Document:

Exhibit 10.66

 

MIMEDX GROUP, INC.

ASSUMED 2006 STOCK INCENTIVE PLAN

 

RESTRICTED STOCK AGREEMENT

(Applicable to Non-employee Directors Annual Grant)

THIS AGREEMENT, entered into as of __________, ____ (the “Grant Date”) by and between ___________________(the “Participant”) and MiMedx Group, Inc. (the “Company”);

 

WHEREAS, the Company maintains the MiMedx Group, Inc. Assumed 2006 Incentive Plan (the “Plan”), which is incorporated into and forms a part of this Agreement, and the Participant has been selected by the committee administering the Plan (the “Committee”) to receive a Restricted Stock Award under the Plan;

 

NOW, THEREFORE, IT IS AGREED, by and between the Company and the Participant, as follows:

 

1.            Terms of Award and Definitions.  The following additional terms used in this Agreement shall have the meanings set forth in this Section 1:

 

(a)            Date of Termination.  The Participant’s “Date of Termination” shall be the first day occurring on or after the Grant Date on which the Participant is neither employed by the Company, a director of the Company, nor an independent contractor performing services for the Company.

 

(b)            Designated Beneficiary.  The “Designated Beneficiary” shall be the beneficiary or beneficiaries designated by the Participant in a writing filed with the Committee in such form and at such time as the Committee shall require.

 

(c)            Restricted Period.  A “Restricted Period” is the one year period beginning on the Grant Date and ending on the first anniversary of the Grant Date.

 

(d)            Restricted Stock.  The number of shares of “Restricted Stock” awarded under this Agreement shall be _______________ shares.  Shares of “Restricted Stock” are shares of Stock granted under this Agreement and are subject to the terms of this Agreement and the Plan.

 

Except where the context clearly implies or indicates the contrary, a word, term, or phrase used in the Plan is similarly used in this Agreement.  All other capitalized terms shall have the meaning assigned to such terms in the Plan.

 

2.            Award.  The Participant is hereby granted the number of shares of Restricted Stock set forth in Section 1.

 

3.            Deposit of Shares of Restricted Stock.  Each certificate issued in respect of shares of Restricted Stock granted under this Agreement shall be registered in the name of the Participant and shall be deposited in a bank designated by the Committee.  The grant of Restricted Stock is conditioned upon the Participant endorsing in blank a stock power for the Restricted Stock.

 

 

Last Name, First Name - Restricted Stock Agreement

4.            Transfer and Forfeiture of Shares.

 

(a)            If the Participant’s Date of Termination (as defined above) does not occur during a Restricted Period, then, at the end of such Restricted Period, the Participant shall become vested in one hundred percent (100%) of the shares of Restricted Stock, and shall own such shares free of all restrictions otherwise imposed by this Agreement.  A certificate reflecting the number of shares of Stock so vested shall be delivered to the Participant as soon as practicable after the end of such Restricted Period, but in any event no later than the fifteenth (15th) day following the end of the applicable Restricted Period.  Notwithstanding the foregoing, in the event a Change in Control, as defined in the Plan, occurs on or prior to the first anniversary of the Grant Date and prior to the Participant’s Date of Termination, all of the Participant’s shares of Restricted Stock shall immediately vest and become non-forfeitable.

 

(b)            If the Participant’s Date of Termination occurs prior to the end of a Restricted Period, the Participant shall forfeit any unvested Restricted Stock as of the Participant’s Date of Termination.

 

(c)            Otherwise, shares of Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered until the Participant is vested in the shares.

 

5.            Withholding.  Participant must make arrangements, satisfactory to the Company, for satisfaction of any applicable foreign, federal, state or local withholding requirements related to the receipt of Restricted Stock or the lapse of restrictions thereon.  If no alternative arrangements are made, the Company may withhold Restricted Stock to satisfy such withholding requirements.

 

6.            Heirs and Successors.

 

(a)            This Agreement shall be binding upon, and inure to the benefit of, the Company and the Participant and their respective successors and assigns.

 

(b)            If any rights exercisable by the Participant or benefits deliverable to the Participant under this Agreement have not been exercised or delivered, respectively, at the time of the Participant’s death, such rights shall be exercisable by the Designated Beneficiary, and such benefits shall be delivered to the Designated Beneficiary, in accordance with the provisions of this Agreement and the Plan.

