Document:

EX-10.3

 Exhibit 10.3 

CRYOLIFE, INC. 
 EQUITY
AND CASH INCENTIVE PLAN 
 SECTION 1 

GENERAL 
 1.1
Purpose. The CryoLife, Inc. Equity and Cash Incentive Plan (the “Plan”) has been established by CryoLife, Inc. (the “Company”) to (i) attract and retain persons eligible to participate in the Plan; (ii) motivate
Participants (as defined in Section 1.2 below), by means of appropriate incentives, to achieve annual and long-range goals; (iii) provide equity compensation to Directors of the Company; (iv) provide incentive compensation
opportunities to employee Participants that are competitive with those of other similar companies; and (iv) further identify Participants’ interests with those of the Company’s stockholders through compensation that is based on the
Company’s common stock; and thereby promote the long-term financial interests of the Company and its Subsidiaries, as defined in Section 11(i), including the growth in value of the Company’s equity and enhancement of long-term
stockholder return. Pursuant to the Plan, Participants may receive Options, SARs, Other Stock Awards, or Cash-Based Awards, each as defined herein (collectively referred to as “Awards”). The Plan is designed so that Awards granted
hereunder intended to comply with the requirements for “performance-based compensation” under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), may comply with such requirements, and the
Plan and such Awards shall be interpreted in a manner consistent with such requirements. 
 1.2 Participation.
Subject to the terms and conditions of the Plan, the Committee (as defined in Section 6) shall determine and designate, from time to time, from among the Eligible Grantees, as defined in Section 11(f), those persons who will be granted one
or more Awards under the Plan, and thereby become “Participants” in the Plan. In the discretion of the Committee, a Participant may be granted any Award permitted under the provisions of the Plan, and more than one Award may be granted to
a Participant. Subject to the provisions of Section 8.2(e), Awards may be granted as alternatives to or replacement of awards outstanding under the Plan, or any other plan or arrangement of the Company or a Subsidiary (including a plan or
arrangement of a business or entity, all or a portion of which is acquired by the Company or a Subsidiary). 
 1.3
Operation, Administration, and Definitions. The operation and administration of the Plan, including the Awards made under the Plan, shall be subject to the provisions of Section 7 (relating to operation and administration). Capitalized
terms in the Plan shall be defined as set forth in the Plan (including the definition provisions of Section 11 of the Plan). 
 SECTION
2 
 OPTIONS AND SARS 

2.1 Definitions. 

(a) The grant of an “Option” entitles the Participant to purchase shares of Stock at an Exercise Price established by
the Committee. Options granted under this Section 2 may either be Incentive Stock Options (“ISOs”) or Non-Qualified Options (“NQOs”), as determined in the discretion of the Committee. An “ISO” is an Option
that is intended to satisfy the requirements applicable to an “incentive stock option” described in Section 422(b) of the Code. An “NQO” is an Option that is not intended to be an “incentive stock option” as that
term is described in Section 422(b) of the Code. 
 (b) A stock appreciation right (a “SAR”) entitles the
Participant to receive, in cash or Stock (as determined in accordance with Subsection 2.5), value equal to (or otherwise based on) the excess of: (a) the Fair Market Value (as defined in Section 11) of a specified number of shares of Stock
at the time of exercise; over (b) an Exercise Price established by the Committee. 

 2.2 Exercise Price. The Exercise Price of each Option and SAR granted
under this Section 2 shall be not less than 100% of the Fair Market Value of a share of Stock on the date of grant of the Award. Unless a higher price is established by the Committee or determined by a method established by the Committee at the
time the Option or SAR is granted, the Exercise Price for each Option and SAR shall be equal to 100% of the Fair Market Value on the date of grant of the Award. 

2.3. Exercise. An Option and an SAR shall be exercisable in accordance with such terms and conditions and during such
periods as may be established by the Committee, before or after grant. 
 2.4 Payment of Option Exercise Price. The
payment of the Exercise Price of an Option granted under this Section 2 shall be subject to the following: 
 (a)
Subject to the following provisions of this Subsection 2.4, the full Exercise Price for shares of Stock purchased upon the exercise of any Option shall be paid at the time of such exercise (except that, in the case of an exercise arrangement
approved by the Committee and described in paragraph 2.4(c), payment may be made as soon as practicable after the exercise). 

(b) The Exercise Price shall be payable in cash or by tendering (by actual delivery of shares) unrestricted shares of Stock
that are acceptable to the Committee, valued at Fair Market Value as of the day the shares are tendered, or in any combination of cash or shares, as determined by the Committee. 

(c) To the extent permitted by applicable law, a Participant may elect to pay the Exercise Price upon the exercise of an Option
by irrevocably authorizing a third party to sell shares of Stock (or a sufficient portion of the shares) acquired upon exercise of the Option and remit to the Company a sufficient portion of the sale proceeds to pay the entire Exercise Price and any
tax withholding resulting from such exercise. 
 2.5 Settlement of Award. Shares of Stock delivered pursuant to the
exercise of an Option or an SAR shall be subject to such conditions, restrictions and contingencies as the Committee may establish in the applicable Award Agreement. Settlement of SARs may be made in shares of Stock (valued at their Fair Market
Value at the time of exercise), in cash, or in a combination thereof, as determined in the discretion of the Committee. The Committee, in its discretion, may impose such conditions, restrictions and contingencies with respect to shares of Stock
acquired pursuant to the exercise of an Option or an SAR as the Committee determines to be desirable. 
 2.6 Restrictions
on Options and SAR Awards. Each Option and SAR shall be subject to the following: 
 (a) The term of any Option or SAR
granted under the Plan shall not exceed seven years from the date of grant. 
 (b) Any such Award shall be subject to such
conditions, restrictions and contingencies as the Committee shall determine. 
 (c) The Committee may designate whether any
such Awards being granted to any Participant are intended to be “qualified performance-based compensation” as that term is used in Section 162(m) of the Code. Any such Awards designated as intended to be “qualified
performance-based compensation” shall be conditioned on the achievement of one or more Performance Goals, to the extent required by Section 162(m). 

SECTION 3 
 OTHER STOCK AWARDS

 3.1 Definitions. The term “Other Stock Awards” means any of the following: 

(a) A “Stock Unit” Award is the grant of a right to receive shares of Stock in the future. 

  
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 (b) A “Performance Share” Award is a grant of a right to receive shares
of Stock or Stock Units, which is contingent on the achievement of performance or other objectives during a specified period. 

(c) A “Restricted Stock” Award is a grant of shares of Stock, and a “Restricted Stock Unit” Award is the
grant of a right to receive shares of Stock in the future, with such shares of Stock or right to future delivery of such shares of Stock subject to a risk of forfeiture or other restrictions that will lapse upon the achievement of one or more goals
relating to completion of service by the Participant, or achievement of performance or other objectives, as determined by the Committee. 

3.2 Restrictions on Other Stock Awards. Each Stock Unit Award, Restricted Stock Award, Restricted Stock Unit Award and
Performance Share Award shall be subject to the following: 
 (a) Any such Award shall be subject to such conditions,
restrictions and contingencies as the Committee shall determine. 
 (b) The Committee may designate whether any such Awards
being granted to any Participant are intended to be “qualified performance-based compensation” as that term is used in Section 162(m) of the Code. Any such Awards designated as intended to be “qualified
performance-based compensation” shall be conditioned on the achievement of one or more Performance Goals. 
 SECTION 4 

CASH-BASED AWARDS 

4.3 Definitions. The term “Cash-Based Award” means a right or other interest granted to a Participant under
Section 4.2 of the Plan that may be denominated or payable in cash, other than an Award pursuant to which the amount of cash is determined by reference to the value of a specific number of shares of Stock. For the avoidance of doubt, dividend
equivalents constitute Cash-Based Awards. 
 4.2 Grant of Cash-Based Awards. The Committee is authorized to
grant Awards to Participants in the form of Cash-Based Awards, as deemed by the Committee to be consistent with the purposes of the Plan, subject to such vesting and other conditions as the Committee shall determine in its sole discretion. At
the time of the grant of Cash-Based Awards, the Committee may place restrictions on the payout or vesting of Cash-Based Awards that shall lapse, in whole or in part, only upon the attainment of Performance Goals. The Committee shall determine the
terms and conditions of such Awards at the date of grant. The maximum dollar amount that may be covered by all Cash-Based Awards granted to any individual during any fiscal year under the Plan is $1.5 million. At the discretion of the Committee,
Cash-Based Awards under this Plan may be issued jointly under this Plan and any other cash incentive or similar plan of the Company; provided, however, that if a Cash-Based Award is issued under this Plan and another plan of the Company, to the
extent of a conflict in the provisions of this Plan and the other plan, the terms of this Plan shall control. 
 SECTION 5 

