Document:

Technology License Agreement

 EXHIBIT 10.32 
 TECHNOLOGY LICENSE AGREEMENT 
 BETWEEN 
 SHRINERS HOSPITALS FOR CHILDREN 
 and 
 UNIVERSITY OF SOUTH FLORIDA RESEARCH FOUNDATION 
 As Licensors 
 AND 
 MIMEDX, INC. 
 As Licensee 
 This Technology License Agreement (this “License Agreement”) is made effective as of the 29th day of January, 2007 (the
“Effective Date”), by and between SHRINERS HOSPITALS FOR CHILDREN, a Florida corporation and UNIVERSITY OF SOUTH FLORIDA RESEARCH FOUNDATION, INC., a corporation not for profit under Chapter 607 Florida Statutes, and a direct support
organization of the University of South Florida (“University”) pursuant to section 1004.28 Florida Statutes (hereinafter referred to as “RESEARCH FOUNDATION”) (jointly and severally, “Licensor”), and MIMEDX, INC, a
Florida corporation (the “Licensee”). 
 RECITALS: 
 A. Licensor owns or has rights in and to certain technology, including the nordihydroguaratic acid and/or polymer-enhanced collagen processes, compositions and products and/or other biocompatible
materials and devices arising from research and work performed or directed by, or with help from, Dr. Thomas Koob (“Dr. Koob”) or his laboratory while he was affiliated with Licensor, as will be further defined below in the definition
of “Licensed. Technology.” 
 B. Licensor desires to grant Licensee, and Licensee desires to receive from Licensor,
an. exclusive perpetual worldwide license to the Licensed Technology to manufacture, have manufactured, market, use, offer to sell and sell, Licensed Products pursuant to the terms and conditions herein set forth. 
 Section 1. Definitions. 
 1.1 “Affiliate” means, with respect to any Person, a Person who controls, is controlled by, or is under common control with, such Person. For purposes of the definition of “Affiliate,” control
means the ability to vote or control the vote of more than 50% of the voting securities of such Person. 

 1.2 “Background Technology” means all inventions, innovations, trade secrets,
patents, patent applications. Know How, materials and other Intellectual Property that is now as of the Effective Date of this Agreement, owned or co-owned by Licensor or that Licensor licensed or otherwise has any rights directly related to the
Patents or development of products or processes utilizing or related to the Licensed Technology. A list of Background Technology is attached as Schedule 5.2. 
 1.3 “Confidential Information” means all confidential information comprised in relating to or arising out of, the Background Technology, Know-How, Improvements, or other intellectual
Property, that is proprietary to Licensor or licensed to Licensor by any Person and that is not generally known to the public. 
 1.4 “Cure Period” has the meaning set forth in Section 4.2. 
 1.5 “Effective Date” means
the effective date of this License Agreement, as set out above. 
 1.6 “FDA” means the United States Food and Drug
Administration. 
 1.7 “Improvements” means any enhancements, additions, modifications, supplements or improvements
to processes or products including all or any of the Licensed Technology, which are: (1) presently in development or hereafter developed by either Licensor; (2) which are not subject to any contrary funding restriction; and (3) which
are made by any person employed by Licensor who is identified as an inventor or reporting to an inventor or subordinate to an inventor under patents existing or arising from Sections 1.12 b, e, d, and e of the Licensed Technology which invention is
dominated by any claim under patents existing or arising from Sections 1.12 b, e, d, and e of the Licensed Technology such that it cannot be practiced without infringing on a valid claim in the Licensed Technology. 
 1.8 “Intellectual Property” means any and all of the following: inventions, innovations, discoveries, patents and utility
models and applications therefore existing now and all reissues, divisions, re-examinations, renewals, extensions; provisionals, continuations and continuations-in-part thereof and equivalent or similar rights anywhere in the world in the existing
inventions and discoveries. Intellectual Property shall also include all Background Technology, Know-How, Improvements, Confidential Information, all copyrights, copyright registrations and applications therefore and all other rights corresponding
thereto throughout the world, and all other intellectual property and proprietary rights whatsoever, pertaining to any of them, whether patentable or nonpatentable. Intellectual Property includes all documentation, engineering, scientific and
practical information and formulas, Models, prototypes, research data, design, and manufacturing procedures, techniques, raw material data, specifications and expertise, in any such use, now or hereafter existing and related directly to, the
foregoing made by any person employed by Licensor who is identified as an inventor or reporting to an inventor or subordinate to an inventor under the patents existing or arising from Sections:1.12 h, c, d, and c of the Licensed Technology which is
dominated by any claim under patents existing or arising from Sections 1.12 b, c, d, and e of the Licensed Technology such that it cannot be practiced without infringing on a valid claim in the Licensed Technology Any required technology transfer of
Intellectual Property including Patents, Background, Know How, Improvements and 

  

 - 2 - 

 
Confidential Information shall be at the additional expense of the Licensee. Notwithstanding the foregoing, Intellectual Property expressly excludes new
patentable or copyrightable inventions arising after the Effective Date of the License Agreement not included within the definition of Improvements. 
 1.9 “Know-How” means technical and other information or knowledge made by any person employed by Licensor who is identified as an inventor or reporting to an inventor or subordinate to an inventor under the
patents existing or arising from Sections 1.12 b, c, d, and a of the Licensed Technology, which Know-How is dominated by any claim under the patents existing or arising from Sections 1.12 b, c, d, and e of the Licensed Technology such that it cannot
be practiced without infringing on a valid claim in the Licensed Technology, and which Know-How is created prior to or after the Effective Date of this Agreement which is not in the public domain including all trade secrets, information and
knowledge comprising or relating to concepts, non patentable discoveries, data, designs, formulae, methods, models, assays, research plans, procedures, designs for experiments and tests and results of experimentation and testing (including results
of research or development) processes (including manufacturing processes, specifications and techniques), laboratory records, chemical, clinical, analytical and quality data, trial data, case report forms, data analyses, reports, manufacturing data,
or summaries and information contained in submissions to and information from regulatory authorities, and includes any rights including copyright, database or design rights protecting any of the foregoing. The fact that an item is known to the
public shall not be taken to exclude the possibility that a compilation including the item, or a development relating to the item, is or remains not known to the public. Notwithstanding the foregoing, Know-How expressly excludes new patentable or
copyrightable inventions arising after the Effective Date of the License Agreement not included within the definition of Improvements. 
 1.10 “License Agreement” means this Technology License Agreement, as may be amended from time to time. 
 1.11 “Licensed Product” means any medical device or product that is covered by or made by a process covered by a valid claim in an unexpired enforceable Patent in the Intellectual Property. If a Licensed
Product is covered by at least one claim in a pending published patent application at a time of commercial sale, and that claim subsequently issues in a Patent substantially as published such that it is subject to provisional royalties under 35
U.S.C. 154(d), then, except that no double royalty shall be due if the Licensed Product is covered by more than one Patent, royalties that would have been due had the pending application been an issued Patent, shall be due retroactively at issuance.

 1.12 “Licensed Technology” means, individually and collectively, the Intellectual Property, as defined above,
relating to any of the items listed below: 
 (a) all existing patent applications and patents associated with
technology related to nordihydroguaratic acid (“NDGA”) coatings, devices, scaffolds, substrates, or other materials and/or polymer treated collagen material for medical devices, implants, prosthesis and/or constructs and methods for making
same; 
  

 - 3 - 

 (b) U.S. Patent Nos. 6,565,960 and 6,821,530, including any
reexaminations, reissues and extensions thereof; 
 (c) U.S. Provisional Application Serial No 60/805,494,
filed 6/22/06, entitled NDGA-REINFORCED COLLAGEN SCAFFOLD, co-owned with the University of South Florida; 
 (d) The following existing Records of Medical Inventions submitted to Licensor naming Dr. Koob as an inventor or a PI (Principle Investigator): 
 (1) Bioprosthesis for Replacement or Augmentation of Tendons and Ligaments; 
 (2) Biocompatible Drug Delivery Vehicle Composed of NIXIA Polymerized Collagen Fibers, related to the provisional identified under (c) above; 
 (3) Manufacturing Method for high strength NDGA polymerized collagen fibers as also described in Provisional Application
Serial No 60/883A08, tiled 1/4/07; 
 (4) Extension of “Manufacturing method for high strength NDGA
polymerized collagen fillers” (Shriners Ref No MR 0616, MR - 0479)) as also described in U.S. Provisional Application Serial No. 60/883,408, filed 1/4/07; 
 (5) Braided NDGA-collagen ribbons for ligament repair (Shriners Ref No. MR-0674) as also described in U.S.
Provisional Application Serial No. 60/882,065, filed 12/27/06; and 
 (6) BioRivets of NDGA-collagen
fibers (Shriners Ref No. MR-0675); 
 (e) Corneal replacement technology, which is the subject of a grant
application under review by the National Institute of Health (“NW”), which lists Dr. Koob as a Co-Principal Investigator for which the University of South Florida (“USF”) has filed a U.S. Provisional. Application Serial
No. 60/767,234 on 3/13/06, with Thomas 3. Koob, Ph.D, (“Dr. Koob”) as a co-inventor; 
 (f) all
other Intellectual Property, including without limitation, Background Technology, Know-How, and Improvements relating to any of the foregoing; and 
 (g) all future U.S. and foreign patent applications filed for and/or patents issuing for any of the above. 
 1.13 “Licensee Indemnitees” has the meaning set forth in Section 6.1. 
 1.14 “Licensor Indemnitees” has the meaning set forth in Section 6.2. 
 1.15
“Losses” has the meaning set forth in Section 6.1. 
  

