Document:

Declaration of Amendement to MiMedx, Inc. 2005 Assumed Stock Plan

 EXHIBIT 10.6 
 DECLARATION OF AMENDMENT 
 TO 
 SPINEMEDICA CORP. 2005 EMPLOYEE, DIRECTOR AND CONSULTANT 
 STOCK PLAN

 (to be known as the MiMedx, Inc. Assumed 2005 Stock Plan) 
 THIS DECLARATION OF AMENDMENT, effective as if the 23rd day of July
2007, by MIMEDX, INC. (the “Company”), to the SpineMedica Corp. 2005 Employee, Director and Consultant Stock Plan (the “Original Plan”). 
 R E C I T A L S: 
 WHEREAS, the Company entered into an Agreement and Plan of Merger (the
“Merger Agreement”) by and among the Company, SpineMedica Corp., a Florida corporation (“SpineMedica”), and SpineMedica, LLC, a Florida limited liability company and wholly-owned subsidiary of the Company (the “Acquisition
Company”); 
 WHEREAS, pursuant to the Merger Agreement, SpineMedica merged with and into the Acquisition Company with
the Acquisition Company surviving the merger as a wholly-owned subsidiary of the Company effective as of July 23, 2007 (the “Merger”); 
 WHEREAS, pursuant to the Merger, the Company assumed the Original Plan and the awards granted under the Original Plan; 
 WHEREAS, the Board of Directors of the Company (the “Board”) has deemed it advisable to amend the Original Plan to (i) change the name of the Original Plan to “MiMedx, Inc. Assumed 2005 Stock Plan
(formerly the “SpineMedica Corp. 2005 Employee, Director and Consultant Stock Plan”),” and (ii) change all references of “SpineMedica Corp.” in the Original Plan to “MiMedx, Inc.”; 
 WHEREAS, Section 30 of the Original Plan authorizes the Board to amend the Original Plan, provided that any amendment required by
Applicable Laws (as defined in the Original Plan) to be approved by the Company’s shareholders shall be approved by the Company’s shareholders; 
 WHEREAS, the Board of the Company has deemed it advisable to amend the Original Plan; and 
 WHEREAS, the Company desires to evidence such amendment of the Original Plan by the Board as set forth in this Declaration of Amendment. 
 NOW, THEREFORE, IT IS DECLARED that, effective as of July 23, 2007, the Original Plan shall be and hereby is amended as follows: 
 1. Name of Plan. The Original Plan shall now be referred to as the “MiMedx, Inc. 2005 Assumed Stock Plan (formerly the SpineMedica Corp. 2005 Employee, Director and Consultant Stock
Plan)” (the “Amended Plan”) and all references to the “SpineMedica Corp. 2005 Employee, Director and Consultant Stock Plan” in the Original Plan shall be changed and be referred to as the “MiMedx, Inc. Assumed 2005
Stock Plan (formerly the SpineMedica Corp. 2005 

  

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Employee, Director and Consultant Stock Plan”)” in the Amended Plan. 
 2. Amendment to Section I. The Amended Plan is hereby amended by deleting the definition of Company in Section 1 in its entirety and inserting the following in lieu thereof:

 “Company means MiMedx, Inc., a Florida corporation.” 
 3. No Future Awards. The Board has declared that no Awards (as defined in the Amended Plan) shall be issued under the Amended Plan
after the effective date of the Merger. 
 4. Continued Effect. Except as set forth herein, the Amended Plan shall
remain in full force and effect. Except as set forth herein, all Awards granted under the Original Plan shall remain in full force and effect in accordance with the terms of the applicable Award Agreement. 
 IN WITNESS WHEREOF, this Declaration of Amendment is executed on behalf of
MiMedx, Inc. and effective as of July 23, 2007. 
  

			
	 MIMEDX, INC.

		
	 By:
	 	 /s/ John C. Thomas, Jr.

