Document:

exv10w38

Exhibit 10.38

December 10, 2009

Mr. Mark D. Mishler

16 Corn Hill Drive

Morristown, NJ 07960

Dear Mark:

     We are pleased to invite you to join our Leadership Team and offer you the full-time position
of Senior Vice President, Chief Financial Officer and Treasurer of Breeze-Eastern Corporation (the
“Company”) in accordance with the following terms.

	 	 	 
	Position:

	 	Senior Vice President, Chief Financial Officer and Treasurer, effective January 6, 2010 (your “Company Hire Date”).
In this capacity, you shall devote your best efforts and your full business time and attention to the performance of
the services customarily incident to such office and position and to such other services of a senior executive nature
as may be reasonably requested by the Chief Executive Officer, Chief Operating Officer, or Board of Directors (the
“Board”) of the Company which may include services for one or more subsidiaries or affiliates of the Company. You
shall report to the Chief Executive Officer of the Company. You will not be a member of the Board of Directors but
will be asked to attend most meetings of the Board.
	 
	 	 
	Salary:

	 	$230,000 per year, effective starting on your Company Hire Date. Your salary will be paid biweekly in arrears. You
will be eligible for periodic salary increases subject to the Company’s policies on employee evaluation and
compensation and the approval of the Board.
	 
	 	 
	Bonus:

	 	Also effective on your Company Hire Date you shall become eligible to receive a one-time cash signing bonus of
$40,000 which shall be paid to you in four equal monthly installments of $10,000 each, less applicable taxes and
other withholdings, commencing the first pay period following your Company Hire Date.
	 
	 	 
	 

	 	You will participate as provided herein in the Breeze-Eastern FY’ 10 Annual Incentive Compensation Plan (“Annual
Plan”), with a target award of 40% of your base salary as of the end of the corresponding Fiscal Year.

 

 

Mr. Mark D. Mishler

December 10, 2009

Page 2

     The Annual Plan is conditional on achieving at least 85% of
the Tactical Plan (TacPlan) EBITDA. The Annual Plan award increases
corresponding to achievement of more than that threshold and up to 120% of
the TacPlan EBTIDA.

     For FY10, your award (payable in June 2010) will be the greater of:

	 	•	 	Your award amount prorated to one-quarter, representing the portion
of the fiscal year you will have been employed by the Company, or
	 
	 	•	 	$24,000

In accordance with the Annual Plan, all awards are paid out 85% in cash and
15% in Restricted Stock, paid in common stock of the Company (“Company
Shares”).

You will be eligible to participate in subsequent fiscal year bonus plans as
may be established by the Board of Directors of the Company.

	 	 	 
	Stock Options:

	 	Upon commencement of employment with the Company, you
will be awarded options to purchase 14,000 shares of
the Company’s common stock at the closing price on the
day before your Company Hire Date. On April 1, 2010,
you will receive additional options to purchase 26,000
shares of the Company’s common stock at the closing
price on the day before your Company Hire Date. These
options vest 1/3 on each of the subsequent anniversary
dates of your Company Hire Date and shall be subject to
the provisions of the form of option agreement
established by the Company pursuant to the stock option
plan approved by the shareholders (the “Stock Option
Agreement”). In subsequent years, you shall be
eligible for stock option awards as determined by the
Incentive & Compensation Committee of the Board of
Directors and based on an evaluation of your
performance.
	 
	 	 
	Severance:

	 	In the event you are terminated by the Company without
cause at any time after the first 90 days of
employment, you will receive severance pay equal to six
month’s annual salary in effect at the time of
termination, but exclusive of bonuses, and the
continuation of employee benefits for the same period.
The foregoing severance is in lieu of the Company’s
Corporate Severance Pay Plan and shall be subject to
changes, if any, approved by the Board which provide
for greater severance benefits than provided under this
letter agreement.

