Document:

Form of Grant pursuant to Executive Incentive Plan

 Exhibit 10.2 
 FISCAL YEAR          
 2007 EXECUTIVE INCENTIVE PLAN

 BONUS AGREEMENT 
 This CRYOLIFE, INC. FISCAL YEAR          EXECUTIVE INCENTIVE PLAN BONUS AGREEMENT (this “Agreement”) was adopted by the Plan Committee pursuant to the CryoLife,
Inc. (the “Company”) 2007 Executive Incentive Plan (the “Plan”) (a copy of which is attached as Exhibit 1) and agreed to by the Company and
                     (“Executive”) effective
            . This Agreement is effective for the fiscal year ending December 31,          (the “Plan
Year”). Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Plan. 
 1.
Calculation of Bonus. Subject to the further adjustments, limitations and additions provided for in the Plan and this Agreement, Executive’s bonus for the          fiscal year
shall be computed as set forth on Exhibit 2 attached hereto. 
 2. Term of Agreement. This Agreement shall be
effective only for the Plan Year (i.e., the fiscal year ending December 31,         ). 
 3. No Employment Arrangement Implied. Nothing in this Agreement or the Plan shall imply any right of Employment for Executive, and except as set forth in Section 10 of the Plan with respect to a Change of Control or as
otherwise determined by the Committee, in its discretion, or contained in any other agreement, which shall not be affected hereby, if Executive is terminated, voluntarily or involuntarily, with or without cause, prior to the end of the Plan Year,
Executive shall not be entitled to any bonus for the Plan Year regardless of whether or not such bonus had been or would have been earned in whole or in part, but any unpaid bonus earned with respect to a prior fiscal year shall not be affected.

 4. Plan Provisions shall Govern. This Agreement is subject to and governed by the Plan and in the case of any conflict
between the terms of this Agreement and the contents of the Plan, the terms of the Plan will control. 
 5. Governing Law. The
interpretation, construction and performance of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Georgia without regard to the principle of conflict of laws. 
 6. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which together
shall constitute one and the same instrument. 
 7. Severability. Provided the other provisions of this Agreement do not
frustrate the purpose and intent of the law, in the event that any portion of this Agreement shall be determined to be invalid or unenforceable to any extent, the same shall to that extent be deemed severable from this Agreement, and the invalidity
or unenforceability thereof shall not affect the validity and enforceability of the remaining portion of this Agreement. 
 8.
Amendment and Termination. The Company may amend this Agreement, at any time prior to the payment of the bonus, without the approval of Executive. Notwithstanding anything to the contrary contained in this Agreement, the Company may
terminate this Agreement at any time prior to the payment of the bonus and Executive shall not be entitled to any bonus under this Agreement for the Plan Year regardless of when this Agreement is terminated. 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly authorized officer of
the Company and Executive has executed this Agreement as of the day and year first written above. 
  

									
	CRYOLIFE, INC.	 		  	EXECUTIVE	  	
					
	 By:
	 	  
	 		  	  
	  	
	 Title:
	 	  
	 		  	  
	  	

 EXHIBIT 1 
 “PLAN” 

 EXHIBIT 2 

	
	  

 Executive may earn up to approximately     % of Executive’s base salary of
$             based on attaining specified adjusted revenue targets, up to approximately     % of base salary based on achieving specified adjusted net
earnings targets, and up to approximately     % of base salary based on Executive’s personal performance review. No bonus is payable in a given category if the specified minimum set forth below in that category is not
obtained. In addition, Executive may earn from 10% to 20% of base salary if additional adjusted net earnings targets are met. Subject to the provisions of the Plan and the discretion of the Committee, all bonuses will be paid 70% in cash and 30% in
Company common stock, valued at the closing price of the common stock on the New York Stock Exchange on the date of Compensation Committee authorization of payment. Details regarding bonus calculation are set forth below (data points shown in the
tables, other than the minimum and maximum levels, are representative only, and a pro rata portion of the bonus shall be earned for performance achieved that falls between the data points shown): 
  

																												
	 Adjusted Revenues*
  

	Adjusted Revenue* Target (in thousands)	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            
	Bonus Payable	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            

	*	Adjusted Revenues are fiscal              Company revenues from (i) cardiac and vascular allograft tissue
processing, (ii) BioGlue and related product sales, and (iii) CardioWrap sales. 

