EXHIBIT 10.26

AMENDMENT NO. 1 TO
MULTI-YEAR CREDIT AGREEMENT

        This Amendment No. 1 to Credit Agreement (this “Amendment”) dated as of
September 28, 2004 is made by and between ST. JUDE MEDICAL, INC., a Minnesota
corporation (the “Borrower”), each lender party hereto (collectively, the
“Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as
Administrative Agent, a Lender and L/C Issuer (in such capacity, the
“Administrative Agent”). Capitalized terms used herein and not defined herein
shall have the meanings assigned to such terms in the Credit Agreement (as
defined below).

W I T N E S S E T H:

        WHEREAS, the Borrower, the Lenders and the Administrative Agent entered
into that certain Multi-Year Credit Agreement dated as of September 11, 2003 (as
so amended, as hereby amended, and as from time to time hereafter further
amended, modified, supplemented, restated, or amended and restated, the “Credit
Agreement”) by and among the Borrower, the Lenders, the Administrative Agent,
Banc of America Securities LLC, as Sole Lead Arranger and Sole Book Manager, The
Bank of Tokyo-Mitsubishi, Ltd. and ABN AMRO Bank N.V., as Co-Syndication Agents,
and Bank One, NA and Wells Fargo, N.A. (formerly known as Wells Fargo Bank,
National Association), as Co-Documentation Agents; and

        WHEREAS, the Borrower has advised the Administrative Agent and the
Lenders that it desires to amend certain provisions of the Credit Agreement,
including without limitation the conditions precedent to all Credit Extensions,
and the Administrative Agent and the Lenders have agreed so to amend the Credit
Agreement on the terms and conditions set forth herein;

        NOW, THEREFORE, in consideration of the premises and further valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

        Section 1.       Amendment to Credit Agreement.

        (a)       Subject to the terms and conditions set forth herein, Section
1.01 of the Credit Agreement is hereby amended by deleting the definition of
“Eurodollar Rate” in its entirety and replacing it as follows:

          “Eurodollar Rate” means for any Interest Period with respect to any
Eurodollar Rate Loan, a rate per annum determined by the Administrative Agent
pursuant to the following formula:

  Eurodollar Rate   =   
Eurodollar Base Rate

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1.00 – Eurodollar Reserve Percentage
 

  Where,

         “Eurodollar Base Rate” means, for any Interest Period with respect to a
Eurodollar Rate Loan, the rate per annum equal to the British Bankers
Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other
commercially available source providing quotations of BBA LIBOR as designated by
the Administrative Agent from time to time) at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period, for
Dollar deposits (for delivery on the first day of such Interest Period) with a
term equivalent to such Interest Period. If such rate is not available at such
time for any reason, then the “Eurodollar Rate” for such Interest Period shall
be the rate per annum determined by the Administrative Agent to be the rate at
which deposits in Dollars for delivery on the first day of such Interest Period
in same day funds in the approximate amount of the Eurodollar Rate Loan being
made, continued or converted by Bank of America and with a term equivalent to
such Interest Period would be offered by Bank of America’s London Branch to
major banks in the London interbank eurodollar market at their request at
approximately 11:00 a.m. (London time) two Business Days prior to the
commencement of such Interest Period.

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        (b)        Subject to the terms and conditions set forth herein, Section
1.01 of the Credit Agreement is hereby amended by deleting the definition of
“364-Day Agreement” in its entirety.

        (c)        Subject to the terms and conditions set forth herein, Section
1.01 of the Credit Agreement is hereby amended by adding the following
definition in alphabetical order:

         “2004 Multi-Year Credit Agreement” means that certain Multi-Year Credit
Agreement dated as of September 28, 2004 (as amended, restated, modified,
supplemented or amended and restated from time to time) by and among the
Borrower, Bank of America, N.A., as administrative agent, and the lenders from
time to time party thereto.

        (d)       Subject to the terms and conditions set forth herein, Section
4.02(a) of the Credit Agreement is hereby amended by deleting such Section in
its entirety and replacing it as follows:

         The representations and warranties of the Borrower contained in Article
V of this Agreement, but excluding the representation and warranty as to no
Material Adverse Effect contained in Section 5.11(b) of this Agreement, or any
other Loan Document, or which are contained in any document furnished at any
time under or in connection herewith or therewith, shall be true and correct on
and as of the date of such Credit Extension, except to the extent that such
representations and warranties specifically refer to an earlier date, in which
case they shall be true and correct as of such earlier date, and except that for
purposes of this Section 4.02, the representations and warranties contained in
subsection (a) of Section 5.11 shall be deemed to refer to the most recent
statements furnished pursuant to clauses (a) and (b), respectively, of Section
6.01.

