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Exhibit 10.10    
    

 
  CONSULTING AGREEMENT    
    

        This CONSULTING AGREEMENT (the "Agreement") is made and entered into as of the 22nd day of November, 2004, by and between  ev3 Inc., a Delaware limited liability company (the "Company"), and Dale A. Spencer (the "Consultant"). 

R E C I T A L S :  

        WHEREAS, the Company desires to obtain the technical and advisory services of and obtain certain restrictive covenants from the Consultant, as described below,
and the Consultant is willing to provide such services and is willing to agree to such restrictive covenants, on the terms and for the consideration set out below; and 

        WHEREAS,
the Consultant and the Company desire to embody in this Agreement the terms and conditions of Consultant's engagement by the Company, which terms and conditions shall supersede
all prior oral and written agreements, arrangements and understandings relating to the Consultant's services. 

        NOW,
THEREFORE, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, it is hereby agreed
as follows: 

        SECTION
1.    ENGAGEMENT:    The Company hereby agrees to engage Consultant, and Consultant does hereby accept his
engagement with the Company and agrees to serve the Company, in the capacities, for the term and subject to and upon the terms and conditions as herein contained. 

        SECTION
2.    TERM:    Unless sooner terminated pursuant to Section 6 hereof, the consulting services to be
provided by Consultant to the Company pursuant to this Agreement shall commence as of the date hereof (the "Commencement Date") and shall continue until July 1, 2005 (the "Initial Term"). The
Initial Term hereunder shall, commencing on July 1, 2005, and on each yearly anniversary thereafter, automatically be extended on the terms and conditions contained herein for one additional
year (collectively with the Initial Term, the "Term"), unless, not later than the date which is 30 days proceeding such applicable anniversary date, either party hereto shall have given written
notice to the other party hereto that such party does not wish to extend the term of the Term hereunder for an additional year. In the event such notice is delivered by either party hereto, the Term
shall not be extended on the anniversary of the applicable July 1 following the date of delivery of the written notice of non-renewal and shall terminate on the expiration of the
then current Term, unless sooner terminated pursuant to Section 6 hereof. 

        SECTION
3.    DUTIES:    During the Term of this Agreement, Consultant agrees to and shall furnish to the Company
Consultant's best advice, information, judgment and 

 

knowledge
with respect to the operations of the Company's businesses. Consultant shall provide such services to the Company as and when the Company's managing members reasonably requests from time to
time. It is expected that the Consultant will devote approximately 35%, on average, of his time in rendering his services during the Term of this Agreement. 

        SECTION
4.    CONSULTING FEE:    During the Term of this Agreement, the Company shall pay Consultant, and Consultant
hereby agrees to accept as payment for all consulting services rendered hereunder, a fee of Twenty-Three Thousand Seven Hundred Fifty Dollars ($23,750) per month (the "Consulting Fee"). The Consultant
agrees that the Consulting Fee will be reduced by any fees paid in cash to Consultant from any entities affiliated with the Company, including, without limitation, Micro Therapeutics, Inc., a
Delaware corporation, and that the Consulting Fee will not be reduced by the value of any equity-based compensation (e.g., stock options and grants) the Consultant receives from such entities. In
addition to the Consulting Fee, the Company will pay the Consultant an additional Two Thousand Dollars ($2,000) per month to help defray the expense of the Consultant getting medical, dental, life
insurance and disability coverage benefits. The Consulting Fee shall be paid in accordance with the Company's normal and customary payroll practices during the Term of this Agreement provided,
however, that such Consulting Fees shall be paid at least once a month. The Consulting Fee shall be paid to Consultant without regard to the amount of time expended by Consultant in performing the
duties required by this Agreement, provided that Consultant has performed those services as requested by the Company from time to time in accordance with Section 3 hereof. The Company will
reimburse Consultant in accordance with its normal reimbursement policy for reasonable travel and other expenses incurred by the Consultant in carrying out the Consultant's duties under this
Agreement. Reimbursement for approved expenses will be made within thirty (30) days of receipt from the Consultant of an itemized expense report. 

        SECTION
5.    INDEPENDENT CONTRACTOR STATUS:    Consultant will perform his obligations and duties under this
Agreement solely as an independent contractor performing work for the Company, and not as an agent or employee of, or joint venture with, the Company. The Consultant shall not, by reason of this
Agreement, acquire any benefits, privileges or rights under any benefit plan maintained by the Company or its subsidiaries or affiliates for the benefit of their employees, including, without
limitation, (i) any pension or profit-sharing plans or (ii) any plans providing medical, dental, disability or life insurance protection. Consultant shall be solely responsible for the
payment of any federal, state and local taxes applicable to the fees and expenses paid or payable by the Company in connection with Consultant's engagement. 

        SECTION
6.    TERMINATION:    

        (a)    Death.    The Consultant's engagement shall automatically terminate upon his death, and upon such event, the
Consultant's estate shall be entitled to receive the amounts specified in Section 6 (e) below. 

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        (b)    Disability.    If the Consultant is unable to perform the duties required of him under this Agreement because
of illness, incapacity, or physical or mental disability, the Term shall continue and the Company shall pay all compensation required to be paid to the Consultant hereunder, unless the Consultant is
unable to perform the duties required of him under this Agreement for an aggregate of 120 days (whether or not consecutive) during any 12-month period during the term of this
Agreement, in which event the Consultant's employment shall terminate, and the Consultant shall be entitled to receive the amounts specified in Section 6(e) below. 

