Document:

FORM OF GRANT OF NON-QUALIFIED STOCK OPTIONS TO DIRECTORS

 Exhibit 10.36 
 FORM OF DIRECTORS STOCK OPTION AGREEMENT AND GRANT 
 THIS STOCK OPTION AGREEMENT (this
“Agreement”), dated as of the          day of             , (the “Grant Date”), by, between and among CRYOLIFE,
INC., a Florida Corporation (the “Corporation”), and             , a member of the Board of Directors of the Corporation (a “Director”) and an individual residing
in             (the “Optionee”). 
 WITNESSETH:

 WHEREAS, the Corporation wishes to grant to the Optionee an option (the “Option”) to purchase the number of shares of Common
Stock set forth in this Agreement and under the terms and conditions set forth herein including the provision that the Option is not an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended
(“Code”); 
 NOW THEREFORE, in consideration of the foregoing, the mutual promises and covenants contained herein and the mutual
benefit to be derived therefrom and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 1. Grant of Option: Subject to the terms and conditions set forth herein, the Corporation hereby grants to the Optionee the option to purchase, in
the aggregate, up to              shares of the Common Stock (the “Shares”) which shall consist of authorized and unissued shares of the Common Stock or, at the option of
the Corporation, treasury shares of Common Stock. The Option shall be deemed granted by the Corporation to the Optionee as of the Grant Date. This Option is not granted pursuant to the CryoLife, Inc. Amended and Restated Non-Employees Directors Plan
(the “Plan”), but the terms of the Plan are incorporated herein by reference. The terms of the Plan shall govern this Option. Optionee acknowledges receipt of a copy of the Plan. The Optionee has received a Prospectus covering the Shares
subject to this Option. 
 2. Option Price: The price of the Option shall be the last closing price of the Corporation’s Common
Stock on the New York Stock Exchange on the day of the grant of the Option. The Option exercise price is the sum of $             per share (the “Option Exercise Price”).

 3. Option Period: Subject to the limitations set forth in this Plan, an Option granted under the Plan shall vest and become
exercisable on the Options’s Award Date. Subject to the limitations set forth in the Plan, the Option may be exercised at any time after its Award Date, provided that at the time of exercise all of the conditions set forth in the Plan have been
met. Notwithstanding the foregoing, no Option may be exercised later than five years after the date of grant thereof. 

 4. Termination of Option: Except as herein otherwise stated, the Option, to the extent not
previously exercised, shall terminate sixty (60) months following the Grant Date. 
 5. Cessation of Service: If a grantee leaves
the Board of Directors for any reason, including without limitation resignation or death, such grantee’s Options shall remain in effect and exercisable, and shall expire as if the grantee had remained a Non-Employee Director of the Company.
Upon the death of a Non-Employee Director, his or her Options shall be exercisable by his/her legal representatives or heirs, but in no event may the Options be exercised beyond the last date which they could have been exercised had the Non-Employee
Director not died. 
 6. Delivery of Notice: The Optionee may exercise the Option only by delivering written notice to the Corporation
of his intent to exercise the Option (the “Notice”). The Notice shall be delivered to the Corporation at its principal office at: 
 CRYOLIFE, INC. 
 1655 Roberts Blvd., N.W. 
 Kennesaw, Georgia 30144 
 or such other address as may be designated by the Corporation. The Notice shall specify the number
of Shares to be purchased in accordance with this Agreement and shall include payment in full of the Option Price. 
 7. Payment: The
Option Exercise Price shall be paid in cash in U.S. Dollars at the time the Option is exercised or in shares of Common Stock of the Company having an aggregate value equal to the Option Exercise Price. If the Option Exercise Price is paid by
transfer of shares of Common Stock of the Corporation then the value of such shares will be determined by the last closing price of the Corporation’s Common Stock on the New York Stock Exchange prior to the exercise of the options. The Option
Exercise Price may be paid by a combination of cash and Common Stock. Subject to approval by the Board, the phrase “shares of stock of the Company”, may include shares which the director is entitled to purchase by reason of a stock option
grant, sometimes called “option shares”. 
 8. Delivery of Shares to Optioneee: Upon the Optionee’s proper exercise of
the Option, the Corporation shall deliver to the Optionee one or more certificates evidencing the number of Shares purchased pursuant to the exercise of the Option and such Shares shall be fully paid and nonassessable. 
 9. Transferability: Except as otherwise provided in this paragraph 9, the Options granted under this Plan are not transferable other than as
designated by the grantee by will or by the laws of the descent and distribution, and during the grantee’s life, may be exercised only by the grantee. However, the grantee may transfer the Option for no consideration to or for the benefit of
the grantee’s Immediate Family (including, without limitation, to a trust for the benefit of the grantee’s Immediate Family or to a partnership or limited liability company for one or more members of the grantee’s 

