Document:

EXHIBIT 10.22  

PHASE FORWARD  

880 Winter Street

Waltham, MA 02451, U.S.A.

Tel. (781) 890-7878

Fax. (781) 890-4848

This
Executive Agreement (the "Agreement"), by and among Phase Forward Incorporated, a Delaware corporation (the
"Company"), and the executive name below ("Executive"), sets forth the terms and conditions by which the
Company will provide certain benefits for Executive under certain circumstances in the event of a termination of Executive's employment with the Company. The effective date of this Agreement shall be
the date of last execution as set forth below (the "Execution Date"). 

	 	 	 	 	 	 	 
	PHASE FORWARD INCORPORATED	 	EXECUTIVE
	 	 	 	 	 	 	 
	By:	 	 	 	By:	 	 
	 	 	
	 	 	 	

	Name:	 	 	 	Name:	 	 
	 	 	
	 	 	 	

	Title:	 	 	 	Address:	 	 
	 	 	
	 	 	 	

	 	 	 	 	 	 	 
	 	 	
	 	 	 	

	Date:	 	 	 	Date:	 	 
	 	 	
	 	 	 	

        WHEREAS, Executive currently is an employee of the Company and an Officer (as hereinafter defined), and has made and is expected to
continue to make significant contributions to the business, growth and financial strength of the Company; 

        WHEREAS, the Company recognizes that the uncertainty regarding the consequences of a termination in Executive's employment as an Officer
of the Company adversely affects the Company's ability to retain Executive; 

        WHEREAS, the Company further recognizes that, as is the case for most publicly held companies, the possibility of a Change in Control (as
hereinafter defined) exists, which may alter the nature and structure of the Company, and recognizes that the uncertainty regarding the consequences of such an event adversely affects the Company's
ability to retain Executive as an Officer; 

        WHEREAS, the Company desires to more closely align Executive's interests with those of the shareholders of the Company with respect to any
Change in Control that may benefit the shareholders; 

        WHEREAS, the Company desires to assure itself of both present and future continuity of management in the event of a Change in Control, and
desires to induce Executive to remain employed with the Company by establishing certain benefits for Executive applicable under certain circumstances in the event of a Change in Control, and Executive
desires to be so induced; and 

        WHEREAS, the parties desire to set forth in writing the terms and conditions of their agreement with respect to the provision of benefits
for Executive applicable under certain circumstances in the event of a Change in Control; 

        NOW, THEREFORE, in consideration of the premises and the mutual covenants and obligations herein contained, it is agreed among the parties
hereto as follows: 

        1.    Term.    This Agreement shall continue for a term commencing on the Execution Date and ending on the date two
years thereafter ("Initial Term"), and shall be automatically renewed from year to year thereafter for successive one-year terms (each a "Renewal Term") unless ninety (90) days
prior to 

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the
expiration of the initial term or any renewal term, a party gives written notice of non-renewal to the other party; provided that any such notice provided by the Company any time
during the period beginning on the date that is forty-five (45) days prior to the date upon which a definitive agreement for a Change in Control is publicly announced as having been
executed by the Company (the "Announcement Date") and ending on the first anniversary of the effective date of a Change in Control, shall have no effect
whatsoever, and the Agreement shall continue in force until such time as otherwise terminated in accordance with the terms hereof. If an effective notice of non-renewal is given as
permitted hereunder, this Agreement will expire at the conclusion of either the initial term or the renewal term, whichever is applicable, unless terminated earlier in accordance with Section 2
hereof. The "Term" of this Agreement shall include the Initial Term, as well as any Renewal Term, if applicable, subject to termination at any time prior to the expiration of the Term as provided in
Section 2 hereof; provided, however, that in the event of the first Change in Control to occur
during the Term (including after any notice of non-renewal is given), the Term shall automatically continue through the first anniversary of the effective date of such Change in Control. 

        2.    At-Will Status.    Notwithstanding any provision of this Agreement, Executive will remain employed
at-will, so that Executive or the Company may terminate Executive's employment at any time, with or without notice, for any or no reason, and this Agreement shall not create or imply any
right or duty of Executive or the Company to have Executive remain in the employ thereof for any period of time. This Agreement shall automatically terminate on the earliest date of
(a) Executive's Termination Date (as hereinafter defined) if Executive's employment ceases for any reason other than due to an Involuntary Termination Upon a Change in Control or a Resignation
for
Good Reason Upon a Change in Control (as such terms are hereinafter defined); or (b) the date immediately following the one-year anniversary of the effective date of the first
Change in Control to occur during the Term; provided, that, notwithstanding any provision in this Agreement to the contrary, if Executive's employment is terminated by the Company prior to a Change in
Control for any reason other than for Cause, or ceases due to an Involuntary Termination Upon a Change in Control or a Resignation for Good Reason Upon a Change in Control, this Agreement shall remain
in effect until all obligations of the parties hereunder have been fully satisfied. 

        3.    Definitions.    As used in this Agreement, the following terms shall have the meanings set forth herein: 

        a.     "Cause" shall mean any one or more of the following: (i) Executive's willful failure or refusal (except due to
Disability (as hereinafter defined) or a condition reasonably likely to be deemed a Disability with the passage of time) to perform substantially his/her duties on behalf of the Company for a period
of thirty (30) days after receiving written notice identifying in reasonable detail the nature of such failure or refusal; (ii) Executive's conviction of, entry of a plea of guilty or  nolo contendere to, or admission of guilt in connection with a felony; (iii) disloyalty, willful misconduct or breach of fiduciary duty by
Executive which causes material harm to the Company; or (iv) Executive's willful violation of any confidentiality, developments or non-competition agreement which causes material
harm to the Company. Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to him a copy of a resolution duly
adopted by the Company's Board of Directors (the "Board") (excluding Executive if he is a Director) at a meeting of the Board called and held for (but
not necessarily exclusively for) that purpose (after reasonable notice to Executive and an opportunity for Executive, together with counsel of his choice, to be heard by the Board) finding that
Executive has, in the good faith opinion of the Board, engaged in conduct constituting Cause and specifying the particulars thereof in reasonable detail. 

        b.     "Change in Control" shall mean the occurrence of any of the following events: 

          (i)  The
Company is merged or consolidated or reorganized into or with another corporation or other legal person, and as a result of such merger, consolidation or
reorganization 

