1655 ROBERTS BOULEVARD, NW
KENNESAW, GEORGIA 30144

NOTICE OF ANNUAL MEETING
AND
PROXY STATEMENT

April 4, 2022

To Our Stockholders:

On behalf of the Board of Directors, we invite you to attend the Annual Meeting of Stockholders of Artivion, Inc. on May 18, 2022 at 9:00 a.m., EDT. Due to the continuing health and safety concerns from the COVID-19 pandemic and our successful use of the virtual-only format at our last two annual meetings, we have adopted a virtual-only format for our Annual Meeting this year. The Annual Meeting will be accessible at the following website address: https://web.lumiagm.com/295739807. After this year’s Annual Meeting, we intend to evaluate the best method for holding our annual stockholder meetings going forward.

Please review this Notice of Annual Meeting and Proxy Statement, which describes the formal business to be transacted and procedures for voting on matters to be considered during the Annual Meeting.

YOUR VOTE IS IMPORTANT. Regardless of whether you plan to attend the virtual Annual Meeting, we request that you please take a few minutes and follow the instructions provided on the Notice or Proxy Card you received by mail, and further described herein, to review the Proxy Statement and vote your shares via internet, telephone, or mail. You may, of course, choose to attend the Annual Meeting virtually and vote your shares online during the meeting. If you wish to participate in the meeting, you will need your control number to join.

However you choose to participate, we encourage you to review this Proxy Statement and vote your shares.

Sincerely,

J. PATRICK MACKIN
Chairman, President, and Chief Executive Officer

1655 ROBERTS BOULEVARD, NW
KENNESAW, GEORGIA 30144

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

TO THE STOCKHOLDERS OF ARTIVION, INC.:

NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders of ARTIVION, INC. (the “Annual Meeting”) will be held on May 18, 2022 at 9:00 a.m., EDT. Like last year, the Annual Meeting will be held as a virtual-only meeting. The Annual Meeting will be accessible at the following website address: https://web.lumiagm.com/295739807, for the following purposes:

1.To elect as directors the eight nominees named in the attached Proxy Statement to serve until the next Annual Meeting of Stockholders or until their successors are duly qualified or until their earlier death, resignation, or removal.

2.To approve, by non-binding vote, the compensation paid to Artivion’s Named Executive Officers, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables, and narrative discussion.

3.To ratify the approval of Ernst & Young LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2022.

4.To approve the Artivion, Inc. Amended and Restated Employee Stock Purchase Plan.

5.To transact such other business as may be properly brought before the Annual Meeting or any adjournments thereof.

Only record holders of Artivion’s common stock at the close of business on March 24, 2022 will be eligible to vote during the Annual Meeting. Your attendance during the Annual Meeting is very much desired. However, if there is any chance you may not be able to attend the Annual Meeting, please follow the instructions on the Notice or Proxy Card you received by mail to execute your vote via internet, telephone, or mail.

Important notice regarding the availability of proxy materials for the Annual Meeting of Stockholders to be held on May 18, 2022. Pursuant to the rules promulgated by the Securities and Exchange Commission, we have elected to provide access to our proxy materials by notifying you of the availability of our proxy materials, including the Annual Meeting notice, Proxy Statement, and our 2021 Annual Report to Stockholders, both via internet at http://www.astproxyportal.com/ast/01609 and providing the means whereby you can request a paper copy of proxy materials be sent via U.S. mail.

By Order of the Board of Directors:

JEAN F. HOLLOWAY
Corporate Secretary

Date: April 4, 2022

An electronic copy of Artivion’s 2021 Annual Report to Stockholders, which includes Artivion’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and which contains financial statements, is available via the proxy information website provided on your proxy Notice or Proxy Card.

TABLE OF CONTENTS

1655 ROBERTS BOULEVARD, NW
KENNESAW, GEORGIA 30144

PROXY STATEMENT
FOR ANNUAL MEETING OF STOCKHOLDERS

This Proxy Statement is furnished to our stockholders as of the close of business on March 24, 2022, the record date, for the solicitation of proxies by the Board of Directors of Artivion, Inc. (“Artivion,” the “Company,” “we,” “our,” or “us”) for the Annual Meeting of Stockholders of Artivion (the “Annual Meeting”) to be held on May 18, 2022 at 9:00 a.m., EDT. The Annual Meeting will only be held virtually at the following web address: https://web.lumiagm.com/295739807. The voting of shares will not affect a stockholder’s right to attend the Annual Meeting. A signed paper proxy may be changed by sending in a timely, but later-dated, signed paper proxy. Any stockholder sending in or completing a proxy may also revoke it at any time before it is exercised by giving timely notice to Jean F. Holloway, General Counsel and Corporate Secretary, Artivion, Inc., 1655 Roberts Boulevard, NW, Kennesaw, Georgia 30144, (770) 419-3355. We are making our proxy materials available to the stockholders of record as of March 24, 2022. Artivion is providing notice of the Annual Meeting and access to the Proxy Statement and Annual Report via the “Notice and Access” method.

QUESTIONS AND ANSWERS REGARDING THIS SOLICITATION
AND VOTING DURING THE ANNUAL MEETING

PROPOSAL ONE – ELECTION OF DIRECTORS

Artivion directors elected during the Annual Meeting on May 18, 2022 will hold office until the next annual meeting, until their successors are duly qualified, or until their earlier death, resignation, or removal.

Director Nominees

Each of the nominees is currently a director of Artivion. Should any nominee for the office of director become unable to accept nomination or election, the persons named on the Proxy Card intend, unless otherwise specifically instructed in the Proxy Statement, to vote for the election of such other person as the Board of Directors may recommend.

The following table sets forth the name and age of each nominee, the period during which each such person has served as a director of Artivion, the number of shares of Artivion’s common stock beneficially owned, directly or indirectly, by such person, and the percentage of outstanding shares of Artivion’s common stock such ownership represented at the close of business on March 24, 2022, according to information maintained by Artivion. None of the shares of stock noted below are subject to a pledge or similar arrangement. Except for J. Patrick Mackin, our President, Chief Executive Officer, and Chairman of the Board of Directors, none of the nominees holds any other position or office with Artivion.

2022 Director Nominees

2022 Director Nominee Skills

Director Nominee Qualifications and Biographical Information

Thomas F. Ackerman has served as a director of Artivion since December 2003. Until February 2017, Mr. Ackerman served as a consultant to Charles River Laboratories International, Inc. (NYSE: CRL) (“Charles River Laboratories”). Charles River Laboratories is a leading global provider of solutions that accelerate the early-stage drug discovery and development process, with a focus on in vivo biology, including research models and services required to enable in vivo drug discovery and development. Until early 2016, Mr. Ackerman served as a Senior Financial Advisor of Charles River Laboratories, a position he held since August 2015. From 2005 to 2015, he served as Executive Vice President and Chief Financial Officer of Charles River Laboratories. From 1999 to 2005, he served as Senior Vice President and Chief Financial Officer of Charles River Laboratories. From 1996 to 1999, Mr. Ackerman served as Vice President and Chief Financial Officer of Charles River Laboratories, where he was employed since 1988. Mr. Ackerman is a director of the University of Massachusetts Amherst Foundation and serves on the audit committee of Olin College of Engineering. Mr. Ackerman received a B.S. in Accounting from the University of Massachusetts and became a Certified Public Accountant in 1979. Mr. Ackerman’s license is currently inactive.

The Board of Directors has determined that Mr. Ackerman should serve as a director of Artivion because of his expertise in accounting and financial reporting, particularly in the biotechnology industry.

Daniel J. Bevevino has served as a director of Artivion since December 2003. From 1996 until March 2008, Mr. Bevevino served as the Vice President and Chief Financial Officer of Respironics, Inc. (“Respironics”), a company that developed, manufactured, and marketed medical devices used primarily for the treatment of patients suffering from sleep and respiratory disorders. He was employed by Respironics beginning in 1988. In March 2008, Respironics was acquired by Royal Philips (NYSE: PHG) (“Philips”), whose businesses included a variety of medical solutions, including medical diagnostic imaging and patient monitoring systems, as well as businesses focused on energy efficient lighting and consumer products. From March 2008 to December 31, 2009, Mr. Bevevino was employed by Philips as Head of Post-Merger Integration – Respironics, as well as in various operating capacities, to help facilitate integration of the combined companies. He is currently an independent consultant providing interim chief financial officer services in the life sciences industry, and he currently serves as a director of one of the private companies for which he provides services. He began his career as a Certified Public Accountant with Ernst & Young. Mr. Bevevino’s license is currently inactive. Mr. Bevevino received a B.S. in Business Administration from Duquesne University and an MBA from the University of Notre Dame.

The Board of Directors has determined that Mr. Bevevino should serve as a director of Artivion because of his expertise in accounting and financial reporting, particularly in the medical device industry.

Marna P. Borgstrom has served as a director of Artivion since June 2018. From 2005 until March 2022, Ms. Borgstrom served as President, Chief Executive Officer, and a board member of Yale New Haven Health System, an integrated health care delivery system with approximately $5.88 billion in annual revenue, 2,681 patient beds, and 29,486 employees. During her tenure with Yale New Haven Health System, Ms. Borgstrom was instrumental in the health system’s growth, which over the last decade included an increase in revenue of 126%, patient beds of 26%, and employees of 60%. Ms. Borgstrom also played a significant role in integrating Yale New Haven Health System into a cohesive operating entity, increasing efficiencies and significantly reducing costs. During the challenging pandemic, Ms. Borgstrom and her team evolved care pathways for COVID-19 patients, such that Yale New Haven Health System was able to keep patients and employees safe and report mortality rates of less than 50% of the national average, despite treating a larger number of, and more medically complex, COVID-19 cases. Additionally, Ms. Borgstrom currently serves on the board of Marion Parke, a privately held company based in Minneapolis, MN. Ms. Borgstrom received her Bachelor of Arts from Stanford University and a Masters in Public Health from Yale University.

The Board of Directors has determined that Ms. Borgstrom should serve as a director of Artivion because of her extensive experience as a senior executive leading a large, complex organization in the healthcare sector, coupled with her knowledge and recognition within the healthcare industry.

James W. Bullock has served as a director of Artivion since October 2016. Mr. Bullock previously served as the President and Chief Executive Officer of Zyga Technology, Inc. (“Zyga Technology”), a privately-held medical device company focused on products that treat conditions of the lumbar spine, until January 2018, when RTI Surgical, Inc. (formerly NASDAQ: RTIX) acquired Zyga Technology. Prior to that, he served for six years as President and Chief Executive Officer of Atritech, Inc. (“Atritech”). Atritech was a privately-held cardiovascular manufacturing company that was acquired by Boston Scientific Corporation (NYSE: BSX). Prior to that, he served for nine years as President and Chief Executive Officer and was a member of the board of directors of Endocardial Solutions, Inc. (NASDAQ: ECSI) (“Endocardial Solutions”), a cardiac-focused medical device company that was acquired by St. Jude Medical, which was itself acquired by Abbott Laboratories (NYSE: ABT). He also served as President and Chief Executive Officer and was a member of the board of directors of Stuart Medical, Inc., and he began his career working in a variety of sales and marketing leadership positions at Baxter International, Inc. (NYSE: BAX) and American Hospital Supply Corporation. Currently, in addition to Artivion’s Board of Directors, Mr. Bullock also serves as Chairman of the board of directors of Stimdia, Inc., a privately-held company that conducts research for the development of medical devices for use in the critical care treatment of ventilator induced diaphragmatic dysfunction. Mr. Bullock also serves as Chairman of the board of directors of Surgical Information Science, Inc. and Intershunt Technologies, Inc., both private health companies. Mr. Bullock received a Bachelor of Science in Public Administration from the University of Arizona.

The Board of Directors has determined that Mr. Bullock should serve as a director of Artivion because of his business acumen and substantial experience in the global medical device industry, particularly in the area of company growth.

Jeffrey H. Burbank has served as a director of Artivion since October 2017. From 2019 until March 2022, Mr. Burbank served as the Chief Technology Officer at Fresenius Medical Care North America, a division of Fresenius Medical Care AG & Co. (NYSE: FMS) (“Fresenius Medical Care”), the world’s largest provider of products and services for individuals with renal diseases. Prior to that, Mr. Burbank served as Chief Executive Officer and a member of the board of directors of NxStage Medical, Inc. (formerly NASDAQ: NXTM) (“NxStage Medical”), a leading medical technology company, positions he held since he founded NxStage Medical in 1998, until Fresenius Medical Care completed its acquisition of NxStage Medical in February 2019. Prior to founding NxStage Medical, Mr. Burbank was a co-founder of Vasca, Inc., a company that provided innovative implantable access devices, where he was the President and Chief Executive Officer, as well as Chairman of the board of directors. Mr. Burbank has over 30 years of senior leadership experience in the medical device industry, developing, marketing, and manufacturing products for end-stage renal disease patients. During his career he has been an inventor on over 50 U.S. patents for medical devices. Mr. Burbank received a Bachelor of Science in Industrial Engineering from Lehigh University.

