder of record of such fractional
shares of Preferred Stock (or Common Stock and/or other securities, as the case may be) represented thereby on, and such certificate or entry shall be dated the date upon which the Rights Certificate evidencing such Rights was duly surrendered and
payment of the Exercise Price (and any applicable transfer taxes and charges) was made; provided, however, that if the date of such surrender and payment is a date upon which the applicable transfer books of the Company are closed,
such Person shall be deemed to have become the record holder of such securities (fractional or otherwise) on, and such certificate or entry shall be dated, the next succeeding Business Day on which the applicable transfer books of the Company are
open; provided, further, that if delivery of a number of one one-thousandth of a share of Preferred Stock is delayed pursuant to Section 9(c) hereof, such Persons shall be deemed to have
become the record holders of such number of one one-thousandth of a share of Preferred Stock only when such Preferred Stock first become deliverable. Prior to the exercise of the Rights evidenced thereby, the
holder of a Rights Certificate shall not be entitled to any rights of a shareholder of the Company with respect to the securities for which the Rights are exercisable, including, without limitation, the right to vote, to receive dividends or other
distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein. 

SECTION 11. Adjustment of Exercise Price, Number and Kind of Shares or Number of Rights. 

The Exercise Price, the number and kind of securities covered by each Right and the number of Rights outstanding are subject to adjustment from time to time as
provided in this Section 11. 
 (a) (i) In the event the Company at any time after the date hereof(A) declares a dividend on the
Preferred Stock payable in shares of Preferred Stock; (B) subdivides the outstanding Preferred Stock; (C) combines the outstanding Preferred Stock into a smaller number of shares; or (D) issues any shares of its capital stock in a
reclassification of Preferred Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), except as otherwise provided in this Section 11(a), then the
Exercise Price in effect at the time of the record date for such dividend or of the effective date of such subdivision, combination or reclassification, and the 

  
 16 

 
number and kind of shares (or fractions thereof) of Preferred Stock or capital stock, as the case may be, issuable on such date upon exercise of the Rights, shall be proportionately adjusted so
that the holder of any Right exercised after such time becomes entitled to receive, upon payment of the Exercise Price then in effect, the aggregate number and kind of shares (or fractions thereof) of Preferred Stock or capital stock, as the case
may be, which, if such Right had been exercised immediately prior to such date, such holder would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, combination or reclassification. If an event occurs
that would require an adjustment under both this Section 11(a)(i) and Section 11(a)(ii) hereof, the adjustment provided for in this Section 11(a)(i) shall be in addition to, and shall be made prior to, any adjustment required pursuant
to Section 11(a)(ii) hereof. 
 (ii) Subject to Section 23 and Section 24 hereof, in the event that any Person (other than any
Exempt Person), alone or together with its Related Persons, becomes an Acquiring Person (the first occurrence of such event, the “Flip-In Event”), unless the event causing such Person
to become an Acquiring Person is a transaction set forth in Section 13(a) hereof, then proper provision shall be made so that promptly following the Redemption Period, each holder of a Right (except as provided below and in Section 7(e)
hereof) thereafter has the right to receive, upon exercise thereof and payment of an amount equal to the then current Exercise Price in accordance with the terms of this Agreement, in lieu of a number of one
one-thousandth of a share of Preferred Stock, a number of shares of Common Stock of the Company equal to the result obtained by (A) multiplying the then current Exercise Price by the then number of one one-thousandth of a share of Preferred Stock for which a Right was or would have been exercisable immediately prior to the first occurrence of a Flip-In Event, whether or not
such Right was then exercisable; and (B) dividing that product (which, following such first occurrence, shall be referred to as the “Exercise Price” for each Right and for all purposes of this Agreement
except to the extent set forth in Section 13 hereof) by 50% of the Current Market Price of Common Stock on the date of such first occurrence (such number of shares, the “Adjustment Shares”). The Company shall provide the
Rights Agent with written notice of the identity of any such Acquiring Person, Related Person or the nominee or transferee of any of the foregoing, and the Rights Agent may rely on such notice in carrying out its duties under this Agreement and
shall be deemed not to have any knowledge of the identity of any such Acquiring Person, Related Person or the nominee or transferee of any of the foregoing, unless and until it has received such notice. 

(iii) In the event that the number of shares of Common Stock authorized by the Articles of Incorporation, but not outstanding, or reserved for
issuance for purposes other than upon exercise of the Rights, is not sufficient to permit the exercise in full of the Rights in accordance with the foregoing clause (ii), the Board shall, to the extent permitted by applicable law and by any
agreements or instruments then in effect to which the Company is a party, (A) determine the excess of (1) the value of the Adjustment Shares issuable upon the exercise of a Right (the “Current Value”) over
(2) the Exercise Price (such excess being the “Spread”), and (B) with respect to each Right (subject to Section 7(e) hereof), make adequate provision to substitute for some or all of the Adjustment Shares, upon
exercise of a Right and payment of the applicable Exercise Price, (1) cash; (2) a reduction in the Exercise Price; (3) shares or fractions of a share of Preferred Stock or other equity securities of the Company (including, without
limitation, shares, or units of shares, of Preferred Stock which the Board has determined to have the same value as shares of Common Stock) (such shares of equity securities being herein called “Common Stock Equivalents”);
(4) debt securities of the Company; (5) other assets; or (6) any combination of the foregoing, in each case having an aggregate value equal to the Current Value, as determined by the Board based upon the advice of a financial advisor
selected by the Board; provided, however, if the Company has not made adequate provision to deliver value pursuant to clause (B) above within 30 days following the later of (x) the first occurrence of a Flip-In Event; and (y) the date on which the Redemption Period expires (the later of (x) and (y) being referred to herein as the “Flip-In Trigger
Date”), then the Company shall deliver, upon the surrender for exercise of a Right and without requiring payment of the Exercise Price, shares of Common Stock (to the extent available), and then, if necessary such number or fractions of
shares of Preferred Stock (to the extent available) and then, if necessary, cash, which shares and/or cash have an aggregate value equal to the Spread. 

  
 17 

 If, upon the occurrence of a Flip-In Event, the Board determines in
good faith that it is likely that sufficient additional shares of Common Stock could be authorized for issuance upon exercise in full of the Rights, then if the Board so elects, the 30-day period set forth
above may be extended to the extent necessary, but not more than 90 days after the Flip-In Trigger Date, in order that the Company may seek shareholder approval for the authorization of such additional
shares (such period, as it may be extended, the “Substitution Period”). To the extent that action is to be taken pursuant to the preceding provisions of this Section 11(a)(iii), the Company (aa) shall provide,
subject to Section 7(e) hereof, that such action shall apply uniformly to all outstanding Rights; and (bb) may suspend the exercisability of the Rights until the expiration of the Substitution Period in order to seek an authorization of
additional shares and/or to decide the appropriate form of distribution to be made pursuant to the second sentence of this Section 11(a)(iii) and to determine the value thereof. In the event of any such suspension, the Company shall issue a
public announcement (with prompt written notice thereof to the Rights Agent) stating that the exercisability of the Rights has been temporarily suspended, as well as a public announcement (with prompt written notice thereof to the Rights Agent) at
such time as the suspension is no longer in effect. For purposes of this Section 11(a)(iii), the value of the Common Stock shall be the Current Market Price of the Common Stock on the Flip-In Trigger Date
and the value of any Common Stock Equivalents shall have the same value as the Common Stock on such date. The Board may establish procedures to allocate the right to receive shares of Common Stock upon the exercise of the Rights among holders of
Rights pursuant to this Section 11(a)(iii). 
 (b) In case the Company fixes a record date for the issuance of rights, options or
warrants to all holders of Preferred Stock entitling them (for a period expiring within 45 days after such record date) to subscribe for or purchase Preferred Stock (or shares having the same rights, privileges and preferences as the shares of
Preferred Stock (“Equivalent Preferred Stock”)) or securities convertible into Preferred Stock or Equivalent Preferred Stock at a price per share of Preferred Stock or per share of Equivalent Preferred Stock (or having a
conversion price per share, if a security convertible into Preferred Stock or Equivalent Preferred Stock) less than the Current Market Price of the Preferred Stock on such record date, the Exercise Price to be in effect after such record date shall
be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of Preferred Stock or Equivalent Preferred Stock outstanding on such record date,
plus the number of shares of Preferred Stock or Equivalent Preferred Stock which the aggregate offering price of the total number of shares of Preferred Stock and/or Equivalent Preferred Stock so to be offered (and/or the aggregate initial
conversion price of the convertible securities so to be offered) would purchase at such Current Market Price, and the denominator of which shall be the number of shares of Preferred Stock or Equivalent Preferred Stock outstanding on such record
date, plus the number of additional shares of Preferred Stock and/or Equivalent Preferred Stock to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible). In case such
subscription price may be paid by delivery of consideration all or part of which may be in a form other than cash, the value of such consideration shall be determined by the Board, whose determination shall be described in a statement filed with the
Rights Agent and shall be binding on the Rights Agent and the holders of the Rights. Shares of Preferred Stock or Equivalent Preferred Stock owned by or held for the account of the Company or any Subsidiary will not be deemed outstanding for the
purpose of such computation. Such adjustment shall be made successively whenever such a record date is fixed, and in the event that such rights, options or warrants are not so issued, the Exercise Price shall be adjusted to be the Exercise Price
that would then be in effect if such record date had not been fixed. 

  
 18 

 (c) In case the Company fixes a record date for a distribution to all holders of shares of
Preferred Stock (including, without limitation, any such distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), evidences of indebtedness, cash (other than a regular quarterly
cash dividend out of the earnings or retained earnings of the Company), assets (other than a dividend payable in shares of Preferred Stock, but including any dividend payable in stock other than Preferred Stock), or subscription rights, options or
warrants (excluding those referred to in Section 11(b) hereof), then, in each case, the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such record date
by a fraction, the numerator of which shall be the Current Market Price of the Preferred Stock on such record date minus the fair market value (as determined in good faith by the Board, whose determination shall be described in a statement filed
with the Rights Agent and shall be binding and conclusive for all purposes on the Rights Agent and the holders of the Rights) of the portion of the cash, assets or evidences of indebtedness so to be distributed or of such subscription rights or
warrants distributable in respect of a share of Preferred Stock, and the denominator of which shall be the Current Market Price of the Preferred Stock on such record date. Such adjustments shall be made successively whenever such a record date is
fixed; and in the event that such distribution is not so made, the Exercise Price shall be adjusted to be the Exercise Price that would have been in effect if such record date had not been fixed. 

(d) Notwithstanding anything herein to the contrary, no adjustment in the Exercise Price is required unless such adjustment would require an
increase or decrease of at least 1% in the Exercise Price; provided, however, that any adjustments that by reason of this Section 11(d) are not required to be made shall be carried forward and taken into account in any subsequent
adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the nearest one-thousandth of a share of Common Stock or other share or
one-millionth of a share of Preferred Stock, as the case may be. Notwithstanding the first sentence of this Section 11(b), no adjustment required by this Section 11 may be made after the earlier of
(i) three years from the date of the transaction that requires such adjustment and (ii) the Expiration Date. 
 (e) If, as a result
of an adjustment made pursuant to Sections 11(a)(ii) or Section 13(a) hereof, the holder of any Right thereafter exercised becomes entitled to receive any shares of capital stock other than Preferred Stock, the number of such other shares shall
be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Stock contained in Sections 11(a), (b), (c), (d), (f), (g), (h), (i), (j) and (k) hereof,
and the provisions of Sections 7, 9, 10, 13 and 14 hereof with respect to the Preferred Stock shall apply on like terms to any such other shares. 

(f) All Rights originally issued by the Company subsequent to any adjustment made to the Exercise Price hereunder will evidence the right to
purchase, at the adjusted Exercise Price, the number of one one-thousandth of a share of Preferred Stock (or other securities or amount of cash or combination thereof) that may be acquired from time to time
hereunder upon exercise of the Rights, all subject to further adjustment as provided herein. 
 (g) Unless the Company has exercised its
election pursuant to Section 11(h), upon each adjustment of the Exercise Price as a result of the calculations made in Sections 11(b) and (c) hereof, each Right outstanding immediately prior to the making of such adjustment will thereafter
evidence the right to purchase, at the adjusted Exercise Price, a number of one one-thousandth of a share of Preferred Stock (calculated to the nearest one-millionth of
a share) obtained by (i) multiplying (A) the number of one one-thousandth of a share covered by a Right immediately prior to this adjustment by (B) the Exercise Price in effect immediately prior
to such adjustment of the Exercise Price; and (ii) dividing the product so obtained by the Exercise Price in effect immediately after such adjustment of the Exercise Price. 

  
 19 

 (h) The Company may elect, on or after the date of any adjustment of the Exercise Price, to
adjust the number of Rights, in lieu of any adjustment in the number of one one-thousandth of a share of Preferred Stock that may be acquired upon the exercise of a Right. Each of the Rights outstanding
after the adjustment in the number of Rights shall be exercisable for the number of one one-thousandth of a share of Preferred Stock for which a Right was exercisable immediately prior to such adjustment. Each
Right held of record prior to such adjustment of the number of Rights shall become a number of Rights (calculated to the nearest one one-thousandth of a Right) obtained by dividing the Exercise Price in effect
immediately prior to adjustment of the Exercise Price by the Exercise Price in effect immediately after adjustment of the Exercise Price. The Company shall make a public announcement (with prompt written notice thereof to the Rights Agent) of its
election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made. Such record date may be the date on which the Exercise Price is adjusted or any day
thereafter, but, if the Rights Certificates have been issued, shall be at least 10 days later than the date of such public announcement. If Rights Certificates have been issued, upon each adjustment of the number of Rights pursuant to this
Section 11(h), the Company shall, as promptly as practicable, at the option of the Company, either (A) cause to be distributed to holders of record of Rights Certificates on such record date Rights Certificates evidencing, subject to
Section 14 hereof, the additional Rights to which such holders are entitled as a result of such adjustment, or (B) cause to be distributed to such holders of record in substitution and replacement for the Rights Certificates held by
such holders prior to the date of adjustment, and upon surrender thereof, if required by the Company, new Rights Certificates evidencing all the Rights to which such holders become entitled after such adjustment. Rights Certificates so to be
distributed shall be issued, executed and delivered by the Company, and countersigned and delivered by the Rights Agent, in the manner provided for herein (and may bear, at the option of the Company, the adjusted Exercise Price) and shall be
registered in the names of the holders of record of Rights Certificates on the record date specified in the public announcement. 
 (i)
Irrespective of any adjustment or change in the Exercise Price or the number of one one-thousandth of a share of Preferred Stock issuable upon the exercise of the Rights, the Rights Certificates theretofore
and thereafter issued may continue to express the Exercise Price per one one-thousandth of a share and the number of one one-thousandth of a share which were expressed
in the initial Rights Certificates issued hereunder. 
 (j) In any case in which this Section 11 requires that an adjustment in the
Exercise Price be made effective as of a record date for a specified event, the Company may elect to defer (with prompt written notice thereof to the Rights Agent; and until such written notice is received by the Rights Agent, the Rights Agent may
presume conclusively that no such election has occurred) until the occurrence of such event the issuance to the holder of any Right exercised after such record date of that number of one one-thousandth of a
share of Preferred Stock and shares of other capital stock or securities of the Company, if any, issuable upon such exercise over and above the number of one one-thousandth of a share of Preferred Stock and
shares of other capital stock or securities of the Company, if any, issuable upon such exercise on the basis of the Exercise Price in effect prior to such adjustment; provided, however, that the Company shall deliver to such holder a
due bill or other appropriate instrument evidencing such holder’s right to receive such additional shares (fractional or otherwise) or securities upon the occurrence of the event requiring such adjustment. 

(k) Notwithstanding anything in this Section 11 to the contrary, prior to the Distribution Date, the Company is entitled to make such
reductions in the Exercise Price, in addition to those adjustments expressly required by this Section 11, to the extent that the Board determines that any (i) consolidation or subdivision of the Preferred Stock; (ii) issuance wholly
for cash of any shares of Preferred Stock at less than the Current Market Price; (iii) issuance wholly for cash of shares of Preferred Stock or securities that by their terms are convertible into or exchangeable for shares of Preferred Stock;
(iv) stock dividends; or (v) issuance of rights, options or warrants referred to in this Section 11, hereafter made by the Company to holders of its Preferred Stock is taxable to such holders or reduces the taxes payable by such
holders. 

