Document:

Exhibit

Exhibit 4.1

Description of the Registrant’s Securities
Registered Pursuant to Section 12 of the 
Securities Exchange Act of 1934 
 
The following is a description of certain material terms of the common stock, $0.001 par value per share (“Common Stock”), of MiMedx Group, Inc., a Florida corporation (the “Company”):

The Company’s Articles of Incorporation, together with Articles of Amendment effective each of May 14, 2010, August 8, 2012, November 8, 2012, and May 15, 2015 (as so amended, the “Articles of Incorporation”), authorize the Company to issue up to 150,000,000 shares of Common Stock.

The holders of Common Stock are entitled to receive such dividends as are from time to time declared by the Company’s Board of Directors (the “Board”) out of funds legally available therefor. Holders of Common Stock are entitled to one vote per share on all matters.

The Common Stock is not redeemable.  The holders of the Common Stock have no pre-emptive, conversion or cumulative voting rights.  There are no sinking fund provisions for or applicable to the Common Stock.  The outstanding shares of Common Stock are not liable to further call or to assessment by the Company.
 
The Company’s Articles of Incorporation provide that the Board is comprised of three classes of directors and that each director shall be elected for a three year term lasting until the next annual meeting of shareholders upon which his or her term expires or until his or her successor is duly elected and qualified or until his or her earlier death, resignation or removal.

The Company reserves the rights to repeal, alter, amend or rescind any provision contained in the Articles of Incorporation or Bylaws.
 
The Company is subject to the Florida affiliated transactions statute, which generally requires approval by the disinterested directors or supermajority approval by shareholders for “affiliated transactions” between a corporation and an “interested stockholder.” An “interested stockholder” is any person who is the beneficial owner of more than 10% of the outstanding voting stock of the corporation. The “affiliated transactions” covered by the statute include, with certain exceptions, (a) mergers and consolidations to which the corporation and the interested stockholder are parties, (b) sales or other dispositions of the corporation’s assets to the interested stockholder having an aggregate market value of 5% or more of the outstanding shares of the corporation, having an aggregate value of 5% or more of the assets, on a consolidated basis, of the corporation, or representing 5% or more of the earning power or net income of the corporation, (c) issuances by the corporation of its securities to the interested stockholder having an aggregate market value equal to 5% or more of the aggregate market value of all the corporation’s outstanding shares, (d) the adoption of any plan for the liquidation or dissolution of the corporation proposed by or pursuant to an arrangement with the interested stockholder, (e) any reclassification of the corporation’s securities that has the effect of increasing by more than 5% the percentage of outstanding voting shares of the corporation beneficially owned by the interested stockholder, and (f) the receipt by the interested stockholder of certain loans or other financial assistance from the corporation. Accordingly, these provisions may discourage attempts to acquire the Company.
 
In addition, the Company’s Articles of Incorporation and Bylaws include a number of provisions that may deter or impede hostile takeovers or changes of control or management. These provisions include the following:

		
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	The authority of the Board to issue up to 5,000,000 shares of serial Preferred Stock and to determine the price, rights, preferences and privileges of such Preferred Stock without shareholder approval;

		
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	The division of our Board into three classes with staggered three-year terms;

		
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	restricting persons who may call shareholder meetings;

		
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	allowing the Board to fill vacancies & to fix the number of meetings; and

		
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	Cumulative voting is not allowed in the election of the Company’s directors.

These provisions of Florida law and the Company’s Articles of incorporation and Bylaws could prohibit or delay mergers or other takeover or change of control of the Company and may discourage attempts by other companies to acquire us, even if such a transaction would be beneficial to the Company’s shareholders.
 
The foregoing description of the Common Stock is qualified in its entirety by the provisions of the Company’s Articles of Incorporation and Bylaws, which are filed as exhibits to the Company’s reports with the Securities and Exchange Commission.Exhibit

Exhibit 10.29

April 29, 2020

Mr. Peter M. Carlson
[**]
                                
Dear Pete,

I am pleased to confirm our offer of employment to you for the position of Chief Financial Officer on behalf of MiMedx Group, Inc. (“MiMedx” or “Company”), which employment is to commence on or around December 16, 2019. In this position, you will report directly to Timothy R. Wright, Chief Executive Officer.

Upon commencement of employment with the Company, you shall have the title “Senior Vice President - Finance.”  However, during the period commencing on the first date of employment with the Company and ending on the first business day after the Company files with the Securities and Exchange Commission the Company’s annual report on Form 10-K for the fiscal years ended December 31, 2018 (the “Transition Period”), the Company currently intends that Ed Borkowski (“Borkowski”) shall remain principal financial and accounting officer of the Company and perform all functions commensurate with that role.  During the Transition Period, you shall not enter into any agreement that creates any binding obligation on behalf of Company without the express prior written consent of the Company’s Chief Executive Officer. During the Transition Period, Borkowski will perform the duties of the Company’s  principal financial and accounting officer and execute and deliver to Company the signatures and certifications required  in connection with the filing of the Super 10-K with the SEC in his capacity as principal financial officer and principal accounting officer of Company.  

