Document:

exv10w2

Exhibit 10.2

SECURITY AGREEMENT

     This Security Agreement (as amended, modified or otherwise supplemented from time to time,
this “Security Agreement”), dated as of May 21, 2010, is executed by the companies as signatories
hereto (collectively, “Company”), in favor of Medtronic, Inc., a Minnesota corporation (“Secured
Party”).

RECITALS

     A. Company has executed and delivered to Secured Party a Promissory Note of even date herewith
(as amended, modified or otherwise supplemented from time to time, the “Note”).

     B. In order to induce Secured Party to extend the credit evidenced by the Note, Company has
agreed to enter into this Security Agreement and to grant to Secured Party the security interest in
the Collateral described below.

AGREEMENT

     NOW, THEREFORE, in consideration of the above recitals and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, Company hereby agrees
with Secured Party as follows:

     1. Definitions and Interpretation. When used in this Security Agreement, the
following terms have the following respective meanings:

          “Asset(s)” means the Collateral (defined below) and the Intellectual Property (defined below).

          “Collateral” has the meaning given to that term in Section 2 hereof.

          “Intellectual Property” means all copyright rights, copyright applications, copyright
registrations and like protections in each work of authorship and derivative work, whether
published or unpublished, any patents, patent applications and like protections, including
improvements, divisions, continuations, renewals, reissues, extensions, and continuations-in-part
of the same, trademarks, service marks and, to the extent permitted under applicable law, any
applications therefor, whether registered or not, and the goodwill of the business of Company
connected with and symbolized thereby, know-how, operating manuals, trade secret rights, rights to
unpatented inventions, and any claims for damage by way of any past, present, or future
infringement of any of the foregoing.

          “Obligations” means all loans, advances, debts, liabilities and obligations, howsoever
arising, owed by Company to Secured Party of every kind and description (whether or not evidenced
by any note or instrument and whether or not for the payment of money), now existing or hereafter
arising under or pursuant to the terms of the Notes and the other Loan Documents, including, all
interest, fees, charges, expenses, reasonable attorneys’ fees and costs and accountants’ fees and
costs chargeable to and payable by Company hereunder and thereunder, in each case, whether direct
or indirect, absolute or contingent, due or to become due, and whether or not arising after the
commencement of a proceeding under Title 11 of the United States Code (11 U.S.C. Section 101 et
seq.), as amended from time to time (including post-petition interest) and whether or not allowed
or allowable as a claim in any such proceeding.

 

 

          “Permitted Liens” means:

     (a) Liens existing on the date hereof and shown on Schedule A or arising under this
Security Agreement and the other Loan Documents;

     (b) Liens for taxes, fees, assessments or other government charges or levies, either not
delinquent or being contested in good faith and for which the Company maintains adequate reserves
on its books, provided that no notice of any such Lien has been filed or recorded under the
Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted thereunder;

     (c) purchase money Liens and capital leases (i) on Equipment acquired or held by Company
incurred for financing the acquisition of the Equipment, or (ii) existing on Equipment when
acquired, if the Lien is confined to the property and improvements and the proceeds of the
Equipment;

     (d) Liens incurred in the extension, renewal or refinancing of the indebtedness secured by
Liens described in (a) through (c), but any extension, renewal or replacement Lien must be
limited to the property encumbered by the existing Lien and the principal amount of the
indebtedness then due may not increase;

     (e) leases or subleases of real property granted in the ordinary course of business, and
leases, subleases, non-exclusive licenses or sublicenses of property granted in the ordinary course
of Company’s business, if the leases, subleases, licenses and sublicenses do not prohibit
granting Secured Party a security interest;

     (f) banker’s liens, rights of setoff and Liens in favor of financial institutions incurred
made in the ordinary course of business arising in connection with Company’s deposit accounts or
securities accounts held at such institutions to secure payment of fees and similar costs and
expenses;

     (g) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions,
social security and other like obligations incurred in the ordinary course of business (other than
Liens imposed by ERISA);

     (h) Liens arising from judgments, decrees or attachments in circumstances not constituting an
Event of Default under the Note;

     (i) easements, reservations, rights-of-way, restrictions, minor defects or irregularities in
title and similar charges or encumbrances affecting real property not constituting a material
adverse effect on the business or condition (financial or otherwise) of Company;

     (j) non-exclusive licenses of Intellectual Property granted to third parties in the ordinary
course of business;

     (k) exclusive licenses of Intellectual Property granted to Persons who are not affiliates of
Company in the ordinary course of Company’s business in connection with joint ventures or corporate
collaborations provided that such exclusive licenses are specifically approved by Company’s board
of directors;

     (l) Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature
arising in the ordinary course of business so long as such Liens attach only to Inventory and which
are not delinquent or remain payable without penalty or which are being contested in good faith and
by

-2-

 

appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale
of the property subject thereto;

     (m) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of custom duties in connection with the importation of goods by Company;

     (n) Liens on insurance proceeds securing the payment of financed insurance premiums;