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less
than fifty percent (50%) of the combined voting power of the then-outstanding securities of such surviving, resulting or reorganized corporation or person immediately after such
transaction is held in the aggregate by the holders of the then-outstanding securities entitled to vote generally in the election of directors of the Company
("Voting Stock") immediately prior to such transaction; 

         (ii)  The
Company sells or otherwise transfers all or substantially all of its assets to any other corporation or other legal person, and as a result of such sale or transfer
less than fifty percent (50%) of the combined voting power of the then-outstanding securities of such corporation or person immediately after such sale or transfer is held in the aggregate
by the holders of Voting Stock of the Company immediately prior to such sale or transfer; 

        (iii)  Any
corporation or other legal person, pursuant to a tender offer, exchange offer, purchase of stock (whether in a market transaction or otherwise) or other
transaction or event acquires securities representing 30% or more of the Voting Stock of the Company, or there is a report filed on Schedule 13D or Schedule 14D-1 (or any
successor schedule, form or report), each as promulgated pursuant to the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"),
disclosing that any "person" (as such term is used in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act) has become the "beneficial owner" (as such term is used in
Rule 13d-3 under the Exchange Act) of securities representing 30% or more of the Voting Stock of the Company; 

        (iv)  The
Company files a report or proxy statement with the Securities and Exchange Commission pursuant to the Exchange Act disclosing under or in response to
Form 8-K or Schedule 14A (or any successor schedule, form or report or item therein) that a change in control of the Company has occurred; or 

         (v)  If
during any period of two consecutive years, individuals who at the beginning of any such period constitute the Board cease for any reason to constitute at least a
majority thereof, unless the election, or the nomination for election by the Company's stockholders, of each director of the Company first elected during such period was approved by a vote of at least
a majority of the directors then still in office who were directors of the Company at the beginning of any such period; 

provided, however, that a "Change in Control" shall not be deemed to have occurred for purposes of this
Agreement solely because (i) the Company, (ii) an entity in which the Company directly or indirectly beneficially owns 50% or more of the Voting Stock, or (iii) any
Company-sponsored employee stock ownership plan or any other employee benefit plan of the Company, either files or becomes obligated to file a report or a proxy statement under or in response
to Schedule 13D, Schedule 14D-1, Form 8-K or Schedule 14A (or any successor schedule, form or report) under the Exchange Act, disclosing beneficial
ownership by it of shares of Voting Stock or because the Company reports that a change in control of the Company has occurred by reason of such beneficial ownership. 

        c.     "Company" shall mean Phase Forward Incorporated, its assigns, and its Successors. 

        d.     "Disability" shall mean any physical or mental disability that renders Executive unable to perform his/her essential job
responsibilities for a cumulative period of 180 days in any twelve-month period, where such disability cannot be reasonably accommodated absent undue hardship. 

        e.     "Executive Office" shall mean those offices of the Company domiciled in the United States that the Board in its reasonable
discretion may designate from time to time as constituting an officer position pursuant to Section 16 of the Exchange Act and/or such other officers of the Company as the Board shall designate
from time to time. Any person holding an Executive Office shall be an "Officer." 

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        f.      "Incentive Pay Eligibility" shall mean the aggregate amount of any cash compensation derived from any bonus, incentive,
performance, profit-sharing or similar agreement, policy, plan or arrangement of the Company that Executive is eligible to receive based upon the attainment of 100% target or quota with respect to any
one year; provided, however that Incentive Pay Eligibility shall exclude any commission or bonus calculated on the basis of sales or bookings that Executive is eligible to received under the Company's
2004 Global Sales Incentive Compensation Plan or any successor plan thereto ("Sales Plan"), but will include any bonus calculated on the basis of (i) corporate objectives applicable to all
executives of the Company (if specified in the Sales Plan) and (ii) any quarterly bonus calculated on the basis of quarterly quota achievement specified in the Sales Plan, assuming achievement
of the greater of (x) 100% of the quarterly quota or (y) the actual percentage of the quarterly quota achieved prior to the Termination Date. 

        g.     "Involuntary Termination Upon a Change in Control" shall mean the termination of the employment of Executive by the
Company without Cause at any time within the period beginning on the date that is forty-five (45) days prior to the Announcement Date and ending on the first anniversary of the
effective date of a Change in Control. "Involuntary Termination Upon Change in Control" shall not include any termination of Executive's employment (a) for Cause; (b) as a result of
Executive's Disability; (c) as a result of Executive's death; or (d) by Executive for any reason. 

        h.     "Resignation for Good Reason Upon a Change in Control" shall occur upon the receipt by the Company of Executive's notice
specified below, if any of the following "Events" occur without Executive's prior written consent during the one-year period beginning on the effective date of a Change in Control: 

          (i)  The
substantial reduction of (1) Executive's aggregate base salary, (2) Executive's Incentive Pay Eligibility, or (3) the benefits for which
Executive was eligible, in each case, in effect immediately prior to a Change in Control; unless, however, in the case of subclause (3) only, such reduction is due to an
across-the-board reduction applicable to all senior executives of the Company and any Successor, and the benefits available to Executive after such
across-the-board reduction are no less favorable than those available to similarly-situated executives of the Company and such Successor; 

         (ii)  The
permanent relocation of Executive's primary workplace to a location more than thirty (30) miles away from Executive's workplace in effect immediately prior
to a Change in Control; or 

        (iii)  Failure
of any Successor to, or assignee of, the Company to assume the duties and obligations of the Company under this Agreement pursuant to Section 14 hereof;
and 

Within
sixty (60) days after any such Event, Executive provides written notice to the Company describing with reasonable specificity the Event and stating his/her intention to resign from
employment due to such Event. 

        j.      "Severance Benefits" shall mean: 

          (i)  payment
of an amount equal to 50% (i.e., six (6) months) of the Executive's base salary, at the highest
annualized rate in effect during the one year period immediately prior to the Termination Date payable, at Executive's election, either (x) in a lump sum payment on the Termination Date
(subject to the expiration of any applicable revocation period required by law) or on any other later date designated by Executive; or (y) in equal monthly installments over the six
(6) month period following the Termination Date; and 