Following the filing of the Form 10-K for the year ended December 31, 2018, the Company expects that you will assume the role of principal financial and accounting officer. 

Your initial base salary will be $20,192 (gross before deductions) per biweekly pay period, which is equivalent to the gross amount of $525,000 on an annualized basis. Your salary will be payable on a biweekly basis. Your future salary adjustments will be in accordance with Company policy and based upon individual and Company performance.  

As an incentive to enter into the employ of the Company, you will be eligible to receive a one-time bonus payment in the amount of $50,000 (gross before deductions). This amount will be payable within forty-five (45) days following the commencement of your employment with MiMedx. You must be an active employee with the Company on the date of payment in order to remain eligible for the above referenced one-time bonus. In accordance with Company policy, should you voluntarily elect to discontinue employment with MiMedx within twelve (12) months following the date that the above-described one-time bonus was paid, you agree to repay to MiMedx the full amount of the one-time bonus paid to you.

You will be eligible to participate in the MiMedx Group Management Incentive Plan (“MIP”) with an annual target bonus amount equal to fifty-five percent (55%) of the base salary paid to you in accordance with the terms of such program in effect from time-to-time. You will be eligible to begin participating in the MIP effective January 1, 2020. Your 2020 MIP incentive will be calculated based on the achievement of MiMedx financial targets and your individual objectives.  The individual objectives will be comprised of one or more key operational measures and/or outcomes that are specific to your position and directly influenced by your performance. In the 2020 MIP, specified portions of your above-referenced target bonus are expected to be 

Innovations In Regenerative Biomaterials
MiMedx Group, Inc.  |  1775 West Oak Commons Ct NE  |  Marietta, GA 30062  |  770.651.9100  |  Fax 770.590.3550  |  www.mimedx.com

allocated to a) MiMedx revenue performance, b) MiMedx Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) and c) your performance in the attainment of your 2020 individual objectives. Following the final approval of the 2020 MIP by the MiMedx Board of Directors, you will receive further confirmation of the details of the 2020 MIP.

Based on the Company’s analysis of competitive data, the Company has established a target annual long-term incentive value for each position eligible to participate in the Company’s stock incentive program. This target is expressed as a percentage of the participant’s annual base salary, and is used as a guide by which to measure the appropriate and competitive value of the annual equity grant to be proposed by the Company for approval by the Compensation committee. In your position, your target annual long-term incentive value is two hundred percent (200%) of your annual base salary.
As an incentive to enter into employ of the Company, you will be eligible for a restricted stock grant with a value of $350,000 dollars; the grant is contingent upon approval of the Board of Directors, but the Company agrees to recommend the grant to the Board no later than the next meeting of the Board. The grant will be made on later of the date your employment commences or the date the Board approves the grant (the “Grant Date”). The award will vest pro rata annually over three years, provided that you continue to be employed by the Company on each vesting date. The number of shares granted will be equal to such value divided by our closing stock price on the Grant Date.
As an additional incentive to enter into employ of the Company, you will be eligible for an additional restricted stock grant with a value of $1 million dollars.  The grant is contingent upon approval of the Board of Directors, but the Company agrees to recommend the grant to the Board no later than the next meeting of the Board. The grant will be made on later of the date your employment commences or the date the Board approves the grant (the “Grant Date”). The number of shares granted will be equal to such value divided by our closing stock price on the Grant Date. One quarter of the shares granted will vest upon the achievement of each of the following milestones:

		
	1.
	The Company files its annual report on Form 10-K for the year ended December 31, 2019 no later than 100 days following the date it filed its annual report on Form 10-K for the year ended December 31, 2018;

		
	2.
	MiMedx is relisted on either the NASDAQ or NYSE no later than 6 months following the filing of the 2019 Form 10-K;

		
	3.
	With the consent of the Company’s independent registered accountants, the Company transitions from cash accounting to accrual based accounting no later than October 1, 2020;

		
	4.
	You submit an ERM plan which is approved in full by the Board of Directors no later than June 30, 2021.

The Company will not require your relocation to the Marietta, Georgia area, but rather allow you to commute on a weekly basis from your residence in Charlotte, North Carolina to Marietta, Georgia. During this time, you will be expected to primarily work from the Company’s Marietta, Georgia office and maintain a schedule averaging no less than four and one-half (4.5) days per week working from the Marietta office or traveling on Company business, unless otherwise agreed between you and the CEO of MiMedx. 

