Document:

Exhibit

Exhibit 10.4
ARX HOLDING CORP.
2017 GAINSHARING PLAN

1.    The Plan.  ARX Holding Corp. and its subsidiaries and other entities directly or indirectly controlled by it (collectively, the "Company") have adopted ARX Holding Corp. 2017 Gainsharing Plan (the "Plan") as part of their overall compensation program.  The Plan is performance-based, is not a form of commission compensation, and is administered under the direction of the Compensation Committee of the Board of Directors of ARX Holding Corp. (the “Committee”) and the Compensation Committee of the Board of Directors of The Progressive Corporation (the “Progressive Committee”).  Payment under the Plan, if any, is based on Company performance as defined by the Plan, not individual employee performance.  Plan years will coincide with fiscal years of The Progressive Corporation and its consolidated entities (“Progressive”).

2.    Participants.  Plan participants for each Plan year shall include all officers and regular employees of the Company (including individuals who are executive officers), unless determined otherwise by the Committee.  Temporary employees are not eligible to participate in the Plan.  Throughout this Plan, references to “executive officers” refer to executive officers of Progressive within the meaning of any Securities and Exchange Commission (“SEC”) or New York Stock Exchange rule applicable to Progressive or, where specifically referenced, officers and other employees of the Company that would meet the definition of “executive officers” of the Company if the Company were subject to the SEC and NYSE rules that apply to The Progressive Corporation.

3.    Gainsharing Formula.  Annual Gainsharing Payments under the Plan will be determined by application of the following formula:

Annual Gainsharing   =    Paid Eligible Earnings x  Target Percentage  x  Performance Factor
     Payment

4.    Paid Eligible Earnings.  Paid Eligible Earnings for any Plan year shall mean and include the following: regular, Earned Time Benefit pay (vacation/PTO pay, but excluding the payout of unused ETB/vacation/PTO pay at termination), sick pay, holiday pay, funeral/bereavement pay, overtime pay, military make-up pay, shift differential, and retroactive payments of any of the foregoing items, in each case received by the participant during the Plan year for work or services performed as an officer or employee of the Company.

For purposes of the Plan, and notwithstanding the foregoing, Paid Eligible Earnings shall exclude all other types of compensation, including, without limitation: any short-term or long-term disability payments made to the participant; the earnings replacement component of any workers’ compensation benefit or award; any amounts paid pursuant to a judgment in, or settlement related to, any action, suit or proceeding, whether in law or equity, to any extent arising from or relating to a participant’s employment with the Company, or work or services performed for or on behalf of the Company; any amount paid under a separation allowance (or severance) plan; any bonus, Gainsharing or other incentive compensation award (whether denominated, or payable, in cash or equity), including, without limitation, payments from the 2016 bonus pool and/or any discretionary cash fund; any dividend payments or dividend equivalent amounts; any unused Earned Time Benefit; and any other payment required by applicable law to be paid to a participant by the Company and intended to replace all or any portion of wages or earnings during a period of unemployment, whether due to illness, disability or otherwise (including, but not limited to, payments made pursuant to any statute, rule or regulation of a 

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governmental authority relating to leave on account of maternity, paternity, parental status or responsibility, or sickness).
5.    Target Percentages.  Target Percentages vary by position.  Target Percentages for Plan participants typically are as follows:

	
		
	GRADE LEVEL
	TARGET %

	CEO and President
	125%

	50 to 55
	30% to 75%

	42 to 49
	15% to 25%

	30 to 41
	0% to 12%

Target Percentages will be established within the above ranges by, and may be changed with the approval of the Committee; provided that the Committee may establish appropriate procedures to evaluate the need for, and if appropriate, implement individual exceptions to the foregoing ranges.  Target Percentages may be changed from year to year by the Committee.  Notwithstanding anything herein to the contrary, only the Committee, with the approval of the Progressive Committee, may establish or modify the Target Percentages for executive officers of Progressive.

If a participant’s Target Percentage changes during a Plan year, the Target Percentages used to calculate such participant’s Annual Gainsharing Payment hereunder shall be weighted appropriately to reflect such participant’s tenure in each such position during the Plan year.

6.    The Performance Factor.

A.    Core Business Defined

The Performance Factor shall be determined by the performance of the Core Business during the Plan year, pursuant to the procedures and calculations described below.  The “Core Business” shall be comprised of the following business units of Progressive:
		
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	The Agency Auto business unit, consisting of the auto business produced by independent agents or brokers, including Strategic Alliances Agency auto, but excluding all Agency special lines businesses;

		
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	The Direct Auto business unit, consisting of the personal auto business produced by phone, over the Internet, or via a mobile device, but excluding all Direct special lines businesses; 

		
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	The special lines business unit, consisting of special lines business generated by agents and brokers or directly by phone, over the Internet, or via a mobile device; 

		
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	The Commercial Lines business unit; and

		
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	The Property business unit.  

Each of the Agency Auto, Direct Auto, special lines, Commercial Lines and Property business units is referred to herein as a “Business Unit” or “Unit.”  For all purposes under this Plan, the following are excluded from the Core Business results (both growth and profitability):  results 

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of Progressive’s Professional Liability business, the Midland Financial Group, Inc. and other Progressive and Company businesses in run-off; results of the CAIP Servicing Group; results of Progressive’s Australian operations; flood insurance policies, renters insurance policies, umbrella policies, and related expenses; and any results of any Commercial Lines product or program pursuant to which Progressive or the Company insures any transportation network company or other entity engaged in a ride, cartage, or vehicle sharing business, operation, platform, or program or in a business based on matching and/or sharing time, use and/or assets by and among people and/or businesses.

B.    Matrices

For purposes of computing a performance score for the Core Business, operating performance results for each Business Unit are evaluated using a performance matrix for the Plan year.  Each matrix assigns performance scores to various combinations of profitability and growth outcomes for the applicable Business Unit.

For 2017, and for each Plan year thereafter until otherwise determined by the Committee, each Business Unit will be evaluated according to the performance of the Business Unit as a whole. Therefore, separate Gainsharing matrices will be established by the Progressive Committee for the following:

		
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	Agency Auto;

		
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	Direct Auto;

		
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	Special lines;

		
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	Commercial Lines; and

		
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	Property. 