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         (ii)  In
the event Executive elects after the Termination Date to continue health, vision and/or dental coverage pursuant to the Consolidated Omnibus Budget Reconciliation
Act of 1985 ("COBRA"), the Company will pay, on a monthly basis, Executive's monthly premium payments for each such coverage elected by Executive for Executive and his or her eligible dependents, if
applicable, until the earliest of the following dates to occur with respect to each such elected coverage: (A) the six month anniversary of the Termination Date; (B) the date upon which
Executive becomes covered under a comparable group plan for such applicable coverage; or (C) the date upon which Executive ceases to be eligible for COBRA continuation for such applicable
coverage; and 

        (iii)  At
the sole discretion of the Company's Chief Executive Officer, (A) payment up to an amount determined by reference to what an Executive's Incentive Pay
Eligibility for the periods preceding the Termination Date could have been but for the Executive's termination, and (B) payment up to an amount determined by reference to the commission or
bonus (calculated on the basis of sales or bookings prior to the Termination Date) that the Executive could have received under the Sales Plan but for the Executive's termination. 

        k.     "Stock Plans" shall mean the Phase Forward Incorporated Amended and Restated 1997 Stock Option Plan, the Phase Forward
Incorporated 2004 Stock Option and Incentive Plan and any other stock plans or stock option plans established and maintained by the Company at any time during the Term and pursuant to which Executive
holds any options, stock, awards and/or purchase rights, each as may be or
may have been amended, excluding the 2004 Employee Stock Purchase Plan and any other plan adopted by the Company pursuant to Section 423 of the U.S. Internal Revenue Code of 1986, as amended
(the "Code"). 

        l.      "Successor" shall mean any successor to the Company (whether direct or indirect, by Change in Control, operation of law or
otherwise), including but not limited to any successor (whether direct or indirect, by Change in Control, operation of law or otherwise) to, or ultimate parent entity of any successor to, the Company. 

        m.    "Termination Date" shall mean Executive's last date of employment with the Company. 

        n.     "Vesting Date" shall have the meaning specified in Section 5.a.(iv) hereof. 

        4.    Effect of a Termination without Cause.    If Executive's employment is terminated at any time prior to a Change
in Control for any reason that does not constitute Cause, Executive shall be entitled to receive the following, subject to Section 8 hereof; provided, however that if such termination
constitutes an Involuntary Termination Upon a Change in Control or a Resignation for Good Reason Upon a Change in Control, Executive shall instead be entitled to the Change in Control Benefits
described in Section 5.a of this Agreement. 

        a.     The
Severance Benefits 

        b.     Executive
shall also be entitled to any unpaid compensation and benefits, and unused vacation accrued, through the Termination Date. Executive shall also be entitled to
receive reimbursement for expenses that Executive reasonably and necessarily incurred on behalf of the Company prior to the Termination Date, provided that Executive submits expense reports and
supporting documentation of such expenses as required by the practice or policy in effect at that time. Executive shall not be eligible for or entitled to any severance payments or benefits pursuant
to a severance plan, program, arrangement, practice or policy of the Company, if any, that may be in effect as of the Termination Date, including without limitation any other agreement, entered into
prior to the date hereof, that Executive may have with the Company regarding the subject matter hereof. 

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        5.    Effect of Involuntary Termination Upon a Change in Control or Resignation for Good Reason Upon a Change in
Control.    In the event of an Involuntary Termination Upon a Change in Control or a
Resignation for Good Reason Upon a Change in Control during the Term, Executive shall be entitled to the following: 

        a.     "Change in Control Benefits" as follows, subject to Section 8 hereof: 

          (i)  Payment
of an amount equal to 100% (i.e., 12 months) of the Executive's base salary, at the highest annualized
rate in effect during the period between the date immediately prior to the effective date of a Change in Control and the Termination Date, payable in accordance with
Section 5.a(v) below; 

         (ii)  Payment
of an amount equal to 50% of the highest amount of Executive's Incentive Pay Eligibility with respect to the period beginning in the year prior to that in which
the Change in Control occurs and ending in the year in which Executive's employment is terminated, payable in accordance with Section 5.a(v) below; and 

        (iii)  In
the event Executive elects after the Termination Date to continue health, vision and/or dental coverage pursuant to the Consolidated Omnibus Budget Reconciliation
Act of 1985 ("COBRA"), the Company will pay Executive's monthly premium payments for each such coverage elected by Executive for Executive and his or her eligible dependents, if applicable, until the
earliest of the following dates to occur with respect to each such elected coverage: (A) the first anniversary of the Termination Date; (B) the date upon which Executive becomes covered
under a comparable group plan for such applicable coverage; or (C) the date upon which Executive ceases to be eligible for COBRA continuation for such applicable coverage. 

        (iv)  Any
and all unvested stock, stock options, awards and rights that were granted to Executive under any of the Stock Plans prior to the Termination Date shall immediately
become fully vested and exercisable as of the Termination Date or, if Executive's employment was terminated within the three-month period prior to the Announcement Date, as of the Announcement Date
(whichever may apply, the "Vesting Date"). Notwithstanding any contrary provision of any agreement relating to then outstanding stock, stock options,
awards and rights granted to Executive under any of the Stock Plans after the Execution Date, all such stock, stock options, awards and rights granted after the Execution Date may be exercised by
Executive (or Executive's heirs, estate, legatees, executors, administrators, and legal representatives) at any time during the period ending on the earlier of (A) the later of (i) three
(3) months after the Vesting Date and (ii) if Executive dies within the three-month period after the Vesting Date, the first anniversary of the date of Executive's death, and
(B) the scheduled expiration of such stock, stock option, award or right, as the case may be. Executive hereby acknowledges and agrees that, as a result of the operation of Section 4 and
this subsection 5.a(ii), some or all of the "incentive stock options" (as defined in the Code) granted to Executive under the Stock Plans may no longer qualify as "incentive stock options" for U.S.
federal income tax purposes, and Executive hereby consents to any such disqualification. 