  
 20 

 (l) The Company may not, at any time after the Distribution Date, (i) consolidate with
any other Person (other than a direct or indirect, wholly owned Subsidiary of the Company in a transaction that complies with Section 11(m) hereof); (ii) merge with or into any other Person (other than a direct or indirect, wholly owned
Subsidiary of the Company in a transaction that complies with Section 11(m) hereof); or (iii) sell or transfer (or permit any Subsidiary to sell or transfer), in one transaction, or a series of transactions, assets or earning power
aggregating more than 50% of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company and/or any of its direct or indirect, wholly owned Subsidiaries in one or more
transactions, each of which complies with Section 11(m) hereof), if (A) at the time of or immediately after such consolidation, merger or sale there are any rights, warrants or other instruments or securities outstanding or agreements in
effect that would substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights; or (B) prior to, simultaneously with or immediately after such consolidation, merger or sale, the shareholders or other Persons
holding an equity interest in such Person that constitutes, or would constitute, the “Principal Party” for purposes of Section 13(a) hereof shall have received a distribution of, or otherwise have transferred to them, the Rights
previously owned by such Person or any of its Related Persons; provided, however, this Section 11(l) shall not affect the ability of any Subsidiary of the Company to consolidate with, merge with or into, or sell or transfer assets
or earning power to, any other Subsidiary of the Company. 
 (m) After the earlier of the Distribution Date and the Stock Acquisition Date
and as long as any Rights are outstanding (other than Rights that have become null and void pursuant to Section 7(e) hereof), the Company may not, except as permitted by Section 23, Section 24, and Section 27 hereof, take (or
permit any Subsidiary of the Company to take) any action if at the time such action is taken it is reasonably foreseeable that such action will diminish substantially or otherwise eliminate the benefits intended to be afforded by the Rights. 

(n) Notwithstanding anything in this Agreement to the contrary, in the event that the Company, at any time after the date hereof and prior to
the Distribution Date, (i) declares a dividend on the outstanding shares of Common Stock payable in shares of Common Stock; (ii) subdivides any outstanding shares of Common Stock; (iii) combines any of the outstanding shares of Common
Stock into a smaller number of shares; or (iv) issues any shares of its capital stock in a reclassification of the Common Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the
continuing or surviving corporation), then the number of Rights associated with each share of Common Stock then outstanding or issued or delivered thereafter but prior to the Distribution Date shall be proportionately adjusted so that the number of
Rights thereafter associated with each share of Common Stock following any such event equals the result obtained by multiplying the number of Rights associated with each share of Common Stock immediately prior to such event by a fraction the
numerator of which shall be the total number of shares of Common Stock outstanding immediately prior to the occurrence of the event and the denominator of which shall be the total number of shares of Common Stock outstanding immediately following
the occurrence of such event. The adjustments provided for in this Section 11(n) shall be made successively whenever such a dividend is declared or paid or such a subdivision, combination, or reclassification is affected. If an event occurs
that would require an adjustment under Section 11(a)(ii) hereof and this Section 11(n), the adjustments provided for in this Section 11(n) shall be in addition and prior to any adjustment required pursuant to Section 11(a)(ii)
hereof. 
 SECTION 12. Certificate of Adjusted Exercise Price or Number of Shares. 

Whenever an adjustment is made or any event affecting the Rights or their exercisability (including, without limitation, an event that causes Rights to become
null and void) occurs as provided in Section 11 or Section 13 hereof, the Company shall (a) promptly prepare a certificate setting forth such adjustment or describing such event, and a brief reasonably detailed statement of the facts,
computations and methodology 

  
 21 

 
accounting for such adjustment; (b) promptly file with the Rights Agent, and with each transfer agent for the Preferred Stock and the Common Stock, a copy of such certificate; and
(c) mail a brief summary thereof to each holder of a Rights Certificate (or, if prior to the Distribution Date, each registered holder of shares of Common Stock) in accordance with Section 26 hereof. Notwithstanding the foregoing sentence,
the failure of the Company to make such certification or give such notice shall not affect the validity of or the force or effect of the requirement for such adjustment. Any adjustment to be made pursuant to Section 11 or Section 13 hereof
shall be effective as of the date of the event giving rise to such adjustment. The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment or statement therein contained and shall have no duty or liability with
respect thereto, and shall not be deemed to have knowledge of any such adjustment or any such event unless and until it shall have received such certificate. 

SECTION 13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power. 

(a) Subject to Section 23 hereof, at any time after a Person has become an Acquiring Person, in the event that, directly or indirectly,

 (x) the Company consolidates with, or merges with and into, any other Person (other than a direct or indirect, wholly owned Subsidiary of the Company in
a transaction that complies with Section 11(m) hereof), and the Company is not the continuing or surviving entity of such consolidation or merger; 

(y) any Person (other than a direct or indirect, wholly owned Subsidiary of the Company in a transaction that complies with Section 11(m) hereof)
consolidates with, or merges with or into, the Company, and the Company is the continuing or surviving entity of such consolidation or merger and, in connection with such consolidation or merger, all or part of the outstanding shares of Common Stock
is converted into or exchanged for stock or other securities of any other Person (or the Company) or cash or any other property; or 
 (z) the Company sells
or otherwise transfers (or one or more of its Subsidiaries sells or otherwise transfers) to any Person or Persons (other than the Company or any of its direct or indirect, wholly owned Subsidiaries in one or more transactions, each of which complies
with Section 11(m) hereof), in one or more transactions, assets or earning power aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries, taken as a whole; 

(any such event described in (x), (y), or (z), a “Flip-Over Event”), then, in each such case, proper provision shall be made so that:

 (i) each holder of a Right, except as provided in Section 7(e) hereof, upon the expiration of the Redemption Period, will have the
right to receive, upon the exercise of the Right at the then current Exercise Price in accordance with the terms of this Agreement, and in lieu of a number of one one-thousandth shares of Preferred Stock, a
number of validly authorized and issued, fully paid, non-assessable and freely tradable shares of Common Stock of the Principal Party, free of any liens, encumbrances, rights of first refusal, transfer
restrictions or other adverse claims, equal to the result obtained by: 
 (A) multiplying such then current Exercise Price by the number of
one one-thousandth of a share of Preferred Stock for which such Right is exercisable immediately prior to the first occurrence of a Flip-Over Event (or, if a Flip-In
Event has occurred prior to the first occurrence of a Flip-Over Event, multiplying the number of one one-thousandth of a share of Preferred Stock for which a Right would be exercisable hereunder but for the
first occurrence of such Flip-In Event by the Exercise Price that would be in effect hereunder but for such first occurrence), and 

  
 22 

 (B) dividing that product (which, following the first occurrence of a Flip-Over Event, shall be the “Exercise Price” for each Right and for all purposes of this Agreement) by 50% of the then Current Market Price of the shares of Common Stock of such Principal
Party on the date of consummation of such Flip-Over Event (or the fair market value on such date of other securities or property of the Principal Party, as provided for herein); 

(ii) such Principal Party shall be liable for, and shall assume, by virtue of such Flip-Over Event, all
the obligations and duties of the Company pursuant to this Agreement; 
 (iii) the term “Company” will thereafter be deemed to
refer to such Principal Party, it being specifically intended that the provisions of Section 11 hereof shall apply only to such Principal Party following the first occurrence of a Flip-Over Event; 

(iv) such Principal Party will take such steps (including, without limitation, the reservation of a sufficient number of shares of its Common
Stock) in connection with the consummation of any such transaction as may be necessary to ensure that the provisions hereof shall be applicable, as nearly as reasonably may be possible, to its shares of Common Stock thereafter deliverable upon the
exercise of the Rights; and 
 (v) the provisions of Section 11(a)(ii) hereof shall be of no further effect following the first
occurrence of any Flip-Over Event, and the Rights that have not theretofore been exercised shall thereafter become exercisable in the manner described in this Section 13. 

(b) “Principal Party” shall mean 

(i) in the case of any transaction described in clause (x) or (y) of the first sentence of Section 13(a) hereof, (A) the
Person (including the Company as successor thereto or as the surviving entity) that is the issuer of any securities or other equity interests into which shares of Common Stock of the Company are converted in such merger or consolidation, or, if
there is more than one such issuer, the issuer of Common Stock that has the highest aggregate Current Market Price; and (B) if no securities or other equity interests are so issued, (1) the Person that is the other constituent party to
such merger, if such Person survives the merger, or, if there is more than one such Person, the Person, the Common Stock of which has the highest aggregate Current Market Price or (2) if the Person that is the other party to the merger does not
survive the merger, the Person that does survive the merger (including the Company if it survives) or (3) the Person resulting from the consolidation; and 

(ii) in the case of any transaction described in clause (z) of the first sentence of Section 13(a) hereof, the Person that is the
party receiving the largest portion of the assets or earning power transferred pursuant to such transaction or transactions, or, if each Person that is a party to such transaction or transactions receives the same portion of the assets or earning
power transferred pursuant to such transaction or transactions or if the Person receiving the largest portion of the assets or earning power cannot be determined, whichever Person that has received assets or earning power pursuant to such
transaction or transactions, the Common Stock of which has the highest aggregate Current Market Price; provided, however, that in any such case: (1) if the Common Stock of such Person is not at such time and has not been
continuously over the preceding 12 month period registered under Section 12 of the Exchange Act, and such Person is a direct or indirect Subsidiary of another Person the Common Stock of which is and has been so registered, “Principal
Party” will refer to such other Person; (2) if the Common Stock of such Person is not and has not been so registered and such Person is a Subsidiary, directly or indirectly, of more than one Person, the Common Stock of two or more of which
are and have been so registered, “Principal Party” will refer to whichever of such Persons is the issuer of the Common Stock having the highest aggregate market value; and (3) if the Common Stock of such Person is not and has not been
so registered and such 

  
 23 

 
Person is owned, directly or indirectly, by a joint venture formed by two or more Persons that are not owned, directly or indirectly, by the same Person, the rules set forth in (1) and (2)
above will apply to each of the chains of ownership having an interest in such joint venture as if such party were a Subsidiary of both or all of such joint venturers, and the Principal Parties in each such chain shall bear the obligations set forth
in this Section 13 in the same ratio as their direct or indirect interests in such Person bear to the total of such interests. 
 (c)
The Company may not consummate any Flip-Over Event unless the Principal Party has a sufficient number of authorized shares of its Common Stock that have not been issued (or reserved for issuance) or that are held in its treasury to permit the
exercise in full of the Rights in accordance with this Section 13 and unless prior thereto the Company and such Principal Party have executed and delivered to the Rights Agent a supplemental agreement providing for the terms set forth in
paragraphs (a) and (b) of this Section 13 and further providing that, as soon as practicable after the date of any such Flip-Over Event, the Principal Party, at its own expense, shall: 

(i) if the Principal Party is required to file a registration statement pursuant to the Securities Act with respect to the Rights and the
securities purchasable upon exercise of the Rights, (A) prepare and file such registration statement; (B) use its best efforts to cause such registration statement to become effective as soon as practicable after such filing and remain
effective (and to include a prospectus at all times complying with the requirements of the Securities Act) until the Expiration Date; and (C) take such action as may be required to ensure that any acquisition of such securities that may be
acquired upon exercise of the Rights complies with any applicable state security or “blue sky” laws as soon as practicable following the execution of such agreement; 

(ii) deliver to holders of the Rights historical financial statements for the Principal Party and each of its Affiliates that comply in all
respects with the requirements for registration on Form 10 (or any successor form) under the Exchange Act; 
 (iii) use its best efforts
to obtain any and all necessary regulatory approvals as may be required with respect to the securities that may be acquired upon exercise of the Rights; 

(iv) use its best efforts, if such Common Stock of the Principal Party is listed or admitted to trading on NASDAQ, the NYSE or on another
national securities exchange, to list or admit to trading (or continue the listing of) the Rights and the securities that may be acquired upon exercise of the Rights on NASDAQ, the NYSE or on such securities exchange, or if the securities of the
Principal Party that may be acquired upon exercise of the Rights are not listed or admitted to trading on NASDAQ, the NYSE or on another national securities exchange, to cause the Rights and the securities that may be acquired upon exercise of the
Rights to be authorized for quotation on any other system then in use; and 
 (v) obtain waivers of any rights of first refusal or preemptive
rights in respect of the Common Stock of the Principal Party subject to purchase upon exercise of outstanding Rights. 
 (d) In case the
Principal Party that is to be a party to a transaction referred to in this Section 13 has at the time of such transaction, or immediately following such transaction has a provision in any of its authorized securities or in its certificate or
articles of incorporation or by-laws or other instrument governing its affairs, or any other agreements or arrangements, which provision would have the effect of (i) causing such Principal Party to issue,
in connection with, or as a consequence of, the consummation of a transaction referred to in this Section 13, shares of Common Stock of such Principal Party at less than the then Current Market Price or securities exercisable for, or
convertible into, Common Stock of such Principal Party at less than such then Current Market Price (other than to holders of Rights pursuant to this Section 13); (ii) providing for any special payment, tax or similar provisions in
connection with the issuance of the 

  
 24 

 
Common Stock of such Principal Party pursuant to the provisions of this Section 13; or (iii) otherwise eliminating or substantially diminishing the benefits intended to be afforded by
the Rights in connection with, or as a consequence of, the consummation of a transaction referred to in this Section 13, then, in each such case, the Company may not consummate any such transaction unless prior thereto the Company and such
Principal Party have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such Principal Party has been cancelled, waived or amended, or that the authorized securities have been redeemed, so
that the applicable provision will have no effect in connection with, or as a consequence of, the consummation of such transaction. 
 (e)
The provisions of this Section 13 shall apply similarly to successive mergers or consolidations or sales or other transfers. In the event that a Flip-Over Event occurs after the occurrence of a Flip-In
Event, the Rights that have not theretofore been exercised shall thereafter become exercisable in the manner described in Section 13(a) hereof. 

(f) Notwithstanding anything contained herein to the contrary, in the event of any merger or other acquisition transaction involving the
Company pursuant to a merger or other acquisition agreement between the Company and any Person (or one or more of such Person’s Affiliates or Associates) which agreement has been approved by the Board prior to any Person becoming an Acquiring
Person, this Agreement and the rights of holders of Rights hereunder shall be terminated in accordance with Section 7(a). 
 SECTION 14.
Fractional Rights; Fractional Shares; Waiver. 
 (a) The Company is not required to issue fractions of Rights except prior to the
Distribution Date as provided in Section 11(n) hereof, or to distribute Rights Certificates that evidence fractional Rights. In lieu of such fractional Rights, the Company shall pay to the Persons to which such fractional Rights would otherwise
be issuable an amount in cash equal to such fraction of the market value of a whole Right. For purposes of this Section 14(a), the market value of a whole Right is the Closing Price of the Rights for the Trading Day immediately prior to the
date that such fractional Rights would have been otherwise issuable. 
 (b) The Company is not required to issue fractions of shares of
Preferred Stock (other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock) upon exercise of the Rights or to distribute certificates which evidence fractional
shares of Preferred Stock (other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock). In lieu of fractional shares of Preferred Stock that are not integral
multiples of one one-thousandth of a share of Preferred Stock, the Company may pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided an amount in cash
equal to the same fraction of the current market value of one one-thousandth of a share of Preferred Stock. For purposes of this Section 14(b), the current market value of one one-thousandth of a share of Preferred Stock is one one-thousandth of the Closing Price of a share of Preferred Stock for the Trading Day immediately prior to the date of such
exercise. 
 (c) Following the occurrence of one of the events specified in Section 11 hereof giving rise to the right to receive Common
Stock, Common Stock Equivalents or other securities upon the exercise of a Right, the Company will not be required to issue fractions of shares of Common Stock, Common Stock Equivalents or other securities upon exercise of the Rights or to
distribute certificates which evidence fractional shares of Common Stock, Common Stock Equivalents or other securities. In lieu of fractional shares of Common Stock, Common Stock Equivalents or other securities, the Company may pay to the registered
holders of Rights Certificates at the time such Rights are exercised as herein provided an amount in cash equal to the same fraction of the current market value of one share of Common Stock, Common Stock Equivalents or other securities. For purposes
of this Section 14(c), the current market value of one share of Common Stock is the Closing Price of one share of Common Stock for the Trading Day immediately prior to the date of such exercise. 

