Document:

Exhibit 4.3

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT
BE TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THEY HAVE BEEN REGISTERED UNDER SUCH ACT AND ALL SUCH APPLICABLE LAWS OR AN EXEMPTION
FROM SUCH REGISTRATION IS AVAILABLE.

 

THE
SHARES OF CAPITAL STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT ARE SUBJECT TO CERTAIN OBLIGATIONS, RESTRICTIONS, PROXIES AND VOTING
AGREEMENTS AS SET FORTH IN A CERTAIN INVESTOR RIGHTS AGREEMENT, AS AMENDED FROM TIME TO TIME, BY AND AMONG THE STOCKHOLDER, THE
COMPANY AND CERTAIN OTHER STOCKHOLDERS, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

 

	Warrant
    No. 2017-1	 	 	March 27,
                                         2017

 

AZIYO
BIOLOGICS, INC.

 

WARRANT
TO PURCHASE SHARES

 

This
Warrant to Purchase Shares (this “Warrant”) is issued to HighCape Partners QP, L.P. (“Holder”)
or its registered assigns by Aziyo Biologics, Inc., a Delaware corporation (the “Company”)
as partial consideration for providing credit enhancement for the Company's loan from Alostar Bank of Commerce.

 

1.            Purchase
of Shares. Subject to the terms and conditions hereinafter set forth, the Holder is entitled, upon surrender of this Warrant
at the principal office of the Company (or at such other place as the Company shall notify the holder hereof in writing), to purchase
from the Company up to the number of fully paid and nonassessable shares of the Company’s Common Stock, par value $0.001 per share
(the “Shares”), that equals the product of (a) 1,923,077 and (b) the quotient of (i) the
lesser of (A) thirty-six (36) and (B) the number of calendar months that have ended between the date of this Warrant
and the date that the letter of credit issued by Silicon Valley Bank for the account of the Holder and for the benefit of Alostar
Bank of Commerce in the amount of up to $5,000,000 (the “Letter of Credit”) is terminated or expires
without being drawn upon and (ii) thirty- six (36) (such product shall be referred to herein as the “Share Number”),
as such Share Number may be adjusted from time to time in accordance with the terms hereof; provided, however, that if the
Letter of Credit is partially or fully drawn upon, then, contemporaneously with such event, the Share Number shall be equal to
1,923,077, as such Share Number may be adjusted from time to time in accordance with the terms hereof.

 

     

     

    

 

2.            Exercise
Price and Exercise Period.

 

(a)            Exercise
Price. The exercise price for each Share shall be equal to $0.39 (as adjusted from time to time in accordance with the terms
hereof, the “Exercise Price”).

 

(b)            Exercise
Period. This Warrant shall be exercisable, in whole or in part, during the term commencing on the date hereof and ending on
the expiration of this Warrant pursuant to Section 12 hereof.

 

3.            Method
of Exercise. While this Warrant remains outstanding and exercisable in accordance with Section 2 above, the Holder
may exercise, in whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by:

 

(a)            the
surrender of the Warrant, together with a notice of exercise to the President or Secretary of the Company at its principal offices
substantially in the form attached hereto as Exhibit 1; and

 

(b)            the
payment to the Company, in cash, of an amount equal to the aggregate Exercise Price for the number of Shares being purchased.

 

4.            Net
Exercise. In lieu of cash exercising this Warrant, the holder of this Warrant may elect to receive shares equal to the
value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant to the President or Secretary of
the Company at the principal office of the Company together with notice of such election, in which event the Company shall
issue to the holder hereof a number of Shares computed using the following formula:

 

Y
(A - B)

X=                 A

 

Where

 

X
-- The number of Shares to be issued to the holder of this Warrant.

 

Y
-- The number of Shares purchasable under this Warrant.

 

A
-- The fair market value of one Share.

 

B
-- The Exercise Price (as adjusted to the date of such calculations).

 

For
purposes of this Section 4, the fair market value of a Share as determined in good faith by the Company's Board of Directors.

 

5.            Certificates
for Shares. Upon the exercise of the purchase rights evidenced by this Warrant, one or more certificates shall be issued representing
the number of Shares so purchased, and a copy of such certificate or certificates shall be delivered to the registered holder
thereof, as soon thereafter as reasonably practicable, and in any event within five (5) days of the delivery of the exercise
notice and payment therefor.

 

    2 

     

    

 

6.            Issuance
of Shares. The Company covenants that the Shares, when issued pursuant to the exercise of this Warrant, will be duly and validly
issued, fully paid and nonassessable and free from all taxes, liens, and charges with respect to the issuance thereof.

 

7.            Adjustment
of Exercise Price and Number of Shares. The number of and kind of securities purchasable upon exercise of this Warrant and
the Exercise Price shall be subject to adjustment from time to time as follows:

 

(a)            Subdivisions,
Combinations and Other Issuances. If the Company shall at any time prior to the expiration of this Warrant subdivide the Shares,
by split-up or otherwise, or combine its Shares, or issue additional Shares as a dividend, the number of Shares issuable on the
exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately
decreased in the case of a combination. Appropriate adjustments shall also be made to the Exercise Price payable per Share, but
the aggregate Exercise Price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall remain
the same. Any adjustment under this Section 7(a) shall become effective at the close of business on the date the subdivision
or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon
the making of such dividend.