2

 

Mr. Mark D. Mishler

December 10, 2009

Page 3

	 	 	 
	Change of Control:

	 	In the event of a change of control, which shall be
defined as set out in the Stock Option Agreement, and
your termination or resignation for good reason, as
hereinafter defined, within 24 months of the change of
control, you would receive a cash payment equal to one
year’s base pay and the average of your bonuses for
prior two years (or 40% of your salary if you have not
yet received two bonuses). In addition, the vesting of
all stock options and restricted shares would
accelerate upon a change in control. Payments received
upon a change of control and your termination or
resignation for good reason would be in lieu of any and
all payments you would receive upon severance.
“Termination” shall mean a termination that is not
voluntary or is other than for cause and “resignation
for good reason” shall mean a resignation following a
reduction in compensation, benefits or
responsibilities, reporting to anybody other than the
CEO, or failure by the Company to obtain an agreement
from any successor or assignee legal entity to assume
and perform the obligations set out in this paragraph.
	 
	 	 
	401(k):

	 	As a Company employee, you will be eligible to participate in the Breeze-Eastern Retirement
Savings Plan in accordance with the provisions of the plan. The plan requires that an
employee have one month of service before he or she is eligible to contribute to the plan.
Company contributions require one year of service.
	 
	 	 
	Medical/Dental:

	 	You will be entitled to the normal benefits accorded the
Company’s salaried employees, which currently include
major medical, hospitalization, dental and
prescriptions. The specifics of these benefits are
subject to modification or termination at any time.
	 
	 	 
	Vacation:

	 	Three (3) weeks. You will also receive four personal
days and six sick days per year in accordance with
Company policies.
	 
	 	 
	Off-Site Support:

	 	You will be provided a Company-owned laptop computer
comparable to those used by other company executives.
	 
	 	 
	Other Benefits:

	 	The Company’s policy manual contains illustrations of
other benefits, such as tuition reimbursement, travel
insurance, etc. which are available to all Company
employees.
	 
	 	 
	Stock Ownership:

	 	During the period of your employment, you shall acquire
and thereafter maintain ownership of Company Shares as
provided herein. Not later than December 31, 2010, you
shall, subject to the availability of Company trading
windows for Company insiders,

3

 

Mr. Mark D. Mishler

December 10, 2009

Page 4

	 	 	 
	 

	 	purchase on the open market Company Shares having a value of not less than
$40,000. Subsequent thereto, you shall pursue a program to acquire
additional Company Shares so that your aggregate holdings of Company Shares
shall equal your then current base salary (your “Minimum Stock Ownership
Commitment”). As a minimum, beginning calendar year 2011, you shall acquire
each year an additional $40,000 of Company Shares towards your Minimum Stock
Ownership Commitment. Company Shares received through the Company’s annual
incentive compensation plan shall be credited towards your Minimum Stock
Ownership Commitment. In the event that in any year Company Shares received
under the then annual plan have a value of less than $40,000, you shall
purchase on the open market Company Shares aggregating at least the amount
necessary to equal $40,000 for that year. From the date that you have
achieved your Minimum Stock Ownership Commitment, you shall, within 6 months
of receiving a raise in your base salary, increase as may be necessary your
ownership of Company Shares to meet your then applicable Minimum Stock
Ownership Commitment.

     The Company maintains an “employment at will” policy, and by acceptance of employment with the
Company you acknowledge and agree to such policy. The Company reserves the right to amend or
change any of its benefit programs at its discretion. Terms of your employment, including the
at-will policy, may not be modified by any oral or implied agreement with any officer of the
Company or by a writing unless approved by the Board. As an officer of Breeze-Eastern Corporation,
you will be subject to certain SEC requirements and restrictions upon your ability to buy and sell
securities of the Company. You will be considered a Section 16(b) employee, subject to SEC
reporting of your holdings, and changes thereto, of Company stock.

     As a condition of your employment, you agree to become familiar with and comply with
the provisions of the Company’s policies and procedures and you agree to sign and agree to comply
with any non-disclosure of confidential information/trade secret agreements and any patent and
invention assignment agreements specified in such policies and procedures. These policies may be,
and are, modified from time to time. It is your responsibility to maintain an up to date knowledge
of these policies and procedures.

     In recognition of the risks and obligations you will undertake in accepting a position as an
officer in the Company, Breeze-Eastern Corporation will enter into an indemnification agreement
with you relative to claims brought against you in your capacity as an officer of the Company.
This agreement will be provided under separate cover. The Company maintains a Directors and
Officers Insurance policy as added

4

 

Mr. Mark D. Mishler

December 10, 2009

Page 5

protection.