 - 4 - 

 1.16 “Net Sales” means the gross revenue actually received for the sale of
licensed Products by Licensee and its sublicensees during a relevant period of time; excluding (i) sales, use occupation or excise tax directly imposed and with reference to particular sales, (ii) duties or other governmental charges
directly imposed and with reference to particular sales, (iii) prepaid or allowed freight (to the extent included in the amount billed the third party customer), postage, duty or insurance included therein, (iv) returns, discounts,
rebates, and discounts actually allowed, refunds, credits or repayments due to rejections, defects or returns, and net of amounts previously included in Net Sales that were written-off during such period as collectible. Licensor is due one royalty
as defined in this License Agreement on the sales of the same Licensed Products whether paid directly by the Licensee or by a sublicensee. No deductions shall be made for commissions paid to individuals whether they are with independent sales
agencies or regularly employed by LICENSEE and on its payroll, or for cost of collections. If the Licensed Product., is commercially used by, sold or leased to any Person for a consideration other than money, Net Sales shall be the gross selling
price of comparable Licensed Products sold in arm’s length transactions by Licensee or, if no sales or leases of comparable Licensed Products have been made, then the fair market value thereof except that this latter provision shall apply only
to commercial use and shall not apply to Licensed Products transferred, conveyed or otherwise used by third parties for research, development and/or clinical trials performed on behalf of or for Licensee. Licenses or assignments hereof to an
Affiliate of Licensee who is not an end user shall not be included in Net Sales. 
 1.17 “New Patent(s)” means any
patent(s) issuing from patent applications filed after the Effective date of this License Agreement for any of the record of invention disclosures and/or provisional applications enumerated in the definition of “Licensed Technology” or any
Improvements developed by or for Licensor whether wholly or partially owned by Licensor or co-owned with Licensee. The Parties shall fully cooperate with each other with regard to such application and prosecution of the New Patents. The term
“Co-owned Patent” means a patent(s) owned by and/or assigned to either or both of the University of South Florida and the Licensor and Licensee (or a successor in interest of any of them) based on the laws of inventorship and ownership.

 1.18 “Parties” means Licensor and Licensee, and “Party” means either one of them. 
 1.19 “Patent” or “Patents” means, individually, in combination, or collectively, as the ease may be: (a) U.S.
Patent Nos. 6,565,960 and 6,821, 530; (b) any future patent claiming priority to one or more of the pending applications listed at 1,12, including: 
 (a) Method of Manufacturing High-Strength NDGA Collagen Fibers, 60/883,408, filed 1/4/07; 
 (b) Braided NDGA-Collagen Fibers, 60/882,065, filed 12/27/06; 
 (c) NDGA Reinforced Collagen Scaffold, 601805,495 filed 6/22/06; and 
 (d) Corneal Replacement,
60/767,234 files 3/13106; 
 (c) any future patent issuing claiming subject matter described in any record of invention listed at 1.12;
and (d) any other New Patent. 
  

 - 5 - 

 1.20 “Person” means an individual, partnership, corporation, business trust,
limited liability company, limited liability partnership, joint stock company, trust, unincorporated association, joint venture or other entity or a government agency, 
 1.21 “Rules” has the meaning set forth in Section 8.6. 
 1.22 “Third Party” means any Person, firm or entity other than the Parties. 
 Section 2.
Licenses. 
 2.1 Licensor hereby grants to Licensee an exclusive, perpetual as to Know How except as terminable under
Section 4.2 below and terminable as to Patents as stated in Section 4.1 below, and fully-paid, except with respect to sublicenses and royalties and any other conditions of this License Agreement, license, with unlimited right to
sublicense, in and to the Licensed Technology: (i) to practice and use the Licensed. Technology anywhere in the world; (ii) to use manufacture, have manufactured, market, offer for sale and sell Licensed Products anywhere in the world; and
(iii) to export from and import into the United States, Licensed Products (the “License”), The License hereby granted covers all applications, uses, activities, products, devices and processes whatsoever without limitation. This
License shall automatically apply to any future patent applications, patents, divisions, reissues, provisionals, continuations, continuations-in-part, renewals and extensions thereof by Licensor in the United States and elsewhere that are included
in the Licensed Technology. Licensor reserves for itself, The University of South Florida, and the inventors the right to practice under the Licensed Technology for noncommercial research and education purposes, including research for non-profit or
governmental sponsors. Except as provided in the preceding sentence, Licensor shall not itself, nor shall it directly or indirectly assist or consent to any Third Party, to manufacture, have manufactured, market, offer for sale or sell Licensed
Products or otherwise practice and use the Licensed. Technology in any commercial manner anywhere in the world, and Licensor shall (to the extent known to Licensor and within Licensor’s control) expressly prohibit any Third Party from so doing,
unless and only to the extent that such Third Party purchases such Licensed Products from Licensee for the express purposes of so doing. 
 2.2 Licensor shall disclose to Licensee on a continuing and regular basis (but no less frequently than semiannually), all Know-How and Improvements in the Licensed Technology developed or acquired by or for Licensor
after the Effective Date. 
 Section 3. Consideration. In consideration of the License and other rights granted
hereby, Licensee shall pay or provide Licensor the following: 
 3.1 License Fee. Licensee has prior to the Effective
Date paid to Licensor an upfront, one-time license fee of $100,000, receipt of all of which is hereby acknowledged by licensor. 
 3.2 Milestone Payment. Within thirty (30) days after the receipt by Licensee of the approval of the FDA allowing the sale of the first Licensed Product, Licensee will pay to Licensor a one-time milestone payment of $200,000, by
check or wire transfer of immediately available funds to an account designated by Licensor in writing. 
  

 - 6 - 

 3.3 Equity Interest. Upon the execution and delivery of this: License Agreement,
Licensee shall issue to Licensor such number of shares of common stock of Licensee constituting eight percent (8%) of the issued and outstanding equity interest in Licensee, pursuant to a subscription agreement to be executed and delivered by
Licensor to Licensee. The subscription agreement shall provide, among other things, that Licensor’s percentage interest in Licensee shall not be diluted prior to such time as Licensee has raised $5,000,000 in equity capital. Thereafter,
Licensor’s equity interest shall be subject to proportional dilution. 
 3.4 Royalty. Licensee shall pay to
Licensor a. quarterly royalty payment equal to three percent (3%) of the Net Sales for the preceding quarter after the first commercial sale of the Licensed Products. Licensee shall pay a reduced royalty of one and one half percent
(1.5%) for Licensed Products covered by a Co-owned Patent which is invented a) more than one year after the Effective Date of this License Agreement and b) where the invention claimed was invented. at Licensee’s physical facilities or at
the physical facilities of a third party under contract with Licensee, where such third party is not the Licensors, the University, or utilizing Licensor’s or University employees, students, or support. in the event a Licensed Product is
covered by more than one Patent, the highest royalty rate under this Section 3.4 shall apply. Within thirty (30) days after the end of each calendar quarter, Licensee shall provide Licensor with a written report indicating the amount of
the Net Sales for the preceding calendar quarter and the .mount of the royalty payment due for such period. Together with such report, Licensee shall pay to Licensor the amount of royalty payment then due in accordance with this Section 3.4. No
multiple royalties shall be due and payable because any Licensed Product is covered by more than one Patent of the Intellectual Property. The royalty payments provided for herein shall terminate on a country by country basis upon the expiration of
the Patent(s) which cover the Licensed Product in each such country, but such expiration shall not affect any royalty payable in any other country or jurisdiction. 
 3.5 Sublicense Fee. Licensor shall receive twenty-five (25%) of any upfront, one-time sublicense fee that Licensee receives upon the granting of any sublicense to the Licensed
Technology by Licensee to any third party fur commercial purpose & No sublicense fees shall be payable with respect to sublicenses granted solely for research and development of a Licensed Product. Such payment shall be due and payable within
thirty (30) days after the receipt by Licensee of the sublicense fee from its sublicensee. Together with the delivery of the payment pursuant to this Section 3.5, Licensee shall, deliver to Licensor a statement, setting forth the identify
of the Sublicensee and the amount of the upfront, one time sublicense fee due and payable pursuant to the sublicense agreement. 
 3.6 Diligence. Licensee shall use commercially reasonable efforts to bring one or more Licensed Products to market through a thorough, vigorous, and diligent program for exploitation of the Intellectual Property and Licensed
Technology and to meet the milestones contained in Schedule 5.3. Licensee shall report on the progress of the commercialization of the technology once per year beginning on the first anniversary of the Effective Date. And provide such details as
activities completed since last report, activities currently under investigation, future development activities, estimated total development time remaining, changes to initial development and funding efforts if applicable. 
  

