Document:

Exhibit 10.7

 

 

November 27, 2019

 

Dr. Jerome Riebman

[XXX]

[XXX]

 

Dear Jerry,

 

I would like to formally extend an offer
of employment to you as Chief Medical Officer for Aziyo Biologics, Inc. (the “Company”). We believe that your
skills, talent, and motivation will complement our team as we look to be the premier partner of regenerative medicine solutions.
The basic terms and conditions of employment are set forth below.

 

Duties and Responsibilities

 

In your position as Chief Medical Officer
you will report directly to me. In this position, you will be a key member of the leadership team and as such will be involved
in setting the Company’s long-term vision and short- term goals and objectives designed to successfully commercialize our
current and future product offerings that span several therapeutic areas.

 

Your employment is subject to all Company
personnel policies and procedures as they may be promulgated, adopted, revised, interpreted or deleted from time to time by the
Company in its sole discretion.

 

Compensation

 

The salary for this exempt position is
at the annual rate of $365,000 paid at the rate of $14,038.46 bi-weekly less deductions and withholdings as required by law, in
accordance with the Company’s standard payroll procedures (“Annual Base Compensation”).

 

Bonus

 

You will be eligible to receive an annual
performance- based bonus, the target of which is set at 30% of your base salary. This bonus will be based on the Company meeting
its overall objectives as well as personal performance objectives that will be mutually agreed upon and set at the start of each
calendar year. Payment of this bonus will be made as soon as administratively possible following the end of the calendar year.

 

	 	Aziyo Biologics, Inc.
	 	880 Harbour Way S, Suite 100
	 	Richmond, CA 94804
	 	 
	 	T: 855-416-0596
	 	F: 510-307-9896
	 	 
	 	www.aziyobio.com

 

     

     

    

 

Stock Options

 

Pending Board of Directors approval, the
Company will grant you stock options to purchase 220,000 shares of the Company’s common stock (“Stock Options”)
with an exercise price equal to the fair market value of the Company’s common stock on the date of such grant.

 

The definitive terms of the Company’s
Equity Incentive Plan and the terms and conditions related to your stock option grant (including the number of options, exercise
price for such options, the vesting schedule and eligibility criteria) are subject to Board of Director’s approval and will
be communicated to you formally in a Equity Incentive Plan Document, which you should expect to receive as soon as administratively
possible following your start date with the Company and Board of Directors approval.

 

Sign-On Bonus

 

You will be eligible to receive a one-time
sign on bonus of $65,000. This bonus will be paid to you in two (2) installments. The first installment of $25,000 will be
paid to you on the first regularly scheduled pay date following your date of hire with the Company; the second installment of $40,000
you will be eligible to receive based on achievement of mutually agreeable performance milestones that will be set at the start
of your employment and paid to you on the first regularly scheduled pay date following 90 days of employment.

 

Relocation Expense Reimbursement

 

You will be eligible to be reimbursed for
out of pocket relocation expenses paid to you by your current employer up to an amount equal to $75,000 provided that you (1) begin
employment with Aziyo on or before January 20, 2020 and (2) are required to re-pay those relocation dollars to your current
employer. In order to be eligible for reimbursement by the Company, documentation detailing the amount of the expense must be submitted
within 30 days of the repayment.

 

Employee Benefits

 

You will be eligible to participate on
the same basis as similarly situated employees in the Company’s benefit plans in effect from time to time during your employment.
At this time, the Company provides medical, dental and vision benefit plans, a 401(k) retirement plan with a company match
after a year of service, life insurance and short and long-term disability insurance coverage. Specific information on the Company’s
benefits programs will be provided to you separately. Enrollment in the Company’s benefits programs for which you are eligible
must be completed within the first 30 days of your employment.

 

	 	Aziyo Biologics, Inc.
	 	880 Harbour Way S, Suite 100
	 	Richmond, CA 94804
	 	 
	 	T: 855-416-0596
	 	F: 510-307-9896
	 	 
	 	www.aziyobio.com

 

     

     

    

 

You will also be eligible to receive vacation
and sick time as defined by the Company’s time off policy. In addition, the Company offers 7 paid Company- designated holidays
per year.