         (v)  Each
of the payments set forth in subsections 5.a(i)-(iii) above (the "Cash Severance Benefits") shall be payable,
at Executive's election, either (x) in a lump sum payment on the Vesting Date (subject to the expiration of any applicable revocation period required by law) or on any other later date
designated by Executive; or (y) in equal monthly installments over the twelve (12) month period
following the Vesting Date; provided that the payments described in Section 5.a(iii) hereof shall be paid on a monthly basis. 

        b.     Executive
shall also be entitled to any unpaid compensation and benefits, and unused vacation accrued, through the Termination Date. Executive shall also be entitled to
receive 

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reimbursement
for final expenses that Executive reasonably and necessarily incurred on behalf of the Company prior to the Termination Date, provided that Executive submits expense reports and
supporting documentation of such expenses as required by the practice or policy in effect at that time. Executive shall not be eligible for or entitled to any severance payments or benefits pursuant
to a severance plan, program, arrangement, practice or policy of the Company, if any, that may be in effect as of the Termination Date, including without limitation any other agreement, entered into
prior to the date hereof, that Executive may have with the Company regarding the subject matter hereof. 

        6.    Effect of a Change in Control.    If a Change in Control occurs during the Term, then 25% of all stock, options,
awards and purchase rights granted to Executive under the Phase Forward Incorporated 2004 Stock Option and Incentive Plan prior to such Change in Control shall immediately become fully vested and
exercisable as of the effective date of a Change in Control. The 25% specified in the previous sentence is in addition to any stock, options, awards and purchase rights granted to Executive under any
plan that were already vested and exercisable (or were otherwise scheduled to become vested and exercisable) as of the effective date of the Change in Control. 

        7.    Liquidated Damages.    The parties hereto expressly agree that provision of the Severance Benefits or Change in
Control Benefits to Executive in accordance with the terms of this Agreement will be liquidated damages, and that Executive shall not be required to mitigate the amount of any payments provided for in
this Agreement by seeking other employment or otherwise, nor shall any profits, income, earnings or other benefits from any source whatsoever create any mitigation, offset, reduction or any other
obligation on the part of Executive hereunder or otherwise. 

        8.    Conditions of Severance Benefits and Change in Control Benefits.    Executive shall receive Severance Benefits
and/or Change in Control Benefits only if Executive: (a) executes a separation agreement, which includes a general mutual release, in a form and of a scope reasonably acceptable to the parties
hereto; (b) returns all property, equipment, confidential information and documentation of the Company; (c) has complied and continues to comply in all material respects with any
noncompetition, inventions and/or nondisclosure obligations that Executive may owe to the Company, whether pursuant to an agreement or applicable law; and (d) provides a signed, written
resignation of Executive's status as an officer, including, without limitation, an Executive Officer, and director (if applicable) of the Company and, if applicable, its subsidiaries. In the event
that Executive has breached any obligations described in Section 8(c), then (x) the Cash Severance Benefits shall terminate and Executive shall no
longer be entitled to them; (y) Executive shall promptly repay to the Company any Cash Severance Benefits previously received by Executive; and (z) all options, awards and purchase
rights held by Executive shall no longer be exercisable as of the date of Executive's breach. Such termination and repayment of Cash Severance Benefits and cessation of the right to exercise shall be
in addition to, and not in lieu of, any and all available legal and equitable remedies, including injunctive relief. Notwithstanding anything in this Agreement to the contrary, any payment dates will
be delayed until after the separation agreement referred to in clause (a) above is executed by Executive, and any applicable revocation periods required by law have expired. 

        9.    Taxes.    All payments and benefits described in this Agreement shall be subject to any and all applicable
federal, state, local and foreign withholding, payroll, income and other taxes. 

        10.    Certain Reduction of Payments.    If (a)(i) the Severance Benefits, (ii) the Change in Control
Benefits, (iii) the benefits received under Section 6 hereof and/or (iv) any payment or benefit received or to be received by Executive pursuant to any other plan, arrangement or
agreement (collectively, the "Total Payments") would constitute (in whole or in part) an "excess parachute payment" within the meaning of
Section 280G(b) of the Code, and (b) Executive would retain more of the Total Payments (after the payment of applicable tax liabilities imposed on the Total Payments) in the event that
the Cap (defined below) is imposed, then the amount of the Total Payments shall be reduced until the 

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aggregate
"present value" (as that term is defined in Section 280G(d)(4) of the Code using the applicable federal rate in effect on the date of this Agreement) of the Total Payments is such
that no part of the Total Payments constitutes an "excess parachute payment" within the meaning of Section 280G(b) of the Code (the "Cap"). 

        11.    Exclusive Remedy.    Except as expressly set forth herein or otherwise required by law, Executive shall not be
entitled to any compensation, benefits, or other payments as a result of or in connection with the termination or resignation of Executive's employment at any time, for any reason. The payments and
benefits set forth in Section 4, 5 and 6 hereof shall constitute liquidated damages and shall be Executive's sole and exclusive remedy for any claims, causes of action or demands arising under
or in connection with this Agreement or its alleged breach, the termination or resignation of Executive's employment relationship, or the cessation of holding an Executive Office. 

        12.    Governing Law/Forum.    The parties agree that any claims arising out of or in connection with this Agreement
shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts, and this Agreement shall in all respects be interpreted, enforced and governed under the internal
and domestic laws of such State, without giving effect to the principles of conflicts of laws thereof. In addition, each of the parties, by its or his execution hereof, hereby irrevocably submits to
the exclusive jurisdiction of the state or federal courts of Massachusetts with respect to any claims
arising out of or in connection with this Agreement and agrees not to commence any such claims or actions other than in such courts. The prevailing party in any action arising out of or in connection
with this Agreement shall be entitled to payment, by the other party, of the prevailing party's reasonable expenses and attorneys' fees incurred in connection with such action. 

        13.    Entire Agreement.    This Agreement shall constitute the sole and entire agreement among the parties with
respect to the subject matter hereof, and supersedes and cancels all prior, concurrent and/or contemporaneous arrangements, understandings, promises, programs, policies, plans, practices, offers,
agreements and/or discussions, whether written or oral, by or among the parties regarding the subject matter hereof, including, but not limited to, those constituting or concerning employment
agreements, change in control benefits and/or severance benefits; provided, however, that this Agreement
is not intended to, and shall not, supersede, affect, limit, modify or terminate any of the following, all of which shall remain in full force and effect in accordance with their respective terms:
(i) any written agreements, programs, policies, plans, arrangements or practices of the Company that do not relate to the subject matter hereof; (ii) any written stock or stock option
agreements between Executive and the Company (except as expressly modified hereby); and (iii) any written agreements between Executive and the Company concerning noncompetition,
nonsolicitation, inventions and/or nondisclosure obligations. 