C.    Performance Measures

Growth.  The growth measure for the Plan year under all matrices will be based on policies in force (“PIFs”).  

For all matrices, growth will be measured by the percentage change in average PIFs for the Plan year compared to the average PIFs of the immediately preceding fiscal year.  Average PIFs for the Plan year and for the immediately preceding fiscal year will be determined by adding the fiscal-month-end number of PIFs for each month during such year and dividing the total by twelve.   

Assigned risk business will not be included in determining the growth of any Business Unit.

Profitability.  For all Business Unit matrices, the measurement of profitability will be the combined ratio (calculated in accordance with U.S. generally accepted accounting principles) (the “GAAP Combined Ratio”) for the Plan year for the applicable Unit. 

Assigned risk business will be included in determining the GAAP Combined Ratio for the applicable Business Unit.  The net operating expense of Progressive Corporate Products (e.g., self-insurance) shall be apportioned among the appropriate Business Units in accordance with the respective amount(s) of net earned premiums generated by each such Business Unit and will be reflected in the calculation of the GAAP Combined Ratio for such Business Units.

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D.    Calculation of Performance Factor 

Performance Scores

Using the actual performance results and the Gainsharing matrix for each Business Unit, the GAAP Combined Ratio for each such Unit will be matched with the growth levels achieved by such Unit, to determine the performance score for each such Unit.  The performance score for each Business Unit, which will be used to calculate the Performance Factor as described further below, can vary from 0 to 2.0.  

Performance Factor

The resulting performance scores for each of the Agency Auto, Direct Auto, special lines, Commercial Lines and Property Business Units will then be multiplied by a weighting factor.  The weighting factor for the Property Business Unit shall be one quarter (or a decimal equivalent) and the aggregate weighting factor for the Business Units other than the Property Business Units (the “Other Units”) shall be three quarters (or a decimal equivalent).  The aggregate weighting factor for the Other Units shall be a fraction or decimal equivalent, determined by dividing the net earned premiums generated by the Other Units during the Plan year by the net earned premiums generated by all of the Other Units in the aggregate.  The sum of the weighted performance score for the Property Business Unit and the aggregate weighted performance score for the Other Units will be the Performance Factor for the Plan year.

E.    Limitations

The final Performance Factor cannot exceed 2.0.

7.    Payment Procedures; Deferral.    Subject to Paragraphs 9 and 16 below and the last sentence of this Paragraph 7, no later than December 31 of each Plan year, each participant will receive an initial payment in respect of his or her Annual Gainsharing Payment for that Plan year, if any, equal to 75% of an amount calculated on the basis of Paid Eligible Earnings for the first 24 pay periods of the Plan year, estimated earnings for the remainder of the Plan year, and an estimated performance factor determined using the performance data for each Business Unit through the first 11 months of the Plan year (estimated, if necessary), the applicable Gainsharing matrix and the calculations described above.  Subject to Paragraphs 9 and 16 below, no later than February 28 of the following year, each participant will receive the amount equal to (x) his or her Annual Gainsharing Payment, if any, for such Plan year, based on his or her Paid Eligible Earnings and performance data for the entire Plan year, minus (y) the amount of the initial payment received by such participant pursuant to the immediately preceding sentence.  Notwithstanding the foregoing, any participant who is an executive officer of Progressive at the beginning of the Plan year will receive any Annual Gainsharing Payment for such Plan year in a lump sum payment after the end of the Plan year and will not receive any such payment until the Performance Factor has been certified by the Committee and reviewed and approved by the Progressive Committee.

8.    [Intentionally Omitted.]  

9.    Qualification Date; Leave of Absence; Withholding.  Unless otherwise determined by the Committee, and except as expressly provided herein, in order to be entitled to receive an Annual Gainsharing Payment for any Plan year, the participant must be an active officer or regular employee of the Company on November 30 of the Plan year (“Qualification Date”).  An individual (i) who is hired on or after December 1 of any Plan year or (ii) whose employment terminates for any reason prior to the

 

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Qualification Date is not entitled to an Annual Gainsharing Payment for that Plan year.  Annual Gainsharing Payments are not earned until paid. 

Any participant who is on a leave of absence covered by the Family and Medical Leave Act of 1993, as amended (or equivalent state or local law), the Americans with Disabilities Act of 1991, as amended (or equivalent state or local law), personal leave of absence with the approval of the Company, military leave or short or long-term disability (provided that, in the case of a long-term disability, the participant is still an employee of the Company) on the Qualification Date with respect to any Plan year will be entitled to receive an Annual Gainsharing Payment for such Plan year, calculated as provided in Paragraphs 3 through 6 above, based on the amount of Paid Eligible Earnings received by such participant during the Plan year and paid in the manner and at the times as are described in Paragraph 7 above but subject to Paragraph 16 below. 

Any person whose employment with the Company terminates during the Plan year as a result of a transfer of employment from the Company to Progressive, and who remains employed by Progressive continuously from the date of such termination through the Qualification Date, shall be entitled to receive an Annual Gainsharing Payment for the portion of the Plan year during which the person was an employee of the Company, based on the amount of Paid Eligible Earnings received by such participant during the Plan year and paid in the manner and at the times as are described in Paragraph 7 above but subject to Paragraph 16 below.
 
All payments made hereunder will be net of any legally required deductions and/or withholdings for federal, state and local taxes and other items.

10.    Non-Transferability.  The right to any Annual Gainsharing Payment hereunder may not be sold, transferred, assigned or encumbered by any participant.  Nothing herein shall prevent any participant's interest hereunder from being subject to involuntary attachment, levy or other legal process.

11.    Administration.  The Plan shall be administered by or under the direction of the Committee.  The Committee shall have the authority to adopt, amend, revise and repeal such rules, guidelines, procedures and practices governing the Plan as it shall, from time to time, in its sole discretion, deem advisable.