 

(b)            Reclassification,
Reorganization and Consolidation. In the event of any reclassification, capital reorganization, or change in the capital stock
of the Company (other than as a result of a subdivision, combination, or stock dividend provided for in Section 7(a) above),
then the holder of this Warrant shall have the right at any time prior to the expiration of this Warrant to purchase, at a total
price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and
property receivable in connection with such reclassification, reorganization, or change by a holder of the same number of Shares
as were purchasable by the holder of this Warrant immediately prior to such reclassification, reorganization, or change. In any
such case appropriate provisions shall be made with respect to the rights and interest of the holder of this Warrant so that the
provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities and property deliverable
upon exercise hereof, and appropriate adjustments shall be made to the Exercise Price per Share payable hereunder, provided the
aggregate Exercise Price shall remain the same.

 

(c)            Notice
of Adjustment. When any adjustment is required to be made in the number or kind of shares purchasable upon exercise of this
Warrant, or in the Exercise Price, the Company shall promptly notify the Holder of such event and of the number of Shares or other
securities or property thereafter purchasable upon exercise of this Warrant.

 

(d)            Other
Action Affecting Shares. In the event that the Company shall make a distribution in respect of the Shares that is not elsewhere
described in this Section 7, the Holder shall be entitled, upon exercise of this Warrant, to receive from the Company its
pro rata share of any such distribution such that the Holder receives, upon exercise of this Warrant, the same type and amount
of property which such Holder would have received if such Holder had exercised this Warrant immediately prior to such distribution
or the date the Company shall take a record of the holders of its shares for purposes of such distribution, as applicable, and,
from and after the date of such distribution, the Company shalt hold and set aside (or cause to be held and set aside in a commercially
reasonable manner) an amount of such property equal to the Holder's pro rata portion thereof for distribution to the Holder pursuant
hereto.

 

    3 

     

    

 

8.             No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant, but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of the fair
market value thereof then in effect.

 

9.             Restrictive
Legend.

 

The
Shares issuable upon exercise of this Warrant (unless registered under the Securities Act of 1933, as amended (the “Securities
Act”)) shall be stamped or imprinted with a legend in substantially the following form:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT
BE TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THEY HAVE BEEN REGISTERED UNDER SUCH ACT AND ALL SUCH APPLICABLE LAWS OR AN EXEMPTION
FROM SUCH REGISTRATION IS AVAILABLE.

 

THE
COMPANY WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING,
OPTIONAL, OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF AUTHORIZED TO BE ISSUED BY THE COMPANY AND THE
QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS. ANY SUCH REQUEST MAY BE MADE TO THE SECRETARY
OF THE COMPANY.

 

10.           Warrants
Transferable. Subject to compliance with the terms and conditions of this Section 10, this Warrant and all rights hereunder
are transferable, in whole or in part, without charge to the holder hereof (except for transfer taxes), upon surrender of this
Warrant properly endorsed or accompanied by a written instruction of transfer substantially in the form attached hereto as Exhibit 2;
provided that the transferee consents in writing to be bound by the terms hereunder. With respect to any offer, sale or other
disposition of this Warrant prior to registration of such Warrant, the holder hereof agrees to give written notice to the Company
prior thereto, describing briefly the manner thereof and indicating whether or not under the Securities Act certificates for this
Warrant require any restrictive legend as to applicable restrictions on transferability in order to ensure compliance with such
law. Upon receiving such written notice and the written consent of the proposed transferee agreeing to be bound by the terms hereunder,
the Company, as promptly as practicable, shall notify the Holder that it may sell or otherwise dispose of this Warrant, all in
accordance with the terms of the notice delivered to the Company. Each certificate representing this Warrant transferred in accordance
with this Section 10 shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance
with such laws, unless such legend is not required in order to ensure compliance with such laws. The Company may issue stop transfer
instructions to its transfer agent in connection with such restrictions.

 

    4 

     

    

 

11.          Rights
of Stockholders. Except as expressly set forth in Section 7 hereof, no holder of this Warrant shall be entitled, as a
Warrant holder, to vote or receive dividends or be deemed the holder of the Shares or any other securities of the Company which
may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer
upon the holder of this Warrant, as such, any of the rights of a stockholder of the Company or any right to vote for the election
of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate
action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value, consolidation, merger,
conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights until the Warrant shall
have been exercised.

 

12.          Expiration
of Warrant; Notice of Certain Events Terminating This Warrant.

 

(a)            This
Warrant shall expire and shall no longer be exercisable upon the earliest to occur of:

 

(i)            5:00
p.m. (Eastern time) on March 1, 2027;

 

(ii)            the
consummation of a Sale Transaction (as such term is defined in the Company's Certificate of Incorporation as in effect from time
to time); and

 

(iii)            the
consummation of an underwritten public offering of the Company's Common Stock registered under the Securities Act, after which
such Common Stock is listed for trading on a United States national securities exchange.

 

(b)            The
Company shall provide at least ten (10) days prior written notice to the Holder of any event set forth in Section 12(a)(ii) or
(iii).

 

13.          Notices.
All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and
shall in any event be deemed to be given upon receipt or, if earlier, (a) five (5) days after deposit with the U.S.
Postal Service or other applicable postal service, if delivered by first class mail, postage prepaid, (b) upon delivery,
if delivered by hand, (c) one business day after the business day of deposit with Federal Express or similar overnight courier,
freight prepaid or (d) one business day after the business day of facsimile transmission, if delivered by facsimile transmission
with copy by first class mail, postage prepaid, and shall be addressed (i) if to the Holder, 10751 Falls Road, Suite 300,
Baltimore, MD 21093 and (ii) if to the Company, at the address of its principal corporate offices (attention: President)
or at such other address as a party may designate by ten days advance written notice to the other party pursuant to the provisions
above.