 
Immediate Family or to an IRA for the benefit of one or more members of his Immediate Family), subject to such limits as the Board may establish, and the
transferee shall remain subject to all the terms and conditions applicable to such Option prior to such transfer. The foregoing right to transfer the Option shall apply to the right to consent to amendments to the grant agreement and shall also
apply to the right to transfer ancillary rights associated with the Option. The term “Immediate Family” shall mean the grantee’s spouse, parents, children, stepchildren, adoptive relationships, sisters, brothers and grandchildren
(and, for this purpose, shall also include the grantee). 
 10. Optionee Not a Shareholder: The Optionee shall not be deemed, by
reason of this option agreement, for any purposes to be a shareholder of the Corporation with respect to any of the shares of the capital stock of the Corporation or with respect to any of the Shares, except to the extent that the Option has been
exercised, in whole or in part, and a stock certificate representing Shares has been issued to the Optionee. Notwithstanding this provision, it is understood and agreed that the Corporation and the Optionee shall make any required disclosure of the
“beneficial ownership” of Shares which may be received upon a future exercise of the Option. 
 11. No Restrictions on the
Corporation: The grant of the Option shall not affect in any way the right or power of the Corporation or its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or any other changes in the
Corporation’s capital structure or its business, or any merger or consolidation of the Corporation, or any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock, or the rights thereof, or
dissolution or liquidation of the Corporation, or any sale or transfer of all or any part of the assets or business of the Corporation, or any other corporate act or proceeding, whether of a similar character or otherwise. 
 12. Reclassification, Consolidation, or Merger: The number of Option Shares may be adjusted by the Board of Directors if certain events such as
merger, reorganization, consolidation, recapitalization, stock dividends, stock splits, or other changes in the Company’s corporate structure affecting its Common Stock occur. No adjustments or substitution provided for in this Subsection,
however, shall require the Corporation in any Agreement to sell a fractional share, and the total substitution or adjustment herein is and shall be limited accordingly. 
 13. Optionee’s Representations and Warranties: By execution of this Agreement, Optionee represents and warrants to the Corporation as follows: 
 A. Investment Representations and Warranties: The Optionee warrants and represents to the Corporation that he is acquiring the Option and, upon exercise
of the Option, in whole or in part, the Shares for his own account for investment purposes and not with a view to distribution, as defined in the Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations of
the Securities and Exchange Commission promulgated thereunder. The Optionee further agrees that he will not sell, assign, transfer or pledge the Option or any of the Shares purchased by him pursuant to the exercise of the Option, unless and until
either (i) a registration statement 

 
under the Securities Act covering the Shares becomes effective or (ii) the Corporation has received an opinion of counsel in form and substance
satisfactory to the Corporation and its counsel that such sale, transfer, assignment or pledge may be accomplished without registration under the Securities Act. 
 B. Compliance with Withholding Rules: The Corporation shall have the right to adopt and apply rules governing the exercise of the Option and the issuance of Shares pursuant thereto which will ensure that the
Corporation will be able to comply with the applicable provisions of any federal, state or local laws relating to the withholding of taxes. 
 C. No Tax Advice: The Optionee understands that neither the Corporation nor any of its affiliates, has given any advice regarding the federal income tax consequences of (i) the Agreement, or (ii) the grant of the Option, or
(iii) the acquisition of the Shares upon exercise of the Option. The Optionee acknowledges that he has been encouraged to seek independent advice regarding the grant and the exercise of the Option herein. 
 14. Legends: The Corporation shall have the discretion to require that the certificates representing the Shares shall bear such legends as are
necessary to ensure the enforceability of the conditions and limitations set forth herein. 
 15. Binding Effect: This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors-in-interest. All parties bound by this Agreement shall take any and all actions necessary or appropriate to effectuate the purposes and provisions hereof.