        14.    Successors and Assignment.    Executive may not assign any rights or delegate any duties or obligations under
this Agreement. The Company will require its respective assigns and Successors to expressly assume this Agreement and to agree to perform hereunder in the same manner and to the same extent that the
Company would be required to perform if no such succession or assignment had taken place. Regardless of whether such an agreement is executed, this Agreement shall inure to the benefit of, and be
binding upon, the Company's Successors and assigns and Executive's heirs, estate, legatees, executors, administrators, and legal representatives. 

        15.    Notices.    All notices required hereunder shall be in writing and shall be delivered in person, by facsimile
or by certified or registered mail (or similar means for non-U.S. addresses), return receipt requested, and shall be effective upon receipt if by personal delivery or facsimile or three
(3) business days after mailing if sent by certified or registered mail (or similar means for non-U.S. addresses). All notices shall be addressed as specified on the first page of
this Agreement or to such other address as the parties may later provide in writing. 

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        16.    Severability/Reformation.    If any provision of this Agreement or the application of any provision hereof to
any person or circumstances is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstances shall not be
affected, and the provision so held to be invalid, unenforceable or otherwise illegal shall be reformed to the extent (and only to the extent) necessary to make it enforceable, valid and legal. The
language of all parts of this Agreement shall in all cases be construed as a whole according to its fair meaning and not strictly for or against any of the parties. 

        17.    Modification.    This Agreement may be modified or waived only in accordance with this Section 17. No
waiver by any party of any breach by the other or any provision hereof shall be deemed to be a waiver of any later or other breach thereof or as a waiver of any other provision of this Agreement. This
Agreement and its terms may not be waived, changed, discharged or terminated orally or by any course of dealing between or among the parties, but only by a written instrument signed by the party
against whom any waiver, change, discharge or termination is sought. No modification or waiver by the Company is effective without written consent of the Chairman of the Board of the Company. 

        18.    Survival of Obligations and Rights.    Notwithstanding anything to the contrary in this Agreement, provisions
herein shall survive the termination of Executive's employment by the Company prior to a Change in Control, or due to an Involuntary Termination Upon a Change in Control or a Resignation for Good
Reason Upon a Change in Control or, other expiration or termination of this Agreement, if so provided herein or if necessary or desirable to fully accomplish the purposes of such provisions, including
the obligations and rights contained in Sections 4 through 20 hereof. 

        19.    Counterparts.    This Agreement may be executed in two or more counterparts, each of which shall be deemed to
be an original, but all of which together shall constitute one and the same instrument. 

        20.    Section Headings.    The descriptive section headings herein have been inserted for convenience only and shall
not be deemed to define, limit, or otherwise affect the construction of any provision hereof. 

9 of 9Joint Development and Exclusive License Agreement

JOINT DEVELOPMENT AND 

EXCLUSIVE LICENSE AGREEMENT

 

WHEREAS, Live Tissue Connect (“LTC”) (“LICENSOR”) owns certain Patents (as hereinafter defined) and Technical Information (as hereinafter defined) relating to certain medical devices;

 

WHEREAS, ConMed Corporation, including its affiliates, (“LICENSEE”) (collectively “LICENSEE”), wishes to obtain from LICENSOR and LICENSOR wishes to grant to LICENSEE certain exclusive rights under the Patent and Technical Information, all subject to the terms and conditions set forth herein;

 

WHEREAS, the parties wish to define research and development projects to focus on the development of products for first development of a marketable product for coagulation of tissue for removal of tissue in duct and vessel sealing and second reconnection of opposing end or sides of live tissues and organs. First products for procedures to be developed are listed in Addendum 1 attached hereto.

 

NOW, THEREFORE, LICENSEE AND LICENSOR HEREBY AGREE AS FOLLOWS:

 

1. Definitions. As used herein, the following terms will have the meanings set forth below:

 

(a) “Boxes” means the power source which is part of the Product.

 

(a) “Improvement” or “Improvements” means any modifications, whether or not patentable, of the Product (as hereinafter defined), (including any related patents or unpublished research and development information, unpatented invention, know-how, trade secrets, and technical data made by LICENSOR or LICENSEE) provided such modification, if unlicensed, would infringe one or more claims of the Patents.

 

(b) “Licensed Territory” means all of the world except the former Soviet Union.

 

(c) “Net Sales” means gross sales of the Products billed and shipped by LICENSEE or its subsidiaries or affiliates, less normal and customary allowances and discounts actually allowed (other than advertising allowances, or fees or commissions to salesmen or sales representatives), returns, invoices written off as uncollectible, billed taxes and customs duties paid by LICENSEE, costs of insurance and transportation (freight and transit insurance), and shall not include samples or demonstration materials or any sale to LICENSEE employees for any reason other than resale. The term “Net Sales” shall not include sales between the parties, sales by independent distributors which have purchased Product from LICENSEE, or sales between LICENSEE and its affiliates or subsidiaries.

 

(d) “Patents” means all U.S. Patents listed on Addendum (2) and all divisions, continuation, reissues, reexaminations, substitutes, extensions, and equivalents, or any and all patents or applications which derive from, claim priority from U.S. Patents listed in Addendum 2 attached hereto.

 

	
 Exhibit 10.22

	 	 	Page 1 of 10 Pages
	

	 

(e) “Product” means a power source and set of hand instruments designed to bond or weld and reconnect living soft biological tissue without the use of foreign matter or conventional wound closing devices such as sutures, staples, sealant, or glues and avoid charring, searing and necrosis using low heat delivery aimed at restoration of the normal functions of the live organs and tissue, the manufacture, use or sale of which would, if unlicensed, infringe a valid claim of the Patents or utilize the Technical Information. Product expressly includes any Improvements to such Products. The first Product shall be the duct and vessel sealing power sources and accompanying hand instruments and the second Product shall be a reconnection power source and accompanying hand instruments.

 

(f) “Technical Information” means the unpublished research and development information, know-how, and technical data provided by LICENSOR to LICENSEE or developed by LICENSOR pursuant to the LICENSEE’S Development Project that may be necessary or useful to make, use and sell the Product.

 

(g) “Third Party” means a person or entity other than LICENSOR, LICENSEE or their affiliates. 

 

(h) “Valid Claim” means a claim of any of the Patents that has not expired or been held invalid by a court of competent jurisdiction.