     Your employment and election to the officer position noted above is contingent upon the Board
of Directors of Breeze-Eastern Corporation approving such appointment and appropriate credential
confirmation. Upon your employment, you will be expected to secure promptly any necessary
governmental security clearances.

     If the above offer is acceptable to you, please sign both copies of this letter, keep one copy
for your files and return the other copy to me. If you have any questions about any of the items
noted above, please do not hesitate to call me. This offer will expire, unless accepted, at the
close of business on December 18, 2009.

     We are very enthusiastic about having you join our team. Breeze-Eastern Corporation is poised
to begin another exciting chapter in its quest for growth and achievement of its goals. I, along
with the other members of our leadership team, am sure that you will make a significant
contribution to our team as we pursue the challenges and opportunities facing us.

Very truly yours,

Mike Harlan

Executive Vice President and

Chief Operating Officer

Agreed and Accepted

                                                            

Mark D. Mishler

	 	 	 
	700 Liberty Ave. Union, New Jersey 07083

	 	Phone: (908) 206-37058 Fax: (908) 688-4212

5Exhibit 10.1

Exhibit 10.1

	 	 	 
	Name of Subscriber:
	 	 
	 

	 	 
	 

	 	(Please Print Your Name Here)

SUBSCRIPTION AND STOCK PURCHASE AGREEMENT

COMMON STOCK OF MIMEDX GROUP, INC.

MiMedx Group, Inc.

811 Livingston Ct. SE, Suite B

Marietta, GA 30067

Re: Common Stock of MiMedx Group, Inc.

ARTICLE 1

SUBSCRIPTION

Section 1.1 Subscription. The undersigned hereby irrevocably subscribes for and
agrees to purchase that number of shares of the common stock (the “Stock”) from MiMedx Group, Inc.,
a Florida corporation (the “Company”), at a purchase price per share of $.60, for an aggregate
purchase price in the dollar amount set forth below, on the terms and conditions described in this
Subscription and Stock Purchase Agreement (this “Subscription and Stock Purchase Agreement”).

	 	 	 	 	 
	Number of Shares and Dollar Value Of Stock Subscribed For:
	 
	 	 	 	 
	Number of Shares:
	 	 	 	 
	 

	 	 	 
	 
	 	 	 	 
	Dollar Amount of Shares Subscribed for:

	 	$	 	 
	 

	 	 	 

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

Section 1.2 Acceptance or Rejection. The undersigned understands that the Company
will accept this subscription (and only with respect to it) only after the undersigned has executed
and delivered this Subscription and Stock Purchase Agreement, together with the accompanying
Warrant (the “Warrant”) and Registration Rights Agreement (the “Registration Rights Agreement”).
The undersigned acknowledges that the undersigned may not withdraw this subscription, but that the
Company reserves the right, in its sole discretion, to accept or reject this subscription, in whole
or in part.

In the event this subscription is rejected in part by the Company, there shall be returned to
the undersigned the difference between the subscription amount paid to it and the subscription
price allocable to the Stock accepted. In the event this subscription is rejected in its entirety,
the subscription amount paid will be promptly returned to the undersigned without deduction and
without interest, and this Subscription and Stock Purchase Agreement shall have no force or effect.

Section 1.3 Other Subscription and Stock Purchase Agreements; Closings. The Company
has entered into or expects to enter into separate Subscription and Stock Purchase Agreements (the
“Other Subscription and Stock Purchase Agreements”) with other purchasers (the “Other Purchasers”),
providing for the sale to the Other Purchasers of Stock. This Subscription and Stock Purchase
Agreement and the Other Subscription and Stock Purchase Agreements are separate agreements, and the
sales of Stock to you and the Other Purchasers are to be
separate sales although part of one integrated offering. The certificate(s) evidencing the
Stock, the form of Warrant, the Registration Rights Agreement, and a copy of the fully executed
Subscription and Stock Purchase Agreement will be delivered to you promptly after the closing.