        (c)    Cause.    The Company may terminate the Consultant's engagement at any time, with or without Cause. Termination
of the Consultant's engagement hereunder shall be effective upon delivery of written notice of such termination. For purposes of this Agreement, "Cause" shall mean (i) any act of personal
dishonesty taken by the Consultant in connection with his responsibilities as a consultant and intended to result in substantial personal enrichment of the Consultant, (ii) the conviction of a
felony, (iii) a willful act by the Consultant which constitutes gross misconduct and which is injurious to the Company and (iv) continued violations by the Consultant of the Consultant's
obligations under this Agreement which are demonstrably willful and deliberate on the Consultant's part after there has been delivered to the Consultant a written demand for performance from the
Company which describes the basis for the Company's belief that the Consultant has not substantially performed his duties; provided,  however, that if such
Cause relates to the continued violations described in subsection 6(c)(iv), the Company shall not terminate the Consultant's
services hereunder unless the Company first gives the Consultant the notice described in subsection 6(c)(iv) and the Consultant has not within 20 days following receipt of the notice,
cured such Cause, or in the event such Cause is not susceptible to cure within such 20 day period, the Consultant has not taken all reasonable steps within such 20 day period to cure
such Cause as promptly as practicable thereafter. 

        (d)    Resignation.    The Consultant shall have the right to terminate his engagement at any time and for any reason
by giving thirty (30) days written notice of his resignation. 

        (e)    Payments.    (i) In the event that the Consultant's engagement terminates pursuant to subsections 6(a),
(b), (c), or (d), the Company shall pay to the Consultant all amounts pursuant to Section 4 hereof which are accrued but unpaid through the date of termination. 

        (ii)   In
the event the Consultant's engagement is terminated by the Company without Cause (other than pursuant to Section 6(a) or Section 6(b) above), in
addition to the amounts specified in subsection (i) above, the Consultant shall continue to receive the Consulting Fee for the remainder of the Term. 

        SECTION
7.    INDEMNIFICATION.    The Company hereby agrees to indemnify and hold Consultant harmless against any
liability, cost or expense arising out of Consultant's association with the Company to the full extent legally permissible under the Delaware General Corporation Law, as may be amended from time to
time, provided, however, that the Company shall not be required to indemnify the Consultant for any liability, cost or expense arising from or relating to the Consultant's gross negligence or willful
misconduct. Solely in consideration 

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for
the Company's agreement to indemnify and hold harmless Consultant pursuant to this Section 7, after the termination of Consultant's engagement with the Company, Consultant agrees, upon
request by the Company and at the Company's expense, and at such times and locations as agreeable to Consultant, to fully assist, consult and cooperate in good faith with the Company, as requested by
the Company, in connection with (i) any pending or threatened or completed action, suit, or proceeding, whether civil, criminal, administrative, arbitrative, or investigative and whether or not
Consultant is a named or threatened party to such action, suit or proceeding, (ii) any appeal in such an action, suit or proceeding, and (iii) any inquiry or investigation that could
lead to such an action, suit or proceeding. Upon presentation of expense statements or vouchers and such other supporting information as the Company may reasonably request, the Company shall pay or
reimburse Consultant for (i) all reasonable expenses incurred by Consultant in connection with his obligations to assist the Company hereunder and (ii) an amount equal to $2,000 per day
for each day the Consultant is required to assist, consult and cooperate with the Company pursuant to this Section 7, except that the Company will not be required to pay such amount if the
Consultant is providing such services as part of his Consulting Fee under Section 4 of this Agreement. 

        SECTION
8.    RESTRICTIVE COVENANTS:    

        (a)    NONCOMPETE:    At all times during the Term of this Agreement, without the Company's prior written consent, the
Consultant shall not, directly or indirectly, engage in or have any interest in any
sole proprietorship, partnership, corporation or business or any other person or entity (whether as an employee, officer, director, partner, agent, security holder, creditor, consultant or otherwise)
that directly or indirectly (or through any affiliated entity) engages in minimally invasive endovascular procedures provided, however, that the provisions of this Section 8 shall not apply to
(i) any passive investment made by the Consultant in which he becomes a stockholder or investor owning no more than a 5% interest (e.g., equity or equity-like securities) in such
entity, (ii) his service as either a board member or advisor of any corporation or entity listed on Exhibit A to this Agreement upon which the Consultant was serving as a member of its
board of directors or providing advisory services to at the effective time of this Agreement; (iii) any passive investment in any venture fund listed on Exhibit A to this Agreement in
which the Consultant had invested prior to the effective time of this Agreement; and (iv) any passive investment in any successor or affiliated venture funds created or organized by the
entities and venture funds listed on Exhibit A to this Agreement following the date of this Agreement. Further, the Company agrees to allow the Consultant during the Term of this Agreement to
continue to serve on the board of directors of, and to continue his investment in, the companies listed on Exhibit A, and to perform services for, serve on the board of directors of, and invest
in other companies so long as such activities are consistent with the provisions of this Section 8 and do not reasonably interfere with his obligations under this Agreement. 

        (b)    NONSOLICITATION:    At all times during the Term of this Agreement, the Consultant shall not, directly or
indirectly, for himself or for any other person, firm, corporation, partnership, association or other entity: (i) employ, or attempt to employ, or enter into any contractual arrangement with
(1) any current employee of the Company, or (2) any former employee of Company whose termination of employment with the Company has 

4

 

occurred
less than six (6) months prior to the date of such arrangement; (ii) call on or solicit any of the actual or targeted prospective clients of the Company on behalf of any person
or entity in connection with any business competitive with the business of the Company, and/or (iii) make known the names and addresses of such clients or any information relating in any manner
to the Company's trade or business relationships with such customers, other than in connection with the performance of Consultant's duties under this Agreement. For purposes of this
Section 8(b), the term "Company" shall include any affiliated companies of the Company. 