  
 25 

 (d) The holder of a Right, by the acceptance of the Right, expressly waives such
holder’s right to receive any fractional Rights or any fractional shares upon exercise of a Right, except as permitted by this Section 14. 

(e) Whenever a payment for fractional Rights or fractional shares is to be made by the Rights Agent under this Agreement, the Company shall
(i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payments and the prices and formulas utilized in calculating such payments; and (ii) provide sufficient monies
to the Rights Agent in the form of fully collected funds to make such payments. The Rights Agent may rely upon such a certificate and has no duty with respect to, and will not be deemed to have knowledge of, any payment for fractional Rights or
fractional shares under any Section of this Agreement relating to the payment of fractional Rights or fractional shares unless and until the Rights Agent has received such a certificate and sufficient monies. 

SECTION 15. Rights of Action. 
 All rights of action
in respect of this Agreement, other than the rights of action vested in the Rights Agent hereunder, are vested in the respective registered holders of the Rights Certificates (and, prior to the Distribution Date, the registered holders of shares of
the Common Stock); and any registered holder of a Rights Certificate (or, prior to the Distribution Date, any registered holder of shares of the Common Stock), without the consent of the Rights Agent or of the holder of any other Rights Certificate
(or, prior to the Distribution Date, any registered holder of shares of the Common Stock), may, in such holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against
the Company or any other Person to enforce, or otherwise act in respect of, such holder’s right to exercise the Rights evidenced by such Rights Certificate in the manner provided in such Rights Certificate and in this Agreement. Without
limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement by the Company and shall be entitled to
specific performance of the obligations hereunder, and injunctive relief against actual or threatened violations by the Company of the obligations hereunder of any Person (including, without limitation, the Company) subject to this Agreement. 

SECTION 16. Agreement of Rights Holders. 
 Every
holder of a Right, by accepting such Right, consents and agrees with the Company and the Rights Agent and with every other holder of a Right that: 

(a) prior to the Distribution Date, the Rights shall be evidenced by the balances indicated in the Book Entry account system of the transfer
agent for the Common Stock registered in the names of the holders of Common Stock (which Common Stock shall also be deemed to represent certificates for Rights) or, in the case of certificated shares, the certificates for the Common Stock registered
in the names of the holders of the Common Stock (which certificates for shares of Common Stock shall also constitute certificates for Rights) and each Right is transferable only in connection with the transfer of the Common Stock; 

(b) after the Distribution Date, the Rights Certificates shall be transferable only on the registry books of the Rights Agent if surrendered at
the office or offices of the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper instrument of transfer and with the appropriate forms and certificates properly completed and duly executed, as determined in the sole
discretion of the Rights Agent; 

  
 26 

 (c) subject to Section 6(a) and Section 7(e) hereof, the Company and the Rights
Agent may deem and treat the Person in whose name a Rights Certificate (or, prior to the Distribution Date, the associated balance indicated in the Book Entry account system of the transfer agent for the Common Stock, or in the case of certificated
shares, by the associated Common Stock certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Rights Certificates or the associated balance indicated
in the Book Entry account system of the transfer agent for the Common Stock, or in the case of certificated shares, by the associated Common Stock certificate made by anyone other than the Company or the Rights Agent) for all purposes whatsoever,
and neither the Company nor the Rights Agent, subject to the last sentence of Section 7(e) hereof, shall be affected by any notice to the contrary; and 

(d) notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent has any liability to any holder of a
Right or any other Person as a result of the inability of the Company or the Rights Agent to perform any of its or their obligations under this Agreement by reason of any preliminary or permanent injunction or other order, decree, judgment or ruling
(whether interlocutory or final) issued by a court of competent jurisdiction or by a governmental, regulatory, self-regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any
governmental authority, prohibiting or otherwise restraining performance of such obligation; provided, however, the Company shall use its commercially reasonable efforts to have any such injunction, order, decree, judgment or ruling
lifted or otherwise overturned as promptly as practicable. 
 SECTION 17. Rights Certificate Holder Not Deemed a Shareholder. 

No holder, as such, of any Rights Certificate is entitled to vote, receive dividends or be deemed for any purpose the holder of the shares of Preferred Stock
or any other securities of the Company that may at any time be issuable on the exercise of the Rights represented thereby, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights
Certificate, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action,
or, except as provided in Section 25 hereof, to receive notice of meetings or other actions affecting shareholders, or to receive dividends or subscription rights, or otherwise, until the Right evidenced by such Rights Certificate have been
exercised in accordance with the provisions hereof. 
 SECTION 18. Duties of Rights Agent. 

The Rights Agent undertakes to perform only the duties and obligations expressly imposed by this Agreement (and no implied duties or obligations) upon the
following terms and conditions, by all of which the Company and the holders of Rights Certificates, or, prior to the Distribution Date, Common Stock, by their acceptance thereof, shall be bound: 

(a) The Rights Agent may consult with legal counsel selected by it (who may be legal counsel for the Rights Agent or the Company or an employee
of the Rights Agent), and the advice or opinion of such counsel shall be full and complete authorization and protection to the Rights Agent, and the Rights Agent will have no liability for or in respect of, any action taken, suffered or omitted to
be taken by it in the absence of bad faith in accordance with such advice or opinion. 

  
 27 

 (b) Whenever in the performance of its duties under this Agreement the Rights Agent shall
deem it necessary or desirable that any fact or matter (including, without limitation, the identity of any Acquiring Person and the determination of the Current Market Price) be proved or established by the Company prior to taking, suffering or
omitting to take any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by the Chairman of the Board, the
President and Chief Executive Officer, the Chief Financial Officer, any Executive Vice President, the Secretary or any Assistant Secretary of the Company and delivered to the Rights Agent; and such certificate shall be full and complete
authorization and protection to the Rights Agent, and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it, in the absence of bad faith, under the provisions of this Agreement in
reliance upon such certificate. 
 (c) The Rights Agent shall be liable hereunder to the Company and any other Person only for its own gross
negligence, bad faith, or willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final judgment of a court of competent jurisdiction). Anything to the contrary notwithstanding, in no event shall the
Rights Agent be liable for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including, without limitation, lost profits), even if the Rights Agent has been advised of the likelihood of such loss or
damage. Any liability of the Rights Agent under this Agreement will be limited to the amount of annual fees paid by the Company to the Rights Agent. 

(d) The Rights Agent will not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the
Rights Certificates or be required to verify the same (except as to its countersignature thereon), but all such statements and recitals are deemed to have been made by the Company only. 

(e) The Rights Agent shall not have any liability for nor be under any responsibility in respect of the validity of this Agreement or the
execution and delivery hereof (except the due execution and delivery hereof by the Rights Agent) or for the validity or execution of any Rights Certificate (except its countersignature thereon); nor will it be liable or responsible for any breach by
the Company of any covenant or failure by the Company to satisfy any condition contained in this Agreement or in any Rights Certificate; nor will it be liable or responsible for any change in the exercisability of the Rights (including, without
limitation, the Rights becoming null and void pursuant to Section 7(e) hereof) or any change or adjustment in the terms of the Rights including, without limitation, to any adjustment required under the provisions of Sections 11, 13, 23 or 24
hereof or for the manner, method or amount of any such change or adjustment or the ascertaining of the existence of facts that would require any such change or adjustment (except with respect to the exercise of Rights evidenced by Rights
Certificates after receipt by the Rights Agent of the certificate describing any such adjustment contemplated by Section 12 hereof, upon which the Rights Agent may rely); nor will it by any act hereunder be deemed to make any representation or
warranty as to the authorization or reservation of any shares of Common Stock, Preferred Stock or any other securities to be issued pursuant to this Agreement or any Rights Certificate or as to whether any shares of Common Stock, Preferred Stock or
any other securities will, when so issued, be validly authorized and issued, fully paid and non-assessable. 

(f) The Company shall perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further
acts, instruments and assurances as may reasonably be required by the Rights Agent for the performance by the Rights Agent of its duties under this Agreement. 

(g) The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder and
certificates delivered pursuant to any provision hereof from the Chairman of the Board, the President and Chief Executive Officer, the Chief Financial Officer, any Executive Vice President, the Secretary or any Assistant Secretary of the Company,
and to apply to such officers for advice or instructions in connection with its duties, and such advice or instruction shall be full 

  
 28 

 
authorization and protection to the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken or suffered or omitted to be taken by it by it, in the absence
of bad faith, in accordance with advice or instructions of any such officer or for any delay in acting while waiting for those instructions. Any application by the Rights Agent for written instructions from the Company may, at the option of the
Rights Agent, set forth in writing any action proposed to be taken or omitted by the Rights Agent under this Agreement and the date on and/or after which such action shall be taken or such omission shall be effective. The Rights Agent shall be fully
authorized and protected in relying upon the most recent instructions received from any such officer, and shall not be liable for any action taken, suffered or omitted to be taken by the Rights Agent in the absence of bad faith in accordance with a
proposal included in any such application on or after the date specified in such application (which date shall not be less than 5 Business Days after the date any officer of the Company actually receives such application unless any such officer
shall have consented in writing to an earlier date) unless, prior to taking any such action (or the effective date in the case of an omission), the Rights Agent shall have received written instructions in response to such application specifying the
action to be taken, suffered or omitted. 
 (h) The Rights Agent and any shareholder, affiliate, director, officer or employee of the Rights
Agent may buy, sell or deal in any of the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully
and freely as though it were not Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other Person. 

(i) The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself
(through its directors, officers and employees) or by or through its attorneys or agents, and the Rights Agent shall not be liable, answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss
to the Company, any holder of Rights or any other Person resulting from any such act, default, neglect or misconduct, absent gross negligence, bad faith or willful misconduct (each as determined by a final judgment of a court of competent
jurisdiction) in the selection and continued employment thereof. 
 (j) No provision of this Agreement shall require the Rights Agent to
expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if there are reasonable grounds for believing that repayment of such funds or
adequate indemnification against such risk or liability is not reasonably assured to it. 
 (k) If, with respect to any Rights Certificate
surrendered to the Rights Agent for exercise or transfer, either (i) the certificate attached to the form of assignment or form of election to purchase, as the case may be, has either not been completed or indicates an affirmative response to
clause 1 and/or 2 thereof, or (ii) any other actual or suspected irregularity exists, the Rights Agent shall not take any further action with respect to such requested exercise or transfer without first consulting with the Company. 

SECTION 19. Concerning the Rights Agent. 

(a) The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and from time to time, on
demand of the Rights Agent, to reimburse the Rights Agent for all of its reasonable and documented expenses, counsel fees and disbursements and other disbursements incurred in the preparation, delivery, amendment, administration and execution of
this Agreement and the exercise and performance of its duties hereunder. The Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, damage, demand, judgment, fine, penalty, claim, settlement,
cost or expense (including the reasonable fees and expenses of legal counsel), incurred without gross negligence, bad faith or willful misconduct on the part of the Rights 

  
 29 

 
Agent (each as determined by a final judgment of a court of competent jurisdiction) for any action taken, suffered or omitted to be taken by the Rights Agent pursuant to this Agreement or in
connection with the acceptance, administration, exercise and performance of its duties under this Agreement, including the reasonable and documented costs and expenses of defending against any claim of liability arising therefrom, directly or
indirectly, or enforcing its rights hereunder. 
 (b) The Rights Agent shall be authorized and protected and shall incur no liability for or
in respect of any action taken, suffered or omitted to be taken by it in connection with its acceptance and administration of this Agreement and the exercise and performance of its duties hereunder in reliance upon any Rights Certificate or Book
Entry for Common Stock or other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statements or other paper or document believed by it to be
genuine and to be signed, executed and, where necessary, guaranteed, verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in Section 18 hereof. The Rights Agent shall not be deemed
to have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall be fully protected and shall incur no liability for failing to take action in connection therewith unless and until it has
received such notice in writing. 
 (c) Notwithstanding anything in this Agreement to the contrary, in no case shall the Company be liable
with respect to any action, proceeding, suit or claim against the Rights Agent unless the Rights Agent shall have notified the Company in accordance with Section 26 hereof of the assertion of such action, proceeding, suit or claim against the
Rights Agent, promptly after the Rights Agent shall have notice of such assertion of an action, proceeding, suit or claim or have been served with the summons or other first legal process giving information as to the nature and basis of the action,
proceeding, suit or claim; provided that the failure to provide such notice promptly shall not affect the rights of the Rights Agent hereunder except to the extent that such failure actually prejudices the Company. The Company shall be entitled to
participate at its own expense in the defense of any such action, proceeding, suit or claim, and, if the Company so elects, the Company shall assume the defense of any such action, proceeding, suit or claim. In the event that the Company assumes
such defense, the Company shall not thereafter be liable for the fees and expenses of any counsel retained by the Rights Agent, so long as the Company shall retain counsel satisfactory to the Rights Agent, in the exercise of its reasonable judgment,
to defend such action, proceeding, suit or claim, and provided that the Rights Agent does not have defenses that are adverse to or different from any defenses of the Company. The Rights Agent agrees not to settle any litigation in connection with
any action, proceeding, suit or claim with respect to which it may seek indemnification from the Company without the prior written consent of the Company, which shall not be unreasonably withheld. 

(d) The provisions of this Section 19 and Section 21 below shall survive the termination of this Agreement, the resignation,
replacement or removal of the Rights Agent and the exercise, termination and the expiration of the Rights. Notwithstanding anything in this Agreement to the contrary, in no event shall the Rights Agent be liable for special, punitive, incidental,
indirect or consequential loss or damage of any kind whatsoever (including, without limitation, to lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage and regardless of the form of the action; and the
Company agrees to indemnify the Rights Agent and to hold it harmless to the fullest extent permitted by law against any loss, liability or expense incurred as a result of claims for special, punitive, incidental, indirect or consequential loss or
damages of any kind whatsoever provided in each case that such claims are not based on the gross negligence, bad faith or willful misconduct of the Rights Agent (each as determined by a final judgment of a court of competent jurisdiction). Any
liability of the Rights Agent under this Agreement shall be limited to the amount of annual fees paid by the Company to the Rights Agent. 

  
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 SECTION 20. Merger or Consolidation or Change of Name of Rights Agent. 

(a) Any Person into which the Rights Agent or any successor Rights Agent is merged or with which the Rights Agent or any successor Rights Agent
is consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent is a party, or any Person succeeding to the corporate trust, stock transfer or other shareholder services business of
the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; but only if such Person
would be eligible for appointment as a successor Rights Agent under the provisions of Section 21 hereof. The purchase of all or substantially all of the Rights Agent’s assets employed in the performance of transfer agent activities shall
be deemed a merger or consolidation for purposes of this Section 20. In case at the time such successor Rights Agent shall succeed to the agency created by this Agreement, any of the Rights Certificates have been countersigned but not
delivered, any such successor Rights Agent may adopt the countersignature of a predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights Certificates have not been countersigned, any
successor Rights Agent may countersign such Rights Certificates either in the name of the predecessor or in the name of the successor Rights Agent; and in all such cases such Rights Certificates shall have the full force provided in the Rights
Certificates and in this Agreement. 
 (b) In case at any time the name of the Rights Agent shall be changed and at such time any of the
Rights Certificates shall have been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall
not have been countersigned, the Rights Agent may countersign such Rights Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and
in this Agreement. 
 SECTION 21. Change of Rights Agent. 

The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this Agreement upon at least 30 days’ notice in
writing mailed to the Company. The Company may remove the Rights Agent or any successor Rights Agent upon at least 30 days’ notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer
agent of the Common Stock and Preferred Stock, by registered or certified mail, and, if such removal occurs after the Distribution Date, to the holders of the Rights Certificates by first-class mail. If the Rights Agent resigns or is removed or
otherwise becomes incapable of acting, the Company shall appoint a successor to the Rights Agent. If the Company fails to make such appointment within a period of 30 days after giving notice of such removal or after it has been notified in
writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Rights Certificate (such holder shall, with such notice, submit its Rights Certificate for inspection by the Company), then the incumbent
Rights Agent or any registered holder of any Rights Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be
(a) a Person organized and doing business under the laws of the United States or any State thereof, in good standing, which is authorized under such laws to exercise corporate trust, stock transfer or shareholder services powers and which at
the time of its appointment as Rights Agent has, or with its parent has, a combined capital and surplus of at least $50,000,000 or (b) an affiliate of a Person described in clause (a) of this sentence. After appointment, the successor
Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent under this Agreement without further act or deed; but the predecessor Rights Agent shall deliver and transfer
to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Company
shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Stock and the Preferred Stock, and, if such appointment occurs after the Distribution Date, mail a notice thereof in writing to the
registered holders of the Rights Certificates. Failure to give any notice provided for in this Section 21, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of
the successor Rights Agent, as the case may be. 