 - 7 - 

 Section 4. Term of Agreement. 
 4.1 Term. The term of this License Agreement shall commence as of the Effective Date and shall remain in full force, unless sooner
terminated under section 4,2, provided that the License granted hereby shall terminate on a country by country basis as to any Patent or portion thereof upon the expiration thereof in each such country, but such expiration shall not affect the
License granted hereby with respect to (i) such Patent or portion thereof in any country in which such Patent or portion thereof remains effective; or (ii) the remainder of the life of the remaining portion of the Licensed Technology apart
from the Patents. 
 4.2 Termination. 
 (a) Licensee may terminate the License granted herein at any time, in whole or in part, on three month’s written
notice to Licensor. 
 (b) Licensor shall have the right to terminate this License Agreement, or the License
granted hereunder, in the event of a breach hereof by Licensee but Licensor have no right of termination or injunctive relief until after Licensor shall have given Licensee notice, of any alleged breach hereof by Licensee, and Licensee shall have a
period of sixty (60) days after the date of termination of mediation efforts under Section 8.6 hereof within which to cure such breach (the “Cure Period”). 
 (c) Upon termination of this License Agreement for any reason, nothing herein shall be construed to release either party
from any obligation that matured prior to the effective date of such termination. 
 4.3 Preservation of License in
Bankruptcy. 
 (a) If Licensor should file a petition under the bankruptcy laws or any debtor protection
laws, or if any involuntary petition shall be filed against. Licensor, Licensee shall be protected in the continued enjoyment of its, rights as licensee hereunder to the maximum feasible extent including, without limitation, if Licensee so elects,
the protection conferred upon licensees under Section 365(n) of Title 11 of the U.S. Code, or any similar provision of any applicable law. Licensor shall give Licensee reasonable prior notice of the filing of any voluntary petition, and prompt
notice of the filing of any involuntary petition, under any bankruptcy laws or debtor protection laws. 
 (b)
If Licensee should file a petition under the bankruptcy laws or any debtor protection laws, or if any involuntary petition shall be filled against Licensee, Licensor may consider such action a breach and may terminate Licensee’s interest in the
License Agreement if Licensor so chooses. 
 (c) If Licensee should permanently cease to conduct business
operations, Licensor may consider such action a breach and may terminate Licensee’s interest in the License Agreement if Licensor so chooses 
  

 - 8 - 

 (d) The Patents as well as the License granted herein shall be deemed to
be “intellectual property” as that term is defined in Section 101(56) of Tile 11 of the U.S. Code or any successor provision. 
 Section 5. Representations and Warranties. Licensor hereby represents and warrants to Licensee that: 
 5.1 Licensor is the sole and legal owner of their respective Licensed Technology and has the full right and power to grant the License; 
 5.2 There are no claims or suits pending or threatened against Licensor for their respective technologies challenging Licensor’s ownership of or right to any of the Licensed Technology, nor,
to the knowledge of Licensor, does there exist any basis therefore. There are no claims or suits against Licensor for their respective technologies pending or threatened against. Licensor alleging that any of the Licensed Technology or any of
Licenser’s use of the Intellectual Property infringes any rights of any third parties, nor, to the knowledge of Licensor, does there exist any basis therefore; 
 5.3 To the knowledge of Licensor for their respective technologies, no Person has or is infringing the Patents or the Licensed Technology or has misappropriated any of the Licensed Technology;

 5.4 Licensor’s granting of the License and Licensee’s exercise of its rights hereunder for their respective
technologies does not and shall not constitute a breach or default under any agreement or instrument by which Licensor is bound or the Licensed Technology (including the Patents) are affected; 
 5.5 To the knowledge of Licensor for their respective technologies, Licensee’s practice of the License shall not result in patent
infringement or trade secret misappropriation; and 
 5.6 All of Licensor’s employees, officers, consultants,
contractors and advisors who were, are or will be involved in the. Licensed Technology have executed, and will execute upon their engagement, agreements or have existing obligations under law requiring assignment to Licensor all Intellectual
Property made during the course of and as the result of their association with Licensor. To the knowledge of Licensor, none of its employees, contractors or consultants, who were, are or will be involved in the Licensed Technology arc, as a result
of the nature of such involvement, in violation of any covenant in any contract with a third party relating to non-disclosure of proprietary information, non-competition or non-solicitation. 
 5.7 EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS LICENSE AGREEMENT, LICENSOR MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY
KIND, EITHER EXPRESS OR IMPLIED, INCLUDING , BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND VALIDITY OF ‘PATENT RIGHTS CLAIMS ISSUED OR PENDING. 
 5.8 Notwithstanding the foregoing, each Licensor only makes representations and warrantees for technologies that it has an ownership
interest in. 
  

 - 9 - 

 Section 6. Indemnification. 
 6.1 Licensee shall indemnify and hold Licensor, University of South Florida Research Foundation, the inventors and their respective
officers, directors and shareholders (collectively, the “Licensor Indemnitees”) harmless from and against any and all loss, damage, claim, obligation, liability, cost and expense (including, without limitation, reasonable attorneys’
fees and costs and expenses incurred in investigating, preparing, defending against or prosecuting any litigation, claim, proceeding or demand), of any kind or character (“Losses”) resulting from: 
 (a) any claims or actions for patent infringement or from any judgment entered therein, which may be brought against the
Licensor Indemnitees or any one of them as a result of their activities under this License Agreement with respect to the Licensed Technology; 
 (b) any breach by Licensee of this License Agreement; or 
 (c) the practice or use by Licensee or its sub-licensees of any of the Licensed Technology, including without limitation, advertising injury, personal injury, product liability, or medical malpractice. 
 6.2 Licensor shall indemnify and hold Licensee, Licensee’s officers, directors, managers and shareholders (the “Licensee
Indeninitees”) harmless from and against any and all Losses resulting (i) from any breach of Licensor’s representations and warranties made in Section 5 hereof. Shrine’s Hospitals for Children shall indemnify and hold
Licensee, Licensee’s officers, directors, managers and shareholders (the “Licensee Indemnitees”) harmless from and against any and all Losses resulting from any claim by the prior licensee, Myrmidon Biomaterials, Inc. to whom notice
of termination was sent on November 27, 2006, challenging Licensor’s authority to grant the rights and licenses hereunder and any such Losses incurred by Licensee may be offset by Licensee against any royalties, fees or other payments
payable to Licensor solely for Licensed Products covered by the Intellectual Property that is the subject of such claim by the prior licensee. The milestone payment under Section 3.2 shall not be subject to deduction of Loses. 
 Section 7. Patent Maintenance, Infringement, and Enforcement. 
 7.1 Licensee shall have the right and authority to cause Licensor, at Licensee’s expense, to apply for, prosecute and obtain patents,
divisions, reissues, provisionals, continuations, continuations-in-part, renewals and extensions thereof as allowed for under this License Agreement anywhere in the world for the New Patents assigned to the University of South Florida. Licensee
shall have the right and authority to, at Licensee’s expense, to apply for, prosecute and obtain patents, divisions, reissues, provision’s, continuations, continuations-in-part, renewals and extensions thereof as allowed for under this
License Agreement anywhere in the world for the New Patents assigned to Shriners Hospitals for Children or Co-owned Patent(s), The Parties shall fully cooperate with each other with regard to such application and prosecution of the New Patents.

 7.2 As regards filing of U.S., international, and foreign patent applications corresponding to the New Patents, Licensee
shall have the authority to designate that country or 

  

 - 10 - 

 
those countries, if any, in which Licensee desires patent application(s) to be filed. Licensee shall notify the Licensor at least thirty (30) days prior
to the statutory filing deadline of its filing decisions. Licensor may elect to file corresponding patent applications in countries other than those designated by Licensee, but: in that event Licensor shall be responsible for all activities and
costs associated with such non-designated filings. In such event, Licensee shall forfeit its rights under this license in the country(ies) where Licensor exercises its option to file such corresponding patent applications. If Licensee decides to
discontinue prosecution, annuity or maintenance fee payments for any pending New Patent application or an issued patent listed in the Licensed Technology then Licensee shall forfeit its rights under this license only with respect to the respective
application or patent in that particular country or jurisdiction. Licensee will notify Licensor at least 30 days prior to any payment or response deadline. Licensor may elect to maintain the corresponding patent or patent application but in that
event Licensor shall be responsible for all activities and costs associated therewith. 
 7.3 During the term of this License
Agreement, Licensee shall maintain the Patents assigned to Shriners Hospitals for Children or co-owned with Licensor(s) using counsel mutually agreeable to Licensor. The costs and expenses for such maintenance shall be the responsibility of the
Licensee. Licensor shall prosecute and maintain all other Intellectual Property rights using counsel mutually agreeable to Licensee, Promptly upon execution of this License Agreement, Licensee shall reimburse Licensor for all unreimbursed costs with
respect to the Intellectual Property and Licensed Technology (which shall not exceed $11,700 for Shriners Hospitals for Children and 51,500 for the University of South Florida) and thereafter as such costs are incurred, subject to Licensee’s
discretion as to filings relating to New Patents, as provided above. Licensor shall reasonably notify Licensee prior to incurring any substantial ongoing prosecution and protection costs, which, if approved by Licensee, shall be payable within
thirty (30) days of notification of Licensee by Licensor of such costs, fees and expenses that have. been paid or incurred by Licensor It shall be the responsibility of Licensee to keep Licenser apprised of its “small entity” status
with respect to US patent law and the patent laws of other countries, if applicable. 
 7.4 If Licensor or Licensee
determines that any Patent or Licensee’s rights in the Licensed Technology are being infringed, or a claim arises that the Licensed Technology infringes the rights of a Third Party, then. Licensor or Licensee (as applicable) shall promptly
notify the other party, giving as many particulars concerning such infringement as shall he practicable at the time. 
 7.5
Upon becoming aware of the asserted infringement, Licensee shall diligently investigate and shall determine, in the exercise of reasonable judgment and good practice, whether the activities in question in fact constitute an infringement. The Parties
shall promptly confer with respect to the initiation and prosecution of litigation against an alleged infringer, or defense of a Third Party infringement claim, as the case may be. 
 7.6 Licensee shall, in the event that an infringement appears to be occur ring in any application involving the Licensed Technology, have
the first right, discretion and authority (but not obligation) at its sole expense to either defend the Third Party claim, or bring infringement proceedings naming the asserted infringer within not more than 90 days of a determination of probable
infringement at its own cost. At Licensee’s expense, Licensor shall provide all 

