Document:

Exhibit 10.4

Exhibit 10.4

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

	 	 	 
	Warrant No.:

	 	Effective Date:                     , 2009
	 
	 	 
	Number of Warrant Shares:

	 	Warrant Exercise Price: USD$1.50 per share

MiMedx Group, Inc.

Warrant to Purchase Common Stock

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

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

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

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

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

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

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

(f) “Exercise Date” means any date after the Effective Date on which notice of exercise hereof
is given by Holder.

 

 

 

(g) “Expiration Date” means the date which is five (5) years after the Effective Date.

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

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

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

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

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

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

(n) “Warrant Exercise Price” shall initially be the dollar amount per share shown above on the
face hereof, and shall be adjusted and readjusted from time to time as provided in this Warrant.

(o) “Warrant Shares” means the shares of Common Stock subject to this Warrant and shown above
on the face hereof.

(p) Other Definitional Provisions.

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

 

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

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

2. Exercise of Warrant.

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

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

 

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

3. Covenants as to Common Stock.

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

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

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

(a) In case the Company shall at any time split or subdivide its outstanding shares of Common
Stock into a greater number of shares or issue a stock dividend (including any distribution of
stock without consideration) or make a distribution with respect to outstanding shares of Common
Stock or Convertible Securities payable in Common Stock or in Convertible Securities, the Warrant
Exercise Price in effect immediately prior to such subdivision or stock dividend or distribution
shall be proportionately reduced and conversely, in case the outstanding shares of Common Stock of
the Company shall be combined into a smaller number of shares, the Warrant Exercise Price in effect
immediately prior to such combination shall be proportionately increased, in each case, by
multiplying the then effective Warrant Exercise Price by a fraction, the numerator of which shall
be the total number of shares of Common Stock outstanding immediately prior to such subdivision,
stock dividend, distribution or combination (determined on a fully diluted basis), and the
denominator of which shall be the total number of shares of
Common Stock, immediately after such subdivision, stock dividend, distribution or combination
(determined on a fully diluted basis), and the product so obtained shall thereafter be the Warrant
Exercise Price. For purposes of this Warrant, “on a fully diluted basis” means that all issued and
outstanding capital stock of the Company, including all Convertible Securities, and all outstanding
options and warrants, whether or not vested, shall be taken into account.

 

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

5. Reorganization, Reclassification, Etc. In case of any capital reorganization, or
of any reclassification of the capital stock of the Company (other than a change in par value or
from par value to no par value or from no par value to par value or as a result of a split-up or
combination) or in case of the consolidation or merger of the Company with or into any other
corporation (other than a consolidation or merger in which the Company is the continuing
corporation and which does not result in the Common Stock being changed into or exchanged for stock
or other securities or property of any other person), or of the sale of the properties and assets
of the Company as, or substantially as, an entirety to any other corporation, this Warrant shall,
after such capital reorganization, reclassification of capital stock, consolidation, merger or
sale, entitle the Holder hereof to purchase the kind and number of shares of stock or other
securities or property of the Company or of the corporation resulting from such consolidation or
surviving such merger or to which such sale shall be made, as the case may be, to which the holder
hereof would have been entitled if he had held the Common Stock issuable upon the exercise hereof
immediately prior to such capital reorganization, reclassification of capital stock, consolidation,
merger or sale, and, in any such case, appropriate provision shall be made with respect to the
rights and interests of the holder of this Warrant to the end that the provisions thereof
(including without limitation provisions for adjustment of the Warrant Exercise Price and of the
number of shares purchasable upon the exercise of this Warrant) shall thereafter be applicable, as
nearly as may be in relation to any shares of stock, securities, or assets thereafter deliverable
upon the exercise of the rights represented hereby. The Company shall not effect any such
consolidation, merger or sale, unless prior to or simultaneously with the consummation thereof the
successor corporation (if other than the Company) resulting from such consolidation or merger of
the corporation purchasing such assets shall assume by written instrument executed and mailed or
delivered to the registered holder hereof at the address of such holder appearing on the books of
the Company, the obligation to deliver to such holder such shares of stock, securities or assets
as, in accordance with the foregoing provisions, such holder may be entitled to purchase.

