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EXHIBIT 10.7

SUMMARY OF FISCAL 2008 SALARIES

On June 5, 2007, the Board of Directors of the Company approved base salaries for the fiscal year
ending April 27, 2008 for the following Named Executive Officers:

	 	 	 
	Name	 	2008 Base Salary
	Kurt L. Darrow
	 	$675,000
	Rodney D. England
	 	$360,000
	Steven M. Kincaid
	 	$360,000
	Louis M. Riccio, Jr.
	 	$320,000
	Otis S. Sawyer
	 	$285,000exv10w12

 

EXHIBIT 10.12

COMPENSATION OF NON-EMPLOYEE DIRECTORS

We pay our Chairman an annual retainer of $100,000 and our other directors an annual retainer of
$25,000. We pay an additional annual retainer of $8,000 to the chairman of the Audit Committee and
additional annual retainers of $4,000 to the respective Chairmen of our Compensation, Nominating
and Corporate Governance, and Investment Performance Review Committees. We pay $1,500 for each
board, committee, or subcommittee meeting attended (including by telephone) and reimbursed for
associated travel expenses. We grant to our first-time directors, when they became directors,
options to purchase 5,000 common shares at a 75% discount from the market price and, at our annual
organizational board meeting, grant to all of our continuing directors options to purchase 2,000
common shares at a 75% discount from the market price. All of the options could be exercised
within 30 days after the date of grant, and transfer by the director of the purchased shares is
restricted while the director serves on the Board.

Directors who are also employees of the Company received no additional compensation for serving on
the Board.exv10w1

 

Exhibit 10.1

AMENDMENT TO

EMPLOYMENT AGREEMENT

     This Amendment (this “Amendment”) is made effective as of June 15, 2007, and is
entered into by and between Replidyne, Inc. (the “Company”), and Ken Collins
(“Employee”) and, together with the Company, the “Parties”).

RECITALS

     WHEREAS, the Company and Employee are parties to that certain Employment Agreement
dated April 3, 2006 (the “Employment Agreement”);

     WHEREAS, in order to reflect the final terms and conditions related to Employee’s change in
control benefits and certain other changes to the Employment Agreement, the Parties desire to amend
certain terms of the Employment Agreement.

     NOW, THEREFORE, in consideration of the foregoing premises and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereby agree as follows:

AGREEMENT

	1.	 	All capitalized terms used but not defined herein shall have the meanings assigned to them in
the Employment Agreement.
	 
	2.	 	The introductory paragraph of the Employment Agreement is hereby amended and restated to
reflect this Amendment, and will now read in its entirety as follows:

     This Employment Agreement (the “Agreement”) is made as of this 3rd day
of April, 2006, and amended effective June 15, 2007, by and between Replidyne,
Inc., (the “Company”), and Ken Collins (“Employee”) (collectively, the
“Parties”).

     Whereas, the Company wishes to continue to employ Employee and to
assure itself of the continued services of Employee on the terms set forth herein;

     Whereas, Employee wishes to be so employed under the terms set forth
herein;

     Whereas, Employee and the Company are parties to that certain Amended
and Restated Executive Employment Agreement dated February 20, 2002;

     Whereas, the Parties desire to amend and restate the Executive
Employment Agreement to reflect certain additional and revised terms of Employee’s
employment; and

 

 

     Whereas, the Parties intend that this Agreement, as amended, shall
supersede and replace any similar agreements that presently exist or may have
previously existed between the Parties regarding the terms of Employee’s employment
with the Company.

	3.	 	Section 10(d) of the Employment Agreement is amended and restated to read in its entirety as
follows:

     (d) Termination by the Company without Cause or for Good Reason. In the event
Employee’s employment is terminated without Cause (as defined herein) or due to
death or disability (as provided in Section 10(a)) or Employee resigns for Good
Reason (as defined herein) and upon the execution of a Release by Employee and
written acknowledgment of Employee’s continuing obligations under the Proprietary
Information Agreement, Employee shall be entitled to receive the equivalent of
eighteen (18) months of his Base Salary as in effect immediately prior to the
termination date, payable on the same basis and at the same time as previously paid
and subject to employment tax withholdings and deductions, commencing on the first
regularly scheduled pay date following the Effective Date of the Release. Provided
that Employee is eligible for and timely elects continuation of his health insurance
pursuant to COBRA, for a period of eighteen (18) months following a termination
without Cause, the Company shall also reimburse Employee for the cost of COBRA
premiums to be paid in order for Employee to maintain medical insurance coverage
that is substantially equivalent to that which Employee received immediately prior
to the termination provided, however, that the Company’s obligation to pay
Employee’s COBRA premiums will cease immediately in the event Employee becomes
eligible for group health insurance during the eighteen (18) month period, and
Employee hereby agrees to promptly notify the Company if he becomes eligible to be
covered by group health insurance in such event (the salary continuation and COBRA
reimbursement are collectively referred to as the “Severance Benefits”).