 16. Definition of “Affiliate”: The term “affiliate” whenever used in this Agreement, shall mean a person that,
directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with the Corporation. 
 17. Amendments and Waivers: Except as otherwise provided herein, no change or modification of this Agreement shall be valid unless the same is in writing and signed by all the parties hereto. No waiver of any provision of this
Agreement shall be valid unless in writing and signed by the person against whom it is sought to be enforced. The failure of any party at any time to insist upon strict performance of any condition, promise, agreement or understanding set forth
herein shall not be construed as a waiver or relinquishment of the right to insist upon strict performance of the same condition, promise, agreement or understanding at a future time. 
 18. Complete Agreement: Except as otherwise provided herein, this Agreement, and the Plan together constitute and set forth all of the final and
complete promises, agreements, conditions, understandings, warranties and representations among the parties hereto with respect to the Option and the Shares, and there are no promises, agreements, conditions, understandings, warranties or
representations, oral or written, express or implied, among them with respect to the matters set forth herein other than as set forth herein as it may be amended from time to time. 

 19. Extension of Time to Perform: Whenever the time for the performance of any action or condition
contained in this Agreement falls on a Saturday, Sunday or legal holiday, such time shall be extended to the next business date. 
 20.
Captions and Pronouns: The captions contained in this Agreement are for convenience of reference only and shall not in any way modify or limit the meaning or interpretation of this Agreement. All terms and words used in this Agreement,
regardless of the number and gender in which they are used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine, or neuter, as the context or sense of this Agreement or any
section, paragraph or clause herein may require, as if such words had been fully and properly written in the appropriate number and gender. 
 21. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. 
 22. Counterparts: Any number of counterparts of this Agreement may be signed and delivered, and each shall be considered an original and together they shall constitute one agreement. 
 23. Severability: This Agreement shall not be severable in any way, but if any provision should be held to be invalid, the invalidity shall not
effect the validity of the remainder of this Agreement. 
 24. Restricted Securities: Optionee recognizes and understands that this
option and the Option Shares have not been and may not be in the future registered under the Securities Act of 193 3, as amended (the “Act”), the Georgia Securities Act of 1973, as amended (the “Georgia Act”), or any other state
securities law. Any transfer of the option (if otherwise permitted hereunder, and once exercised, the Option Shares) will not be recognized by the Corporation unless such transfer is registered under the Act, the Georgia Act, and any other
applicable state securities laws or effected pursuant to an exemption from such registration which may then be available. Any share certificates representing the Option Shares may be stamped with legends restricting transfer thereof in accordance
with the Corporation’s policy with respect to unregistered shares of its Common Stock issued as a result of exercise of options. The Corporation may make a notation in its stock transfer records of the aforementioned restrictions on transfers
and legends. Optionee recognizes and understands that the Option Shares may be restricted securities within the meaning of Rule 144 promulgated under the Act; that the exemption from registration under Rule 144 may not be available under certain
circumstances and that Optionee’s opportunity to utilize such Rule 144 to sell the Option Shares may be limited or denied. The Corporation shall be under no obligation to maintain or promote a public trading market for the class of shares for
which the option is granted or to make provision for adequate information concerning the Corporation to be available to the public as contemplated under Rule 144. The Corporation will be under no obligation to 

 
recognize any transfer or sale of any Option Shares unless the terms and conditions of Rule 144 are complied with by the Optionee. By acceptance hereof,
Optionee agrees that no permitted disposition of this option or any Option Shares shall be made unless and until (i) there is then in effect a registration statement under the Act, the Georgia Act, and applicable state securities laws covering
such proposed disposition and such disposition is made in accordance with such registration statement, or (ii) Optionee shall have notified the Corporation of a proposed disposition and shall have furnished to the Corporation a detailed
statement of the circumstances surrounding such disposition, together with an opinion of counsel acceptable in form and substance to the Corporation that such disposition will not require registration of the shares so disposed under the Act, the
Georgia Act, and any applicable state securities laws. The Corporation shall be under no obligation to permit such transfer or disposition on its stock transfer books unless counsel for the Corporation shall concur as to such matters. 
 25. Applicable Taxes: No later than the date as of which an amount first becomes includable in the gross income of the Optionee for Federal income
tax purposes with respect to the exercise of the Option, the Optionee shall pay to the Corporation, or make arrangements satisfactory to the Corporation regarding the payment of any Federal, state, or local taxes of any kind required by law to be
withheld with respect to such amount. The obligations of the Corporation under this Agreement shall be conditional upon such payment or arrangements and the Corporation shall, to the extent permitted by law, have the right to deduct any such taxes
from any payment of any kind otherwise due to the Optionee. 
 IN WITNESS WHEREOF, the Corporation has caused this instrument to be executed
by its duly authorized officers and the Optionee has executed this Agreement as of the date and year first above written. 
  