 

Employment

 

Your employment with the Company will be
 “at will” which means that either you or the Company may terminate your employment at any time for any reason with
or without cause. The “at will” nature of your employment may not be changed, except as put in writing by the Company’s
CEO. You agree and understand that you are not entitled to, and have not been promised, any employment, position, compensation,
benefits or payments of any kind, or any other terms of employment, that are not specifically stated in this offer letter or the
documents referred to herein.

 

Contingencies and Conditions Precedent

 

Your employment is contingent upon:

 

		Ÿ	Accepting and returning a signed original
of this Offer Letter within three (3) days of receipt.

 

		Ÿ	Verifying your legal authorization to
work in the United States pursuant to the Immigration Reform and Control Act. In order to comply with this legal obligation, we
must complete an Employment Eligibility Verification Form I-9 within three days of your start date.

 

		Ÿ	The successful completion of required
onboarding documents and pre-employment background and drug screening (if applicable).

 

		Ÿ	Your review, execution and delivery of
a Confidentiality and Proprietary Rights Assignment Agreement prior to your first day of employment.

 

By signing this letter, you acknowledge
that the terms described in this letter, together with the necessary Confidentiality and Proprietary Rights Assignment Agreement,
set forth the entire understanding between us and supersede any prior representations or agreements, whether written or oral; there
are no terms, conditions, representations, warranties or covenants other than those contained therein. No term or provision of
this letter may be amended waived, released, discharged or modified except in writing, signed by you and an authorized officer
of the Company, except that the Company may, in its sole discretion, adjust salaries and bonuses, incentive compensation, equity
incentive plans, benefits, job titles, locations, duties, responsibilities and reporting relationships. By signing this letter,
you represent that (a) you have never been convicted of any criminal offense; (b) you are not subject to any legal or
contractual obligation that could prevent you from undertaking or performing the functions described herein; (c) you will
not, in connection with your employment by the Company, use or disclose to any employee or representative of the Company any confidential,
proprietary and/or trade secret information that you obtained during any prior employment; and (d) you will fully abide by
all ongoing obligations (of confidentiality or otherwise) to all prior employers.

 

	 	Aziyo Biologics, Inc.
	 	880 Harbour Way S, Suite 100
	 	Richmond, CA 94804
	 	 
	 	T: 855-416-0596
	 	F: 510-307-9896
	 	 
	 	www.aziyobio.com

 

     

     

    

 

If these terms are acceptable to you, please
sign below and return to Jennifer Barretta, Human Resources by Monday, December 2, 2019. Upon acceptance of our offer, we
will discuss a mutually agreeable start date.

 

We look forward to welcoming you to the Aziyo Biologics team!

 

	Sincerely,	 
	 	 
	/s/ Ron Lloyd	 
	Ron Lloyd	 
	President & Chief
    Executive Officer	 

 

 

 

My signature below denotes my acceptance
of the offer of employment with the terms and conditions as described above.

 

	/s/ Jerome Riebman	 	12/1/2019	 
	Dr. Jerome Riebman	 	Date	 

 

	 	Aziyo Biologics, Inc.
	 	880 Harbour Way S, Suite 100
	 	Richmond, CA 94804
	 	 
	 	T: 855-416-0596
	 	F: 510-307-9896
	 	 
	 	www.aziyobio.comExhibit 10.8

 

 

November 5, 2015

 

Mr. Jeff Hamet

[XXX]

[XXX]

 

Dear Jeff,

 

I would
like to formally extend an offer of employment to you as VP, Finance for Aziyo Biologics, Inc. (the "Company"). We believe
that your skills, talent, and motivation will complement our team as we look to be the premier partner of regenerative medicine
solutions. The basic terms and conditions of employment are set forth below.