		 	 John C. Thomas, Jr., CFO

  

 2Form of Incentive Award Agreement

 Exhibit 10.7 
 SPINEMEDICA CORP. 
 2005 EMPLOYEE, DIRECTOR AND CONSULTANT STOCK PLAN 
 Incentive Stock Option Award Agreement 
 (Employees) 
 THIS AGREEMENT (together with Schedule A, attached hereto, the “Agreement”),
effective as of the date specified as the “Grant Date” on Schedule A attached hereto, between SPINEMEDICA CORP., a Florida corporation (the “Corporation”), and the individual identified on Schedule A attached hereto, an Employee
of the Corporation or an Affiliate (the “Participant”); 
 R E C I T A L S:

 In furtherance of the purposes of the SpineMedica Corp. 2005 Employee, Director And Consultant Stock Plan, as it may be
hereafter amended (the “Plan”), the Corporation and the Participant hereby agree as follows: 
 1. Incorporation
of Plan. The rights and duties of the Corporation and the Participant under this Agreement shall in all respects be subject to and governed by the provisions of the Plan, the terms of which are incorporated herein by reference. In the event of
any conflict between the provisions in the Agreement and those of the Plan, the provisions of the Plan shall govern. Unless otherwise defined herein, capitalized terms in this Agreement shall have the same definitions as set forth in the Plan.

 2. Grant of Option; Term of Option. The Corporation hereby grants to the Participant pursuant to the Plan, as a
matter of separate inducement and agreement in connection with his or her employment or service to the Corporation, and not in lieu of any salary or other compensation for his or her services, the right and Option (the “Option”) to
purchase all or any part of such aggregate number of shares (the “Shares”) of common stock of the Corporation (the “Common Stock”) at a purchase price (the “Option Price”) as specified on Schedule A, attached hereto,
and subject to such other terms and conditions as may be stated herein or in the Plan or on Schedule A. The Participant expressly acknowledges that the terms of Schedule A shall be incorporated herein by reference and shall constitute part of
this Agreement. The Corporation and the Participant further acknowledge and agree that the signatures of the Corporation and the Participant on the Grant Notice contained in Schedule A shall constitute their acceptance of all of the terms of this
Agreement and their agreement to be bound by the terms of this Agreement. The Option (or any portion thereof) shall be designated as an Incentive Option, as stated on Schedule A. To the extent that the Option or any portion thereof is designated
as an Incentive Option and such Option does not qualify as an Incentive Option, the Option or portion thereof shall be treated as a Nonqualified Option. Except as otherwise provided in the Plan or this Agreement, this Option will expire if not
exercised in full by the Expiration Date specified on Schedule A. 
 3. Exercise of Option. Subject to the terms of
the Plan and this Agreement, the Option shall become exercisable on the date or dates, and subject to such conditions, as are set forth on Schedule A attached hereto. To the extent that an Option which is exercisable is not 

 
exercised, such Option shall accumulate and be exercisable by the Participant in whole or in part at any time prior to expiration of the Option, subject to
the terms of the Plan and this Agreement. The Participant expressly acknowledges that the Option may vest and be exercisable only upon such terms and conditions as are provided in this Agreement and the Plan. Upon the exercise of an Option in
whole or in part and payment of the Option Price in accordance with the provisions of the Plan and this Agreement, the Corporation shall, as soon thereafter as practicable, deliver to the Participant a certificate or certificates for the Shares
purchased. Payment of the Option Price may be made (i) in cash or by cash equivalent; and, where permitted by applicable law, payment may also be made (ii) by delivery (by either actual delivery or attestation) of shares of Common Stock
owned by the Participant (subject to such terms and conditions, if any, as may be determined by the Administrator); (iii) by shares of Common Stock withheld upon exercise but only if and to the extent that payment by such method does not result
in variable accounting or other accounting consequences deemed unacceptable to the Corporation; (iv) in the event that a Public Market (as defined in the Plan) for the Common Stock exists, by delivery of written notice of exercise to the
Corporation and delivery to a broker of written notice of exercise and irrevocable instructions to promptly deliver to the Corporation the amount of sale or loan proceeds to pay the Option Price; (v) by such other payment methods as may be
approved by the Administrator and which are acceptable under applicable law; or (vi) by any combination of the foregoing methods. Shares delivered or withheld in payment of the Option Price shall be valued at their Fair Market Value on the date
of exercise, determined in accordance with the terms of the Plan. 
 4. No Right of Employment or Service; Forfeiture of
Option. Neither the Plan, this Agreement nor any other action related to the Plan shall confer upon the Participant any right to continue in the employment or service of the Corporation or an Affiliate or interfere with the right of the
Corporation or an Affiliate to terminate the Participant’s employment or service at any time. Except as otherwise expressly provided in the Plan or this Agreement or as determined by the Administrator, all rights of the Participant with respect
to the Option shall terminate upon termination of the employment of the Participant with the Corporation or an Affiliate. Notwithstanding any thing to the contrary herein or in the Plan, if Participant’s employment with the Corporation
terminates for any reason prior to the expiration of ninety (90) days from the date of commencement of Participant’s employment, then all Options granted, whether or not vested, shall upon such termination be forfeited in full and shall no
longer be of any force or effect. 
 5. Termination of Employment. Unless the Administrator determines otherwise, the
Option shall not be exercised unless the Participant is, at the time of exercise, an Employee and has been an Employee continuously since the date the Option was granted, subject to the following: 
 (a) The employment relationship of the Participant shall be treated as continuing intact for any period that the
Participant is on military or sick leave or other bona fide leave of absence, provided that the period of such leave does not exceed 90 days, or, if longer, as long as the Participant’s right to reemployment is guaranteed either by statute or
by contract. The employment relationship of the Participant shall also be treated as continuing intact while the Participant is not in active service because of 