 

2. Exclusive License. 

 

(a) Grant Of Exclusive License As To Product Generally. LICENSOR hereby grants to LICENSEE an exclusive license under the Patents and Technical Information to import, make, have made, use, sell and/or distribute the Product in the Licensed Territory. BOXES are to be manufactured by Licensor unless otherwise agreed by both parties.

 

(b) Grant of Right to Manufacture. LICENSOR hereby grants to LICENSEE an exclusive license under the Patents to manufacture the Products in the Licensed Territory and to use the Technical Information to manufacture the Products in the Licensed Territory.

 

(c) Exclusive License. LICENSOR represents and warrants that the licenses granted to LICENSEE to the Patent and the Technical Information pursuant to this Agreement are, and shall remain, exclusive as to all persons, including LICENSOR, in the Licensed Territory. 

 

(d) Reservation of Right to Perform Research. Notwithstanding the above-described grant of exclusive license, LICENSOR retains a non-exclusive right to use the Patents and Technical Information in connection with performing research relating to the development of new Products or to perfection of prior designs of the Product; provided further that the retained non-exclusive right to use the Patents and Technical Information as provided in this subsection shall not be construed as providing LICENSOR with the right to manufacture or sell any Product resulting from LICENSOR’S research relating to the development of new Products, it being understood that any new Products developed in this manner shall be subject to the terms of this Agreement to the extent that the manufacture, use or sale of such newly developed devices infringes a valid claim of a Patent or utilizes Technical Information.

 

	
 Exhibit 10.22

	 	 	Page 2 of 10 Pages
	

	 

(e) No Express License. Notwithstanding any other language in this Agreement that may suggest otherwise, this Agreement shall in no way be construed as providing any license, express or implied, to any patent or intellectual property owned by or licensed to LICENSEE.

 

(f) Improvements to Technology, Equipment and Instruments by LICENSEE. Product improvements on technology, equipment and instruments by LICENSEE as provided in this subsection shall not be construed as providing LICENSEE with the right to manufacture or sell any Product resulting from LICENSEE’S research relating to the development of new Products, without it being understood that any new Products developed in this manner shall be subject to the terms of this Agreement to the extent that such newly developed devices infringe a valid claim of a Patent.

 

3. Development Projects.

 

(a) Licensor’s Development Project. LICENSOR shall submit the development schedule for the initial Product, duct and vessel sealing power sources as an addendum to this Agreement within thirty (30) days of signing this Agreement which schedule must be acceptable to LICENSEE.

 

(b) Licensee’s Development Project.  LICENSEE shall submit a development schedule for the accompanying hand instruments as an addendum to this Agreement within sixty (60) days of signing of this Agreement.

 

(c) Cooperation. The parties shall cooperate in the development projects as defined above such that each shall have access to the research and development information, know-how, and technical data that may be necessary or useful to the other in developing the equipment and handpieces.

 

4. Regulatory Approvals. LICENSOR shall be primarily responsible, including paying any related costs, for obtaining the appropriate regulatory approvals for the use of the Products. These approvals will include FDA marketing clearances, CE marking and applicable safety agency requirements for manufacturing and distribution of the Products. LICENSOR agrees to submit to LICENSEE any proposed submissions which relate to the Products prior to submitting to any governmental agency, for comment and approval, and agrees not to make any submissions without such approval. Such approval shall not be unreasonably withheld.

 

5. Licensing Fees and Royalty Payments. In consideration for the above-described exclusive license of the Patents, LICENSEE agrees to make royalty payments as follows:

 

The total sum of one million dollars ($1,000,000) to be paid into the account designated below payable according to Addendum 3:

 

	
 Exhibit 10.22

	 	 	Page 3 of 10 Pages
	

	 

Bank of America 

ABA: 111000025

For Further Credit to:

Live Tissue Connect, Inc.

500 No. Shoreline, Suite 701 No.

Corpus Christi, TX 78471

Acct. Number: 005770576306 

 

(a) Ten percent (10%) of the Net Sales sold in the Licensed Territory by LICENSEE until such time as the cumulative Net Sales equal Thirty Five Million Dollars ($35,000,000). Royalties shall be paid on a quarterly basis and shall be paid within 45 days following the end of each quarter.

 

(b) Seven percent (7%) of the Net Sales of the Products sold in the Licensed Territory by LICENSEE after the cumulative Net Sales reach Thirty Five Million Dollars ($35,000,000) Royalties shall be paid on a quarterly basis and shall be paid within 45 days following the end of each quarter.

 

(c) Nothing in this Agreement shall be construed as creating any implied royalty obligation, including, but not limited to, any obligation to pay royalties with respect to the use of the Technical Information. 

 

(d) Minimums

 

(1) Conmed agrees to pay a minimum royalty on handpieces subject to subsection (3) below. 

 

(2) Failure to meet minimum purchases or royalties set forth below at the earlier of the time when the Product is officially launched or the commencement of the fourth year after the execution of the Joint Development and Exclusive License Agreement between LICENSOR and LICENSEE results in a loss of exclusivity as the sole remedy. The term “officially launched” shall mean that the clinical tests of the Product are complete, key surgeons have used it in their surgeries, have tested the functional capability of the instruments, and written white papers to give sales force marketing materials necessary to launch the product marketing. However, at Conmed’s option, Conmed may elect to cure the default by paying an amount equal to the profit LICENSOR would make on the required minimum purchase of the Boxes and payment of the minimum royalty on the handpieces in accordance with the following terms:

 

	
 Exhibit 10.22

	 	 	Page 4 of 10 Pages
	

	 

Official Launch Vessel and Duct Sealing 

 

	
Year 
	
# of power 

source units
	
Surgeries per year 

@ 2 day per unit 

200 days 
	
Instruments

per surgery 
	
 Revenue 

@ 100 per tool
	
Minimum annual 

Royalty 

	
1
	 	 	 	 	 
	
2
	 	 	 	 	 
	
3
	 	 	 	 	 
	
4
	
125
	
50,000
	
2
	
$10,000,000
	
$1,000,000

	
5
	
250
	
120,000
	
2
	
$20,000,000
	
$2,000,000

	
6
	
400
	
160,000
	
2
	
$32,000,000
	
$2,390,000

	
7
	
600
	
240,000
	
2
	
$48,000,000
	
$3,360,000

	
7 and 

thereafter 
	
1,000
	
400,000
	
2
	
$80,000,000
	
$5,600,000 

 

6. Accounting and Procedures for Royalty Payments

 

Payments hereunder will be subject to the following provisions, it being understood that LICENSEE will have no obligation to comply with this Section unless and until LICENSEE becomes obligated to make royalty payments as provided for in Section 3:

 

(a) Within forty-five (45) days after the end of each calendar quarter, LICENSEE will make all required royalty payments as specified in Section 3 that LICENSEE becomes obligated to pay during such quarter. The obligation to make royalty payments specified in Section 3 accrue on the earlier of the invoice date or consideration receipt date for the relevant sales. All payments will be accompanied by a report, in a form identifying the Product, Net Sales of Products, the amount payable to LICENSOR and the computation thereof. All payments will be made in United States Dollars. 