QUALIFIED PERFORMANCE-BASED COMPENSATION 

5.1 Grant of Qualified Performance-Based Compensation. The Committee may determine that any Awards granted to a
Covered Employee shall be considered “qualified performance-based compensation” under Section 162(m) of the Code, in which case the provisions of this Section 5 shall apply. When Awards are made under this Section 5, the
Committee shall establish in writing (i) the objective Performance Goals that must be met, (ii) the period during which performance will be measured, (iii) the maximum amounts that may be paid if the Performance Goals are met, and
(iv) any other conditions that the Committee deems appropriate and consistent with the requirements of Section 162(m) of the Code for “qualified performance-based compensation.” The Performance Goals shall satisfy the
requirements for “qualified performance-based compensation,” including the requirement that the achievement of the goals be substantially uncertain at the time they are established and that the Performance

  
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Goals be established in such a way that a third party with knowledge of the relevant facts could determine whether and to what extent the Performance Goals have been met. The Committee shall not
have discretion to increase the amount of compensation that is payable, but may reduce the amount of compensation that is payable, pursuant to Awards identified by the Committee as “qualified performance-based compensation.” 

5.2 Pre-establishment of Performance Goals. Performance Goals must be pre-established by the Committee. A Performance
Goal is considered pre-established if it is established in writing not later than 90 days after the commencement of the period of service to which the Performance Goal relates, provided that the outcome is substantially uncertain at the time the
Committee actually established the goal. However, in no event will a Performance Goal be considered pre-established if it is established after 25% of the period of service (as scheduled in good faith at the time the goal is established) has elapsed.

 5.3 Adjustments to Performance Goals. The Committee in its sole discretion shall have the authority to make
equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events affecting the Company or any Subsidiary of the Company or the financial statements of the Company or any Subsidiary of the Company, in response to
changes in applicable laws or regulations, including changes in generally accepted accounting principles or practices, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence
or related to the disposal of a segment of a business, as applicable, provided such adjustment occurs in writing not later than 90 days after the commencement of the period of service to which the Performance Goal relates (and in no event later than
the date that 25% of the period of service has elapsed). In addition, the Committee may specify that certain equitable adjustments to the Performance Goals will be made during the applicable performance period, provided such specification occurs in
writing not later than 90 days after the commencement of the period of service to which the Performance Goal relates (and in no event later than the date that 25% of the period of service has elapsed). 

5.4 Certification of Performance Results. The Committee shall certify the satisfaction of the Performance Goal for the
applicable performance period specified in the Award agreement after the performance period ends and prior to any payment with respect to the Award. The Committee shall determine the amount, if any, to be paid pursuant to each Award based on the
achievement of the Performance Goals and the satisfaction of all other terms of the Award agreement. 
 5.5 Payment Upon
Death or Disability. The Committee may provide in the Award agreement that Awards under this Section 5 shall be payable, in whole or in part, in the event of the Participant’s death or disability, or under other circumstances
consistent with the Treasury regulations and rulings under Section 162(m) of the Code. 
 SECTION 6 

STOCK SUBJECT TO THE PLAN 

6.1 Awards Subject to Plan. Awards granted under the Plan shall be subject to the following: 

(a) Subject to the following provisions of this Subsection 6.1, the maximum number of shares of Stock that may be delivered to
Participants and their beneficiaries under the Plan shall be 7.1 million shares of Stock, less the number of shares of Stock subject to Awards that have been granted from May 21, 2014 through May 20, 2015 and have not been forfeited
as of May 20, 2015. Shares of Stock issuable hereunder may, in whole or in part, be authorized but unissued shares or shares of Stock that shall have been or may be reacquired by the Company in the open market, in private transactions or
otherwise. Notwithstanding the foregoing, with respect to SARs that are settled in Stock, the aggregate number of shares of Stock subject to the SAR grant shall be counted against the shares available for issuance under the Plan as one share for
every share subject thereto, regardless of the number of shares used to settle the SAR upon exercise. 
 (b) Subject to
adjustment in accordance with Subsections 6.2 and 6.3, the following additional maximums are imposed under the Plan: 
 (i)
Subject to the proviso contained in this paragraph, the maximum number of shares of Stock that may be issued in conjunction with Other Stock Awards granted pursuant to Section 3 shall be up to 500,000 shares; provided, however, that for every
share of Stock in excess of 500,000 awarded hereunder in respect of Other Stock Awards, the maximum number of shares reserved for grant hereunder shall be reduced by 1.5 shares. 

  
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 (ii) The maximum number of shares of Stock that may be covered by Awards granted
to any one individual pursuant to Section 2 (relating to Options and SARs) shall be 400,000 during any fiscal year and the maximum number of shares of Stock that may be covered by Other Stock Awards granted to any one individual pursuant to
Section 3 shall be 250,000 during any fiscal year; and 
 (c) To the extent any shares of Stock covered by an Award are
not delivered to a Participant or beneficiary because the Award is forfeited or canceled, or the shares of Stock are not delivered because the Award is settled in cash, such shares shall not be deemed to have been delivered for purposes of
determining the maximum number of shares of Stock available for delivery under the Plan. To the extent that shares of Stock subject to Other Stock Awards, and the issuance of which reduced the maximum number of shares authorized for issuance under
the Plan by 1.5 shares, are forfeited or cancelled, or if such an Award terminates or expires without a distribution of shares to the Participant, the number of shares of Stock remaining for Award grants hereunder shall be increased by 1.5 for each
share forfeited, cancelled or otherwise not delivered. Shares of Stock shall not again be available if such shares are surrendered or withheld as payment of either the exercise price of an Award and/ or withholding taxes in respect of an Award.
Awards that are settled solely in cash shall not reduce the number of shares of Stock available for Awards. Upon the exercise of any Award granted in tandem with any other Award, such related Awards shall be cancelled to the extent of the number of
shares of Stock as to which the Award is exercised and, notwithstanding the foregoing, such number of shares shall no longer be available for Awards under the Plan. The maximum number of shares of Stock available for delivery under the Plan shall
not be reduced for shares subject to plans assumed by the Company in an acquisition of an interest in another company. 

6.2 Adjustments for Changes in Capitalization. If the outstanding shares of Stock are changed into or exchanged for a
different number or kind of shares or other securities of the Company by reason of any recapitalization, reclassification, stock split, stock dividend, combination, subdivision or similar transaction, or if the Company makes an extraordinary
dividend or distribution to its stockholders (including without limitation to implement a spinoff) (each, a “Corporate Transaction”) then, subject to any required action by the stockholders of the Company, the number and kind of shares of
Company stock available under the Plan or subject to any limit or maximum hereunder shall automatically be proportionately adjusted, with no action required on the part of the Committee or otherwise. Subject to any required action by the
stockholders, the number and kind of shares covered by each outstanding Award, and the price per share in each such Award, shall also be automatically proportionately adjusted for any increase or decrease in the number of issued shares of the
Company resulting from a Corporate Transaction or any other increase or decrease in the number of such shares, or any decrease in the value of such shares, effected without receipt of consideration by the Company. Notwithstanding the foregoing, no
fractional shares shall be issued or made subject to an Option, SAR or Other Stock Award in making the foregoing adjustments. All adjustments made pursuant to this Section shall be final, conclusive and binding upon the holders of Options, SARs and
Other Stock Awards. 
 6.3 Certain Mergers and Other Extraordinary Events. If the Company merges or consolidates with
another corporation, or if the Company is liquidated or sells or otherwise disposes of substantially all of its assets while unexercised Options or other Awards remain outstanding under this Plan, (A) subject to the provisions of clause
(C) below, after the effective date of the merger, consolidation, liquidation, sale or other disposition, as the case may be, whether or not the Company is the surviving corporation, each holder of an outstanding Option or other Award shall be
entitled, upon exercise of that Option or Award or in place of it, as the case may be, to receive, at the option of the Committee and in lieu of shares of Stock, (i) the number and class or classes of shares of Stock or other securities or
property to which the holder would have been entitled if, immediately prior to the merger, consolidation, liquidation, sale or other disposition, the holder had been the holder of record of a number of shares of Stock equal to the number of shares
of Stock as to which that Option may be exercised or are subject to the Award or (ii) shares of stock of the company that is the surviving corporation in such merger, consolidation, liquidation, sale or other disposition having a value, as of
the date of payment under Subsection 6.3(i) as determined by the Committee in its sole discretion, equal to the value of the shares of Stock or other securities or property otherwise payable under Subsection 6.3(i); (B) whether or not the
Company is the surviving corporation, if Options or other Awards have not already become exercisable, the Board of Directors may waive any limitations set forth in or imposed pursuant to this Plan so that all Options or other Awards, from and after
a date prior to the effective date of that merger, consolidation, liquidation, sale or other disposition, as the case may be, specified by the Board of Directors, shall be exercisable in full; and (C) all outstanding Options or SARs may be
cancelled by the Board of Directors as of the effective date of any merger, consolidation, liquidation, sale or other disposition, provided that 

