C. Randal Mills - Jun 21, 2022 Form 4 Insider Report for AZIYO BIOLOGICS, INC. (ELUT)

Role: Interim President and CEO, Director
Signature: /s/ Jeffrey Hamet, Attorney-in-Fact for C Randal Mills
Stock symbol: ELUT
Transactions as of: Jun 21, 2022
Transactions value $: $0
Form type: 4
Date filed: 6/23/2022, 04:06 PM
Previous filing: Jun 9, 2022
Next filing: Apr 28, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ELUT	Stock Option (Right to Buy)	Award	$0	+274K		$0.00	274K	Jun 21, 2022	Class A Common Stock	274K	$6.39	Direct	F1
transaction	ELUT	Stock Option (Right to Buy)	Award	$0	+183K		$0.00	183K	Jun 21, 2022	Class A Common Stock	183K	$6.39	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The option vests and becomes exercisable as to one-third of the underlying shares upon the day following the expiration of the Interim Period (as defined in the Reporting Person's Employment Agreement dated June 21, 2022). The remaining two-thirds of the underlying shares vest and become exercisable, with respect to 25% of such shares, on June 21, 2023, and, with respect to 75% of such shares, in twelve equal quarterly installments thereafter, beginning on September 21, 2023, subject to the Reporting Person's continuous employment with the Issuer through the applicable vesting date.
F2	The option vests and becomes exercisable in four equal installments upon the Issuer's achievement of a share price equal to or greater than $12.50, $17.00, $25.00 and $37.00, in each case determined based on twenty consecutive days of trading at or above the applicable threshold, subject to the Reporting Person's continuous employment with the Issuer through the applicable vesting date.

Content

The option vests and becomes exercisable as to one-third of the underlying shares upon the day following the expiration of the Interim Period (as defined in the Reporting Person's Employment Agreement dated June 21, 2022). The remaining two-thirds of the underlying shares vest and become exercisable, with respect to 25% of such shares, on June 21, 2023, and, with respect to 75% of such shares, in twelve equal quarterly installments thereafter, beginning on September 21, 2023, subject to the Reporting Person's continuous employment with the Issuer through the applicable vesting date.

The option vests and becomes exercisable in four equal installments upon the Issuer's achievement of a share price equal to or greater than $12.50, $17.00, $25.00 and $37.00, in each case determined based on twenty consecutive days of trading at or above the applicable threshold, subject to the Reporting Person's continuous employment with the Issuer through the applicable vesting date.