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

 

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7. Computation of Adjustments. Upon each computation of an adjustment in the Warrant
Exercise Price and the number of shares which may be subscribed for and purchased upon exercise of
this Warrant, the Warrant Exercise Price shall be computed to the nearest cent (i.e. fraction of .5
of a cent, or greater, shall be rounded to the next highest cent) and the number of shares which
may be subscribed for and purchased upon exercise of this Warrant shall be calculated to the
nearest whole share (i.e. fractions of less than one half of a share shall be disregarded and
fractions of one half of a share, or greater, shall be treated as being a whole share). No such
adjustment shall be made however, if the change in the Warrant Exercise Price would be less than
$.001 per share, but any such lesser adjustment shall be made (i) at the time and together with the
next subsequent adjustment which, together with any adjustments carried forward, shall amount to
$.001 per share or more, or (ii) if earlier, upon the third anniversary of the event for which such
adjustment is required.

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

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

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

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

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

 

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(a) The following legend under the Securities Act:

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

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

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

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

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

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

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

 

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

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

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

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

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

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

 

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

	 	 	 	 	 
	 

	If to the Company:	 	 
	 
	 	 	 	 
	 

	MiMedx Group, Inc.	 	 
	 

	811 Livingston Ct. SE, Suite B	 	 
	 

	Marietta, GA 30067	 	 
	 

	Attention: General Counsel	 	 
	 

	Facsimile: (678) 384-6741	 	 
	 
	 	 	 	 
	 

	If to the Holder:	 	 
	 
	 	 	 	 
	 

	 

	 	 
	 

	 

	 	 
	 

	 

	 	 
	 

	Facsimile:
	 

	 	 

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

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

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

 

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

	 	 	 	 	 
	 	MiMedx Group, Inc.

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

	 	 	 
	Acknowledged and Agreed:
	 	 
	 
	 	 
	HOLDER:
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	Name:
	 	 
	 
	 	 
	Title (if applicable):
	 	 

 

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EXHIBIT A TO

WARRANT

SUBSCRIPTION NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER IF SUCH REGISTERED HOLDER

DESIRES TO EXERCISE THIS WARRANT

 

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

INSTRUCTIONS FOR REGISTRATION OF STOCK

	 	 	 
	Name
	 	 
	 

	 	 
	(Please typewrite or print in block letters)

	 
	 	 
	Address
	 	 
	 

	 	 

	 	 	 	 	 	 	 
	 	 	Holder Name:
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	[Net] Number of Warrant Shares Being
Purchased             
        

Dated:                     , 20___

 

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EXHIBIT B TO

WARRANT

ASSIGNMENT FORM

FOR VALUE RECEIVED,                                                      
       
               
hereby
sells, assigns and transfers unto

	 	 	 
	Name
	 	 
	 

	 	 
	(Please typewrite or print in block letters)

	 
	 	 
	Address
	 	 
	 

	 	 

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

	 	 	 	 	 
	Date                     , 20___	 	 
	 
	 	 	 	 
	Signature
	 	 	 	 
	 

	 	 

	 	 

 

12Exhibit 10.1

Exhibit 10.1

FIRST AMENDMENT TO

NON-NOTIFICATION FACTORING AND SECURITY AGREEMENT

This First Amendment to Non-Notification Factoring and Security Agreement (“Amendment”) is made and effective as
of December 1, 2009 (“Effective Date”) by and between Great American Group Advisory & Valuation Services, LLC
(“Client”), Lester Friedman, a resident of California (“Guarantor”; Client and Guarantor are collectively referred to
herein as “Obligors”), and Siemens First Capital Commercial Finance, LLC, a Delaware limited liability company
(“Factor”).