     (o) purported Liens evidences by the filing of precautionary UCC financing statements relating
solely to operating leases of personal property entered into by Company;

     (p) Liens created under any agreement relating to the sale, transfer or other disposition of
assets permitted under this Agreement; provided that such Liens relate solely to the assets
to be sold, transferred or otherwise disposed of;

     (q) Liens encumbering cash collateral or other financial assets securing indebtedness
consisting of hedging arrangements permitted hereunder relating to interest rate, commodity price
or foreign exchange rate exposure not entered into for any speculative purpose;

     (r) Liens on securities that are the subject of repurchase agreements related to investments
by Company; and

     (s) Liens arising from (i) judgments or attachments (or securing of appeal bonds with
respect thereto) in an aggregate amount of less than $100,000 in circumstances not constituting an
Event of Default under the Note.

          “UCC” means the Uniform Commercial Code as in effect in the State of Minnesota from time
to time.

     All capitalized terms not otherwise defined herein shall have the respective meanings given in
the Note. Unless otherwise defined herein, all terms defined in the UCC have the respective
meanings given to those terms in the UCC.

     2. Grant of Security Interest. As security for the Obligations, upon the first
Advance under the Note, Company hereby pledges to Secured Party and grants to Secured Party a
security interest in all right, title and interests of Company in and to the property described in
Attachment 1 hereto, whether now existing or hereafter from time to time acquired
(collectively, the “Collateral”).

     3. General Representations and Warranties. Company represents and warrants to Secured
Party that (a) Company is the owner of the Collateral (or, in the case of after-acquired
Collateral, at the time Company acquires rights in the Collateral, will be the owner thereof) and
that no other Person has (or, in the case of after-acquired Collateral, at the time Company
acquires rights therein, will have) any right, title, claim or interest (by way of Lien or
otherwise) in, against or to the Collateral, other than Permitted Liens; (b) upon the filing of
UCC-1 financing statements in the appropriate filing offices, Secured Party has (or in the case of
after-acquired Collateral, at the time Company acquires rights therein, will have) a perfected
security interest in the Collateral to the extent that a security interest in the Collateral can be
perfected by such filing, except for Permitted Liens; (c) all Inventory has been (or, in the case
of hereafter produced Inventory, will be) produced in compliance with applicable laws, including
the Fair Labor Standards Act; (d) all accounts receivable and payment intangibles described in
Company’s books and records are genuine and enforceable against the party obligated to pay the
same; (e) the originals of all documents evidencing all accounts receivable and payment intangibles
of Company and the only original books of account and records of Company relating thereto are, and
will continue to be, kept at the chief

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executive office of Company set forth on Schedule A or at such other locations as
Company may establish in accordance with Section 4(d), and (f) all information set forth in
Schedule A hereto is true and correct in all material respects.

     4. Covenants Relating to the Assets. Company hereby agrees (a) to perform all acts
that may be necessary to maintain, preserve, protect and perfect the Collateral, the Lien granted
to Secured Party therein and the perfection and priority of such Lien, except for Permitted Liens;
(b) not to use or permit any Asset to be used (i) in violation in any material respect of any
applicable law, rule or regulation, or (ii) in violation of any policy of insurance covering the
Assets; (c) to pay promptly when due all taxes and other governmental charges, all Liens and all
other charges now or hereafter imposed upon or affecting any Asset (other than any of the foregoing
the amount or validity of which is currently being contested in good faith by appropriate
proceedings and with respect to which reserves have been provided on the books of Company, and
other than taxes, fees, charges or assessments with respect to which the failure to pay would not
have a material adverse effect on Company); (d) without 30 days’ written notice to Secured Party,
(i) not to change Company’s name or place of business (or, if Company has more than one place of
business, its chief executive office), or the office in which Company’s records relating to
accounts receivable and payment intangibles are kept, and (ii) not to change Company’s state of
incorporation, (e) to procure, execute and deliver from time to time any endorsements, assignments,
financing statements and other writings reasonably deemed necessary or appropriate by Secured Party
to perfect, maintain and protect its Lien hereunder and the priority thereof; (f) to keep separate,
accurate and complete records of the Assets and to provide Secured Party with such records and such
other reports and information relating to the Assets as Secured Party may reasonably request from
time to time; (g) not to surrender or lose possession of (other than to Secured Party), sell,
encumber, lease, rent, or otherwise dispose of or transfer any Asset or right or interest therein,
and to keep the Assets free of all Liens except Permitted Liens; provided that
Company may sell, lease, transfer, license or otherwise dispose of any of the Collateral as
follows: (i) sales of Inventory in the ordinary course of business; (ii) dispositions of worn-out
or obsolete Equipment; (iii) granting Permitted Liens; (iv) dispositions of property from one
Company to another Company; (v) dispositions of cash equivalents for cash or other cash
equivalents; (vi) abandonment of non-material intellectual property assets in the ordinary course
of business; (vii) surrender, release or waiver of contract rights in the ordinary course of
business; (viii) sales or other dispositions of property to the extent that such property is
exchanged for credit against the purchase price of similar replacement property or the proceeds of
such sale or other disposition are promptly applied to the purchase price of such replacement
property; (ix) charitable donations in the ordinary course of business and consistent with past
practices; or (x) other dispositions not otherwise permitted under the foregoing clauses (i)-(ix),
in an amount not to exceed One Hundred Thousand Dollars ($100,000.00) in any fiscal year; and
(h) to comply with all material requirements of law relating to the production, possession,
operation, maintenance and control of the Collateral (including the Fair Labor Standards Act).