The Board of Directors has determined that Mr. Burbank should serve as a director of Artivion because of his business acumen and substantial senior leadership experience in the global medical device industry.

J. Patrick Mackin was named President and Chief Executive Officer of Artivion in September 2014. He was appointed to the Artivion Board of Directors in October 2014, and he was appointed Chairman of the Board of Directors in April 2015. Mr. Mackin has more than 30 years of experience in the medical device industry. Prior to joining Artivion, Mr. Mackin served as President of Cardiac Rhythm Disease Management, the then-largest operating division of Medtronic plc (NYSE: MDT) (“Medtronic”), from August 2007 to August 2014. At Medtronic, he previously held the positions of Vice President, Vascular, Western Europe and Vice President and General Manager, Endovascular Business Unit. Prior to joining Medtronic in 2002, Mr. Mackin worked for six years at Genzyme, Inc. (“Genzyme”), serving as Senior Vice President and General Manager for the Cardiovascular Surgery Business Unit and as Director of Sales, Surgical Products Division. Before joining Genzyme, Mr. Mackin spent four years at Deknatel/Snowden-Pencer, Inc. in various roles and three years as a First Lieutenant in the U.S. Army. Mr. Mackin has served as a director of Opsens, Inc. (TSXV: OPS and OTCQX: OPSSF), a fiber optic sensors manufacturer, since 2016. Mr. Mackin served as a director of Wright Medical Group N.V. (NASDAQ: WMGI) (“Wright Medical”), a global medical device company focused on extremities and biologics, from July 2018 until November 2020, when Wright Medical was acquired by Stryker Corporation (NYSE: SYK). Mr. Mackin received an MBA from the Kellogg Graduate School of Management at Northwestern University and is a graduate of the U.S. Military Academy at West Point.

The Board of Directors has determined that Mr. Mackin should serve as a director of Artivion because of his business acumen and substantial senior leadership experience in the global medical device industry. In addition, the Board of Directors believes that it is appropriate and valuable to have the President and Chief Executive Officer of Artivion serve as a member of the Board of Directors.

Jon W. Salveson has served as a director of Artivion since May 2012. Mr. Salveson is the Vice Chairman, Investment Banking and Chairman of the Healthcare Investment Banking Group at Piper Sandler Companies (NYSE: PIPR), formerly Piper Jaffray Companies, a U.S. investment bank and asset management firm (“Piper Jaffray”). Mr. Salveson has served in his present position as Vice Chairman, Investment Banking since July 2010. Mr. Salveson was appointed Global Head of Investment Banking and a member of the Executive Committee of Piper Jaffray in 2004. He joined Piper Jaffray in 1993 as an associate, was elected Managing Director in 1999, and was named Group Head of Piper Jaffray’s international healthcare investment banking group in 2001. Mr. Salveson also serves on the Board of Directors of CHF Solutions, Inc. (NASDAQ: CHFS), an early-stage medical device company. Mr. Salveson recently served on the board of Asklepios Biopharmaceuticals, Inc., a private company specializing in gene therapy technologies, which was acquired by Bayer AG (ETR: BAYN) in 2020. Mr. Salveson received his undergraduate degree from St. Olaf College in 1987 and an M.M.M. in finance from the Kellogg Graduate School of Management at Northwestern University.

The Board of Directors has determined that Mr. Salveson should serve as a director of Artivion because of his extensive experience in the healthcare industry and the medical technology sector, and, particularly, his extensive experience in strategic advisory roles for global healthcare companies in hundreds of transactions.

Anthony B. Semedo has served as a director of Artivion since October 2021. Mr. Semedo has over 40 years of U.S. and international experience in the medical device industry. Until late 2019, Mr. Semedo served as Senior Vice President and President of Japan Operations at Medtronic, where he led multiple business units and functions. Through his tenure at Medtronic from 2002 to 2019, Mr. Semedo held several executive management positions, including Senior Vice President and President of the company’s Aortic, Peripheral, and Venous (APV) Division and Senior Vice President and President of Endovascular Innovations. During his time at Medtronic, Mr. Semedo also served as Vice President of Medtronic’s Japan Cardiovascular Business and as Global Vice President of Vascular Research and Development. Prior to 2002, Mr. Semedo spent time at Alaris Medical Systems, Eli Lilly & Co., and Abbott Laboratories. Mr. Semedo received his Bachelor of Science in Engineering from the University of Massachusetts.

The Board of Directors has determined that Mr. Semedo should serve as a director of Artivion because of his extensive knowledge of and extensive leadership experience in the medical device industry.

Required Vote

Nominees for election as directors will be elected by a plurality of the votes cast by the holders of shares entitled to vote in the election. Since there are eight directorships to be filled, this means that the eight individuals receiving the most votes will be elected. Accordingly, abstentions and broker non-votes will not be relevant to the outcome.

The Board of Directors’ Recommendation

THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE “FOR” EACH OF
THE EIGHT NOMINEES FOR DIRECTOR LISTED IN THIS PROPOSAL ONE.

CORPORATE GOVERNANCE AND BOARD OF DIRECTORS MATTERS

Our Board of Directors believes that the purpose of corporate governance is to serve the interests of the Company and the Company’s stockholders in a manner that is consistent with the Board of Directors’ fiduciary duties and the Company’s mission and core values. The Board of Directors has adopted and adheres to corporate governance practices that the Board of Directors and senior management believe promote this purpose, are sound, and represent best practices. The Board of Directors reviews these practices on an ongoing basis and revises them as appropriate.

Director Independence

In connection with its annual review in March 2022, and based on the information available to it, the Board of Directors determined that none of Ms. Borgstrom or Messrs. Ackerman, Bevevino, Bullock, Burbank, Morgan, Salveson, or Semedo has or had a material relationship with Artivion, and that each qualified as an independent director under NYSE Listing Standards.

In addition to qualifying as “independent” within the meaning of Section 303A.02 of the NYSE Listing Company Standards, each member of the Compensation Committee must be a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act. In determining the independence of any director who will serve on the Compensation Committee, the Board of Directors will consider all factors relevant to determining whether such director has a relationship with the Company that is material to the director’s ability to be independent from management in connection with the duties of a Compensation Committee member, including, but not limited to (i) the source of compensation of such director, including any consulting, advisory, or other compensatory fee paid by the Company to the director and (ii) whether such director is affiliated with the Company, one of its subsidiaries, or an affiliate of one of its subsidiaries.

In addition to qualifying as “independent” within the meaning of Section 303A.02 of the NYSE Listing Standards, each member of the Audit Committee must also meet the criteria of Section 303A.06 and Rule 10A-3 promulgated under the Exchange Act.

Ms. Borgstrom served as the Chief Executive Officer of Yale New Haven Health from 2005 until her retirement in March 2022. Prior to 2005, Ms. Borgstrom held various senior leadership positions at Yale New Haven Health. In 2021, Yale New Haven Health paid Artivion $222,286 for On-X products, PhotoFix, and BioGlue, and we expect this relationship to continue. These purchases were made on an arm’s-length basis. The Board of Directors has considered these transactions and relationship and determined that Ms. Borgstrom’s relationship with Yale New Haven Health is not material to her independence as a director of Artivion and that Yale New Haven Health’s purchase of Artivion products does not impair Ms. Borgstrom’s independence as a director of Artivion.

The Board of Directors’ Right to Retain Advisors

The Board of Directors has authorized the committees of the Board of Directors to retain their own advisors, such as auditors, compensation consultants, search firms, legal counsel, and others, to the extent the committees deem it appropriate.

The Board of Directors’ Leadership Structure

Mr. Mackin, the President and Chief Executive Officer of Artivion, serves as Chairman of the Board of Directors. The Board of Directors believes that this structure promotes fluid communication and coordination between the Board of Directors and management. The Board of Directors also believes that Mr. Mackin is well-suited to fill both his management and Board of Directors roles and that the Board of Directors benefits from his serving in these dual roles.

In order to foster the Board of Directors’ independence from management, the leadership structure of the Board of Directors also includes a Lead Director, a position held by an independent director. Mr. Burbank assumed the role of Lead Director in March 2021. The Lead Director has frequent contact with Mr. Mackin and other members of management on a broad range of matters and has additional corporate governance responsibilities for the Board of Directors. The Lead Director also serves as liaison between Mr. Mackin and the independent directors, approves meeting agendas and schedules to insure there is sufficient time for discussion of all agenda items, approves certain information sent to the Board of Directors, and has the authority to call meetings of the independent directors. Stockholders can seek to directly consult with independent directors.

The Board of Directors’ Role in Risk Oversight

The Board of Directors has an active role, as a whole and also at the committee level, in overseeing the management of our risks. Management is primarily responsible for risk management, and management reports directly to the committees and the Board of Directors with respect to risk management. The Board of Directors is responsible for general oversight of risks and regular review of information regarding our risks, including credit, information security, liquidity, Environmental, Social, and Governance (“ESG”), human capital, and operational. In its risk-oversight role, the Board of Directors periodically reviews the Company’s strategic plan, as well as an assessment of potential material risks facing the Company.

In particular, the Compensation Committee is responsible for ensuring that our compensation policies and practices do not incent excessive or inappropriate risk-taking by employees or non-employee directors. It also has oversight of Human Capital Management and culture. The Audit Committee, in coordination with Ernst & Young, our independent registered public accounting firm, is primarily responsible for oversight of our internal controls, operation of our internal audit, risk assessment, and risk management, including information security oversight, and various financial and compliance functions. The Audit Committee’s information security oversight role includes responsibility for overseeing the Company’s global information security and information technology risks, controls, and procedures and utilizing independent cyber-security auditors to support that function where appropriate. More detail regarding the Audit Committee’s oversight of information security is located in the Report of the Audit Committee at page 21. The Corporate Governance Committee monitors risk by ensuring that proper corporate governance standards are maintained, that the Board of Directors is comprised of qualified directors, and that senior management is comprised of qualified executive officers. The Compliance Committee is primarily responsible for oversight of our healthcare compliance function, including our compliance with quality systems and regulatory assurance laws and regulations, as well as our compliance with other healthcare compliance laws and regulations. Together with the Audit Committee, the Compliance Committee also exercises oversight of Enterprise Risk Management and our compliance with certain laws and regulations, such as the European Union General Data Protection Regulation (“GDPR”) and the United States Foreign Corrupt Practices Act (“FCPA”), and such policies as our Code of Conduct.

Board of Directors and Committee Meetings, Annual Meeting of Stockholders, and Attendance

During 2021, each director attended, either in person or virtually, at least 75% of the meetings of the Board of Directors and the committees of the Board of Directors on which the director served. In general, members of the Board of Directors become members of committees immediately following the Annual Meeting of Stockholders.

The Board of Directors held 13 meetings during 2021. All of the then-current members of the Board of Directors attended the 2021 Annual Meeting of Stockholders, which was held virtually due to the COVID-19 pandemic. The Company does not have a policy requiring directors to attend the annual meeting, but it encourages such attendance.

Standing Committees of the Board of Directors; Committee Assignments

During 2021, the Board of Directors had four standing committees: the Audit Committee; the Compensation Committee; the Corporate Governance Committee; and the Compliance Committee. During 2021, the Audit Committee met 10 times, the Compensation Committee met 10 times, the Corporate Governance Committee met eight times, the Compliance Committee met four times, the Compensation Committee and the Corporate Governance Committee met jointly one time, and the Audit Committee and the Compliance Committee met jointly one time. There also was a special committee of the Board of Directors that met once in 2021 to consider certain amendments to Artivion’s Credit Facility.

The four standing committees are described below, and the following table lists the members of each of the standing committees as of the date of this Proxy Statement.

Audit Committee — The Audit Committee operates under a written charter that sets out the committee’s functions and responsibilities. The Audit Committee currently consists of three non-employee directors: Mr. Ackerman, Chair, Mr. Bevevino, and Mr. Morgan, each of whom served on the Audit Committee for all of 2021. Mr. Morgan served as Chair until Mr. Ackerman was appointed Chair in March 2021. Each of the members of the Audit Committee meets the independence requirements of Section 303A.02 of the current NYSE Listing Standards and also meets the criteria of Section 303A.06, as set forth in Rule 10A-3 promulgated under the Exchange Act, regarding listing standards related to audit committees. No member of the Audit Committee serves on the audit committee of more than three public companies. In addition, the Board of Directors has determined that all of the current members of the Audit Committee satisfy the definition of an “audit committee financial expert,” as promulgated by the SEC.

The Audit Committee charter gives the Audit Committee the authority and responsibility for the appointment, retention, compensation, and oversight of Artivion’s independent registered public accounting firm, including pre-approval of all audit and non-audit services to be performed by Artivion’s independent registered public accounting firm. The Audit Committee also oversees, and must review and approve, all significant related-party transactions. See Policies and Procedures for Review, Approval, or Ratification of Transactions with Related Parties beginning on page 17; see also the Report of the Audit Committee on page 21.