  

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Disability. The Administrator shall have sole authority to determine whether the Participant is disabled and, if applicable, the Participant’s
Termination Date. 
 (b) Unless the Administrator determines otherwise (subject to any requirements imposed
under Code Section 409A), if the employment of the Participant is terminated because of Disability or death, the Option may be exercised only to the extent vested and exercisable on the Participant’s Termination Date. The Option must be
exercised, if at all, prior to the first to occur of the following, whichever shall be applicable (X) the close of the period of one year next succeeding the Termination Date; or (Y) the close of the Option Period. In the event of the
Participant’s death, the Option shall be exercisable by such person or persons as shall have acquired the right to exercise the Option by will or by the laws of intestate succession. 
 (c) Unless the Administrator determines otherwise (subject to any requirements imposed under Code Section 409A), if
the employment of the Participant is terminated for any reason other than Disability, death or for Cause, the Option may be exercised to the extent vested and exercisable on his or her Termination Date. The Option must be exercised, if at all, prior
to the first to occur of the following, whichever shall be applicable: (X) the close of the period of three months next succeeding the Termination Date; or (Y) the close of the Option period. If the Participant dies following such
termination of employment and prior to the date specified in (X) of this subparagraph (c), the Participant shall be treated as having died while employed under subparagraph (b) immediately preceding (treating for this purpose the
Participant’s date of termination of employment as the Termination Date). In the event of the Participant’s death, the Option shall be exercisable by such person or persons as shall have acquired the right to exercise the Option by will or
by the laws of intestate succession. 
 (d) Unless the Administrator determines otherwise (subject to any
requirements imposed under Code Section 409A), if the employment of the Participant is terminated for Cause, the Option shall lapse and no longer be exercisable as of his or her Termination Date, as determined by the Administrator. 

6. Notice of Disposition. To the extent that this Option is designated as an Incentive Option, if Shares of Common Stock
acquired upon exercise of the Option are disposed of within two years following the date of grant or one year following the transfer of such Shares to the Participant upon exercise, the Participant shall, promptly following such disposition, notify
the Corporation in writing of the date and terms of such disposition and provide such other information regarding the disposition as the Administrator may reasonably require. 
 7. Limitation on Incentive Options. In no event shall there first become exercisable by the Participant in any one calendar year Incentive Options granted by the Corporation or any Parent
or Subsidiary with respect to shares having an aggregate Fair Market Value (determined at the time an Incentive Option is granted) greater than $100,000. To the extent that any Incentive Options are first exercisable by the Participant in excess of
such limitation, the excess shall be considered a Nonqualified Option. 
  