  
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with respect to a merger or consolidation the Company is not the surviving company, and provided further that any optionee or SAR holder shall have the right immediately prior to such event to
exercise his or her Option or SAR to the extent such optionee or holder is otherwise able to do so in accordance with this Plan or his or her individual Option or SAR agreement; provided, further, that any such cancellation pursuant to this
Section 6.3 shall be contingent upon the payment to the affected Participants of an amount equal to (i) in the case of any out-of-the-money Option or SAR, cash, property or a combination thereof having an aggregate
value equal to the value of such Option or SAR, as determined by the Committee or the Board of Directors, as applicable, in its sole discretion, and (ii) in the case of an in-the-money Option or SAR, cash, property or a
combination thereof having an aggregate value equal to the excess of the value of the per-share amount of consideration paid pursuant to the merger, consolidation, liquidation, sale or other disposition, as the case may be, giving rise to such
cancellation, over the exercise price of such Option or SAR multiplied by the number of shares of Stock subject to the Option or SAR. 

Any adjustments pursuant to this Subsection 6.3 shall be made by the Board or Committee, as the case may be, whose
determination in that respect shall be final, binding and conclusive, regardless of whether or not any such adjustment shall have the result of causing an ISO to cease to qualify as an ISO. 

6.4 Changes in Par Value. In the event of a change in the shares of the Company as presently constituted, which is
limited to a change of all of its authorized shares with par value into the same number of shares with a different par value or without par value, the shares resulting from any such change shall be deemed to be the shares within the meaning of this
Plan. 
 6.5 Limitation on Grantees’ Rights. Except as hereinbefore expressly provided in this Section 6, a
Participant shall have no rights by reason of any subdivision or consolidation of shares of stock of any class or the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class or by reason of any
dissolution, liquidation, merger, or consolidation or spin-off of assets or stock of another corporation, and any issue by the Company of shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with
respect to, the number or price of shares of Stock subject to an Award, unless the Committee shall otherwise determine. 

6.6 Company Right and Power. The grant of any Award pursuant to this Plan shall not adversely affect in any way the
right or power of the Company (A) to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, (B) to merge or consolidate, (C) to dissolve, liquidate or sell, or transfer all or any part of
its business or assets or (D) to issue any bonds, debentures, preferred or other preference stock ahead of or affecting the Stock. 

6.7 Fractional Shares. If any action described in this Section 6 results in a fractional share for any Participant
under any Award hereunder, such fraction shall be completely disregarded and the Participant shall be entitled only to the whole number of shares resulting from such adjustment. 

SECTION 7 
 OPERATION AND
ADMINISTRATION 
 7.1 Effective Date; Duration. The Plan was originally effective as of the date of its initial
approval by the stockholders of the Company, May 19, 2009. The Plan was then amended and restated by the Board in February 2012, and such amended and restated Plan became effective upon the approval of the stockholders of the Company on
May 16, 2012. The Plan was then amended and restated by the Board in February 2014, and such amended and restated Plan became effective upon the approval of the stockholders of the Company on May 21, 2014. Upon approval of the Plan at the
annual stockholders meeting in 2015, the Plan shall have a duration of six years from May 21, 2015; provided that in the event of Plan termination, the Plan shall remain in effect as long as any Awards under it are outstanding; provided
further, however, that no Award may be granted under the Plan on a date that is more than six years from May 21, 2015. 

7.2 Vesting. Except as set forth below and in Section 6.3, and other than Options, SARs, Restricted Stock,
Restricted Stock Units or Other Stock Awards conditioned upon the attainment of Performance Goals that relate to performance periods of at least one fiscal year, and except to the extent accelerated by the Committee upon death,

  
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disability, retirement or Change in Control, no Option, SAR, Restricted Stock, Restricted Stock Units or Other Stock Awards granted hereunder to any Eligible Grantee other than a
non-employee Director of the Company may vest in excess of  1⁄3 of the number of shares subject to the Award per year for the first three years after
the grant date, and no such Award granted hereunder to any Eligible Grantee that is a non-employee Director of the Company may vest prior to the May 15th next following the grant date. Unless the Committee determines otherwise, the date
on which the Committee adopts a resolution expressly granting an Award shall be considered the day on which such Award is granted. The term of any Award granted under the Plan will not exceed seven years from the date of grant. 

7.3 Uncertificated Stock. To the extent that the Plan provides for issuance of stock certificates to reflect the
issuance of shares of Stock, the issuance may be effected on a non-certificated basis, to the extent not prohibited by applicable law or the applicable rules of any stock exchange. 

7.4 Tax Withholding. All distributions under the Plan are subject to withholding of all applicable taxes, and the
Committee may condition the delivery of any shares or other benefits under the Plan on satisfaction of the applicable withholding obligations. The Committee, in its discretion, and subject to such requirements as the Committee may impose prior to
the occurrence of such withholding, may permit such withholding obligations to be satisfied through cash payment by the Participant, through the surrender of shares of Stock which the Participant already owns, or through the surrender of
unrestricted shares of Stock to which the Participant is otherwise entitled under the Plan, but only to the extent of the minimum amount required to be withheld under applicable law. 

7.5 Use of Shares. Subject to the overall limitation on the number of shares of Stock that may be delivered under the
Plan, the Committee may use available shares of Stock as the form of payment for compensation, grants or rights earned or due under any other compensation plans or arrangements of the Company or a Subsidiary, including the plans and arrangements of
the Company or a Subsidiary assumed in business combinations. 
 7.6 Dividends and Dividend Equivalents. An Award
(including, without limitation, an Option or SAR Award) may provide the Participant with the right to receive dividend payments or dividend equivalent payments with respect to Stock subject to the Award (both before and after the Stock subject to
the Award is earned, vested, or acquired), which payments may be either made currently or credited to an account for the Participant, and may be settled in cash or Stock as determined by the Committee. Any such settlements, and any such crediting of
dividends or dividend equivalents or reinvestment in shares of Stock, may be subject to such conditions, restrictions and contingencies as the Committee shall establish, including the reinvestment of such credited amounts in Stock equivalents. In
the event an Award is conditioned on the achievement of one or more Performance Goals, any dividend payments or dividend equivalent payments will only be earned, vested or acquired to the extent the underlying Stock subject to the Award is earned,
vested or acquired. 
 7.7 Payments. Awards may be settled through cash payments, the delivery of shares of Stock,
the granting of replacement Awards, or any combination thereof as the Committee shall determine. Any Award settlement, including payment deferrals, may be subject to such conditions, restrictions and contingencies as the Committee shall determine.
The Committee may permit or require the deferral of any Award payment, subject to such rules and procedures as it may establish. 