  

 - 11 - 

 
necessary assistance and cooperation reasonably requested by Licensee. In furtherance of such right, Licensee shall join Licensor as a party plaintiff in any
such suit whenever requested by Licensor or required by applicable law, at Licensee’s sole expense. Financial recoveries from any such litigation will first be applied to reimburse Licensee for its litigation expenditures with additional
recoveries being paid to Licensee subject to the royalty due Licensor on the recovery based on the provisions of Section 3. If the Licensee fails for-any reason to take action to defend, or to bring such infringement proceedings within 90 days,
Licensor shall have the right to do so at its own expense and to retain all damages or other recovery. 
 7.7 Each Party will
provide reasonable cooperation in connection with any adversarial proceeding conducted by the other Party involving any Patent including, by way of example, producing documents, answering interrogatories and sitting for depositions, at no cost to
the other Party other than recovery of its actual out-of-pocket expenses directly incurred in providing such cooperation. 
 7.8 Licensee will practice the Patents in accordance with applicable U.S. federal, state and local laws, and administrative regulations. Livens will affix appropriate patent markings pursuant to 35 U.S.C. §287(a) to any products sold
or made in the United States that is claimed by any Patent that is a United States patent. 
 Section 8.
Miscellaneous. 
 8.1 Notices. All notices, requests, payments, instructions or other documents to be given
hereunder shall be in writing or by written telecommunication, and shall be deemed to have been duly given if (i) delivered personally (effective upon delivery), (ii) mailed by certified mail, return receipt requested, postage prepaid
(effective upon receipt), (iii) sent by a reputable, established international courier service that guarantees delivery within the next three following business days (effective upon receipt), or (iv) sent by telecopier followed within
twenty-four (24) hours by confirmation by one of the foregoing methods (effective upon receipt of the telecopy in complete, readable form), addressed as follows (or to such other address as the recipient may have furnished for the purpose
pursuant to this Section 8.1): 
 If to Licensor 
 The Shriners Hospital for Children 
 2900 Rocky Point Drive 
 Tampa, FL 33607 
 Attention: Zakir H. Bengali, Ph.D. 
 Corporate Director of Medical Research 
 Facsimile: 813-281-8460 
 and 
 University of South Florida Research Foundation 
 Attention: Business Manager 
 3802 Spectrum Blvd., Suite 100 
 Tampa, Florida 33612-9220 
 Facsimile: 813-974-8490 
  

 - 12 - 

 If to Licensee: 
 MiMedx, Inc. 
 1234 Airport Road, Suite 105 
 Destin, Florida 32541 
 Attention: Matthew Miller, President 
 Facsimile: (813) 254-4878 
 Changes to the above notification addresses may be made by
notice to the Parties in the manner set forth above. 
 8.2 Assignment and Sublicense. Licensee may assign this
License Agreement, assign or sublicense any rights under this License Agreement and delegate any of its obligations under this License Agreement; provided however, that the sublicense or delegation includes a binding obligation on the sublicensee to
comply with all the patent protection, confidentiality and other obligations of the Licensee in this License Agreement to the extent applicable to the Licensed Technology Subject to such sublicense. Licensor shall have no right to assign this
License Agreement without the prior written consent of Licensee, which shall not be unreasonably withheld. No further contribution or payment to Licensor shall be due in the (Tent of a sublicense or assignment by Licensee, except as required in
Section 3, Without limiting the generality of the foregoing, this License Agreement shall survive unimpaired and remain in full force and effect in the event of any sale of assets, merger or other transaction involving the sale of assets or
stock of either Licensor or Licensee. 
 8.3 Binding Agreement; Amendment. All representations, covenants and
agreements contained in this License Agreement by or on behalf of any of the Parties shall be binding upon and inure to the benefit of the respective successors and assigns of the Parties whether so expressed or not No amendment or modification to
this License Agreement shall be valid or binding upon the Parties unless made in writing and signed by the Parties. 
 8.4
Severability. If any section of this License Agreement is found by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such section in every
other respect and the remainder of this License Agreement shall continue in effect so long as this License Agreement still expresses the intent of the Parties, if the intent of the. Parties, however, cannot be preserved, this License Agreement
either shall be renegotiated or shall be terminated. 
 8.5 Governing Law. This License Agreement shall be interpreted
and construed, and the legal relations between the Parties shall be determined, in accordance with the laws of the State of Florida, without regard to such jurisdiction’s conflicts of laws rules. 
 8.6 Mediation. In the event of any dispute between the Parties arising under this License Agreement, the parties shall first seek
to resolve this dispute by discussions among the Persons representing each Party who are responsible for performance of the matter under dispute for a period of not less than 15 business days. If the dispute is not resolved within such time by such
Persons, then the matter shall be referred to the Chief Executive Officer of Licensee and the appropriate final decision making authorities of Licensor for further negotiations for at least 10 

  

 - 13 - 

 
business days from the bate of referral to such persons. If the dispute is not then resolved, then either Party shall thereafter be free to pursue their
respective legal remedies in any court of competent jurisdiction. 
 8.7 Audit Rights. Licensor shall have the right
on reasonable notice to Licensee and at Licensee’s expense to audit the Licensee’s records pertaining to this License to ensure compliance with the royalty terms hereof. 
 8.8 Compliance with Applicable Laws. Licensee agrees to comply with all governmental laws and regulations applicable in connection
with the use of or exercise of any intellectual or other property rights related to, the Licensed Technology under this License Agreement. 
 8.9 Complete Agreement. This License Agreement and the schedules hereto constitute the entire agreement between the Parties with respect to the subject matters hereof and supersede all prior agreements whether
written or oral relating hereto. 
 8.10 Survival. The representations, warranties, covenant and agreements contained
herein shall survive the termination of the License by Licensee pursuant to Section 4.2 and remain in full force and effect. No independent investigation of Licensor by Licensee, its counsel, or any of its agents or employees shall in any way
limit or restrict the scope of the representations and warranties made by Licensor in this License Agreement. 
 8.11
Headings. The headings of sections are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this License Agreement. 
 8.12 Counterparts. This License Agreement may be executed in two or more counterparts, each of which shall be deemed an original
and which together shall constitute one instrument. 
 8.13 Authority. The person(s) signing on behalf of Licensor and
Licensee, respectively, hereby warrant and represent that they have authority to execute this License Agreement on behalf of the Party for whom they have signed. 
 8.14 Representation by Counsel. Each. Party acknowledges that it has been represented by counsel in connection with the negotiation and drafting of this License Agreement and that no rule
of strict construction shall be applied to either of them as the drafter of all or any part of this License Agreement. 
  

 - 14 - 

 IN WITNESS WHEREOF, the Parties have hereunto affixed their signatures as of the date
first above written. 
  

													
	 Agreed to:
	 		 	 Agreed to:

			
	 SHRINERS HOSPITALS FOR
 CHILDREN, INC.
	 		 	 MIMEDX, INC.

					
	 By:
	 	 /s/ Ralph W. Semb
	 		 	 By:
	 	 /s/ Matthew Miller

		 	 Name:
	 	 Ralph W. Semb
	 		 		 	 Name:
	 	 Matthew Miller

		 	 Title:
	 	 President
	 		 		 	 Title:
	 	 President

			
	 Agreed to:
	 		 	 Agreed to:

			
	 UNIVERSITY OF SOUTH FLORIDA
 RESEARCH FOUNDATION
	 		 	 UNIVERSITY OF SOUTH FLORIDA
 Board of Trustees a Public Body Corporate

					
	 By:
	 	 /s/ Rod Casto
	 		 	 By:
	 	 /s/ Priscilla Pope

		 	 Name:
	 	 Rod Casto, PhD
	 		 		 	 Name:
	 	 Priscilla Pope

		 	 Title:
	 	 Corporate Secretary
	 		 		 	 Title:
	 	 Associate Vice President for Research

  

 - 15 - 

 Schedule 5.1 
 A license to the Licensed Technology was granted to Myrmidon Biomaterials, Inc., a Delaware corporation (“MBI”), pursuant to a license agreement dated August 2, 2004. Licensor
terminated such License Agreement with MBI as evidenced by, inter alia, a formal Notice of Termination letter dated November 29, 2006. 