  
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 SECTION 22. Issuance of New Rights Certificates. 

Notwithstanding any of the provisions of this Agreement or the Rights Certificates to the contrary, the Company may, at its option, issue new Rights
Certificates evidencing Rights in such form as may be approved by the Board to reflect any adjustment or change made in accordance with the provisions of this Agreement in the Exercise Price or the number or kind or class of shares or other
securities or property that may be acquired under the Rights Certificates. In addition, in connection with the issuance or sale of shares of Common Stock following the Distribution Date (other than upon exercise of a Right) and prior to the
redemption or the Expiration Date, the Company (a) shall, with respect to shares of Common Stock so issued or sold pursuant to the exercise of stock options or under any employee plan or arrangement, or upon the exercise, conversion or exchange
of securities hereinafter issued by the Company, and (b) may, in any other case, if deemed necessary or appropriate by the Board, issue Rights Certificates representing the appropriate number of Rights in connection with such issuance or sale;
provided, however, that (i) no such Rights Certificate may be issued if, and to the extent that, the Company has been advised by counsel that such issuance would create a significant risk of material adverse tax consequences to
the Company or the Person to whom such Rights Certificate would be issued, and (ii) no such Rights Certificate may be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance thereof. 

SECTION 23. Redemption. 

(a) The Board may, within its sole discretion, at any time before any Person becomes an Acquiring Person (the “Redemption
Period”) cause the Company to redeem all, but not less than all, of the then outstanding Rights at a redemption price of $0.001 per Right, as such amount may be appropriately adjusted to reflect any stock split, reverse stock split,
stock dividend or similar transaction occurring after the date hereof (such redemption price, as adjusted, the “Redemption Price”). Notwithstanding anything contained in this Agreement to the contrary, the Rights will not be
exercisable after the first occurrence of a Flip-In Event or Flip-Over Event until such time as the Company’s right of redemption hereunder has expired. The redemption of the Rights by the Board pursuant
to this paragraph (a) may be made effective at such time, on such basis and with such conditions as the Board may establish, in its sole discretion. The Company may, at its option, pay the Redemption Price in cash, shares of Common Stock based
on the Current Market Price or any other form of consideration deemed appropriate by the Board. 
 (b) Immediately upon the action of the
Board ordering the redemption of the Rights pursuant to paragraph (a) of this Section 23 (or such later time as the Board may establish for the effectiveness of such redemption), and without any further action and without any notice, the
right to exercise the Rights will terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price for each Right held. The Company shall promptly give (i) written notice to the Rights Agent of any such
redemption (and until such written notice is received by the Rights Agent, the Rights Agent may presume conclusively that no such redemptions have occurred); and (ii) public notice of any such redemption; provided, however, that
the failure to give, or any defect in, any such notice will not affect the validity of such redemption. Within 10 days after such action of the Board ordering the redemption of the Rights, the Company shall mail a notice of redemption to all
the holders of the then outstanding Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Stock. Any notice that is
mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption will state the method by which the payment of the Redemption Price shall be made. Neither

  
 32 

 
the Company nor any of its Related Persons may redeem, acquire or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in
Section 24 hereof, or other than in connection with the purchase of shares of Common Stock or the conversion or redemption of shares of Common Stock in accordance with the applicable provisions of the Articles of Incorporation prior to the
Distribution Date. 
 SECTION 24. Exchange. 

(a) The Board may, at its option, at any time after any Person becomes an Acquiring Person, exchange all or part of the then outstanding and
exercisable Rights (which shall not include Rights that have become null and void pursuant to the provisions of Section 7(e) hereof) for shares of Common Stock at an exchange ratio of one share of Common Stock per each outstanding Right, as
appropriately adjusted to reflect any stock split, reverse stock split, stock dividend or similar transaction occurring after the date hereof (such exchange ratio being hereinafter referred to as the “Exchange Ratio”).
Notwithstanding the foregoing, the Board is not empowered to effect such exchange at any time after any Acquiring Person, together with all of its Related Persons, becomes the Beneficial Owner of 50% or more of the shares of Common Stock then
outstanding. The exchange of the Rights by the Board may be made effective at such time, on such basis and with such conditions as the Board in its sole discretion may establish. From and after the occurrence of a Flip-Over Event, any Rights that
theretofore have not been exchanged pursuant to this Section 24(a) will thereafter be exercisable only in accordance with Section 13 hereof and may not be exchanged pursuant to this Section 24(a). 

(b) Immediately upon the action of the Board ordering the exchange of any Rights pursuant to paragraph (a) of this Section 24 and
without any further action or notice, the right to exercise such Rights will terminate and the only right thereafter of a holder of such Rights shall be to receive a number of shares of Common Stock equal to the number of such Rights held by such
holder multiplied by the Exchange Ratio. The Company shall promptly give (i) written notice to the Rights Agent of any such exchange (and until such written notice is received by the Rights Agent, the Rights Agent may presume conclusively that
no such exchange has occurred); and (ii) public notice of any such exchange; provided, however, that the failure to give, or any defect in, such notice will not affect the validity of such exchange. The Company promptly shall mail
a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice that is mailed in the manner herein provided shall be deemed given, whether or not the
holder receives the notice. Each such notice of exchange will state the method by which the exchange of the shares of Common Stock for Rights shall be effected and, in the event of any partial exchange, the number of Rights that shall be exchanged.
Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights that have become null and void pursuant to the provisions of Section 7(e) hereof) held by each holder of Rights. 

(c) The Company may at its option substitute, and, in the event that there shall not be sufficient shares of Common Stock issued but not
outstanding or authorized but unissued to permit an exchange of Rights for Common Stock as contemplated in accordance with this Section 24, the Company shall substitute to the extent of such insufficiency, for each share of Common Stock that
would otherwise be issuable upon exchange of a Right, a number of shares of Preferred Stock or fraction thereof (or Equivalent Preferred Stock, as such term is defined in Section 11(b)) such that the Current Market Price of one share of
Preferred Stock (or Equivalent Preferred Stock) multiplied by such number or fraction is equal to the Current Market Price of one share of Common Stock as of the date of such exchange. 

(d) Upon declaring an exchange pursuant to this Section 24, or as promptly as reasonably practicable thereafter, the Company may implement
such procedures as it deems appropriate, in its sole discretion, for the purpose of ensuring that the Common Stock (or such other consideration) issuable upon an exchange pursuant to this Section 24 is not received by holders of Rights that
have become null and void 

  
 33 

 
pursuant to Section 7(e) hereof. Before effecting an exchange pursuant to this Section 24, the Board may direct the Company to enter into a Trust Agreement in such form and with such
terms as the Board shall then approve (the “Trust Agreement”). If the Board so directs, the Company shall enter into the Trust Agreement and the Company shall issue to the trust created by the Trust Agreement (the
“Trust”) all or a portion (as designated by the Board) of the shares of Common Stock and other securities, if any, distributable pursuant to the Exchange, and all shareholders entitled to distribution of such shares or other
securities (and any dividends or distributions made thereon after the date on which such shares or other securities are deposited in the Trust) shall be entitled to receive a distribution of such shares or other securities (and any dividends or
distributions made thereon after the date on which such shares or other securities are deposited in the Trust) only from the Trust and solely upon compliance with all relevant terms and provisions of the Trust Agreement. Prior to effecting an
exchange and registering shares of Common Stock (or other such securities) in any Person’s name, including any nominee or transferee of a Person, the Company may require (or cause the trustee of the Trust to require), as a condition thereof,
that any holder of Rights provide evidence, including, without limitation, the identity of the Beneficial Owners thereof and their Related Persons (or former Beneficial Owners thereof and their Related Persons) as the Company reasonably requests in
order to determine if such Rights are null and void. If any Person fails to comply with such request, the Company shall be entitled conclusively to deem the Rights formerly held by such Person to be null and void pursuant to Section 7(e) hereof
and not transferable or exercisable or exchangeable in connection herewith. Any shares of Common Stock or other securities issued at the direction of the Board in connection herewith shall be validly issued, fully paid and nonassessable shares of
Common Stock or of such other securities (as the case may be). 
 SECTION 25. Notice of Certain Events. 

(a) In case the Company proposes, at any time after the earlier of the Distribution Date or the Stock Acquisition Date, (i) to pay any
dividend payable in stock of any class or series to the holders of Preferred Stock or to make any other distribution to the holders of Preferred Stock (other than a regular quarterly cash dividend out of earnings or retained earnings of the
Company); (ii) to offer to the holders of Preferred Stock rights or warrants to subscribe for or to purchase any additional shares of Preferred Stock or shares of stock of any class or any other securities, rights or options; (iii) to
effect any reclassification of Preferred Stock (other than a reclassification involving only the subdivision of outstanding shares of Preferred Stock); (iv) to effect any consolidation or merger into or with any other Person (other than a
Subsidiary of the Company in a transaction which complies with Section 11(m) hereof) or to effect any sale or other transfer (or to permit one or more of its Subsidiaries to effect any sale or other transfer), in one or more transactions, of
more than 50% of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company and/or any of its Subsidiaries in one or more transactions each of which complies with
Section 11(m) hereof); or (v) to effect the liquidation, dissolution or winding up of the Company, then, in each such case, the Company shall give to each registered holder of a Rights Certificate, to the extent feasible, and to the Rights
Agent in accordance with Section 26 hereof, a written notice of such proposed action, which shall specify the record date for the purposes of such stock dividend, distribution of rights or warrants, or the date on which such reclassification,
consolidation, merger, sale, transfer, liquidation, dissolution or winding up is to take place and the date of participation therein by the holders of the shares of Preferred Stock if any such date is to be fixed, and such notice shall be so given
in the case of any action covered by clause (i) or (ii) above at least 10 days prior to the record date for determining holders of the shares of Preferred Stock for purposes of such action and, in the case of any such other action, at
least 10 days prior to the date of the taking of such proposed action or the date of participation therein by the holders of the shares of Preferred Stock, whichever is earlier; provided, however, that no such action shall be
taken pursuant to this Section 25(a) that will or would conflict with any provision of the Articles of Incorporation; provided, further, that no such notice is required pursuant to this Section 25 if any Subsidiary of the
Company effects a consolidation or merger with or into, or effects a sale or other transfer of assets or earning power to, any other Subsidiary of the Company. 

  
 34 

 (b) In case any Flip-In Event occurs, (i) the
Company shall, as soon as practicable thereafter, give to each registered holder of a Rights Certificate, to the extent feasible, and to the Rights Agent in accordance with Section 26 hereof, a written notice of the occurrence of such event,
which notice shall describe such event and the consequences of such event to holders of Rights under Section 11(a)(ii) hereof; and (ii) all references in paragraph (a) of this Section 25 to Preferred Stock shall be deemed
thereafter to refer to Common Stock and/or, if appropriate, to any other securities that may be acquired upon exercise of a Right. 
 (c) In
case any Flip-Over Event occurs, then the Company shall, as soon as practicable thereafter, give to each registered holder of a Rights Certificate, to the extent feasible, and to the Rights Agent in accordance with Section 26 hereof, a written
notice of the occurrence of such event, which notice shall describe such event and the consequences of such event to holders of Rights under Section 13(a) hereof. 

SECTION 26. Notices. 

Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Rights Certificate to or on the Company shall
be sufficiently given or made if sent by first-class or express United States mail, FedEx or UPS, postage prepaid and properly addressed (until another address is filed in writing by the Rights Agent with the Company) as follows: 

If to the Company, at its address at: 
 MiMedx Group, Inc. 

1775 West Oak Commons Ct, NE 
 Marietta, GA 30062 

Attention: Alexandra O. Haden, General Counsel & Secretary 

E-mail:     lhaden@mimedx.com 

With a copy to (which copy shall not constitute notice to the Company): 

Sidley Austin LLP 
 787 7th Avenue 

New York, NY 10019 
 Attention: Kai H. Liekefett, Esq. 

        Beth E. Peev, Esq. 

Email:       kliekefett@sidley.com 

        bpeev@sidley.com 

Subject to the provisions of Section 21 hereof, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of
any Rights Certificate to or on the Rights Agent shall be sufficiently given or made if sent by first-class or express United States mail, FedEx or UPS, postage prepaid and properly addressed (until another address is filed in writing with the
Rights Agent) as follows: 

  
 35 

 Issuer Direct Corporation 

c/o Direct Transfer LLC 
 500 Perimeter Park Dr D 

Morrisville, NC 27560 
 Attention: Eddie Tobler 

E-mail:     Eddie.Tobler@issuerdirect.com 

Issuer Direct Corporation 
 c/o Direct Transfer LLC 

1981 Murray Holladay Road, Suite 100 
 Salt Lake City, UT 84117

 Attention: Melinda Orth 

E-mail:     Melinda.Orth@issuerdirect.com 

Notices or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Rights Certificate (or, if prior
to the Distribution Date, to the holder of shares of Common Stock) shall be sufficiently given or made if sent by first-class or express United States mail, FedEx or UPS, postage prepaid and properly addressed, to such holder at the address of such
holder as shown on the registry books of the Company. 
 SECTION 27. Supplements and Amendments. 

Except as otherwise provided in this Section 27, the Company, by action of the Board, may from time to time and in its sole and absolute discretion, and
the Rights Agent shall if the Company so directs, supplement or amend this Agreement in any respect without the approval of any holders of Rights, including, without limitation, in order to (a) cure any ambiguity; (b) correct or supplement
any provision contained herein that may be defective or inconsistent with any other provisions herein; (c) shorten or lengthen any time period hereunder; (d) otherwise change, amend, or supplement any provisions hereunder in any manner
that the Company may deem necessary or desirable; provided, however, that from and after any Person becomes an Acquiring Person, this Agreement may not be supplemented or amended in any manner that would adversely affect the
interests of the holders of Rights (other than Rights that have become null and void pursuant to Section 7(e) hereof) as such or cause this Agreement to become amendable other than in accordance with this Section 27. Without limiting the
foregoing, the Company, by action of the Board, may at any time before any Person becomes an Acquiring Person amend this Agreement to make the provisions of this Agreement inapplicable to a particular transaction by which a Person might otherwise
become an Acquiring Person or to otherwise alter the terms and conditions of this Agreement as they may apply with respect to any such transaction. Upon the delivery of a certificate from an appropriate officer of the Company that states that the
proposed supplement or amendment is in compliance with the terms of this Section 27, the Rights Agent shall execute such supplement or amendment; provided, however, that any supplement or amendment that does not amend Sections 18,
19, 20, 21, or this Section 27 in a manner adverse to the Rights Agent shall become effective immediately upon execution by the Company, whether or not also executed by the Rights Agent. The Company shall provide within three Business Days of
the adoption of an amendment to the Agreement written notification of such amendment to the Rights Agent. 
 Notwithstanding anything contained in this
Agreement to the contrary, the Rights Agent may enter into any supplement or amendment that affects the Rights Agent’s own rights, duties, obligations or immunities under this Agreement. 

Prior to the Distribution Date, the interests of the holders of Rights shall be deemed coincident with the interests of the holders of Common Stock. 

  
 36 

 SECTION 28. Successors. 

All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their
respective successors and assigns hereunder. 
 SECTION 29. Determinations and Actions by the Board. 

Except as otherwise specifically provided herein, the Board has the exclusive power and authority to administer this Agreement and to exercise all rights and
powers specifically granted to the Board or to the Company hereunder, or as may be necessary or advisable in the administration of this Agreement, including, without limitation, the right and power (a) to interpret the provisions of this
Agreement, and (b) to make all determinations deemed necessary or advisable for the administration of this Agreement (including, without limitation, a determination to redeem or not redeem the Rights in accordance with Section 23 hereof,
to exchange or not exchange the rights in accordance with Section 24 hereof, to amend or not amend this Agreement in accordance with Section 27 hereof). All such actions, calculations, interpretations and determinations (including, for
purposes of clause (ii) below, all omissions with respect to the foregoing) that are done or made by the Board shall be (i) be final, conclusive, and binding on the Company, the Rights Agent, the holders of the Rights and all other
parties; and (ii) not subject the Board or any member thereof to any liability to the holders of the Rights. 

