REVOLVING PROMISSORY NOTE

|            |                       
|----------- | ----------------------
|            | December 21, 2009     
|$10,000,000 | Minneapolis, Minnesota

FOR VALUE
RECEIVED, VASCULAR SOLUTIONS, INC.,
a Minnesota corporation (Borrower) hereby promises to pay to the order of U.S. BANK NATIONAL ASSOCIATION, a national
banking association organized under the laws of the United States, its
endorsees, successors and assigns (the Lender), in lawful money of the United
States of America and in immediately available funds at Lenders principal
office located in Minneapolis, Minnesota or such other place as the Lender may
from time to time designate, and on the terms provided below, the principal
amount of up to TEN MILLION AND NO/100
DOLLARS ($10,000,000.00), or, if less, the aggregate unpaid
principal amount of all Advances made by the Lender under the Credit Agreement
(as defined below).

Interest on
each advance hereunder shall accrue at a varying annual rate equal to one and
sixty-hundredths percent (1.60%) plus the one-month LIBOR rate quoted by Lender
from Reuters Screen LIBOR01 Page or any successor thereto, which shall be that
one-month LIBOR rate in effect and reset each New York Banking Day, adjusted
for any reserve requirement and any subsequent costs arising from a change in
government regulation, such rate rounded up to the nearest one-sixteenth
percent. The term New York Banking Day
means any date (other than a Saturday or Sunday) on which commercial banks are
open for business in New York, New York. Lenders internal records of
applicable interest rates shall be determinative in the absence of manifest
error

Borrower
shall repay this Note as follows:

(y)          Interest
is payable beginning January 21, 2010,
and on the same date of each consecutive month thereafter (except that if a
given month does not have such a date, the last day of such month), plus a
final interest payment with the final payment of principal.

(z)          Principal
is payable on December 21, 2010,
the maturity date (Maturity Date).

In all
cases, interest hereunder shall be calculated on the basis of a year of three
hundred sixty (360) days but charged on the basis of the actual number of days
principal is unpaid. This Note may be prepaid in whole or in part without
penalty or premium at any time.

This Note
is the Note referred to in that certain Credit Agreement dated as of the date
hereof (as amended, modified, supplemented or restated from time to time, the
Credit Agreement) between the undersigned and the Lender (capitalized terms
in this Note shall have the meaning indicated in the Credit Agreement, unless
otherwise defined in this Note). Payments of principal and interest in respect
of this Note are due and payable when and as required by the terms, conditions
and provisions hereof and in accordance with the Credit Agreement, which terms,
conditions and provisions are hereby incorporated herein by reference. Subject
to the terms of the Credit Agreement, the Borrower may borrow against this Note
and repay and reborrow, in whole or in part, without regard to the cumulative
amount of advances up to the Commitment (as defined in the Credit Agreement)
outstanding at any time.

This Note
is secured, and its maturity is subject to acceleration, in each case, upon the
terms provided in the Credit Agreement. On the Maturity Date or earlier
acceleration, all remaining unpaid principal and accrued interest hereunder
shall be due and payable in full. All payments hereunder shall be applied first
to interest and then to principal. This Note may be prepaid in whole or in part
at any time, subject to the provisions of the Credit Agreement.

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Time is of
the essence. No delay or omission on the part of the Lender in exercising any
right hereunder shall operate as a waiver of such right or of any other remedy
under this Promissory Note. A waiver on any one occasion shall not be construed
as a bar to or waiver of any such right or remedy on a future occasion.

If a
payment due hereunder is not made within ten (10) days after the date when due,
Borrower shall pay to Lender a late payment charge of five percent (5.0)% of
the amount of the overdue payment to compensate Lender for a portion of the
cost related to handling the overdue payment. After an Event of Default, the
entire principal sum evidenced by this Note, together with all accrued and
unpaid interest, shall, at the option of the Lender, bear interest at the rate
per annum (the Default Rate) equal to five percent (5.0%) in excess of the
rate of interest per annum which would otherwise be payable hereunder during
the entire period during which such Event of Default shall occur and be
continuing, and become immediately due and payable without further notice,
demand or presentment for payment, and without any relief whatever from any
valuation or appraisement laws. Failure to exercise any option provided herein
shall not constitute a waiver of the right to exercise the same in the event of
any subsequent default. Borrower agrees that if, and as often as, this Note is
given to an attorney for collection or to defend or enforce any of Lenders
rights hereunder, Borrower will pay Lenders reasonable attorneys fees
together with all court costs and other reasonable expenses paid by Lender.

In the
event of any default hereunder, the undersigned agrees to pay the actual
out-of-pocket costs and expenses of collection, including reasonable attorneys
fees.

Except as
otherwise provided in the Credit Agreement, Borrower waives presentment,
protest and demand, notice of protest, demand and of dishonor and nonpayment of
this Note and any lack of diligence or delays in collection or enforcement of
this Note. Borrower agrees that this Note, or any payment hereunder, may be
extended from time to time, and Borrower consents to the release of any party
liable for the obligation evidenced by this Note, the release of any of the
security for this Note, the acceptance of any other security therefor, or any
other indulgence or forbearance whatsoever, all without notice to any party and
without affecting the liability of Borrower.