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 8. Nontransferability of Option. To the extent that this Option is designated as
an Incentive Option, the Option shall not be transferable (including by sale, assignment, pledge or hypothecation) other than by will or the laws or intestate succession, or, in the Administrator’s discretion, as may otherwise be permitted in
accordance with Section 422 of the Code and related regulations. To the extent that this Option is treated as a Nonqualified Option, the Option shall not be transferable (including by sale, assignment, pledge or hypothecation) other than by
will or the laws of intestate succession, except as may be permitted by the Administrator in a manner consistent with the registration provisions of the Securities Act of 1933, as amended (the “Securities Act”). Except as may be permitted
by the preceding, the Option shall be exercisable during the Participant’s lifetime only by him or her or by his or her guardian or legal representative. The designation of a beneficiary in accordance with the Plan does not constitute a
transfer. 
 9. Superseding Agreement; Binding Effect. This Agreement supersedes any statements, representations or
agreements of the Corporation with respect to the grant of the Option or any related rights, and the Participant hereby waives any rights or claims related to any such statements, representations or agreements. This Agreement does not supersede or
amend any existing confidentiality agreement, nonsolicitation agreement, noncompetition agreement, employment agreement or any other similar agreement between the Participant and the Corporation, including, but not limited to, any restrictive
covenants contained in such agreements. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective executors, administrators, heirs, successors and assigns. 
 10. Governing Law. Except as otherwise provided in the Plan or herein, this Agreement shall be construed and enforced according to
the laws of the State of Florida, without regard to the conflict of laws provisions of any state, and in accordance with applicable federal laws of the United States. 
 11. Amendment and Termination: Waiver. Subject to the terms of the Plan, this Agreement may be modified or amended only by the written agreement of the parties hereto. The waiver by the
Corporation of a breach of any provision of the Agreement by the Participant shall not operate or be construed as a waiver of any subsequent breach by the Participant. Notwithstanding the foregoing, the Administrator shall have unilateral authority
to amend the Plan and this Agreement (without Participant consent) to the extent necessary to comply with applicable law or changes to applicable law (including but in no way limited to Code Section 409A, Code Section 422 and federal
securities laws). 
 12. No Rights as Stockholder. The Participant and his or her legal representatives, legatees and
distributees shall not be deemed to be the holder of any Shares subject to the Option and shall not have any rights of a stockholder unless and until certificates for such Shares have been issued and delivered to him or her or them. 
 13. Withholding: Tax Matters. 
 (a) The Participant acknowledges that the Corporation shall require the Participant to pay the Corporation in cash the amount of any tax or other amount required by any governmental authority to
be withheld and paid over by the Corporation to such 

  

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authority for the account of the Participant, and the Participant agrees, as a condition to the grant of the Option and delivery of the Shares or any other
benefit, to satisfy such obligations. Notwithstanding the foregoing, the Corporation may establish procedures to permit the Participant to satisfy such obligations in whole or in part, and any other local, state, federal, foreign or other income tax
obligations relating to the Option, by electing (the “election”) to have the Corporation withhold shares of Common Stock from the Shares to which the Participant is entitled. The number of Shares to be withheld shall have a Fair Market
Value as of the date that the amount of tax to be withheld is determined as nearly equal as possible to (but not exceeding) the amount of such obligations being satisfied. Each election must be made in writing to the Administrator in accordance with
election procedures established by the Administrator. 
 (b) The Participant acknowledges that the Corporation
has made no warranties or representations to the Participant with respect to the tax consequences (including, but not limited to, income tax consequences) related to the transactions contemplated by this Agreement, and the Participant is in no
manner relying on the Corporation or its representatives for an assessment of such tax consequences. The Participant acknowledges that there may be adverse tax consequences upon acquisition or disposition of the Shares subject to the Option and that
the Participant should consult a tax advisor prior to such exercise or disposition. The Participant acknowledges that he or she has been advised that he or she should consult with his own attorney, accountant, and/or tax advisor regarding the
decision to enter into this Agreement and the consequences thereof. The Participant also acknowledges that the Corporation has no responsibility to take or refrain from taking any actions in order to achieve a certain tax result for the Participant.

 14. Administration. The authority to construe and interpret this Agreement and the Plan, and to administer all
aspects of the Plan, shall be vested in the Administrator, and the Administrator shall have all powers with respect to this Agreement as are provided in the Plan. Any interpretation of the Agreement by the Administrator and any decision made by it
with respect to the Agreement is final and binding. 
 15. Notices. Except as may be otherwise provided by the Plan or
determined by the Administrator, any written notices provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first
class mail. Notices sent by mail shall be deemed received three business days after mailed but in no event later than the date of actual receipt. Notices shall be directed, if to the Participant, at the Participant’s address indicated on
Schedule A (or such other address as may be designated by the Participant in a manner acceptable to the Administrator), or, if to the Corporation, at the Corporation’s principal office, attention Chief Financial Officer, SpineMedica Corp.
Notice may also be provided by electronic submission, if and to the extent permitted by the Administrator. 
 16.
Severability. The provisions of this Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and
enforceable. 
  