     5. Authorized Action by Secured Party. Until the termination of the security interest
described in Section 7(b), Company hereby irrevocably appoints Secured Party as its
attorney-in-fact (which appointment is coupled with an interest) and agrees that Secured Party may
perform (but Secured Party shall not be obligated to and shall incur no liability to Company or any
third party for failure so to do) any act which Company is obligated by this Security Agreement to
perform, and to exercise such rights and powers as Company might exercise with respect to the
Collateral, including the right to (a) collect by legal proceedings or otherwise and endorse,
receive and receipt for all dividends, interest, payments, proceeds and other sums and property now
or hereafter payable on or on account of the Collateral; (b) enter into any extension,
reorganization, deposit, merger, consolidation or other agreement pertaining to, or deposit,
surrender, accept, hold or apply other property in exchange for the Collateral; (c) make any
compromise or settlement, and take any action it deems advisable, with respect to the Collateral;
(d) insure, process and preserve the Collateral; (e) pay any indebtedness of Company relating to
the Collateral; (f) execute documents, instruments and agreements required hereunder; and (g) file
UCC

-4-

 

financing statements; provided, however, that Secured Party shall not exercise
any such powers granted pursuant to subsections (a) through (f) prior to the occurrence of an Event
of Default and shall only exercise such powers during the continuance of an Event of Default.
Company agrees to reimburse Secured Party upon demand for any reasonable costs and expenses,
including attorneys’ fees, Secured Party may incur while acting as Company’s attorney-in-fact
hereunder, all of which costs and expenses are included in the Obligations. It is further agreed
and understood between the parties hereto that such care as Secured Party gives to the safekeeping
of its own property of like kind shall constitute reasonable care of the Collateral when in Secured
Party ‘s possession; provided, however, that Secured Party shall not be required to
make any presentment, demand or protest, or give any notice and need not take any action to
preserve any rights against any prior party or any other person in connection with the Obligations
or with respect to the Collateral.

     6. Default and Remedies.

          (a) Default. Company shall be deemed in default under this Security Agreement upon
the occurrence and during the continuance of an Event of Default (as defined in the Note).

          (b) Remedies. Upon the occurrence and during the continuance of any such Event of
Default, Secured Party shall have the rights of a secured creditor under the UCC, all rights
granted by this Security Agreement and by law, including the right to: (a) require Company to
assemble the Collateral and make it available to Secured Party at a place to be designated by
Secured Party; and (b) prior to the disposition of the Collateral, store, process, repair or
recondition it or otherwise prepare it for disposition in any manner and to the extent Secured
Party deems appropriate. Company hereby agrees that ten (10) days’ notice of any intended sale or
disposition of any Collateral is reasonable.

          (c) Application of Collateral Proceeds. The proceeds and/or avails of the Collateral,
or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other
amounts of any kind held by Secured Party at the time of, or received by Secured Party after, the
occurrence and during the continuance of an Event of Default) shall be paid to and applied as
follows:

               (i) First, to the payment of reasonable costs and expenses, including all amounts
expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale
and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and
advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by
Secured Party;

               (ii) Second, to the payment to Secured Party of the amount then owing or unpaid to
Secured Party (to be applied first to accrued interest and second to outstanding principal);

               (iii) Third, to the payment of other amounts then payable to Secured Party under any
of the Transaction Documents; and

               (iv) Fourth, to the payment of the surplus, if any, to Company, its successors and
assigns, or to whomsoever may be lawfully entitled to receive the same.

     7. Miscellaneous.

          (a) Notices. Except as otherwise provided herein, all notices, requests, demands,
consents, instructions or other communications to or upon Company or Secured Party under this
Security Agreement shall be delivered in accordance with Notice provision of the Note.

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          (b) Termination of Security Interest. Upon the payment or satisfaction in full of all
Obligations (including pursuant to the offset provisions in the Note) and the cancellation or
termination of any commitment to extend credit, the security interest granted herein shall
terminate and all rights to the Collateral shall revert to Company.

          (c) Nonwaiver. No failure or delay on Secured Party ‘s part in exercising any right
hereunder shall operate as a waiver thereof or of any other right nor shall any single or partial
exercise of any such right preclude any other further exercise thereof or of any other right.