        (e)        Subject to the terms and conditions set forth herein, Section
6.02 of the Credit Agreement is hereby amended by adding the following paragraph
to the end of such Section, in its entirety:

         The Borrower hereby acknowledges that (a) the Administrative Agent
and/or the Arranger will make available to the Lenders and the L/C Issuer
materials and/or information provided by or on behalf of the Borrower hereunder
(collectively, “Borrower Materials”) by posting the Borrower Materials on
IntraLinks or another similar electronic system (the “Platform”) and (b) certain
of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to
receive material non-public information with respect to the Borrower or its
securities) (each, a “Public Lender”). The Borrower hereby agrees that (w) all
Borrower Materials that are to be made available to Public Lenders shall be
clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that
the word “PUBLIC” shall appear prominently on the first page thereof; (x) by
marking Borrower Materials “PUBLIC”, the Borrower shall be deemed to have
authorized the Administrative Agent, the Arranger, the L/C Issuer and the
Lenders to treat such Borrower Materials as either publicly available
information or not material information (although it may be sensitive and
proprietary) with respect to the Borrower or its securities for purposes of
United States Federal and state securities laws; (y) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the
Platform designated “Public Investor”; and (z) the Administrative Agent and the
Arranger shall be entitled to treat any Borrower Materials that are not marked
“PUBLIC” as being suitable only for posting on a portion of the Platform not
designated “Public Investor”.

        (f)        Subject to the terms and conditions set forth herein, Section
7.05 of the Credit Agreement is hereby amended by deleting the last sentence of
such Section in its entirety and replacing it as follows:

         The restrictions contained in this Section shall not include any
Indebtedness of any Subsidiary incurred under this Agreement or under the 2004
Multi-Year Credit Agreement.

        (g)        Subject to the terms and conditions set forth herein, Section
8.01(e) of the Credit Agreement is hereby amended by deleting such subsection in
its entirety and replacing it as follows:

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         Cross-Default.   (i) The Borrower or any Subsidiary (A) fails to make
any payment when due (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise) under (I) the 2004 Multi-Year Credit
Agreement or (II) in respect of any Indebtedness or Guarantee (other than
Indebtedness hereunder and Indebtedness under Swap Contracts) having an
aggregate principal amount (including undrawn committed or available amounts and
including amounts owing to all creditors under any combined or syndicated credit
arrangement) of more than the $25,000,000, or (B) fails to observe or perform
any other agreement or condition (I) contained in the 2004 Multi-Year Credit
Agreement or (II) relating to any such other Indebtedness or Guarantee or
contained in any instrument or agreement evidencing, securing or relating
thereto, or any other event occurs, the effect of which default or other event
is to cause, or to permit the lenders under the 2004 Multi-Year Credit Agreement
or any holder or holders of such Indebtedness or the beneficiary or
beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder
or holders or beneficiary or beneficiaries) to cause, with the giving of notice
if required, such Indebtedness (including without limitation Indebtedness
incurred pursuant to the 2004 Multi-Year Credit Agreement) to be demanded or to
become due or to be repurchased, prepaid, defeased or redeemed (automatically or
otherwise), or an offer to repurchase, prepay, defease or redeem such
Indebtedness (including without limitation Indebtedness incurred pursuant to the
2004 Multi-Year Credit Agreement) to be made, prior to its stated maturity, or
such Guarantee to become payable or cash collateral in respect thereof to be
demanded; or (ii) there occurs under any Swap Contract an Early Termination Date
(as defined in such Swap Contract) resulting from (A) any event of default under
such Swap Contract as to which the Borrower or any Subsidiary is the Defaulting
Party (as defined in such Swap Contract) or (B) any Termination Event (as so
defined) under such Swap Contract as to which the Borrower or any Subsidiary is
an Affected Party (as so defined) and, in either event, the Swap Termination
Value owed by the Borrower or such Subsidiary as a result thereof is greater
than $75,000,000; or