 

    5 

     

    

 

14.          Governing
Law. This Warrant and all actions arising out of or in connection with this Warrant shall be governed by and construed in
accordance with the laws of the State of Delaware, without regard to the conflicts of law provisions of the State of Delaware
or of any other state.

 

15.          Rights
and Obligations Survive Exercise of Warrant. Unless otherwise provided herein, the rights and obligations of the Company and
of the holder of this Warrant shall survive the exercise of this Warrant.

 

16.          Counterparts;
Electronic Signatures. This Warrant may be executed in any number of counterparts, each of which shall be deemed to be an
original, and all of which together shall constitute one and the same document. This Warrant may be executed by facsimile signatures.

 

17.          Amendments.
Except as otherwise expressly set forth in this Warrant, any term of this Warrant may be amended or waived (either retroactively
or prospectively) only with the written consent of the Company and the Holder.

 

18.          No
Waiver. No waiver of any provision or consent to any action shall constitute a waiver of any other provision or consent to
any other action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent or commit a party
to provide a waiver in the future except to the extent specifically set forth in writing.

 

[Signature
page follows]

 

    6 

     

    

 

IN
WITNESS WHEREOF; the parties hereto have caused this Warrant to be duly executed and delivered by their proper and
duly authorized officers as of the date first written above.

 

 

	 	 	COMPANY:
	 	 	 	 	 
	 	 	AZIYO
    BIOLOGICS, INC.
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	/s/
    Jeffrey Hamet
	 	 	 	 	Name:
    Jeffrey Hamet
	 	 	 	 	Title:  Vice
    President of Finance
	 	 	 	 	 
	 	 	Address:	 	12510
    Prosperity Drive, Suite 370
	 	 	 	 	Silver
    Spring. MD 20904

 

Signature
                                         Page to Aziyo Biologics, Inc.

Warrant
to Purchase Shares

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Warrant to be duly executed and delivered by their proper and duly authorized
officers as of the date first written above.

 

 

	 	 	HOLDER:
	 	 	 
	 	 	HIGHCAPE
    PARTNERS QP, L.P.
	 	 	 	 	 
	 	 	By:	 	HighCape
    Partners GP, L.P.,
	 	 	 	 	its
    general partner
	 	 	 	 	 
	 	 	By:	 	HighCape
    Partners GP, LLC,
	 	 	 	 	its
    general partner
	 	 	 	 	 
	 	 	By:	 	/s/
    William Matthew Zuga
	 	 	 	 	Name:
    William Matthew Zuga
	 	 	 	 	Title:   Managing
    Member

 

Signature
                                         Page to Aziyo Biologics, Inc.

Warrant
to Purchase Shares

 

     

     

    

 

EXHIBIT
1

 

NOTICE
OF EXERCISE 

 

		TO:	Aziyo
                                         Biologics, Inc.

                                         12510 Prosperity Drive, Suite 370

                                         Silver Spring, MD 20904 

                                         Attention: President

 

		1.	The
                                         undersigned hereby elects to purchase _________ shares of Common Stock pursuant to the
                                         terms of the attached Warrant.

 

		2.	Method
                                         of Exercise (Please check the applicable blank): 

 

		___	The
                                         undersigned elects to exercise the attached Warrant by means of a cash payment, and tenders
                                         herewith payment in full for the purchase price of the shares being purchased, together
                                         with all applicable transfer taxes, if any.

 

		___	The undersigned elects to exercise the attached Warrant by means of the net exercise provisions of Section 4 of the Warrant. 

 

		3.	Please
                                         issue a certificate or certificates representing said Shares in the name of the undersigned
                                         or in such other name as is specified below:

 

 

	 	 	 
	 	(Name)	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	(Address)	 
	 	 	 

 

	 	 	 	 
	 	 	(Signature)	 
	 	 	 	 
	 	 	 	 
	 	 	(Name)	 
	 	 	 	 
	 	 	 	 
	(Date)	 	(Title)	 
	 	 	 	 

 

     

     

    

 

EXHIBIT 2

 

FORM OF
TRANSFER

(To be signed only upon transfer of Warrant)

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ________________________________________ the right represented
by the attached Warrant to purchase _______________ shares of Common Stock of Aziyo Biologics, Inc., a Delaware corporation,
to which the attached Warrant relates, and appoints ___________________ Attorney to transfer such right on the books of _____________,
with full power of substitution in the premises.

 

 

Dated:
________________

 

 

	 	 	 
	 	 	(Signature
    must conform in all respects to name of Holder as specified on the face of the Warrant)
	 	 	 	 
	 	 	Address:	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

Signed
in the presence of:

 

_________________________Exhibit 4.4

 

EXECUTION VERSION

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE
AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED
OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW, OR SUCH OFFER, SALE OR TRANSFER,
PLEDGE OR HYPOTHECATION CAN BE MADE IN COMPLIANCE WITH RULE 144 OF THE ACT, OR IN THE OPINION OF LEGAL COUNSEL IN FORM AND
SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT
FROM REGISTRATION.