SECTION 30. Benefits of this Agreement. 

Nothing in this Agreement may be construed to give to any Person other than the Company, the Rights Agent and the registered holders of the Rights Certificates
(and, prior to the Distribution Date, the registered holders of shares of the Common Stock of the Company) any legal or equitable right, remedy or claim under this Agreement; rather, this Agreement is for the sole and exclusive benefit of the
Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the registered holders of shares of Common Stock of the Company). 

SECTION 31. Tax Compliance and Withholding. 

The Company hereby authorizes the Rights Agent to deduct from all payments disbursed by the Rights Agent to the holders of the Rights, if applicable, the tax
required to be withheld pursuant to Sections 1441, 1442, 1445, 1471 through 1474, and 3406 of the Internal Revenue Code of 1986, as amended, or by any federal or state statutes subsequently enacted, and to make the necessary returns and
payments of such tax to the relevant taxing authority. The Company will provide withholding and reporting instructions to the Rights Agent from time to time as relevant, and upon request of the Rights Agent. The Rights Agent shall have no
responsibilities with respect to tax withholding, reporting, or payment except as specifically instructed by the Company. 

SECTION 32. Severability. 

If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement will remain in full force and effect and will in no way be affected, impaired or invalidated; provided, however, that notwithstanding
anything in this Agreement to the contrary, if any such term, provision, covenant or restriction is held by such court or authority to be invalid, void or unenforceable and the Board determines in good faith judgment that severing the invalid
language from this Agreement would materially and adversely affect the purpose or effect of this Agreement, the right of redemption set forth in Section 23 hereof shall be reinstated and will not expire until the Close of Business on the
10th Business Day following the date of such determination by the Board. 

  
 37 

 SECTION 33. Governing Law. 

This Agreement, each Right, and each Rights Certificate issued hereunder shall be deemed to be a contract made under the laws of the State of Florida and for
all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State. 

SECTION 34. Counterparts. 

This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be
deemed to be an original, but all of which taken together shall constitute one and the same instrument. Delivery of an executed signature page of Agreement by facsimile or other customary shall mean of electronic transmission (e.g., “pdf”)
shall be effective as delivery of a manually executed counterpart hereof. 
 SECTION 35. Descriptive Headings. 

The headings contained in this Agreement are for descriptive purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

 SECTION 36. Force Majeure. 

Notwithstanding anything to the contrary contained herein, the Rights Agent will not have any liability for not performing, or a delay in the performance of,
any act, duty, obligation or responsibility by reason of any occurrence beyond the reasonable control of the Rights Agent (including, without limitation, any act or provision of any present or future law or regulation or governmental authority, any
act of God, war, civil or military disobedience or disorder, riot, rebellion, terrorism, insurrection, fire, earthquake, storm, flood, strike, work stoppage, interruptions or malfunctions of computer facilities, loss of data due to power failures or
mechanical difficulties with information, labor dispute, accident or failure or malfunction of any utilities, communication or computer (software or hardware) services or similar occurrence). 

[Signature Page Follows] 

  
 38 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, all as of the date
first above written. 
  

			
	MIMEDX GROUP, INC.,
	as Company
		
	By:	 	  /s/ Edward J. Borkowski

	Name: Edward J. Borkowski
	Title:	 	 Interim Chief Financial Officer

  
 SIGNATURE PAGE TO 

STOCKHOLDER RIGHTS AGREEMENT 

 
			
	ISSUER DIRECT CORPORATION,
	as Rights Agent
		
	By:	 	 /s/ Eddie Tobler

	Name:	 	Eddie Tobler
	Title:	 	VP Stock Transfer

  
 SIGNATURE PAGE TO 

STOCKHOLDER RIGHTS AGREEMENT 

 Exhibit A 

ARTICLES OF AMENDMENT 

TO THE ARTICLES OF INCORPORATION 

OF 
 MIMEDX GROUP, INC.

 DESIGNATION OF RIGHTS, PREFERENCES, AND LIMITATIONS OF 

SERIES A JUNIOR PARTICIPATING PREFERRED STOCK 

FIRST: This Corporation is named MiMedx Group, Inc. (the “Corporation”). The Articles of Incorporation of the Corporation
were originally filed in the Office of the Department of State of the State of Florida on February 28, 2008, as amended by the Articles of Merger filed in the Office of the Department of State of the State of Florida on March 31, 2008, the
Articles of Amendment filed in the Office of the Department of State of the State of Florida on May 14, 2010, the Articles of Amendment filed in the Office of the Department of State of the State of Florida on August 8, 2012, the Articles
of Amendment filed in the Office of the Department of State of the State of Florida on November 8, 2012 and the Articles of Amendment filed in the Office of the Department of State of the State of Florida on May 15, 2015. 

SECOND: Pursuant to the authority of the Board of Directors of the Corporation set forth in the Corporation’s Articles of
Incorporation, as amended, and Section 607.0602 of the Florida Business Corporation Act, the Board of Directors of the Corporation, by resolutions duly adopted as of November 6, 2018, has amended the Corporation’s Articles of
Incorporation to (i) designate a series of preferred stock (“Preferred Stock”) of the Corporation as “Series A Junior Participating Preferred Stock,” consisting of 150,000 shares of the Corporation’s
authorized but unissued Preferred Stock and (ii) set the rights, preferences, limitations, and other terms and conditions of the Series A Junior Participating Preferred Stock. Approval of the shareholders of the Corporation was not required.

 THIRD: Article 3 of the Articles of Incorporation of the Corporation is hereby amended to add the following Section 3.3: 

“Section 3.3 Series A Junior Participating Preferred Stock: 

1. Designation and Amount. The shares of such series shall be designated as “Series A Junior Participating Preferred Stock” (the
“Series A Preferred Stock”) and the number of shares constituting the Series A Preferred Stock shall be 150,000. Such number of shares may be increased or decreased by resolution of the
Board; provided that no decrease shall reduce the number of shares of Series A Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options,
rights or warrants or upon the conversion of any outstanding securities issued by the Corporation convertible into Series A Preferred Stock. 
 2.
Dividends and Distributions. 
 (A) Subject to the rights of the holders of any shares of any series of Preferred Stock (or any similar stock) ranking
prior and superior to the Series A Preferred Stock with respect to dividends, the holders of shares of Series A Preferred Stock, in preference to the holders of common stock, par value $0.001 per share (collectively, the “Common
Stock”), of the Corporation, and of any other junior stock, shall be entitled to receive, when, as and if declared by the Board out of funds legally available for the purpose, quarterly dividends payable in cash on the first day of
March, June, September and December in each year (each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or
fraction of a share of Series A 

  
 A-1 

 
Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of (1) $1.00 or (2) subject to the provision for adjustment hereinafter set forth, 1,000 times
the aggregate per share amount of all cash dividends, and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions, other than a dividend payable in shares
of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date or, with respect to the first Quarterly
Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Preferred Stock. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock,
or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock,
then in each such case the amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under clause (2) of the preceding sentence shall be adjusted by multiplying such amount by a fraction,
the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 

(B) The Corporation shall declare a dividend or distribution on the Series A Preferred Stock as provided in paragraph (a) of this subsection
immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock); provided, that in the event no dividend or distribution shall have been declared on the Common Stock
during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, a dividend of $1.00 per share on the Series A Preferred Stock shall nevertheless be payable on such subsequent Quarterly
Dividend Payment Date. 
 (C) Dividends shall begin to accrue and be cumulative on outstanding shares of Series A Preferred Stock from the Quarterly
Dividend Payment Date next preceding the date of issue of such shares, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue
from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series A Preferred Stock entitled to receive a quarterly
dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends
paid on the shares of Series A Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board may fix a record date for the determination of holders of shares of Series A Preferred Stock entitled to receive payment of a
dividend or distribution declared thereon, which record date shall be not more than 60 days prior to the date fixed for the payment thereof. 
 3.
Voting Rights. The holders of shares of Series A Preferred Stock shall have the following voting rights: 
 (A) Subject to the provision for
adjustment hereinafter set forth, each share of Series A Preferred Stock shall entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the shareholders of the Corporation. In the event the Corporation shall at any time
declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in
shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the number of votes per share to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event shall
be adjusted by multiplying such number by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding
immediately prior to such event. 

  
 A-2 

 (B) Except as otherwise provided herein, in any other articles of amendment creating a series of Preferred
Stock or any similar stock, or by law, the holders of shares of Series A Preferred Stock and the holders of shares of Common Stock and any other capital stock of the Corporation having general voting rights shall vote together as one class on
all matters submitted to a vote of shareholders of the Corporation. 
 (C) Except as set forth herein, or as otherwise provided by law, holders of
Series A Preferred Stock shall have no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action. 

4. Certain Restrictions. 
 (A) Whenever quarterly dividends
or other dividends or distributions payable on the Series A Preferred Stock as provided in Section 2 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of
Series A Preferred Stock outstanding shall have been paid in full, the Corporation shall not: 
 (i) declare or pay dividends, or make any other
distributions, on any shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock; 

(ii) declare or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends or upon liquidation,
dissolution or winding up) with the Series A Preferred Stock, except dividends paid ratably on the Series A Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which
the holders of all such shares are then entitled; 
 (iii) redeem or purchase or otherwise acquire for consideration shares of any stock ranking junior
(either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock other than (A) such redemptions or purchases that may be deemed to occur upon the exercise of stock options, warrants or similar rights
or grant, vesting or lapse of restrictions on the grant of any other performance shares, restricted stock, restricted stock units or other equity awards to the extent that such shares represent all or a portion of (x) the exercise or purchase
price of such options, warrants or similar rights or other equity awards and (y) the amount of withholding taxes owed by the recipient of such award in respect of such grant, exercise, vesting or lapse of restrictions; (B) the repurchase,
redemption, or other acquisition or retirement for value of any such shares from employees, former employees, directors, former directors, consultants or former consultants of the Corporation or their respective estate, spouse, former spouse or
family member, pursuant to the terms of the agreements pursuant to which such shares were acquired, provided that the Corporation may at any time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for shares of any
stock of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series A Preferred Stock; or 

(iv) redeem or purchase or otherwise acquire for consideration any shares of Series A Preferred Stock, or any shares of stock ranking on a parity with the
Series A Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined by the Board) to all holders of such shares upon such terms as the Board, after consideration of the respective annual
dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result in fair and equitable treatment among the respective series or classes. 

  
 A-3 

 (B) The Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for
consideration any shares of stock of the Corporation unless the Corporation could, under paragraph (a) of this Section 4, purchase or otherwise acquire such shares at such time and in such manner. 

5. Reacquired Shares. Any shares of Series A Preferred Stock purchased or otherwise acquired by the Corporation in any manner whatsoever shall be
retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock subject to the
conditions and restrictions on issuance set forth herein, in the Articles of Incorporation, or in any other articles of amendment creating a series of Preferred Stock or any similar stock or as otherwise required by law. 

6. Liquidation, Dissolution or Winding Up. Upon any liquidation, dissolution or winding up of the Corporation, voluntary or otherwise, no distribution
shall be made (1) to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock unless, prior thereto, the holders of shares of Series A
Preferred Stock shall have received the greater of (A) $1,000 per share, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment, and (B) an amount, subject to
the provision for adjustment hereinafter set forth, equal to 1,000 times the aggregate amount to be distributed per share to holders of shares of Common Stock, or (2) to the holders of shares of stock ranking on a parity (either as to dividends
or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, except distributions made ratably on the Series A Preferred Stock and all such parity stock in proportion to the total amounts to which the holders of all
such shares are entitled upon such liquidation, dissolution or winding up. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or
consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the aggregate amount
to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under the proviso in clause (1) of the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of
which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 

7. Consolidation, Merger, Etc. In case the Corporation shall enter into any consolidation, merger, combination or other transaction in which the shares
of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case each share of Series A Preferred Stock shall at the same time be similarly exchanged or changed into an amount
per share, subject to the provision for adjustment hereinafter set forth, equal to 1,000 times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of
Common Stock is changed or exchanged. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares
of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the amount set forth in the preceding sentence with respect
to the exchange or change of shares of Series A Preferred Stock shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 
 8. No Redemption. The shares of
Series A Preferred Stock shall not be redeemable. 

  
 A-4 

 9. Rank. The Series A Preferred Stock shall rank, with respect to the payment of dividends and
the distribution of assets, junior to all series of any other class of the Corporation’s Preferred Stock, and shall rank senior to the Common Stock as to such matters. 

10. Amendment. The Articles of Incorporation of the Corporation shall not be amended in any manner which would materially alter or change the powers,
preferences or special rights of the Series A Preferred Stock so as to affect them adversely without the affirmative vote of the holders of at least two-thirds of the outstanding shares of Series A
Preferred Stock, voting together as a single class. 
 11. Fractional Shares. The Series A Preferred Stock may be issued in fractions of a share,
which fractions shall entitle the holder, in proportion to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions, and to have the benefit of all other rights of holders of Series A
Preferred Stock. 
 IN WITNESS WHEREOF, the undersigned has executed these Articles of Amendment as of November 6, 2018. 

 

			
		 	MIMEDX GROUP, INC.
		
	By:	 	  

	Name:	 	Alexandra O. Haden
	Title:	 	Secretary

  
 A-5 

 Exhibit B 

SUMMARY OF RIGHTS 

TO PURCHASE SERIES A JUNIOR PARTICIPATING PREFERRED STOCK 

The Board of Directors (the “Board”) of MiMedx Group, Inc., a Florida corporation (the “Company”),
declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock, par value $0.001 per share, of the Company (the “Common Stock”). The dividend is
payable on November 19, 2018 (the “Record Date”) to the shareholders of record on that date. Each Right entitles the registered holder to purchase from the Company one
one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.001 per share, of the Company (the “Preferred Stock”) at a price of $31.10 per one one-thousandth of a share of Preferred Stock (the “Purchase Price”), subject to adjustment. The description and terms of the Rights are set forth in a Shareholder Rights Agreement dated as of
November 6, 2018, as the same may be amended from time to time (the “Rights Agreement”), between the Company and Issuer Direct Corporation, as Rights Agent (the “Rights Agent”). 

Until the earlier to occur of (i) the close of business on the 10th business day after a public announcement that a person or group of affiliated or
associated persons (with certain exceptions, an “Acquiring Person”) has acquired Beneficial Ownership of 10% or more of the outstanding shares of Common Stock and (ii) the close of business on the 10th business day
after the commencement by any person of, or of the first public announcement of the intention of any Person to commence, a tender or exchange offer the consummation of which would result in such Person becoming the Beneficial Owner of 10% or more of
the outstanding shares of Common Stock (the earlier of such dates being called the “Distribution Date”), the Rights will be evidenced, with respect to any of the Common Stock certificates (or book entry shares) outstanding as
of the Record Date, by such Common Stock certificate (or book entry shares). 
 The Rights Agreement provides that, until the Distribution Date (or earlier
expiration or redemption of the Rights), the Rights will be transferred with and only with the Common Stock. Until the Distribution Date (or earlier expiration or redemption of the Rights), new Common Stock certificates issued after the Record Date
upon transfer or new issuances of Common Stock will contain a legend incorporating the Rights Agreement by reference, and notice of such legend will be furnished to holders of book entry shares. Until the Distribution Date (or earlier expiration or
redemption of the Rights), the surrender for transfer of any certificates for shares of Common Stock (or book entry shares of Common Stock) outstanding as of the Record Date will also constitute the transfer of the Rights associated with the shares
of Common Stock represented by such certificate or registered in book entry form. As soon as practicable following the Distribution Date, separate certificates evidencing the Rights (“Rights Certificates”) will be mailed to
holders of record of the Common Stock as of the close of business on the Distribution Date and such separate Right Certificates alone will evidence the Rights. 

The Rights are not exercisable until the Distribution Date. The Rights will expire on the earliest to occur of (i) November 6, 2019, (ii) the time
at which the Rights are redeemed or exchanged by the Company, in each case as described below and (iii) upon the occurrence of certain transactions. 

The Purchase Price payable, and the number of shares of Preferred Stock or other securities or property issuable, upon exercise of the Rights is subject to
adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred Stock, (ii) upon the grant to holders of the Preferred Stock of certain rights or
warrants to subscribe for or purchase Preferred Stock at a price, or securities convertible into Preferred Stock with a conversion price, less than the then-current market price of the Preferred Stock or (iii) upon the distribution to holders
of the Preferred Stock of evidences of indebtedness or assets (excluding regular periodic cash dividends or dividends payable in Preferred Stock) or of subscription rights or warrants (other than those referred to above). 