 

(c)            If a deceased Participant has failed to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any rights that would have been exercisable by the Participant and any benefits distributable to the Participant shall be exercised by or distributed to the legal representative of the estate of the Participant.

 

(d)            If a deceased Participant has designated a beneficiary but the Designated Beneficiary dies before the Designated Beneficiary’s exercise of all rights under this Agreement or before the complete distribution of benefits to the Designated Beneficiary under this Agreement, then any rights that would have been exercisable by the Designated Beneficiary shall be exercised by the legal representative of the estate of the Designated Beneficiary, and any benefits distributable to the Designated Beneficiary shall be distributed to the legal representative of the estate of the Designated Beneficiary.

 

 

Last Name, First Name - Restricted Stock Agreement

2

7.            Substituted or Additional Shares.  If, from time to time during the term of this Agreement, there is any stock split-up, stock dividend, stock distribution or other reclassification of the Company’s Common Stock, any and all new, substituted or additional securities to which the Participant is entitled by reason of his or her ownership of the Restricted Stock shall be immediately subject to the terms of this Agreement.

 

8.            Plan Governs.  Notwithstanding anything in this Agreement to the contrary, the terms of this Agreement shall be subject to, and governed by, the terms of the Plan, a copy of which is enclosed with this Agreement; and this Agreement is subject to all interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan.  In the event of any conflict between the terms of the Plan and this Agreement, the terms of the Plan shall govern.

 

9.            Charges, Taxes and Expenses.  The issuance of certificates for shares of Restricted Stock shall be made without charge to the Participant for any transfer tax or other such expense imposed or incurred with respect to the issuance of such certificates, all of which taxes and expenses shall be paid by the Company.

 

10.         Governing Law.  The governing laws applicable to the Plan shall govern this Agreement.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the Grant Date.

 

	
 

	
MiMedx Group, Inc.

	
 

	
 

	
 

	
By:

	 
	
 

	
 

	
Name:

	
Parker H. Petit

	 		
Its:

	
Chairman of the Board and CEO

	
ATTEST:

	  	
 

	
Vice President Human Resources and Administration

 

By my signature below, I hereby acknowledge receipt of this Restricted Stock Agreement and a copy of the Plan, and furthermore, I agree to be bound by the terms of the Plan and the Agreement, including but not limited to the terms and provisions contained herein.  The Company reserves the right to treat this Award and this Agreement as cancelled, void and of no effect if the Participant fails to return a signed copy of this Agreement within 30 days of receipt of this Agreement.

	
PARTICIPANT:

	 	 	
Date:  

	 

 

Last Name, First Name - Restricted Stock Agreement

 

 

3Exhibit 10.1

 

american
realty capital advisors iV, LLC

American reaLty capital trust iV special limited partner, llc

american realty capital properties iV, llc

405
Park Avenue

New
York, New York 10022

 

 

American Realty Capital Trust IV, Inc.

American Realty Capital Operating Partnership IV, L.P.

American Realty Capital Properties, Inc.

ARC Properties Operating Partnership, L.P.

Thunder Acquisition LLC

405 Park Avenue

New York, New York 10022

 

July 1, 2013

 

	Re:		Project Thunder – Incentive and Other Payments

 

Reference is made to that certain Agreement
and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), by and among American Realty Capital
Properties, Inc., a Maryland corporation (“Parent”), ARC Properties Operating Partnership, L.P., a Delaware
limited partnership and the operating partnership of the Company (the “Parent OP”), Thunder Acquisition LLC,
a Delaware limited liability company wholly-owned by Parent (“Merger Sub”), American Realty Capital Trust IV,
Inc., a Maryland corporation (the “Company”), and American Realty Capital Operating Partnership IV, L.P., a
Delaware limited partnership and the operating partnership of the Company (the “Company OP”), pursuant to which
(x) the Company will merge with and into Merger Sub, with Merger Sub being the surviving entity, and (y) the Company OP will merge
with and into the Parent OP, with the Parent OP being the surviving entity (collectively, the “Transaction”).
Any term not otherwise defined herein shall have the meaning given such term in the Merger Agreement.