        (c)    CONFIDENTIALITY:    "Confidential Information" means secret or confidential information, knowledge or data
relating to the Company and its respective businesses, but does not include information that: (a) is already lawfully in the possession of the Consultant through independent means at the time
of disclosure thereof; (b) is or later becomes part of the public domain through no fault of the Consultant; (c) is lawfully received by the Consultant from a third party having no
obligations of confidentiality to the Company; or (d) is required to be disclosed by order of a governmental agency or by a court of competent jurisdiction. Except as specifically authorized by
an authorized officer of the Company or by written Company policies, the Consultant will not, either during or after the term of this Agreement, use or disclose Confidential Information to any person
who is not an employee of the Company, except as necessary to perform his or her duties under this Agreement. Upon termination of this Agreement, the Consultant will promptly deliver to the Company
all Confidential Information in his possession. For purposes of this Section 8(c), the term "Company" shall include any affiliated companies of the Company. 

        (d)    ACKNOWLEDGMENT:    The Consultant acknowledges and confirms that (i) the restrictive covenants contained
in this Section 8 are reasonably necessary to protect the legitimate business interests of the Company, and (ii) the restrictions contained in this Section 8 (including without
limitation the length of the term of the provisions of this Section 8) are not overbroad, overlong, or unfair and are not the result of overreaching, duress or coercion of any kind. As of the
date of this Agreement, the Consultant further acknowledges and confirms that his full, uninhibited and faithful observance of each of the covenants contained in this Section 8 will not cause
him any undue hardship, financial or otherwise, and that enforcement of each of the covenants contained herein will not impair his ability to obtain employment commensurate with his abilities and on
terms fully acceptable to him or otherwise to obtain income required for the comfortable support of him and his family and the satisfaction of the needs of his creditors. The Consultant acknowledges
and confirms that his special knowledge of the business of the Company is such as would cause the Company serious injury or loss if he were to use such ability and knowledge to the benefit of a
competitor or were to compete with the Company in violation of the terms of this Section 8. The Consultant further acknowledges that the restrictions contained in this Section 8 are
intended to be, and shall be, for the benefit of and shall be enforceable by, the Company's successors and assigns. 

        (e)    REFORMATION BY COURT:    In the event that a court of competent jurisdiction shall determine that any provision
of this Section 8 is invalid or more restrictive than permitted under the governing law of such jurisdiction, then only as to enforcement of this Section 8 within the jurisdiction of
such court, such provision shall be interpreted and enforced as if it provided for the maximum restriction permitted under such governing law. 

5

 

        (f)    SURVIVAL:    The provisions of this Section 8, excluding 8(a) and 8(b) shall survive the termination of
this Agreement, as applicable. 

        (g)    INJUNCTION:    It is recognized and hereby acknowledged by the parties hereto that a breach by the Consultant
of any of the covenants contained in this Section 8 will cause irreparable harm and damage to the Company, the monetary amount of which may be virtually impossible to ascertain. As a result,
the Consultant recognizes and hereby acknowledges that the Company shall be entitled to an injunction from any court of competent jurisdiction enjoining and restraining any violation of any or all of
the covenants contained in this Section 8 by the Consultant or any of his affiliates, associates, partners or agents, either directly or indirectly, and that such right to injunction shall be
cumulative and in addition to whatever other remedies the Company may possess. 

        SECTION
9.    CONSULTANT REPRESENTATIONS:    The Consultant hereby represents to the Company that he is aware of no
legal obligation inconsistent with the terms of this Agreement or with Consultant's undertaking of his engagement with the Company. 

        SECTION
10.    SUCCESSORSHIP:    This Agreement shall inure to the benefit of and be binding upon the Company, its
successors and assigns, including any corporate successor by merger or consolidation; and as used herein, the term "Company" shall include such successors or assigns, and any corporate subsidiary or
affiliate of the Company. The services to be provided by the Consultant under this Agreement are personal to Company and shall not be assignable by Consultant without the prior written consent of the
Company. 

        SECTION
11.    ENTIRE AGREEMENT:    This Agreement, including the Exhibit attached hereto, contains the entire
Agreement of the parties relating to and supersedes all prior oral or written agreements relating to the consulting subject matter hereof, and the parties hereto have no agreements, representations or
warranties relating to the subject matter of this Agreement which are not set forth herein. No modification of this Agreement shall be valid unless made in writing and signed by the parties hereto. 

        SECTION
12.    NOTICE:    Any notice or request required or permitted under this Agreement shall be in writing and
given or made by postage paid, registered or certified mail, return receipt requested, addressed to the Company at its then principal place of business or Consultant at his address last given to the
Company, or to either party hereto at such other address last given to the Company or to either party hereto at such other address or addresses as such party may from time to time specify for such
purposes in a notice similarly given to the other party. 

        SECTION
13.    APPLICABLE LAWS:    This Agreement is made in the State of Delaware and shall be construed and enforced
in accordance with the laws of the State of Delaware. 

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        SECTION
14.    ARBITRATION:    Except as provided in Section 8 hereof, any and all claims, disputes, or
controversies arising out of or related to this Agreement, or the breach thereof, shall be resolved exclusively by binding arbitration in accordance with the rules of the American Arbitration
Association then in existence. Such arbitration shall be conducted by a single arbitrator in Minneapolis, Minnesota. Judgment may be entered on the arbitrator's award in any court having any
jurisdiction. Punitive damages shall not be awarded. 

        SECTION
15.    ACKNOWLEDGMENT:    IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its
officer thereunder duly authorized, and Consultant has hereunder set his hand, all as of the day and year first written above. 

	 	 	ev3 Inc.
	