          (d) Amendments and Waivers. This Security Agreement may not be amended or modified,
nor may any of its terms be waived, except by written instruments signed by Company and Secured
Party. Each waiver or consent under any provision hereof shall be effective only in the specific
instances for the purpose for which given.

          (e) Assignments. This Security Agreement shall be binding upon and inure to the
benefit of Secured Party and Company and their respective successors and assigns; provided,
however, that Company may not sell, assign or delegate rights and obligations hereunder
without the prior written consent of Secured Party.

          (f) Cumulative Rights, etc. The rights, powers and remedies of Secured Party under
this Security Agreement shall be in addition to all rights, powers and remedies given to Secured
Party by virtue of any applicable law, rule or regulation of any governmental authority, any
Transaction Document or any other agreement, all of which rights, powers, and remedies shall be
cumulative and may be exercised successively or concurrently without impairing Secured Party’s
rights hereunder. Company waives any right to require Secured Party to proceed against any person
or entity or to exhaust any Collateral or to pursue any remedy in Secured Party’s power.

          (g) Partial Invalidity. If at any time any provision of this Security Agreement is or
becomes illegal, invalid or unenforceable in any respect under the law or any jurisdiction, neither
the legality, validity or enforceability of the remaining provisions of this Security Agreement nor
the legality, validity or enforceability of such provision under the law of any other jurisdiction
shall in any way be affected or impaired thereby.

          (h) Expenses. Company shall pay on demand all reasonable fees and expenses, including
reasonable attorneys’ fees and expenses, incurred by Secured Party in connection with custody,
preservation or sale of, or other realization on, any of the Collateral or the enforcement or
attempt to enforce any of the Obligations which is not performed as and when required by this
Security Agreement.

          (i) Entire Agreement. This Security Agreement taken together with the other Loan
Documents constitute and contain the entire agreement of Company and Secured Party and supersede
any and all prior agreements, negotiations, correspondence, understandings and communications among
the parties, whether written or oral, respecting the subject matter hereof.

          (j) Other Interpretive Provisions. References in this Security Agreement and each of
the other Loan Documents to any document, instrument or agreement (a) includes all exhibits,
schedules and other attachments thereto, (b) includes all documents, instruments or agreements
issued or executed in replacement thereof, and (c) means such document, instrument or agreement, or
replacement or predecessor thereto, as amended, modified and supplemented from time to time and in
effect at any given time. The words “hereof,” “herein” and “hereunder” and words of similar import
when used in this Security Agreement or any other Loan Document refer to this Security Agreement or
such other Loan Document, as the case may be, as a whole and not to any particular provision of
this Security Agreement

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or such other Loan Document, as the case may be. The words “include” and “including” and
words of similar import when used in this Security Agreement or any other Loan Document shall not
be construed to be limiting or exclusive.

          (k) Governing Law. This Security Agreement shall be governed by and construed in
accordance with the laws of the State of Minnesota without reference to conflicts of law rules
(except to the extent governed by the UCC).

          (l) Counterparts. This Security Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together shall be deemed to
constitute one instrument.

[The remainder of this page is intentionally left blank]

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     IN WITNESS WHEREOF, each of the below-named entities has caused this Security Agreement to be
executed as of the day and year first above written.

	 	 	 	 	 
	 	ATS Medical, Inc., a Minnesota corporation

 	 
	 	By:  	/s/ Michael Kramer
 	 
	 	 	Its: Chief Financial Officer 	 
	 
	 	3F Therapeutics, Inc., a Delaware corporation

 	 
	 	By:  	/s/
Michael Dale
 	 
	 	 	Its: Chief Executive Officer 	 
	 
	 	ATS Acquisition Corp., a Minnesota corporation

 	 
	 	By:  	/s/ Michael Kramer
 	 
	 	 	Its: Chief Financial Officer 	 
	 

	 	 	 	 	 
	MEDTRONIC, INC.

a Minnesota corporation,

as Secured Party

 	 
	By:  	/s/
Chad Cornell 	 
	 	Name:  	Chad Cornell 	 
	 	Title:  	Vice
President – Corporate Development 	 
	 

[Signature page to Security Agreement]

 

 

ATTACHMENT 1

TO SECURITY AGREEMENT

Capitalized terms used herein and not otherwise defined herein have the meanings given to them in
the Security Agreement to which this Attachment 1 is attached.

The Collateral consists of all of Company’s right, title and interest in and to the following
personal property:

     All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights
or rights to payment of money, leases, license agreements, franchise agreements, General
Intangibles (except as provided below), commercial tort claims, documents, instruments (including
any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, all
certificates of deposit, fixtures, letters of credit rights (whether or not the letter of credit is
evidenced by a writing), securities, and all other investment property, supporting obligations, and
financial assets, whether now owned or hereafter acquired, wherever located; and

     all Company’s Books relating to the foregoing, and any and all claims, rights and interests in
any of the above and all substitutions for, additions, attachments, accessories, accessions and
improvements to and replacements, products, proceeds and insurance proceeds of any or all of the
foregoing.