  
 B-1 

 The number of outstanding Rights is subject to adjustment in the event of a stock dividend on the Common
Stock payable in shares of Common Stock or subdivisions, consolidations or combinations of the Common Stock occurring, in any such case, prior to the Distribution Date. 

Shares of Preferred Stock purchasable upon exercise of the Rights will not be redeemable. Each share of Preferred Stock will be entitled, when, as and if
declared, to a minimum preferential quarterly dividend payment of the greater of (a) $1.00 per share, and (b) an amount equal to 1,000 times the dividend declared per share of Common Stock. In the event of liquidation, dissolution or
winding up of the Company, the holders of the Preferred Stock will be entitled to a minimum preferential payment of the greater of (i) $1,000.00 per share (plus any accrued but unpaid dividends), and (ii) an amount equal to 1,000 times the
payment made per share of Common Stock. Each share of Preferred Stock will have 1,000 votes, voting together with the Common Stock. Finally, in the event of any merger, consolidation or other transaction in which outstanding shares of Common Stock
are converted or exchanged, each share of Preferred Stock will be entitled to receive 1,000 times the amount received per share of Common Stock. These rights are protected by customary anti-dilution provisions. 

Because of the nature of the Preferred Stock’s dividend, liquidation and voting rights, the value of the one
one-thousandth interest in a share of Preferred Stock purchasable upon exercise of each Right should approximate the value of one share of Common Stock. 

In the event that any person or group of affiliated or associated persons becomes an Acquiring Person, each holder of a Right, other than Rights Beneficially
Owned by the Acquiring Person, affiliates and associates of the Acquiring Person and certain transferees thereof (which will thereupon become null and void), will thereafter have the right to receive upon exercise of a Right that number of shares of
Common Stock having a market value of two times the exercise price of the Right. 
 In the event that, after a person or group has become an Acquiring
Person, the Company is acquired in a merger or other business combination transaction or 50% or more of its consolidated assets or earning power are sold, proper provisions will be made so that each holder of a Right (other than Rights Beneficially
Owned by an Acquiring Person, affiliates and associates of the Acquiring Person and certain transferees thereof which will have become null and void) will thereafter have the right to receive upon the exercise of a Right that number of shares of
common stock of the person with whom the Company has engaged in the foregoing transaction (or its parent) that at the time of such transaction have a market value of two times the exercise price of the Right. 

At any time after any person or group becomes an Acquiring Person and prior to the earlier of one of the events described in the previous paragraph or the
acquisition by such Acquiring Person of 50% or more of the outstanding shares of Common Stock, the Board may exchange the Rights (other than Rights owned by such Acquiring Person and certain transferees thereof which will have become null and void),
in whole or in part, for shares of Common Stock or Preferred Stock (or a series of the Company’s preferred stock having equivalent rights, preferences and privileges), at an exchange ratio of one share of Common Stock, or a fractional share of
Preferred Stock (or other preferred stock) equivalent in value thereto, per Right. 
 With certain exceptions, no adjustment in the Purchase Price will be
required until cumulative adjustments require an adjustment of at least 1% in such Purchase Price. No fractional shares of Preferred Stock or Common Stock will be issued (other than fractions of shares of Preferred Stock which are integral multiples
of one one-thousandth of a share of Preferred Stock, which may, at the election of the Company, be evidenced by depositary receipts), and in lieu thereof an adjustment in cash will be made based on the current
market price of the Preferred Stock or the Common Stock. 

  
 B-2 

 At any time prior to the time an Acquiring Person becomes such, the Board may redeem the Rights in whole,
but not in part, at a price of $0.001 per Right (the “Redemption Price”) payable, at the option of the Company, in cash, shares of Common Stock or such other form of consideration as the Board shall determine. The redemption
of the Rights may be made effective at such time, on such basis and with such conditions as the Board in its sole discretion may establish. Immediately upon any redemption of the Rights, the right to exercise the Rights will terminate and the only
right of the holders of Rights will be to receive the Redemption Price. 
 For so long as the Rights are then redeemable, the Company may amend the Rights
Agreement in any manner. After the Rights are no longer redeemable, the Company may amend the Rights Agreement in any manner that does not adversely affect the interests of holders of the Rights (other than holders of Rights owned by or transferred
to any person who is or becomes an Acquiring Person or affiliates and associates of an Acquiring Person and certain transferees thereof). 
 Until a Right
is exercised or exchanged, the holder thereof, as such, will have no rights as a shareholder of the Company, including, without limitation, the right to vote or to receive dividends. 

A copy of the Rights Agreement has been filed with the Securities and Exchange Commission as an exhibit to a Registration Statement on Form 8-A dated November 7, 2018. A copy of the Rights Agreement is available free of charge from the Company. This summary description of the Rights does not purport to be complete and is qualified in its
entirety by reference to the Rights Agreement, as the same may be amended from time to time, which is hereby incorporated herein by reference. 

  
 B-3 

 Exhibit C 

FORM OF RIGHTS CERTIFICATE 
  

			
	Certificate No. R-                    	  	                    Rights

 NOT EXERCISABLE AFTER NOVEMBER 6, 2019 OR EARLIER IF REDEEMED OR EXCHANGED BY THE COMPANY. THE RIGHTS ARE SUBJECT TO
REDEMPTION, AT THE OPTION OF THE COMPANY, AT $0.001 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF ANY SUCH
PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID. THE RIGHTS SHALL NOT BE EXERCISABLE, AND SHALL BE VOID, AS LONG AS HELD BY A HOLDER IN ANY JURISDICTION WHERE THE REQUISITE
QUALIFICATION TO THE ISSUANCE TO SUCH HOLDER, OR THE EXERCISE BY SUCH HOLDER, OF THE RIGHTS IN SUCH JURISDICTION SHALL NOT HAVE BEEN OBTAINED OR BE OBTAINABLE. 

[THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR A RELATED PERSON OF AN
ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT. ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN Section 7(e) OF THE RIGHTS AGREEMENT.]* 
  

	* 	 The portion of the legend in brackets shall be inserted only if applicable and shall replace the preceding
sentence. 

  
 C-1 

 RIGHTS CERTIFICATE 

This certifies that                , or its registered assigns, is the
registered holder of the number of Rights set forth above, each of which entitles the holder thereof, subject to the terms, provisions and conditions of the Shareholder Rights Agreement dated as of November 6, 2018, as amended from time to time
(the “Rights Agreement”), between MiMedx Group, Inc., a Florida corporation (the “Company”), and Issuer Direct Corporation, as Rights Agent (the “Rights Agent”), to purchase
from the Company at any time after the Distribution Date and prior to 5:00 p.m., New York City time, on November 6, 2019, at the office or offices of the Rights Agent designated for such purpose, or its successors as Rights Agent, one one-thousandth of a fully paid, non-assessable share of Series A Junior Participating Preferred Stock, par value $0.001 per share (the “Preferred
Stock”), of the Company, at a purchase price of $31.10 per one one-thousandth share of Preferred Stock (the “Exercise Price”), upon presentation and surrender of this
Rights Certificate with the Election to Purchase and related Certificate duly executed. The number of Rights evidenced by this Rights Certificate (and the number of shares that may be purchased upon exercise thereof) set forth above, and the
Exercise Price per share as set forth above, are the number and Exercise Price as of November 6, 2018, based on the Preferred Stock as constituted at such date, and are subject to adjustment upon the happening of certain events as provided in
the Rights Agreement. Capitalized terms used and not defined herein shall have the meanings specified in the Rights Agreement. 
 From and after the
occurrence of a Flip-In Event or Flip-Over Event, the Rights evidenced by this Rights Certificate Beneficially Owned by (i) an Acquiring Person or an Affiliate or Associate of any such Acquiring Person,
(ii) a transferee of any such Acquiring Person, Associate or Affiliate, or (iii) under certain circumstances specified in the Rights Agreement, a transferee of a person who, concurrently with or after such transfer, became an Acquiring
Person or an Affiliate or Associate of an Acquiring Person shall become null and void and no holder hereof shall have any right with respect to such Rights from and after the occurrence of such Flip-In Event
or Flip-Over Event. 
 The Rights evidenced by this Rights Certificate shall not be exercisable, and shall be void as long as held, by a holder in any
jurisdiction where the requisite qualification to the issuance to such holder, or the exercise by such holder, of the Rights in such jurisdiction shall not have been obtained or be obtainable. 

As provided in the Rights Agreement, the Exercise Price and the number and kind of shares of Preferred Stock or other securities which may be acquired upon
the exercise of the Rights evidenced by this Rights Certificate are subject to modification and adjustment upon the happening of certain events, including Triggering Events. 

This Rights Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby
incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights Agent, the Company
and the holders of the Rights Certificates, which limitations of rights include the temporary suspension of the exercisability of such Rights under the specific circumstances set forth in the Rights Agreement. Copies of the Rights Agreement are on
file at the above-mentioned office of the Rights Agent and are also available upon written request to the Rights Agent. 
 This Rights Certificate, with or
without other Rights Certificates, upon surrender at the office or offices of the Rights Agent designated for such purpose, may be exchanged for another Rights Certificate of like tenor and date evidencing Rights entitling the holder to purchase a
like aggregate number of one one-thousandth of a share of Preferred Stock as the Rights evidenced by the Rights Certificate or Rights Certificates surrendered shall have entitled such holder to purchase. If
this Rights Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender hereof another Rights Certificate or Rights Certificates for the number of whole Rights not exercised. 

  
 C-2 

 Subject to the provisions of the Rights Agreement, the Rights evidenced by this Certificate may be redeemed
by the Company under certain circumstances at its option at a redemption price of $0.001 per Right at any time prior to the earlier of the Close of Business on (i) the Stock Acquisition Date and (ii) the Final Expiration Date. 

At any time after a person becomes an Acquiring Person and prior to the acquisition by such person of 50% or more of the outstanding Common Stock, the Board
may exchange the Rights (other than Rights owned by such Acquiring Person which have become void), in whole or in part, at an exchange ratio of one share of Common Stock per each outstanding Right or, in certain circumstances, other equity
securities of the Company which are deemed by the Board to have the same value as shares of Common Stock, subject to adjustment. 
 No fractional shares of
Preferred Stock will be issued upon the exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock, which may, at
the election of the Company, be evidenced by depositary receipts), but in lieu thereof a cash payment will be made, as provided in the Rights Agreement. 

No holder of this Rights Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of shares of Preferred
Stock or of any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein 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 for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other
actions affecting shareholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Rights Certificate shall have been exercised as provided in the
Rights Agreement. 
 This Rights Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by an authorized
signatory of the Rights Agent. 

  
 C-3 

 WITNESS the facsimile signature of the proper officers of the Company. Dated as of
                    , 201  . 
  

			
	MIMEDX GROUP, INC.,
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	COUNTERSIGNED:
	
	Issuer Direct Corporation,
	as Rights Agent

			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 C-4 

 [Form of Reverse Side of Rights Certificate] 

FORM OF ASSIGNMENT 
 (To be executed by
the registered holder if 
 such holder desires to transfer the 

Rights Certificate.) 
 FOR VALUE RECEIVED
                 hereby sells, assigns and transfers unto 
  

 
 (Please print name and address of transferee) 

 
  

this Rights Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
                 as Attorney, to transfer the within Rights Certificate on the books of the within-named Company, with full power of
substitution. 
 Dated                 ,
                . 
  

	
	  

Signature

 Signature Guaranteed: 

  
 C-5 

 CERTIFICATE 

The undersigned hereby certifies by checking the appropriate boxes that: 

(1) this Rights Certificate [    ] is [    ] is not being sold, assigned and
transferred by or on behalf of a Person who is or was an Acquiring Person or an Affiliate or Associate of any such Person (as such terms are defined pursuant to the Rights Agreement); and 

(2) after due inquiry and to the best knowledge of the undersigned, it [    ] did
[    ] did not acquire the Rights evidenced by this Rights Certificate from any Person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate of any such Person. 

Dated                 ,
                . 
  

	
	  

Signature

 Signature Guaranteed: 

  
 C-6 

 NOTICE 

The signature to the foregoing Assignment and Certificate must correspond to the name as written upon the face of this Rights Certificate in every particular,
without alteration or enlargement or any change whatsoever. 
 Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at
a level acceptable to the Rights Agent. 
 In the event the certification set forth above is not completed, the Company will deem the Beneficial Owner of
the Rights evidenced by this Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) and, in the case of an Assignment, will affix a legend to that effect on any Rights Certificates
issued in exchange for this Rights Certificate. 

  
 C-7 

 FORM OF ELECTION TO PURCHASE 

(To be executed if the registered holder 
 desires to exercise
Rights represented 
 by the Rights Certificate.) 
 To:
                                     

The undersigned hereby irrevocably elects to exercise
                 Rights represented by this Rights Certificate to purchase the shares of Preferred Stock issuable upon the exercise of
the Rights (or such other securities of the Company or of any other person or such other property which may be issuable upon the exercise of the Rights) and requests that certificates for such shares (or such other securities of the Company or of
any other person or such other property as may be issuable upon the exercise of the Rights) be issued in the name of and delivered to: 
  

 
 (Please print name and address) 

 
  

Please insert social security 
 or other identifying
number:                                        
                     
  

                          
                                         
                          

If such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance of such Rights shall be
registered in the name of and delivered to: 
  
  

(Please print name and address) 
  

 
 Please insert social security 

or other identifying
number:                                        
                         
  

                          
                                         
                          

Dated                 ,
                . 
  

	
	  

Signature

 Signature Guaranteed: 

  
 C-8 

 CERTIFICATE 

The undersigned hereby certifies by checking the appropriate boxes that: 

(1) the Rights evidenced by this Rights Certificate [    ] are [    ] are
not being exercised by or on behalf of a Person who is or was an Acquiring Person or an Affiliate or Associate of any such Person (as such terms are defined in the Rights Agreement); and 

(2) after due inquiry and to the best knowledge of the undersigned, the undersigned [    ] did
[    ] did not acquire the Rights evidenced by this Rights Certificate from any Person who is, was or became an Acquiring Person or an Affiliate or Associate of any such Person. 

Dated                 ,
                . 
  

	
	  

Signature

 Signature Guaranteed: 

  
 C-9 

 NOTICE 

The signature to the foregoing Election to Purchase and Certificate must correspond to the name as written upon the face of this Rights Certificate in every
particular, without alteration or enlargement or any change whatsoever. 
 Signatures must be guaranteed by a participant in a Medallion Signature Guarantee
Program at a level acceptable to the Rights Agent. 
 In the event the certification set forth above is not completed, the Company will deem the Beneficial
Owner of the Rights evidenced by this Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) and, in the case of an Assignment, will affix a legend to that effect on any Rights
Certificates issued in exchange for this Rights Certificate. 