	4.	 	Section 10(f) of the Employment Agreement is amended and restated to read in its entirety as
follows:

     (f) Definition of Good Reason. Employee may voluntarily terminate Employee’s
employment for “Good Reason” by notifying the Company in writing, within thirty (30)
days after the occurrence of one of the following events taken without Employee’s
consent, that Employee intends to terminate Employee’s employment for Good Reason on
the thirtieth (30th) day following the Company’s receipt of Employee’s notice, if
the Company has not cured the event that gives rise to Good Reason before the end of
such thirty (30) day period: (i) a reduction in Employee’s Base Salary, bonus (if
any) or benefits that would materially diminish the aggregate value of Employee’s
total compensation and benefits; (ii) the assignment to Employee of duties that are
substantially and materially inconsistent with the position held by Employee prior
to the Change in Control and that are not a reasonable advancement of Employee’s
position within the Company; or (iii) a material change in geographic location (more
than 50

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miles) from Employee’s current principal place of performing services on behalf of
the Company.

	4.	 	Section 11(b) of the Employment Agreement is amended and restated to read in its entirety as
follows:

     (b) Change of Control Termination. If within the thirteen (13) months
immediately following a Change in Control or the one (1) month immediately preceding
a Change in Control: (i) Employee is involuntarily terminated by the Company (or
its successor entity) other than for Cause or (ii) Employee voluntarily terminates
his employment with the Company (or its successor entity) for Good Reason (either
constituting a “Change of Control Termination”), and in each case Employee signs a
Release and written acknowledgment of Employee’s continuing obligations under the
Proprietary Information Agreement, Employee shall be entitled to receive the
Severance Benefits set forth in Paragraph 10(d). In addition, the Company will vest
all of the shares subject to the options and such vesting shall occur upon the
occurrence of the Change of Control in the case of a Change of Control Termination
occurring prior to the Change in Control or upon termination in the case of a Change
of Control Termination occurring after the Change of Control. All other terms and
conditions set forth in the options, the Plan, and the applicable stock option
agreements shall remain in full force and effect.

Employee shall also be eligible to receive a bonus equal to the average of
Employee’s annual bonus for the two years prior to such Change in Control
Termination multiplied by 1.5 to be paid at the same time as bonuses are paid
pursuant to the Company’s policy.

	5.	 	Section 12 of the Employment Agreement is amended and restated to read in its entirety as
follows:

12. Deferred Compensation. Severance Benefits and Change of Control Severance
Benefits pursuant to Sections 10(d) and 11(b) above, to the extent of payments made
from the date of termination of Executive’s employment through March 15 of the
calendar year following such termination, are intended to constitute separate
payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations and thus
payable pursuant to the “short-term deferral” rule set forth in Section
1.409A-1(b)(4) of the Treasury Regulations; to the extent such payments are made
following said March 15, they are intended to constitute separate payments for
purposes of Section 1.409A-2(b)(2) of the Treasury Regulations made upon an
involuntary termination from service and payable pursuant to Section
1.409A-1(b)(9)(iii) of the Treasury Regulations, to the maximum extent permitted by
said provision, with any excess amount being regarded as subject to the distribution
requirements of Section 409A(a)(2)(A) of the Internal Revenue Code of 1986, as
amended (the “Code”), including, without limitation, the requirement of Section
409A(a)(2)(B)(i) of the Code that payment to Executive be delayed until 6 months
after Executive’s separation from service

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if Executive is a “specified employee” within the meaning of the aforesaid section
of the Code at the time of such separation from service.

	6.	 	Except as set forth above, the Employment Agreement, as amended, shall remain in full force
and effect in accordance with its terms.
	 
	7.	 	This Amendment may be executed in one or more counterparts, each of which shall be deemed an
original and all of which together shall be considered one and the same agreement.
	 
	8.	 	This Amendment shall be governed by and construed and enforced in accordance with the laws of
the State of Colorado applicable to contracts made and to be performed entirely within such
state.
	 
	9.	 	This Amendment shall be effective upon its execution by each of the Company and Employee.

[Remainder of page intentionally left blank.]

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     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date and year first
written above.

	 	 	 	 	 
	 	 	 
	 	                                              /s/ Kenneth J. Collins
 	 
	 	Kenneth J. Collins 	 
	 	 	 
	 
	 	REPLIDYNE, INC.

 	 
	 	By:  	/s/ Mark Smith
 	 
	 	 	Name:  	Mark Smith 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

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