 

Reference also is hereby made to: (i) that
certain Amended and Restated Advisory Agreement, dated as of November 12, 2012, by and among American Realty Capital Advisors IV,
LLC, a Delaware limited liability company (the “Advisor”), the Company and the Company OP (the “Advisory
Agreement”), (ii) that certain Amended and Restated Agreement of Limited Partnership of the Company OP, dated as of November
12, 2012, by and among the Company, the Advisor, American Realty Capital Trust IV Special Limited Partner, LLC, a Delaware limited
liability company (the “Special Limited Partner”) and other limited partners party thereto, as amended from
time to time (the “Company OP Agreement”) and (iii) that certain Property Management and Leasing Agreement,
made and entered into as of June 8, 2012, by and among the Company, the Company OP and American Realty Capital Properties IV, LLC,
a Delaware limited liability company (the “Manager”) (the “Property Management and Leasing Agreement”).

 

    	 

    	 

    

 

In order to induce the parties to the Merger
Agreement to enter into the Merger Agreement, each of the Company, Parent, the Company OP, the Special Limited Partner, the Advisor
and the Manager hereby agree as follows:

 

		1.	Pursuant to Section 10(c) of the Advisory Agreement, the Advisor is entitled to a Real Estate Commission (as defined in the
Advisory Agreement) in connection with the sale of any real estate assets in any transaction or series of transactions. The Advisor
hereby agrees to a reduction in the amount of the Real Estate Commission to which the Advisor is entitled in connection with the
Transaction. The Advisor, the Company and the Company OP agree that the reduced Real Estate Commission payable to the Advisor shall
be $8.4 million.

 

		2.	Pursuant to Section 5.1 of the Company OP Agreement, the Special Limited Partner is entitled to certain subordinated distributions
of net sales proceeds from the Company OP (the “SLP Interest”). Upon an Investment Liquidity Event (as defined
in the Company OP Agreement), the Special Limited Partner’s right to receive its SLP Interest is accelerated to the time
of such Investment Liquidity Event and the amount of the SLP Interest is fixed as of the Investment Liquidity Event (the “Investment
Liquidity Amount”). The Company, the Company OP and the Special Limited Partner hereby acknowledge and agree that the
Transaction is an Investment Liquidity Event.

 

		3.	Pursuant to Section 8.7(b) of the Company OP Agreement, if the Special Limited Partner is entitled to the Investment Liquidity
Amount, the Special Limited Partner has the right to contribute its SLP Interest to the Company OP in exchange for a number of
Company OP Units equal to the quotient of (a) the Investment Liquidity Amount divided by (b) the product of (i) the fair
market value of one share of Company Common Stock on the date of the Investment Liquidity Event multiplied by (ii) the Exchange
Factor (as defined in the Company OP Agreement). The Special Limited Partner hereby elects to contribute its SLP Interest to the
Company OP in exchange for Company OP Units and the Company, the Company OP and the Special Limited Partner hereby acknowledge
and agree that such contribution and exchange shall be made pursuant to customary contribution or assignment documentation and
shall be effective immediately prior to the consummation of the Transaction. Upon the consummation of the Transaction, each Company
OP Unit will automatically be converted into a number of validly issued Parent OP Units equal to the Exchange Ratio. Furthermore,
the Special Limited Partner may desire to exchange or convert all or a portion of the Parent OP Units to be received as a result
of the Transaction for Parent Common Stock, or, at the election of Parent, cash, and the Special Limited Partner, Parent, Parent
OP, the Company and the Company OP will agree in good faith to any such exchange or conversion into Parent Common Stock or cash
at least 5 days prior to the Closing Date; provided, that if the Special Limited Partner does not exchange or convert the Parent
OP Units to be received as a result of the Transaction in connection with the Closing, the Special Limited Partner shall have the
option to cause Parent to acquire such Parent OP Units for cash at any time during the 24 month period commencing on the date
immediately after the date that is the two-year anniversary of the date on which the Special Limited Partner was issued its original
interest in the Company OP for an amount equal to the Cash Amount (as defined in the limited partnership agreement of the Parent
OP) per Parent OP Unit.