 

 

 

ARTICLE 2

INVESTOR REPRESENTATIONS, WARRANTIES AND COVENANTS

The undersigned makes the following representations, warranties and covenants with the intent
that the same will be relied upon by the Company:

Section 2.1 Information. The undersigned acknowledges that the undersigned has been
offered the opportunity to obtain information, to verify the accuracy of the information received
by him, her or it and to evaluate the merits and risks of this investment and to ask questions of
and receive satisfactory answers concerning the terms and conditions of this investment. The
undersigned understands that information regarding the Company is on file with the Securities and
Exchange Commission (“SEC”), and the undersigned has reviewed such documents and information as he,
she or it has deemed necessary in order to make an informed investment decision with respect to the
investment being made hereby. The Company has made its officers available to the undersigned to
answer questions concerning the Company and the investment being made hereby. In making the
decision to purchase the Stock, the undersigned has relied and will rely solely upon independent
investigations made by him, her or it. The undersigned is not relying on the Company with respect
to any tax or other economic considerations involved in this investment. Other than as set forth
in Article 3 hereof, no representations or warranties have been made to the undersigned by the
Company. To the extent the undersigned has deemed it appropriate, the undersigned has consulted
with his, her or its own attorneys and other advisors with respect to all matters concerning this
investment.

Section 2.2 Not a Registered Offering. The undersigned understands that the Stock to
be issued hereunder has not been and is not being registered with the SEC nor with the
governmental entity charged with regulating the offer and sale of securities under the securities
laws and regulations of the state of residence of the undersigned and are being offered and sold
pursuant to the exemption from registration provided in Section 4(2) of the Securities Act of 1933,
as amended (the “1933 Act”), and Rule 506 of Regulation D (“Regulation D”) promulgated under the
1933 Act by the SEC and limited exemptions provided in the “Blue Sky” laws of the state of
residence of the undersigned, and that no governmental agency has recommended or endorsed the Stock
or made any finding or determination relating to the fairness for investment of the Stock
(including any securities issuable upon conversion thereof) or of the adequacy of the information
on file with the SEC or this Subscription and Stock Purchase Agreement. The undersigned is unaware
of, and is in no way relying on, any form of general solicitation or general advertising in
connection with the offer and sale of the Stock (including any securities issuable upon conversion
thereof). The undersigned is purchasing the Stock without being furnished any offering or sales
literature or prospectus.

Section 2.3 Purchase for Investment. The undersigned is subscribing for the Stock
solely for his, her or its own account for investment purposes and not with a view to, or with any
intention of, a distribution, sale or subdivision for the account of any other individual,
corporation, firm, partnership, limited liability company, joint venture, association or person.

Section 2.4 Accredited Investor and other Investment Representations. The undersigned
represents and warrants that the undersigned is an “accredited investor” as defined in Rule 501(a)
of Regulation D under the 1933 Act and that the undersigned has accurately completed the Accredited
Investor Certification, which precedes the signature page to this Subscription and Stock Purchase
Agreement.

 

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Section 2.5 Restrictions on Transfer.

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

(b) The Stock (and the securities to be issued to the undersigned upon
conversion thereof) shall have endorsed thereon legends substantially as
follows:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAW AND MAY NOT BE
SOLD, PLEDGED, HYPOTHECATED OR TRANSFERRED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT COVERING THESE SECURITIES UNDER
THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF
COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY THAT
REGISTRATION IS NOT REQUIRED UNDER THE ACT OR UNDER APPLICABLE
STATE SECURITIES LAWS.”

Section 2.6 Investment Risks. The undersigned represents that he, she or it has read
and understands all of the “Risk Factors” set forth in the Company’s most recent Form 10-K on file
with the SEC. Without limiting the foregoing, the undersigned has such knowledge and experience in
financial and business matters that he, she or it is capable of evaluating the merits and risks of
an investment in the Stock. The undersigned recognizes that the Company is a development stage
company with an extremely limited financial and operating history, that the development of medical
devices is difficult, time consuming, and expensive, and that an investment in the Company involves
very significant risks. The undersigned further recognizes that (A) an investment in the Company
is highly speculative, (B) an investor may not be able to liquidate his, her or its investment, (C)
transferability of the Stock is extremely limited, (D) in the event of a disposition, the investor
could sustain a loss of his, her or its entire investment, (E) the Company will require significant
additional financing in order to continue its business, (F) the Company has never had any revenues
and may not have any significant revenues for the foreseeable future, and (G) the Company may raise
additional funds in the future through the sale of equity, and that any such sale below the
purchase price paid by the undersigned for the Stock may be on terms to investors that are more
favorable than the terms to the undersigned. The undersigned is capable of bearing the economic
risks of an investment in the Stock, including, but not limited to, the possibility of a complete
loss of the undersigned’s investment, as well as limitations on the transferability of the Stock,
which may make the liquidation of an investment in the Stock difficult or impossible for the
indefinite future. The undersigned acknowledges that he, she or it has been advised to seek his,
her or its own independent counsel from attorneys, accountants and other advisors with respect to
an investment in this offering.