        (h)       Subject to the terms and conditions set forth herein, Article
X of the Credit Agreement is hereby amended by adding the following Section
10.19, in numerical order, in its entirety:

         10.19    USA PATRIOT Act Notice.   Each Lender that is subject to the
Act (as hereinafter defined) and the Administrative Agent (for itself and not on
behalf of any Lender) hereby notifies the Borrower that pursuant to the
requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)) (the “Act”), it is required to obtain, verify and record
information that identifies the Borrower, which information includes the name
and address of the Borrower and other information that will allow such Lender or
the Administrative Agent, as applicable, to identify the Borrower in accordance
with the Act.

        (i)       Subject to the terms and conditions set forth herein, Schedule
10.02 to the Credit Agreement is hereby amended by deleting the notice
information for “Administrative Agent” in its entirety and replacing it as
follows:

  Administrative Agent’s Office
(for payments and Requests for Credit Extensions):
Bank of America, N.A.
NC1-001-15-01
101 N. Tryon Street
Charlotte, NC 28255
Attn:   Dee Daniel
Telephone:       704-387-5441
Facsimile:          704-409-0299
Email:   dee.daniel@bankofamerica.com

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  Payment Instructions:
Bank of America, NA
New York NY
ABA# 026009593
A/C# 136621-2250600
Attn:   Corporate Credit Services
Ref:   St. Jude Medical

  Other Notices as Administrative Agent:
Bank of America, N.A.
Agency Management
CA5-701-12-09
1455 Market Street
San Francisco, CA 94103
Attn:   Cassandra McCain
Telephone:      415-436-3400
Facsimile:         415-503-5133
Email:   cassandra.g.mccain@bankofamerica.com

        Section 2.        Effectiveness; Conditions Precedent.   The
effectiveness of this Amendment and the amendments to the Credit Agreement
herein provided are subject to the satisfaction of the conditions precedent:

          (a)       The Administrative Agent shall have received each of the
following documents, instruments or deliverables in form and substance
reasonably acceptable to the Administrative Agent:

      (i)   original counterparts of this Amendment, duly executed by the
Borrower, the Lenders and the Administrative Agent; and

      (ii)   such other documents, instruments, opinions, certifications,
undertakings, further assurances and other matters as the Administrative Agent
shall reasonably request; and

          (b)       All fees and expenses payable to the Administrative Agent
and the Lenders (including the fees and expenses of counsel to the
Administrative Agent) accrued to date shall have been paid in full.

        Section 3.       Representations and Warranties.   In order to induce
the Administrative Agent and the Lenders to enter into this Amendment, the
Borrower represents and warrants to the Administrative Agent and the Lenders as
follows:

          (a)       The representations and warranties made by the Borrower in
Article V of the Credit Agreement are true and correct in all material respects
on and as of the date hereof, except to the extent that such representations and
warranties expressly relate to an earlier date; and

          (b)       This Amendment has been duly authorized, executed and
delivered by the Borrower and constitutes a legal, valid and binding obligation
of the Borrower, except as may be limited by general principles of equity or by
the effect of any applicable bankruptcy, insolvency, reorganization, moratorium
or similar law affecting creditors’ rights generally.

        Section 4.       Entire Agreement.   This Amendment, together with the
Credit Agreement (collectively, the “Relevant Documents”), sets forth the entire
understanding and agreement of the parties hereto in relation to the subject
matter hereof and supersedes any prior negotiations and agreements among the
parties relating to such subject matter. No promise, condition, representation
or warranty, express or implied, not set forth in the Relevant Documents shall
bind any party hereto, and no such party has relied on any such promise,
condition, representation or warranty. Each of the parties hereto acknowledges
that, except as otherwise expressly stated in the Relevant Documents, no
representations, warranties or commitments, express or implied, have been made
by any party to the other.

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        Section 5.       Full Force and Effect of Credit Agreement.   Except as
hereby specifically amended, modified or supplemented, the Credit Agreement is
hereby confirmed and ratified in all respects and shall be and remain in full
force and effect according to their respective terms.

        Section 6.       Counterparts.   This Amendment may be executed in any
number of counterparts, each of which shall be deemed an original as against any
party whose signature appears thereon, and all of which shall together
constitute one and the same instrument. Delivery of an executed counterpart of a
signature page to this Amendment by facsimile transmission shall be effective as
delivery of an original counterpart of this Amendment.