     Notwithstanding the foregoing, the Collateral does not include (a) Intellectual Property,
(b) any lease, license, contract, instrument or agreement to which any Company is a party, if and
so long as the pledge of, or grant of a security interest therein or in property subject thereto
would result in (i) a breach of applicable law or (ii) a breach, termination or default under the
terms of such lease, license, contract, instrument or agreement or any agreement to which such
property is subject (in each case, other than to the extent that any such term would be rendered
ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC); provided,
however, that to the extent severable, the Collateral shall include and the security
interest shall attach immediately to any portion of such lease, license, contract, instrument or
agreement that does not result in any consequences specified in subclauses (i) and (ii) above; (c)
any Equipment owned by any Company that is subject to a purchase money Lien or a capital lease, in
each case, if the agreement pursuant to which such Lien is granted (or in the documents providing
for such Lien or capital lease) prohibits the grant of a security interest under this Security
Agreement or requires the consent of any person other than such Company which has not been
obtained, provided, however, that the Collateral shall include and such security
interest shall attach immediately at such time as the condition shall be removed or to the extent
such prohibitions shall be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409
of the UCC or (d) more than 65% of the outstanding equity interests in a subsidiary of a Company
which is organized outside of the United States.

 

 

SCHEDULE A

TO SECURITY AGREEMENT

COMPANY PROFILE

     1. Information on Company. Company’s legal name, date and state of incorporation,
organizational identification number and tax identification number and are as follows:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Organizational	 	 
	 	 	Date of	 	State of	 	Identification	 	Tax Identification
	Name	 	Incorporation	 	Incorporation	 	Number	 	Number
	ATS
Medical,
Inc.

	 	June 26, 1987
	 	Minnesota
	 	 	5P-793	 	 	41-1595629
	 
	 	 	 	 	 	 	 	 	 	 
	3F
Therapeutics,
Inc.

	 	June 2, 1998
	 	Delaware
	 	 	2902908	 	 	33-0819893
	 
	 	 	 	 	 	 	 	 	 	 
	ATS
Acquisition
Corp.

	 	June 15, 2007
	 	Minnesota
	 	 	2399569-2	 	 	77-0691131

     2. Existing Permitted Liens.

	 	 	 	 	 	 	 	 	 	 	 
	Existing	 	Type of Filing/	 	Date of Filing/	 	Filing/ Recording	 	Description of
	Secured Party	 	Recording	 	Recording	 	Number	 	Collateral
	Northland 

Financial

	 	UCC
	 	06/07/2005
	 	 	200516812964	 	 	     All equipment and
personal property
under Lease
Schedule #2 dated
May 26, 2005 per
Master Lease Agmt
dtd May 26, 2005
between Carlton
Financial Corp
(Lessor) & Debtor
(Lessee)
	 
	 	 	 	 	 	 	 	 	 	 
	Northland 

Financial

	 	UCC
	 	06/17/2005
	 	 	200516939489	 	 	     All equipment and
personal property
under Lease
Schedule #1 dated
May 26, 2005 per
Master Lease Agmt
dtd May 26, 2005
between Carlton
Financial Corp
(Lessor) & Debtor
(Lessee)

 

 

	 	 	 	 	 	 	 	 	 	 	 
	Existing	 	Type of Filing/	 	Date of Filing/	 	Filing/ Recording	 	Description of
	Secured Party	 	Recording	 	Recording	 	Number	 	Collateral
	U.S.
Bancorp

	 	UCC
	 	04/01/2008
	 	 	200811209561	 	 	     “FOR INFORMATIONAL
PURPOSES ONLY”: 
probably specific
equipment
(illegible
description)
	 

	 	 	 	 	 	 	 	 	 	
	 
	 	 	 	 	 	 	 	 	 	 
	U.S.
Bancorp

	 	UCC
	 	10/14/2008
	 	 	200813535374	 	 	     2 pieces of
specific equipment
(only illegible
models & SN’s
given)
	 
	 	 	 	 	 	 	 	 	 	 
	Imaging 

Alliance
Group,
LLC

	 	UCC
	 	08/07/2009
	 	 	200916980741	 	 	     Fortis user
software, per
Rental Agmt between
Secured Party d/b/a
(illegible) &
Debtor dtd July 29,
2009
	 
	 	 	 	 	 	 	 	 	 	 
	Key
Equipment
Finance
Inc.

	 	UCC
	 	05/18/2005
	 	 	200516566242	 	 	     Canon Image Runner
C5800 w/ finisher,
print, scan (s/n
illegible)
	 
	 	 	 	 	 	 	 	 	 	 
	Leaf
Funding
Inc.