7.8 Transferability. Except as otherwise provided by the Committee, Awards under the Plan are not transferable except
as designated by the Participant by will or by the laws of descent and distribution. 
 7.9 Form and Time of
Elections. Unless otherwise specified herein, each election required or permitted to be made by any Participant or other person entitled to benefits under the Plan, and any permitted modification, or revocation thereof, shall be in writing filed
with the Committee at such times, in such form, and subject to such restrictions and limitations, not inconsistent with the terms of the Plan, as the Committee shall require. 

7.10 Agreement With Company. An Award under the Plan shall be subject to such terms and conditions, not inconsistent
with the Plan, as the Committee shall, in its sole discretion, prescribe. The terms and conditions of any Award to any Participant shall be reflected in such form of written document as is determined by the Committee. A copy of such document shall
be provided to the Participant, and the Committee may, but need not, require that the Participant sign a copy of such document. Such document is referred to in the Plan as an “Award Agreement” regardless of whether any Participant
signature is required. 

  
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 7.11 Action by Company or Subsidiary. Any action required or permitted to
be taken by the Company or any Subsidiary shall be by resolution of its Board of Directors, or by action of one or more members of the Board (including a committee of the Board) who are duly authorized to act for the Board, or (except to the extent
prohibited by applicable law or applicable rules of any stock exchange) by a duly authorized officer of such company. 

7.12 Gender and Number. Where the context admits, words in any gender shall include any other gender, words in the
singular shall include the plural and the plural shall include the singular. 
 7.13 Limitation of Implied Rights.

 (a) Neither a Participant nor any other person shall, by reason of participation in the Plan, acquire any right in or
title to any assets, funds or property of the Company or any Subsidiary whatsoever, including, without limitation, any specific funds, assets, or other property which the Company or any Subsidiary, in its sole discretion, may set aside in
anticipation of a liability under the Plan. A Participant shall have only a contractual right to the Stock or amounts, if any, payable under the Plan, unsecured by any assets of the Company or any Subsidiary, and nothing contained in the Plan shall
constitute a guarantee that the assets of the Company or any Subsidiary shall be sufficient to pay any benefits to any person. 

(b) The Plan does not constitute a contract of employment, and selection as a Participant will not give any participating
employee the right to be retained in the employ of the Company or any Subsidiary, nor any right or claim to any benefit under the Plan, unless such right or claim has specifically accrued under the terms of the Plan. Except as otherwise provided in
the Plan, no Award under the Plan shall confer upon the holder thereof any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights. 

7.14 Evidence. Evidence required of anyone under the Plan may be by certificate, affidavit, document or other
information which the person acting on it considers pertinent and reliable, and shall be signed, made or presented by the proper party or parties. 

7.15 Termination of Employment Following Change In Control. In the event that the employment of a Participant
who is an employee of the Company or a Subsidiary is terminated by the Company during the six-month period following a Change in Control, all of such Participant’s outstanding Options and SARs may thereafter be exercised by the
Participant, to the extent that such Options and SARs were exercisable as of the date of such termination of employment (x) for a period of six months from such date of termination or (y) until expiration of the stated term of such
Option or SAR, whichever period is the shorter. 
 7.16 Section 409A. It is intended that all Options and
SARs granted under the Plan shall be exempt from the provisions of Section 409A of the Code and that all Other Stock Awards under the Plan, to the extent that they constitute “non-qualified deferred compensation” within the meaning of
Section 409A of the Code, will comply with Section 409A of the Code (and any regulations and guidelines issued thereunder). The Plan and any Award Agreements issued hereunder may be amended in any respect deemed by the Board or the
Committee to be necessary in order to preserve compliance with Section 409A of the Code. 
 7.17 Regulations and
Other Approvals. 
 (a) The obligation of the Company to sell or deliver Stock with respect to any Award granted under
the Plan or make any other distribution of benefits under the Plan shall be subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws (including, without limitation, the requirements of the
Securities Act of 1933) and all applicable requirements of any securities exchange or similar entity, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. 

(b) Each Award is subject to the requirement that, if at any time the Committee determines, in its absolute discretion, that
the listing, registration or qualification of Stock issuable pursuant to the Plan is required by 

  
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any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the
grant of an Award or the issuance of Stock, no such Award shall be granted or payment made or Stock issued, in whole or in part, unless listing, registration, qualification, consent or approval, as applicable, has been effected or obtained free of
any conditions not acceptable to the Committee. 
 (c) In the event that the disposition of Stock acquired pursuant to the
Plan is not covered by a then current registration statement under the Securities Act of 1933 and is not otherwise exempt from such registration, such Stock shall be restricted against transfer to the extent required by the Securities Act of 1933,
as amended, or regulations thereunder, and applicable state securities laws, and the Committee may require a Participant receiving Stock pursuant to the Plan, as a condition precedent to receipt of such Stock, to represent to the Company in writing
that the Stock acquired by such Participant is acquired for investment only and not with a view to distribution. 
 (d) With
respect to persons subject to Section 16 of the Securities and Exchange Act of 1934, as amended, it is the intent of the Company that the Plan and all transactions under the Plan comply with all applicable provisions of Rule 16b-3. 

7.18 Awards to Employees Subject to Taxation Outside of the United States. Without amending the Plan, Awards may be
granted to Participants who are foreign nationals or who are employed outside the United States or both, on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to
further the purposes of the Plan. Such different terms and conditions may be reflected in Addenda to the Plan or in the applicable Award Agreement. However, no such different terms or conditions shall be employed if such terms or conditions
constitute, or in effect result in, an increase in the aggregate number of shares which may be issued under the Plan or a change in the definition of Eligible Grantee. 

SECTION 8 
 COMMITTEE 

8.1 Administration. The authority to control and manage the operation and administration of the Plan shall be vested in
a committee (the “Committee”) in accordance with this Section 8. The Committee shall be selected by the Board, and shall consist solely of two or more members of the Board who are non-employee Directors within the meaning of Rule
16b-3 under the Securities Exchange Act of 1934, as amended, and are outside Directors within the meaning of Code Section 162(m). If the Committee does not exist, or for any other reason determined by the Board, the Board may take any
action under the Plan that would otherwise be the responsibility of the Committee, other than with respect to Awards intended to be “performance-based compensation” under Section 162(m) of the Code. Unless otherwise determined by the
Board, CryoLife’s Compensation Committee shall be designated as the “Committee” hereunder. 
 8.2 Powers
of Committee. The Committee’s administration of the Plan shall be subject to the following: 
 (a) Subject to the
provisions of the Plan, the Committee will have the authority and discretion to select from among the Eligible Grantees those persons who shall receive Awards, to determine the time or times of receipt, to determine the types of Awards and the
number of shares or amount of cash covered by the Awards, to establish the terms, conditions, performance criteria, restrictions, and other provisions of such Awards, and (subject to the restrictions imposed by Section 9) to cancel or suspend
Awards, and to waive or otherwise modify any vesting or other restrictions contained in awards. The Committee may also, without obtaining stockholder approval, amend any outstanding award to provide the holder thereof with additional rights or
benefits of the type otherwise permitted by the Plan, including without limitation, extending the term thereof; provided, however, that in no event may the term of any Option or SAR exceed seven years. 

(b) The Committee will have the authority and discretion to interpret the Plan, to establish, amend, and rescind any rules and
regulations relating to the Plan, to determine the terms and provisions of any Award 

  
 9 

 
Agreement made pursuant to the Plan, and to make all other determinations that may be necessary or advisable for the administration of the Plan. 

(c) Any interpretation of the Plan by the Committee and any decision made by it under the Plan is final and binding on all
persons. 
 (d) In controlling and managing the operation and administration of the Plan, the Committee shall take action in
a manner that conforms to the certificate of incorporation and by-laws of the Company, and applicable state corporate law. 

(e) Subject to Section 6.2 hereof, neither the Board, the Committee nor their respective delegates shall have the
authority to (i) re-price (or cancel and regrant) any Option, SAR or, if applicable, other Award at a lower exercise, base or purchase price, (ii) take any other action (whether in the form of an amendment, cancellation or
replacement grant, or a cash-out of underwater options) that has the effect of repricing an Option, SAR or other Award, or (iii) grant any Option, SAR or other Award that contains a so-called “reload” feature under which
additional Options, SARs or other Awards are granted automatically to the Grantee upon exercise of the original Option, SAR or Award, without in each instance first obtaining the approval of the Company’s stockholders. 