        Section 7.       Governing Law.   THIS AMENDMENT SHALL IN ALL RESPECTS
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED ENTIRELY WITHIN SUCH
STATE.

        Section 8.       Enforceability.   Should any one or more of the
provisions of this Amendment be determined to be illegal or unenforceable as to
one or more of the parties hereto, all other provisions nevertheless shall
remain effective and binding on the parties hereto.

        Section 9.       References.   All references in any of the Loan
Documents to the “Credit Agreement” or in the Credit Agreement to “this
Agreement” shall mean the Credit Agreement as amended hereby.

        Section 10.       Successors and Assigns.   This Amendment shall be
binding upon and inure to the benefit of the Borrower, the Lenders and the
Administrative Agent, and their respective successors, legal representatives,
and assignees to the extent such assignees are permitted assignees as provided
in the Credit Agreement.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

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        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date first above written.

  ST. JUDE MEDICAL, INC., as Borrower       By:    /s/   JOHN C. HEINMILLER

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    Name:   John C. Heinmiller
Title:     Executive Vice President, CFO  

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  BANK OF AMERICA, N.A., as Administrative Agent       By:    /s/   CAYCE MCCAIN

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    Name:   Cayce McCain
Title:     Assistant Vice President  

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  BANK OF AMERICA, N.A., as a Lender       By:    /s/   RICHARD C. HARDISON

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    Name:   Richard C. Hardison
Title:     Vice President  

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  WELLS FARGO, N.A., as a Lender       By:    /s/   SCOTT D. BJELDE

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    Name:   Scott D. Bjelde
Title:     Senior Vice President         By:    /s/   JENNIFER BARRETT

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    Name:   Jennifer Barrett
Title:     Vice President & Loan Team Manager  

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  KEYBANK NATIONAL ASSOCIATION, as a Lender       By:    /s/   CHRISTOPHER A.
SWINDELL

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    Name:   Christopher A. Swindell
Title:     Portfolio Manager  

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  BANCA DI ROMA – CHICAGO BRANCH, as a Lender       By:    /s/   JOYCE
MONTGOMERY

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    Name:   Joyce Montgomery
Title:     Vice President         By:    /s/    AURORA PENSA

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    Name:   Aurora Pensa
Title:     Vice President  

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  THE BANK OF TOKYO-MITSUBISHI, LTD.,
CHICAGO BRANCH, as a Lender       By:    /s/   PATRICK MCCUE

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    Name:   Patrick McCue
Title:     Vice President & Manager  

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  KBC BANK, N.V., as a Lender       By:    /s/   ROBERT SNAUFFER

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    Name:   Robert Snauffer
Title:     First Vice President         By:    /s/   STEFANO SNOZZI

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    Name:   Stefano Snozzi
Title:     First Vice President

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  BANK ONE, NA, as a Lender       By:    /s/   ANTHONY F. MAGGIORE

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    Name:   Anthony F. Maggiore
Title:     Managing Director, Capital Markets  

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  BNP PARIBAS, as a Lender       By:    /s/   JO ELLEN BENDER

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    Name:   Jo Ellen Bender
Title:     Managing Director       By:    /s/   CHRISTINE L. HOWATT

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    Name:   Christine L. Howatt
Title:     Director  

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  SUNTRUST BANK, as a Lender       By:    /s/   W. BROOKS HUBBARD

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    Name:   W. Brooks Hubbard
Title:     Director  

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  U.S. BANK NATIONAL ASSOCIATION, as a Lender       By:    /s/   JEFFREY S.
JOHNSON

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    Name:   Jeffrey S. Johnson
Title:     Assistant Vice President  

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  FIFTH THIRD BANK, as a Lender       By:    /s/   ANDREW L. BUSCHLE

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    Name:   Andrew L. Buschle
Title:     Vice President  

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  SVENSKA HANDELSBANKEN AB (PUBL), as a Lender       By:    /s/   MIKAEL
WESTERBACK

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    Name:   Mikael Westerback
Title:     Senior Vice President       By:    /s/   JESPER LINDQUIST

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    Name:   Jesper Lindquist
Title:     Vice President  

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