  

																																		
	 Adjusted Net Income*
  

	Adjusted Net Income* Target (in thousands)	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            
	Bonus Payable	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            	  	$	            

	*	Adjusted Net Income is GAAP net income for             , exclusive of interest expense, interest income,
changes in the value of the derivative related to the Company’s preferred stock, stock compensation expense (other than stock compensation expense related to the bonus plan), other income and expense, and amortization associated with
intangibles recorded pursuant to the Exchange and Service Agreement dated December 15, 2006 with Regeneration Technologies, Inc., if any. 

													
	 Personal Performance
  

	 Personal Performance Rating
	  	 
 	4 or
higher	  	 	3	  	 	2	  	 	1
	 Bonus Payable
	  	$	0	  	$	            	  	$	            	  	$	            

  

										
	
	 Additional Bonus Related to Adjusted Net Income*
  

	 Adjusted Net Income* Target (in thousands)
	  	$	            	  	$	            	  	$	            
	 Bonus Payable
	  	$	            	  	$	            	  	$Form of Incentive Stock Option Grant Agreement

 Exhibit 10.3 
 CryoLife, Inc. 
 1655 Roberts Boulevard N.W. 
 Kennesaw, Georgia 30144 
  

	Re:	Grant of Incentive Stock Option  

 Dear
                                : 
 This letter sets forth the agreement (the “Agreement”) between you (the “Employee”) 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 (the “Option”) to purchase up to
                     shares of common stock (the “Option Shares”) at the purchase price of
                     per share. This Option is granted effective
                    ,          (the “Effective Date”). This Option is granted
pursuant to the CryoLife, Inc. 1998 Long-Term Incentive Plan (the “Plan”). 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 reasons 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. 
 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: 
  

			
	 Exercise Date
	  	 Number of Option
Shares
 Exercisable

	 First Anniversary of Effective Date
(                            )
	  	             shares
	 Second Anniversary of Effective Date
(                            )
	  	             shares
	 Third Anniversary of Effective Date
(                            )
	  	             shares

 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 1998 Long-Term
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 and the Plan prospectus 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) 7 years following the Effective 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 Committee’s sole discretion to determine whether the Employee’s employment with the Company terminates by reason of disability, or 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 7 years following the Effective Date. 
 6. Reclassification, Consolidation, or Merger. The
number of Option Shares and exercise price shall be proportionally adjusted if certain events such as merger, reorganization, consolidation, recapitalization, stock dividends, stock splits, or similar changes in the Company’s corporate
structure affecting its common stock occur. 
 7. Rights Prior to exercise of Option. This Option is not transferable 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: 
  

	
	  

	  

 (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, if requested by the Company, 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, or any other
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 if and for as
long as Employee remains a designated Section 16 Officer (meaning an “officer” as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of the Company, and for up to six months
thereafter, any sales of Option Shares will be subject to Section 16 of 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 Option Effective Date, 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 mean between the lowest and highest reported sales prices of the Company’s common 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 (i) the laws of the State of Georgia, excluding its conflict of law provisions and its General Business Corporation Code, and (ii) the applicable corporation law, which shall be the general business corporation law of
the State of Florida. 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 Agreement 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 Secretary of the
Company. 
 Thank you for your good work and service. 
  
  

					
		 		  	    Sincerely,
			
	(SEAL)	 		  	THE COMPANY:
	 Attest:
	 		  	CRYOLIFE, INC.
	  
	 		  	  

			
		 		  	EMPLOYEE:
		 		  	  

		 		  	________________

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