 

WARRANT TO PURCHASE STOCK

 

	Company:	 	Aziyo Biologics, Inc.,
    a Delaware corporation
	Number of Shares:	 	25,500 (Subject to adjustment
    as hereinafter provided)
	Class of Stock:	 	Series A Preferred
    Stock (Subject to Section 1.7)
	Warrant Price:	 	$1.00 per Share (Subject
    to adjustment as hereinafter provided)
	Issue Date:	 	May 31, 2017
	Expiration Date:	 	The earlier to occur
    of the (i) expiration of this Warrant pursuant to Section 1.6 hereof or (ii) 10th anniversary of the Issue
    Date
	Credit Facility:	 	This Warrant is issued
    in connection with the Credit and Security Agreement (Term Loan), dated as of May 31, 2017, among the Company, the other
    Borrowers (as defined therein) from time to time party thereto, MidCap Financial Trust, a Delaware statutory trust, as Agent
    and the lenders from time to time party thereto (as amended, restated, supplemented or otherwise modified from time to time,
    the “Credit Agreement”).

 

THIS WARRANT TO PURCHASE
STOCK (this “Warrant”) CERTIFIES THAT, for good and valuable consideration, including without limitation the mutual
promises contained in the Credit Agreement (defined above), Flexpoint MCLS Holdings LLC (together with any registered holder from
time to time of this Warrant or any holder of the Shares issuable or issued upon the exercise or conversion of this Warrant, "Holder")
is entitled to purchase such aggregate number of fully paid and nonassessable shares of the class and series of capital stock of
the Company equal to the Number of Shares (as set forth above), at the Warrant Price per Share, all as set forth above or herein
below and as adjusted pursuant to the terms of this Warrant, subject to the provisions and upon the terms and conditions set forth
in this Warrant. As used herein, “Share” or “Shares” shall refer to either (i) the shares of stock
issuable upon the exercise or conversion of this Warrant and any shares of capital stock into which such shares may be converted
or exchanged, or (ii) the authorized or issued and outstanding shares of capital stock of the Company which are of the same
class and series as the shares of stock issuable upon the exercise or conversion of this Warrant, in either case as the specific
provisions of this Warrant or the context may require.

 

		ARTICLE 1.	EXERCISE.

 

1.1       Method
of Exercise. Holder may at any time and from time to time prior to the Expiration Date exercise this Warrant, in whole or
in part, by delivering a duly completed and executed Notice of Exercise in substantially the form attached as Appendix 1 to
the principal office of the Company. Unless Holder is exercising the conversion right set forth in Section 1.2, Holder
shall also deliver to the Company a check, wire transfer (to an account designated by the Company), or other form of payment
acceptable to the Company for the aggregate Warrant Price for the Shares being purchased.

 

     

     

    

 

1.2       Conversion
Right. In lieu of exercising this Warrant as specified in Section 1.1, Holder may at any time and from time to time after
the Issue Date but prior to the Expiration Date convert this Warrant, in whole or in part, into a number of Shares determined
by dividing (a) the aggregate Fair Market Value of the number of Shares or the securities otherwise issuable upon exercise
of this Warrant with respect to which Holder elects to convert this Warrant minus the aggregate Warrant Price of such Shares by
(b) the Fair Market Value of one Share, and by delivering a duly completed and executed Notice of Exercise in substantially
the form attached as Appendix 1 to the principal office of the Company. The “Fair Market Value” of Share shall be
determined pursuant to Section 1.3.

 

1.3       Fair
Market Value. If the Company’s common stock is traded on a nationally recognized securities exchange, inter-dealer quotation
system or over-the-counter market (a “Trading Market”) and the Shares are common stock, the Fair Market Value of each
Share shall be the closing price of a Share reported for the business day immediately before Holder delivers its Notice of Exercise
to the Company (or in the instance where the Warrant is exercised immediately prior to the effectiveness of the Company’s
initial public offering of its common stock (“IPO”), the “price to public” per share specified in the final
prospectus relating to such offering). If the Company’s common stock is traded in a Trading Market and the Shares are preferred
stock, the Fair Market Value of each Share shall be the closing price of such common stock reported for the business day immediately
before Holder delivers its Notice of Exercise to the Company (or in the instance where the Warrant is exercised immediately prior
to the effectiveness of an IPO, the initial “price to public” per share specified in the final prospectus relating
to the IPO), in either case, multiplied by the number of shares of the Company’s common stock into which a Share is then
convertible. In the event of an exercise in connection with an Acquisition, the Fair Market Value of a Share shall be the value
to be received per Share by all holders of such Shares in such transaction. If the Company’s common stock is not traded in
a Trading Market and other than in the event of an exercise in connection with an IPO or Acquisition, the Board of Directors of
the Company shall determine the Fair Market Value in its reasonable good faith judgment.

 

1.4       Delivery
of Certificate and New Warrant. Promptly after Holder exercises or converts this Warrant pursuant to Section 1.1 or 1.2,
respectively, and, if applicable, the Company receives payment of the aggregate Warrant Price, the Company shall promptly deliver
to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised or converted and has not expired,
a new Warrant of like tenor representing the Shares not so acquired or used in a conversion. This Warrant shall be deemed to have
been exercised and such certificates deemed issued, and Holder shall become the holder of record of the Shares for all purposes,
as of the date of Holder’s delivery of the exercise notice pursuant to Section 1.1 or 1.2 and payment of the Warrant
Price, if applicable. If an exercise or conversion is to be made in connection with an IPO or Acquisition, such exercise may at
the election of Holder be conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed
to be effective until immediately prior to the consummation of such transaction.

