U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 4
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Gray, Benjamin H.
2211 New Market Parkway
Marietta, GA 30067
USA
2. Issuer Name and Ticker or Trading Symbol
CryoLife, Inc.
CRYL
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
May/1996
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Year |ect(I)| |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Year |(I)| |
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Option |$33.50 |05/16|T | |12,000 |A |* |05/16|Common Stock|12,000 |N/A |12,000 |D | |
| |/96 | | | | | |/01 | | | | | | |
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Option |$33.50 |05/17|A |V|2,000 |A |** |05/17|Common Stock|2,000 |N/A |2,000 |D | |
| |/96 | | | | | |/01 | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
* Option vests and becomes exercisable in four equal installments of 25% each
on the first, second, third and
fourth anniversary of the award date [25% 5/16/97; 50% 5/16/98; 75% 5/16/99;
100% 5/16/00].
** Option vests and becomes exercisable in two equal installments of 50% each
on the first and second
anniversary of the award date [50% 5/17/97 and 100%
5/17/98].
SIGNATURE OF REPORTING PERSON
Benjamin H. Gray
DATE
6/10/96