	 	UCC
	 	07/31/2009
	 	 	200916911271	 	 	     “LEASE AGMT FOR
NOTIFICATION
PURPOSES ONLY” 4 -
Lanier copier
systems (model &
s/n’s illegible)
	 
	 	 	 	 	 	 	 	 	 	 
	Cisco 

Systems
Capital
Corporation

	 	UCC
	 	08/11/2009
	 	 	200917018694	 	 	     Leased equipment
(illegible
equipment
description)
	 
	 	 	 	 	 	 	 	 	 	 
	Qwest 

Communications
Company,
LLC

	 	UCC
	 	09/29/2009
	 	 	200917541199	 	 	All leased
equipment provided
by Secured Partyexv10w3

Exhibit 10.3

PLEDGE AGREEMENT

     THIS PLEDGE AGREEMENT (the “Agreement”), dated as of May 21, 2010, is made and given by ATS
Medical, Inc., a Minnesota corporation (the “Pledgor”), to Medtronic, Inc., a Minnesota corporation
and its endorsees and assigns (the “Lender”).

R E C I T A L S

     A. Pledgor and two of its affiliates, have executed and delivered to the Lender a Note dated
as of the date hereof in the original principal amount of $30,000,000 (as the same may hereafter be
amended, restated, or otherwise modified from time to time, the “Note”) pursuant to which the
Lender has agreed to extend to the Borrower certain credit accommodations and executed a Security
Agreement in favor of the Lender dated as of the date hereof (the “Security Agreement”).

     B. The Pledgor is the owner free and clear of any liens or security interests of the Stock
(defined below).

     C. It is a condition precedent to the obligation of the Lender to extend credit accommodations
pursuant to the terms of the Note that this Agreement be executed and delivered by the Pledgor.

A G R E E M E N T S

     FOR GOOD AND VALUABLE CONSIDERATION, the receipt and adequacy of which are hereby acknowledged
by the Pledgor, it is agreed as follows:

     1. Grant of Security Interest. As security for the payment and performance of the
debt, liability and obligations that arise under or are evidenced by the Note and any documents or
agreements executed in connection with the Note and any and all amendments, modifications,
replacements thereof, (hereinafter collectively referred to as the “Obligations”), upon the first
Advance under the Note, the Pledgor does transfer, assign and grant to the Lender a security
interest (the “Security Interest”) in all of Pledgor’s right, title and interest in and to the
following (hereinafter collectively referred to as the “Collateral”), whether now owned or
hereafter acquired or arising:

     (a) all of Pledgor’s now existing and/or hereafter arising interest (collectively, the
“Stock”) in: ATS Medical France, SARL, a French corporation; ATS Medical GmbH, a German
corporation; and ATS Medical Belgium SPRL, a Belgian corporation (collectively, the
“Issuers”). All Stock now held by Pledgor is itemized on Schedule 1(a) attached
hereto; and

- 1 -

 

     (b) any instruments representing the Stock and all income, distributions, dividends,
cash, instruments and other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of the Stock; and

     (c) all proceeds of any and all of the foregoing (including, without limitation,
proceeds that constitute property of types described above).

     2. Possession and Delivery of Pledged Collateral. The Pledgor shall deliver all
instruments, if any, representing or evidencing the Collateral to the Lender to be held by the
Lender pursuant hereto, which shall be in suitable form for transfer by delivery, or shall be
accompanied by duly executed instruments of transfer or assignment in blank, all in form and
substance satisfactory to the Lender. The Lender shall have the right at any time to exchange
instruments representing or evidencing Collateral for instruments of smaller or larger
denominations.

     3. Voting Rights; Dividends; Etc.

     (a) Subject to Section 3(d) below, the Pledgor shall be entitled to exercise or refrain
from exercising any and all voting and other consensual rights pertaining to the Collateral
or any part thereof for any purpose not inconsistent with the terms of this Agreement;
provided, however, that the Pledgor shall not exercise or refrain from exercising
any such right if such action could reasonably be expected to have a material adverse effect
on the value of the Collateral or any material part thereof.

     (b) Subject to Section 3(e) below, the Pledgor shall be entitled to receive, retain, or
use in any manner not prohibited by this Agreement any and all dividends and other
distributions other than stock dividends paid in respect of the Collateral.

     (c) The Lender shall execute and deliver (or cause to be executed and delivered) to the
Pledgor all such proxies and other instruments as the Pledgor may reasonably request for the
purpose of enabling the Pledgor to exercise the voting and other rights that it is entitled
to exercise pursuant to Section 3(a) hereof and to receive the dividends and other
distributions that it is authorized to receive and retain pursuant to Section 3(b) hereof.

     (d) Upon the occurrence and during the continuance of any Event of Default (defined
below), the Lender shall have the right in its sole discretion,

     (i) to terminate all rights of the Pledgor to exercise or refrain from
exercising the voting and other consensual rights that the Pledgor would otherwise
be entitled to exercise pursuant to Section 3(a) hereof, and all such rights shall
thereupon become vested in the Lender who shall thereupon have the sole right to
exercise or refrain from exercising such voting and other consensual rights, and

- 2 -

 

     (ii) to cause any or all of the Collateral to be transferred of record into the
name of the Lender or its nominee.