 

1.5       Replacement
of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form
and amount to the Company or, in the case of mutilation on surrender and cancellation of this Warrant, the Company shall execute and
deliver, in lieu of this Warrant, a new warrant of like tenor.

 

    -2-

     

    

 

1.6       Treatment of
Warrant Upon Acquisition or IPO. This Warrant shall terminate, and shall no longer be exercisable, upon the earlier to occur
of: (a) the consummation of a Sale Transaction (as such term is defined in the Certificate) and (b) the consummation
of an IPO. The Company shall provide at least ten (10) days prior written notice to the Holder of any Sale Transaction or
IPO.

 

		ARTICLE 2.	ADJUSTMENTS TO THE SHARES.

 

2.1       Stock Dividends,
Subdivisions and Combinations. If the Company declares or pays a dividend on the Shares payable in common stock or other securities,
then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and
kind of securities to which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend
occurred. If the Company subdivides the Shares by reclassification, stock split, split-up or otherwise into a greater number of
shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately
decreased. If the outstanding Shares are combined or consolidated, by reclassification or otherwise, into a lesser number of shares,
the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

 

2.2       Reclassification,
Exchange, Combination or Substitution. Subject to Section 1.6, upon any reclassification, exchange, combination, substitution,
reorganization, merger, consolidation or other event that results in a change of the number and/or class of the Shares, Holder
shall be entitled to receive, upon exercise or conversion of this Warrant, the number, amount and kind of securities, money and
property that Holder would have ultimately received upon the completion of such reclassification, exchange, combination, substitution,
reorganization, merger, consolidation or other event if this Warrant had been exercised immediately before such reclassification,
exchange, combination, substitution, reorganization, merger, consolidation or other event. Such an event shall include any automatic
conversion of the Shares to common stock pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation,
as amended from time to time (the “Certificate”). Subject to Section 1.6, the Company or its successor shall
promptly issue to Holder an amendment to this Warrant setting forth the number and kind of such new securities or other property
issuable upon exercise or conversion of this Warrant as a result of such reclassification, exchange, combination, substitution,
reorganization, merger, consolidation or other event that results in a change of the number and/or class of securities issuable
upon exercise or conversion of this Warrant. The amendment to this Warrant shall provide for adjustments which shall be as nearly
equivalent as may be practicable to the adjustments provided for in this Article 2 including, without limitation, adjustments
to the Warrant Price and to the number of securities or property issuable upon exercise of the amended Warrant. The provisions
of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, reorganizations,
mergers, consolidations or other events.

 

2.3       Adjustments
for Diluting Issuances. The number of shares of common stock or other securities issuable upon conversion of the Shares shall
be subject to adjustment, from time to time in the manner set forth in the Certificate as if the Shares were issued and outstanding
on and as of the date of any such required adjustment. The provisions set forth for the Shares in the Certificate relating to
the above in effect as of the Issue Date may not be amended, modified or waived, without the prior written consent of Holder unless
such amendment, modification or waiver affects the rights associated with the Shares in the same manner as such amendment, modification
or waiver affects the rights associated with all other Shares.

 

    -3-

     

    

 

2.4       Fractional
Shares. No fractional Shares shall be issuable upon exercise or conversion of this Warrant and the number of Shares to be issued
shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the
Warrant, the Company shall eliminate such fractional share interest by paying Holder the amount computed by multiplying the fractional
interest by the Fair Market Value of a full Share.

 

2.5       Certificate
as to Adjustments. Upon each adjustment of the Warrant Price or the kind or number of securities issuable under this Warrant
pursuant to this Article 2, the Company shall promptly notify Holder in writing, and, at the Company’s expense, promptly
compute such adjustment, and furnish Holder with a certificate of its Chief Executive Officer, Corporate Secretary or a senior
financial officer setting forth such adjustment and the facts upon which such adjustment is based. The Company shall, upon written
request, furnish Holder a certificate setting forth the Warrant Price and the number and kind of securities issuable under this
Warrant in effect upon the date thereof and the series of adjustments leading to such Warrant Price and such number and kind of
securities.

 

		ARTICLE 3.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY.

 

3.1       Representations
and Warranties. The Company represents and warrants and covenants to Holder as of the Issue Date as follows:

 

    (a)    The Company
has all requisite legal and corporate power and authority, and has taken all corporate action on the part of itself, its officers,
directors and stockholders necessary, to execute, issue and deliver this Warrant, to issue the Shares issuable upon exercise or
conversion of this Warrant and the securities issuable upon conversion of the Shares, and to carry out and perform its obligations
under this Warrant, and this Warrant constitutes the legally binding and valid obligation of the Company enforceable in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, or similar laws relating
to or affecting the enforcement of creditors’ rights, or to principles of equity.

 

    (b)    This Warrant
has been validly issued and is free of restrictions on transfer other than restrictions on transfer set forth herein and under
applicable state and federal securities laws. All Shares which may be issued upon the exercise of the purchase or conversion right
represented by this Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances (including preemptive or other
similar rights) except for restrictions on transfer provided for herein and under applicable federal and state securities laws
and the restrictions set forth in the Stockholders Agreements.

 

    (c)    The
execution, delivery, and performance of this Warrant will not result in a violation of, be in conflict with, or constitute a
default under, with or without the passage of time or giving of notice, any provision of the Certificate, the Stockholders
Agreements or the Company’s by-laws, any provision of any judgment, decree, or order to which the Company is a party,
by which it is bound, or to which any of its material assets are subject, any contract, obligation, or commitment to which
the Company is a party or by which it is bound, or any statute, rule, or governmental
regulation applicable to the Company, or the creation of any lien, charge, or encumbrance upon any assets of the Company.