The Committee shall have full authority to determine the manner in which the Plan will operate, to interpret the provisions of the Plan and to make all determinations hereunder; provided, however, that any such interpretation and determination affecting an executive officer of Progressive shall be subject to the approval of the Progressive Committee.  All such interpretations and determinations shall be final and binding on the Company, all Plan participants and all other parties.  No such interpretation or determination shall be relied on as a precedent for any similar action or decision.

Unless otherwise determined by the Committee, all of the authority of the Committee hereunder (including, without limitation, the authority to administer the Plan, select the persons entitled to participate herein, interpret the provisions thereof, waive any of the requirements specified herein and make determinations hereunder and to select, approve, establish, change or modify the Business Units and the Gainsharing formulae, weighting factors, performance targets and Target Percentages) may be exercised by the Chief Executive Officer and/or the Chief Human Resource Officer of Progressive; provided, however, that only the Committee, with the approval of the Progressive Committee, may take such actions or make such determinations with respect to executive officers of Progressive.  In the event of a dispute or conflict (other than a dispute between the Committee and the Progressive Committee), the determination of the Committee will govern.

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12.    Miscellaneous.  

		
	A.
	Recoupment Based on Progressive Restatement.  The Company shall have the right to recoup any Annual Gainsharing Payment (or an appropriate portion thereof, as hereinafter provided) with respect to any Plan year paid to a participant hereunder who was an executive officer of Progressive at any time during such Plan year, if: (i) the Annual Gainsharing Payment was predicated upon the achievement during such Plan year of certain financial or operating results (which includes, for purposes hereof, the Performance Factor described in Section 6); (ii) such financial or operating results were incorrect and were subsequently the subject of a restatement by The Progressive Corporation and its consolidated entities within three (3) years after the date on which such Annual Gainsharing Payment was paid to the participant; and (iii) a lower payment would have been made to the participant if the restated financial or operating results had been known at the time the payment was made.  Such recoupment right shall be available to the Company whether or not the participant in question was at fault or responsible in any way in causing such restatement.  In such circumstances, the Company will have the right to recover from each such participant for such Plan year, and each such participant will refund to the Company, the amount by which the Annual Gainsharing Payment paid to such participant for the Plan year in question exceeded the lower payment that would have been made based on the restated results, without interest; provided, however, that the Company will not seek to recover such amounts unless the amount due would exceed the lesser of five percent (5%) of the Annual Gainsharing Payment previously paid or twenty-thousand dollars ($20,000).  Such recovery, at the Committee’s discretion, may be made by lump sum payment, installment payments, credits against future bonus payments, or other appropriate mechanism.

		
	B.
	 Recoupment Based on Company Restatement.  The Company shall have the right to recoup any Annual Gainsharing Payment (or an appropriate portion thereof, as hereinafter provided) with respect to any Plan year paid to a participant hereunder who was an executive officer of the Company at any time during such Plan year, if: (i) the Annual Gainsharing Payment was predicated upon the achievement during such Plan year of certain financial or operating results (which includes, for purposes hereof, the Performance Factor described in Section 6); (ii) such financial or operating results were incorrect and were subsequently the subject of a restatement by the Company within three (3) years after the date on which such Annual Gainsharing Payment was paid to the participant; and (iii) a lower payment would have been made to the participant if the restated financial or operating results had been known at the time the payment was made.  Such recoupment right shall be available to the Company whether or not the participant in question was at fault or responsible in any way in causing such restatement.  In such circumstances, the Company will have the right to recover from each such participant for such Plan year, and each such participant will refund to the Company, the amount by which the Annual Gainsharing Payment paid to such participant for the Plan year in question exceeded the lower payment that would have been made based on the restated results, without interest; provided, however, that the Company will not seek to recover such amounts unless the amount due would exceed the lesser of five percent (5%) of the Annual Gainsharing Payment previously paid or twenty-thousand dollars ($20,000).  Such recovery, at the Committee’s discretion, may be made by lump sum payment, installment payments, credits against future bonus payments, or other appropriate mechanism.  With respect to any restatement that would provide the Company rights under both this subsection B. and subsection A. above (with respect to a participant who is both an executive officer of the Company and an executive officer of Progressive), the Company shall have the right to 

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recoup the Annual Gainsharing Payment to such participant under whichever subsection will provide the higher amount of recoupment from the participant, but shall not have the right to recoup amounts under both subsections.

		
	C.
	Further Rights.  Notwithstanding the foregoing subsection A., if any participant that was an executive officer of the Company and/or Progressive at any time during such Plan year engaged in fraud or other misconduct (as determined by the Committee or the Board, in their respective sole discretion) resulting, in whole or in part, in a restatement of the financial or operating results used hereunder to determine the Annual Gainsharing Payments for a specific Plan year, the Company will further have the right to recover from such participant, and the participant will refund to the Company upon demand, an amount equal to the entire Annual Gainsharing Payment paid to such participant for such Plan year plus interest at the rate of eight percent (8%) per annum or, if lower, the highest rate permitted by law, calculated from the date that such bonus was paid to the participant.  The Company shall further have the right to recover from such participant the Company’s (and Progressive’s) costs and expenses incurred in connection with recovering such Annual Gainsharing Payment from the participant, including, without limitation, reasonable attorneys’ fees.  There shall be no time limit on the Company’s right to recover such amounts under this subsection C., except as otherwise provided by applicable law.

		
	D.
	Rights Not Exclusive.  The rights contained in the foregoing subsections A., B. and C. shall be in addition to, and shall not limit, any other rights or remedies that the Company may have under any applicable law or regulation.

		
	E.
	Compliance with Law and Exchange Requirements.  The Annual Gainsharing Payments determined and paid pursuant to the Plan shall be subject to all applicable laws and regulations.  Without limiting the foregoing, and notwithstanding anything to the contrary contained in this Plan, if the SEC adopts final rules under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that require, as a condition to the Company’s continued listing on a national securities exchange (“Exchange”), that the Company develop and implement a policy requiring the recovery of erroneously awarded compensation, and such regulations are applicable to any participant awarded  Annual Gainsharing Payments pursuant to the Plan, then the Annual Gainsharing Payment paid to such participant shall be subject to recoupment by the Company pursuant to the terms of the rules of the SEC and any applicable Exchange and any policy of the Company adopted in response to such rules.