 

(b) Any taxes that are imposed by any national, state or local governmental entity and required to be paid or withheld by LICENSEE for the account of LICENSOR on amounts payable under this Agreement will be deducted from the amount payable at the rates specified by applicable law. Any taxes other than as described in the definition of “Net Sales” above, will be borne by LICENSOR, and the amounts otherwise payable shall not be “grossed up” so that the net amount payable to LICENSOR will not be reduced by such other taxes paid or withheld by LICENSEE, with LICENSOR agreeing to pay any taxes that may be due in any jurisdiction.

 

(c) To the extent required by this Section, LICENSEE will keep full and accurate books and records, setting forth Net Sales and amounts payable to LICENSOR. LICENSEE will permit LICENSOR, by independent certified national public accountants employed by the LICENSOR, to examine such books and records at reasonable times, but not later than five years following the rendering of any such reports, accountings and payments. The expense of such examination will be borne by LICENSOR, unless LICENSEE is determined therefrom to have underpaid LICENSOR by five percent (5%) or more, in which case such expenses will be paid by LICENSEE.

 

	
 Exhibit 10.22

	 	 	Page 5 of 10 Pages
	

	 

7. Commercialization and Marketing. LICENSEE shall use reasonably diligent efforts to promote the sales of the Products, it being understood that reasonably diligent efforts to promote the sales shall mean that LICENSEE shall offer materially similar commissions and marketing programs for the Products as it offers for similar products.

 

8. Representations and Agreements.

 

(a) LICENSOR represents and warrants to LICENSEE and agrees that:

 

(1) LICENSOR is the legal and beneficial owner of the Patents on the date hereof and of the Technical Information, and LICENSOR has not entered into and, during the term of this Agreement will not enter into, any agreement with any other person, entity or firm granting any rights to the Product, the Patent or the Technical Information that are inconsistent with the provisions of this Agreement;

 

(2) As of the date of this Agreement, LICENSOR has no actual knowledge that the use or sale of the Product by LICENSEE will infringe any Third Party patents and has not received any notification that its Patents infringe any Third Party patents. 

 

(3) LICENSOR believes the Patents to be valid and enforceable.

 

(4) LICENSOR will timely pay any maintenance and/or annuity fees on the Patents and agrees, at no expense to LICENSEE, to defend the validity of the Patents in any action brought by a Third Party.

 

Except as expressly provided herein, LICENSOR makes no other representations or warranties, express or implied, regarding the Patent, the Technical Information, or the Product.

 

9. Enforcement of Licensed Patents

 

(a) Notice of Infringement. LICENSOR and LICENSEE shall promptly notify each other of any actions of a Third Party of which either LICENSOR or LICENSEE is, aware that may constitute infringement of the Patent.

 

(b) Right to Sue. After any notice of infringement pursuant to Section 8(a), LICENSEE shall have a six (6) month period within which to exercise the right, at its sole option, either: (1) to bring an infringement suit; or (2) to decline to bring an infringement suit. In the event that LICENSEE elects to bring an infringement suit, LICENSOR agrees to cooperate with LICENSEE in bringing such suit, and agrees to be named as a party to such litigation or to have LICENSEE bring suit in the name of and on behalf of LICENSOR. In the event that LICENSEE declines to bring an infringement suit, LICENSOR, at its sole option, may bring suit to enforce the Patents. 

 

	
 Exhibit 10.22

	 	 	Page 6 of 10 Pages
	

	 

(c) Attorneys Fees and Costs of Litigation. The costs and attorneys fees of any infringement litigation brought by LICENSEE or LICENSOR shall be borne exclusively by the party bringing suit, unless otherwise agreed upon by the parties. The costs and attorneys fees of defending any first-filed declaratory judgment action with respect to the Patents shall be shared equally by LICENSOR AND LICENSEE, unless otherwise agreed upon by the parties or unless the other party has filed the declaratory judgment action, in which case, the party filing the declaratory judgment action shall be required to defend such suit entirely at its own cost and expense.

 

(d) Splitting of Recoveries for Patent Infringement. Any recovery received in any infringement suit to enforce the Patents shall be shared according to the respective party’s contributions to the costs and attorneys fees of maintaining such suit. The term “recovery” as used in this Section shall include compensatory damages (reasonable royalties, lost profits, price erosion, convoyed sales, or any other form of compensatory damages in patent infringement lawsuits), enhanced damages for willfulness, awards of attorneys fees, pre-judgment interest and sanctions.

 

(e) Settlement Authority. Settlement authority shall rest in the party paying the majority of costs and fees associated with any infringement lawsuit, provided that such settlement does not grant, expressly or impliedly, any right to make, use, sell, or offer to sell the Product in the Licensed Territory or to import the Product into the Licensed Territory. In the event such fees and costs are split equally, settlement authority shall rest solely with LICENSEE. Any settlement granting, expressly or impliedly, any right to make, use, sell, offer to sell or import the Product in the Licensed Territory must first be approved in writing by LICENSOR with approval of the other party, which approval shall not be unreasonably withheld, and LICENSEE. This provision does not require written approval for settlements for past damages.

 

(f) Choice of Counsel. The party bearing the majority of the attorneys fees and costs associated with any litigation for infringement of the Patents shall have the right to select counsel to handle such infringement litigation. In the event such fees and cost are split equally, the right to select counsel with approval of the other party, which approval shall not be unreasonably withheld, shall rest solely with LICENSOR.