WHEREAS, FCC, LLC d/b/a First Capital Western Region, LLC (“Original Factor”) and Client were parties to a
Non-Notification Factoring and Security Agreement, dated May 22, 2007, (as amended, the “Agreement”) pursuant to which
Original Factor purchased Accounts from Client and maked other extensions of credit to Client, which extensions of
credit were secured by security interests upon the Collateral and guaranteed unconditionally by Guarantor; and

WHEREAS, by virtue of a Purchase and Sale Agreement dated June 10, 2009, Original Factor sold, assigned and
transferred to Factor all of Original Factor’s right, title and interest in and to the Agreement and the Factoring
Documents; and

WHEREAS, the parties desire to amend the Agreement as hereinafter set forth.

NOW THEREFORE, in consideration of the mutual conditions and agreements set forth in the Agreement and this
Amendment, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

1. Definitions. Capitalized terms used in this Amendment, unless otherwise defined herein, shall have the
meaning ascribed to such term in the Agreement.

2. Amendments. Subject to the conditions set forth below, the Agreement is amended as follows effective
as of the Effective Date:

(a) Subsection 2.4(a) is hereby amended by deleting the provision in its entirety and inserting the following in
lieu thereof:

For Factor’s services hereunder, Client shall pay and Factor shall be entitled to receive a factoring
commission equal to fifteen hundredths of one percent (.15%) of the gross invoice amount of each Account
(“Commission”). The Commission shall be due and payable to Factor on the date of creation of each Account and
shall be chargeable to Client’s account with Factor.

(b) Subsection 2.4(c) is hereby amended by deleting the provision in its entirety.

(c) Subsection 3.2(a) and Subsection 3.2(b) are hereby amended by deleting the provisions in their entirety and
inserting the following in lieu thereof:

(a) Interest upon the daily net balance of all of Client’s Obligations shall be payable at a rate equal to
the sum of LIBOR (as defined below) plus 4.5%. Interest shall be charged to Client’s account with Factor as of
the last day of each month and shall as of such date constitute Obligations. The interest rate may not be the
lowest or best rate at which Factor calculates interest or extends credit. The interest rate for each calendar
month shall be adjusted (if necessary) on the first day of such calendar month and shall be equal to the
interest rate in effect as of the close of business on the last business day of the immediately preceding
calendar month.

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As used herein, the following terms shall have the following meanings:

“LIBOR” means, at any time, an interest rate per annum equal to the interest rate per annum
(rounded upwards, if necessary, to the nearest 1/100th of 1%) as published in the “Money Rates”
section of The Wall Street Journal (or another national publication selected by Factor) as the one
month London Interbank Offered Rate for United States dollar deposits or such other language (or, if such page
shall cease to be publicly available or, if the information/description contained on such page, in Factor’s
sole judgment, shall cease to accurately reflect such London Interbank Offered Rate, then such rate as reported
by any publicly available recognized source of similar market data selected by Factor that, in Factor’s
reasonable judgment, accurately reflects such London Interbank Offered Rate).”

(b) If during any month, a net credit balance exists (i.e., the Reserve or credit balance exceeds
outstanding Accounts), then Factor shall credit Client’s account as of the last day of each month with interest
at a rate equal to LIBOR.

(d) The Agreement is amended by inserting the following new Subsection 8.3:

8.3 Field Examinations. During the term of this Agreement and so long as there exists or has
existed no Default, Factor may conduct up to two (2) field examinations per Contract Year; provided, however,
that upon the occurrence of a Default and so long as it continues, Factor may conduct additional field
examinations. Client agrees to pay to Factor an audit fee equal to the prevailing market rate, per auditor, per
day (including partial days), plus all of Factor’s out-of-pocket travel and living expenses incurred while
performing each field examination.