 	
 	

/s/  JAMES M. CORBETT      

	 	 	By:	James M. Corbett
	 	 	Its:	President and Chief Executive Officer
	

 	
 	

Consultant
	

 	
 	

/s/  DALE A. SPENCER      
 Dale A. Spencer

7

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Exhibit 10.10

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Exhibit 10.11    
    

September 1,
2003 

Mr. James
Corbett

8 Morning Dove

Laguna Niguel, CA 92677 

Dear
Jim: 

        The
Board considers the operation of the Subsidiary to be of critical importance to the Company and therefore the establishment and maintenance of a sound and vital management team of
the Subsidiary to be essential to protecting and enhancing the best interests of the Company and its members. In this connection, the Board recognizes that the possibility of a Change in Control
transaction may arise and that such possibility and the uncertainty and questions which such transaction may raise among key management personnel of the Subsidiary could result in the departure or
distraction of such management personnel to the detriment of the Company and its members. 

        Accordingly,
the Board has determined that appropriate actions should be taken to minimize the risk that Subsidiary management will depart prior to a Change in Control, thereby leaving
the Company without adequate management personnel of the Subsidiary during such a critical period, and to reinforce and encourage the continued attention and dedication of key members of the
Subsidiary's management to their assigned duties without distraction in circumstances arising from the possibility of a Change in Control. In particular, the Board believes it important, should the
Company or its members receive a proposal for transfer of control of the Company or the Subsidiary, that you be able to continue your management responsibilities without being influenced by the
uncertainties of your own personal situation. 

        The
Board recognizes that continuance of your position with the Subsidiary involves a substantial commitment to the Subsidiary and the Company in terms of your personal life and
professional career and the possibility of foregoing present and future career opportunities, for which the Company receives substantial benefits. Therefore, to induce you to remain in the employ of
the Subsidiary, this Agreement, which has been approved by the Board, sets forth the benefits which the Company agrees
will be provided to you in the event your employment with the Subsidiary or its successor is terminated in connection with a Change in Control under the circumstances described below. 

        1.    Definitions.    The following terms will have the meaning set forth below unless the context clearly requires
otherwise. Terms defined elsewhere in this Agreement will have the same meaning throughout this Agreement. 

        (a)   "Affiliate" means with respect to any Person (within the meaning of Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended) shall mean any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such Person. 

        (b)   "Agreement" means this letter agreement as amended, extended or renewed from time to time in accordance with its terms. 

        (c)   "Base Pay" means your annual base salary from the Subsidiary at the rate in effect immediately prior to a Change in
Control or at the time Notice of Termination is given, whichever is greater. Base Pay includes only regular cash salary and is determined before any reduction for deferrals pursuant to any
nonqualified deferred compensation plan or arrangement, qualified cash or deferred arrangement or cafeteria plan. 

        (d)   "Benefit Plan" means any 

          (i)  employee
benefit plan as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended; 

         (ii)  cafeteria
plan described in Code Section 125; 

 

        (iii)  plan,
policy or practice providing for paid vacation, other paid time off or short-or long-term profit sharing, bonus or incentive payments; or 

        (iv)  stock
option, stock purchase, restricted stock, phantom stock, stock appreciation right or other equity-based compensation plan that is sponsored, maintained or
contributed to by the Company for the benefit of employees (and/or their families and dependents) generally or you (and/or your family and dependents) in particular, including, without limitation, any
of the Stock Incentive Plans (as hereinafter defined). 

        (e)   "Bonus Plan Payment" means the full amount of the annual target bonus payment which is payable by the Subsidiary to you
pursuant to the Subsidiary company-wide bonus plan or equivalent plan of the Successor, if all of the annual performance milestones are satisfied for such year. 

        (f)    "Board" means the board of directors of the Parent Company. On and after the date of a Change in Control, any duty of the
Board in connection with this Agreement is nondelegable and any attempt by the Board to delegate any such duty is ineffective. 

        (g)   "Cause" means: (i) your gross misconduct; (ii) your willful and continued failure to perform substantially
your duties with the Subsidiary (other than a failure resulting from your incapacity due to bodily injury or physical or mental illness) after a demand for substantial performance is delivered to you
by the chair of the Board which specifically identifies the manner in which you have not substantially performed your duties and provides for a reasonable period of time within which you may take
corrective measures; or (iii) your conviction (including a plea of nolo contendere) of willfully engaging in illegal conduct constituting a felony or gross misdemeanor under federal or state
law which is materially and demonstrably injurious to the Subsidiary or which impairs your ability to perform substantially your duties for the Subsidiary. An act or failure to act will be considered
"gross" or "willful" for this purpose only if done, or omitted to be done, by you in bad faith and without reasonable belief that it was in, or not opposed to, the best interests of the Subsidiary.
Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Subsidiary's Board (or a committee thereof) or based upon the advice of counsel for the Subsidiary
will be conclusively presumed to be done, or omitted to be done, by you in good faith and in the best interests of the Subsidiary. Notwithstanding the foregoing, you may not be terminated for Cause
unless and until there has been delivered to you a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board
called and held for the purpose (after reasonable notice to you and an opportunity for you, together with your counsel, to be heard before the Board), finding that in the good faith opinion of the
Board you were guilty of the conduct set forth above in clauses (i), (ii) or (iii) of this definition and specifying the particulars thereof in detail. 

        (h)   "Change in Control" means a Parent Company Change in Control or a Subsidiary Change of Control. 

        (i)    "Code" means the Internal Revenue Code of 1986, as amended from time to time. 

        (j)    "Company" means the Parent Company, any Successor and any Affiliate. 