 

    -4-

     

    

 

    (d)    The Company
has provided Holder with a capitalization table of the Company, and such capitalization table is complete and accurate as of the
date hereof and reflects all outstanding capital stock of the Company and all outstanding warrants, options, and other agreements
(other than pursuant to the Stockholders Agreements) to purchase or otherwise acquire any equity or convertible securities of
the Company. The Company has reserved a sufficient number of Shares for issuance upon the exercise of this Warrant and a sufficient
number of shares of common stock issuable upon conversion of the Shares.

 

    (e)    The Warrant
Price is no greater than the lowest price at which the Company has issued Series A Preferred Stock

 

3.2       Notice
of Certain Events; Information. If the Company proposes at any time (a) to declare any dividend or distribution upon
the Shares, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to effect
any reclassification or recapitalization of the Shares; (c) to merge or consolidate with or into any other corporation, or
sell, lease, license, or convey all or substantially all of its assets, (d) to approve or participate in any Acquisition
or an IPO or, (e) to liquidate, dissolve or wind up or approve or consummate any Sale Transaction (as defined in the Certificate),
then, in connection with each such event, the Company shall give Holder: (1) at least ten (10) business days prior written
notice of the date on which a record will be taken for such dividend or distribution (and specifying the date on which the holders
of stock will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) above;
and (2) in the case of the matters referred to in (b), (c), (d) or (e) above, at least ten (10) business days
prior written notice of the date when the same will take place (and, if applicable, specifying the date on which the holders of
stock will be entitled to exchange their common stock for securities or other property deliverable upon the occurrence of such
event). The Company will also provide such information in its possession as is requested by Holder and as is reasonably necessary
to enable Holder to comply with Holder’s accounting or reporting requirements, including without limitation, a capitalization
table, to be provided to Holder within thirty (30) days after the end of each fiscal quarter of the Company, including the per
share price of the Company’s equity securities most recently issued prior to the date such capitalization table and indication
are so provided; provided, that the Company’s obligations set forth in this sentence shall terminate immediately prior to
the earlier of the Company’s IPO, the exercise of this Warrant in full or the termination of this Warrant.

 

    -5-

     

    

 

3.3       Stockholders
Agreements; No Other Stockholder Rights. Holder will not have any rights as a stockholder of the Company until the exercise
of this Warrant. Effective upon any exercise or conversion of this Warrant, Holder and any permitted transferee of the Warrant
or the Shares shall be entitled to all of the rights and benefits provided to all other holders of the Shares pursuant to, and
the Company and Holder agree that Holder (and any permitted transferee of the Warrant or the Shares) will execute a counterpart
signature page and become a party to (a) the Investor Rights Agreement dated as of November 4, 2015 and the Right
of First Refusal and Co-Sale Agreement, dated as of November 4, 2015, in each case by and among the Company and certain of
its stockholders (as hereafter amended or restated, together, the “Stockholders Agreements”), provided that no such
amendment or restatement shall in any respect restrict Holder’s or such permitted transferee’s right and ability to
transfer this Warrant or the Shares to any affiliate and (b) any agreement reasonably acceptable to Holder to which holders
of the Shares may hereafter become parties and the Shares may become bound (including, without limitation,
any stockholders, investor rights, registration rights, right of refusal, voting and co-sale rights or similar agreement); and
provided, that (v) Holder and any permitted transferee shall have all of the rights of each other holder of Shares under all
such agreements (subject to any applicable minimum share ownership or other requirement on which such rights are conditioned),
(w) with respect to Holder and its permitted transferees and assigns, notwithstanding any term or restriction on transfer
contained in the Stockholders Agreements, Holder and its permitted transferees shall have the unrestricted right to transfer all
or any portion of the Shares to any assignee of or purchaser from Holder or its affiliate of their rights under the Credit Agreement
(to the extent permitted by the Credit Agreement) or any interest or participation therein, and, in connection with such transfer,
Holder and its permitted transferees may transfer its rights under the Stockholders Agreements to any affiliate of Holder or any
assignee of or purchaser from Holder or its affiliates of their rights under the Credit Agreement (to the extent permitted by the
Credit Agreement) or any interest or participation therein, and (y) in the event any term, restriction or condition of the
Stockholders Agreements or any such agreement conflicts with, is inconsistent with or would otherwise prohibit or restrict the
exercise of any right of Holder under this Warrant, the terms of this Warrant shall control and this Warrant and Holder shall not
be subject to such term, restriction or condition. As an illustration and not by way of limitation as to the purpose and intent
of this Section 3.3, the Company shall grant registration rights to Holder for any Shares acquired by Holder upon exercise
or conversion of this Warrant or conversion of such Shares in parity to the registration rights granted to any other holder of
the Shares.

 

		ARTICLE 4.	REPRESENTATIONS AND WARRANTIES OF HOLDER. Holder
represents and warrants to the Company as follows:

 

4.1       Purchase
for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder will be acquired for
investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within
the meaning of the Act and Holder has no present intention of selling or engaging in any public distribution of the same except
pursuant to a registration or exemption or any transfer contemplated by or permitted under Section 3.3. Holder also represents
that Holder has not been formed for the specific purpose of acquiring this Warrant or the Shares.

