Document:

EX-10.46

 Exhibit 10.46 
  

 
 December 22, 2014 
 Jean
F. Holloway, Esq. 
 45 University Avenue, SE #608 

Minneapolis, MN 55414 
  

	RE:	Revised Offer of Employment 

 Dear Jean: 

This letter rescinds and supersedes in all respects CryoLife, Inc.‘s offer of employment set forth in my letter to you dated December 5, 2014.

 Our company and its board of directors are pleased to offer you employment as the Vice President, General Counsel and Corporate Secretary of
CryoLife, Inc. (the “Company”), reporting directly to me. We believe that you will find this position to be both challenging and rewarding. 

Your duties and responsibilities will be those that are typical for the chief legal officer and corporate secretary of a publicly traded corporation, and we
will develop, together, a comprehensive job description and your near-term and long-range objectives. If you accept this offer, I am expecting that you will join us effective March 16, 2015. 

Your starting salary will be $302,000 per year, paid monthly in arrears on the last day of each month, less applicable withholdings, according to Company
policy. You will also be eligible to participate in the Company’s 2015 Executive Bonus Program with a target bonus of 40% of your salary, which will be prorated for the time you serve in this position during 2015. The executive bonus for 2015
is expected to be paid in February 2016 after business performance results for 2015 have been certified. You must remain employed with the Company through the end of 2015 to be entitled to receive that year’s bonus. 

In addition to the compensation noted above, the board’s Compensation Committee has authorized for you a stock option grant with respect to 7,000 shares
of CryoLife common stock, as well as an award of 7,000 shares of restricted CryoLife common stock. These equity grants will be made on or about your first day of employment. One-third of the stock option will vest on each of the first three
anniversaries of the grant date, and the option will have a seven-year exercise period. The exercise price of the option will be the closing price of CryoLife’s stock on the grant date. The restricted stock will cliff vest three years following
the grant date. 
 The Committee has also authorized for you a signing bonus of $50,000 payable in a single lump sum in cash following your commencement of
employment, but subject to pro-rata repayment by you within five business days following the termination of your employment if your employment with the Company ceases within one year of its commencement for any reason other than death,
“Permanent Disability,” or termination of your employment by the Company without “Cause” or by you with “Good Reason” (the percentage of your signing bonus to be repaid will be determined pursuant to the formula
(365-x)/365, where x equals the number of calendar days you were employed by the Company).1 The bonus will be paid within two business days following your commencement of employment. 

 
  

	1 	Capitalized terms referenced in this sentence are defined in Exhibit 1 to this letter. 

  
 T (770) 419-3355 

T (800) 438-8285 In the USA and Canada 
 F (770) 426-0031 

1655 Roberts Boulevard NW 
 Kennesaw, Georgia 30144 

CryoLife.com 

 Jean F. Holloway 

 Page
 2
 
  

 You will also be eligible to receive annual grants of equity-based incentives on the terms and in amounts
determined by the Compensation Committee of the Company’s board of directors in its discretion. We expect that the Compensation Committee will authorize annual grants of equity to the Company’s officers at its February 2015 meeting.
Accordingly, I will request that the Committee authorize for you a 2015 annual equity grant, to be made following your commencement of employment, that is prorated for your period of employment with the Company during 2015. Also, you will be
eligible to participate in the Company’s other employee benefit plans as outlined in the attached benefits summary. 
 The Company will relocate you
from Minneapolis in accordance with the attached relocation policy. As an officer of the Company, you will also be provided a change of control agreement that will become effective when you commence employment. The agreement provides you with
certain protections in the event of a change of control of the Company. I have enclosed a copy of the form of agreement for your review. 
 In accordance
with our corporate policy applicable to all employees, this offer is contingent upon your signing a secrecy and non-compete agreement and completing a negative drug screen. In addition, the Company is required to verify the identity and work
authorization of all newly hired employees. Accordingly, you will be required to complete a form I-9 and other employment forms when you commence employment. Finally, this offer is contingent on our board of directors’ determination that any
potential conflict of interest issues with respect to your prior employment have been addressed and/or resolved to its satisfaction. 
 We are hopeful that
you will accept our offer of employment and enjoy a long relationship with the Company. Please understand, however, that this offer letter is not intended to create a contract of employment. Your employment will be at will, and either you or the
Company may terminate this employment relationship at any time, for any reason, with or without cause. 
 You may accept this offer at any time prior to
January 9, 2015, by signing this letter where indicated below and returning it to Marian Schoenberg, our Director of Human Resources. Please contact Marian for assistance with the arrangements for your relocation and with scheduling your
pre-employment drug screening. She can be reached at (678) 290-4364 or schoenberg.marian@cryolife.com. 
 I and the other board members at CryoLife are
looking forward to working with you. 
  