					
	(SEAL)	  		  	THE CORPORATION:
			
		  		  	CRYOLIFE, INC.
			
		  		  	  

			
	Attest:	  		  	
			
	  
	  		  	
	Secretary for Corporation	  		  	
			
		  		  	OPTIONEE:
			
		  		  	  

		  		  	  

		  		  	(Print name of Optionee)GRANT OF INCENTIVE STOCK OPTION

 Exhibit 10.37 
 CryoLife, Inc. 
 1655 Roberts Boulevard N.W. 
 Kennesaw, Georgia 30144 
  

			
		  	May 4, 2006

 Steven G. Anderson 
 5040 Northside Drive 
 Atlanta, GA 30327 
 Re: Grant of Incentive Stock Option 
 Dear Mr. Anderson: 
 This letter sets forth the agreement (the “Agreement”) between you and CryoLife, Inc., a Florida corporation (the “Company”), regarding your option to acquire shares of the Company’s Common
Stock. 
 1. Grant of Option. Subject to the terms set forth below, the Company hereby grants to Employee the right, privilege, and
option to purchase up to 10,000 shares (of Common Stock the “Option Shares”) at the purchase price of $5.03 per share. The date of grant (“Grant Date”) of the option is May 4, 2006. This option is intended to be and shall be
treated as an “Incentive Stock Option”, as that term is defined in Section 422 of the Internal Revenue Code of 1986, as amended (“Section 422”). Provided, however, that to the extent that the option fails for any reason to
comply with the provisions of Section 422, it shall be treated as a “Non-Qualified Stock Option” (as defined in the Plan). The Company shall have no liability whatsoever to Employee in the event the option fails for any reason to
satisfy the requirements for Incentive Stock Options set forth in Section 422. This option is granted pursuant to the CryoLife, Inc. 2004 Employee Stock Incentive Plan (the “Plan”). 
 2. Time of Exercise of Option. Prior to its termination as set forth in Section 5 below, this option shall vest, and the Employee may
exercise the option granted herein on the following dates, or thereafter provided the option is exercised prior to its termination: 
  

					
	 Vest Date
	 	 Number of Option
 Shares Exercisable
	 	 Cumulative Percentage of
Option Shares Exercisable

	 May 4, 2006
	 	10,000 Shares	 	100%

 3. Method of Exercise. The option shall be exercised by written notice directed to the
Compensation Committee (the “Committee”), at the Company’s principal executive office, and except as set forth below, must be accompanied by payment of the option price for the number of Option Shares purchased in accordance with the
Plan’s requirements. The payment for the number of Option Shares purchased may be payable in cash or by tendering (by actual delivery of shares) shares of the Company’s common stock in accordance with the Plan. To the extent permitted by
applicable law, you may elect to pay for the number of Option Shares purchased by irrevocably authorizing a third party to sell shares of the Company’s common stock acquired upon exercise of the Option Shares and remitting to the Company a
sufficient portion of the sale proceeds as payment of the entire option price for the number of Option Shares purchased, including any tax withholding resulting from such exercise. The Company shall make delivery of such shares in accordance with
the Plan provided that if any law or regulation requires the Company to take any action with respect to the shares specified in such notice before the issuance thereof, then the date of delivery of such shares shall be extended for the period
necessary to take such action. 