The Pledgor irrevocably appoints the Lender as proxy, with full power of substitution and
revocation, upon the occurrence of any Event of Default and so long as such Event of Default
continues, to exercise the Lender’s rights to attend meetings, vote, consent to and/or take
any action respecting the Collateral or any issuer thereof as fully as the Pledgor might do.
This proxy remains effective so long as any of the Obligations are unpaid. In addition,
the Pledgor shall execute and deliver all such other proxies and other instruments as may be
necessary or appropriate to give effect to the rights specified in this Section 3(d). The
Pledgor irrevocably agrees, upon the occurrence of an Event of Default and so long as such
Event of Default continues, to the extent the Lender is incapable of exercising Pledgor’s
rights to attend meetings, vote, consent to and/or take any action respecting the collateral
or any issuer thereof as fully as the Pledgor might do, to exercise all such rights at the
Lender’s direction in the Lender’s sole discretion.

(e) Upon the occurrence and during the continuance of any Event of Default:

     (i) all rights of the Pledgor to receive the dividends and other distributions
that the Pledgor would otherwise be authorized to receive and retain pursuant to
Section 3(b) hereof shall cease, and all such rights shall thereupon become vested
in the Lender who shall thereupon have the sole right to receive and hold such
dividends and other distributions as Collateral hereunder in accordance with Section
6 hereof, and

     (ii) all dividends and other distributions that are received by the Pledgor
contrary to the provisions of paragraph (i) of this Section 3(e) shall be received
in trust for the benefit of the Lender, shall be segregated from other funds of the
Pledgor and shall be forthwith paid over to the Lender as Collateral in the same
form as so received (with any necessary endorsement).

     4. Pledgor’s Representations, Warranties and Covenants. Pledgor represents, warrants,
covenants and agrees:

     (a) Authorization. Pledgor has full power, authority and authorization to
execute, enter into, deliver and perform this Agreement. Except to the extent required
under the laws of any foreign jurisdiction under which an issuer of Stock is organized or
incorporated, the execution, delivery and performance of this Agreement will not: (i)
require any consent or approval of any entity which has not been obtained; or (ii) violate
any provision of any indenture, contract, agreement or instrument to which the Pledgor is a
party or by which the Pledgor is bound.

     (b) With Respect to Collateral.

     (i) The Pledgor is the legal and beneficial owner of the Collateral free and
clear of any lien, claim or encumbrance except for the security interest

- 3 -

 

created by this Agreement. Without in any way limiting the generality of the
foregoing, the Collateral is not subject to any “blanket” security interests granted
by the Pledgor other than in favor of the Lender. The Pledgor has not granted, and
will not grant or permit to exist, any lien or security interests in all or any
portion of the Collateral other than the Permitted Liens as defined in the Security
Agreement.

     (ii) The grant of the security interest in the Collateral by the Pledgor
pursuant to this Agreement, together with the filing of a UCC financing statement
covering any of the Collateral which may constitute general intangibles, creates a
valid and perfected first priority lien on and security interest in the Collateral
subject to requirements of laws of any foreign jurisdiction under which an issuer of
Stock is organized or incorporated. Pledgor shall defend the Collateral against all
claims and demands of all and any other persons at any time claiming any interest
therein adverse to the Lender.

     (iii) The Pledgor agrees that the Pledgor will not (1) sell, assign (by
operation of law or otherwise) or otherwise dispose of, or grant any option with
respect to, any of the Collateral, or (2) create or permit to exist any lien, claim
or encumbrance upon or with respect to any such Collateral (other than the lien in
favor of the Lender and Permitted Liens (as defined in the Security Agreement)).

     (iv) The Pledgor shall promptly pay when due all taxes and other charges levied
or assessed upon or against any Collateral, and shall execute such writings and take
such other actions with respect to the Collateral as the Lender may request.

     (v) The Pledgor shall deliver to the Lender upon receipt all notices, reports
and other writings received by the Pledgor as owner or holder of any Collateral.

     (vi) No one except the Lender has control over any of the Stock, and the
Pledgor has not entered into any agreement that gives anyone except the Lender
control over any of the Stock. The Lender shall not permit anyone other than the
Lender to have control over any of the Stock. The Pledgor shall not enter into any
agreement that gives anyone except the Lender control over any of the Stock. In
this Agreement, the term “control” has the meaning assigned to that term in the
Uniform Commercial Code as adopted by Delaware (the “Code”).

     (vii)The Pledgor shall not permit its interest in any of the Issuers to be less
than 100% of the total equity interests in such Issuer at any time.

     (d) Actions and Proceedings. There are no actions at law, suits in equity or
any other proceedings before any governmental agency, commission, bureau, or other
arbitration proceedings against or affecting the Pledgor that if adversely determined would
adversely affect the Pledgor’s interest in the Collateral or would adversely affect

- 4 -

 

the rights of the Pledgor to pledge and assign all or a part of the Collateral or the
rights and security afforded the Lender hereunder.