(f) Anything in the Plan to the contrary notwithstanding, neither the Board nor the Committee may accelerate the payment or
vesting of any Option, SAR or other Award except in the event of death, disability, retirement or a Change in Control; provided, however, that Stock Awards and Cash-Based Awards that are intended to be “performance-based compensation”
under Section 162(m) of the Code may not be accelerated in the event of retirement with respect to the satisfaction of any Performance Goals. 

8.3 Delegation by Committee. Except to the extent prohibited by applicable law or the applicable rules of a stock
exchange, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers hereunder, including without limitation, the power to
designate Participants hereunder and determine the amount, timing and terms of Awards hereunder, to any person or persons selected by it, including without limitation, any executive officer of the Company; provided that such allocation or delegation
is consistent with Section 162(m) of the Code. Any such allocation or delegation may be revoked by the Committee at any time. 

8.4 Information to be Furnished to Committee. The Company and Subsidiaries shall furnish the Committee with such data
and information as it determines may be required for it to discharge its duties. The records of the Company and Subsidiaries as to an employee’s or Participant’s employment, termination of employment, leave of absence, reemployment and
compensation shall be conclusive unless the Committee determines such records to be incorrect. Participants and other persons entitled to benefits under the Plan must furnish the Committee such evidence, data or information as the Committee
considers desirable to carry out the terms of the Plan. 
 8.5 Indemnification. Each person who is or shall
have been a member of the Committee, or the Board, shall be indemnified and held harmless by the Company against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by him or her in connection with or
resulting from any claim, action, suit or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her
in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense,
to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall be in addition to any other rights of indemnification or elimination of liability to which such
persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

  
 10 

 SECTION 9 

AMENDMENT AND TERMINATION 

(a) The Plan may be terminated or amended by the Board of Directors at any time, except that the following actions may not be
taken without stockholder approval: 
 (i) any increase in the number of shares that may be issued under the Plan (except by
certain adjustments provided for under the Plan); 
 (ii) any change in the class of persons eligible to receive Awards
under the Plan; 
 (iii) any change in the requirements of Section 2.2 hereof regarding the Exercise Price of Options
and SARs; 
 (iv) any re-pricing or cancellation and regrant of any Option or, if applicable, other Award at a lower
exercise, base or purchase price, whether in the form of an amendment, cancellation or replacement grant, or a cash-out of underwater options or any action that provides for Awards that contain a so-called “reload” feature under
which additional Options or other Awards are granted automatically to the Grantee upon exercise of the original Option or Award; or 

(v) any other amendment to the Plan that would require approval of the Company’s stockholders under applicable law,
regulation or rule. 
 Notwithstanding any of the foregoing, adjustments pursuant to paragraph 6.2 shall not be subject to
the foregoing limitations of this Section 9. 
 (b) Options, SARs and other Awards may not be granted under the Plan
after the date of termination of the Plan, but Options and SARs granted prior to that date shall continue to be exercisable according to their terms and other Awards shall continue to vest in accordance with their terms. 

SECTION 10 
 CHANGE IN CONTROL

 Subject to the provisions of paragraph 6.2 (relating to the adjustment of shares), and except as otherwise provided in
the Plan or the Award Agreement reflecting the applicable Award, upon the occurrence of a Change in Control as defined in Section 11: 

(a) All outstanding Options (regardless of whether in tandem with SARs) shall become fully exercisable. 

(b) All outstanding SARs (regardless of whether in tandem with Options) shall become fully exercisable. 

(c) All Stock Units, Restricted Stock, Restricted Stock Units, Performance Shares and other Awards, other than Cash-Based
Awards, shall become fully vested. (Whether or not Cash-Based Awards shall vest upon a Change in Control shall be determined by the Committee in its discretion, either at or after grant, subject in all cases to compliance with
Section 162(m) for Cash-Based Awards intended to be “qualified performance-based compensation” thereunder.) 
 SECTION
11 
 DEFINED TERMS 

In addition to the other definitions contained herein, the following definitions shall apply: 

  
 11 

 (a) Award. The term “Award” shall mean any award or benefit
granted under the Plan, including, without limitation, the grant of Options, SARs, Other Stock Awards and Cash-Based awards. 

(b) Board. The term “Board” shall mean the Board of Directors of the Company. 

(c) Change in Control. “Change in Control” means a change in the ownership or effective control of, or in the
ownership of a substantial portion of the assets of, the Company, as described in paragraphs (i) through (iii) below. 

(i) Change in Ownership of the Company. A change in the ownership of the Company shall occur on the date that any one
person, or more than one person acting as a group (within the meaning of paragraph (iv)), acquires ownership of the Company stock that, together with the Company stock held by such person or group, constitutes more than 50% of the total voting power
of the stock of the Company. 
 (A) If any one person or more than one person acting as a group (within the meaning of
paragraph (iv) below), is considered to own more than 50% of the total voting power of the stock of the Company, the acquisition of additional the Company stock by such person or persons shall not be considered to cause a change in the
ownership of the Company or to cause a change in the effective control of the Company (within the meaning of paragraph (ii) below). 

(B) An increase in the percentage of the Company stock owned by any one person, or persons acting as a group (within the
meaning of paragraph (iv) below), as a result of a transaction in which the Company acquires its stock in exchange for property, shall be treated as an acquisition of stock for purposes of this paragraph (i). 

(C) Except as provided in (B) above, the provisions of this paragraph (i) shall apply only to the transfer or
issuance of the Company stock if such stock remains outstanding after such transfer or issuance. 
 (ii) Change in
Effective Control of the Company. 
 (A) A change in the effective control of the Company shall occur on the date that
either of (1) or (2) below occurs: 
 (1) Any one person, or more than one person acting as a group (within the
meaning of paragraph (iv) below), acquires (or has acquired during the 12 month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 30% or more of the total voting
power of the stock of the Company; or 
 (2) A majority of the members of the Board are replaced during any 12 month period
by Directors whose appointment or election is not endorsed by a majority of the Board prior to the date of the appointment or election. 

(B) A change in effective control of the Company also may occur with respect to any transaction in which either of the Company
or the other entity involved in a transaction experiences a Change of Control event described in paragraphs (i) or (iii). 

(C) If any one person, or more than one person acting as a group (within the meaning of paragraph (iv) below), is
considered to effectively control the Company (within the meaning of this paragraph (ii)), the acquisition of additional control of the Company by the same person or persons shall not be considered to cause a change in the effective control of the
Company (or to cause a change in the ownership of the Company within the meaning of paragraph (i) above). 
 (iii)
Change in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of the Company’s assets shall occur on the date that any one person, or more than one person acting as a group
(within the meaning of paragraph (iv) below), acquires (or has acquired during the 12 month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value
(within the meaning of paragraph (iii)(B)) equal to or more than 40% of the 

  
 12 

 
total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. 

(A) A transfer of the Company’s assets shall not be treated as a change in the ownership of such assets if the assets are
transferred to one or more of the following: 
 (1) A shareholder of the Company (immediately before the asset transfer) in
exchange for or with respect to the Company stock; 
 (2) An entity, 50% or more of the total value or voting power of which
is owned, directly or indirectly, by the Company; 
 (3) A person, or more than one person acting as a group (within the
meaning of paragraph (iv) below) that owns, directly or indirectly, 50% or more of the total value or voting power of all of the outstanding stock of the Company; or 

(4) An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person
described in paragraph (iii)(A)(3). 
 For purposes of this paragraph (iii)(A), and except as otherwise provided, a
person’s status is determined immediately after the transfer of assets. 
 (B) For purposes of this paragraph (iii),
gross fair market value means the value of all the Company assets, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

(iv) For purposes of this Section 11(c), persons shall be considered to be acting as a group if they are owners of an
entity that enters into a merger, consolidation, purchase, or acquisition of assets, or similar business transaction with the Company. If a person, including an entity shareholder, owns stock in the Company and another entity with which the Company
enters into a merger, consolidation, purchase, or acquisition of stock, or similar business transaction, such shareholder shall be considered to be acting as a group with the other shareholders in a corporation only to the extent of the ownership in
that corporation prior to the transaction giving rise to the change and not with respect to the ownership interest in the other corporation. Persons shall not be considered to be acting as a group solely because they purchase or own stock of the
Company at the same time, or as a result of the same public offering of the Company’s stock. 
 (d) Code. The
term “Code” means the Internal Revenue Code of 1986, as amended. A reference to any provision of the Code shall include reference to any successor provision of the Code. 