 4. The Plan. The Company’s 2004 Employee Stock Incentive Plan, as amended from time to time
by the Board of Directors of the Company, is hereby incorporated in this Agreement and to the extent that anything in this Agreement is inconsistent with the Plan, the terms of the Plan shall control. Employee acknowledges that the Company has
provided a copy of the Plan to Employee. 
 5. Termination of Option. Except as herein otherwise stated, the option, to the extent not
previously exercised, shall terminate in accordance with the Plan and upon the first to occur of the following events: 
 (a)
Disability. The expiration of 36 months after the date on which Employee’s employment by the Company is terminated, if such termination be by reason of Employee’s permanent and total disability, provided, however, that (i) the
option shall be exercisable only to the extent that Employee had the right to exercise the option at the time of termination and (ii) if the Employee dies within such 36 month period, any unexercised option held by such Employee shall
thereafter be exercisable in accordance with the provisions of and shall terminate upon the first to occur of the events described in Sections 5(b) and (d); 
 (b) Death. In the event of Employee’s death while in the employ of the Company, the expiration of 12 months following the date of his or her death, provided that the option shall be exercisable following
the Employee’s death only to the extent that Employee had the right to exercise the option at the time of his or her death. 
 (c)
Retirement. In the event Employee’s employment with the Company terminates by reason of normal or early retirement, any option held by such Employee may be exercised by the Employee for a period of 36 months from the date of such
termination; provided, however, that if the Employee dies within such 36 month period any unexercised option held by Employee shall thereafter be exercisable in accordance with the provisions of and shall terminate upon the first to occur of the
events described in Section 5(b) and (d); or 
 (d) Other. Upon the earlier to occur of (i) 66 months following the Grant
Date, or (ii) upon termination of Employee’s employment by the Company (except if such termination be by reason of death, disability, or normal or early retirement). It is in Compensation Committee’s sole discretion to determine
whether the Employee’s employment with the Company terminates by reason of disability, normal or early retirement. 
 Except as set
forth above, the option may not be exercised unless Employee, at the time he or she exercises the option, is, and has been at all times since the date of grant of the option, an employee of the Company. Employee shall be deemed to be employed by the
Company if he or she is employed by the Company or any of its subsidiaries. Notwithstanding the above, in no event may the option be exercised after 66 months following the Grant Date. 
 6. Reclassification, Consolidation, or Merger. The number of Option Shares may be adjusted in accordance with the Plan if certain events such as
merger, reorganization, consolidation, recapitalization, stock dividends, stock splits, or other changes in the Company’s corporate structure affecting its Common Stock occur. 
 7. Rights Prior to exercise of Option. This Option is not transferrable by Employee, except by will or by the laws of descent and distribution or
as otherwise set forth in the Plan, and during Employee’s lifetime shall be exercisable only by Employee. This option shall confer no rights to the holder hereof to act as stockholder with respect to any of the Option Shares until payment of
the option price and delivery of a share certificate has been made. 
 8. Employee’s Representations and Warranties. By execution
of this Agreement, Employee represents and warrants to the Company as follows: 
 (a) The entire legal and beneficial interest of the option
and the Option Shares are for and will be held for the account of the Employee only and neither in whole nor in part for any other person. 

 (b) Employee resides at the following address: 
 5040 Northside Drive 
 Atlanta, GA 30327