 Schedule 5.2 
 (a) all existing patent applications and patents associated with technology related to nordihydroguaratic acid (“NDGA”) coatings, devices, scaffolds, substrates, or other materials
and/or polymer treated collagen material for medical devices, implants, prosthesis and/or constructs and methods for making same; 
 (b) U.S. Patent Nos. 6,565,960 and 6,821,530, including any reexaminations, reissues and extensions thereof; 
 (c) U.S. Provisional Application Serial No 60/805,494, filed 6/22106, entitled NDGA-REINFORCED COLLAGEN SCAFFOLD, co-owned with the University of South Florida; 
 (d) all following Records of Medical Inventions submitted to Licensor naming Dr. Koob as an inventor or a PI (Principle Investigator): 
 (1) Bioprosthesis for Replacement or Augmentation of Tendons and Ligaments; 
 (2) Biocompatible Drug Delivery Vehicle Composed of NDGA Polymerized Collagen Fibers, related to the provisional identified under
(e) above; 
 (3) Manufacturing Method for high strength NDGA polymerized collagen fibers as also described in U.S.
Provisional Application Serial No. 60/883,408, filed 1/4/07; 
 (4) Extension of “Manufacturing method for high
strength NDGA polymerized collagen fibers” (Shriners Ref. No. MR 0616, MR -0479) as also described in U.S. Provisional Application Serial No 60/883,408, filed 1/4/07; 
 (5) Braided NDGA-collagen ribbons ligament repair (Shriners Ref. No. MR-0674) as also described in U.S, Provisional Application Serial No. 60/882,065, tiled 12/27/06; and 
 (6) SioRivets of NDGA-collagen fibers (Shriners Ref. No. MR-0675); 
 (e) Corneal replacement technology, which is the subject of a grant application under review by the National Institute of Health
(“NIH”), which lists Dr. Kook) as a Co-Principal Investigator for which the University of South Florida (“USF”) has filed a U.S. Provisional Application Serial No 60/767,234 on 3/13/06 with Thomas J. Koob, Ph.D, (“Dr.
Koob”) as a co-inventor; 
 (f) all other Intellectual Property, including without limitation, Background Technology,
Know-How, and Improvements relating to any of the foregoing; and 
 (g) all future U.S, and foreign patent applications filed
for and/or patents issuing for any of the above. 

 Schedule 5.3 
 DILIGENCE 
  

	 	•	 	 Within 40 days from execution deliver to Shriners a copy of the Licensee’s business plan which would initially be in the form a slide show and financial
forecasts used to raise investment capital 

  

	 	•	 	 Closing of an Initial Investment within six months from execution 

  

	 	•	 	 Within one, year from The execution of this agreement Licensee would deliver an updated business plan to Shriners 

 Licensee will use reasonable efforts to have a first commercial sake of a product within three years (3) from the Effective Date of this License
Agreement. A minimum annual royalty shall he due and payable on the following schedule: no minimum royalty shall be payable for the first two years ending on the second anniversary of the Effective Date; a minimum annual royalty of twenty-five
thousand dollars ($25,000) shall be payable not later than the third anniversary of the Effective Date of this License Agreement, thirty-five thousand dollars ($5,000) not later than the fourth anniversary of the Effective Date of this License
Agreement; forty-five thousand dollars ($45,000) not later than the fifth anniversary of the Effective Date of this License Agreement, and fifty thousand dollars ($50,000) not later than the sixth anniversary Of the Effective Date of this License
Agreement and thereafter. All royalty payments made in any year under Section 3.4 shall be creditable against the minimum annual royalty due in the same calendar year The minimum annual royalty payments provided for herein shall be in the
aggregate for all Net Sales worldwide and shall terminate upon the last to expire of the Patent(s).Technology License Agreement

 EXHIBIT 10.33 
 EXECUTION COPY 
 TECHNOLOGY LICENSE AGREEMENT 
 BETWEEN 
 SALUMEDICA, LLC

 AND 
 SPINEMEDICA
CORP. 
 This Technology License Agreement (this “License Agreement”) is made effective as of the 12th day of
August, 2005 (the “Effective Date”), by and between SALUMEDICA, LLC, a Georgia limited liability company (“Licensor”), and SPINEMEDICA CORP., a Florida corporation (the “Licensee”). 
 RECITALS: 
 A.
Licensor is the owner of certain intellectual property rights; and 
 B. Licensee is desirous of obtaining and
commercializing these intellectual property rights under the terms set forth below; 
 NOW THEREFORE, in consideration of ten
dollars ($10.00) in hand paid and the promised performance of each of the parties of the terms set forth herein, the parties hereto, intending to be legally bound, mutually agree as follows: 
 Section 1. Definitions. 
 1.1 “Flexible Spinal Disc Patents” means patent application listed in Section III of Appendix A and any and all future patent applications, patents, divisions, reissues, provisionals,
continuations, continuations-in-part, renewals and extensions thereof or related thereto in the United States and in foreign jurisdictions. 
 1.2 “Background Technology” means technical and other information in the possession of Licensor that is necessary or convenient to practice the Licensed Patents and that is in the public domain. 

1.3 “Confidential Information” means all confidential information and trade secrets in the Field of Use and
comprised in, relating to or arising out of the Licensed Patents that is proprietary to Licensor or licensed or otherwise transferred to Licensor by any person or entity and that is not generally known to the public and which is known to Licensor on
the date hereof or at any time during the Improvement Cooperation Period. Notwithstanding the foregoing, for purposes of the licenses granted to Licensee herein, Confidential Information shall not include information that Licensor obtains after the
Effective Date and which is subject to restrictions on further disclosure that would be breached by a disclosure to Licensee. 

 1.4 “Effective Date” means the effective date of this License
Agreement, as set out above. 
 1.5 “Field of Use” means all neurological and orthopedic uses,
including muscular and skeletal uses, related to the human spine. 
 1.6 “Improvement Cooperation
Period” means that period of time following the Effective Date of this Agreement until the first to occur, in a single or set of related transactions, of (i) the sale of all or substantially all of the assets of either Licensor or
Licensee; (ii) a merger or other transaction in which more than fifty (50%) percent of the outstanding voting shares or other voting equity, by whatever name called, of either Licensor or Licensee immediately after such transaction is held
by holders who were not holders of such voting equity immediately prior to such transaction; or (iii) in the case of Licensee, the sublicense or assignment of all or substantially all of its rights under this License Agreement. 
 1.7 “Improvement Patents” means all patents or patent applications disclosing and claiming any Improvements and
all future patent applications, patents, divisions, reissues, continuations, continuations-in-part, renewals and extensions validly claiming priority to any of these patents or patent applications. 
 1.8 “Improvements” means any enhancements, additions, changes, supplements or other improvements to the Licensed
Technology, whether or not patentable, that are now existing or otherwise developed by Licensor or Licensee during the Improvement Cooperation Period. 
 1.9 “Know-How” means all technical and other information, intellectual property or knowledge useful for practicing the Licensed Technology in the Field of Use in the possession of
Licensor on the Effective Date or at any time during the Improvement Cooperation Period that is necessary or convenient to practice the Licensed Technology, which is not in the public domain, including, without limitation, concepts, discoveries,
data, designs, formulae, ideas, inventions, methods, models, assays, research plans, procedures, processes, designs for experiments and tests and results of experimentation and testing (including results of research or development) processes
(including manufacturing processes, specifications and techniques), laboratory records, chemical, clinical, analytical and quality data, trial data, case report forms, data analyses, reports, manufacturing data or summaries and information contained
in submissions to and information from regulatory authorities, and includes any rights including copyright, database or design rights protecting any of the foregoing. The fact that an item is known to the public shall not be taken to exclude the
possibility that a compilation including the item, or a development relating to the item, is or remains not known to the public. Notwithstanding the foregoing, Know How shall not include information or knowledge that Licensor obtains after the
Effective Date subject to restrictions on disclosure or use by third parties. 
 1.10 “License
Agreement” means this Technology License Agreement, as it may be amended from time to time. 
  