The Audit Committee:

•Reviews the general scope of Artivion’s annual audit and the nature of services to be performed for Artivion in connection with it, acting as liaison between the Board of Directors and the independent registered public accounting firm;

•Reviews various Company policies, including those relating to accounting practices and internal control and information security systems of Artivion;

•Reviews and monitors the performance of Artivion’s independent registered public accounting firm, and is responsible for engaging or discharging Artivion’s independent registered public accounting firm and for assisting the Board of Directors in its oversight of risk management and legal and financial regulatory requirements; and

•Has the authority, pursuant to its charter, to delegate any of its decisions to a sub-committee of the Audit Committee consisting of two committee members, provided that a full report of any action taken is promptly made to the full Audit Committee.

Compensation Committee — The Compensation Committee operates under a written charter that sets out the committee’s functions and responsibilities. The Compensation Committee currently consists of three non-employee directors: Mr. Bevevino, Chair, Mr. Ackerman, and Mr. Burbank. Mr. Bevevino and Mr. Ackerman served on the Compensation Committee for all of 2021. Mr. Burbank began serving on the Compensation Committee in September 2021. Mr. McCall served on the Compensation Committee until his death in September 2021. Each member of the Compensation Committee meets the independence requirements of Sections 303A.02(a)(i) and (ii) of the current NYSE Listing Standards and is a non-employee director within the meaning of Rule 16b-3 under the Exchange Act.

The Compensation Committee:

•Reviews the performance of executive officers, including the Chief Executive Officer, and approves their annual compensation;

•Oversees the issuance of stock options, restricted stock awards, restricted stock units, performance stock units, and other stock rights and cash incentives under Artivion’s stock and incentive plans;

•Approves, in conjunction with the Corporate Governance Committee and Board of Directors, severance arrangements for executive officers;

•Reviews, approves, and certifies the performance metrics upon which a portion of the compensation of Artivion’s Chief Executive Officer and other executive officers is based;

•Annually reviews, together with the Corporate Governance Committee, the Chief Executive Officer’s objectives and performance, recommends changes thereto, and together with the Corporate Governance Committee, sets the Chief Executive Officer’s compensation package; and

•Oversees certain aspects of the Company’s ESG risks, including human capital management.

See Compensation Discussion and Analysis on page 24 for information concerning the Compensation Committee’s role, processes, and activities in overseeing executive compensation.

Pursuant to its charter, the Compensation Committee has the authority to delegate any of its decisions to a sub-committee of the Compensation Committee consisting of two committee members, provided that a full report of any action taken is promptly made to the full Compensation Committee.

The Compensation Committee has the power to retain, determine the terms of engagement and compensation of, and terminate any consultant that advises the Compensation Committee.

Corporate Governance Committee — The Corporate Governance Committee operates under a written charter that sets out the committee’s functions and responsibilities. The Corporate Governance Committee currently consists of three non-employee directors: Mr. Burbank, Chair, Mr. Bullock, and Mr. Salveson, each of whom served on the Corporate Governance Committee for all of 2021. Mr. Burbank was appointed as Chair in March 2021. Mr. McCall served on the Corporate Governance Committee until his death in September 2021. Each of these individuals meets the independence requirements of Section 303A.02 of the current NYSE Listing Standards.

The Corporate Governance Committee:

•Recommends potential candidates for the Board of Directors;

•Oversees the annual self-evaluations of the Board of Directors, its committees, and individual directors;

•Approves individuals for appointment as executive officers;

•Oversees succession planning for the Board of Directors and executive officers, including the Chief Executive Officer;

•Evaluates each year, together with the Compensation Committee, the performance of Artivion’s Chief Executive Officer and sets the Chief Executive Officer’s compensation;

•Recommends to the Board of Directors how the other committees of the Board of Directors should be structured, which non-employee directors should be members of those committees, and which non-employee director should chair those committees; and

•Reviews and makes recommendations to the Board of Directors regarding the development of, and compliance with, the Company’s corporate governance guidelines, ESG risk-mitigation efforts, and other governance policies, procedures, and practices.

Compliance Committee — The Compliance Committee operates under a written charter that sets out the committee’s functions and responsibilities. The Compliance Committee currently consists of five non-employee directors: Mr. Salveson,

Chair, Ms. Borgstrom, Mr. Bullock, Mr. Morgan, and Mr. Semedo. Ms. Borgstrom and Messrs. Salveson, Bullock, and Morgan each served on the Compliance Committee for all of 2021. Mr. Semedo began serving on the Compliance Committee in October 2021. Each of these individuals meets the independence requirements of Section 303A.02 of the current NYSE Listing Standards. The charter of the Compliance Committee requires that a majority of its members be independent.

The Compliance Committee:

•Assists the Company in its oversight of Artivion’s compliance with healthcare laws and regulations, including regulations and laws related to regulatory affairs and quality assurance, and general healthcare compliance such as the Anti-Kickback Statute;

•Receives periodic reports from the Company’s senior management regarding quality and regulatory compliance;

•Provides input into certain regulatory affairs and quality assurance and healthcare compliance policies; and

•Assists, jointly with the Audit Committee, in the oversight of the Company’s enterprise risk assessment and compliance with certain policies and procedures such as the Company’s Code of Conduct and our policies with respect to GDPR and the FCPA.

PROCEDURES FOR STOCKHOLDERS WHO WISH TO SUBMIT RECOMMENDATIONS TO THE BOARD OF DIRECTORS

Stockholders may recommend potential candidates for director to the Corporate Governance Committee. The policy of the Corporate Governance Committee is to give the same consideration to nominees recommended by stockholders that it gives to individuals whose names are submitted by management or non-employee directors, provided such recommendations from stockholders are made in accordance with procedures described in this Proxy Statement under the FAQ “What is the deadline for submitting proposals for consideration at next year’s Annual Meeting of Stockholders or to nominate individuals to serve as directors?” When reviewing a potential candidate, the Corporate Governance Committee considers, among other things, demonstrated character, judgment, relevant business, functional, and industry experience, degree of intellectual and business acumen, and, when contemplating overall board diversity, ethnicity, race, and gender. The Board of Directors and the Corporate Governance Committee believe it is important that the members of the Board of Directors represent diverse backgrounds and viewpoints. The Corporate Governance Committee’s process for identifying and evaluating nominees typically involves consideration of external candidates, including self-nominees, upon a vacancy or at a meeting held in the first quarter of the year, and where appropriate, internal discussions, review of information concerning candidates, and interviews of selected candidates. From time to time, the Corporate Governance Committee has also engaged one or more executive search consulting firms to assist in the identification and recruitment of potential director candidates.

The Corporate Governance Committee has not received any recommended director nominees for election at the 2022 Annual Meeting from any Artivion stockholder or group of stockholders beneficially owning in excess of 5% of Artivion’s outstanding common stock. Stockholders may communicate with the Corporate Governance Committee or the Board of Directors by following the procedures set forth below at Communication with the Board of Directors and its Committees on page 18.

The current Board of Directors’ policy requires each director to offer to voluntarily resign upon a change in such director’s principal employment or line of business. The Corporate Governance Committee will then review whether such director continues to meet the needs of the Board of Directors and whether to make a recommendation to the Board of Directors that it should accept the director’s offer to resign.

The current Board of Directors’ policy also limits the number of other public company boards on which Artivion directors may serve. Non-employee directors may serve on no more than three public company boards in addition to service on the Company’s Board of Directors, and the Chief Executive Officer’s service on the board of any other organization is restricted by his employment agreement with the Company and is subject to prior approval by the Board of Directors.

In March 2021, the Board of Directors adopted a policy requiring that Artivion directors not stand for reelection at the first annual meeting after they reach the age of 75 years, absent a waiver from the Board of Directors. The Board, however, found it in the best interest of the Company to retain Mr. Morgan’s institutional knowledge during 2021 and during the transition of leadership on two of the four standing Committees. Mr. Morgan intends to retire from the Board of Directors immediately prior to the commencement of the 2022 Annual Meeting, which has already been publicly disclosed.

ARTIVION’S CODE OF CONDUCT

Artivion has established a Code of Conduct that: clarifies the Company’s standards of conduct, including in potentially challenging situations; makes clear that Artivion expects all employees, executive officers, and non-employee directors to abide by applicable legal and regulatory requirements and to understand and appreciate the ethical considerations of their decisions; and reaffirms the Company’s long-standing commitment to a culture of corporate and individual accountability and responsibility for the highest ethical and business practices.

In addition to the Code of Conduct, the Company’s Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, Controller, Assistant Controller, and all other senior financial officers are also subject to the Company’s Code of Ethics for Senior Financial Officers. In the event that Artivion amends or waives any of the provisions of the Code of Conduct or Code of Ethics for Senior Financial Officers applicable to its Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, Controller, or Assistant Controller, the Company will disclose that information on the Company’s website at https://investors.artivion.com/corporate-governance/cryolifes-code-conduct.

CORPORATE RESPONSIBILITY

In March 2022, Artivion published its inaugural Corporate Responsibility Report, which highlights the Company’s ESG initiatives. The Corporate Responsibility Report details several of Artivion’s ESG efforts, including, but not limited to: (1) environmental initiatives to drive sustainability and limit Artivion’s carbon footprint, including a disclosure relative to the Task Force on Climate-Related Financial Disclosures; (2) diversity, equity, and inclusion initiatives to create a welcoming and empowering workplace for every member of the global team as they strive to fulfill Artivion’s mission to make leading-edge aortic technologies available to patients around the world; and (3) Board of Directors level initiatives to enhance Board-and-workforce diversity, Board refreshment, and Board or Board committee oversight of some of the Company’s ESG initiatives, including human capital management. The Corporate Responsibility Report is available on the Company’s website at https://investors.artivion.com/corporate-responsibility-report-esg.

POLICIES AND PROCEDURES FOR REVIEW, APPROVAL, OR RATIFICATION OF TRANSACTIONS WITH RELATED PARTIES

The Board of Directors has adopted policies and procedures for review, approval, or ratification of transactions with related parties.

Types of Transactions Covered

It is our policy to enter into or ratify related party transactions only when the Board of Directors, acting through the Audit Committee or as otherwise in-line with the Company’s policies described herein, determines that the related party transaction in question is in, or is not inconsistent with, the best interests of Artivion and its stockholders. We follow the policies and procedures below for any transaction in which we are, or are to be, a participant and the annual amount involved exceeds $50,000 and in which any related party, as defined below, had, has, or will have a direct or indirect interest. Pursuant to the policy, compensatory arrangements with an executive officer or non-employee director that are approved or ratified by the Compensation Committee or compensation received under our employee benefit plans that are available to all employees do not require additional Audit Committee approval.

The Company subjects the following related parties to these policies: non-employee directors (and nominees); executive officers; beneficial owners of more than 5% of our stock; any immediate family members of these persons; and any entity in which any of these persons is employed, or is a general partner or principal, or has a similar position, or in which the person has a 10% or greater beneficial ownership interest.

Standards Applied and Persons Responsible for Approving Related Party Transactions

The Corporate Secretary is responsible for submitting to the Audit Committee for its advance review and approval any related party transaction, other than ongoing transactions, into which we propose to enter. If the Corporate Secretary determines that it is not practicable or desirable to wait until the next regularly scheduled Audit Committee meeting, the

Corporate Secretary will submit the related party transaction for approval or ratification to the Chair of the Audit Committee, who possesses delegated authority to act between Audit Committee meetings. The Chair will report any action the Chair takes under this delegated authority to the Audit Committee at its next regularly scheduled meeting and seek ratification of such approval. If any related party transaction occurs before the Audit Committee has approved it, the Corporate Secretary will submit the transaction to the Audit Committee for ratification as soon as reasonably practicable. If the Audit Committee does not ratify the transaction, the Audit Committee will direct management as to what action it proposes management take regarding the transaction.

When considering a related party transaction, the Audit Committee will examine all factors it deems relevant. The Audit Committee, or the Chair, will approve only those transactions that they have determined in good faith are in the best interests of Artivion and its stockholders.

The Corporate Secretary may delegate her duties under the policy to another officer of Artivion if the Corporate Secretary gives notice of the delegation to the Audit Committee at a regularly scheduled Audit Committee meeting.

Review of Ongoing Transactions

At a meeting of the Audit Committee in the first quarter of each fiscal year, the Audit Committee reviews all related party transactions that are ongoing and have a remaining term of more than six months or remaining amounts payable to or receivable from Artivion of more than $50,000 annually. Based on all relevant facts and circumstances, the Audit Committee will determine whether it is in, or not inconsistent with, the best interests of Artivion and its stockholders to continue, modify, or terminate the ongoing related party transaction. Review of ongoing related party transactions is located at Director Independence beginning on page 12.

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

None of our executive officers currently serve, or served during fiscal 2021, as a member of the compensation committee of any other company that has or had an executive officer serving as a member of our Board of Directors. None of our executive officers currently serve, or served during fiscal 2021, as a member of the board of directors of any other company that has or had an executive officer serving as a member of our Compensation Committee.