 

Duties and Responsibilities

 

In your
position as VP, Finance you will initially report to me. In this role, you will be responsible for leading the Company's finance,
accounting and information technology teams from strategic direction to tactical execution of management, systems, reporting, and
other duties and responsibilities as assigned.

 

Your employment
is subject to all Company personnel policies and procedures as they may be promulgated, adopted, revised, interpreted or deleted
from time to time by the Company in its sole discretion.

 

Compensation

 

The salary for this exempt position
is at the annual rate of $200,000 paid at the rate of $7,692.31 bi-weekly, in accordance with the Company's standard payroll procedures
("Annual Base Compensation").

 

Bonus Plan

 

In your
role as VP, Finance, you may be eligible for a performance-based bonus. This bonus will be based on your performance and that of
the Company and will be awarded at the sole discretion of management, as approved by the Board of Directors. Your performance will
be evaluated as part of the Company's annual performance review process.

 

    

     

    

 

Employee Benefits

 

You will be
eligible to participate on the same basis as similarly situated employees in the Company's benefit plans and policies in effect
from time to time during your employment. At this time, it is the Company's intention to provide medical, dental and vision benefit
plans, a 40l(k) retirement plan, life insurance and short and long-term disability insurance coverage. Once available, information
on the Company's benefits packages will be provided to you separately.

 

Stock Options

 

After the commencement
of employment with the Company and upon the adoption of an equity incentive plan by the Company, you would be eligible to receive
stock options under such plan commensurate with your VP, Finance position. These stock options represent an opportunity for you
to share in the future success of the Company. The definitive terms of the equity incentive plan and the terms and conditions related
to any individual stock option grant (including the number of stock options, the exercise price for such options, the vesting schedule
and eligibility criteria) will be determined, and must be approved, by the Company's Board of Directors.

 

Employment

 

Your employment
with the Company will be "at will" which means that either you or the Company may terminate the employment at any time
for any reason with or without cause. The "at will" nature of your employment may not be changed, except as put in writing
by the Company's CEO. You agree and understand that you are not entitled to, and have not been promised, any employment, position,
compensation, benefits or payments of any kind, or any other terms of employment, that are not specifically stated in this offer
letter or the documents referred to herein.

 

Contingencies and Conditions Precedent

 

Your employment
will be contingent upon your review, execution and delivery of a Confidentiality and Proprietary Rights Assignment Agreement prior
to your first day of employment.

 

By signing this
letter, you acknowledge that the terms described in this letter, together with the necessary Confidentiality and Proprietary
Rights Assignment Agreement, set forth the entire understanding between us and supersede any prior representations or
agreements, whether written or oral; there are no terms, conditions, representations, warranties or covenants other than
those contained therein. No term or provision of this letter may be amended waived, released, discharged or modified except
in writing, signed by you and an authorized officer of the Company, except that the Company may, in its sole discretion,
adjust salaries and bonuses, incentive compensation, equity incentive plans, benefits, job titles, locations, duties,
responsibilities and reporting relationships. By signing this letter, you represent that (a) you have never been convicted of
any criminal offense; (b) you are not subject to any legal or contractual obligation that could prevent you from undertaking
or performing the functions described herein; (c) you will not, in connection with your employment by the Company, use or
disclose to any employee or representative of the Company any confidential, proprietary and/or trade secret information that
you obtained during any prior employment; and (d) you will fully abide by all ongoing obligations (of confidentiality or
otherwise) to all prior employers.

 

    

     

    

 

If these terms are
acceptable to you, please sign below and return to me by Monday, November 9, 2015. We expect your employment with the Company to
have begun on Wednesday, November 4, 2015.

 

We look forward to welcoming you to the Aziyo Biologics
team!

 

Sincerely,

 

	/s/ Kevin Rakin	 
	Kevin Rakin	 
	Executive Chairman	 

 

My signature
below denotes my acceptance of the offer of employment with the terms and conditions as described above.

 

	/s/ Jeff Hamet	 	 11/9/15
	Jeff Hamet	 	Date

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