Michael Patrick Donovan - 20 Dec 2021 Form 4 Insider Report for Axogen, Inc. (AXGN)

Role: VP Operations
Signature: /s/Mike Donovan
Issuer symbol: AXGN
Transactions as of: 20 Dec 2021
Net transactions value: -$878
Form type: 4
Filing time: 22 Dec 2021, 15:04:44 UTC
Previous filing: 23 Jul 2021
Next filing: 29 Dec 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AXGN	Common Stock	Options Exercise	$0	+375	+0.92%	$0.000000	41,214	20 Dec 2021	Direct	F1
transaction	AXGN	Common Stock	Tax liability	$878	-95	-0.23%	$9.24	41,119	20 Dec 2021	Direct	F2

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	AXGN	Restricted Stock Units	Options Exercise	$0	-375	-100%	$0.000000^*	0	20 Dec 2021	Common Stock	375		Direct	F3, F4

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

Explanation of Responses:

Id	Content
F1	This reflects the number of restricted stock units that vested on December 18, 2021.
F2	Represents the number of shares required to be sold by the reporting person to cover tax withholding obligations in connection with the vesting of restricted stock units. This sale is mandated by the Issuer's election under its equity incentive plans to require the satisfaction of tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary trade by the reporting person.
F3	Each restricted stock unit represents a contingent right to receive one share of AxoGen, Inc. common stock.
F4	All shares of AxoGen Inc. common stock underlying the restricted stock Units will be fully vested on December 18, 2021 (4 years from the grant date) based upon a vesting schedule whereby 50% of the aggregate shares vest on December 18, 2019 (24 months from the grant date) and an additional 25% of the aggregate shares vest each 12 months thereafter. Vested shares will be delivered to the reporting person upon the vesting date.