COMMUNICATION WITH THE BOARD OF DIRECTORS AND ITS COMMITTEES

Interested parties may communicate with the Board of Directors, the Lead Director, the non-employee directors as a group, committee chairs, committees, and individual directors by directing communications to the Corporate Secretary, who will forward them as appropriate, unless they clearly constitute unsolicited general advertising or inappropriate material. Please send all communications in care of Jean F. Holloway, General Counsel and Corporate Secretary, Artivion, Inc., 1655 Roberts Boulevard, NW, Kennesaw, Georgia 30144.

AVAILABILITY OF CORPORATE GOVERNANCE DOCUMENTS

You may view current copies of the charters of the Audit, Compensation, Corporate Governance, and Compliance Committees, as well as the Company’s Code of Conduct and Corporate Governance Guidelines, on Artivion’s website at https://investors.artivion.com/corporate-governance/governance-highlights.

Notwithstanding anything to the contrary set forth in any of Artivion’s filings under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act that might incorporate other Artivion filings, including this Proxy Statement, in whole or in part, neither of the Reports of the Audit Committee and the Compensation Committee, set forth below, shall be incorporated by reference into any such filings.

DIRECTOR COMPENSATION

Elements of Non-Employee Director Compensation

Restricted Stock Grants

A portion of the non-employee directors’ annual compensation is issued as restricted stock. The shares of restricted stock are issued each year generally following the Annual Meeting of Stockholders. With respect to 2021 grants, the Compensation and Corporate Governance Committees recommended, and the Board of Directors approved, a grant date value of $130,000 per non-employee director, and in June 2021, the Company granted 4,423 shares of restricted stock to each of the non-employee directors serving at the time of grant, which will vest on June 1, 2022.¹ With respect to Mr. Semedo, the Compensation and Corporate Governance Committees recommended, and the Board of Directors approved, a prorated grant value of approximately $86,661 based on his time served as a non-employee director in 2021, and in November 2021, the Company granted 4,992 shares to Mr. Semedo, which will vest on November 29, 2022. The amount and terms of the grants are subject to periodic re-evaluation jointly by the Compensation and Corporate Governance Committees. All equity grants to non-employee directors in 2021 were made pursuant to the Artivion, Inc. 2020 Equity and Cash Incentive Plan (the “2020 ECIP”). A non-employee director will forfeit any unvested portion of the award if s/he ceases to serve as a director, except under certain circumstances as described within the 2020 ECIP.

Board of Directors’ Retainer and Committee Chair and Membership Fees

Absent exceptional circumstances, every other year, the Compensation and Corporate Governance Committees each consider whether to adjust non-employee director compensation and recommend those adjustments, if any, to the Board of Directors.

Each of the non-employee directors of Artivion receives an annual cash retainer for service on the Board of Directors, service on committees of the Board of Directors, service as Chair of a committee of the Board of Directors, and service as Lead Director, as applicable and as noted in the table below. Artivion pays all cash retainers on a prorated monthly basis.

The following changes to non-employee director compensation went into effect as of November 1, 2021: (1) payment of the Chair retainer to the Chair of the Corporate Governance Committee Chair even if that same person also serves as the Lead Director; (2) an increase in the Lead Director retainer to reflect a change in the position from Presiding Director to Lead Director and increased responsibilities associated with the Lead Director role; and (3) an increase in the retainer paid to the Compensation Committee Chair to reflect his increased workload over the past year, which is expected to continue into the future. The Compensation and Corporate Governance Committees recommended, and the Board of Directors approved, each of these changes upon the recommendation of the Compensation Committee’s independent compensation consultant, Willis Towers Watson & Co. (“Willis Towers Watson”), and based on available benchmarking analysis provided by that consultant and other information provided by management.

1 In September 2021, upon Mr. McCall’s death, and in view of his more-than-30 years of service on the Company’s Board of Directors (15 as the Presiding Director), including his service during 2021, the Compensation Committee approved the full accelerated vesting of Mr. McCall’s restricted stock awards that remained unvested at the time of his death.

Fiscal 2021 Director Compensation

The following table provides compensation information for the one-year period ended December 31, 2021, for each person who was a member of our Board of Directors in 2021, other than J. Patrick Mackin.

Mr. McCall died in September 2021. While he only served a portion of the year, the Compensation Committee, upon the recommendation of management and as permitted under the 2020 ECIP, accelerated the vesting of Mr. McCall’s 2021 annual equity grant in light of his more-than-30 years of service on the Company’s Board of Directors (15 as Presiding Director) and his role in both founding the Company and in its initial public offering.

J. Patrick Mackin, Chairman, President, and Chief Executive Officer received no compensation in 2021 for his services as a director of the Company. His compensation as an executive officer of the Company is detailed in the Summary Compensation Table on page 43.

Director Stock Ownership Requirement

In November 2015, the Compensation and Corporate Governance Committees approved a change to the non-employee director stock ownership requirement to five times the then-current annual board service retainer for non-employee directors. The Board of Directors reevaluates this stock ownership requirement typically on a biennial basis and did so recently in November 2021, concluding at that time, based on information provided by Willis Towers Watson and management, that these requirements remained appropriate. All non-employee directors currently satisfy this standard.

REPORT OF THE AUDIT COMMITTEE

The Board of Directors maintains an Audit Committee of at least three non-employee directors. The Board of Directors and the Audit Committee believe that the Audit Committee’s current member composition satisfies the rules of the NYSE that govern audit committee composition, including the requirement that all audit committee members be “Independent Directors” as that term is defined by Sections 303A.02 and 303A.06 of the NYSE Listing Standards and Rule 10A-3 promulgated under the Exchange Act.

The Audit Committee oversees Artivion’s financial processes and the Company’s information security preparedness on behalf of the Board of Directors. Management has the primary responsibility for the financial statements and the reporting process, including the systems of internal controls. In fulfilling its oversight responsibilities, the Audit Committee reviewed the audited financial statements included in Artivion’s Annual Report on Form 10-K for fiscal 2021 and discussed them with management, including a discussion of the quality, not just the acceptability, of the accounting principles, the reasonableness of significant judgments, and the clarity of disclosures in the financial statements. The Board of Directors and the Audit Committee have adopted a written Audit Committee Charter. Since the first quarter of 2004, Artivion has retained a separate accounting firm to provide internal audit services. The internal audit function reports directly to the Audit Committee and, for administrative purposes, to the Chief Financial Officer.

During fiscal 2021, management completed the documentation, testing, and evaluation of Artivion’s system of internal controls over financial reporting and the associated information security preparedness in response to the requirements set forth in Section 404 of the Sarbanes-Oxley Act of 2002 and related regulations. The Audit Committee was kept informed of the progress of the evaluation and provided oversight and advice to management during the process. In connection with this oversight, the Audit Committee received periodic updates provided by management and Ernst & Young, Artivion’s independent registered public accounting firm, at each regularly scheduled Audit Committee meeting. The Audit Committee also reviewed the report of management on internal controls over financial reporting contained in Artivion’s Annual Report on Form 10-K for fiscal 2021, as well as Ernst & Young’s Reports of Independent Registered Public Accounting Firm included in Artivion’s Annual Report on Form 10-K for fiscal 2021 related to its audit of (i) Artivion’s consolidated financial statements and (ii) the effectiveness of Artivion’s internal controls over financial reporting. The Audit Committee continues to oversee Artivion’s efforts related to Artivion’s internal controls over financial reporting and management’s preparations for the evaluation thereof for fiscal 2021.

The Audit Committee reviewed with Ernst & Young, who is responsible for expressing an opinion on the conformity of those audited financial statements with generally accepted accounting principles, their judgments as to the quality, not just the acceptability, of Artivion’s accounting principles and such other matters as are required to be discussed with the Audit Committee under generally accepted auditing standards and applicable rules and regulations. Ernst & Young also provided to the Audit Committee the written disclosures and the letter required by the applicable requirements of the Public Company Accounting Oversight Board regarding Ernst & Young’s communications with the Audit Committee concerning independence. The Audit Committee discussed with Ernst & Young and management the firm’s independence from management and Artivion.

The Audit Committee discussed with Ernst & Young the overall scope and plans for its audit. The Audit Committee met with Ernst & Young, with and without management present, to discuss the results of its examination, its evaluation of Artivion’s internal controls, and the overall quality of Artivion’s financial reporting.

In connection with its review of Artivion’s accounting and financial controls, on a quarterly basis, the Audit Committee discusses with management the adequacy of Artivion’s information security preparedness and the types of information technology risks, controls, and procedures and any related issues that could affect the adequacy of Artivion’s internal controls or general operations, including as they relate to information security. Assessments of Artivion’s information security program, including evaluations about its policies, procedures, infrastructure, access control, and change management, were performed by the independent external auditing firms Ernst & Young, Hancock Askew & Co., LLP, and RWT Crowe GmbH.

In reliance on the reviews and discussions referred to above, the Audit Committee members did not become aware of any material misstatement in the audited financial statements and recommended to the Board of Directors that the audited financial statements be included in Artivion’s Annual Report on Form 10-K for the year ended December 31, 2021, for filing with the SEC. The Audit Committee has approved Ernst & Young as Artivion’s independent registered public accounting firm for fiscal 2022.

Audit Committee

THOMAS F. ACKERMAN, CHAIR

HARVEY MORGAN

DANIEL J. BEVEVINO

The foregoing Audit Committee report is not “soliciting material,” is not deemed “filed” with the SEC and shall not be deemed incorporated by reference by any general statement incorporating by reference to this Proxy Statement into any filing of the Company’s under the Securities Act or the Exchange Act, except to the extent the Company specifically incorporates this report by reference.

PROPOSAL TWO – ADVISORY VOTE ON EXECUTIVE OFFICER COMPENSATION

Artivion seeks a non-binding vote from its stockholders to approve the compensation paid to our Named Executive Officers, as disclosed in this Proxy Statement pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables, and narrative discussion. This vote is commonly referred to as a “Say on Pay” vote because it gives stockholders an opportunity to express their approval or disapproval of the Company’s executive officer pay practices.

As discussed in detail in the Compensation Discussion and Analysis that follows, our executive officer compensation programs are designed to attract, retain, motivate, and reward executive officer talent that is able to, and appropriately incented to, deliver on Artivion’s short and long-term growth, on other strategic objectives, and on Artivion’s commitments to its stockholders, in particular, long-term value creation. We believe that the form and amount of compensation we provide to our current Named Executive Officers appropriately reflects their extensive management experience, continued high performance, and exceptional service to Artivion and our stockholders.

During 2021, the COVID-19 pandemic continued to have an impact on the Company’s business and employees, and agile, resilient, and effective leadership from management was necessary to reduce the effects of the pandemic. The Compensation Committee considered throughout the year how to incent such leadership and retain key leaders in light of an increasingly intense war for talent, while acknowledging the potential adverse impact of the pandemic on the Company’s performance against the financial metrics selected in 2021 for performance-based compensation. To facilitate stockholders’ review of the executive officer compensation program, we are providing details regarding the program and the performance and payouts related thereto.

We invite you to consider the details of our executive officer compensation program as disclosed more fully throughout this Proxy Statement. Regardless of the outcome of this “Say on Pay” vote, Artivion welcomes input from its stockholders regarding executive officer compensation and other matters generally related to the Company’s success. We believe in a corporate governance structure that is responsive to stockholder concerns. We view this vote as a meaningful opportunity to gauge stockholder approval of our executive officer compensation policies. Given the information provided in this Proxy Statement, the Board of Directors asks you to approve the following advisory resolution:

“Resolved, that Artivion’s stockholders approve, on an advisory basis, the compensation paid to Artivion’s Named Executive Officers, as disclosed in this Proxy Statement.”

Required Vote

The votes cast for this proposal must exceed the votes cast against it in order for it to be approved. Accordingly, abstentions and broker non-votes will not be relevant to the outcome. As previously disclosed and approved by the stockholders, the Board of Directors currently submits a Say on Pay proposal annually. The annual frequency of this disclosure and approval was the subject of a vote of the stockholders at the Company’s 2017 Annual Meeting and was supported by more than 77% of stockholders who voted. Frequency of “Say on Pay” votes will be up for consideration again by the stockholders at the Company’s 2023 Annual Meeting.

The Board of Directors’ Recommendation

THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE “FOR”
THE APPROVAL OF THE COMPENSATION PAID TO ARTIVION’S NAMED EXECUTIVE OFFICERS.

COMPENSATION DISCUSSION AND ANALYSIS

This Compensation Discussion and Analysis describes the principles, objectives, and features of our executive compensation program as applied to our chief executive officer and the other named executive officers included in the Summary Compensation Table of this Proxy Statement (collectively, our “Named Executive Officers” or “NEOs”). For 2021, our NEOs were:

Executive Summary

The Compensation Committee (referred to in this section as the “Committee”) generally considers and approves executive officer compensation each year at a meeting held in the first quarter of the fiscal year. These compensation decisions take into account a variety of information and analyses, including, but not limited to, alignment of compensation vehicles with the Committee’s Compensation Philosophy, prior-year Company and individual executive officer performance (including the Company’s share price), current-year performance expectations and key business objectives, any changes in roles and responsibilities of executives, the external environment for talent, and competitive market data and market trends from various sources, including from the Committee’s independent compensation consultant and management.