 

    	 

    	 

    

 

		4.	Pursuant to Section 10(i) of the Advisory Agreement and Section 16.1 of the Company OP Agreement, the Advisor is entitled to
receive Class B Units (as defined in the Company OP Agreement) in the Company OP within 30 days of the end of each quarter, commencing
with the calendar quarter beginning July 1, 2012. The Class B Units are issued pursuant to the terms of the Company OP Agreement
quarterly in arrears, subject to the approval of the Company’s board of directors. As of the date hereof, 121,769 Class B
Units have been issued or approved for issuance to the Advisor. Furthermore, it is expected that additional Class B Units will
be issued to the Advisor in connection with its asset management services through and including the Closing Date. Any Class B Units
earned and issuable for the period from the date hereof up to an including the Closing Date shall be issued immediately prior to
the Closing and shall be subject to the terms of this letter agreement. When issued, the Class B Units are subject to forfeiture
until both an economic hurdle and a performance hurdle have been met in accordance with Section 16.2(a) of the Company OP Agreement.
It is expected that the economic hurdle will be met prior to the Closing Date. The performance hurdle will be met if the Advisor
continues to be the Advisor at the Closing of the Transaction. Accordingly, the Company, the Company OP and the Advisor hereby
acknowledge and agree that, provided the economic hurdle is met prior to the Closing Date and the Advisor continues to be the advisor
under the Advisory Agreement as contemplated in paragraph 7 hereof, both the economic hurdle and the performance hurdle will be
met upon the consummation of the Transaction, and at such time no Class B Units held by the Advisor will continue to be subject
to forfeiture.

 

		5.	Pursuant to Section 16.4 of the Company OP Agreement, the Class B Units are convertible automatically into Company OP Units
at such time as the Advisor’s capital account with respect to a Class B Unit is equal to the average capital account balance
attributable to an outstanding Company OP Unit (as determined on a unit-by-unit basis). Pursuant to subparagraph 1(c)(ii) of Exhibit
B of the Company OP Agreement, the Advisor is entitled to special allocations of unrealized appreciation in the value of, and net
property gain from the sale of, the Company OP’s assets. Furthermore, pursuant to Section 16.4(b) of the Company OP Agreement,
the Advisor has the right up to twice per year to cause the Company OP to adjust the book value of its assets to fair market value,
a “book-up”, by making a capital contribution of more than a de minimis amount to the Company OP in exchange
for Company OP Units. The Advisor hereby elects to make such a capital contribution to the Company OP in exchange for Company OP
Units prior to the consummation of the Transaction, if necessary to be effective, in order to cause such an adjustment and allow
it to convert the maximum number of Class B Units to Company OP Units in connection with the consummation of the Transaction, and
the Company and the Company OP hereby acknowledge and agree to allow the Advisor to make such capital contributions in order to
effectuate a book-up prior to the Closing Date. The amount of the capital contribution, if any, and the number of Company OP Units
issuable will be agreed to in good faith by the Company, the Company OP and the Advisor. Upon the consummation of the Transaction,
each Company OP Unit will automatically be converted into a number of validly issued Parent OP Units equal to the Exchange Ratio.
The Advisor agrees that these Parent OP Units are subject to a minimum two-year holding period prior to being exchangeable into
Parent Common Stock which holding period includes the period during which the Advisor held the relevant Class B Units.

 

    	 

    	 

    

 

		6.	The Company, the Company OP and the Advisor hereby acknowledge and agree that there may be a number of unconverted Class B
Units on the Closing Date and that, in accordance with Section 3.1 of the Merger Agreement, each unconverted Class B Unit will
be converted automatically into a number of Parent Class B Units equal to the Exchange Ratio.

 

		7.	In order to facilitate the smooth transition of advisory services following the consummation of the Transaction, Parent, the
Parent OP, Merger Sub, the Company, the Company OP, and the Advisor agree that the Advisory Agreement will be extended for a 60
day period following the Closing Date pursuant to the terms substantially in the form Amendment and Acknowledgement of Termination
of Second Amended and Restated Advisory Agreement attached hereto as Exhibit A.

 

		8.	In order to facilitate the smooth transition of property management services following the consummation of the Transaction,
Parent, the Parent OP, Merger Sub, the Company, the Company OP and the Manager agree that the Property Management and Leasing Agreement
will be extended for a 60 day period following the Closing Date pursuant to the terms substantially in the form Amendment and Acknowledgement
of Termination of Property Management and Leasing Agreement attached hereto as Exhibit B.

 

The parties hereto
agree that this letter agreement satisfies any notice requirements with respect to (a) the contribution of the SLP Interest to
the Company OP in exchange for Company OP Units and (b) the election to cause a book-up event.