All
agreements between the Borrower and the Lender are hereby expressly limited so
that in no contingency or event whatsoever, whether by reason of acceleration
of maturity of the indebtedness evidenced hereby or otherwise, shall the rate
of interest paid or agreed to be paid to the Lender for the use, forbearance,
loaning or detention of the indebtedness evidenced hereby exceed the maximum
permissible rate of interest under applicable law, and if from any
circumstances the Lender should ever receive as interest an amount which would
exceed the highest lawful rate of interest, such amount which would be in
excess of such lawful rate of interest shall be applied to the reduction of the
principal balance evidenced hereby and not to the payment of interest.

THIS NOTE
SHALL BE CONSTRUED UNDER AND GOVERNED BY THE LAWS OF THE STATE OF MINNESOTA,
WITHOUT GIVING EFFECT TO CONFLICT OF LAWS OR PRINCIPLES THEREOF, BUT GIVING
EFFECT TO FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO NATIONAL BANKS.
WHENEVER POSSIBLE, EACH PROVISION OF THIS NOTE AND ANY OTHER STATEMENT,
INSTRUMENT OR TRANSACTION CONTEMPLATED HEREBY OR RELATING HERETO, SHALL BE
INTERPRETED IN SUCH MANNER AS TO BE EFFECTIVE AND VALID UNDER SUCH APPLICABLE
LAW, BUT, IF ANY PROVISION OF THIS NOTE OR ANY OTHER STATEMENT, INSTRUMENT OR
TRANSACTION CONTEMPLATED HEREBY OR RELATING HERETO SHALL BE HELD TO BE
PROHIBITED OR INVALID UNDER SUCH APPLICABLE LAW, SUCH PROVISION SHALL BE EFFECTIVE
ONLY TO THE EXTENT OF SUCH PROHIBITION OR INVALIDITY, WITHOUT INVALIDATING THE
REMAINDER OF SUCH PROVISION OR THE REMAINING PROVISIONS OF THIS NOTE OR ANY
OTHER STATEMENT, INSTRUMENT OR TRANSACTION CONTEMPLATED HEREBY OR RELATING
HERETO.

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AT THE
OPTION OF LENDER, THIS NOTE MAY BE ENFORCED IN ANY FEDERAL OR STATE COURT
SITTING IN MINNESOTA; AND BORROWER CONSENTS TO THE JURISDICTION AND VENUE OF
ANY SUCH COURT AND WAIVES ANY ARGUMENT THAT VENUE IN SUCH FORUMS IS NOT CONVENIENT.
IN THE EVENT BORROWER COMMENCES ANY ACTION IN ANOTHER JURISDICTION OR VENUE
UNDER ANY TORT OR CONTRACT THEORY ARISING DIRECTLY OR INDIRECTLY FROM THE
RELATIONSHIP CREATED BY THIS NOTE, LENDER AT ITS OPTION SHALL BE ENTITLED TO
HAVE THE CASE TRANSFERRED TO ONE OF THE JURISDICTIONS AND VENUES
ABOVE-DESCRIBED, OR IF SUCH TRANSFER CANNOT BE ACCOMPLISHED UNDER APPLICABLE
LAW, TO HAVE SUCH CASE DISMISSED WITHOUT PREJUDICE.

THE LENDER
BY ITS ACCEPTANCE HEREOF AND THE BORROWER HEREBY VOLUNTARILY, KNOWINGLY, AND
INTENTIONALLY WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING ARISING UNDER THIS NOTE OR CONCERNING THE INDEBTEDNESS EVIDENCED
HEREBY AND/OR ANY COLLATERAL SECURING SUCH INDEBTEDNESS, REGARDLESS OF WHETHER
SUCH ACTION OR PROCEEDING CONCERNS ANY CONTRACTUAL OR TORTIOUS OR OTHER CLAIM.
THE BORROWER ACKNOWLEDGES THAT THIS WAIVER OF JURY TRIAL IS A MATERIAL
INDUCEMENT TO THE LENDER IN EXTENDING CREDIT TO THE BORROWER, THAT THE LENDER
WOULD NOT HAVE EXTENDED SUCH CREDIT WITHOUT THIS JURY TRIAL WAIVER, AND THAT
THE BORROWER HAS BEEN REPRESENTED BY AN ATTORNEY OR HAS HAD AN OPPORTUNITY TO
CONSULT WITH AN ATTORNEY IN CONNECTION WITH THIS JURY TRIAL WAIVER AND
UNDERSTANDS THE LEGAL EFFECT OF THIS WAIVER.

Executed
as of the date first above written.

| |                          |                          |  | 
| | ------------------------ | ------------------------ |  | 
| | VASCULAR SOLUTIONS, INC.
| |                          |                          |  | 
| | By:                      | /s/ James
 Hennen       
| |                          |                         
| | Name:                    | James Hennen            
| |                          |                         
| | Its:                     | Chief
 Financial Officer
| |                          |                         

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