2020 Say on Pay Vote and 2021 Program Decisions

At Artivion’s Annual Meeting of Stockholders on May 19, 2021, 96% of the stockholder votes cast were in favor of our NEOs’ 2020 compensation. This advisory vote indicated strong stockholder support for our executive officer compensation program, including our NEO compensation.

The Committee considered these 2020 advisory vote results as it evaluated its compensation policies and made compensation decisions subsequent to the 2021 Annual Meeting. Based in part on this consideration, together with individual executive officer performance, retention considerations, and the Company’s actual and expected performance as of February 2021, including its share price, as well as competitive market data and recommendations from various sources, including from the Committee’s independent compensation consultant and by management, during February 2021, the Committee considered modifications to the Company’s 2021 executive officer compensation programs as explained in more detail below.

During much of 2021, the COVID-19 pandemic, including related hospital-staffing shortages and supply-chain challenges (collectively, the “impact of COVID-19”) continued to have an adverse impact on the Company’s operations and its financial results. The uncertainty about both the duration and severity of the pandemic also made it more challenging to select metrics and establish financial goals for the Company’s incentive programs. Therefore, in designing its compensation program, the Committee considered how to account for the impact of COVID-19 during 2021 and any period in 2021 in which it was anticipated that there may be little-to-no impact from COVID-19. The Committee further considered how to set performance metrics and targets to continue to incent the highest levels of performance from management during a critical time, deliver on stockholder value creation during a prolonged period of uncertainty, and also retain members of management it deemed key to the continued financial and operational success of the Company. The following is a summary of the Committee’s significant considerations and decisions made regarding NEO compensation for 2021:

•NEOs, except for Mr. Stanton who did not join Artivion until March 2021, received 2021 base salary increases of 3%, based on considerations such as personal performance, Company performance, and market positioning;

•The Committee maintained the same percent-of-salary targets for 2021 cash bonuses that it used in 2020 to reflect Company performance and market positioning, at the following percentages of base salary: Mr. Mackin at 100%; Mr. Lee at 60%; and Ms. Holloway and Messrs. Davis and Stanton at 50%, with Mr. Stanton’s target bonus being prorated based on his period of employment in 2021;

•The Committee adopted the same metrics for both the annual cash bonus and annual performance share plans, concluding, with input from its advisors and management, that it was appropriate to do so because these metrics were believed to be the most significant drivers of Company performance and stockholder value creation in 2021. The payout for the cash bonus was capped at 200% overall of target, inclusive of any adjustments for a personal performance modifier, and the performance share plan was capped at 150% with no modifier for personal performance;

•The Committee decided to maintain in 2021 the same types of annual equity vehicles (stock options, restricted stock awards, and performance stock units (“PSU”)) for officer annual long-term incentive awards that it had used in 2020 and prior years, as well as an equal allocation among the equity vehicles based on estimated grant date fair value;

•The Committee slightly increased the target annual equity value from 2020 to 2021 for all NEOs both as a reward for exceptional individual performance during the pandemic year of 2020, and to bring annual equity targets more in-line with market medians for such officers, which have increased over the past several years. The target equity values for NEOs annual equity in 2021 were as follows: Mr. Mackin’s was $2,474,404; Mr. Lee’s was $555,000; Ms. Holloway’s was $485,000; and Mr. Davis’s was $450,000. As a reward for exceptional personal performance in 2020, Mr. Lee and Ms. Holloway received an increase of 5% above their 2021 target equity value, resulting in 2021 adjusted target equity values of $582,750 and $509,250, respectively;

•In the first quarter of 2021, due to the continued impact of COVID-19, the Committee adopted a framework for the cash bonus and performance stock plans that included both entire-year non-financial metrics weighted at a minimum of 50%, and a constant currency revenue growth financial metric based on a period in 2021 over the same period in 2019 (presumed to be a non-COVID period), with a presumed target payout at 9% growth. In July 2021, the Committee believed, based on then-available data, that the impact of COVID-19 on the Company’s business had sufficiently subsided to the point that revenue growth in-line with the Company’s strategic goals was achievable for the second half of 2021. The Committee therefore decided to finalize at that time the metrics for both the 2021 cash and performance stock plans as follows: (a) non-financial performance in key strategic areas, weighted at 50%; and (b) a financial metric, also weighted at 50%, of 9% constant currency revenue growth in the second half of 2021 over the second half of 2019. The Committee approved the following full-year non-financial metrics as they were deemed to be the most likely to positively impact the Company’s 2021 business performance and lay the groundwork for success in 2022 and beyond: (1) employee safety and welfare; (2) supply chain continuity; (3) liquidity; (4) divestiture of the non-strategic PerClot product line; (5) submission of the PerClot PMA in 2021; and (6) submission of the PMA/S for ProAct Mitral Low INR in 2021;

•The Committee approved the following new-hire equity awards for Mr. Stanton, which were issued upon his joining Artivion in March 2021 and were in lieu of any annual grants for 2021: (1) a restricted share award in the amount of $200,000; and (2) a grant under the Company’s Long Term Incentive Plan (“LTIP”) in the amount of 13,468 performance stock units (the same number awarded to other Senior Vice Presidents), which was prorated to 7,591 performance stock units based on his period of employment in the entire five year performance period of 2019-2023;

•In February 2021, the Committee approved a one-time retention equity grant for Ms. Holloway in the form of a restricted stock award with a grant date fair value of $360,000. The award vests equally in thirds over three years;

•In 2019, the Committee approved the LTIP, a long-term incentive, performance-based equity grant, that included three performance periods, or “tranches,” spanning a total of five years. In the first quarter of 2021, even though the last year of the performance period for tranche one was 2021, it became evident that the first tranche of the Company’s LTIP, representing 60% of the entire award, would not payout as a result of the unanticipated impact of COVID-19 in 2020 on the Company’s business performance. As a result, it was clear that the first tranche of the LTIP would have no retentive value or incentivizing impact on executive behavior for 2021, during a period when it was even more critical for the executive team to be focused on revenue growth and long-term value creation. Nonetheless, the Committee decided to make no mid-stream adjustments to the LTIP and allowed the first tranche to payout at zero. The Committee decided, however, that the same considerations that led the Committee to grant the LTIP in the first place—a focused incentive for management to deliver at least 9% constant currency revenue growth and an increasingly competitive external talent market—continued to be valid in 2021, particularly in light of the continued impact of COVID-19 into 2021. The Committee also wished to provide officers with the additional related incentive to drive recovery from COVID-19 in the Company’s 2021 business performance. Accordingly, the Committee decided to issue executives a one-year performance stock unit award (the “2021 LTIP PSU”) based on the same metrics that applied in the LTIP, with the exception of the elimination of the gross margin modifier, to reflect management’s recommendation to make continued significant investment in 2021 to lay the groundwork for

success in 2022 and beyond, as well as to level payouts among all executives. To further incent executives to drive at least 9% constant currency revenue growth in 2021 and to align executives’ interests with those of stockholders, the Committee determined that the 2021 LTIP PSU would be based on a number of shares, not overall value of shares at the time of grant, to reflect the fact that the share price in 2021 was lower than it had been in 2019 when the LTIP was granted. The target number of shares for NEOs under the 2021 LTIP PSU was one-third of the target number of shares in the first tranche of the 2019 LTIP as follows: Mr. Mackin’s was 20,202 shares; Mr. Lee’s was 3,367 shares; Ms. Holloway’s and Messrs. Davis’s was 2,693 shares; and Mr. Stanton’s was 2,206 shares reflecting the period of his employment in 2021; and

•For the 2021 LTIP PSU, the Committee adopted a design metric of performance stock unit awards at 100% of payout based on the constant currency revenue growth rate of 9% in the second half of 2021 over the same period in 2019, with a maximum payout of 200% of target.

Pay-for-Performance Alignment, Including Incentive Plan Designs and Metrics in View of the Continuing Impact of COVID-19

The Committee believes it has developed a compensation program that ensures that the interests of the Company’s executive officers, including its NEOs, are aligned with those of its stockholders by strongly linking executive officer compensation with Company and personal performance at levels such that executive officers are incented to drive long-term value creation. The key pay-for-performance aspects of the 2021 executive officer compensation program are described below:

•50% or more of each NEO’s total target direct compensation is in the form of variable pay tied to individual and Company performance;

•Short-term incentives are designed to be based significantly on revenue growth and non-financial performance in key strategic areas, as defined below, factors over which executive officers are believed to have substantial control and which are intended to incentivize executive officers to achieve Company target performance on key financial metrics and lay the groundwork for Company performance in future years;

•Targets for short-term incentive opportunities are set at challenging levels designed to incentivize executive officers to achieve business growth at or above levels expected by stockholders. The incentive plan designs and metrics adopted by the Committee partially in light of circumstances created by COVID-19 reflect the challenging levels of performance required to achieve full payouts and the focus on incentivizing the actions necessary to achieve short- and long-term business growth;

•Annual long-term incentive opportunities are equity-based and include stock options, which only provide value to executive officers if the stock price increases beyond the grant date price, and performance stock units, which are designed to be earned if specified results at challenging levels for revenue and non-financial performance in key strategic areas, as defined below, are attained, thereby incentivizing executive officer performance that furthers our strategic goals and drives stockholder value. Such performance stock units, however, are not fully earned if such challenging levels are not met, as was the case with the first tranche of the 2019 LTIP. The incentive plan designs and metrics adopted by the Committee, bearing in mind the circumstances created by COVID-19, are in keeping with the Committee’s goals of pay-for-performance;

•NEOs are subject to stock ownership requirements to ensure alignment with stockholders and to encourage executive officers to maintain a long-term view of Company performance; and

•Our Clawback Policy is designed to diminish the likelihood that executive officers unjustly benefit in cash or equity from material misstatements in our financial statements.

As described in this Proxy Statement, in 2021, the executive officer compensation program effectively delivered pay-for-performance, appropriately reflecting the challenge to the business from the impact of COVID-19. In addition, over the past few years, the actual pay to executives through incentive programs has been less than the pay opportunity. For example:

•The three-year average payout for the cash bonus was 90.1% of target in 2019-2021;

•In 2020, the payout for the cash bonus was 62.5% of target;

•As set forth above, the entire first tranche of the LTIP grant, which represented 60% of the total grant value, was forfeited at year-end 2021 as performance goals were not achieved due primarily to the negative impact of COVID-19 on the Company’s financial results, and not due to the performance of management; and

•The impact of COVID-19, also experienced by our stockholders, impacted certain elements of the Company’s executive compensation, in that the realized pay was lower than the pay opportunity at the grant date for options, restricted stock awards, and performance stock units during 2019-2021.

The below chart illustrates some of the above-listed points as they relate to the target versus the realized compensation of the Company’s Chief Executive Officer during 2019-2021.

Throughout this Proxy Statement, we refer to the revenue performance measure as reported in our 2021 Form 10-K filed on February 22, 2022, which is attached as Appendix A to this Proxy Statement.

Roles and Responsibilities

Compensation Committee

The Committee determines and approves the compensation of Artivion’s executive officers, including the NEOs. The Committee is supported by the Chief Executive Officer, other executive officer management, an independent compensation consultant, and other advisors that the Committee, or management on its behalf, consults from time to time, as well as information and data supplied by each of these persons. The consultant attends Committee meetings when invited and provides input, information, and data as requested by the Committee. The Committee regularly meets in executive session without the Chief Executive Officer or any members of management present. For 2021, the Committee made compensation decisions based on its own considerations and analyses, the Compensation Philosophy of the Committee, as well as on information provided by and recommendations from management, the Committee’s independent compensation consultant, and other advisors. Our Chief Executive Officer does not exercise any decision-making authority over his own compensation or participate in Compensation or Corporate Governance Committee meetings or Board meetings regarding his own compensation, except to discuss his own performance and compensation with those Committees or the Board during his annual performance review.

Independent Compensation Consultant

The Committee has the authority to engage consultants, including compensation consultants, to assist with its responsibilities. With respect to general executive officer compensation decisions made during fiscal 2021 and regarding 2021 compensation, the Committee retained Willis Towers Watson as its primary compensation consultant for general executive officer compensation matters. The compensation consultant reports directly to the Committee, is directed by the Committee, and provides only those services authorized by the Committee. The compensation consultant provides no other services to Artivion. The compensation consultant generally performs an annual review of officer compensation and biennial review of non-employee director compensation, analyzes the relationship between executive officer pay, including that of our Chief Executive Officer, and Company performance, compares executive officer and non-employee director compensation against such compensation of appropriate comparable companies and industry standards, informs the Committee of emerging practices and trends, assists with special projects at the request of the Committee, and attends Committee meetings when invited. In February 2021, and again in February 2022, the Committee assessed the independence of Willis Towers Watson pursuant to applicable SEC and NYSE rules and concluded that Willis Towers Watson was independent and its work for the Committee did not raise any conflict-of-interest concerns.