        (k)   "Date of Termination" following a Change in Control (or prior to a Change in Control if your termination was either a
condition of the Change in Control or was at the request or insistence of any Third Party relating the Change in Control) means: (i) if your employment is to be terminated by you for Good
Reason, the date specified in the Notice of Termination which in no event may be a date more than 15 days after the date on which Notice of Termination is given unless the Company agrees in
writing to a later date; (ii) if your employment is to be terminated by the Subsidiary for Cause, the date specified in the Notice of Termination; (iii) if your 

2

 

employment
is terminated by reason of your death, the date of your death; or (iv) if your employment is to be terminated by the Subsidiary for any reason other than Cause or your death, the
date specified in the Notice of Termination, which in no event may be a date earlier than 15 days after the date on which a Notice of Termination is given, unless you expressly agree in writing
to an earlier date. In the case of termination by the Subsidiary of your employment for Cause, then within the 30 days after your receipt of the Notice of Termination, you may notify the
Subsidiary that a dispute exists concerning the termination, in which event the Date of Termination will be the date set either by mutual written agreement of the parties or by the judge or arbitrator
in a proceeding as provided in Section 9 of this Agreement. 

        (l)    "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time. 

        (m)  "Good Reason" means: 

          (i)  a
substantial change in your status, position(s), duties or responsibilities as an executive of the Subsidiary as in effect immediately prior to the Change in Control
which, in your reasonable judgment, is adverse with respect to any of the foregoing; provided, however, that Good Reason does not include a change in your status, position(s), duties or
responsibilities caused by an inadvertent action that is remedied by the Subsidiary promptly after receipt of notice of your objection to such change, and it also being agreed that small and
insubstantial changes will not be considered Good Reason unless the changes in totality would be substantial; 

         (ii)  a
reduction by the Subsidiary in your Base Pay, a material change in the annual Bonus Plan Payment expectations, or an adverse change in the form or timing of the
payments thereof, as in effect immediately prior to the Change in Control or as thereafter increased; 

        (iii)  the
failure by the Subsidiary to cover you under Benefit Plans that, in the aggregate, provide substantially similar benefits to you and/or your family and dependents
at a substantially similar total cost to you (e.g., premiums, deductibles, co-pays, out of pocket maximums, required contributions and the like) relative to the benefits and total costs
under the Benefit Plans in which you (and/or your family or dependents) were participating at any time during the 90-day period immediately preceding the Change in Control; 

        (iv)  the
Subsidiary's requiring you to be based more than 50 miles from where your office is located immediately prior to the Change in Control, except for required travel
on the Subsidiary's business; 

         (v)  the
failure by the Subsidiary or the Parent Company to obtain from any Successor the assent to this Agreement as soon as reasonably practicable in the circumstances and
in any event within the times required by Section 6 hereof; or 

        (vi)  any
purported termination by the Subsidiary of your employment that is not properly effected pursuant to a Notice of Termination and pursuant to any other requirements
of this Agreement, and, for purposes of this Agreement, no such purported termination will be effective. 

        Your
continued employment does not constitute consent to, or waiver of any rights arising in connection with, any circumstances constituting Good Reason. Your termination of employment
for Good Reason as defined in this Section 1(m) will constitute Good Reason for all purposes of this Agreement notwithstanding that you may also thereby be deemed to have retired under any
applicable retirement programs of the Subsidiary and/or Parent Company. 

        (n)   "Notice of Termination" means a written notice given on or after the date of a Change in Control (unless your termination
before the date of the Change in Control was either a condition 

3

 

of
the Change in Control or was at the request or insistence of any Third Party related to the Change in Control) which indicates the specific termination provision in this Agreement pursuant to which
the notice is given. Any purported termination by the Subsidiary or by you for Good Reason on or after the dale of a Change in Control (or before the date of a Change in Control if your termination
was either a condition of the Change in Control or was at the request or insistence of any Third Party related to the Change in Control) must be communicated by written Notice of Termination to be
effective; provided, that your failure to provide Notice of Termination will not limit any of your rights under this Agreement except to the extent the Company demonstrates that it suffered material
actual damages by reason of such failure. 

        (o)   "Parent Company" means ev3 LLC, a Delaware limited liability company. 

        (p)   "Parent Company Change in Control" means any of the following: (i) the sale, lease, exchange or other transfer,
directly or indirectly, of all or substantially all of the assets of the Parent Company, in one transaction or in a series of related transactions, to any Third Party;  provided, however, that any exchange, transfer or other disposition by the Parent Company of its
ownership interest in Micro Investments LLC or the sale, lease or exchange by Micro Investment LLC of all or substantially all of its assets shall not be considered a Change of Control;
(ii) any Third Party, other than a "bona fide underwriter," is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities (x) in the case of membership units or partnership interests, entitling the holder thereof to be allocated 50% or more of the net income, net loss or distributions of the Parent
Company, or, in the case of other securities, representing 50% or more of the combined voting power of the Parent Company's outstanding securities ordinarily having the right to vote at elections of
directors, or (y) resulting in such Third Party becoming an Affiliate of the Parent Company, including pursuant to a transaction described in clause (iii) below; (iii) the
consummation of any transaction or series of transactions under which the Parent Company is merged or consolidated with any other company, other than a merger or consolidation which would result in
the members of the Parent Company immediately prior thereto continuing to own (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of
the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation; or (iv) beginning immediately after the first to occur of
the closing of the sale of the Parent Company's securities in an initial public offering registered under the Securities Act of 1933, as amended, or the Parent Company becomes a reporting company
under the Exchange Act, the Continuity Directors cease for any reason to constitute at least a majority the Board. 