									
		  		  		  		  	Very truly yours,
					
		  		  		  		  	/s/ James P. Mackin
					
		  		  		  		  	James P. Mackin
		  		  		  		  	President and CEO
					
	Accepted by:	  	 /s/ Jean F. Holloway
	  		  	Date:	  	December 26, 2014
		  	Jean F. Holloway	  		  		  	
					
	Enclosures:	  	Change of Control AgreementEX-10.47

 Exhibit 10.47 

EMPLOYMENT AGREEMENT 
 New Sales/
R&D and Key Employees 
 Ins consideration of the promises hereinafter contained, CryoLife, Inc., a Florida corporation (“we,”
“our” and “us”) and Jean F. Holloway (“you”) hereby agree as of this 1st day of April, 2015 to the following: 

1. Employment. We hereby employ you and you hereby accept employment on the terms and conditions set forth below. Your position and
compensation are set forth on the Exhibit attached hereto. 
 2. Extent of Services. During your employment, you agree to devote your
full and exclusive time and attention to your employment duties and not to engage in any other business activity which conflicts or competes with our business or which reduces your effectiveness in performing your duties under this Agreement unless
you have first obtained our prior written consent. 
 3. Benefits and Absences. You are entitled to all benefits offered by us for
which you meet the eligibility requirements. You are subject to and must comply with all of our policies and procedures, including those created hereafter and those obligations concerning absences due to disability, sick leave, and other absences,
described in the current benefit summary schedule, and as may from time to time be revised hereafter. 
 4. Term and Termination.
Your employment shall commence on the date of this Agreement, but is at all times an at will relationship and shall not be interpreted to guarantee or promise employment for any length of time. Both you and we shall have the right to terminate with
or without cause the employment under this Agreement. However, if one party to this Agreement terminates the employment, the other party may at his option effect the separation immediately. This Agreement shall automatically terminate in the event
of your death. Such automatic termination shall discharge both parties hereto from any and all further liability or responsibility to the other under this Agreement. 

5. Right to Change Duties. We reserve the right to change the nature and scope of your duties and responsibilities, and to adjust your
compensation as deemed appropriate. 
 6. Secrecy and Noncompetition. Your employment and continued employment with us is conditioned
upon your signing our Secrecy and Noncompete Agreement whose terms and agreements you agree to be bound by. You agree that under no condition will any breach or infraction of this Agreement be assertable as a defense to any action or responsibility
incurred by you under the Secrecy and Noncompete Agreement. 
 7. Your Warranties. You represent and warrant that you are not a party
to or otherwise subject to or bound by the terms of any contract, agreement or understanding which in any manner would limit or otherwise affect your ability to obtain employment with us, to enter into this Agreement, or to perform any obligations
hereunder, including without limitation any contract, agreement or understanding containing terms and provisions similar in any manner to 

 
those contained in this Agreement. You further represent and warrant that you will not utilize or disclose any trade secrets or proprietary information of others to us and that the only secrecy,
nondisclosure, nonsolicitation and/or noncompetition agreements you have with others are identified on the attached exhibit. 
 8. Moving
Expense/Sign-On Bonus. If we paid you a sign-on bonus or paid for certain moving expenses to facilitate your relocation to the location of your employment with us, we reserve the right to withhold the total amount of these expenses from any
monies due to you if you terminate your employment from CryoLife, Inc. or are terminated by us for cause within 12 months from your first day of work at the Company. These expenses include any sign-on bonuses paid and/or charges associated with the
moving and storage of your personal belongings. By your signature below, you hereby assent to such withholding. 
 9. Company Issued
Equipment. You are responsible for the proper care of company property issued to you during your employment, such as Cell Phone, Laptop, Printer, Books, corporate credit card, product samples and kits, etc. By your signature below, you hereby
authorize us to make deductions consistent with federal and state laws from any cash compensation that may be due to you, up to and including the total amount for any cost of company-issued items that are damaged or not returned to us upon
termination, pursuant to the our payroll deduction form, which you hereby agree to execute. 
 10. Miscellaneous. This Agreement
supersedes any former agreement relating generally to the subject matter hereof. This Agreement may not be changed or terminated orally and no change, termination or attempted waiver of the provisions hereof shall be binding unless in writing and
signed by the parties against whom the same is sought to be enforced; provided, however, that the compensation paid to you hereunder may be changed at any time by us without in any way affecting any other terms or conditions of this Agreement which
in all other respects shall remain in force and effect. This Agreement shall be governed by the laws of the State of Georgia, without regard to any otherwise applicable conflict of law rules. 

11. Severability. The covenants, provisions, and paragraphs of this Agreement will be severable, and in the event any term, condition
or portion of this Agreement is held to be unlawful or unenforceable, the remaining terms, conditions or portions thereof will remain in full force and effect. This Agreement will be construed in such case as if the unlawful or unenforceable term,
condition or portion had never been contained in this Agreement. 
 12. Waiver. The failure by us to object to any conduct or
violation of any of the covenants made by you under this Agreement will not be deemed a waiver by us of any rights or remedies we may have under this Agreement. 

13. Other Employee Agreements. You represent that, as exceptions to Section 7 above, you have a secrecy, nondisclosure,
nonsolicitation or noncompete agreement with the following companies and will promptly provide us with a copy (if none, state “None”): 

None currently in force 
  

Company Name(s) 

 IN WITNESS WHEREOF, this Agreement has been duly executed on the day and year first above
written. 
  

			
	CRYOLIFE, INC.
		
	By:	 	 /s/ Marian Schoenberg

	Its:	 	Director of Human Resources
	
	EMPLOYEE
	
	 /s/ Jean Holloway

 Exhibit to Employment Agreement 

 

			
	Position:	  	 VP & General Counsel

		
		  	  

		
		  	  

		
		  	  

		
	Compensation:	  	 $25,166.67/ Monthly

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