Compensation Philosophy and Objectives

The Committee’s Compensation Philosophy is to attract, retain, motivate, and reward executive officer talent that has the capability, and is appropriately incented, to deliver on the Company’s short and long-term growth and other strategic objectives and on the Company’s commitments to its stockholders, in particular long-term value creation. To that end, the Company has designed the compensation program to align with corporate strategy and short-term and long-term objectives, achieve market competitiveness, emphasize pay-for-performance, align with stockholder interests, balance the interests of key stakeholders, incent management to address unforeseen challenges, such as the COVID-19 pandemic, that might otherwise reduce an executive officer’s compensation, and recognize the unique attributes specific to Artivion and its executive officer team. Each primary component of compensation is intended to accomplish one or more of these objectives, as summarized in the table below.

As set forth above, the COVID-19 pandemic continued to have an adverse impact on our business and, accordingly, on our financial performance in 2021, which was largely outside of the ability of our executive officer team to control. During 2021, however, it was essential to the Company’s short and long-term success that the executive officer team remain resilient and agile and successfully manage through the pandemic and deliver on key strategic initiatives. These initiatives included some of the Company’s conventional objectives as well as specific objectives to minimize the negative impact of the pandemic on the Company and position the Company well for recovery once the impact from COVID-19 began to subside. To incent such executive officer performance, and reward and retain executive officers who could achieve these performance goals, the Committee adopted certain modified incentive plans and performance metrics and payouts as described in the table and descriptions below.

Compensation Mix

The Committee approves the primary components of the executive officer compensation program and generally intends for it to provide more variable pay opportunities than fixed pay opportunities and to place significant weight on long-term incentive opportunities. The Committee believes that this results in a pay program that aligns pay and performance. The following table summarizes the original target pay mix for the NEOs for fiscal 2021 as determined by the Committee in February 2021.

⁽¹⁾Salary was set by the Committee in February 2021, except for Mr. Stanton’s, which was set in March 2021 when he joined Artivion and prorated based on the term of his employment.

⁽²⁾Due to the continued impact of COVID-19, Short-Term Incentive (cash bonus) was tied to both financial and non-financial performance metrics. Mr. Stanton’s target cash bonus was prorated based on the term of his employment.

⁽³⁾Long-Term Incentive - Annual Equity and 2021 LTIP PSU (Grant Date Fair Value at target) is based on a grant date closing share price of $24.90 for (i) the restricted stock and performance stock units for Messrs. Mackin, Lee, and Davis and Ms. Holloway and (ii) the one-time retention grant of restricted stock for Ms. Holloway, and a closing share price of $24.76 for Mr. Stanton, with his awards being prorated based on the term of his employment. Mr. Stanton’s New-Hire RSA Grant (Grant Date Fair Value) is based on a grant date closing share price of $23.50.

⁽⁴⁾Salary as a percentage of Target Total Direct Compensation.

⁽⁵⁾Short-Term Incentive plus Long-Term Incentive as a percentage of Target Total Direct Compensation.

⁽⁶⁾Salary plus Short-Term Incentive as a percentage of Target Total Direct Compensation.

⁽⁷⁾Long-Term Incentive as a percentage of Target Total Direct Compensation.

Market Analysis

As part of its decision-making process, the Committee requests and reviews relevant market data regarding executive officer compensation levels, Company performance, and the relative relationship between executive officer pay and Company performance. However, the Committee views this data as one of many inputs to its decision-making process, which also includes other assessments of the Company’s performance, assessments of each executive officer’s performance, the need to address unforeseen challenges, significant changes in roles and responsibilities, internal pay equity among executive officers, and retention considerations.

Each year, the Committee reviews and considers an executive officer compensation study prepared by Willis Towers Watson, additional compensation data provided by management, and internal equity information. The executive officer compensation study is generally completed in the fourth quarter of the year and is used to inform the Committee’s decisions regarding the subsequent year’s compensation. Accordingly, the relevant study and market information reviewed by the Committee with regard to 2021 officer compensation was prepared in the third quarter 2020 and presented to the Committee in the fourth quarter of 2020. We refer to this study as the “2020 Study.” The Committee reconsidered the 2020 Study for continued applicability at its first quarter 2021 meetings. As in prior years, the 2020 Study assessed both the competitiveness of pay levels, generally and by some specific positions, as well as the alignment of pay with Company performance.

The Company’s 2021 compensation peer group, which is described in more detail below, had median revenues, based on the latest figures available at the time the 2020 Study was prepared, of $341.0 million and median market capitalization as of June 2020 of $1.1 billion. In addition to using officer pay information as disclosed by companies in the compensation peer group, the 2020 Study used survey data drawn from three compensation surveys of U.S. companies, including biotech and healthcare companies, with targeted revenues of $200 - $500 million, in order to approximate the Company’s estimated revenue for 2021. With respect to all NEOs included in the 2020 Study, the data in the study was an even blend of the 2021 peer group and the survey information. In each case, Willis Towers Watson trended the compensation data forward to January 1, 2021 by a factor of 3.0%. We refer to the blended 2021 peer group and survey compensation data for all NEOs as the “2021 Peer Group Information.”

The following peer companies were used for the 2020 Study.

⁽¹⁾The Committee believed that the pay practices of these companies provided a useful reference point for pay and performance comparisons at Artivion, especially considering Artivion’s anticipated growth.

⁽²⁾Latest FYE revenue, in millions, at the time the peer group was developed.

The following survey sources were used in the 2020 Study:

•2020 Willis Towers Watson US General Industry Executive Compensation Survey;

•2020 Mercer General Industry Executive Compensation Survey; and

•2020 Radford Global Life Sciences Survey.

The peer companies were recommended by Willis Towers Watson and considered and approved by the Committee. In approving the peer group, the Committee considered the fact that each company is (or was at the time) publicly-traded, operates in a similar industry, is similar in size, scope, and complexity, and is reasonably representative of our pool for executive officer talent, although Artivion routinely recruits from much larger medical device companies. The Committee also concluded that the companies are (or were at the time) within a reasonable range of Artivion’s historical, current, or projected revenues. Nonetheless, the Committee reviews and considers changes to the peer group and survey sources in connection with each year’s study. It does so to ensure that the peer group and survey sources continue to reflect appropriate reference points for Artivion. For example, in the third quarter of 2021, the Committee (at the recommendation of Willis Towers Watson) made several changes to the peer group that the Committee used for its current-year analysis, namely: (1) BioTelemetry, Inc. and Luminex Corporation were removed, as they have been acquired; (2) Quidel Corporation and Penumbra, Inc. were removed due to revenue and market cap now exceeding the Committee’s desired parameters; (3) RTI Surgical Holdings, Inc. was removed due to recent restructuring; and (4) Tandem Diabetes Care, Inc., Inogen, Inc., Glaukos Corporation, Tactile Systems Technology, Inc., and SeaSpine Holdings Corporation were added to the peer group.

2021 Compensation Components

The primary components of Artivion’s executive officer compensation program are base salary, short-term incentives, and long-term incentives. Artivion also provides executive officers with tax-deferred savings opportunities, participation in Company-wide benefits programs, and limited perquisites.

2021 Base Salary

The Committee generally reviews base salary levels each February as part of its overall review and approval of the executive officer compensation program. Based on its review in late 2020 and early 2021, the Committee determined it was appropriate to increase NEOs’ base salaries 3.0% above 2020 levels.

Analysis

The 2020 Study showed that the base salaries for our NEOs were within a competitive range of 96-107% of the median for similarly situated employees at companies in the Company’s peer group. Based on input from management and in consultation with Willis Towers Watson, the Committee approved merit increases for 2021 for all executive officers of 3.0%, with the exception of executive officers whose employment responsibilities or job title had changed between 2020 and 2021. In approving salary increases for NEOs, the Committee considered current market positioning, both individual and Company performance during 2020, and the Company’s budget for salary increases generally for all employees.

2021 Short-Term Incentives – The 2021 Cash Bonus Plan

The Committee adopted the “2021 Cash Bonus Plan” as set forth above at pages 24-25.

Analysis – Program Design

The table below shows the performance metrics set for the 2021 Cash Bonus Plan as finalized in July 2021.

See Appendix A to this Proxy Statement for further details regarding the revenue performance measure.

The Committee believed that the 2021 threshold and target performance levels for the non-financial metrics and revenue were challenging and would drive stockholder value creation. The 2021 revenue target performance level was within the range of 2021 product and service revenue guidance publicly announced by Artivion.

For the 2021 Cash Bonus Plan, the performance metrics were revised from 2020, with a 100% payout for performance at target levels, a 200% total cap on payout, and the following additional primary features:

•Entire-Year, Non-Financial Metrics (50% of payout):

oMetrics were key strategic areas that the Committee determined were likely to impact the Company’s 2021 performance and lay the groundwork for success in 2022 and beyond. They included: (1) employee safety and welfare; (2) supply chain continuity; (3) liquidity; (4) the divestiture of the non-strategic PerClot product line; (5) submission of the PerClot PMA in 2021; and (6) submission of the PMA/S for ProAct Mitral Low INR in 2021; and

oPayout levels shown in the above “2021 Performance Goals” table.

• Revenue Growth Rate, Constant Currency (2H 2021 v. 2H 2019) (50% of payout):

oPayout levels shown in the above “2021 Performance Goals” table.

•Each individual executive officer’s short-term incentive was then subject to an increase or decrease of up to 20% based on the executive officer’s personal performance, subject to the 200% overall cap discussed above.

In arriving at its decision to approve the 2021 final metrics and payouts, the Committee took into consideration the following:

•The Committee’s belief that the core plan design and its pay-for-performance orientation achieved the objectives of the Committee’s Compensation Philosophy;

•The Committee’s belief that the achievement of key strategic non-financial metrics and revenue growth were key to incentivizing executive officers to achieve Company performance that will further the Company’s strategic business plan and ultimately deliver value to stockholders, without encouraging excessive risk taking by executive officers;

•The plan’s similarity to the short-term incentive plans of the Company’s peer group companies;

•The continuing impact of COVID-19 on the Company’s operations;

•The external “war for talent” and “great resignation” environments;

•Artivion’s 2020 performance, and whether any changes to performance metrics were required to achieve 2021 business goals; and

•Recent historical payout levels that the Committee believed indicated that performance goals over the last few years had been set at reasonably challenging levels, such as the below-market payout on the short-term incentive plan in 2020 of 62.5%.

The Committee sets short-term incentive opportunities, in conjunction with a review of base salaries, as part of executive officers’ overall target total cash compensation. The Committee decided to use for 2021 both non-financial and financial metrics, believing that such metrics would continue to motivate executive officers to achieve financial measures core to stockholder value creation, as well as contribute to the Company’s success in 2021 and beyond. The Committee also believed that, during a prolonged period of uncertainty, using a personal performance metric modifier of the overall bonus would better reflect the Committee’s intent to align pay with performance. Overall, the Committee believed the 2021 Cash Bonus Plan was appropriately incentivizing given the executive officers’ roles and authority within Artivion, and that the size of the incentives was appropriate based on the 2021 Peer Group Information and internal pay equity considerations.

Analysis – Plan Payout

The 2021 Cash Bonus Plan payouts in early 2022 were based on actual non-financial and financial performance results of Artivion relative to the predetermined goals, both of which exceeded the targets for payout under the plan. With respect to the financial metrics, the Company achieved 9.36% constant currency revenue growth in the second half of 2021 compared to that same period in 2019, the most recent time period prior to the onset of the COVID-19 pandemic, despite the unanticipated and continued impact of COVID-19. That level of constant currency revenue growth resulted in a payout of 104.7% of target.

With respect to the entire-year, non-financial metrics, the Committee took into consideration the Company’s achievements during 2021, which included, but are not limited to, the following:

•Implemented and maintained throughout the year employee health and safety measures that resulted in no material COVID-related lost production or recordable or non-recordable injuries;

•Successfully maintained supply chain continuity and mitigated an increase in COVID-19 supply-chain-related issues;

•Maintained positive liquidity, while fully funding expansions at our facilities in Austin and Hechingen and key clinical trials such as ProAct Xa and ProAct Mitral;

•Successfully completed the divestiture of the non-strategic asset, PerClot;

•Filed the PerClot PMA, which was accepted by the FDA, and laid the groundwork for obtaining the PMA in 2022; and

•Filed the PMA/S for ProAct Mitral PMA/S, which was accepted by the FDA and laid the groundwork for obtaining the PMA/S in 2022.

Based on the Committee’s overall evaluation of the Company’s 2021 performance and achievements in these key strategic non-financial areas, the Committee determined a payout at 115% of target on the non-financial metrics. This determination reflected the Committee’s assessment that the Company’s performance was satisfactory in some areas and outstanding in others, resulting in an overall performance that exceeded expectations. When combined with the financial-performance-related payout of 104.7% (discussed above), total 2021 Cash Bonus Plan payout was established at 109.9% of target. In addition, as a result of exceptional personal performance during a second-straight year in which the Company experienced continued, and unanticipated, COVID-19-related impacts to its global operations, the Chief Executive Officer recommended, and the Committee approved, a 10% increase to the NEOs’ (and certain other executives’) calculated cash bonuses.