 

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

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

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

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

Section 2.11 Capacity. If the undersigned is an individual, the undersigned has the
capacity to execute, deliver and perform this Subscription and Stock Purchase Agreement.

Section 2.12 Enforceability. This Subscription and Stock Purchase Agreement will be,
upon its execution and delivery, a valid and binding obligation of the undersigned, enforceable
against the undersigned in accordance with its terms.

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

Section 2.14 No Approvals. No filing with, and no permit, authorization, consent or
approval of, any person (governmental or private) is necessary for the consummation by the
undersigned of the transactions contemplated by this Subscription and Stock Purchase Agreement.

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

Section 2.16 Market Standstill. Until after the undersigned sells the Stock pursuant
to an effective registration statement covering the Stock in accordance with the terms or the
Registration Rights Agreement, or pursuant to a transaction exempt from registration, none of the
undersigned or its affiliates (as defined in Rule 405 of the 1933 Act, hereinafter “Affiliates”),
shall, without the prior written consent of the Company, (a) propose to enter into, directly or
indirectly, any merger or business combination involving the Company; (b) make, or in any way
participate, directly or indirectly, in any solicitation of “proxies” (as such term is used in
Regulation 14A under the Securities Exchange Act of 1934, as amended) to vote or seek to advise or
influence any person with respect to the voting of any voting securities of the Company; (c) form,
join or in any way participate in a “group” (within the meaning of Section 13(d) of the Securities
Exchange Act of 1934) with respect to any voting securities of the Company; (d) otherwise act,
alone or in concert with others, to seek control or influence the management, Board of Directors or
policies of the Company; (e) publicly disclose any intention, plan or arrangement inconsistent with
the foregoing, or (f) engage in any “short selling” of the securities of the Company (and the
undersigned warrants that it has not heretofore engaged in any short-selling of the stock).

 

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ARTICLE 3

COMPANY REPRESENTATIONS AND WARRANTIES

The Company makes the following representations and warranties with the intent that the same
may be relied upon by the undersigned:

Section 3.1 Due Organization. The Company is a corporation duly organized, validly
existing and in good standing under the jurisdiction of its organization, has all requisite power
and authority to own, lease and operate its properties, to carry on its business as currently being
conducted, to enter into this Subscription and Stock Purchase Agreement and to perform its
obligations hereunder.

Section 3.2 Due Authorization. The execution, delivery and performance by the Company
of this Subscription and Stock Purchase Agreement and the consummation of the transactions
contemplated hereby have been duly authorized by all necessary action on the part of the Company.

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

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

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

ARTICLE 4

MISCELLANEOUS PROVISIONS

Section 4.1 Notices and Addresses. All notices required to be given under this
Subscription and Stock Purchase Agreement shall be in writing and shall be mailed by certified or
registered mail, hand delivered or delivered by next business day courier. Any notice to be sent
to the Company shall be mailed to the principal place of business of the Company or at such other
address as the Company may specify in a notice sent to the undersigned in accordance with this
Section. All notices to the undersigned shall be mailed or delivered to the address set forth on
the signature page to this Subscription and Stock Purchase Agreement or to such other address as
the undersigned may specify in a notice sent to the Company in accordance with this Section.
Notices shall be effective on the date three days after the date of mailing or, if hand delivered
or delivered by next day business courier, on the date of delivery; provided, however, that notices
to the Company shall be effective upon receipt.