		
	F.
	Right to Enforce Section 12.  In addition to the Committee, the Progressive Committee shall have the right, for and on behalf of the Company, to enforce the rights of the Company under this Section 12 with respect to any executive officer of Progressive.  The Committee shall consult with the Progressive Committee with respect to any matters decided under this Section 12 that involve any executive officer of Progressive.

13.    Termination; Amendment.  The Plan may be terminated, amended or revised, in whole or in part, at any time and from time to time by the Committee, in its sole discretion.  Notwithstanding the foregoing, no such amendment or revision shall affect any Annual Gainsharing Payment of an executive officer of Progressive unless approved by the Progressive Committee, or increase the amount of any Annual Gainsharing Payment payable to any executive officer of Progressive.

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14.    Unfunded Obligations.  The Plan will be unfunded and all payments due under the Plan shall be made from the Company’s general assets.

15.    No Employment Rights.  Nothing in the Plan shall be construed as conferring upon any person the right to remain a participant in the Plan or to remain employed by the Company, nor shall the Plan limit the Company’s right to discipline or discharge any of its officers or employees or change any of their job titles, duties or compensation.

16.    Misconduct; Set-Off Rights.  No Participant shall have the right to receive any portion of any Annual Gainsharing Payment if, prior to such payment being made, Participant’s employment is terminated as a result of any action or inaction that, under the Company’s employment practices or policies as then in effect, constitutes grounds for immediate termination of employment, as determined by the Company (or, in the case of an executive officer of the Company, the Committee, and, in the case of an individual who is also an executive officer of Progressive, the Progressive Committee) in its sole discretion.  The Company shall have the unrestricted right to set off against or recover out of any Annual Gainsharing Payment or other sums owed to any participant under the Plan any amounts owed by such participant to the Company.

17.    Prior Plans.  This Plan supersedes all prior plans, agreements, understandings and arrangements regarding bonuses or other cash incentive compensation payable to participants by or due from the Company.  Without limiting the generality of the foregoing, this Plan supersedes and replaces the bonus pool program maintained by the Company with respect to 2016 and prior years (the "Prior Plans”), which are and shall be deemed to have terminated on the last day of the Company’s 2016 fiscal year (the "Prior Plan Termination Date"); provided, however, that any bonuses or other sums earned and payable under the Prior Plan with respect to any Plan year ended on or prior to the Prior Plan Termination Date shall be unaffected by such termination and shall be paid to the appropriate participants when and as provided thereunder.

18.    Effective Date.  This Plan is adopted, and is to be effective, as of the first day of Progressive’s 2017 fiscal year.  This Plan shall be effective for the 2017 Plan year and for each Plan year thereafter unless and until terminated by the Committee.  

19.    Governing Law.  This Plan shall be interpreted and construed in accordance with the laws of the State of Ohio.

        88K - Bylaws and Indem Exh 101 Indem Agmt 2-21-17

		

			EXHIBIT 10.1

		

		
			INDEMNIFICATION AGREEMENT 
		

		
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			THIS INDEMNIFICATION AGREEMENT is made and entered into as of ____, 2017, between CRYOLIFE, INC., a Florida corporation (the “Corporation”), and _____________, a resident of the State of _________ (the “Indemnitee”). 
		

		
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			W I T N E S S E T H: 
		

		
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			WHEREAS, at the request of the Corporation, Indemnitee is an executive officer and/or a member of the board of directors of the Corporation (the “Board of Directors”) and in such capacity is performing a valuable service for the Corporation; 
		

		
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			WHEREAS, in addition to the indemnification to which Indemnitee is entitled pursuant to the Articles of Incorporation and Bylaws of the Corporation and as additional consideration for Indemnitee’s service, the Corporation has obtained or may in the future obtain, at its expense, directors’ and officers’ liability insurance protecting Indemnitee in connection with such service; and 
		

		
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			WHEREAS, Indemnitee and the Corporation acknowledge that the indemnities available under the Corporation’s Bylaws and Articles of Incorporation, as amended, and such insurance may not, in all situations, be adequate to protect Indemnitee against the risks associated with service to the Corporation. 
		

		
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			NOW, THEREFORE, in consideration of the premises and the covenants in this Agreement, the parties hereto, intending to be legally bound hereby, agree as follows: 
		

		
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			1.Indemnification.  
		

		
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			(a)The Corporation shall indemnify Indemnitee to the fullest extent permitted by the Florida Business Corporation Act and any other applicable law. This obligation includes the obligation to indemnify Indemnitee whenever Indemnitee is or was a party or witness or is threatened to be made a party or witness to any Proceeding (capitalized terms not otherwise defined are defined in Section 13) because (or arising in part because) he is or was (or is alleged to be or have been) a director, officer, employee, partner, fiduciary or agent of the Corporation or is or was (or is alleged to be or have been) serving at the request of the Corporation as a director, officer, employee, partner, fiduciary or agent of another corporation, partnership, joint venture, limited liability company, limited liability partnership, limited partnership, employee benefit plan, trust or other enterprise, or because of anything done or not done by Indemnitee in such capacity, against Expenses and Liabilities as defined below (including the costs of any investigation, defense, service as a witness, settlement or appeal), actually and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The foregoing indemnification, including the conditions thereto, shall also apply to any such Proceeding brought by or in the right of the Corporation. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.  
		

		
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			(b)To the extent that Indemnitee has been successful on the merits or otherwise in defense of any Proceeding, including dismissal without prejudice, he shall be indemnified against Expenses and Liabilities actually and reasonably incurred by him in connection therewith;  provided, that, any payment in respect of a Proceeding that was dismissed without prejudice will be subject to repayment 
		

		 

 

		if a new Proceeding, involving substantially the same parties and based upon substantially the same facts, arises within twelve (12) months of such dismissal, and the Indemnitee is ultimately found not entitled to payment under this agreement with respect to the new Proceeding.   
		