(e) Covered Employee. The term “Covered Employee” means an Eligible Grantee who is, or who is anticipated to
become, between the time of grant and payment of the Award, a “covered employee,” as such term is defined in Section 162(m)(3) of the Code (or any successor section thereof). 

(f) Eligible Grantee. The term “Eligible Grantee” shall mean any director, executive officer or employee of
the Company or a Subsidiary, as determined by the Committee in its sole discretion. An Award may be granted to an employee or director, in connection with hiring, retention or otherwise, prior to the date the employee or director first performs
services for the Company or the Subsidiaries, provided that such Award shall not become vested prior to the date the employee first performs such services or the director assumes his position. 

(g) Fair Market Value. For purposes of determining the “Fair Market Value” of a share of Stock as of any date,
then the “Fair Market Value” as of that date shall be the closing sale price of the Stock on that date on the New York Stock Exchange. 

(h) Performance Goals. The term “Performance Goals” means performance goals based on the attainment by the
Company or any Subsidiary of the Company (or any division or business unit of any such entity), or any two or 

  
 13 

 
more of the foregoing, of performance goals pre-established by the Committee in its sole discretion, based on one or more of the following criteria, which shall not be required to be calculated
in accordance with GAAP and which may be adjusted measures: (1) return on total stockholders’ equity; (2) earnings per share of Stock; (3) earnings before any or all of interest, taxes, minority interest, depreciation and
amortization; (4) economic profit; (5) sales or revenues; (6) return on assets, capital or investment; (7) market share; (8) control of operating or non-operating expenses; (9) reductions in certain costs (including
reductions in inventories or accounts receivable or reductions in operating expenses); (10) operating profit; (11) operating cash flow, (12) free cash flow, (13) return on capital or increase in pretax earnings; (14) net
earnings; (15) margins; (16) market price of the Company’s securities; (17) pre-tax earnings; (18) net after-tax earnings per share; (19) working capital targets; (20) working capital and the ratio of sales
to net working capital; (21) earnings before interest, taxes, depreciation and amortization (“EBITDA”); (22) sales of one or more products or service offerings; (23) control of operating and/or non-operating expenses
(24) any combination of, or a specified increase in, any of the foregoing; and (25) general comparisons with other peer companies or industry groups or classifications with regard to one or more of the foregoing criteria. The relative
weights of the criteria that comprise the Performance Goals shall be determined by the Committee in its sole discretion. In establishing the Performance Goals for a performance period, the Committee may establish different Performance Goals for
individual Participants or groups of Participants. Subject to the limitations in Section 5, the Committee in its sole discretion shall have the authority to make equitable adjustments to the Performance Goals in recognition of unusual or
non-recurring events affecting the Company or any Subsidiary of the Company or the financial statements of the Company or any Subsidiary of the Company, in response to changes in applicable laws or regulations, including changes in generally
accepted accounting principles or practices, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business, as applicable, or
otherwise as the Committee deems appropriate. Performance Goals may include a threshold level of performance below which no Award will be earned, a level of performance at which the target amount of an Award will be earned and a level of performance
at which the maximum amount of the Award will be earned. Solely for an Award not intended to constitute “qualified performance-based compensation” under Section 162(m) of the Code, the term “Performance Goals” shall also
mean any other factors directly tied to the performance of the Company and/or one or more divisions and/or Subsidiaries or other performance criteria designated by the Committee. 

(i) Subsidiaries. The term “Subsidiary” means any present or future subsidiary corporation of the Company
within the meaning of Section 424(f) of the Code, and any present or future business venture designated by the Committee in which the Company has a significant interest, as determined in the discretion of the Committee. 

(j) Stock. The term “Stock” shall mean shares of common stock of the Company. 

SECTION 12 
 GOVERNING LAW 

This Plan shall be governed by, and construed in accordance with, the laws of the State of Georgia, except to the extent that
the Florida Business Corporation Act shall be applicable. 

  
 14EX-10.4

 Exhibit 10.4 

FIRST AMENDMENT TO 

CRYOLIFE PERFORMANCE SHARE AGREEMENT 

This First Amendment to CryoLife Performance Share Agreement (this “First Amendment”) is made and entered into this
_______ day of ______________, _______ by and between CryoLife, Inc., a Florida corporation (“CryoLife”), and _____________________ (“Grantee”). 

RECITALS 

WHEREAS, CryoLife and Grantee entered into that certain CryoLife Performance Share Agreement, a copy of which is
attached hereto as Exhibit A (the “Grant Agreement”); 
 WHEREAS, CryoLife and Grantee desire to
amend the Grant Agreement to revise the calculations of two performance metrics — ____________ and ____________, as further described herein; and 

WHEREAS, the Compensation Committee of the Board of Directors of CryoLife has authorized CryoLife to enter into,
execute and deliver this First Amendment. 
 NOW, THEREFORE, in consideration of the foregoing, of the mutual
promises of the parties hereto and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby amend the Grant Agreement as follows: 

1.    The last two sentences of the paragraph on the first page of the Grant Agreement, which set forth
the calculations of ______________ and _____________, are hereby removed and replaced with the following: 
 “The
calculation of _______________ includes _____________________, but excludes ____________________. __________________________ is calculated by dividing (x) _______________ as of ________________ by (y) __________________, and multiplying
such amount by _____________.” 
 2.    Except as specifically provided herein, the capitalized
terms utilized in this First Amendment shall have the meanings ascribed to them in the Grant Agreement. 

3.    Except as expressly modified hereby, the Grant Agreement shall remain in full force and effect and
is hereby ratified and confirmed. 
 4.    This First Amendment shall be construed and enforced in
accordance with the laws of the State of Georgia, excluding any conflicts of law rules which might refer such construction to the laws of another state. This First Amendment may be executed in several counterparts, each of which shall be deemed to
be an original, and all of which together shall constitute one agreement binding on all parties hereto, notwithstanding that all parties have not signed the original or the same counterpart. 

 IN WITNESS WHEREOF, the undersigned have executed this First Amendment as
of the date first above written. 
  

							
	
CRYOLIFE, INC.                          
  
	 	 	 	 	 	 GRANTEE:

	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 
	
By:                            
                                         
                
  
	 	 	 	 	 	
By:
                                         
                                         
  

	 Name: D. Ashley Lee

 
	 	 	 	 	 	 Name:

	 Its: EVP, COO & CFO
	 	 	 	 	 	 Its:

	 Date:
	 	 	 	 	 	 Date:

  
 2 

 Exhibit A 

Grant Agreement 
 (see
attached.) 

  
 3 

 Officer Name:
[                    ] 
 Number of
Target Shares: [                    ] 

CRYOLIFE PERFORMANCE SHARE AGREEMENT 

CRYOLIFE, INC. (“CryoLife”) is pleased to grant you the right to receive CryoLife common stock, as described below. This
grant is made subject to the further terms and conditions set forth in this Agreement and the terms of the CryoLife, Inc. [                    ]
Stock Incentive Plan (the “Plan”). 
  