        For
purposes of this Section l(p), a "Continuity Director" means an individual who, as of date of this Agreement, is a member of the board of directors of the Parent Company, and
any other individual who becomes a director subsequent to the as of date of this Agreement whose election, or nomination for election by the Parent Company's stockholders, was approved by a vote of at
least a majority of the directors then comprising the Continuity Directors, but excluding for this purpose any individual whose initial assumption of office occurs as a result of an actual or
threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person or entity other than the
board of directors of the Parent Company. For purposes of this Section l(p), a "bona fide underwriter" means a Third Party engaged in business as an underwriter of securities that acquires
securities of the Parent Company or Subsidiary, as applicable through such Third Party's participation in good faith in a firm commitment underwriting until the expiration of 40 days after the
date of such acquisition. 

        (q)   "Subsidiary" means ev3 Inc., a Delaware corporation. 

4

  

        (r)   "Subsidiary Change in Control" means any of the following: (i) the sale, lease, exchange or other transfer,
directly or indirectly, of all or substantially all of the assets of the Subsidiary, in one transaction or in a series of related transactions, to any Third Party; (ii) any Third Party, other
than a "bona fide underwriter," is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, securities (x) representing
50% or more of the combined voting power of the Subsidiary's outstanding securities ordinarily having the right to vote at elections of directors, or (y) resulting in such Third Party becoming
an Affiliate of the Subsidiary, including pursuant to a transaction described in clause (iii) below; or (iii) the consummation of any transaction or series of transactions under which
the Subsidiary is merged or consolidated with any other company, other than a merger or consolidation which would result in Parent Company, or Affiliates of the Parent Company, immediately prior
thereto continuing to own (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of
the surviving entity outstanding immediately after such merger or consolidation; or (iv) beginning immediately after the first to occur of a closing of the sale of the Subsidiary's capital
stock in an initial public offering registered under the Securities Act of 1933, as amended, or the Subsidiary becoming a reporting company under the Exchange Act (the "IPO Date"), the Continuity
Directors cease for any reason to constitute at least a majority the board of directors of the Subsidiary. 

        For
purposes of this Section 1(r), a "Continuity Director" means an individual who, as of date of this Agreement, is a member of the board of directors of the Subsidiary, and any
other individual who becomes a director subsequent to the as of date of this Agreement whose election, or nomination for election by the Subsidiaries' stockholders, was approved by a vote of at least
a majority of the directors then comprising the Continuity Directors, but excluding for this purpose any individual whose initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person or entity other than the board of
directors of the Subsidiary. For purposes of this Section 1(r), a "bona fide underwriter" means a Third Party engaged in business as an underwriter of securities that acquires securities of the
Subsidiary through such Third Party's participation in good faith in a firm commitment underwriting until the expiration of 40 days after the date of such acquisition. 

        (s)   "Successor" means any Third Party that succeeds to, or has the ability to control (either immediately or with the passage
of time), the Parent Company's or the Subsidiary's, as applicable, business directly, by merger, consolidation or other form of business combination, or indirectly, by purchase of the Parent Company's
membership units entitling the holder thereof to be allocated a portion of the Parent Company's net income, net loss or distributions or purchases of the Subsidiary's outstanding securities ordinarily
having the right to vote at the election of directors or all or substantially all of its assets or otherwise. 

	(t)
	"Third Party" means any Person, other than the Parent Company, any Affiliate of the Parent Company, or any Benefit Plan(s) sponsored by
the Parent Company or an Affiliate. 

        2.    Term of Agreement.    This Agreement is effective immediately and will continue in effect only so long as you
remain employed by the Subsidiary or, if later, until the date on which the Subsidiary's obligations to you arising under this Agreement have been satisfied in full. 

        3.    Benefits upon a Change in Control Termination.    You will become entitled to the benefits described in this
Section 3 as of the date of a Change in Control. As of the date of such Change in Control, the Company and the Subsidiary (and any Successor thereto) will be jointly and severally responsible
for paying to you all of the Base Pay owed through such date and a pro rata portion of your Bonus Plan Payment based upon the number of months in the current year which you have worked prior to the
date of the Change in Control, assuming for this Section 3 that you have worked 

5

 

the
full month of the month in which the Change in Control occurs. The following terms shall control notwithstanding any conflicting terms contained in any employment agreement, or in any of the
non-statutory stock option agreements, incentive stock options agreements, restricted stock awards or other similar agreements (collectively, the "Stock Option Agreements") you may have
entered into with the Company pursuant to (i) the original Microvena Corporation Stock Incentive Plan, (ii) the Microvena Corporation 1999 Stock incentive Plan, (iii) the
ev3 Inc. 2002 Stock Incentive Plan, (iv) the ev3 LLC 2003 Incentive Plan, or (v) any successor or additional stock option, stock award, or other incentive plans of the Parent
Company or Subsidiary (collectively, the "Stock Incentive Plans"). In addition, you will be entitled to the following: 

        (a)    Cash Payments.    At the date of the Change in Control, whether or not you are made an offer of employment with
the Successor (in the case of a Subsidiary Change of Control), or for continued employment with the Subsidiary if it survives the Change in Control, the Company and the Subsidiary (and any Successor
thereto) will be jointly and severally responsible for making a lump sum payment to you equal to 18 months of your then current Base Pay, and the full amount of your Bonus Plan Payment for the
next 18 months, assuming for this purpose that the amount of such Bonus Plan Payment for the first 12 months is equal to the annualized Bonus plan Payment for then current year and the
Bonus Plan Payment for the final six months is equal to 50% of the amount received for the first 12 months (in the aggregate, the "C in C Payment"). Notwithstanding the preceding sentence, if
the Successor or the Subsidiary elects to employ you or continue your employment with the Subsidiary, as the case may be, for up to six months following the Change in Control upon terms substantially
identical to the terms of your existing employment, including the benefits set forth herein, the C of C Payment obligation shall be deferred until the earlier of the end of the six month period or
such earlier date elected by the Successor or the Subsidiary. However, if your employment during such six month period is terminated by the Subsidiary without Cause or as a result of your death or
disability, or by you for Good Reason, the C of C Payment shall be immediately due and payable. No C of C Payment shall be due and owing if your employment is terminated by the Subsidiary or the
Successor for Cause or by you without Good Reason. 