		
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			(c)If the indemnification provided for in Section 1(a) above for any reason is held by a court of competent jurisdiction to be unavailable to Indemnitee in respect of any losses, claims, damages, expenses or liabilities referred to therein due to public policy related to applicable federal or state securities laws, then the Corporation, in lieu of indemnifying Indemnitee thereunder, shall contribute to the amount paid or payable by Indemnitee as a result of such losses, claims, damages, expenses or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Corporation and Indemnitee, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Corporation and Indemnitee in connection with the action or inaction which resulted in such losses, claims, damages, expenses or liabilities, as well as any other relevant equitable considerations. In connection with the registration of the Corporation’s securities, the relative benefits received by the Corporation and Indemnitee shall be deemed to be in the same respective proportions that the net proceeds from the offering (before deducting expenses) received by the Corporation and Indemnitee, in each case as set forth in the table on the cover page of the applicable prospectus, bear to the aggregate public offering price of the securities so offered. The relative fault of the Corporation and Indemnitee shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Corporation or Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
		

		
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			The Corporation and Indemnitee agree that it would not be just and equitable if contribution pursuant to this Section 1(c) were determined by pro rata or per capita allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. In connection with the registration of the Corporation’s securities, in no event shall Indemnitee be required to contribute any amount under this Section 1(c) in excess of the lesser of (i) that proportion of the total of such losses, claims, damages or liabilities indemnified against equal to the proportion of the total securities sold under such registration statement which was sold by Indemnitee or (ii) the proceeds received by Indemnitee from sale of securities under such registration statement. No person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not found guilty of such fraudulent misrepresentation. 
		

		
			
 2.Mandatory Advancement of Expenses.     Unless a determination has been made pursuant to Section 5 (and remains in effect) that Indemnitee is not entitled to indemnification pursuant to Section 1, all reasonable Expenses incurred by or on behalf of Indemnitee shall be advanced from time to time by the Corporation to Indemnitee within twenty (20) days after the Corporation’s receipt of a written request for an advance of Expenses by Indemnitee, whether prior to or after final disposition of a Proceeding. For the sake of clarity, the Corporation shall not be obligated to make an affirmative determination under Section 5 in order to advance expenses prior to final disposition of a Proceeding.  Furthermore, any Section 5 determination that Indemnitee is not entitled to advancement of expenses, if made prior to the final disposition of the relevant Proceeding, must be reasonable and must be based on facts that, in the reasonable opinion of the decision-making party, at the time such determination is made, demonstrate clearly and convincingly that Indemnitee acted in bad faith or in a manner that he did not believe to be in or not opposed to the best interests of the Corporation, sufficient to overcome the presumption of entitlement set forth in Section 5. 
		

		
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		The written request for an advancement of any and all Expenses under this Section shall contain reasonable detail of the Expenses incurred by Indemnitee.  Indemnitee shall agree, at the time of such written request for an advance, to repay the amounts advanced if it is ultimately determined that Indemnitee is not entitled to be indemnified pursuant to the terms of this Agreement. Any advances made shall be unsecured and no interest shall be charged thereon. 
		

		
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			3. Limitations.  The foregoing indemnity and advancement of Expenses shall apply only to the extent that Indemnitee has not been indemnified and reimbursed pursuant to such insurance as the Corporation may maintain for Indemnitee’s benefit or pursuant to the Articles of Incorporation or Bylaws of the Corporation or otherwise; provided, however, that notwithstanding the availability of such other indemnification and reimbursement pursuant to such Corporation-maintained policies, Indemnitee may, with the Corporation’s consent, claim indemnification and advancement of Expenses pursuant to this Agreement by assigning Indemnitee’s claims under such insurance to the Corporation to the extent Indemnitee is paid by the Corporation. 
		

		
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			Furthermore, any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement to (a) indemnify or advance Expenses to Indemnitee with respect to any Proceeding initiated or brought voluntarily by such Indemnitee and not by way of defense, except (i) with respect to actions or proceedings to establish or enforce a right to indemnity under this Agreement or any other agreement or insurance policy or under the Articles of Incorporation or Bylaws now or hereafter in effect relating to a Proceeding and (ii) in specific cases in which the Board of Directors has approved the initiation or bringing of such Proceeding, (b) indemnify Indemnitee for expenses and/or the payment of profits with respect to any short swing profit liability owed to the Corporation by Indemnitee pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute, and the regulations promulgated thereunder, or (c) indemnify Indemnitee with respect to any proceeding instituted by Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material assertions made by the Indemnitee in such proceeding was not made in good faith or was frivolous. 
		

		
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			4.Insurance.  The Corporation may, but is not obligated to, maintain insurance to protect itself and/or Indemnitee against Expenses and Liabilities in connection with Proceedings to the fullest extent permitted by applicable laws, its Articles of Incorporation or the Bylaws of the Corporation. The Corporation may, but is not obligated to, create a trust fund, grant a security interest or use other means (including, without limitation, a letter of credit) to ensure the payment of such amounts as may be necessary to effect indemnification or advancement of Expenses as provided in this Agreement. If, at the time of the receipt by the Corporation of a notice of a claim by Indemnitee pursuant to Section 5 hereof (or upon the Corporation otherwise becoming aware of such a claim), the Corporation has liability insurance in effect which may cover such claim, then the Corporation shall give timely notice of the commencement of such claim to the insurers in accordance with the procedures set forth in the respective policies. The Corporation shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such action, suit, proceeding, inquiry or investigation in accordance with the terms of such policies. 
		

		
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			5.Procedures and Presumptions for Determination of Entitlement to Indemnification.  
		