					
	 Grant Date:
	  		 	 [                    ]

		
	 Target Number of Performance Shares:
	 	
			
		  	 [                    ]
([            ]%)
	 	 [                    ]

			
		  	 [                    ]
([            ]%)
	 	 [                    ]

			
		  	 [                    ]
([            ]%)
	 	 [                    ]

			
		  	 Total:
	 	 [                    ]

			
	 Vesting:
	  	
                             
           [    ]%
	 	 [                    ]

			
		  	
                             
              25%
	 	 [                    ]

			
		  	
                             
              25%
	 	 [                    ]

 The performance shares will vest, and common stock will be issued, based on a combination of
(i) attaining specified levels of [                    ],
(ii) [                    ],
(iii) [                    ], and (iv) the passage of time, as more specifically described on Exhibits “A,” “B,”
and “C.” We calculate [                    ] as
[                    ]. We calculate
[                    ] as
[                    ]. We calculate
[                    ] as
[                    ]. 
 The
following documents accompany this Agreement: 
 Additional Terms and Conditions describes transferability, what happens if you cease
to be an employee of CryoLife, Inc., CryoLife International, Inc. or another eligible employer approved by the Compensation Committee (the “Committee”) of the Board of Directors of CryoLife, Inc. (each, an “Eligible Employer”)
before all or a portion of your performance shares vest and are issued, where to send notices and other matters. 
 The Plan contains
the detailed terms that govern this Agreement. If anything in this Agreement or the other attachments is inconsistent with the Plan, the terms of the Plan, as amended from time to time, will control. 

The Plan Prospectus Document covering this Agreement and the common stock that may be issued hereunder contains important information,
including federal income tax consequences. 

  
 1 

 Most Recent Annual Report of CryoLife (not attached if you previously received the most recent Annual
Report). 
 Please sign below to show that you accept this Agreement after review of the above documents. Keep a copy and return both
originals to [                    ], CryoLife, Inc., 1655 Roberts Blvd., NW, Kennesaw, GA 30144. 

 

							
	
CRYOLIFE, INC.                          
  
	 	 	 	 	 	 GRANTEE:

	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 
	
By:                            
                                         
                
  
	 	 	 	 	 	
By:
                                         
                                         
  

	 Name: D. Ashley Lee

 
	 	 	 	 	 	 Name:

	 Its: EVP, COO & CFO
	 	 	 	 	 	 Its:

	 Date:
	 	 	 	 	 	 Date:

  
 2 

 ADDITIONAL TERMS AND CONDITIONS 

EFFECT OF TERMINATION OF SERVICE. You must be an employee of CryoLife, Inc. or another Eligible Employer on the applicable
vesting date to be entitled to the vesting of performance shares and the issuance of common stock as a result of such vesting. If you cease to be an employee for any reason, and any performance shares have not vested as of the date of termination of
your employment, your performance shares shall automatically be forfeited, no related common stock will be issued, and this Agreement shall be cancelled as of the date of such termination of employment. 

CRYOLIFE’S OBLIGATION TO PAY. Each performance share represents the right to receive one (1) share of CryoLife, Inc.
common stock (“Stock”) at the target level, and subject to adjustment up or down based upon CryoLife’s [            ] performance for
[            ], CryoLife’s [            ] performance for
[            ], and CryoLife’s [            ] performance for
[            ], as further described on Exhibits “A,” “B,” and “C,” on the date it vests in accordance with the vesting schedules on Exhibits
“A,” “B,” and “C” (or at such later time as indicated in this Agreement or the Plan). Unless and until the performance shares shall have vested, you will have no right to payment of shares of Stock with respect to any
such performance shares. Prior to actual payment of any shares of Stock with respect to any performance shares, such performance shares will represent an unfunded, unsecured obligation of CryoLife, payable (if at all) only from the general assets of
CryoLife. The number of shares of Stock subject to this Agreement, i.e., the relevant percentage of target shares that will be issued if time vesting requirements are satisfied, will be determined on and as of the date of filing of CryoLife’s
Form 10-K for fiscal [            ] with the Securities and Exchange Commission. Shares will be rounded down to the nearest whole number of shares of Stock. No fractional shares will
be issued. Notwithstanding anything to the contrary contained herein, at any time prior to the first anniversary of this Agreement, the Committee, in its sole discretion, may reduce the number of shares to be issued hereunder, but in no event may
the number of shares to be issued be reduced below the target number of shares. You will receive written notice of any such reduction. 

VESTING. Subject to the provisions of this Agreement and the Plan, the performance shares will vest and Stock will be issued
according to the vesting schedule set forth on Exhibits “A,” “B,” and “C.” 
 TIME OF PAYMENT. 

(a) Payment after Vesting. Except as otherwise provided in the Plan, any performance shares that vest in
accordance with this Agreement shall be paid to you (or in the event of your death, to your estate), in whole shares of Stock within thirty (30) days after the date on which such performance shares vest or as soon as administratively
practicable thereafter, but in no event later than the date that is two and one-half months following the later of (i) the end of CryoLife’s taxable year; or (ii) the end of your taxable year that includes the vesting date.
Notwithstanding anything in the Plan or this Agreement to the contrary, payment to you of Stock upon the vesting of a performance share shall be delayed to the extent required by Section 409A of the Internal Revenue of 1986, as amended (the
“Code”). 

  
 3 

 (b) Accelerated Vesting Upon a Change of Control of CryoLife. If
the vesting of the balance, or some lesser portion of the balance, of the performance shares subject to this Agreement is accelerated upon a Change of Control, as such term is defined in the Plan, of CryoLife, and such Change of Control is not a
“change in the ownership or effective control” or “change in the ownership of a substantial portion of the assets” of CryoLife within the meaning of Section 1.409A-3(i)(5) of the United States Treasury Regulations, then such
accelerated performance shares shall not be paid until the applicable vesting date of such performance shares, as set forth on the first page of this Agreement, or if earlier, the date of your death, disability or “separation from service”
within the meaning of Section 409A of the Code from CryoLife (a “Separation from Service”); provided, however, that if the payment pursuant to this Section (b) is to be made upon your Separation from Service and as
of the date of your Separation from Service you are a “specified employee” within the meaning of Section 409A of the Code then payment of the shares of Stock with respect to the performance shares subject to this Section
(b) shall not be made until the date that is six (6) months and one day following the date of your Separation from Service if earlier payment would result in the imposition of the additional tax under Section 409A of the Code. 

RIGHTS WITH RESPECT TO PERFORMANCE SHARES PRIOR TO VESTING. You may not transfer or otherwise assign your performance share
agreement or the stock to be issued hereunder prior to vesting and the issuance of the stock. As this performance share agreement vests, you may receive certificates representing the vested portion or the shares of Stock to be issued to you or the
shares may be issued in uncertificated form. Prior to issuance of shares of stock, you are not entitled to any rights as a shareholder with respect to the shares underlying this performance share agreement. As a result, subject to the provisions of
the Plan, you will have no rights to vote such shares or to receive dividends or other distributions, if any, payable with respect to such shares after the date of this agreement but prior to the issuance of the shares subsequent to vesting. 

WITHHOLDING OF TAXES. Notwithstanding any contrary provision of this Agreement, no certificate representing shares of Stock will
be issued to you unless and until satisfactory arrangements (as determined by the Committee) have been made by you with respect to the payment of federal, state, local or foreign income, employment and other taxes which the Committee determines must
be withheld (“Tax Related Items”) with respect to the shares of Stock so issuable. The Committee hereby allows you, pursuant to such procedures as the Committee may specify from time to time, to satisfy such Tax Related Items, in
whole or in part (without limitation) by one or more of the following: (a) paying cash; (b) electing to have CryoLife or an Eligible Employer withhold otherwise deliverable shares of Stock having a Fair Market Value, as defined in the
Plan, equal to the amount of the Tax Related Items required to be withheld; or (c) electing to have CryoLife or an Eligible Employer withhold any amount of Tax Related Items from any wages or other cash compensation payable to you by CryoLife
or the Eligible Employer, as the case may be. If the obligation for Tax Related Items is satisfied by withholding a number of shares of Stock as described above, you will be deemed to have been issued the full number of shares of Stock subject to
the vested performance shares, notwithstanding that a number of the shares of Stock are held back solely for the purpose of paying the Tax Related Items due as a result of any aspect of the performance shares. If you fail

  
 4 

 
to make satisfactory arrangements for the payment of the Tax Related Items at the time any applicable performance shares are scheduled to vest, you will permanently forfeit such performance
shares and no shares of Stock will be issued to you pursuant to them. 
 NOTICES. All notices delivered pursuant to this
Agreement shall be in writing and shall be (i) delivered by hand, (ii) mailed by United States certified mail, return receipt requested, postage prepaid, (iii) sent by an internationally recognized courier which maintains evidence of
delivery and receipt, (iv) sent by fax to [            ], or (v) sent by email to [            ]. All
notices or other communications shall be directed to the following addresses (or to such other addresses as such parties may designate by notice to the other parties): 
  