 

10. Term. This Agreement will remain in effect for so long as the Patents are valid, unless earlier terminated as provided herein. The provisions of this Section 10 will survive the expiration or termination (whether under Section 11 or otherwise) of this Agreement, and the provisions of Section 5 will survive as to payments which accrue or become payable prior to expiration or termination. In addition, the representations set forth in Section 8 shall survive termination of this Agreement.

 

	
 Exhibit 10.22

	 	 	Page 7 of 10 Pages
	

	 

11. Termination. This Agreement may be terminated prior to the expiration hereof as follows:

 

(a) If either LICENSEE or LICENSOR breaches or defaults in the performance or observation of any of the provisions of this Agreement, and such breach or default is not cured within sixty (60) days after the giving of written notice by the other party specifying such breach or default, the other party will have the right to terminate this Agreement upon a further thirty (30) days’ notice. If any representation or warranty of any party as contained in this Agreement is materially incorrect or inaccurate, such will be deemed to be a breach or default of this Agreement by such party. 

 

(b) The obligations of LICENSEE under this Agreement are conditioned upon LICENSEE’s satisfaction, which shall be determined in its sole discretion, with further due diligence review concerning, among other things, the Patents relating to the Products, the development schedule to be provided by LICENSOR pursuant to Section 3(a) and the marketability of the Products. If LICENSEE has been not communicated to LICENSOR its satisfaction with further due diligence review on or before May 31, 2005, then this Agreement shall have no binding effect upon either party and both parties hereto shall thereupon be released from all liabilities hereunder.

 

12. Force Majeure. No party will be liable for failure or delay in performing obligations set forth in this Agreement, and no party will be deemed in breach of its obligations, if such failure or delay is due to natural disasters or any causes reasonably beyond the control of such party.

 

13. Product Liability Indemnification. LICENSEE will indemnify and hold LICENSOR harmless from and against any and all product liability claims, demands, liabilities, losses, damages, money judgments or expenses (including reasonable attorneys’ fees arising out of the testing, use, manufacture, sale or distribution of the Product, in each case by LICENSEE, its affiliates and customers); provided, however, that with respect to any claim covered by the foregoing LICENSEE indemnification, LICENSOR will give LICENSEE notice as soon as practicable of any such claim or action and LICENSEE will have the right to control any compromise, settlement or defense thereof; provided further that LICENSOR will be entitled to be indemnified in accordance with the terms hereof notwithstanding LICENSOR’ failure to give timely notice to LICENSEE if LICENSEE had not been prejudiced by such failure to give notice. This indemnity does not extend to any claims, demands, liabilities, losses, damages, money judgments or expenses due to LICENSOR’s negligence or misconduct. 

 

14. Miscellaneous

 

(a) Any controversy or claim arising out of, or relating to this Agreement, or its breach, will be settled by arbitration in New York City, New York in accordance with the then-governing rules of the American Arbitration Association. Judgment upon the award rendered may be entered and enforced in any court of competent jurisdiction. Before any arbitration proceeding may be commenced, however, the parties will meet in person at least two times within sixty (60) days in New York City to discuss in good faith a resolution to such controversy or claim.

 

	
 Exhibit 10.22

	 	 	Page 8 of 10 Pages
	

	 

(b) Upon a change in control or a sale of all or substantially all of the assets of the business of LICENSOR to which this Agreement relates, this Agreement shall remain in full force and effect and such transferee shall agree to assume all duties and obligations of LICENSOR hereunder. 

 

(c) This Agreement will inure to the benefit of, and be binding upon, the heirs and personal representatives of the parties, and upon the successors and permitted assigns.

 

(d) Neither party shall assign its rights in the Patents or this Agreement to any person or entity without the prior consent of the other party, which consent may not be unreasonably withheld, it being understood that it would not be unreasonable to withhold such consent if a party sought to assign its rights in the Patents or in this Agreement to any competitor of the other party. 

 

(e) Any notice required under this Agreement will be in writing and sent by registered mail, postage prepaid and addressed to the parties at their respective addresses as set forth below.

 

(f) No press releases or public announcements regarding the terms of this Agreement shall be made by either party without the prior written approval of the other party (which approval shall not be unreasonably withheld), except as may be necessary, in the opinion of counsel for such party, to meet the requirements of any law or governmental regulation or any applicable exchange regulation (in which event the other party will be notified before, if practical under the circumstances, and after any action is taken thereon), or as may be necessary or appropriate in connection with a party’s communications with its independent auditors and lenders.

 

(g) This Agreement sets forth the entire agreement and understanding between the parties to the subject matter hereof and supersedes and cancels all documents, verbal consents or understandings relating to the subject matter hereof, made between LICENSOR and LICENSEE before the conclusion of this Agreement, and none of the terms of this Agreement will be amended or modified except in a writing signed by the parties hereto.

 

(h) A waiver by any party of any term or condition of this Agreement in any one instance will not be deemed or construed to be a waiver of such term or condition for any similar instance in the future or of any subsequent breach hereof. All rights, remedies, undertakings, obligations and agreements contained in this Agreement will be cumulative and none of them will be a limitation of any other remedy, right, undertaking, obligation or agreement of any party.

 

(i) Headings in this Agreement are included herein for ease of reference only and have no legal effect.

 

	
 Exhibit 10.22

	 	 	Page 9 of 10 Pages
	

	 

In WITNESS WHEREOF, the parties hereto have caused this Development and Exclusive License Agreement to be duly executed as of 3/8/05.

 

	LIVE TISSUE CONNECT, INC.	 	 	CONMED CORPORATION
	/s/ Donald S. Robbins	 	 	/s/ William W. Abraham
	

	 	 	

	Name: Donald S. Robbins
Title: President and CEO	 	 	Name: William W. Abraham
Title: Senior Vice President
	 	 	 	525 French Road
	 	 	 	Utica, New York 13502-5994 
	 	 	 	 
	With copies to:	 	 	With copies to:
	Schiff Hardin LLP	 	 	ConMed Corporation
	Attention: Ernest M. Stern, Esq.	 	 	Attention: General Counsel
	1101 Connecticut Avenue, N.W.	 	 	525 French Road
	Washington, D.C. 20036 	 	 	Utica, New York 13502-5994

 

	
 Exhibit 10.22

	 	 	Page 10 of 10 Pages

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