 (c) Employee is familiar with the Company and its plans, operations, and financial condition. Prior to the acceptance of this option,
Employee has received all information as he or she deems necessary and appropriate to enable an evaluation of the financial risk inherent in accepting the option and has received satisfactory and complete information concerning the business and
financial condition of the Company in response to all inquiries in respect thereof. 
 9. Restricted Securities. Employee recognizes
and understands that this option and the Option Shares are currently registered under the Securities Act of 1933, as amended (the “Act”), but may not remain so registered, and are not registered under any state securities law. Any transfer
of the option (if otherwise permitted hereunder, and once exercised, the Option Shares) will not be recognized by the Company unless such transfer is registered under the Act, the Georgia Securities Act of 1973, as amended, (the “Georgia
Act”) and any other applicable state securities laws or effected pursuant to an exemption from such registration which may then be available. If the Option Shares are not registered, any share certificates representing the Option Shares may be
stamped with legends restricting transfer thereof in accordance with the Company’s policy with respect to unregistered shares of its Common Stock issued to employees as a result of exercise of options granted under the Plan. The Company may
make a notation in its stock transfer records of the aforementioned restrictions on transfers and legends. Employee recognizes and understands that the Option Shares may be restricted securities within the meaning of Rule 144 promulgated under the
Act; that the exemption from registration under Rule 144 may not be available under certain circumstances and that Employee’s opportunity to utilize such Rule 144 to sell the Option Shares may be limited or denied. The Company shall be under no
obligation to maintain or promote a public trading market for the class of shares for which the option is granted or to make provision for adequate information concerning the Company to be available to the public as contemplated under Rule 144. The
Company will be under no obligation to recognize any transfer or sale of any Option Shares pursuant to Rule 144 unless the terms and conditions of Rule 144 are complied with by the Employee. By acceptance hereof, Employee agrees that no permitted
disposition of any Option Shares shall be made unless and until (i) there is at the time of exercise of the option in effect a registration statement under the Act, or (ii) Employee shall have notified the Company of a proposed Option
disposition and shall have furnished to the Company a detailed statement of the circumstances surrounding such disposition, together with an opinion of counsel acceptable in form and substance to the Company that such disposition will not require
registration of the shares so disposed under the Act, the Georgia Act, and any applicable state securities laws. The Company shall be under no obligation to permit such transfer or disposition on its stock transfer books unless counsel for the
Company shall concur as to such matters. Employee recognizes and understands that as long as Employee remains a designated Section 16 officer of the Company, and for up to six months thereafter, any sales of Option Shares will be subject to
Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the regulations promulgated thereunder. Employee also recognizes and understands that any sale of the Option Shares will also be subject to Rule
10b-5 promulgated under the Exchange Act. Employee agrees that any disposition of the Option Shares shall be made only in compliance with the Act, the Exchange Act, and the rules and regulations promulgated thereunder. 
 10. Tax Matters: The Employee hereby agrees to comply with any applicable federal, state, and local income and employment tax requirements which
might arise with regard to a disposition of any Option Shares and to inform the Company of any such disposition which occurs prior to the expiration of (i) two years from the date of grant of the option, and (ii) one year from the date of
transfer to him of Option Shares. No later than the date as of which an amount first becomes includable in the gross income of the Employee for federal income tax purposes with respect to the exercise of any option under the Plan, Employee shall pay
to the Company, or make arrangements satisfactory to the Committee regarding the payment of, any federal, state, or local taxes of any kind required by law to be withheld with respect to such amount. The obligations of the Company under the Plan are
conditional on such payment or arrangements and the Company shall have the right to deduct any such taxes from any payment of any kind otherwise due to Employee. 
 11. Payment: Except as set forth below, the Option Exercise Price shall be paid in cash in U.S. Dollars at the time the Option is exercised or in shares of Common Stock of the Company held by the employee for
at least six months and having an aggregate value equal to the Option Exercise Price. If the Option Exercise Price is paid by 

 
transfer of shares of Common Stock of the Company then the value of such shares will be the fair market value as of the day the shares are tendered, which is
the closing sale price of the Stock on that day on the New York Stock Exchange. The Option Exercise Price may be paid by a combination of cash and Common Stock. Notwithstanding the foregoing, to the extent permitted by applicable law, Employee may
elect to pay the Option Exercise Price by 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 Option Exercise Price and any tax withholding resulting from such exercise. 
 12. Binding Effect. This Agreement shall inure
to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors, and permissible assigns. 
 13. Miscellaneous. This Agreement shall be governed by and construed under the laws of the State of Georgia. If any term or provision hereof shall be held invalid or unenforceable, the remaining terms and
provisions hereof shall continue in full force and effect. Any modification to this Agreement shall not be effective unless the same shall be in writing and such writing shall be signed by authorized representatives of both of the parties hereto.
The terms of paragraphs 8 and 9 hereof shall survive exercise of the option by Employee and shall attach to the Option Shares. The option contained in this letter shall not confer upon Employee any right to continued employment with the Company, nor
shall it interfere in any way with the right of the Company to terminate the employment of Employee at any time. This letter can be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall
constitute but one and the same instrument. 
 Please signify your acceptance of the option and your agreement to be bound by the terms
hereof by promptly signing one of the two original letters provided to you and returning the same to the President of the Company. 
 Thank
you for your good work and service. 
  

									
		 		 	Sincerely,	  	
				
	(SEAL)	 		 	 THE COMPANY:
  
 CRYOLIFE, INC.
	  	
				
		 		 	 /s/ D. A. Lee
	  	
		 		 	D. Ashley Lee, Executive Vice President, COO & CFO	  	
	Attest:	 		 		 		  	
					
	 /s/ Suzanne K. Gabbert
	 		 		 		  	
	Suzanne K. Gabbert, Secretary for the Company	 		 		 		  	
		 		 	EMPLOYEE:	  	
				
		 		 	 /s/ Steven G. Anderson
	  	
		 		 	Steven G. Anderson, President and CEO

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