Mr. Mackin’s 2021 Cash Bonus Plan payout in early 2022 was also based on the same considerations. The Board of Directors reviewed Mr. Mackin’s individual performance relative to his individual goals for 2021 and, after receiving the Committee’s certification of the 2021 performance metrics and adjusted payouts and the Committee’s recommendation, approved the Chief Executive Officer’s bonus payout at the amount below, including a 10% increase to Mr. Mackin’s cash bonus as a reward for exceptional personal performance during 2021.

The following tables show the performance results for the original 2021 performance metrics, the original payout, and the adjusted payout of short-term incentive paid to each NEO.

The tables above demonstrate how the 2021 Cash Bonus Plan’s actual payouts effectively aligned performance and compensation. Even while the Company continued to experience disruptions to its global operations in 2021 due to the ongoing impact of COVID-19—and in particular the emergence of the Delta and Omicron variants during the second half of the year—the Company’s executive officers guided the Company to an above-target constant currency growth in revenue in the second half of 2021 as compared to that same, non-COVID time period in 2019. Moreover, the executive officers led the Company’s above-target achievement of the entire-year non-financial metrics, which both impacted the Company’s strong 2021 financial performance and laid the groundwork for success in 2022 and beyond, thereby creating long-term value for the Company’s stockholders.

2021 Long-Term Incentives – Annual Equity

Based on input from management and in consultation with Willis Towers Watson, the Committee considered the Annual Long-Term Incentive Program and in the design of the 2021 program, determined to continue with the 2020 program’s mix of equity awards as an equal one-third allocation of total value among stock options, restricted stock, and performance stock units. This mix may be altered for executive officers located outside of the U.S. to accommodate local tax issues.

The Committee determined that the estimated grant date fair value of the awards under the Annual Long-Term Incentive Program in 2021 would be established at these levels to remain market competitive, as reflected in the 2020 Study, based on the anticipated growth of the Company, as well as the continued increase in the complexity of the Company’s business following the acquisitions of JOTEC AG in fiscal 2017 and Ascyrus Medical LLC in fiscal 2020, the distribution agreement with Endospan, which commenced in 2019, and the Company’s rapid growth in international markets.

To determine the number of shares of restricted stock, target performance stock units, and options to be granted, the Committee directed management to determine the number of shares of restricted stock and target performance stock units using the closing share price of the Company’s stock on the grant date, and to also determine the number of stock options using the estimated fair value of the options as of the same date. Grants generally were made on the first permissible trading day following the Committee’s approval of such awards. In this instance, grant values approved by the Committee were converted to shares using a stock price of $24.90, the closing price on February 17, 2021, the date the grants were made.

For 2021, and as further described under Analysis below, the performance stock units are subject to the same two performance measures that governed the 2021 Cash Bonus Plan: (1) entire-year, non-financial performance in key strategic areas, weighted at 50%; and (2) constant currency revenue growth in the second half of 2021 as compared to the same period in 2019, also weighted at 50%. See Appendix A to this Proxy Statement for further details regarding the revenue performance measure.

The following table provides the 2021 equity awarded through the Annual Long-Term Incentive Program to the NEOs as approved by the Committee.

Analysis – Program Design

In approving the 2021 long term incentive grant values awarded through the Annual Long-Term Incentive Plan, in February 2021, the Committee considered the following factors:

•Updated market competitiveness analysis by the independent compensation consultant;

•Increased size, geographic scope, and business complexity of the Company following integration of JOTEC AG, the acquisition of Ascyrus Medical LLC, the distribution agreement with Endospan, and continued expansion into Asia and Latin America;

•2020 personal and Company performance;

•The Committee’s continued desire to have an even mix of value among stock options, restricted stock, and performance stock units for the annual awards;

•The compensation program’s design, which emphasizes pay-for-performance and aligns executive officer performance (and resulting compensation) with stockholder interests;

•Performance and retention incentives achieved through the use of annual equity grants;

•The parameters of the 2020 ECIP and the availability of shares under Artivion’s stockholder-approved equity plans; and

•The continuing impact of COVID-19 on the Company’s operations and financial performance.

The Committee determined vesting schedules in consultation with Willis Towers Watson and management and believed that such vesting provided the appropriate long-term incentive and retention for executive officers’ continued employment. All annual long-term incentive (time-based) awards vest over a three-year period.

For PSUs, the Committee used a design metric identical to the metric set forth above for the 2021 Cash Bonus Plan, concluding, with input from its advisors and management, that it was appropriate to do so because, in the Committee’s estimation, these were the most significant drivers of Company performance and stockholder value creation in 2021. The Committee capped maximum payouts under this program at 150% of the target award. See Appendix A for further details regarding the revenue measure.

Analysis – Plan Payout – PSUs Earned

In arriving at its decision in February 2022 to certify the PSUs earned by NEOs, the Committee took into consideration the Company’s actual performance results relative to the above-described metrics. The following table presents the threshold, target, and maximum performance levels associated with threshold, target, and maximum award opportunities, which fall on a sliding scale for the 2021 PSU annual award grants. The table also provides the actual performance level for 2021, as certified by the Committee, together with the associated level of shares that were earned.

2021 Performance Stock Units – Annual Award
Actual vs. Threshold/Target/Maximum Performance

See Appendix A for further details regarding the revenue measure.

The 2021 PSU payouts in early 2022 were based on the same results set forth above with respect to the 2021 Cash Bonus Plan, resulting in a payout of 109.9% of target.

The performance stock unit awards will vest based on the executive officer’s continued service: 50% of the shares earned vested on February 17, 2022 (following the Committee’s certification of the adjusted payout of shares under the performance metric); 25% of the shares earned will vest on February 17, 2023; and the remaining 25% of the shares earned will vest on February 17, 2024, assuming the executive officer continues to be employed by the Company on those dates, the Committee takes no action to waive the employment requirement, or the executive officer has retired in accordance with the definition of Retirement set forth in Artivion’s PSU grant agreement.

The following table shows the target payout and the adjusted payout of PSUs granted to each NEO based upon the 2021 performance metrics.

2021 Long-Term Incentives – 2021 LTIP PSU and Program Design

As previously discussed, in February 2021, the Committee also decided to award executives the 2021 LTIP PSU, pursuant to the metrics, number of shares, and maximum payouts as set forth above at 26.

For 2021, and as further described under Analysis below, the 2021 LTIP PSU was subject to a single performance measure—constant currency revenue growth in the second half of 2021 as compared to the same period in 2019. See Appendix A to this Proxy Statement for further details regarding the revenue performance measure.

The following table provides the 2021 target shares awarded through the 2021 LTIP PSU to the NEOs as approved by the Committee. The target number of shares under the 2021 LTIP PSU was one-third of the target number of shares in the first tranche of the 2019 LTIP (which was completely forfeited as of December 31, 2021).

⁽¹⁾Reflects the target 2021 LTIP PSU award level. The actual number of shares earned under the 2021 LTIP PSU plan was based on a performance factor the Committee believed to be appropriate due to the continuing impact of COVID-19 on the Company’s performance. Actual earned shares cliff vest on the first anniversary of the award date or the first available date after the Committee certifies the prior year’s financial metric results, whichever is later (determined to be February 17, 2022, the first anniversary of the award date).

⁽²⁾Mr. Stanton’s 2021 LTIP PSU target shares were prorated based on his March 2021 start date.

Analysis – Plan Payout – LTIP PSUs Earned

In arriving at its decision in February 2022 to certify the LTIP PSUs earned by NEOs, the Committee took into consideration the Company’s actual performance results relative to the above-described financial metrics (see page 33). The following table presents the threshold, target, and maximum performance levels associated with threshold, target, and maximum award opportunities, which fall on a sliding scale for the 2021 LTIP PSU award grants. The table also provides the actual performance level for 2021, as certified by the Committee, together with the associated level of shares that were earned.

See Appendix A for further details regarding the revenue measure.

The 2021 LTIP PSU payouts in early 2022 were based on actual financial performance results of Artivion relative to the pre-determined goals set forth above, which exceeded the target for payout under the plan. This level of constant currency revenue growth resulted in a payout of 118% of target.

The 2021 LTIP PSU awards vested on February 17, 2022 (following the Committee’s certification of the adjusted payout of shares under the performance metric).

The following table shows the target payout and the adjusted payout of 2021 LTIP PSUs granted to each NEO.

Annual Target Total Direct Compensation

The Committee believed that the blend of annual salary, cash bonus, stock options, restricted stock, and PSUs (including the 2021 LTIP PSU) appropriately achieved the performance, stockholder alignment, and retention objectives of Artivion’s compensation program. The Committee believes that the use of multiple award types is a common practice among industry peers and that the use of PSUs creates an even stronger alignment between pay and performance. The Committee believes that, in addition to incenting long-term performance, annual equity awards encourage continuous performance and retention by reflecting Company success (and changes in the stock price) year over year.

The Committee used a value-based approach, rather than number of shares, to determine the size of 2021 annual equity grants, as it believed that such an approach more accurately matched the intended value of the equity and intended compensation. For the 2021 LTIP PSU, the Committee used number of shares for the reasons set forth above at page 26. The Committee applied vesting schedules for the 2021 equity awards that it believes provided the appropriate annual long-term incentive to retain executive officers.

In determining the individual components of the executive officers’ 2021 annual compensation (i.e., salary, target short-term incentive, and annual long-term incentive), the Committee evaluated the resulting target annual total direct compensation against market benchmarks, as set forth below, accounting for the Committee’s desire to have target annual total direct compensation generally within a competitive range of the Company’s peer group median. The following table summarizes the NEOs’ 2021 target annual total direct compensation, the peer group median, and the primary rationale for each NEO’s compensation at the level shown.

⁽¹⁾Equity grant value based on a grant date closing stock price of $24.90 for (i) the restricted stock and performance stock units (Annual and 2021 LTIP PSU) for Messrs. Mackin, Lee, and Davis and Ms. Holloway and (ii) the one-time retention grant of restricted stock for Ms. Holloway, as well as a grant date Black-Scholes Option Value of $8.82. Performance stock units are included at target award levels/values.

⁽²⁾Based on data provided by Willis Towers Watson in the 2020 Study.

⁽³⁾Competitive range for Chief Executive Officer, Chief Financial Officer, and Senior Vice Presidents total direct compensation is intended to be positioned at the market median; however, including the 2021 LTIP PSU grant value, total direct compensation is intended to fall between the market median and 75th percentile, with the understanding that because of the LTIP’s design, and the effects of the COVID-19 pandemic in the 2019-2021 period, the first tranche of the original LTIP grant will not payout. Willis Towers Watson provided guidance for compensation for Mr. Mackin, Mr. Lee, Ms. Holloway, and Mr. Davis in the 2020 Study.

⁽⁴⁾Ms. Holloway’s 2021 total direct compensation opportunity includes a one-time retention grant in the form of a restricted stock award made in February 2021.

⁽⁵⁾Peer median and primary rationale data for 2021 is not available for Mr. Stanton, as he was not employed by Artivion at the time Willis Towers Watson prepared the 2020 Study. Mr. Stanton’s equity grant value is based on a grant date closing stock price of $23.50 for restricted stock and $24.76 for performance stock units.

Equity and Cash Incentive Plans

In May 2015, the stockholders approved certain amendments to the 2009 Equity and Cash Incentive Plan (the “2009 ECIP”) that were recommended by the Board of Directors based on management’s recommendation and in consultation with Willis Towers Watson. The 2015 amendments included new provisions for cash-based incentive payments that were intended to comply with the requirements to be “qualified performance-based compensation” under Section 162(m) (“Section 162(m)”) of the Internal Revenue Code (as amended, the “Code”). In May 2016, the stockholders approved certain further amendments to the 2009 ECIP that were also recommended by the Board of Directors based on management’s recommendation and in consultation with Willis Towers Watson. The 2016 amendments included a separate, lower cap for awards to individual non-employee directors and a higher annual cap for awards to individual employees. In May 2018, the stockholders approved a proposal for authorization of an additional 1.9 million shares for the 2009 ECIP, which were registered in February 2019. The 2009 ECIP expired May 21, 2021.

At the 2020 Annual Meeting, the stockholders approved the 2020 ECIP and 2,675,000 shares of initial funding. All equity and incentive cash compensation delivered for work or performance in 2021 was issued under the 2020 ECIP, not the 2009 ECIP.

2021 Deferred Compensation

The Artivion, Inc. Executive Deferred Compensation Plan allows certain key employees of Artivion, including the NEOs, to defer receipt of up to 75% of each of their salaries, commissions, and/or the cash portion of any bonus awarded pursuant to the short-term executive officer incentive plan. The plan’s administrative committee, subject to ratification and approval of the Committee, establishes the maximum and minimum percentages of bonus awards that plan participants may defer in each plan year. For 2021, these percentages ranged from 0 to 75% for each of base salary and commissions and were 0% of the annual cash bonus. Because this plan provides for tax-deferred growth of deferred compensation, it is an incentive that the Company uses to attract and retain executive officer-level talent.

