C. Randal Mills - 21 Jun 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
Issuer symbol: ELUT
Transactions as of: 21 Jun 2022
Net transactions value: $0
Form type: 4
Filing time: 23 Jun 2022, 16:06:34 UTC
Previous filing: 09 Jun 2022
Next filing: 28 Apr 2023
SEC: View on sec.gov

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	AZYO	Stock Option (Right to Buy)	Award	$0	+273,767		$0.000000	273,767	21 Jun 2022	Class A Common Stock	273,767	$6.39	Direct	F1
transaction	AZYO	Stock Option (Right to Buy)	Award	$0	+182,511		$0.000000	182,511	21 Jun 2022	Class A Common Stock	182,511	$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.