 - 2 - 

 1.11 “Licensed Patents” means (i) Patents Under License,
(ii) Owned Patents, and (iii) Licensor’s Improvement Patents. 
 1.12 “Licensed
Product” means any product or device that is developed, manufactured, produced, expressed, used or licensed for use by Licensee, its affiliates, successors or sublicensees, or their contract manufacturers, utilizing the Licensed Technology in
the Field of Use. 
 1.13 “Licensed Technology” means the Licensed Patents, Confidential
Information, Know How, and Improvements solely as they relate to the Field of Use, in each and every case. 
 1.14 “Licensee Indemnitees” has the meaning set forth in Section 6.1. 
 1.15
“Licensor Indemnitees” has the meaning set forth in Section 6.2. 
 1.16 “Losses” has
the meaning set forth in Section 6.1. 
 1.17 “Owned Patents” means the patents and patent
applications listed in Section II of Appendix A and all future patent applications, patents, divisions, reissues, continuations, continuations-in-part, renewals and extensions thereof or related thereto in the United States and in foreign
jurisdictions validly claiming priority to any of these patents and patent applications. The Parties acknowledge that U.S. Patent No. 6,231,605 is a continuation in part of U.S. Patent No. 5,981,826. Although the pending patent
applications listed at Section A. II are presently identified as owned by Licensor, it is possible that one or more of the continuation applications may be owned by Georgia Tech Research Corporation (“GTRC”) or may be co-owned by GTRC and
Licensor, depending on the claimed subject matter. To the extent that GTRC has any ownership rights to the continuations listed at Section II, Licensor is the exclusive licensee thereof pursuant to the terms of the License Agreement dated
March 5, 1997 by and between GTRC and Licensor, as amended from time to time (the “GTRC License”). The Parties agree that if such ownership rights of a continuation patent application or issuing patent should change to be owned in
whole or in party by GTRC, then such application or patent shall be deemed to be included under the term “Licensed Patents”. 
 1.18 “Parties” means Licensor and Licensee, and “Party” means either one of them. 
 1.19 “Patents Under License” means the patents and patent applications listed in Section I of Appendix A and any and all future patent applications, patents, divisions, reissues, continuations,
continuations-in-part, renewals and extensions thereof or related thereto in the United States and elsewhere validly claiming priority to any of these patents and patent applications. 
 1.20 “Rules” has the meaning set forth in Section 8.6. 
 1.21 “Practice” means the right in the Field of Use to make, have made, manufacture, have manufactured, use,
offer to sell, sell or import Licensed Products. 
  

 - 3 - 

 1.22 “Third Party” means any person, firm or entity other than
the Parties. 
 1.23 “Unauthorized Activity” means (i) any practice of the Licensed Technology
outside of the Field of Use by Licensee or any of its sublicensees or any Third Party claiming by, through, or under Licensee, or any Third Party obtaining intellectual property of Licensor as a result of a breach of the terms of this Agreement by
Licensee or any Third Party claiming by, through or under Licensee (all of the foregoing being collectively called “Licensee Third Party”), (ii) any uncured unauthorized disclosure of Confidential Information to any Third Party, or
(iii) breach of the contemporaneously executed Trademark License Agreement. 
 Section 2. License and Assignment;
Cooperation in Commercialization; Unauthorized Activity. 
 2.1 Licensor hereby grants to Licensee an
exclusive, fully-paid, worldwide, royalty-free, perpetual (except as expressly herein provided), irrevocable and non-terminable (except as provided in Section 4 of this Agreement and subject to the termination provisions of the GTRC License)
license to Practice the Licensed Technology in the Field of Use. Licensor will grant Licensee reasonable access to and the ability to make copies of all Background Technology and Licensed Technology. 
 2.2 Pursuant to a concurrently executed patent assignment, Licensor has assigned to Licensee all of its right, title and
interest (if any) in and to the Flexible Spinal Disc Patents. 
 2.3 Licensee hereby grants to Licensor an
exclusive, fully-paid, royalty-free, irrevocable and non-terminable license to use the Improvements and to practice the Improvement Patents outside the Field of Use for the life of the Improvement Patents. 
 2.4 Licensor shall not itself, nor shall it directly or knowingly and indirectly assist or consent to any Third Party, to
manufacture, have manufactured, market, offer for sale or sell Licensed Products or otherwise practice the Licensed Technology in the Field of Use. 
 2.5 Licensor shall have the exclusive right and authority, in its own name, to apply for, prosecute and obtain Owned Patents. 
 2.6 Either party may seek to obtain Improvement Patents in its own name, subject to applicable laws, treaties and
regulations. 
 2.7 During the Improvements Cooperation Period, each party shall meet with the other party on
a continuing and regular basis (but no less frequently than quarterly), and shall in good faith discuss and seek to disclose to the other their respective developments and Improvements with respect to the Licensed Technology. 
 2.8 Licensee shall not itself conduct, nor shall it directly or indirectly assist or consent to any sublicensee or other
Third Party to conduct, any Unauthorized Activity during the term of this License Agreement. 
  

 - 4 - 

 2.9 Each sublicense granted by Licensee shall provide that the sublicense
rights exclude any Improvements developed by Licensor after the date of such sublicense agreement. 
 Each sublicense shall further provide
that it is terminable by Licensee upon the occurrence of a breach by sublicensee of the sublicense agreement, after reasonable opportunity to cure such breach. 
 Section 3. License Fee. In consideration of the license and other rights granted hereby, Licensee shall pay Licensor the following: 
 3.1 A one-time license fee in the amount of Two Million Five Hundred Thousand ($2,500,000.00) Dollars delivered
simultaneously with the execution and delivery of this Agreement by both Parties; and 
 3.2 During the
Improvement Cooperation Period, an annual reimbursement (within 60 days of receipt of invoice) of the reasonable, documented expenses incurred by Licensor in connection with the filing or maintenance of patents relating to the Licensed Patents in
countries other than the United States, such annual reimbursement not to exceed Fifty Thousand and 00/100 Dollars ($50,000.00); provided, however, that Licensee shall only reimburse such expenses to the extent that they were incurred in connection
with the filing or maintenance of Licensed Patents that can be utilized in the Field of Use. 
 Section 4. Term of
Agreement. 
 4.1 The term of this License Agreement shall commence on the Effective Date and shall remain
in full force for a perpetual term, provided that the license granted hereby shall terminate on a country-by-country basis as to any Licensed Patent or portion thereof upon the expiration thereof in each country, but such expiration shall not affect
the license granted hereby with respect to: (i) such Licensed Patent or portion thereof in any country in which such Licensed Patent or portion thereof remains effective; or (ii) the remainder of the life of any Licensed Technology.

 4.2 Notwithstanding any other provision hereof, Licensor shall have no right to terminate this License
Agreement or the practice of any of Licensee’s rights and licenses hereunder in the event of any breach hereof by Licensee, except only in the event that Licensor obtains a judgment for money damages against Licensee for breach of this License
Agreement pursuant to a court order or arbitration award which is not subject to further appeal, and Licensee fails to pay such money damages within ninety (90) days after such order becomes final and nonappealable. 
 4.3 If Licensee elects to permanently abandon its efforts to commercialize a spinal disc prosthesis using the Licensed
Technology, Licensee agrees to provide written notice thereof to Licensor and agrees to negotiate in good faith with Licensor to amend or terminate this License Agreement with respect to such portion of the Licensed Technology that has been
permanently abandoned for nominal consideration. If Licensee 

  

 - 5 - 

 
elects to permanently abandon the Flexible Spinal Disc Patents, Licensee agrees to provide written notice thereof to Licensor and agrees to assign such
patent(s) to Licensor. 
 Section 5. Representations and Warranties. Licensor hereby represents and warrants to
Licensee that as of the Effective Date: 
 5.1 Licensor has the full right and power to grant the licenses set
forth in Section 2 of this License Agreement; 
 5.2 Appendix A sets forth an accurate and complete list
of all patents and patent applications owned, under license, or otherwise controlled by Licensor that are necessary or convenient to practice the Licensed Technology in the Field of Use. 
 5.3 Licensor has received no notice of any claims or suits pending and, to Licensor’s knowledge, there are no claims
or suits threatened against Licensor challenging Licensor’s ownership of or right to use any of the Intellectual Property, nor, to the knowledge of Licensor, does there exist any basis therefor. 
 5.4 Licensor has received no notice of any claims or suits against Licensor pending and, to Licensor’s knowledge,
there are no claims or suits threatened against Licensor alleging that any of the Licensed Technology infringes any rights of any third parties in the Field of Use, nor, to the knowledge of Licensor, does there exist any basis therefor. 