The MiMedx Board of Directors will review your full compensation package as you are expected to be a Section 16 officer.  The terms of your offer include the specific compensation arrangements described above as well as a Change of Control Severance and Restrictive Covenant Agreement.  This Agreement will be equal to one times your annual base compensation and one times your annual target bonus. The Company has retained a compensation consultant, which is, among other things, reviewing the Company’s severance plan(s) for executives.  The consultant will make a formal recommendation to the Compensation Committee of the Board of Directors. You will be entitled to the severance benefits approved by the Compensation 

Innovations In Regenerative Biomaterials
MiMedx Group, Inc.  |  1775 West Oak Commons Ct NE  |  Marietta, GA 30062  |  770.651.9100  |  Fax 770.590.3550  |  www.mimedx.com

Committee for non-CEO executives and will be presented a retention agreement once such benefits are approved.

You will be eligible to participate in the Company’s medical, dental, vision, life insurance, and disability benefits programs the first day of the month following the date of your employment. You will be eligible to participate in the MiMedx Group 401(k) Plan effective the first day of the month following your employment.

Each such benefit shall be provided in accordance with the terms of the applicable benefit plans, which may be revised at any time at the Company’s discretion. A summary of the Company’s benefits is enclosed for your review. More detailed benefits eligibility and enrollment information will be sent to you shortly after you begin employment. 

This offer is contingent upon a favorable background investigation and a pre-employment drug screen result. You will receive an email to complete the application process on ADP which includes the background authorization form. You must sign and complete the form before the background investigation and drug screen can commence.  Once we receive the executed Background Authorization form, you will receive an email from Pembrooke with instructions for the drug screen process and a Chain of Custody ID number for specimen collection. 

To find the nearest LabCorp location, please go online to www.labcorp.com, go to the “I am a Patient” locator tab, and click on “Find a lab”. Type in your street address, city, state and zip code and make sure the testing service selection is “Routine clinical laboratory collections”, then click “Search”. The lab locations in proximity to your address will be shown. No appointments are necessary.  Please make sure that you bring the Chain of Custody ID number and photo identification, such as your driver’s license.  If you cannot find a location that is close to you, please call 1-800-247-0717, Monday – Friday from 6am to midnight (CST). 

The Company is committed to the highest standards of integrity and to treating its customers, employees, fellow workers, business partners and competitors in good faith and fair dealing.  We expect employees to share the same standard and values. By accepting this offer, you agree that throughout your employment, you will observe all of the Company's rules governing conduct of its business and employees, including its policies protecting employees from illegal discrimination and harassment, as those rules and policies may be amended from time to time.

As an employee of MiMedx, you are prohibited from the use or disclosure of confidential information or trade secrets obtained from your past employers. If you have any such documents in your possession, you are expected to return them to the respective organization, and during the course of your employment with the Company, not bring onto MiMedx premises or utilize in any manner such documents, confidential information or trade secrets.  While you have not made the Company aware of any such information in your possession, we urge you to abide by this prohibition if such information is currently in your possession.

This offer of employment is contingent on the absence of any restrictive covenants that would prevent you from conducting the duties and responsibilities of your position with MiMedx. By your acceptance of this offer, you represent that you are not a party to any non-disclosure, restrictive covenant or invention assignment agreements currently in effect.  If you become aware of any such agreements to which you are a party, by your acceptance of this offer, you agree to provide us with a copy of such additional agreements. 

As a condition of your employment, you will be required to sign and comply with the enclosed MiMedx Confidentiality and Non-Solicitation Agreement, MiMedx Employee Inventions Assignment Agreement, and MiMedx Non-Competition Agreement. If the provisions of this offer are agreeable to you, please sign 

Innovations In Regenerative Biomaterials
MiMedx Group, Inc.  |  1775 West Oak Commons Ct NE  |  Marietta, GA 30062  |  770.651.9100  |  Fax 770.590.3550  |  www.mimedx.com

this letter to indicate your acceptance and return one copy along with the above-referenced agreements in the enclosed self-addressed envelope.  

Pete, I am delighted to extend this offer to you and look forward to an exciting and mutually rewarding business association. We look forward to your joining MiMedx. Please feel free to contact me via email or on my cell phone  at 404-796-5670 if you have any questions.

Sincerely,

/s/ Lee Ann Lawson

Lee Ann Lawson
Senior Vice President, Human Resources

cc:       Timothy R. Wright
             
  
ACCEPTANCE
I have read and understand the foregoing which constitutes the entire and exclusive agreement between the Company and the undersigned and supersedes all prior or contemporaneous proposals, promises, understandings, representations, conditions, oral or written, relating to the subject matter of this agreement. I understand and agree that my employment is at-will and is subject to the terms and conditions contained herein.

/s/ Peter M. Carlson

Peter M. Carlson

Innovations In Regenerative Biomaterials
MiMedx Group, Inc.  |  1775 West Oak Commons Ct NE  |  Marietta, GA 30062  |  770.651.9100  |  Fax 770.590.3550  |  www.mimedx.com

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