SEC Contract Filing

Filing Date: 2019-05-09

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d706947dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;8, 2019 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Timothy R. Wright </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4 Jib Road </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wilmington, NC 28411 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Dear Tim: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">I am pleased to confirm in this letter (the &#147;Letter Agreement&#148;) our revised offer of employment to you for the position of Chief
Executive Officer on behalf of MiMedx Group, Inc. (&#147;MiMedx&#148; or &#147;Company&#148;), subject to terms and conditions of this Letter Agreement. Your employment is to commence on or about May&nbsp;1, 2019. In this position, you will report
directly to the MiMedx Board of Directors (the &#147;Board of Directors&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Promptly following the date you commence employment with
the Company in the capacity of Chief Executive Officer, you will be appointed to the Board of Directors with the Director Class&nbsp;to be determined. While serving in your capacity of Chief Executive Officer and member of the Board of Directors,
you may not serve as MiMedx Chairman of the Board, nor serve as a member of any Committees of the Board of Directors. All compensation paid to you by the Company during this period will be resulting from your role of Chief Executive Officer, and you
will not receive any additional compensation for your service on the Board of Directors. Your eligibility to serve as a member of the Board of Directors is conditioned on your employment as MiMedx Chief Executive Officer. Your service as a member of
the Board of Directors will terminate effective as of the date you no longer are MiMedx&#146;s Chief Executive Officer, whether due to the termination of your employment (without regard to the reason for such termination) or otherwise. </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><B>Base Salary </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Your initial base salary will be $28,846.15 (gross before deductions) per biweekly pay period, which is equivalent to the gross amount of
$750,000 on an annualized basis. Your salary will be payable on a biweekly basis. Your future salary adjustments will be in accordance with Company policy and based upon individual and Company performance. </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><B>Participation in the MiMedx Management Incentive Plan (&#147;MIP&#148;) </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">You will be eligible to participate in the MiMedx 2019 Management Incentive Plan (&#147;MIP&#148;) with an annual target cash bonus amount
equal to one hundred percent (100%) of the base salary paid to you in accordance with the terms of such program in effect from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">time-to-time</FONT></FONT> (the &#147;Base Bonus&#148;).
You will be eligible to begin participating immediately upon employment, and your participation in the 2019 MIP will be based on a full year and will not be prorated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Your incentive amount will be calculated based on the achievement of MiMedx financial targets and your individual objectives. The components
of your Base Bonus for the 2019 MIP are as follows: <FONT STYLE="white-space:nowrap">one-third</FONT> (1/3) of your Base Bonus would be determined based upon 2019 Consolidated MiMedx Revenue performance (&#147;2019 Revenue&#148;); <FONT
STYLE="white-space:nowrap">one-third</FONT> (1/3)&nbsp;would be determined based upon 2019 Consolidated MiMedx Adjusted Earnings Before Interest, Income Taxes, Depreciation, Amortization, Share-Based Compensation and Nonrecurring Legal and
Investigation-Related Expenses performance (&#147;2019 Adjusted EBITDA&#148;); and <FONT STYLE="white-space:nowrap">one-third</FONT> (1/3)&nbsp;would be based upon your performance with respect to individual objectives for 2019 (&#