(e) Subsection 10.1 is hereby amended by deleting the provision in its entirety and inserting the following in
lieu thereof:

10.1 Term. The Original Term of this Agreement shall be from the date of this Agreement until May
22, 2011, (the “Original Term”) provided that this Agreement shall be extended automatically for additional one
(1) year terms unless written notice of termination is given by Client to Factor at least sixty (60) days, but
not more than ninety (90) days, prior to the end of the Original Term or any extension thereof. Notwithstanding
anything herein to the contrary, Factor may terminate this Agreement (i) at any time after the occurrence of a
Default, or (ii) upon ninety (90) days written notice. Notwithstanding payment in full of all Obligations by
Client, any such notice of termination is conditioned on Client’s delivery, to Factor, of a general release in
a form reasonably satisfactory to Factor. Client understands that this provision constitutes a waiver of its
rights under § 9-513 of the UCC. Factor shall not be required to record any terminations or satisfactions of
any of Factor’s liens on the Collateral unless and until Client has executed and delivered to Factor said
general release and Client shall have no authority to do so without Factor’s express written consent. Any
termination of this Agreement shall not affect Factor’s security interest in the Collateral and Factor’s
ownership of the Accounts, and this Agreement shall continue to be effective, until all transactions entered
into and Obligations incurred hereunder have been completed and satisfied in full. The indemnification
provisions of this Agreement shall survive the termination of this Agreement. All Obligations shall be
immediately due and payable in full upon termination of this Agreement.

3. Conditions. The effectiveness of this Amendment is subject to the following conditions precedent
(unless specifically waived in writing by Factor):

(a) Client shall have executed and delivered such other documents and instruments as Factor may require;

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(b) All proceedings taken in connection with the transactions contemplated by this Amendment and all documents,
instruments and other legal matters incident thereto shall be satisfactory to Factor and its legal counsel; and

(c) No Default shall have occurred and be continuing.

4. Representations and Warranties of Obligors. Each Obligor represents and warrants that (a) no Default
exists under the Agreement; (b) the representations and warranties of Client contained in the Agreement were true and
correct in all material respects when made and continue to be true and correct in all material respects on the date
hereof; (c) the execution, delivery and performance by Client of this Amendment and the consummation of the
transactions contemplated hereby are within the corporate power of Client and have been duly authorized by all
necessary corporate action on the part of Client, do not require any approval or consent, or filing with, any
governmental agency or authority, do not violate any provisions of any law, rule or regulation or any provision of any
order, writ, judgment, injunction, decree, determination or award presently in effect in which Client is named or any
provision of the charter documents of Client and do not result in a breach of or constitute a default under any
agreement or instrument to which Client is a party or by which it or any of its properties are bound; (d) this
Amendment constitutes the legal, valid and binding obligation of Obligors, enforceable against Obligors in accordance
with its terms; (e) all payroll taxes required to be withheld from the wages of Client’s employees have been paid or
deposited when due; (f) each is entering into this Amendment freely and voluntarily with the advice of legal counsel
of his or its own choosing; and (g) each has freely and voluntarily agreed to the releases, waivers and undertakings
set forth in this Amendment.

5. Reaffirmation of Obligations. Client hereby ratifies and reaffirms the Agreement and all of its
obligations and liabilities thereunder. Each Guarantor hereby ratifies and reaffirms the validity, legality and
enforceability of the Guaranty and agrees that such Guaranty is and shall remain in full force and in effect until all
the Obligations have been paid in full. Client and Guarantors acknowledge and agree that all terms and provisions,
covenants and conditions of the Agreement shall be and remain in full force and effect and constitute the legal,
valid, binding and enforceable obligations of Client and each Guarantor that is a party thereto in accordance with
their respective terms as of the date hereof. Although Guarantor has been informed of the matters set forth herein and
has acknowledged and agreed to same, Guarantor understands that Factor has no obligation to inform Guarantor of such
matters in the future or to seek Guarantor’s acknowledgment or agreement to future amendments or waivers, and nothing
herein shall create such a duty. Client shall pay to Factor all costs and expenses, including legal fees, incurred by
Factor in connection with preparation, negotiation and closing of this Amendment.

