SEC Contract Filing

Filing Date: 2024-02-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.26
<SEQUENCE>12
<FILENAME>aort-20231231xexx1026.htm
<DESCRIPTION>EX-10.26
<TEXT>
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<title>Document</title></head><body><div id="i89e89bc1c9e14e80b65704a28ced4f35_1"></div><div style="min-height:66.96pt;width:100%"><div style="margin-bottom:10pt"><font><br></font></div><div style="margin-bottom:10pt"><font><br></font></div><div style="margin-bottom:10pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:133%">Exhibit 10.26</font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">ARTIVION, INC.</font></div><div style="margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">CHANGE OF CONTROL SEVERANCE AGREEMENT</font></div><div style="margin-bottom:10pt"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">This Change of Control Severance Agreement (this &#8220;Agreement&#8221;) dated as of the 4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> day of December, 2023 is made and entered into by and between Artivion, Inc., a Delaware corporation (&#8220;Artivion&#8221; or the &#8220;Company&#8221;) and Lance A. Berry (the &#8220;Executive&#8221;).</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">RECITALS</font></div><div style="text-align:center;text-indent:36pt"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1. It is expected that the Company from time to time will consider the possibility of an acquisition by another company or other change of control. The Board of Directors of the Company (the &#8220;Board&#8221;), upon the recommendation of its Compensation Committee, has determined that it is in the best interests of the Company and its stockholders to enter into this Change of Control Agreement in order to assure that the Company will have the continued dedication of Executive, notwithstanding the possibility, threat or occurrence of a Change of Control (as defined herein) of the Company.</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2. The Board believes that it is in the best interests of the Company and its stockholders to provide Executive with an incentive to continue Executive&#8217;s employment and to motivate Executive to maximize the value of the Company upon a Change in Control for the benefit of the stockholders.</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3. The Board believes it is imperative to provide Executive with certain severance benefits upon Executive&#8217;s termination of employment both prior to and following a Change in Control. These benefits will provide Executive with enhanced financial security and incentive and encouragement to remain with the Company notwithstanding the possibility of a Change in Control. </font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4. Certain capitalized terms used in the Agreement are as defined below. </font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">AGREEMENT</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows&#58; </font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1. &#160;&#160;&#160;&#160;CERTAIN DEFINITIONS.</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:justify;text-indent:54pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;padding-left:6.91pt">&#8220;Effective Date&#8221; means the first date during the Change of Control Period (as defined herein) on which a Change of Control occurs. Notwithstanding anything in this Agreement to the contrary, if the Executive&#8217;s employment with the Company is Terminated by the Company without