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 17. Restrictions on Option and Shares. The Corporation may impose such
restrictions on the Option and the Shares or other benefits underlying the Option as it may deem advisable, including without limitation restrictions under the federal securities laws, the requirements of any stock exchange or similar organization
and any blue sky, state or foreign securities laws applicable to such Option or Shares. Notwithstanding any other provision in the Plan or the Agreement to the contrary, the Corporation shall not be obligated to issue, deliver or transfer shares of
Common Stock, to make any other distribution of benefits, or to take any other action, unless such delivery, distribution or action is in compliance with all applicable laws, rules and regulations (including but not limited to the requirements of
the Securities Act). The Corporation may cause a restrictive legend to be placed on any certificate for Shares issued pursuant to the exercise of the Option in such form as may be prescribed from time to time by applicable laws and regulations or as
may be advised by legal counsel. 
 18. Effect of Changes in Status. Unless the Administrator, in its sole discretion,
determines otherwise (or unless required by Code Section 409A), the Option shall not be affected by any change in the terms, conditions or status of the Participant’s employment, provided that the Participant continues to be in the employ
of the Corporation or an Affiliate. Without limiting the foregoing, the Administrator has sole discretion to determine, subject to Code Section 409A, at the time of grant of the Option or at any time thereafter, the effect, if any, on the
Option if the Participant’s status as an Employee changes, including but not limited to a change from full-time to part-time, or vice versa, or if other similar changes in the nature or scope of the Participant’s employment occur.

 19. Right of Offset. Notwithstanding any other provision of the Plan or the Agreement, the Corporation may reduce
the amount of any payment otherwise payable to or on behalf of the Participant by the amount of any obligation of the Participant to the Corporation that is or becomes due and payable and the Participant shall be deemed to have consented to such
reduction. 
 20. Counterparts; Further Instruments. This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The parties hereto agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out
the purposes and intent of this Agreement. 
 [Signatures of the Corporation and the Participant follow on Schedule A/Grant Notice.] 

  

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 SPINEMEDICA CORP. 
 2005 EMPLOYEE, DIRECTOR AND CONSULTANT STOCK PLAN 
 Incentive Stock Option Agreement

 (Employees) 
 Schedule A/Grant Notice 
 1. Pursuant to the terms and conditions of the Corporation’s 2005
Employee, Director And Consultant Stock Plan (the “Plan”), you (the “Participant”) have been granted an option (the “Option”) to purchase             
shares (the “Shares”) of our Common Stock as outlined below. 
  

							
	 Name of Participant:
	 	  

	 Address:
	 	  

		 	  

		 	  

	 Grant Date:
	 	  
	 	 , 20    

	 Number of Shares Subject to Option:
	 	  

	 Option Price:
	 	 $
	 	  

	 Type of Option:
	 	 Incentive Stock Option

	 Expiration Date (Last day of Option Period):
	 	  
	 	 , 20    

	 Vesting Schedule/Conditions:
	 	  

		 	  

		 	  

 2. By my signature below, I, the Participant, hereby acknowledge receipt of this
Grant Notice and the Option Award Agreement (the “Agreement”) dated                  , 200  , between the Participant and
SpineMedica Corp. (the “Corporation”) which is attached to this Grant Notice. I understand that the Grant Notice and other provisions of Schedule A herein are incorporated by reference into the Agreement and constitute a part of the
Agreement. By my signature below, I further agree to be bound by the terms of the Plan and the Agreement, including but not limited to the terms of this Schedule A/Grant Notice. The Corporation reserves the right to treat the Option and the
Agreement as cancelled, void and of no effect if the Participant fails to return a signed copy of the Grant Notice within 30 days of grant date stated above. 
  

									
	 Signature:
	 	  
	 		 	 Date:
	 	  

				
		 		 		 	 Agreed to by:

				
		 		 		 	 SPINEMEDICA CORP.

					
		 		 		 	 By:
	 	  

	 Attest:
	 		 		 	 Steve Gorlin, CEO

				
	  
	 		 		 	
	 Secretary
	 		 		 		 	

 The following officers and directors were granted qualified stock options under the MiMedx, Inc. 2005
Assumed Stock Plan (formerly the SpineMedica Corp. 2005 Employee, Director and Consultant Stock Plan) 
  

							
	Name	  	Exercise Price	  	Number of Options	  	 
	 Steve Gorlin
	  	$1.80	  	247,314	  
	 Matt Miller
	  	$1.80	  	61,828	  
	 John Thomas
	  	$1.80	  	61,828	  
	 Lew Bennett
	  	$1.44	  	247,314	  
	 Rebeccah Brown
	  	$1.80	  	463,713

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