		
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			(a)Written Request and Deadlines.  Whenever Indemnitee believes that Indemnitee is entitled to indemnification or advancement of expenses pursuant to this Agreement, Indemnitee shall submit a written request for indemnification or such advances to the Corporation. Any request shall include sufficient documentation or information reasonably available to Indemnitee to support his claim.  Indemnitee shall certify in his written request that, with respect to Indemnitee’s conduct or activity underlying the indemnification and advancement of expenses requested, (i) Indemnitee acted in good faith 
		

		 

		

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		and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, and that Indemnitee had no reason to believe his conduct was unlawful, and (ii) Indemnitee is entitled to indemnification and and/or advancement of expenses hereunder. Indemnitee shall submit such written request within a reasonable time, not to exceed three months, after any final judgment, order, settlement, dismissal, arbitration award, conviction, acceptance of a plea of nolo contendere or its equivalent, final termination or other disposition or partial disposition of any Proceeding, whichever is the latest event for which Indemnitee requests indemnification (or as soon as is reasonably practicable after request by the Corporation in order to assist the Corporation in filing a claim). If a determination is required by the Corporation that Indemnitee is entitled to Indemnification, and the Corporation fails to respond within sixty (60) days of such request, the Corporation shall be deemed to have approved the request. Any indemnification or advance of expenses which is due and payable to Indemnitee shall be made promptly and in any event within thirty (30) days after the determination that Indemnitee is entitled to such amounts or within such shorter timeframe as specified in Section 2. 
		

		
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			(b)Selection of Decisionmaker.  If a determination regarding indemnification is required, or if the Disinterested Directors (even though less than a quorum) have determined that it is in the best interest of the Corporation that such a determination be made, whether in connection with indemnification under Section 1 or advancement of expenses under Section 2, the Indemnitee shall be entitled to select the forum in which Indemnitee’s request for indemnification or advancement of expenses will be heard, which selection shall be included in the written request for indemnification or advancement of expenses required in Section 5(a). The forum shall be either one of the following:
		

		
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			(i)A majority vote of the members of the Board of Directors who are Disinterested Directors (even though less than a quorum); or 
		

		
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			(ii)A majority vote of a Committee of Disinterested Directors designated by a majority vote of Disinterested Directors (even though less than a quorum). 
		

		
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			If Indemnitee fails to make a forum designation, his claim shall be determined by a majority vote of the Board of Directors consisting of Disinterested Directors (even though less than a quorum).  Notwithstanding the foregoing, if there are no Disinterested Directors, or if the Disinterested Directors so direct, the claim shall be determined by independent legal counsel, mutually agreed upon by the Corporation and Indemnitee, in a written opinion.  
		

		
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			(c)Presumption of Entitlement.  In all instances, the reviewing party shall be bound by a rebuttable presumption created by the filing of the written request by Indemnitee that (i) Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, and that Indemnitee had no reason to believe his conduct was unlawful, and (ii) Indemnitee is entitled to indemnification. 
		

		
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			 (d)Reliance on Records and Experts.  In furtherance, and not in limitation, of Section 5(c) above, the Indemnitee shall be entitled to a rebuttable presumption that the foregoing standards set forth in Sections 5(c)(i) and (ii) above have been met with respect to  any action or omission to act undertaken (a) in good faith reliance upon the records of the Corporation, including its financial statements, or upon information, opinions, reports or statements furnished to the Indemnitee by the officers or employees of the Corporation or any of its subsidiaries in the course of their duties, or by committees of the Board of Directors of the Corporation, or by any other Person as to matters the Indemnitee reasonably believes are within such other Person's professional or expert competence, or (b) on behalf of the Corporation in furtherance of the interests of the Corporation in good faith in reliance upon, and in accordance with, the advice of legal counsel or accountants, provided such legal counsel or accountants were selected with reasonable care by or on behalf of the Corporation.  The knowledge 
		

		 

		

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		and/or actions, or failures to act, of any other director, officer, agent or employee of the Corporation shall not be imputed to the Indemnitee for purposes of determining the right to indemnity hereunder. 
		

		
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			6.Fees and Expenses of Counsel. The Corporation agrees to pay the reasonable fees and expenses of independent legal counsel (including appropriate retainers) should such counsel be retained to make a determination of Indemnitee’s entitlement to indemnification pursuant to Section 5 of this Agreement. 
		

		
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			7.Remedies of Indemnitee.  
		

		
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			(a)In the event that (i) a determination pursuant to Section 5 hereof is made that Indemnitee is not entitled to indemnification, (ii) advances of Expenses are not made pursuant to this Agreement for any reason, (iii) payment has not been timely made following a determination of entitlement to indemnification pursuant to this Agreement, or (iv) Indemnitee otherwise seeks enforcement of this Agreement, Indemnitee shall be entitled to a final adjudication of his rights in an appropriate court. The Corporation shall not oppose Indemnitee’s right to seek any such adjudication. 
		

		
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			(b)In the event that a determination that Indemnitee is not entitled to indemnification, in whole or in part, has been made pursuant to Section 5 hereof, the decision in the judicial proceeding provided in paragraph (a) of this Section 7 shall be made de novo and Indemnitee shall not be prejudiced by reason of a determination that he is not entitled to indemnification. 
		

		
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			(c)If a determination that Indemnitee is entitled to indemnification has been made pursuant to Section 5 hereof or otherwise pursuant to the terms of this Agreement, the Corporation shall be bound by such determination in the absence of (i) misrepresentation of a material fact by Indemnitee or (ii) a specific finding (which has become final) by an appropriate court that all or any part of such indemnification is expressly prohibited by law. 
		

		
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			(d)In any court proceeding pursuant to this Section 7, the Corporation shall be precluded from asserting that the procedures and presumptions of this Agreement are not valid, binding and enforceable. The Corporation shall stipulate in any such court that the Corporation is bound by all the provisions of this Agreement (including the rebuttable presumptions specified in Section 5(b)) and is precluded from making any assertion to the contrary. 
		

		
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			8.Modification. Waiver, Termination and Cancellation. No supplement, modification, termination, cancellation or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall any such waiver constitute a continuing waiver. 
		