2021 Perquisites

It is Artivion’s policy not to provide perquisites to its executive officers without prior approval of the Committee. To the extent that perquisites are incidental to a business-related expense, such as personal use of a business club, the NEOs are generally required to reimburse Artivion for any incremental cost of such personal benefit. Other than these incidental personal benefits, none of our NEOs receive any perquisites that are not also provided on a non-discriminatory basis to all full-time employees, except for Mr. Mackin, whose compensation is discussed at Employment, Separation and Release, and Change of Control Agreements below, and except for supplemental disability insurance and airline club memberships provided to certain of the NEOs. In keeping with Artivion’s practice with respect to all full-time employees, NEOs are also eligible to receive certain benefits upon achieving employment milestones, including receiving $5,000 upon reaching 15 years of service with Artivion and $10,000 upon reaching 20 and 25 years of service with Artivion.

Employment, Separation and Release, and Change of Control Agreements

Employment Agreement with J. Patrick Mackin

In July 2014, the Board of Directors appointed Mr. Mackin as President and Chief Executive Officer effective September 3, 2014, and Artivion and Mr. Mackin entered into an employment agreement (the “Mackin Agreement”). The Mackin Agreement addresses Mr. Mackin’s role and responsibilities as our President and Chief Executive Officer, his rights to compensation and benefits during active employment, and his termination benefits. The Board of Directors determined that it was appropriate to provide Mr. Mackin with an employment agreement due to the Company’s desire to attract and retain high-performing individuals for this role.

The material terms of the Mackin Agreement and his potential termination payments are further described and quantified at Potential Payments Upon Termination or Change of Control – J. Patrick Mackin beginning on page 53.

Employment Agreements with Other Named Executive Officers

Artivion is not party to employment agreements with Messrs. Lee, Davis, or Stanton or with Ms. Holloway that provide any guarantee of employment. They are at-will employees.

Change of Control Agreements with Other Named Executive Officers

On November 21, 2016, Artivion entered into change of control agreements with Mr. Lee, Ms. Holloway, and Mr. Davis. Mr. Mackin’s change of control arrangements are set forth in the Mackin Agreement. The change of control agreements, which automatically renew absent Company action, generally provide that the Company will pay a severance payment if the NEO is terminated by the Company without cause or the NEO terminates his or her own employment for good reason during a period extending from six months before to two years after a change of control of Artivion. This is a “double-trigger” provision that requires not only a change of control of Artivion but also an employment action before payments are required pursuant to the agreements. The Committee approved termination payments under the agreements for certain NEOs based on their officer status and ability to influence decisions regarding whether or not a change of control transaction should be pursued, with Mr. Lee receiving a payment of 2 times base salary and cash bonus plus healthcare coverage and Ms. Holloway and Mr. Davis each receiving a payment of 1.5 times base salary and cash bonus plus healthcare coverage.

Additional Policies and Practices

Clawback Policy

Artivion has a standalone Clawback Policy that requires the Company to recover excess incentive compensation—in cash bonus or equity form—that was paid to any current or former officer during the three fiscal years prior to a material accounting restatement of the Company’s financial statements as a result of noncompliance with any financial reporting requirement under federal securities law, unless the Committee determines that the cost of recovery exceeds the amount to be recovered. The Clawback Policy does not require fault or negligence on the part of the officer for the clawback to occur.

Additionally, Mr. Mackin, under the Mackin agreement, also must repay any portion of severance payments he has received from the Company if he fails to comply with certain post-employment protective covenants.

Stock Ownership Guidelines

Artivion maintains stock ownership guidelines for executive officers that have been recommended and approved by the Committee, along with the Corporate Governance Committee, and approved by the Board of Directors. The current stock ownership guidelines were adopted in November 2015 and require the following stock ownership requirements:

a.Section 16 Officers: Each Section 16 officer of the Company shall continuously hold a value of the Company’s common stock equal to the value of a multiple of that officer’s then-current base pay at Artivion. The multiples applicable to such officers are as follows:

i.Chief Executive Officer and President: 4 times base pay;

ii.Executive Vice Presidents and Senior Vice Presidents: 2 times base pay; and

iii.All other Section 16 officers: 1 times base pay.

b.Retention requirements: Each Section 16 Officer who has not yet acquired ownership of the required value of common stock set forth above must retain at least 50% of the net number of shares acquired upon the exercise of any employee stock option or the vesting of any performance shares, restricted stock, or restricted stock units (the net number of shares acquired shall be the number of shares remaining after shares are tendered, sold, or netted to pay any applicable exercise price and withholding taxes).

c.Waivers: The Chairs of the Committee and the Corporate Governance Committee shall have the authority to grant waivers from these stock ownership requirements in compelling circumstances such as undue hardship.

d. Qualifying shares: For purposes of satisfying these stock ownership requirements, the following shall be included: shares owned directly or indirectly (1) through a stock purchase plan sponsored by the Company; (2) by the person’s spouse; (3) in a revocable trust of which the person or the person’s spouse is the trustee; (4) any other shares related to or underlying vested or unvested restricted stock awards and performance share awards (after performance metric has been certified); or (5) vested restricted stock units and vested PSUs (at actual, earned levels and only if and to the extent that any applicable performance criteria have been satisfied). It shall not include shares held through any other form of indirect beneficial ownership or shares underlying unexercised options or unvested PSUs whose performance metric requirements were not met.

These guidelines became effective for all currently employed NEOs on November 17, 2015. As shown in the below table, as of March 24, 2022, all of our NEOs are in compliance with the guidelines, except for Mr. Stanton whose employment with the Company began in March 2021. Mr. Stanton is expected to meet the guidelines within the next one-to-two years.

⁽¹⁾This amount represents the base salary as reported in the Summary Compensation Table on page 43. Mr. Stanton’s base salary for 2021 is annualized.

⁽²⁾Amount includes: (1) shares held of record by the spouses of executive officers and directors as of March 24, 2022; and (2) shares of unvested restricted common stock subject to forfeiture held as of March 24, 2022. This amount does not include unexercised stock options or shares earned under 2020 and 2021 performance stock unit awards that had not vested as of March 24, 2022.

⁽³⁾Based on the closing price of the Company’s common stock on the NYSE on March 24, 2022 of $20.25.

Anti-Hedging Policy

All Artivion employees, including NEOs, are expressly prohibited in the Artivion, Inc. Insider Trading Policy and Guidelines with Respect to Certain Transactions in Securities (the “Insider Trading Policy”), which is available for review at https://investors.artivion.com/corporate-governance/cryolifes-code-conduct, from engaging in derivative securities or hedging transactions with respect to the Company’s securities. Specifically, NEOs are prohibited from engaging in transactions in publicly traded options, such as puts and calls, and other derivative securities with respect to the Company’s securities. This prohibition extends to any hedging or similar transaction designed to decrease the risks associated with holding Company securities, including but not limited to prepaid variable contracts, equity swaps, collars, and exchange funds. Stock options, stock appreciation rights, and other securities issued pursuant to Company benefit plans or other compensatory arrangements with the Company are not subject to this prohibition.

Furthermore, short sales, which are the sale of a security that must be borrowed to make delivery, and “selling short against the box,” which is transacting a sale with a delayed delivery, are prohibited with respect to Company securities under the Insider Trading Policy and NEOs may not engage in such transactions.

Equity Grants and Inside Information

The Committee generally adheres to a policy that the Company generally will not make equity grants at times when insiders, which includes members of the Committee, are in possession of material, non-public information, including during regular financial blackout periods. If the Committee approves the grant of equity at such times, it is the Committee’s general policy to delay the grant and pricing of the option and/or issuance of the awarded equity until two full trading days after the public dissemination of all such material, non-public information.

Tax Impact of Compensation Decisions

Section 162(m)

Following changes to the law in 2018, Section 162(m) no longer contained an exception for “performance-based” compensation for arrangements that are not considered “grandfathered.” Therefore, Section 162(m) was not a factor in the Committee’s compensation decisions for 2021 although the Committee continues to believe it is appropriate to employ performance-based compensation, but it does not believe it necessary or beneficial to adhere strictly to the restrictions in place for “performance-based” compensation as the term is defined in Section 162(m). The Committee makes appropriate compensation decisions regardless of whether or not a form or amount of compensation is tax deductible to the Company.

Section 409A

Since Section 409A of the Code, which deals with deferred compensation arrangements, was enacted, the Committee’s policy has been to structure all executive officer compensation arrangements to comply, to the extent feasible, with the provisions of Section 409A so that executive officers do not have to pay additional tax and Artivion does not incur additional withholding obligations. The Committee intends to continue this practice.

Forward-Looking Statements

Statements made in this Proxy Statement that look forward in time or that express management’s beliefs, expectations, or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from current expectations. These statements include those regarding future plans and intentions of the Committee and/or Board of Directors related to compensation decisions and expectations that certain performance targets for management are achievable. These future events may not occur as and when expected, if at all, and, together with the Company’s business, are subject to various risks and uncertainties. Along with risks specific to our business, management’s ability to attain certain performance targets is subject to risks affecting the economy generally and other factors that are beyond our control. For additional risks impacting the Company’s business, see the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 at page 25. The Company does not undertake to update its forward-looking statements.

REPORT OF THE COMPENSATION COMMITTEE

The Committee reviewed and discussed the Compensation Discussion and Analysis with management. In reliance on this review and discussion, the Committee recommended to the Board of Directors that the Compensation Discussion and Analysis be included in Artivion’s 2022 Proxy Statement on Schedule 14A, for filing with the SEC.

Compensation Committee

DANIEL J. BEVEVINO, CHAIR

THOMAS F. ACKERMAN

JEFFREY H. BURBANK, LEAD DIRECTOR

EXECUTIVE OFFICER COMPENSATION

Summary Compensation Table

The following table sets forth information with respect to each of the Named Executive Officers — Mr. Mackin, our Chief Executive Officer; Mr. Lee, our Chief Financial Officer; and Ms. Holloway and Messrs. Davis and Stanton, who were the three most highly compensated of the other executive officers of Artivion employed at the end of fiscal 2021.

⁽¹⁾For 2021, the amount represents the base salary as approved in February 2021. Mr. Stanton’s base salary for 2021 is prorated based on the term of his employment. For 2020, the amount represents the base salary as approved in February 2020 and later reduced to 2019 base salary levels for a seven-month period and again reduced by 25% for a six-month period (which was replaced by phantom stock).

⁽²⁾For 2021 and 2019, amounts represent the personal performance component of the annual award paid pursuant to the applicable short-term incentive plan for that year and the 2009 and 2020 ECIP. For 2020, amounts represent the entire annual cash bonus award paid pursuant to the applicable short-term incentive plan and the 2009 ECIP. Amounts include all additional or discretionary cash bonuses paid during the applicable year, if any. Mr. Stanton’s cash bonus for 2021 is prorated based on the term of his employment. 

⁽³⁾Amount reflects the aggregate grant date fair value of restricted stock and performance stock unit awards as calculated in accordance with FASB ASC Topic 718, disregarding the estimate of forfeitures. See Notes 1 and 15 of the Notes to Consolidated Financial Statements filed with Artivion’s Annual Report on Form 10-K for the year ended December 31, 2021 for assumptions we used in valuing these awards. The annual PSU awards paid out at 109.9% of target, and the 2021 LTIP PSU awards paid out at 118% of target. The amount of Ms. Holloway’s award also includes a one-time retention grant of restricted stock with a grant date fair value of $360,004. The amount of Mr. Stanton’s award also includes two new-hire grants: (1) a restricted stock award with a grant date fair value of $200,009; and (2) a prorated LTIP award with a grant date fair value of $187,953. If the 2021 performance-based shares were awarded at maximum payouts, it would change the stock awards to the following amounts: for Mr. Mackin $2,796,034; for Mr. Lee $599,509; for Ms. Holloway $873,323; for Mr. Davis $466,889; and for Mr. Stanton $481,187.

⁽⁴⁾ Amount reflects the aggregate grant date fair value of stock option awards as calculated in accordance with FASB ASC Topic 718, disregarding the estimate of forfeitures. See Notes 1 and 15 of the Notes to Consolidated Financial Statements filed with Artivion’s Annual Report on Form 10-K for the year ended December 31, 2021 for assumptions we used in valuing the stock option awards.

⁽⁵⁾For 2021, the amounts represent the non-financial and revenue performance components of the awards earned pursuant to the applicable short-term incentive plan. For 2019, the amounts represent the revenue and adjusted net income performance components of the awards earned pursuant to the applicable short-term incentive plan. Mr. Stanton’s cash bonus for 2021 is prorated based on the term of his employment.

⁽⁶⁾The amounts in this column include matching contributions and true-ups under the Company’s 401(k) plan, reimbursement of club dues, and disability insurance premiums for Named Executive Officers. Fiscal 2019 amounts also include for Mr. Mackin, an $18,164 auto allowance. Fiscal 2020 amounts also include for Mr. Mackin, an $18,000 auto allowance and for Ms. Holloway, a $20,813 relocation allowance. Fiscal 2021 amounts also include for Mr. Mackin, an $18,004 auto allowance and for Mr. Stanton, a $3,496 relocation allowance.

⁽⁷⁾ Mr. Stanton joined the Company as an executive officer in March 2021.

Grants of Plan-Based Awards