 

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Section 4.2 Governing Law; Jurisdiction. (A) THIS SUBSCRIPTION AND STOCK PURCHASE
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF
FLORIDA WITHOUT REGARD TO ITS CONFLICTS OF LAWS PRINCIPLES, (B) THE UNDERSIGNED HEREBY IRREVOCABLY
SUBMITS TO THE JURISDICTION OF ANY FLORIDA STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN
THE STATE OF FLORIDA, OVER ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION
AND STOCK PURCHASE AGREEMENT OR ANY AGREEMENT CONTEMPLATED HEREBY, AND (C) THE UNDERSIGNED HEREBY
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING SHALL BE HEARD AND
DETERMINED IN SUCH FLORIDA STATE OR FEDERAL
COURT. THE UNDERSIGNED FURTHER WAIVES ANY OBJECTION TO VENUE IN SUCH COURT AND ANY OBJECTION
TO AN ACTION OR PROCEEDING IN SUCH COURT ON THE BASIS OF A NON-CONVENIENT FORUM. THE UNDERSIGNED
FURTHER AGREES THAT ANY ACTION OR PROCEEDING BROUGHT AGAINST THE COMPANY SHALL BE BROUGHT IN SUCH
COURTS. THE UNDERSIGNED AGREES TO WAIVE ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF THIS SUBSCRIPTION AND STOCK PURCHASE AGREEMENT OR ANY DOCUMENT OR
AGREEMENT CONTEMPLATED HEREBY.

Section 4.3 Assignability. This Subscription and Stock Purchase Agreement and the
rights, interests and obligations hereunder are not transferable or assignable by the undersigned
and the undersigned acknowledges and agrees that any transfer or assignment of the Stock shall be
made only in accordance with all applicable laws.

Section 4.4 Successors and Assigns. This Subscription and Stock Purchase Agreement
shall be binding upon and inure to the benefit of the parties hereto, and each of their respective
legal representatives and permitted successors.

Section 4.5 Counterparts. This Subscription and Stock Purchase Agreement may be
executed in multiple counterparts, each of which shall be deemed an original, but all of which
shall constitute one instrument.

Section 4.6 Modifications To Be in Writing. This Subscription and Stock Purchase
Agreement (together with the Warrant and the Registration Rights Agreement) constitutes the entire
understanding of the parties hereto with respect to the subject matter hereof and no amendment,
restatement, modification or alteration will be binding unless the same is in writing signed by the
party against whom any such amendment, restatement, modification or alteration is sought to be
enforced.

Section 4.7 Captions. The captions are inserted for convenience of reference only and
shall not affect the construction of this Subscription and Stock Purchase Agreement.

Section 4.8 Validity and Severability. If any provision of this Subscription and
Stock Purchase Agreement is held invalid or unenforceable, such decision shall not affect the
validity or enforceability of any other provision of this Subscription and Stock Purchase
Agreement, all of which other provisions shall remain in full force and effect.

Section 4.9 Statutory References. Each reference in this Subscription and Stock
Purchase Agreement to a particular statute or regulation, or a provision thereof, shall be deemed
to refer to such statute or regulation, or provision thereof, or to any similar or superseding
statute or regulation, or provision thereof, as is from time to time in effect.

 

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Accredited Investor Certification

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

	 	 	 
	o

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

	 	The undersigned is a natural person whose individual net worth (i.e., total assets in excess of
total liabilities), or joint net worth with his spouse, will at the time of purchase of the
Stock be in excess of $1,000,000;
	 
	 	 
	o

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

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

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

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

	 	 	 
	o

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

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

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

 

- 7 -

 

SUBSCRIPTION AND STOCK PURCHASE AGREEMENT

SIGNATURE PAGE

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

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Print Name(s)	 	 	 	Social Security Number(s)	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Signature(s) of subscriber(s)	 	 	 	Signature(s) of subscriber(s)	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Address:	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Date
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	If the subscriber is a PARTNERSHIP, CORPORATION, LLC or TRUST:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Name of Entity	 	 	 	Federal Taxpayer ID Number	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	Name:	 	 	 	 	 	State of Organization	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Address:	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Date
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

SUBSCRIPTION ACCEPTED AND AGREED TO this
 _____ 
day of
 _____ 
2009.

MiMedx Group, Inc.

	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Michael J. Culumber	 	 
	 

	 	Title:
	 	Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]