  
 C-10exh101dh

                                                                                                     EXECUTIVE EMPLOYMENT AGREEMENT      THIS EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into  by and between Dunkin’ Brands, Inc., a Delaware corporation with its principal place of business at  Canton, Massachusetts (the “Company”), Dunkin’ Brands Group, Inc., a Delaware Corporation  (“Holdings”), and David Hoffmann (the “Executive”), effective as of July 11, 2018 (the “Effective  Date”).      WHEREAS, the operations of the Company and its Affiliates are a complex matter requiring  direction and leadership in a variety of areas, including financial, strategic planning, regulatory,  community relations and others;      WHEREAS, the Executive possesses certain experience and expertise that qualify him to provide  the direction and leadership required by the Company and its Affiliates;      WHEREAS, subject to the terms and conditions hereinafter set forth, the Company and Holdings  wish to employ the Executive as their Chief Executive Officer and the Executive wishes to serve in such  capacity;      NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises, terms,  provisions and conditions set forth in this Agreement, the parties hereby agree:      1. Employment. Effective as of the Effective Date and subject to the terms and conditions set forth  in this Agreement, the Company hereby offers, and the Executive hereby accepts, continuing  employment.      2. Term. Subject to earlier termination as hereinafter provided, the Executive’s employment in the  capacity of Chief Executive Officer shall commence on the Effective Date and, unless earlier terminated  under Section 5 of this Agreement, shall continue for a term of three (3) years. The term of this  Agreement is hereinafter referred to as “the term of this Agreement” or “the term hereof.” The parties  agree that they will meet to discuss the possibility of an extension to the term of this Agreement within  six months following the second anniversary of the Effective Date, it being understood that any such  extension must be mutually agreed to in writing by both the Executive and the Company.       3. Capacity and Performance.          (a) During the term hereof, the Executive shall serve as the Chief Executive Officer of the  Company and Holdings, reporting to the Executive Chairman of the Board of Directors of Holdings (the  “Board”) so long as that position remains in effect, and to the Board directly thereafter.  During the term,  subject to the requirements of applicable law (including, without limitation, any rules or regulations of  any exchange on which the common stock of Holdings is listed), Holdings agrees to propose to the  shareholders of Holdings at each applicable annual meeting occurring during the term the re-election of  the Executive as a member of the Board and the Executive shall so serve, without additional  compensation, if re-elected. In addition, and without further compensation, the Executive shall serve as a  director and/or officer of one or more of the Company’s Affiliates, if so elected or appointed from time to  time as the Company or the Board deem appropriate.  In the event the Executive’s employment with the  Company terminates for any reason, the Executive’s membership on the Board and the Executive’s  service as a director and/or officer of the Company and any of its Affiliates shall also terminate, and the  Executive shall be deemed to resign from the Board and from all such director and officer positions  immediately upon such termination of employment, in each case, unless otherwise agreed in writing by  the Company and the Executive.                                            1    

 

                                                                                         (b) During the term hereof, the Executive shall be employed by the Company on a full-time  basis and shall perform the duties consistent with his position for the Company, for Holdings and for their  respective Affiliates.          (c) During the term hereof, the Executive shall devote substantially all of his business time and  efforts, business judgment, skill and knowledge to the performance of his duties hereunder; provided,  however, that the Executive may devote reasonable amounts of time to serving (i) as a director or a  member of any industry, trade, professional, governmental, religious, educational or charitable  organization; or (ii)  in such activities and positions as may be expressly approved by the Board; so long  as, in each case, the services do not interfere with the performance of the Executive’s services hereunder.      4. Compensation and Benefits. As compensation for all services performed by the Executive during  the term hereof, the Executive shall receive the following:          (a) Base Salary. Effective as of the Effective Date and during the term hereof, the Company  shall pay the Executive a base salary at the rate of Nine Hundred Thousand Dollars ($900,000) per  annum, payable in accordance with the Company’s payroll practices for its executives as may exist from  time-to-time, in the Company’s sole discretion. Such base salary is hereinafter referred to as the “Base  Salary”.           (b)    Incentive and Bonus Compensation. During the term hereof, the Executive shall be  eligible to receive an annual bonus based on the achievement of pre-established performance objective(s)  set by the Board or the Compensation Committee of the Board (“Committee”) for such year, in  accordance with the terms of the Company’s Short Term Annual Incentive Plan, as in effect from time to  time.  For each fiscal year during the term of this Agreement, if the Company’s performance measured  against the relevant performance objective or objectives is achieved at the pre-established target level, the  Executive will be eligible to receive a target bonus of One Hundred and Twenty Five Percent (125%) of  Base Salary earnings (prorated for 2018 based on the Effective Date) and shall be eligible to receive a  maximum bonus on such terms as approved by the Board or the Committee consistent with the same  determination (including with respect to any slope approved by the Board or the Committee determining  the funding of annual bonuses for Company executives based on the Company’s performance and any  respective threshold and maximum funding levels thereunder) for the majority of other senior executives  of the Company.  If the Company’s performance measured against the relevant performance objective or  objectives is achieved at a level below the target level, the Board or the Committee shall determine what  bonus, if any, the Executive shall receive, such determination to be made in the Board’s or the  Committee’s sole discretion and in a manner similar to the determination (including with respect to any  slope approved by the Board or the Committee determining the funding of annual bonuses for Company  executives based on the Company’s performance and any respective threshold and maximum funding  levels thereunder) for the majority of other senior executives of the Company. For purposes of this  section, the fiscal year shall mean the then-current fiscal year of the Company.  Any bonus due hereunder  shall be payable not later than two and one-half (2 1⁄2) months following the end of the fiscal year for  which the bonus was earned.           (c) Business Expenses. The Company shall pay or reimburse the Executive for all reasonable  business expenses incurred or paid by the Executive in the performance of his duties hereunder, upon  submission of documentation in accordance with the Company’s then-existing policies and procedures for  substantiation and reimbursement of expenses.            (d) Vacations. During the term hereof, the Executive shall be entitled to four (4) weeks of  vacation per year, in addition to standard Company holidays, said vacation to be taken at such times and  intervals as shall reasonably be determined by the Executive.                                         2    

 

                                                                                         (e) Other Benefits. During the term hereof, the Executive shall be entitled to participate in any  and all Employee Benefit Plans from time to time in effect for employees of the Company generally, and  in all fringe benefits generally available to senior executives of the Company, but without duplication of  any benefit or class of any benefits provided for separately under this Agreement (e.g., severance). Such  participation shall be subject to the terms of the applicable plan documents and then-existing Company  policies. The Company may alter, modify, add to, suspend or terminate its Employee Benefit Plans at any  time as it, in its sole judgment, determines appropriate, without recourse by the Executive. For purposes  of this Agreement, “Employee Benefit Plan” shall have the meaning ascribed to such term in Section 3(3)  of ERISA, as amended from time to time.          (f) Timing of Reimbursements.  Any reimbursements or in-kind benefits provided under (c) or  (e) of this Section 4, or otherwise provided under this Agreement, that would constitute nonqualified  deferred compensation subject to Section 409A of the Internal Revenue Code of 1986, as amended from  time to time, and guidance issued thereunder (“Section 409A”), shall be subject to the following  additional rules: (i) no reimbursement of any such expense shall affect the Executive’s right to  reimbursement of any other such expense in any other taxable year; (ii) reimbursement of the expense  shall be made not later than the end of the Executive’s taxable year following the taxable year in which  the expense was incurred; and (iii) the right to reimbursement shall not be subject to liquidation or  exchange for any other benefit.          (g)  Equity Awards.  The Executive will be eligible to participate in the Company’s 2015  Omnibus Long-Term Incentive Plan (or any successor equity plan) as in effect from time to time. The  Executive will be eligible to receive an equity award grant for calendar year 2019 with an approximate  grant date fair value of $3,500,000, subject to Board and Committee approval.  Equity award grants are  presently scheduled to be made during the first quarter following the applicable calendar year, and actual  grant date fair values will be based on Company performance, individual performance and Board and  Committee discretion. Any equity award grants are subject to Board or Committee approval, the terms of  the 2015 Omnibus Long-Term Incentive Plan (or any successor equity plan), as in effect from time to  time, the applicable stock award agreements, and Dunkin’ Brands Stock Ownership Guidelines, which for  a CEO are currently six (6) times annual base salary.             (h)  Equity Award Upon Promotion to Chief Executive Officer.  The Executive will receive a  one-time equity award upon or as soon as practicable following the Effective Date.  This award is  separate and distinct from the Company’s annual equity award program described in section 4(g) above  and is non-recurring.  This award will be in the form of restricted stock units and will have an  approximate grant date fair value of $1,500,000.  This award will vest ratably over three years subject to  the Executive’s continued employment with the Company. The specific terms and conditions of this  award will be governed by an award agreement, which will be provided under separate cover and is  expressly incorporated herein, and the terms of the 2015 Omnibus Long-Term Incentive Plan.      5. Termination of Employment and Severance Benefits. Notwithstanding the provisions of Section 2  hereof, the Executive’s employment hereunder shall terminate prior to the expiration of the term hereof  under the following circumstances:          (a) Death. Upon the Executive’s death during the term hereof, the Executive’s employment  hereunder shall immediately and automatically terminate and, within thirty (30) days of the date of death,  the Company shall pay to the Executive’s designated beneficiary or, if no beneficiary has been designated  by the Executive in writing, to his estate, a lump sum cash payment of (i) any Base Salary earned but not  paid during the final payroll period of the Executive’s employment through the date of termination, and  (ii) any vacation accrued but not used through the date of termination (all of the foregoing, “Final  Compensation”). The Company will have no further obligations to the Executive or his estate or  designated beneficiary hereunder, except for vested benefits expressly provided under the terms of the                                         3    

 

                                                                                 Employee Benefits Plans, and any annual bonus earned for the fiscal year preceding that in which a  termination occurs based on that fiscal year’s performance, but that remains unpaid as of the date of  termination.                    (b) Disability.                (i) The Company may terminate the Executive’s employment hereunder, upon at least        ten (10) days’ prior notice to the Executive, in the event that the Executive becomes disabled        during his employment hereunder through any illness, injury, accident or condition of either a        physical or psychological nature and, as a result, is unable to perform substantially all of his        duties and responsibilities hereunder, notwithstanding the provision of any reasonable        accommodation, for more than ninety (90) consecutive days during any period of three hundred        and sixty-five (365) consecutive calendar days. In the event of such termination, the Company        shall provide the Executive with a lump sum cash payment of Final Compensation upon such        termination and any annual bonus earned for the fiscal year preceding that in which a        termination occurs based on that fiscal year’s performance, but that remains unpaid as of the date        of termination.                (ii) The Board may designate another employee to act in the Executive’s place during        any period of the Executive’s disability. Notwithstanding any such designation, the Executive        shall continue to receive the Base Salary in accordance with Section 4(a) and benefits in        accordance with Section 4(e), to the extent permitted by the then-current terms of the applicable        Employee Benefit Plans, until the Executive becomes eligible for disability income benefits        under the Company’s disability income plan or until the termination of his employment,        whichever shall first occur.                (iii) Any payments made to the Executive under the Company’s long-term disability        income plan shall reduce the Base Salary otherwise payable for the period covered by such        disability payment, provided that the Executive shall continue to participate in all Employee        Benefit Plans until the termination of his employment.                (iv) If any question shall arise as to whether during any period the Executive is        disabled the Executive may, and at the request of the Company shall, submit to a medical        examination by a physician mutually selected by the Board and the Executive, and a written        determination by such physician shall for the purposes of this Agreement be conclusive of the        issue. If the Board and the Executive cannot agree on a physician, the Board may select a        physician who is a physician on staff at a hospital in Boston, Massachusetts. If such question        shall arise and the Executive shall fail to submit to such medical examination, the Company’s        determination of the issue shall be binding on the Executive.          (c) By the Company for Cause. The Company may terminate the Executive’s employment  hereunder for Cause at any time upon notice to the Executive setting forth in reasonable detail the nature  of such Cause. The following shall constitute “Cause” for termination; however, this list shall not be  deemed exhaustive of all such grounds for a termination for “Cause”:                (i) The Executive’s commission of a felony, crime of moral turpitude, breach of trust        or unethical business conduct, or any crime involving the Company;                  (ii) The Executive’s material and continued failure to adhere to the directions of the        Board, to adhere to the Company’s policies and practices, or to devote substantially all of his        business time and efforts to the Company;                (iii) The Executive’s willful and continued failure to substantially perform those        duties properly assigned to him (other than any such failure resulting from his disability);                                         4    

 

                                                                                               (iv) The Executive’s breach of any of Sections 6, 7 or 8 of this Agreement;                (v) The Executive’s breach in any material respect of the terms and provisions of this        Agreement and failure to cure such breach within ten (10) days following written notice from the        Company specifying such breach;                (vi) The Executive’s misconduct, fraud, misappropriation or embezzlement, or any        willful act which, in the Board’s reasonable judgment, brings or has the potential to bring the        Company into disrepute;                (vii) The Executive becomes disqualified from holding any office in the Company or        in any of its Affiliates (except where such disqualification is a result of actions of the Company        or any of its Affiliates or is a result of actions over which he has no control), or resigns from        such office (other than for Good Reason) without the prior written approval of the Board.  Upon the giving of notice of termination of the Executive’s employment hereunder for Cause, the  Company shall have no further obligation to the Executive, other than to pay Final Compensation  immediately upon such termination.      For purposes of this provision, no act or failure to act, on the part of the Executive, shall be  considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without  reasonable belief that his action or omission is in the best interests of the Company. Any act or failure to  act that is based upon authority given by a resolution duly adopted by the Board or based upon the advice  of counsel for the Company, shall be conclusively presumed to be done, or omitted to be done, by the  Executive in good faith and in the best interests of the Company.           (d) By the Company Other than for Cause. The Company may terminate the Executive’s  employment hereunder other than for Cause at any time. In the event of such termination, then, in  addition to Final Compensation, which shall be payable immediately upon termination, the Company  shall pay to the Executive, an amount equal to eighteen (18) months of his Base Salary. Such payment  shall be made in equal installments over the eighteen (18)-month period following such termination. In  addition, the Company shall pay the Executive an amount equal to 100% of the target bonus as defined  under Section 4(b) of this Agreement for the year in which such termination occurs divided in equal  installments for the eighteen (18)-month period following the date on which the termination occurs.   Upon the payment of such amounts, the Company shall have no further obligation to the Executive.  The  obligation of the Company to make any payments under this Section 5(d), excluding the payment of Final  Compensation, shall be conditioned upon and subject to the Executive’s entering into a separation and  general release agreement, which shall include and expressly incorporate the non-competition, non- solicitation, and confidentiality provisions herein, with the Company in the form provided by the  Company that has been in effect for at least fourteen (14) days prior to the date of such payment, and on  the Executive's continued compliance with the obligations of the Executive to Holdings, the Company  and its Affiliates that survive termination of his employment, including without limitation under Sections  6, 7 and 8 of this Agreement.  Subject to Section 5(i) below, all severance pay to which the Executive is  entitled hereunder shall be in the form of salary continuation, payable in accordance with the normal  payroll practices of the Company, with the first payment, which shall be retroactive to the day  immediately following the date the Executive’s employment terminated, being due and payable on the  Company’s next regular payday for employees that follows the expiration of sixty (60) calendar days  from the date the Executive’s employment terminates.            (e) By the Executive’s Resignation for Good Reason. The Executive may terminate his  employment hereunder for Good Reason, upon notice to the Company setting forth in reasonable detail  the nature of such Good Reason. The following shall constitute Good Reason for termination by the  Executive:                                         5    

 

                                                                                               (i) Material diminution in the nature or scope of the Executive’s responsibilities,        duties, authority or status; provided, however, that each of (A) the Company’s failure to continue        the Executive’s appointment as a director or officer of Holdings, the Company or any of its        Affiliates, , (B) any diminution of the business of Holdings, the Company or any of their        respective Affiliates, and (C) any sale or transfer of equity, property or other assets of Holdings,        the Company or any of their respective Affiliates (including any such sale or transfer or any        other transaction or series of such transactions that results in a change of control of the Company        or Holdings) shall not be deemed to constitute “Good Reason”;                (ii) Relocation of the Executive’s place of headquartered employment, without the        Executive’s consent, to a location that is more than fifty (50) miles from Canton, Massachusetts;        or                (iii) The Company fails to perform substantially any material term of this Agreement,        excluding a failure which is cured within thirty (30) business days following notice from the        Executive specifying in detail the nature of such failure.  A termination shall qualify as a termination for Good Reason only if (1) the Executive gives the Company  notice within ninety (90) days of its first existence or occurrence (without the consent of the Executive),  of any or any combination of the eligibility conditions specified above; (2) the Company fails to cure the  eligibility condition(s) within thirty (30) days of receiving such notice; and (3) the Executive terminates  employment not later than ninety (90) days following the end of such thirty-day period. In the event of  termination in accordance with this Section 5(e), and in addition to Final Compensation, which shall be  paid not later than the next regular Company payday following the effective date of termination, the  Executive will be entitled to the same payments that he would have been entitled to receive had the  Executive been terminated by the Company other than for Cause in accordance with Section 5(d) above,  payable as provided in Section 5(d); provided that the Executive satisfies all conditions to such  entitlement as set forth in Section 5(d) including the execution of the separation and general release  agreement described therein and compliance with the covenants set forth in Sections 6, 7 and 8 of this  Agreement. A termination of employment for Good Reason under this Section 5(e) is intended to satisfy  the meaning of “involuntary separation from service” (as defined in Section 1.409A-1(n) of the Treasury  Regulations).          (f) By the Executive Other than for Good Reason. The Executive may terminate his  employment hereunder at any time upon sixty (60) days’ notice to the Company. In the event of  termination of the Executive pursuant to this Section 5(f), the Board may elect to waive the period of  notice, or any portion thereof. The Company shall have no further obligation to the Executive, other than  for any Final Compensation, which shall be paid not later than the next regular Company payday  following the effective date of termination.            (g) Expense Reimbursement. Following the termination of the Executive’s employment for  any reason, the Company will reimburse the Executive or his estate or designated beneficiary for any  business expenses reasonably incurred by the Executive and reimbursable under Section 4(c) hereof but  un-reimbursed on the date of termination, provided that such expenses and required substantiation and  documentation are submitted within sixty (60) days following the date the Executive’s employment  terminates. Any such reimbursement shall be payable not later than thirty (30) days following receipt by  the Company of such properly substantiated and documented request for reimbursement.                    (h)  Employee Benefit Plans.  Except for any right of the Executive to continue medical and  dental plan participation in accordance with applicable law, the Executive’s participation in all Employee  Benefit Plans shall terminate pursuant to the terms of the applicable plan documents based on the date of  termination of the Executive’s employment without regard to severance payments or other payment made  to or on behalf of the Executive following such date of termination.                                         6    