 

4.2       Disclosure
of Information. Holder has received or has had full access to all the information it considers necessary or appropriate to
make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further
has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering
of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information
or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which
Holder has access.

 

4.3       Investment
Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. Holder
has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic
risk of Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial
or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying
securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or
controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances
of such persons.

 

    -6-

     

    

 

4.4       Accredited
Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.

 

4.5       The
Act. Holder understands that this Warrant and the Shares issuable upon exercise or conversion hereof have not been registered
under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide
nature of Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon
any exercise or conversion hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable
state securities laws, or unless exemption from such registration and qualification are otherwise available.

 

4.6       Market
Stand-Off. Holder hereby agrees that, in connection with the Company’s IPO it shall not to the extent requested by the
Company’s underwriter(s) sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose
of any securities of the Company (other than any permitted to be disposed of in the registration for up to one hundred eighty (180)
days from the effective date of the registration statement filed in connection with the IPO; provided, however, that such one hundred
eighty (180) day period may be extended to the extent necessary to permit any managing underwriter to comply with applicable law;
provided further, however, that Holder shall not be bound by the restrictions set forth in this Section 4.6 unless all five
percent (5%) or greater (in terms of ownership of the issued and outstanding capital stock of the Company) stockholders of the
Company also agree to such restrictions; and provided, further, that any discretionary waiver or termination of the foregoing restrictions
by the Company or the underwriters shall apply to all holders of the Company’s equity securities subject to such restrictions
pro rata based on the number of shares subject to such restrictions. Holder agrees to enter into the form of lock-up agreement
as reasonably requested by the underwriter(s) in connection with this Section 4.6.

 

		ARTICLE 5.	MISCELLANEOUS.

 

5.1       Term.
This Warrant is exercisable in whole or in part at any time and from time to time on or before the Expiration Date. The conditions
under which the Warrant shall automatically convert on the Expiration Date are set forth in Section 5.8 below.

 

		5.2	    Legends.

 

    (a) This Warrant
and the Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted
with a legend in substantially the following form:

 

THIS WARRANT AND THE SHARES
ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE
SECURITIES LAWS OF ANY STATE AND, EXCEPT PURSUANT TO THE PROVISIONS OF ARTICLE 5 OF THIS WARRANT, MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS REGISTERED UNDER SAID ACT AND APPLICABLE STATE
SECURITIES LAW, OR UNLESS SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION CAN BE MADE IN COMPLIANCE WITH RULE 144 OF
THE ACT, OR UNLESS, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER OF
THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION.

 

    -7-

     

    

 

THE SECURITIES EVIDENCED BY THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A MARKET STAND-OFF PERIOD OF UP TO 180 DAYS
IN THE EVENT OF A PUBLIC OFFERING, OR FOR A LONGER PERIOD IF THE ISSUER’S TRANSFER AGENT IS NOTIFIED BY THE ISSUER OR THE
ISSUER’S COUNSEL THAT THIS MARKET STAND-OFF RESTRICTION HAS BEEN EXTENDED FOR THE PURPOSE OF COMPLYING WITH APPLICABLE LAW.

 

    (b) Notwithstanding
the foregoing, neither this Warrant nor any certificate or instrument evidencing this Warrant or the Shares shall bear, and the
Company hereby agrees to remove, within ten (10) days of any written request (together with such evidence or documentation
described in the following provisions) by Holder, pursuant to the following provisions of this Section 5.2(b), or not to affix,
as applicable, any restrictive or other legend, notice or provision restricting the sale or transfer of this Warrant or the Shares,
in each case provided that Holder has provided reasonable evidence to the Company (including any customary broker’s or transferring
stockholder’s letters but expressly excluding an opinion of counsel other than with respect to clause (C) below) that:
(A) a transfer of this Warrant or the Shares, as applicable, has been made pursuant to SEC Rule 144 (assuming the transferor
is not an “affiliate” (as defined in SEC Rule 144) of the Company); (B) the Warrant or the Shares, as applicable,
are then eligible for transfer pursuant to SEC Rule 144; or (C) in connection with any other sale or transfer, provided
that such Holder provides the Company with an opinion of counsel to such Holder, in a reasonably acceptable form to the Company,
to the effect that such sale or transfer may be made without registration under the applicable requirements of the Act and that
such a legend, notice or provision is not required by, and is not required in order to establish compliance with any provisions
of, the Act.

 

5.3       Compliance
with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance
with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery
of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the
Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder. Additionally,
the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144.

 

5.4       Transfer
Procedure. Subject to the provisions of Section 5.3 and upon and effective immediately as of providing Company with written
notice substantially in the form attached as Appendix 2, Holder may transfer all or part of this Warrant or the Shares issuable
upon exercise of this Warrant (or the Shares issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee,
provided, however, in connection with any such transfer, Holder will give the Company notice of the portion of the Warrant being
transferred with the name, address and taxpayer identification number of the transferee and Holder promptly thereafter surrenders
this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable). The Company may refuse to transfer
this Warrant or the Shares to any person who directly competes with the Company, unless, in either case, the stock of the Company
is publicly traded.