		
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			9.Notice by Indemnitee and Defense of Claim. Indemnitee shall promptly notify the Corporation in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any matter, whether civil, criminal, administrative or investigative, but the omission to so notify the Corporation will not relieve it from any liability which it may have to Indemnitee if such omission does not prejudice the Corporation’s rights. If such omission does prejudice the Corporation’s rights, the Corporation will be relieved from liability only to the extent of such prejudice. With respect to any Proceeding as to which Indemnitee notifies the Corporation of the commencement thereof: 
		

		
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			(a)The Corporation will be entitled to participate therein at its own expense; and 
		

		
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		(b)The Corporation jointly with any other indemnifying party similarly notified will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee; provided, however, that the Corporation shall not be entitled to assume the defense of any Proceeding if Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Corporation and Indemnitee with respect to such Proceeding. After notice from the Corporation to Indemnitee of its election to assume the defense thereof, the Corporation will not be liable to Indemnitee under this Agreement for any Expenses subsequently incurred by Indemnitee in connection with the defense thereof, other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ his own counsel in such Proceeding but the fees and expenses of such counsel incurred after notice from the Corporation of its assumption of the defense thereof shall be at the expense of Indemnitee unless: 
		

		
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			(i)The employment of counsel by Indemnitee has been authorized in writing by the Corporation; 
		

		
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			(ii)Indemnitee shall have reasonably concluded that counsel engaged by the Corporation may not adequately represent Indemnitee; or 
		

		
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			(iii)The Corporation shall not in fact have employed counsel to assume the defense in such Proceeding or shall not in fact have assumed such defense and be acting in connection therewith with reasonable diligence; 
		

		
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			in each of which cases the fees and expenses of such counsel shall be at the expense of the Corporation. 
		

		
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			(c)The Corporation shall not settle any Proceeding in any manner which would impose any penalty or limitation on Indemnitee, other than monetary penalties paid by the Corporation, without Indemnitee’s written consent; provided, however, that Indemnitee will not unreasonably withhold his consent to any such proposed settlement.  In addition, the Corporation shall not enter into any settlement of any Proceeding unless such settlement provides for a full and final release of all claims asserted against Indemnitee. 
		

		
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			10.Deposit of Funds in Trust.  If the Corporation voluntarily decides to dissolve or to file a petition for relief under any applicable bankruptcy, moratorium or similar laws, then not later than 10 days prior to such dissolution or filing, the Corporation shall deposit in trust for the sole and exclusive benefit of Indemnitee a cash amount equal to all amounts previously authorized to be paid to Indemnitee hereunder, such amounts to be used to discharge the Corporation’s obligations to Indemnitee hereunder. Any amounts in such trust not required for such purpose shall be returned to the Corporation. This Section 10 shall not apply to the dissolution of the Corporation in connection with a transaction as to which Section 13(b)(iii) applies. 
		

		
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			11.Notices.  All notices, requests, consents and other communications hereunder shall be in writing and shall be sent by Federal Express or other nationally recognized overnight or same day courier service providing a return receipt (and shall be effective when received, when refused or when the same cannot be delivered, as evidenced on the return receipt) to the following addresses (or to such other address as a party may subsequently provide written notification of to the other party): 
		

		
			   
		

			
					
						To Corporation:

					
					
						CryoLife, Inc.

				
	
					
						 

					
					
						1655 Roberts Blvd., NW

				
	
					
						 

					
					
						Kennesaw, GA 30144

				
	
					
						 

					
					
						Attn: General Counsel

				
	
					
						 

					
					
						 

				

		

		

		 

		

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						To Indemnitee:

					
					
						 

				
	
					
						 

					
					
						 

					
						1655 Roberts Blvd., NW

				
	
					
						 

					
					
						Kennesaw, GA 30144

				

		
			   
		

		
			12.Nonexclusivity.  The rights of Indemnitee hereunder shall not be deemed exclusive of any other rights to which Indemnitee may now or in the future be entitled under the Florida Business Corporation Act, the Corporation’s Articles of Incorporation or Bylaws, or any agreements, insurance policies, vote of shareholders, resolution of the Board of Directors or Disinterested Directors, or otherwise. The provisions of this Agreement are hereby deemed to be a contract right between the Corporation and the Indemnitee and any repeal of the relevant provisions of the Florida Business Corporation Act, or other applicable law, shall not affect this Agreement or its enforceability. 
		

		
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			13.Certain Definitions.  
		

		
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			(a)References to the “Corporation” shall include, in addition to the resulting corporation, any constituent corporation or other enterprise (including any constituent of a constituent or other enterprise) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and employees, partners, fiduciaries or agents, so that any person who is or was a director, officer, employee, partner, fiduciary or agent of such constituent corporation or other enterprise, or is or was serving at the request of such constituent corporation or other enterprise as a director, officer, employee, partner, fiduciary or agent of another corporation, partnership, joint venture, limited liability company, limited liability partnership, limited partnership, employee benefit plan, trust or other enterprise, shall stand in the same position under this Agreement with respect to the resulting or surviving corporation as he would have with respect to such constituent corporation or other enterprise if its separate existence had continued. 
		

		
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			(b)A “Change in Control” shall be deemed to have occurred if 
		

		
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			(i)any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Corporation or a corporation owned directly or indirectly by the shareholders of the Corporation in substantially the same proportions as their ownership of stock of the Corporation, 
		

		
			(A)who is or becomes the beneficial owner, directly or indirectly, of securities of the Corporation representing 20% or more of the combined voting power of the Corporation’s then outstanding voting securities, increases his beneficial ownership of such securities by 5% or more over the percentage so owned by such person, or 
		

		
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			(B)becomes the “beneficial owner” (as defined in rule 13d-3 under said Act), directly or indirectly, of securities of the Corporation representing more than 30% of the total voting power represented by the Corporation’s then outstanding voting securities, 
		

		
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			(ii)during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors of the Corporation and any new director whose election by the Board of Directors or nomination for election by the Corporation’s shareholders was approved by a vote of at least two‐thirds of the directors then still in office who either were directors at 
		

		 

		

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		the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, or
		

		
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			(iii)the shareholders of the Corporation approve a merger or consolidation of the Corporation with any other corporation, other than a merger or consolidation which would result in the voting securities of the Corporation outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 80% of the total voting power represented by the voting securities of the Corporation or such surviving entity outstanding immediately after such merger or consolidation, or the shareholders of the Corporation approve a plan of complete liquidation of the Corporation or an agreement for the sale or disposition by the Corporation of (in one transaction or a series of transactions) all or substantially all of the Corporation’s assets. 
		