        (b)    Group Health Plans.    During the Continuation Period (as defined below), the Company and the Subsidiary (and
any Successor thereto) will be jointly and severally responsible for maintaining a group health plan(s) which by its terms covers you (and your family members and dependents eligible to be covered
during the 90 days immediately preceding a Change in Control) under the same terms and at the same cost as provided to you during the 90 days immediately preceding such Change in Control
(without regard to any reduction in such benefits that constitutes Good Reason). The "Continuation Period" is the period beginning on your Date of Termination, whether such date is at or prior to the
Change in Control as provided for in the definition of Change in Control or within 12 months after accepting employment with the Successor or the Subsidiary, as the case may be, as provided for
in Section 3(a) above, and ending on the earlier of (i) the last day of the 18th month that begins after your Date of Termination or (ii) the date on which you first become
eligible to participate as an employee in a plan of another employer providing group health benefits to you and your eligible family members and dependents. 

        (c)    Gross-up Payments.    Following a Change in Control, if the Subsidiary's independent auditors
determine that any payment or distribution by the Parent Company and/or the Subsidiary to you (the "Payments") will result in an excise tax imposed by Code Section 4999 or any comparable state
or local law, or any interest or penalties with respect thereto, the Company and the Subsidiary (and any Successor thereto will be responsible for making an additional cash payment (a
"Gross-Up Payment") to you within 10 days after such determination equal to an amount such that, after payment by you of all taxes (including any interest or penalties imposed with
respect to such taxes), including any excise tax, imposed upon the Gross-Up Payment, you 

6

 

would
retain an amount of the Gross-Up Payment equal to the excise tax imposed upon the Payments. You will provide the Successor or the Company with a written certification that you will
pay all taxes due on the Payments and the Gross-Up Payment. 

        (d)    Outplacement Services.    As of the date the C of C Payment is due, the Company and the Subsidiary will be
jointly and severally responsible for providing you with up to $40,000 of outplacement services in the form of outplacement consultant's services, travel and hotel expense reimbursements, office
expense reimbursements or similar costs you incur in seeking and obtaining new employment, the allocation of which among the categories to be within your sole discretion. You will be required to
provide receipts or invoices for the costs and expenses incurred under this Section 3(d). 

        If,
on or after the date of a Change in Control, an Affiliate is sold, merged, transferred or in any other manner or for any other reason ceases to be an Affiliate or all or any portion
of the business or assets of an Affiliate are sold, transferred or otherwise disposed of and the acquiror is not the Parent Company or an Affiliate (a "Disposition"), and you remain or become employed
by the acquiror or an affiliate of the acquiror (as defined in this Agreement but substituting "acquiror" for "Parent Company") in connection with the Disposition, you will be deemed to have
terminated employment on the effective date of the Disposition for purposes of this Section 3 unless (x) the acquiror and its affiliates jointly and severally assume and agree, in a
manner that is enforceable by you, to perform the obligations of this Agreement to the same extent that the Parent Company and the Subsidiary would be
required to perform if the Disposition had not occurred and (y) the Successor guarantees, in a manner that is enforceable by you, payment and performance by the acquiror. 

        4.    Stock Option Acceleration.    In the event of a Change in Control, regardless of whether the acquiring entity or
Successor assumes or replaces the stock options or stock awards then granted to you pursuant to any of the Stock Incentive Plans, the vesting schedules under the applicable Stock Option Agreements
will be accelerated and all such stock options will become fully vested and immediately exercisable upon the closing of the Change in Control. 

        5.    Indemnification.    Following a Change in Control, the Parent Company and the Subsidiary be jointly and
severally responsible for indemnifying and advancing expenses to you to the full extent permitted by law for damages, costs and expenses (including, without limitation, judgments, fines, penalties,
settlements and reasonable fees and expenses of your counsel) incurred by you as a result of your service to or status as an officer and employee with the Parent Company or the Subsidiary or any other
corporation, employee benefit plan or other entity with whom you served at the request of the Parent Company or the Subsidiary prior to the Change in Control, provided that such damages, costs and
expenses did not arise as a result of your gross negligence or willful misconduct. The indemnification under this Agreement shall be in addition to any similar obligation of the Parent Company or the
Subsidiary under any other separate agreement, or under the Parent Company's Operating Agreement or the Subsidiary's Certificate of Incorporation or Bylaws, or as they be amended from time to time,
provided however, you may only be reimbursed or recover once for any such damages, costs and expenses, from whatever source. 

        6.    Successors.    The Parent Company and the Subsidiary will each seek to have any Successor to the Parent Company
and/or the Subsidiary, by agreement in form and substance satisfactory to you, assume and assent to the fulfillment by such Successor of the Parent Company's or the Subsidiary obligations under this
Agreement. Failure of the Parent Company or the Subsidiary to obtain such assent and assumption at least three (3) business days prior to the time a Third Party becomes a Successor (or where
the Parent Company or the Subsidiary does not have at least three (3) business days' advance notice that a Third Party may become a Successor, within one (1) business day after having
notice that such Third Party may become or has become a Successor) will constitute Good Reason for termination by you of your employment. The date on which any such succession becomes 

7

 

effective
will be deemed the Date of Termination, and Notice of Termination will be deemed to have been given to you on that date. A Successor has no rights, authority or power with respect to this
Agreement prior to a Change in Control. 