 

    -8-

     

    

 

5.5       Notices.
All notices, requests, documents and other communications (collectively, “Notices”) from the Company to Holder, or
vice versa, shall be in writing and deemed validly delivered effective as of the earliest to occur of (a) when actually received,
(b) when transmitted by facsimile or electronic mail (PDF), (c) the first business day after mailing by first-class
registered or certified mail, postage prepaid, or after deposit with a reputable overnight courier with all charges paid, in each
case other than actual receipt at such mailing, facsimile or electronic mail address as may have been furnished to the Company
or Holder, as the case may be. As used in this Warrant, “business days” shall refer to all days other than any Saturday,
Sunday or day on which the Company’s primary depository bank is closed. All notices to Holder shall be addressed as follows
until the Company receives notice of a change of address in connection with a transfer or otherwise:

 

    Flexpoint
MCLS Holdings LLC

    c/o
MidCap Financial Services, LLC, as servicer

    7255 Woodmont Avenue, Suite 200

    Bethesda,
MD 20814

    Attention: Portfolio Management – Aziyo transaction

    Facsimile:
(301) 941-1450

    E-mail: notices@midcapfinancial.com

 

    with a copy to:

 

    Flexpoint MCLS Holdings LLC

    7255 Woodmont Avenue, Suite 200

    Bethesda, Maryland 20814

    Attn: General Counsel

    Facsimile: 301-941-1450

    E-mail:
legalnotices@midcapfinancial.com

 

Notice to the Company shall be addressed as follows until Holder
receives notice of a change in address:

 

    Aziyo Biologics, Inc.

    12510 Prosperity Drive, Suite 370

    Silver Spring, MD 20904

    Attn: Vice President, Finance

    Fax: (510) 307-9896

    E-Mail: jhamet@aziyo.com

 

5.6       Waiver.
This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination is sought.

 

5.7       Attorneys’
Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing
in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’
fees.

 

    -9-

     

    

 

5.8       Automatic Conversion
upon Expiration. Unless Holder notifies the Company in writing to the contrary prior to such automatic conversion, in the
event that, upon the earliest to occur of the Expiration Date or any expiration, involuntary termination or cancellation of this
Warrant, the Fair Market Value of one Share as determined in accordance with Section 1.3 above is greater than the Warrant
Price in effect on such date, then this Warrant shall automatically be deemed as of immediately before such date to have been
converted pursuant to Section 1.2 above as to all Shares for which it shall not previously have been exercised or converted,
and the Company shall promptly deliver a certificate representing the Shares issued upon such conversion to the Holder.

 

5.9       Counterparts.
This Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement.

 

5.10     Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect
to its principles regarding conflicts of law.

 

5.11     Headings.
The various headings in this Warrant are inserted for convenience only and shall not affect the meaning or interpretation of this
Warrant or any provisions hereof.

 

5.12     Severability.
In the event any one or more of the provisions of this Warrant shall for any reason be held invalid, illegal or unenforceable,
the remaining provisions of this Warrant shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced
by a mutually acceptable valid, legal and enforceable provision.

 

[Balance of Page Intentionally Left Blank]

 

    -10-

     

    

 

“Company”

 

AZIYO BIOLOGICS, INC.

 

	By:	/s/ Jeffrey D. Hamet	 	 
	 	 	 	 
	Name:	Jeffrey D. Hamet	 	 
	 	(Print)	 	 
	 		 	 
	Title:	Vice President, Finance and Treasurer	 	 

 

    

     

    

 

“Holder”

 

FLEXPOINT MCLS HOLDINGS LLC

 

	By:	/s/ Daniel Edelman	 	 
	 	 	 	 
	Name:	Daniel Edelman	 	 
	 	 	 	 
	Title:	Vice President	 	 

 

    

     

    

 

 

APPENDIX 1

 

NOTICE OF EXERCISE

 

1.         Holder elects to purchase
___________ shares of the [Preferred/Common] Stock of Aziyo Biologics, Inc. pursuant to the terms of the attached Warrant,
and tenders payment of the purchase price of the shares in full.

 

[or]

 

1.         Holder elects to convert
the attached Warrant into Shares in the manner specified in the Warrant. This conversion is exercised for _____________________
of the Shares covered by the Warrant.

 

[Strike paragraph that does not apply.]

 

2.         Please issue a certificate
or certificates representing the shares in the name specified below:

 

     ___________________________________________

Holder’s Name

 

     ___________________________________________

 

     ___________________________________________

(Address)

 

3.         By its execution below
and for the benefit of the Company, Holder hereby restates each of the representations and warranties in Article 4 of the
Warrant as the date hereof.

 

 

	 	 	HOLDER:
	 	 	 
	 	 	 
	 	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 
	 	 	 	 
	 	 	(Date):	 

 

    

     

    

 

APPENDIX 2

 

ASSIGNMENT

 

For value received, FLEXPOINT MCLS HOLDINGS LLC hereby
sells, assigns and transfers unto

 

Name:

Address:

 

Tax ID:

 

that certain Warrant to Purchase Stock issued by Aziyo
Biologics, Inc. (the “Company”), on [______], 2017 (the “Warrant”) together with all rights, title
and interest therein.

 

	 	 	 	FLEXPOINT MCLS HOLDINGS LLC
	 	 	 	 
	 	 	 	 	 
	 	 	 	By:	)
	 	 	 	 	 
	 	 	 	Name:	 
	 	 	 	 	(Print)
	 	 	 	 	 
	 	 	 	Title:	 
	 	 	 	 	 
	Date:	 	 		 

 

    

     

    

 

By its execution below, and for the benefit of the Company,
_______________ makes each of the representations and warranties set forth in Article 4 of the Warrant and agrees to all other
provisions of the Warrant as of the date hereof.

 

	 	 	[NAME OF TRANSFEREE]
		 	 	 
	 	 	By:	              
	 	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:

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