5.5 To the knowledge of Licensor, no person has infringed or is infringing the Licensed Patents or has misappropriated
any of the Licensed Technology; 
 5.6 Licensor’s granting of the license set forth in Section 2 of
this License Agreement and Licensee’s exercise of its rights hereunder does not and shall not constitute a breach or default under (i) any agreement or instrument by which Licensor is bound or (ii) to the knowledge of Licensor, any
instrument affecting the Licensed Technology; and 
 5.7 To the knowledge of Licensor, Licensee’s
practice of the license granted in Section 2 of this License Agreement shall not result in patent infringement or trade secret misappropriation. 
 5.8 Except as otherwise specifically provided in this Section 5, (i) the license granted in this License Agreement is as is and with all faults and (ii) Licensor makes no
representations or warranties, express or implied, regarding (i) merchantability or fitness of the Licensed Technology for a particular purpose, (ii) non-infringement of any Licensed Technology with any rights of third parties,
(iii) validity or scope of any Patent, or (iv) the merchantability of any Licensed Technology. 
 5.9 The patent assignment attached hereto as Exhibit A is a true and correct copy of the assignment to Licensor of the Flexible Spinal Disc Patents (the “Ku Assignment”). Licensor further represents that it has the right and power
to execute the assignment of any interest Licensor has in the Flexible Spinal Disc Patents. Licensor 

  

 - 6 - 

 
further represents that it has not sold, conveyed or encumbered any rights acquired by Licensor pursuant to the Ku Assignment. Except as otherwise
specifically provided in this Section 5.9, the assignment of Licensor’s rights in and to the Flexible Spinal Disc Patents is made as is and with all faults. Notwithstanding anything else stated in this Agreement, Licensor makes no
representation, indemnification or warranty whatsoever with respect to the Flexible Spinal Disc Patents. 
 Any claim
regarding the breach of a representation or warranty by Licensor in this Agreement must be made within 2 years after the Effective Date. 
 Section 6. Indemnification; Insurance. 
 6.1 Licensor shall indemnify
and hold Licensee, Licensee’s sublicensees hereunder, and their respective officers, directors and shareholders (collectively, the “Licensee Indemnitees”) harmless from and against any and all loss, damage, claim, obligation,
liability, cost and expense (including, without limitation, reasonable attorneys’ fees and costs and expenses incurred in investigating, preparing, defending against or prosecuting any litigation, claim, proceeding or demand), of any kind or
character (“Losses”) resulting from: 
 (a) any breach by Licensor of this License Agreement,
including but not limited to any breach of Licensor’s representations and warranties made in Section 5 hereof, provided that any such claim for indemnification for breach of representation or warranty must be instituted by Licensee prior
to the second (2nd) anniversary of the Effective Date; or 
 (b) the practice or use by Licensor or its
licensees (other than Licensee or its sublicense(s)) of any of the Licensed Technology outside the Field of Use, including without limitation, advertising injury, personal injury, product liability, medical malpractice or loss or damage to medical
or other data, except to the extent such Losses result from any acts of Licensee for which Licensor is entitled to indemnification under Section 61 
 6.2 Licensee shall indemnify and hold Licensor, Licensor’s officers, managers and shareholders (the “Licensor Indemnitees”) harmless from and against any and all Losses resulting
from 
 (a) any breach by Licensee of this Licensee Agreement, including but not limited to any Unauthorized
Activity; and 
 (b) the practice or use of any Licensed Technology by Licensee or its sublicensee(s)
including, without limitation, advertising injury, personal injury, product liability, medical malpractice, or loss or damage to medical or other data, except to the extent such Losses result from any acts of Licensor for which Licensee is entitled
to indemnification under Section 6.1. 
 6.3 During the term of this Agreement, Licensee shall maintain
product liability insurance in reasonable amounts and to the extent available and name Licensor 

  

 - 7 - 

 
as additional insured if Licensee can reasonably do so and without incurring additional premium. 
 Section 7. Patent Maintenance, Infringement, and Enforcement. 
 7.1 Subject to the annual reimbursement obligations of Licensee pursuant to Section 3.2, during the term of this
License Agreement, Licensor shall maintain the Owned Patents at its sole cost and expense. If Licensor elects not to pay or for any reason fails to pay any maintenance or annuity fees for any of the Licensed Patents as they relate to the Field of
Use within the non-surcharge payment time window, Licensee shall have the right (but not the obligation) to pay any such maintenance or annuity fees and in the event of failure of Licensor to reimburse such fees within 10 days after Licensee’s
written request for reimbursement, Licensee may reduce any reimbursement due Licensor under Section 3.2 by the amount of fees paid Licensee hereunder. 
 7.2 If Licensor or Licensee determines that any Licensed Patent or Licensee’s rights in the Licensed Technology are being infringed in any field of use, or a claim arises that the Licensed
Technology infringes the rights of a Third Party, then Licensor or Licensee (as applicable) shall notify promptly the other party, giving as many particulars concerning such infringement as shall be practicable at the time. 
 7.3 Upon becoming aware of an asserted infringement, Licensor shall diligently investigate and shall determine, in the
exercise of reasonable judgment and good practice, whether the activities in question in fact constitute infringement. The Parties shall promptly confer with respect to the initiation and prosecution of litigation against an alleged infringer, or
defense of a Third Party infringement claim, as the case may be, but Licensor shall have the right of ultimate decision with respect to a breach outside of the Field of Use and Licensee shall have the right of ultimate decision with respect to a
breach inside the Field of Use. 
 7.4 Subject to Licensee’s right to initiate an infringement action
regarding the Licensed Technology in the Field of Use in Section 7.5 below, Licensor shall, in the event that an infringement appears to be occurring in any application involving the Licensed Technology outside the Field of Use, have the first
right, discretion and authority (but not obligation), at its sole expense, to either defend the Third Party claim, or bring infringement proceedings naming the asserted infringer within not more than 90 days of a determination of probable
infringement at its own cost and retain all recovery therefrom, and Licensee shall provide all necessary assistance and cooperation reasonably requested by Licensor. In furtherance of such right, Licensee shall join Licensor as a party plaintiff in
any such suit whenever requested by Licensor or required by applicable law, at Licensor’s sole expense. If the Licensor fails for any reason to take action to defend or to bring such infringement proceedings within 90 days, and failure to do so
would reasonably jeopardize Licensee’s ability to Practice in the Field of Use, Licensee shall have the right to do so at its own expense and to retain all damages or other recovery. 
  

 - 8 - 

 7.5 With regard to infringement by a Third Party of the Licensed
Technology appearing to be solely in the Field of Use, Licensee shall have the first right, discretion and authority (but not obligation) to prosecute at its own expense any such infringement of any Patent or the other Licensed Technology or any New
Patent occurring in the Field of Use at its own cost, and to keep any recovery or damages for infringement derived therefrom. Licensor agrees to cooperate as a necessary party in any proceeding as appropriate. If Licensee does not elect to bring
such infringement proceedings within 90 days of a determination of probable infringement, and failure to do so would reasonably jeopardize Licensor’s ability to practice outside the Field of Use, Licensor shall have the right but not obligation
to do so at its own expense and to retain all damages or other recovery. In furtherance of such right, Licensor shall join Licensee as a party plaintiff in any such suit whenever requested by Licensee or required by applicable law, at
Licensor’s sole expense. 
 7.6 Notwithstanding the foregoing provisions of this Section 7, in the
event a recovery relates to both the Field of Use and other applications of the Licensed Technology, then any damages or other recovery shall, subject to reimbursement of attorneys’ fees and costs, be appropriately allocated between Licensor
and Licensee. If the parties are unable to agree on an appropriate allocation of damages or other recovery within 90 days, they shall submit the decision to arbitration pursuant to Section 8.6 hereof. 
 7.7 Each Party will provide reasonable cooperation in connection with any adversarial proceeding conducted by the other
Party involving any Patent including, by way of example, producing documents, answering interrogatories and sitting for depositions, at no cost to the other Party other than recovery of its actual out-of-pocket expenses directly incurred in
providing such cooperation. 
 7.8 Licensee and Licensee Third Parties will only practice the Patents in the
Field of Use and in accordance with applicable U.S. federal, state and local laws, and administrative regulations. Both Parties will affix appropriate patent markings pursuant to 35 U.S.C. §287(a) to any products claimed by any Patent that is a
United States patent for products made, sold or imported into the United States. 
 Section 8. Miscellaneous.

 8.1 Notices. All notices, requests, payments, instructions or other documents to be given hereunder
shall be in writing or by written telecommunication, and shall be deemed to have been duly given if (i) delivered personally (effective upon delivery), (ii) mailed by certified mail, return receipt requested, postage prepaid (effective
upon receipt), (iii) sent by a reputable, established international courier service that guarantees delivery within the next three following business days (effective upon receipt), or (iv) sent by telecopier followed within twenty-four
(24) hours by confirmation by one of the foregoing methods (effective upon receipt), addressed as follows (or to such other address as the recipient may have furnished for the purpose pursuant to this Section 8.1): 
  

 - 9 - 

 If to Licensor: 
 SaluMedica, LLC 
 112 Krog Street, Suite 4 
 Atlanta, Georgia 30307

 Attention: President 
 Facsimile: (404) 589-1838 
 and to 
 Robert B. Braden 
 931 Ponce de Leon Avenue, N.E. 
 Atlanta, Georgia 30306 
 With a copy (which shall not
constitute notice) to: 
 Randall W. Johnson, Esq. 
 2017 Carrington Court 
 Stone Mountain, GA 30087 
 If to Licensee: 

SpineMedica Corp. 
 1234 Airport Road, Suite 105 
 Destin, Florida 32541

 Attention: Matthew Miller, President 
 Facsimile: (805) 650-2213 
 With a copy (which shall not constitute notice) to: 
 G. Donald Johnson, Esq. 
 Womble Carlyle Sandridge & Rice, PLLC 
 1201 West Peachtree Street, Suite 3500 
 Atlanta, Georgia 30309 
 Facsimile: (404) 870-4878 
 Changes to the above notification
addresses may be made by notice to the Parties in the manner set forth above. 
 8.2 Assignment and
Sublicense. Licensee may assign this License Agreement, assign or sublicense any rights under this License Agreement and delegate any of its obligations under this License Agreement; provided however, that (i) Licensee must comply with the
notice and payment obligations set forth in Section 4.1 of that certain License Agreement between Licensor and Georgia Tech Research Corporation dated March 5, 1998, as amended through the date hereof, (ii) the sublicense or
delegation shall not affect Licensee’s obligations to Licensor under this License Agreement, and Licensee shall remain liable as a primary obligor to Licensor for breach of this Agreement by Licensee, its sub-licensees, delegatees or other
Licensee Third 