 

                                                                                                   (i) Timing of Payments.                      (i)   Notwithstanding anything to the contrary in this Agreement, if at the  time of the Executive’s termination of employment, the Executive is a “specified employee,” as defined  below, any and all amounts payable under this Section 5 on account of such separation from service that  constitute deferred compensation and would (but for this provision) be payable within six (6) months  following the date of termination, shall instead be paid on the next business day following the expiration  of such six (6) month period or, if earlier, upon the Executive’s death; except (A) to the extent of amounts  that do not constitute a deferral of compensation within the meaning of Treasury regulation Section  1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Section 1.409A- 1(b)(9)(iii), as determined by the Company in its reasonable good faith discretion); (B) benefits that  qualify as excepted welfare benefits pursuant to Treasury regulation Section 1.409A-1(a)(5); or (C) other  amounts or benefits that are not subject to the requirements of Section 409A.                     (ii)  For purposes of this Agreement, to the extent required to comply with  Section 409, all references to “termination of employment” and correlative phrases shall be construed to  require a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after  giving effect to the presumptions contained therein), and the term “specified employee” means an  individual determined by the Company to be a specified employee under Treasury regulation Section  1.409A-1(i).                       (iii)  Each payment made under this Agreement shall be treated as a separate  payment and the right to a series of installment payments under this Agreement is to be treated as a right  to a series of separate payments.       6. Confidential Information.          (a) The Executive acknowledges that the Company and its Affiliates continually develop  Confidential Information, that the Executive may develop Confidential Information for the Company or  its Affiliates and that the Executive may learn of Confidential Information during the course of  employment. The Executive will comply with the policies and procedures of the Company and its  Affiliates for protecting Confidential Information and shall not disclose to any Person or use, other than  as required by applicable law or for the proper performance of his duties and responsibilities to the  Company and its Affiliates, any Confidential Information obtained by the Executive incident to his  employment or other association with the Company or any of its Affiliates; provided that the Executive  may divulge any Confidential Information that may be required by law and may disclose such  information to his personal advisors for purposes of enforcing or interpreting this Agreement, provided  they agree to keep it confidential. The Executive understands that this restriction shall continue to apply  after his employment terminates, regardless of the reason for such termination. The confidentiality  obligation under this Section 6 shall not apply to information which is generally known or readily  available to the public at the time of disclosure or becomes generally known through no wrongful act on  the part of the Executive or any other Person having an obligation of confidentiality to the Company or  any of its Affiliates. Following termination of employment, the Executive shall not communicate or  divulge any Confidential Information without the Company’s prior written consent or as may otherwise  be required by law or legal process.          (b)  Notwithstanding the foregoing, nothing in this Agreement limits, restricts or in any other  way affects the Executive communicating with any governmental agency or entity, or communicating  with any official or staff person of a governmental agency or entity, concerning matters relevant to the  governmental agency or entity, or requires the Executive to provide prior notice to the Company of the  same.  The Executive cannot be held criminally or civilly liable under any federal or state trade secret law                                         7    

 

                                                                                 for disclosing a trade secret (i) in confidence to a federal, state, or local government official, either  directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected  violation of law, or (ii) in a complaint or other document filed under seal in a lawsuit or other  proceeding.   Notwithstanding this immunity from liability, the Executive may be held liable if he  unlawfully accesses trade secrets by unauthorized means.          (c) All documents, records, tapes and other media of every kind and description relating to the  business of the Company or its Affiliates and any copies, in whole or in part, thereof (the “Documents”),  whether or not prepared by the Executive, shall be the sole and exclusive property of the Company and its  Affiliates. The Executive shall surrender to the Company at the time his employment terminates all  Documents containing Confidential Information then in the Executive’s possession, such as strategic  business plans and other material Documents.            (d) The Executive will not disclose to or use on behalf of the Company any proprietary  information of a third party without such party’s consent.      7. Assignment of Rights to Intellectual Property. The Executive shall promptly and fully disclose all  Intellectual Property to the Company. The Executive hereby assigns and agrees to assign to the Company  (or as otherwise directed by the Company) the Executive’s full right, title and interest in and to all  Intellectual Property developed during the term of his employment with the Company. Subject to the  foregoing, the Executive agrees to execute any and all applications for domestic and foreign patents,  copyrights or other proprietary rights and to do such other acts requested by the Company to assign the  Intellectual Property so developed to the Company and to permit the Company to enforce any patents,  copyrights or other proprietary rights to the Intellectual Property. All copyrightable works that the  Executive creates shall be considered “work made for hire” and shall, upon creation, be owned  exclusively by the Company.      8. Restricted Activities. The Executive agrees that some restrictions on his activities during and after  his employment are necessary to protect the goodwill, Confidential Information and other legitimate  interests of the Company and its Affiliates:          (a) While the Executive is employed by the Company and for two (2) years after his  employment terminates, and regardless of the reason therefor, the Executive shall not, directly or  indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise,  compete with the Company or any of its Affiliates or undertake any planning for any business competitive  with the Company or any of its Affiliates. Specifically, the Executive agrees not to engage in any manner  in any activity that is directly or indirectly competitive with the business of the Company or any of its  Affiliates as conducted during the Executive’s employment, and further agrees not to work or provide  services, in any capacity, whether as an employee, independent contractor or otherwise, whether with or  without compensation, to any Person who is engaged in any business that is competitive with the business  of the Company or any of its Affiliates for which the Executive has provided services during his  employment. Restricted activity includes without limitation accepting employment with any Person who  is, or at any time within one year prior to termination of the Executive’s employment has been, a  franchisee of the Company or any of its Affiliates. For purposes of this Section 8, the business of the  Company and its Affiliates shall include all Products as hereinafter defined. The foregoing, however,  shall not prevent the Executive’s passive ownership of two percent (2%) or less of the equity securities of  any publicly traded company.          (b) The Executive agrees that, during his employment and during the two (2) year period  immediately following termination of his employment, and regardless of the reason therefor, the  Executive will not directly or indirectly (a) solicit or encourage any franchisee of the Company or any of  its Affiliates to terminate or diminish its relationship with them; or (b) seek to persuade any such                                         8    

 

                                                                                 franchisee or prospective franchisee of the Company or any of its Affiliates to conduct with anyone else  any business or activity which such franchisee or prospective franchisee conducts with the Company or  any of its Affiliates; provided that these restrictions shall apply only with respect to those Persons who are  or have been a franchisee of the Company or any of its Affiliates at any time within the immediately  preceding one year or whose business has been solicited on behalf of the Company or any of the Affiliates  by any of their officers, employees or agents (and of which the Executive has actual knowledge) within  said one year period, other than by form letter, blanket mailing or published advertisement.          (c) The Executive agrees that, during his employment and for the two (2) year period  immediately following termination of his employment, and regardless of the reason therefor, the  Executive will not, and will not assist any other Person to, (a) hire or solicit for hiring any employee of  the Company or any of its Affiliates as of the date of such solicitation or any employee who was  employed by the Company or any of its Affiliates during the six (6) months prior to the Executive’s  termination of employment, or seek to persuade any employee of the Company or any of its Affiliates to  discontinue employment or (b) solicit or encourage any independent contractor providing services to the  Company or any of its Affiliates to terminate or diminish its relationship with them. For the purposes of  this Agreement, an “employee” or “independent contractor” of the Company or any of its Affiliates is any  person who was such at any time within the preceding year. For purposes hereof, general solicitations not  directed at a particular person or advertising in media directed at the general public shall not provide the  basis for a claim by the Company that the Executive violated this Section as it relates to the non- solicitation covenants contained herein.      9. Enforcement of Covenants. The Executive acknowledges that he has carefully read and  considered all the terms and conditions of this Agreement, including the restraints imposed upon him  pursuant to Sections 6, 7 and 8 hereof. The Executive agrees without reservation that each of the restraints  contained herein is necessary for the reasonable and proper protection of the goodwill, Confidential  Information and other legitimate interests of the Company and its Affiliates; that each and every one of  those restraints is reasonable in respect to subject matter, length of time and geographic area; and that  these restraints, individually or in the aggregate, will not prevent him from obtaining other suitable  employment during the period in which the Executive is bound by these restraints. The Executive further  acknowledges that, were he to breach any of the covenants contained in Sections 6, 7 or 8 hereof, the  damage to the Company would be irreparable. The Executive therefore agrees that the Company, in  addition to any other remedies available to it, shall be entitled to preliminary and permanent injunctive  relief against any breach or threatened breach by the Executive of any of said covenants, without having  to post bond, as well as to its reasonable attorneys’ fees and costs incurred in connection with such  breach. The parties further agree that, in the event that any provision of Section 6, 7 or 8 hereof shall be  determined by any court of competent jurisdiction to be unenforceable by reason of its being extended  over too great a time, too large a geographic area or too great a range of activities, such provision shall be  deemed to be modified to permit its enforcement to the maximum extent permitted by law.      10. Definitions. Words or phrases which are initially capitalized or are within quotation marks shall  have the meanings provided in this Section and as provided elsewhere herein. For purposes of this  Agreement, the following definitions apply:            (a) “Affiliates” means all persons and entities directly or indirectly controlling, controlled by  or under common control with Holdings or the Company, as applicable, where control may be by either  management authority, contract or equity interest.          (b) “Confidential Information” means any and all information of Holdings, the Company and  their respective Affiliates that is not generally known by others with whom they compete or do business,  and any and all information, publicly known in whole or in part or not, which, if disclosed by Holdings,  the Company or their respective Affiliates would assist in competition against them. Confidential                                         9    

 

                                                                                 Information includes without limitation such information relating to (i) the development, research, testing,  manufacturing, marketing and financial activities of Holdings, the Company and their respective  Affiliates, (ii) the Products, (iii) the costs, sources of supply, financial performance and strategic plans of  the Company and its Affiliates, and (iv) the identity and special needs of the customers or franchisees of  Holdings, the Company and their respective Affiliates. Confidential Information also includes any  information that Holdings, the Company or any of their respective Affiliates have received, or may  receive hereafter, belonging to franchisees or others with any understanding, express or implied, that the  information would not be disclosed.          (c) “Intellectual Property” means inventions, discoveries, developments, methods, processes,  compositions, works, concepts and ideas that are patentable or copyrightable or constitute trade secrets  conceived, made, created or developed by the Executive (whether alone or with others, whether or not  during normal business hours or on or off Company premises) during the Executive’s employment that  relate to either the Products or any prospective activity of Holdings, the Company or any of their  respective Affiliates or that make use of Confidential Information or any of the equipment or facilities of  Holdings, the Company or any of their respective Affiliates.          (d) “Person” means an individual, a corporation, a limited liability company, an association, a  partnership, an estate, a trust and any other entity or organization, other than the Company or any of its  Affiliates.          (e) “Products” mean all products researched, developed, manufactured, sold, licensed, leased  or otherwise distributed or put into use by Holdings, the Company or any of their respective Affiliates, to  the extent such products pertain to breakfast foods, coffees and related beverages, and/or ice cream, or to  other food product lines the Company or any of its Affiliates has adopted or may adopt (through business  acquisition or otherwise) subsequent to the execution of this Agreement, together with all services  provided by Holdings, the Company or any of their respective Affiliates, during the Executive’s  employment.      11. Withholding. All payments made by the Company under this Agreement shall be reduced by any  tax or other amounts required to be withheld by the Company under applicable law.      12. Assignment. Neither the Company nor the Executive may make any assignment of this  Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of  the other; provided, however, that the Company may assign its rights and obligations under this  Agreement without the consent of the Executive in the event that the Executive is transferred to a position  with any of the Affiliates or in the event that the Company shall hereafter affect a reorganization,  consolidate with, or merge into, any Person or transfer all or substantially all of its properties or assets to  any Person. This Agreement shall inure to the benefit of and be binding upon the Company and the  Executive, their respective successors, executors, administrators, heirs and permitted assigns.      13. Severability. If any portion or provision of this Agreement shall to any extent be declared illegal  or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the  application of such portion or provision in circumstances other than those as to which it is so declared  illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement  shall be valid and enforceable to the fullest extent permitted by law.      14. Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed  by the waiving party. The failure of either party to require the performance of any term or obligation of  this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any  subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.                                          10    

 

                                                                                     15. Notices. Any and all notices, requests, demands and other communications provided for by this  Agreement shall be in writing and shall be effective when delivered in person, consigned to a reputable  national courier service or deposited in the United States mail, postage prepaid, registered or certified, and  addressed to the Executive at his last known address on the books of the Company or, in the case of the  Company, at its principal place of business, attention of the Chair of the Board, or to such other address as  either party may specify by notice to the other actually received.      16. Entire Agreement; No Conflicting Agreements. This Agreement constitutes the entire agreement  between the parties and supersedes all prior communications, agreements and understandings, written or  oral, with respect to the terms and conditions of the Executive’s employment, including, without  limitation, that certain offer letter between the Executive and the Company dated September 19, 2016.  The Executive hereby represents and warrants that the execution of this Agreement and the performance  of his obligations hereunder will not breach or be in conflict with any other agreement to which the  Executive is a party or is bound and that the Executive is not now subject to any covenants against  competition or similar covenants or any court order or other legal obligation that would affect the  performance of his obligations hereunder.      17. Amendment. This Agreement may be amended or modified only by a written instrument signed  by the Executive and by an expressly authorized representative of the Company.       18. Headings. The headings and captions in this Agreement are for convenience only and in no way  define or describe the scope or content of any provision of this Agreement.        19. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall  be an original and all of which together shall constitute one and the same instrument.      20. Governing Law. This is a Massachusetts contract and shall be construed and enforced under and  be governed in all respects by the laws of the Commonwealth of Massachusetts, without regard to the  conflict of laws principles thereof. The Company and the Executive each irrevocably and unconditionally  (i) agree that any suit, action or proceeding commenced by either party against the other will be brought  in the state of Massachusetts, (ii) consents to the non-exclusive jurisdiction of any such court in any such  suit, action or proceeding, and (iii) waives any objection which either party may have to the laying of  venue of any such suit, action or proceeding in any such court. The Company and the Executive each also  irrevocably and unconditionally consents to the service of any process, pleadings, notices or other papers  in a manner permitted by the notice provisions of Section 15.      21. Successors. The Company will require any successor (whether direct or indirect, by purchase,  merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company  to assume expressly and agree to perform this Agreement in the same manner and to the same extent that  the Company would be required to perform it if no such succession had taken place.      22. Survival. This Agreement shall survive the expiration of the term hereof and the termination of  Executive’s employment under any circumstances to the extent necessary to give effect to its provisions.                                [Signature page follows immediately.]                                                     11    

 

                                                                                                   IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the  Company, by their duly authorized representatives, and by the Executive, as of the date first above  written.                                                  DAVID HOFFMANN:                          DUNKIN’ BRANDS, INC.                                                                                   /s/ David Hoffmann                       By:  /s/ Nigel Travis                                                                                                           Nigel Travis                                                                                        Title:Executive Chairman of the Board                                                                                   DUNKIN’ BRANDS GROUP, INC.                                                                                                                            By: _____/s/ Nigel Travis___________________                                                            Nigel Travis                                                                                                                     Title:   Executive Chairman of the Board                                                                                         12

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