 

Each of the Company,
Parent, the Company OP, the Special Limited Partner, the Advisor and the Manager, as applicable, represent and warrant that (a)
each has the necessary power and authority to enter into this letter agreement and to carry out its obligations hereunder and (b)
no consents, approvals, authorizations or other actions are required for the Company, Parent, the Company OP, the Special Limited
Partner, the Advisor or the Manager to execute, deliver and perform their respective obligations under this letter agreement.

 

This letter agreement
may be amended, modified or supplemented only by a written instrument executed by each of the parties hereto. This letter agreement
may be executed in two or more counterparts, each of which shall be deemed to be an original and together with this letter agreement
shall be deemed to be one and the same instrument. This letter agreement shall terminate concurrently with any termination of the
Merger Agreement without a Closing. This letter agreement shall be governed by and interpreted and enforced in accordance with
the laws of the State of New York (without reference to the choice of law provisions).

 

[SIGNATURE PAGE FOLLOWS]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties have executed and delivered
this side letter as of the date first written above.

	 	 
	 	AMERICAN REALTY CAPITAL TRUST IV, INC.
	 	 
	 	By: /s/ Edward M. Weil, Jr.
	 	Name: Edward M. Weil, Jr.
	 	Title:   President and Chief Operating Officer
	 	 

 

    	 

    	 

    

  

	 	 
	 	AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP IV, L.P.
	 	 
	 	By:  AMERICAN REALTY CAPITAL TRUST IV, INC.,
	 	        Its general partner
	 	 
	 	By: /s/ Edward M. Weil, Jr.
	 	Name: Edward M. Weil, Jr.
	 	Title:   President and Chief Operating Officer
	 	 

 

    	 

    	 

    

 

	 	 
	 	AMERICAN REALTY CAPITAL ADVISORS IV, LLC
	 	 
	 	
        By: AMERICAN REALTY CAPITAL TRUST IV

               SPECIAL LIMITED
PARTNER, LLC,

	 	        Its Member
	 	 
	 	By: AR CAPITAL, LLC,
	 	        Its managing member
	 	 
	 	By: /s/ Edward M. Weil, Jr.
	 	Name: Edward M. Weil. Jr.
	 	Title:  Authorized Signatory
	 	 

 

    	 

    	 

    

 

	 	 
	 	AMERICAN REALTY CAPITAL TRUST IV SPECIAL LIMITED PARTNER, LLC
	 	 
	 	By: AR CAPITAL, LLC,
	 	        Its managing member
	 	 
	 	By: /s/ Edward M. Weil, Jr.
	 	Name: Edward M. Weil, Jr.
	 	Title:  Authorized Signatory

 

    	 

    	 

    

 

	 	 
	 	AMERICAN REALTY CAPITAL PROPERTIES IV, LLC
	 	 
	 	
        By: AMERICAN REALTY CAPITAL TRUST IV

               SPECIAL LIMITED
PARTNER, LLC,

	 	        Its member
	 	 
	 	By: AR CAPITAL, LLC,
	 	        Its managing member
	 	 
	 	By: /s/ Edward M. Weil, Jr.
	 	Name: Edward M. Weil, Jr.
	 	Title:  Authorized Signatory
	 	 

 

    	 

    	 

    

 

	 	 
	 	AMERICAN REALTY CAPITAL PROPERTIES , INC.
	 	 
	 	By: /s/ Nicholas S. Schorsch
	 	Name: Nicholas S. Schorsch
	 	Title:   Chairman and Chief Executive Officer
	 	 

 

    	 

    	 

    

 

	 	 
	 	ARC PROPERTIES OPERATING PARTNERSHIP, L.P.
	 	 
	 	By:  AMERICAN REALTY CAPITAL PROPERTIES, INC.,
	 	        Its general partner
	 	 
	 	By: /s/ Nicholas S. Schorsch
	 	Name: Nicholas S. Schorsch
	 	Title:   Chairman and Chief Executive Officer
	 	 

 

    	 

    	 

    

 

	 	 
	 	THUNDER ACQUISITION LLC
	 	 
	 	By:  AMERICAN REALTY CAPITAL PROPERTIES, INC.,
	 	        Its sole member
	 	 
	 	By: /s/ Nicholas S. Schorsch
	 	Name: Nicholas S. Schorsch
	 	Title:   Chairman and Chief Executive Officer
	 	 

 

    	 

    	 

    

 

 

EXHIBIT A

 

    	 

    	 

    

 

EXHIBIT B

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