  

 - 10 - 

 
Parties, (iii) the sublicense or delegation must include a binding obligation on the sub-licensee to comply with all the patent protection,
confidentiality and other obligations of the Licensee in this License Agreement and the Trademark License Agreement to the extent applicable to the Licensed Technology subject to such sublicense, and (iv) Licensee must provide Licensor prior
written notice regarding the terms of such assignment, delegation or sublicense as they relate to insuring the Third Party’s compliance with the terms of this Agreement to the extent such notification obligation can be complied with without
breach of with any confidentiality obligation on Licensee. Either Party must give notice to the other of any transaction by such Party resulting in a termination of the Improvement Cooperation Period. Licensor shall have the right to assign this
License Agreement provided that the assignment must occur in conjunction with an assignment of the Licensed Technology. No further contribution or payment to Licensor shall be due in the event of a sublicense or assignment by Licensee. Without
limiting the generality of the foregoing, this License Agreement shall survive unimpaired and remain in full force and effect in the event of any sale of assets, merger or other transaction involving the sale of assets or stock of either Licensor or
Licensee. 
 8.3 Confidentiality. During the Improvement Cooperation Period and for a period of two
years after termination thereof, each party covenants and agrees, with respect to the Confidential Information of the other party, as follows: (a) to receive and hold such Confidential Information in confidence; (b) to protect and
safeguard such Confidential Information against unauthorized use, publication and disclosure; (c) not to use any of such Confidential Information or derivatives thereof except as permitted by this License Agreement; and (d) to restrict
access to such Confidential Information to those of its officers, directors and employees who clearly have a need to access to such Confidential Information. Notwithstanding the foregoing, after such two year period, any Confidential Information
that is also a trade secret under applicable law continues to be subject to the obligations imposed in this section as long as it remains a trade secret. 
 8.4 Binding Agreement. This License Agreement shall not be binding upon the Parties until it has been signed herein below by or on behalf of each Party. No amendment or modification hereof
shall be valid or binding upon the Parties unless made in writing and signed as aforesaid. 
 8.5
Severability. If any section of this License Agreement is found by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such section in every
other respect and the remainder of this License Agreement shall continue in effect so long as this License Agreement still expresses the intent of the Parties. If the intent of the Parties, however, cannot be preserved, this License Agreement either
shall be renegotiated or shall be terminated. 
 8.6 Governing Law. This License Agreement shall be
interpreted and construed, and the legal relations between the Parties shall be determined, in accordance with the laws of the State of Georgia, without regard to such jurisdiction’s conflicts of laws rules. 
  

 - 11 - 

 8.7 Arbitration. Any dispute, claim or controversy arising out of
or in connection with this License Agreement, including any question regarding its existence, validity or termination, shall be finally determined by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration
Association (the “Rules”). Unless the Parties shall otherwise mutually agree, there shall be one (1) arbitrator. Any judgment or award rendered by the arbitrator shall be final, binding and nonappealable. The place of arbitration
shall be Atlanta, Georgia. Neither of the Parties shall contest the choice of Atlanta, Georgia as the proper forum for such dispute and notice in accordance with Section 8.1 shall be sufficient for the arbitrator to conduct such proceedings. If
the Parties are unable to agree on an arbitrator, the arbitrator shall be selected in accordance with the Rules. In resolving any dispute, the Parties intend that the arbitrator apply the substantive laws of the State of Georgia, without regard to
the choice of law principles thereof. The Parties intend that the provisions to arbitrate set forth herein be valid, enforceable and irrevocable. The Parties agree to comply with any award made in any such arbitration proceedings that has become
final in accordance with the Rules and agree to enforcement of or entry of judgment upon such award, by any court of competent jurisdiction. The arbitrator shall be entitled, if appropriate, to award the remedies permitted under Section 4.2 in
accordance with the provisions thereof. Without limiting the provisions of the Rules, unless otherwise agreed in writing by the Parties or permitted by this License Agreement, the Parties shall keep confidential all matters relating to the
arbitration or the award, provided, such matters may be disclosed (A) to the extent reasonably necessary in any proceeding brought to enforce the award or for entry of a judgment upon the award and (B) to the extent otherwise required by
law. Notwithstanding any provision of the Rules to the contrary, the Party other than the prevailing Party in the arbitration shall be responsible for all of the costs of the arbitration, including legal fees and other costs associated with such
arbitration incurred by either Party. 
 8.8 Compliance with Applicable Laws. Licensee agrees to comply
with all governmental laws and regulations applicable in connection with the use of, or exercise of any intellectual or other property rights related to, the Licensed Technology under this License Agreement. 
 8.9 Headings. The headings of sections are inserted for convenience of reference only and are not intended to be
part of or to affect the meaning or interpretation of this License Agreement. 
 8.10 Counterparts.
This License Agreement may be executed in two or more counterparts, each of which shall be deemed an original and which together shall constitute one instrument. 
 8.11 Authority. The person(s) signing on behalf of Licensor and Licensee, respectively, hereby warrant and represent that they have authority to execute this License Agreement on behalf of
the Party for whom they have signed. 
 8.12 Representation by Counsel. Each Party acknowledges that it
has been represented by counsel in connection with the negotiation and drafting of this License 

  

 - 12 - 

 
Agreement and that no rule of strict construction shall be applied to either of them as the drafter of all or any part of this License Agreement. 

8.13 Entire Agreement. This Agreement, together with any documents executed in conjunction with the transactions
described herein (to the extent the breach of either of these agreements in an Unauthorized Activity under this Agreement) constitutes the entire agreement between the parties with respect to the subject matter hereof, supersedes all previous
express or implied promises or understandings related to the subject matter of hereof, and may not be varied, amended, or supplemented except by a writing of even or subsequent date executed by both parties and containing express reference to this
Agreement. 
 8.14 No Waiver. The failure of either party to enforce at any time any of the provisions
of this Agreement, or any rights in respect thereto, will in no way be considered a waiver of such provisions, rights, or elections with respect to subsequent events or in any way to affect the validity and the enforceability of this Agreement.

 8.15 Replacement of Invalid Provisions. In the event that any provision of this Agreement is
declared invalid or legally unenforceable by a court of competent jurisdiction from which no appeal is or can be taken, the invalid provision will be deemed replaced by a similar but valid and legally enforceable provision as near in effect as the
invalid or legally unenforceable provision, and the remainder of this Agreement will be deemed modified to conform thereto and will remain in effect. 
 [SIGNATURES ON NEXT PAGE] 
  

 - 13 - 

 IN WITNESS WHEREOF, the Parties have hereunto affixed their signatures as of the date
first above written. 
  

									
	 Agreed to:
	 		 	 Agreed to:

			
	 SALUMEDICA, LLC
	 		 	 SPINEMEDICA CORP.

					
	 By:
	 	 /s/ Robert B. Braden
	 		 	 By:
	 	 /s/ Matthew Miller

		 	 Robert B. Braden, Manager
	 		 		 	 Matthew Miller, President

					
	 By:
	 	 /s/ Eric D. Ranney
	 		 		 	
		 	 Eric D. Ranney, Manger
	 		 		 	

  

 - 14 - 

 Appendix A 
 Issued Patents and Pending Patent Applications 
 I. Patents Under License: 
 U.S. Patent No. 5,981,826, entitled “Poly(vinyl alcohol) cryogel” (owned by Georgia Tech Research Corporation under exclusive license to
Salumedica, LLC) 
 European patent No. EP0991402, issued in the following countries: 
 Austria, Belgium, Switzerland, Cyprus, Denmark, Spain, Finland, France, United Kingdom, Greece, Ireland, Italy, Luxembourg, Monaco, Netherlands, Portugal
and Sweden. 
 German Patent No. 69828050.4. 
 Australian Patent No. 728426. 
 Japanese Patent No. 3506718. 
 II. Owned Patents: 
 U.S. Patent No. 6,231,605, entitled
“Poly(vinyl alcohol) hydrogel” 
 U.S. Patent Application Publication No. 2003-0008396, entitled “Poly(vinyl alcohol) hydrogel”

 U.S. Patent Application Publication No. 2004-0143329, entitled “Poly(vinyl alcohol) hydrogel” 
 U.S. Patent Application Publication No. 2005-0106255, entitled “Poly(vinyl alcohol) hydrogel” 
 U.S. Patent Application Publication No. 2005-0071003, entitled “Poly(vinyl alcohol) hydrogel” 
 III. Flexible Spinal Disc Patents: 
 U.S. Patent Application
Publication No. 2005-0055099, entitled “Flexible Spinal Disc”

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]