					
	 To CryoLife:
	 		 	 CryoLife, Inc.
 1655 Roberts Blvd.,
NW
 Kennesaw, GA 30144
 Attention: Secretary

			
	 To you:
	 		 	The address set forth in the Agreement

 MISCELLANEOUS. Failure by you or CryoLife at any time or times to require performance by the
other of any provisions in this Agreement will not affect the right to enforce those provisions. Any waiver by you or CryoLife of any condition or of any breach of any term or provision in this Agreement, whether by conduct or otherwise, in any one
or more instances, shall apply only to that instance and will not be deemed to waive conditions or breaches in the future. If any court of competent jurisdiction holds that any term or provision of this Agreement is invalid or unenforceable, the
remaining terms and provisions will continue in full force and effect, and this Agreement shall be deemed to be amended automatically to exclude the offending provision. This Agreement may be executed in multiple copies and each executed copy shall
be an original of this Agreement. This Agreement shall be subject to and governed by the laws of the State of Georgia. No change or modification of this Agreement shall be valid unless it is in writing and signed by the party against which
enforcement is sought, except where specifically provided to the contrary herein. This Agreement shall be binding upon, and inure to the benefit of, the permitted successors, assigns, heirs, executors and legal representatives of the parties hereto.
The headings of each section of this Agreement are for convenience only. This Agreement, together with the Plan, contains the entire Agreement of the parties hereto, and no representation, inducement, promise, or agreement or other similar
understanding between the parties not embodied herein shall be of any force or effect, and no party will be liable or bound in any manner for any warranty, representation, or covenant except as specifically set forth herein or in the Plan. 

SECTION 409A. This Agreement and the performance shares granted hereunder are intended to comply with, or otherwise be exempt
from, Section 409A of the Code. This Agreement and the performance shares shall be administered, interpreted and construed in a manner consistent with such Code section. Should any provision of this Agreement or the performance shares be found
not to comply with, or otherwise be exempt from, the provisions of Section 409A of the Code, it shall be modified and given effect, in the sole discretion of the Committee and without requiring your consent (notwithstanding any other provisions
hereof), in such manner as the 

  
 5 

 
Committee determines to be necessary or appropriate to comply with, or effectuate an exemption from, Section 409A of the Code. Each amount payable under this Agreement as a payment upon
vesting of a performance share is designated as a separate identified payment for purposes of Section 409A of the Code. 

  
 6 

 Exhibit “A” 

[                    ] 

Vesting Schedule 
  

	 	•	 	 If [                    ] of at least
$[        ] but less than $[        ] is achieved, we will fix the number of shares that may be issued pursuant to the
[                    ] component of the Agreement at [    ]% of the target number of shares related to
[                    ]; 50% of the fixed shares will vest on the anniversary date of the Agreement, 25% of the fixed shares will vest on the
second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of date of the Agreement; 

  

	 	•	 	 If [                    ] of at least
$[        ] but less than $[        ] is achieved, we will fix the number of shares that may be issued pursuant to the
[                    ] component of the Agreement at [    ]% of the target number of shares related to
[                    ]; 50% of the fixed shares will vest on the anniversary date of the Agreement, 25% of the fixed shares will vest on the
second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of date of the Agreement; 

  

	 	•	 	 If [                    ] of at least
$[        ] but less than $[        ] is achieved, we will fix the number of shares that may be issued pursuant to the
[                    ] component of the Agreement at [    ]% of the target number of shares related to
[                    ]; 50% of the fixed shares will vest on the anniversary date of the Agreement, 25% of the fixed shares will vest on the
second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of date of the Agreement; and 

  

	 	•	 	 If [                    ] of
$[        ] or more is achieved, the fixed number of shares earned will be calculated on a sliding scale; the scale will begin with
[                    ] of $[        ] (or 106.9% of the
[                    ] of $[        ]), resulting in 110% of the target number of shares
related to [                    ] being fixed, and the scale will end with
[                    ] of $[        ] (or 115% of the
[                    ] of $[        ]), resulting in 150% of the target number of shares
related to [                    ] being fixed; accordingly, we fix the number of shares subject to the
[                    ] component of the Agreement as follows: 

 

	 	¡ 	 	 actual [                    ] divided by
target [                    ] of $[        ], 

 

	 	¡ 	 	 minus 1.069, 

  

	 	¡ 	 	 times 5, 

  

	 	¡ 	 	 plus 1.10, 

  

	 	¡ 	 	 times the target number of shares, 

up to a maximum number of shares equal to 150% of the target number of shares. 50% of the fixed shares will vest on the
anniversary date of the Agreement, 25% of the fixed shares will vest on the second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of the date of the Agreement. 

  
 7 

 Exhibit “B” 

[                    ] 

Vesting Schedule 
  

	 	•	 	 If CryoLife has [                    ]
in an amount greater than or equal to $[        ] but less than $[        ], we will fix the number of shares that may be issued pursuant to the
[                    ] component of the Agreement at [    ]% of the target number of shares related to
[                    ]; 50% of the fixed shares will vest on the anniversary date of the Agreement, 25% of the fixed shares will vest on the
second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of date of the Agreement; 

  

	 	•	 	 If CryoLife has [                    ]
in an amount greater than or equal to $[        ] but less than $[        ], we will fix the number of shares that may be issued pursuant to the
[                    ] component of the Agreement at [    ]% of the target number of shares related to
[                    ]; 50% of the fixed shares will vest on the anniversary date of the Agreement, 25% of the fixed shares will vest on the
second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of date of the Agreement; 

  

	 	•	 	 If CryoLife has [                    ]
in an amount greater than or equal to $[        ] but less than $[        ], we will fix the number of shares that may be issued pursuant to the
[                    ] component of the Agreement at [    ]% of the target number of shares related to
[                    ]; 50% of the fixed shares will vest on the anniversary date of the Agreement, 25% of the fixed shares will vest on the
second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of date of the Agreement; and 

  

	 	•	 	 If CryoLife has [                    ]
in an amount less than $[        ], we will fix the number of shares that may be issued pursuant to the
[                    ] component of the Agreement at [    ]% of the target number of shares related to
[                    ]; 50% of the fixed shares will vest on the anniversary date of the Agreement, 25% of the fixed shares will vest on the
second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of date of the Agreement. 

  
 8 

 Exhibit “C” 

[                    ] 

Vesting Schedule 
  

	 	•	 	 If CryoLife’s [                    ]
is greater than or equal to [                    ] but less than or equal to
[                    ], we will fix the number of shares that may be issued pursuant to the
[                    ] component of the Agreement at [    ]% of the target number of shares related to
[                    ]; 50% of the fixed shares will vest on the anniversary date of the Agreement, 25% of the fixed shares will vest on the
second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of date of the Agreement; 

  

	 	•	 	 If CryoLife’s [                    ]
is greater than or equal to [                    ] days but less than
[                    ], we will fix the number of shares that may be issued pursuant to the
[                    ] component of the Agreement at [    ]% of the target number of shares related to
[                    ]; 50% of the fixed shares will vest on the anniversary date of the Agreement, 25% of the fixed shares will vest on the
second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of date of the Agreement; 

  

	 	•	 	 If CryoLife’s [                    ]
is greater than or equal to [                    ] days but less than
[                    ], we will fix the number of shares that may be issued pursuant to the
[                    ] component of the Agreement at [    ]% of the target number of shares related to
[                    ]; 50% of the fixed shares will vest on the anniversary date of the Agreement, 25% of the fixed shares will vest on the
second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of date of the Agreement; and 

  

	 	•	 	 If CryoLife’s [                    ]
is less than [                    ] days, we will fix the number of shares that may be issued pursuant to the
[                    ] component of the Agreement at [    ]% of the target number of shares related to
[                    ]; 50% of the fixed shares will vest on the anniversary date of the Agreement, 25% of the fixed shares will vest on the
second anniversary date of the Agreement, and the final 25% will vest on the third anniversary of date of the Agreement. 

  
 9

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