6. Ratification. The terms and provisions set forth in this Amendment shall modify and supersede all
inconsistent terms and provisions of the Agreement, and shall not be deemed to be a consent to the modification or
waiver of any other term or condition of the Agreement. Except as expressly modified and superseded by this Amendment,
the terms and provisions of the Agreement are ratified and confirmed and shall continue in full force and effect.

7. No Novation, etc. This Amendment is not intended to be, nor shall it be construed to create, a
novation or accord and satisfaction, and the Agreement, as amended hereby, and the Agreement shall remain in full
force and effect. Notwithstanding any prior mutual temporary disregard of any of the terms of any of the Agreement,
the parties agree that the terms of each of the Agreement shall be strictly adhered to on and after the date hereof,
except as expressly modified by this Amendment.

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8. Release of Claims. To induce Factor to enter into this Amendment, each Obligor hereby
releases, acquits and forever discharges Factor, and Factor’s officers, directors, agents, employees, successors and
assigns, from all liabilities, claims, demands, actions or causes of action of any kind (if any there be), whether
absolute or contingent, due or to become due, disputed or undisputed, liquidated or unliquidated, at law or in equity,
or known or unknown, that any one or more of them now have or ever have had against Factor, whether arising under or
in connection with the Agreement or otherwise.

9. Waiver of Limitations Period. Each Obligor hereby waives the benefit of any statute of limitations
that might otherwise bar the recovery of any of the Obligations from any one or more of them.

10. Relationship of Parties; No Third Party Beneficiaries. Nothing in this Amendment shall be construed
to alter the existing debtor-creditor relationship between Client and Factor, nor is this Amendment intended to change
or affect in any way the relationship between Factor and Guarantors to one other than a debtor-creditor relationship.
This Amendment is not intended, nor shall it be construed, to create a partnership or joint venture relationship
between or among any of the parties hereto. No Person other than a party hereto is intended to be a beneficiary hereof
and no Person other than a party hereto shall be authorized to rely upon or enforce the contents of this Amendment.

11. Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid
or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be
confined to the provision so held to be invalid or unenforceable.

12. References. Any reference to the Agreement contained in any document, instrument or agreement
executed in connection with the Agreement, shall be deemed to be a reference to the Agreement as modified by this
Amendment.

13. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall
constitute an original, but all of which taken together shall be one and the same instrument.

14. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns, heirs and personal representatives.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed under seal and delivered by
their respective duly authorized officers, to be effective as of the Effective Date first written above.

	 	 	 	 	 	 	 
	SIEMENS FIRST CAPITAL COMMERCIAL 

FINANCE, LLC	 	GREAT AMERICAN GROUP ADVISORY &
VALUATION SERVICES, LLC
	 
	 	 	 	 	 	 
	By:

	 	Kenneth P. Smooke	 	By:
	 	Lester Friedman
	 

	 	 
	 	 	 	 
	Title:

	 	Senior Account Executive	 	Its:	 	Chief Executive Officer
	 

	 	 
	 	 	 	 

First Amendment

NNFSA — Great American

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ACKNOWLEDGMENT AND AGREEMENT OF GUARANTORS

The undersigned, guarantor of the indebtedness of Great American Group Advisory & Valuation Services, LLC
(“Client”) to Siemens First Capital Commercial Finance, LLC (“Factor”) pursuant to that certain Guaranty Agreement,
dated May 22, 2007 (“Guaranty”), hereby (a) acknowledges receipt of the foregoing First Amendment to Non-Notification
Factoring and Security Agreement; (b) consents to the terms and execution thereof; (c) acknowledges that the
Obligations of Client under the Agreement and his guaranty thereof may have increased; (d) reaffirms his Obligations to
Factor pursuant to the terms of the Guaranty; and (e) acknowledges that Factor may amend, restate, extend, renew or
otherwise modify the Agreement and any indebtedness or agreement of Client, or enter into any agreement or extend
additional or other credit accommodations, without notifying or obtaining the consent of the undersigned and without
impairing the liability of the undersigned under any Guaranty for all of Client’s present and future indebtedness to
Factor.

/s/ Lester Friedman

Lester Friedman

First Amendment

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