		
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			(c)“Disinterested Director” shall mean a director of the Corporation who is not and was not a party to the Proceeding in respect of which indemnification is being sought by Indemnitee. If there has been a Change in Control since the date hereof, to qualify as a Disinterested Director, such director must also have been a director of the Corporation prior to such Change in Control. 
		

		
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			(d)“Expenses” shall mean all direct and indirect costs (including, without limitation, attorneys’ fees, retainers, court costs, transcripts, costs of investigation, costs of defense, costs of defending witnesses or preparing to be a witness, costs of negotiating settlements, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, costs of attachment, appeal or similar bonds, and all other disbursements or out‐of‐pocket expenses) actually and reasonably incurred in connection with a Proceeding or establishing or enforcing a right to indemnification or advances under this Agreement, applicable law or otherwise; provided, however, that “Expenses” shall not include any Liabilities. 
		

		
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			(e)“Indemnification Period” shall mean the period of time during which Indemnitee shall continue to serve as a director or executive officer of the Corporation, and thereafter so long as Indemnitee shall be subject to any possible Proceeding arising out of acts or omissions of Indemnitee as a director or executive officer, which may include serving as a fiduciary or agent of the Corporation or otherwise acting or omitting at the request of or on behalf of the Corporation.    For non-directors, status as an executive officer and continuing service in the position the officer holds at the time the Indemnification Agreement becomes effective are required for this Agreement to provide indemnification related to a person’s actions or omissions.  Should a non-director Indemnitee cease to serve in the position that was held at the time the indemnification agreement was entered, his or her actions and omissions, even if performed as an executive officer, officer, employee, or agent of the Corporation, are not entitled to indemnification under this Agreement and the Agreement.  Furthermore, only those executive officers who hold a validly executed Indemnification Agreement are entitled to the rights and privileges herein.
		

		
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			(f)“Liabilities” shall mean liabilities of any type whatsoever including, but not limited to, any damages, judgments, fines, ERISA excise taxes and penalties, penalties and amounts paid in settlement (including all interest assessments and other charges paid or payable in connection with or in respect of such judgments, fines, penalties or amounts paid in settlement) related to any Proceeding, as well as any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement. 
		

		
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			(g)"Person" shall mean any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity. 
		

		
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		(h)“Proceeding” shall mean any threatened, asserted, pending or completed action, claim, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding whether civil, criminal, administrative or investigative, including any appeal therefrom. 
		

		
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			(i)For purposes of this Agreement, references to an “other enterprise” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to “serving at. the request of the corporation” shall include any service as a director, officer, employee, partner, fiduciary or agent of the corporation which imposes duties on, or involves services by, such director, officer, employee, partner, fiduciary or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Corporation” as referred to in this Agreement. 
		

		
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			14.Binding Effect, Duration and Scope of Agreement.  This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns (including the executors, administrators and heirs of Indemnitee’s estate (including without limitation, spouses), and any direct or indirect successor by purchase, merger, consolidation or otherwise, to all or substantially all of the business or assets of the Corporation), heirs, and personal and legal representatives. This Agreement shall continue in effect during the Indemnification Period, regardless of whether Indemnitee continues to serve as a director, officer, employee, fiduciary or agent. 
		

		
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			15.Severability. If any provision or provisions of this Agreement (or any portion thereof) shall be held to be invalid, illegal or unenforceable for any reason whatsoever: 
		

		
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			(a)the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby; and 
		

		
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			(b)to the fullest extent legally possible, the provisions of this Agreement shall be construed so as to give effect to the intent of any provision held invalid, illegal or unenforceable. 
		

		
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			16.Governing Law, Interpretation of Agreement, and Jurisdiction.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Georgia (without regard to its conflict of laws rules, other than the internal affairs doctrine), as applied to contracts between Georgia residents entered into and to be performed entirely within Georgia; provided, however, that matters involving the corporate governance and internal affairs of the Corporation shall be governed by the Florida Business Corporation Act.  It is the intent of this agreement to indemnify Indemnitee to the fullest extent permitted by the Florida Business Corporation Act and other applicable law as in effect on the date hereof or as they may be amended from time to time, to the extent such amendments may broaden the scope of indemnification permitted.  For the sake of clarity, no change in the Florida Business Corporation Act shall have the effect of reducing the benefits available to Indemnitee except to the extent expressly so required by law. However, if the Bylaws of the Corporation or the Florida statutes are amended to provide for greater indemnification rights or privileges, this Agreement shall not be construed so as to limit the Indemnitee’s rights and privileges to the terms hereof and Indemnitee shall be entitled to the full benefits of any such additional rights and privileges. The Corporation and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State of Georgia for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be commenced, prosecuted and continued only in the federal and state courts of the State of Georgia in and for Fulton County, which shall be the exclusive and only proper forum for adjudicating such a claim. 
		

		

		

		 

		

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			17. Entire Agreement.  This Agreement represents the entire agreement between the parties hereto, and there are no other agreements, contracts or understandings between the parties hereto with respect to the subject matter of this Agreement, except as specifically referred to herein or as provided in Section 12 hereof.  [In furtherance and not in limitation of the foregoing, and notwithstanding the provisions of Section 12 hereof, the indemnification agreement between the Corporation and the Indemnitee dated February 11, 2015 is hereby terminated in its entirety and shall have no further force and effect.] 
		

		
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			18. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation for some or a portion of any Expenses or Liabilities, but not, however, for the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee for the portion of such Expenses or Liabilities to which Indemnitee is entitled. 
		

		
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			19.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. 
		

		
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			[signatures on following page(s)] 
		

		
			   
		

		

		

		 

		

			10

		

 

		
		

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

		
			CORPORATION: 
		

		
			
CRYOLIFE, INC. 
		

		
			   
		

		
			By: 
		

		
			Name: 
		

		
			Title: 
		

		
			   
		

		
			INDEMNITEE: 
		

		
			   
		

		
			_____________
		

		 

		

			11

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