        7.    Binding Agreement.    This Agreement inures to the benefit of, and is enforceable by, you, your personal and
legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If you die after a Change in Control while any amount would still be payable to you under this
Agreement, all such amounts, unless otherwise provided in this Agreement, will be paid in accordance
with the terms of this Agreement to your devisee, legatee or other designee or, if there be no such designee, to your estate. 

        8.    Notices.    For the purposes of this Agreement, notices and other communications provided for in this Agreement
must be in writing and will be deemed to have been duly given when personally delivered or when mailed by United States registered or certified mail, return receipt requested, postage prepaid and
addressed to each party's respective address set forth on the first page of this Agreement, or to such other address as either party may have furnished to the other in writing in accordance with these
provisions, except that notice of change of address will be effective only upon receipt. 

        9.    Disputes.    If you so elect, any dispute, controversy or claim arising under or in connection with this
Agreement will be heard and settled exclusively by binding arbitration administered by the American Arbitration Association in Minneapolis, Minnesota before a single arbitrator in accordance with the
Commercial Arbitration Rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator's award in any court having jurisdiction; provided, that you may seek
specific performance in a court of competent jurisdiction of your right to receive benefits until the Date of Termination during the pendency of any dispute or controversy arising under or in
connection with this Agreement. If any dispute, controversy or claim for damages arising under or in connection with this Agreement is settled by arbitration, the Company and the Subsidiary will be
jointly and severally responsible for paying, or if elected by you, reimbursing, all fees, costs and expenses incurred by you related to such arbitration. If you do not elect arbitration, you may
pursue all available legal remedies. The Company and the Subsidiary will be jointly and severally responsible for paying, or if elected by you, reimbursing you for, all fees, costs and expenses
incurred by you in connection with any actual, threatened or contemplated litigation relating to this Agreement to which you are or reasonably expect to become a party, whether or not initiated by
you, if but only if you are successful in recovering any benefit under this Agreement as a result of such legal action. The parties agree that any litigation arising under or in connection with this
Agreement must be brought in a court of competent jurisdiction in the State of Minnesota, and both parties hereby consent to the exclusive jurisdiction of said courts for this purpose and agree not to
assert that such courts are an inconvenient forum. Neither the Parent Company nor the Subsidiary will assert in any dispute or controversy with you arising under or in connection with this Agreement
your failure to exhaust administrative remedies. 

        10.    Related Agreements.    To the extent that any provision of any other Benefit Plan or agreement between the
Parent Company and you or the Subsidiary and you limits, qualifies or is inconsistent with any provision of this Agreement, the provision of this Agreement will control. Nothing in this Agreement
prevents or limits your continuing or future participation in, and rights under, any Benefit Plan provided by the Parent Company or the Subsidiary and for which you may qualify. Amounts which are
vested benefits or to which you are otherwise entitled under any Benefit Plan or other agreement with the Parent Company or the Subsidiary at or subsequent to the Date of Termination will be payable
in accordance with the terms thereof. Furthermore, nothing in this Agreement will prevent the Parent Company, the Subsidiary or the Successor to the Parent Company or the Subsidiary from seeking
enforcement of and damages arising under any confidentiality, invention assignment or non-competition provision or breach thereof contained in any other agreement with the Parent Company
or the Subsidiary or any Successor to the Parent Company or the Subsidiary. 

8

 

        11.    No Employment or Service Contract.    Nothing in this Agreement is intended to provide you with any right to
continue in the employ of the Subsidiary for any period of specific duration or interfere with or otherwise restrict in any way your rights or the rights of the Subsidiary, which rights are hereby
expressly reserved by each, to terminate your employment at any time for any reason or no reason whatsoever, with or without cause. 

        12.    Survival.    The respective obligations of, and benefits afforded to, the Parent Company, the Subsidiary and
you which by their express terms or clear intent survive termination of your employment with the Subsidiary or termination of this Agreement, as the case may be, will survive termination of your
employment with the Subsidiary or termination of this Agreement, as the case may be, and will remain in full force and effect according to their terms. 

        13.    Miscellaneous.    No provision of this Agreement may be modified, waived or discharged other than in a writing
signed by you, the Parent Company and the Subsidiary. No waiver by any party to this Agreement at any time of any breach by another party of any provision of this Agreement will be deemed a waiver of
any other provisions at the same or at any other time. This Agreement reflects the final and complete agreement of the parties and supersedes all prior and simultaneous agreements with respect to the
subject matter hereof. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware (without regard to the conflict of laws principles of any jurisdiction).
The invalidity or unenforceability of all or any part of any provision of this Agreement will not affect the validity or enforceability of the remainder of such provision or of any other provision of
this Agreement. This Agreement may be executed in several counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 

        If
this letter correctly sets forth our agreement on the subject matter discussed above, kindly sign and return to the Company the enclosed copy of this letter which will then constitute
our agreement on this subject. 

	 	 	Sincerely,
	

 	
 	
ev3, LLC
	

 	
 	

By:	
 	

/s/  PAUL BUCKMAN      

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	
ev3 INC.
	

 	
 	

By:	
 	

/s/  PAUL BUCKMAN      

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	

Agreed to and Accepted as of this            day of August 2003:
	

 	
 	

/s/  JAMES CORBETT      
 James Corbett

9

QuickLinks

Exhibit 10.11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00082-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00082-of-00352.parquet"}]]