     (e) Costs of Collection. The Pledgor shall reimburse the Lender, upon demand,
for: (i) all of the Lender’s reasonable costs and expenses, including without limitation
reasonable attorneys’ fees and legal expenses, with interest thereon, incurred by the Lender
in connection with the enforcement by the Lender during the term hereof or thereafter of any
of the rights or remedies of the Lender hereunder, including without limitation, reasonable
costs and expenses of collection in the Event of Default, whether or not suit is filed with
respect thereto and whether such costs are paid or incurred, or to be paid or incurred,
prior to or after entry of judgment; (ii) all taxes, levies, and other expenses relating to
preserving the Collateral; and (iii) all costs of the Lender incurred in disposing of the
Collateral.

     5. Event of Default. It shall be an Event of Default under this Agreement upon the
happening of any of the following:

     (a) an Event of Default (as defined therein) occurs under the Note or any other
document executed in connection with the Note; or

     (b) the Pledgor shall fail to comply with or perform in any respect any of the terms,
conditions or covenants of this Agreement or any other agreement of the Pledgor in favor of
the Lender and such failure continues for 30 days after written notice from Lender; or

     (c) any representation or warranty made by the Pledgor herein or in any document,
instrument or certificate given in connection with this Agreement shall be false when made
in any material respect.

     6. Remedies. Upon an Event of Default and so long as such Event of Default continues,
the Lender may declare all Obligations immediately due and payable, and may, at its option, without
notice, do any one or more of the following:

     (a) Either in person or by agent, with or without bringing any action or proceeding, or
by a receiver to be appointed by a court, enforce and exercise all of the rights of the
Pledgor and all of the rights of the Lender hereunder.

     (b) Exercise in respect of the Collateral, in addition to other rights and remedies
provided for herein or otherwise available to it, all the rights and remedies of a secured
party on default under the Code in effect at that time (whether or not the Code then applies
to the affected Collateral), and may also, without notice except as specified below, sell
the Collateral or any part thereof in one or more parcels at public or private sale, at any
exchange, broker’s board or at any of the Lender’s offices or elsewhere, for cash and upon
such other terms as the Lender may reasonably believe are commercially reasonable. The
Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten
days’ prior notice to the Pledgor of the time and place of any public sale or the

- 5 -

 

time after which any private sale is to be made shall constitute reasonable
notification. The Lender shall not be obligated to make any sale of Collateral regardless
of notice of sale having been given. The Lender may adjourn any public or private sale from
time to time by announcement at the time and place fixed therefor, and such sale may,
without further notice, be made at the time and place to which it was so adjourned.

     (c) Exercise any of the remedies available to a secured party under the Code.

     (d) Proceed immediately to exercise each and all of the powers, rights, and privileges
reserved or granted to the Lender under this Agreement.

     (e) Proceed to protect and enforce this Agreement by suits or proceedings or otherwise,
and enforce any other legal or equitable remedy available to the Lender.

     Any cash held by the Lender as Collateral and all cash proceeds received by the Lender in
respect of any sale of, collection from, or other realization upon all or any part of the
Collateral may, in the discretion of the Lender, be held by the Lender as collateral for, or then
or at any time thereafter, or if the Pledgor requests, be applied in whole or in part by the Lender
for its benefit against, all or any part of the Obligations. To the extent that such cash or such
proceeds are to be applied against all or any part of such obligations, they shall be applied as
follows:

     First: to the payment of the reasonable costs and expenses of such sale or
other disposition, including the reasonable out of pocket expenses of the Lender and the
reasonable fees and expenses of counsel employed in connection therewith, and to the payment
of all advances made by the Lender for the account of the Pledgor pursuant to this
Agreement;

     Second: to the payment of all reasonable costs and expenses incurred by the
Lender, in connection with the administration and enforcement of this Agreement, to the
extent they shall not have been previously reimbursed;

     Third: to the payment of any and all other Obligations; and

     Fourth: any surplus after such application shall be paid to the Pledgor, or as
otherwise required by law or as a court of competent jurisdiction may direct.

     7. Waiver of Certain Claims. The Pledgor acknowledges that because of present or
future circumstances, a question may arise under the Securities Act of 1933, as from time to time
amended (the “Securities Laws”) with respect to any disposition of the Collateral permitted
hereunder. The Pledgor understands that compliance with the Securities Laws may very strictly
limit the course of conduct of the Lender if the Lender were to attempt to dispose of all or any
portion of the Collateral and may also limit the extent to which or the manner in which any
subsequent transferee of the Collateral or any portion thereof may dispose of the same. There may
be other legal restrictions or limitations affecting the Lender in any attempt to dispose of all or
any portion of the Collateral under the applicable Blue Sky or other securities laws or similar
laws analogous in purpose or effect. The Lender may be compelled to resort to one or more

- 6 -

 

private sales to a restricted group of purchasers who will be obligated to agree, among other
things, to acquire such Collateral for such purchasers’ own account for investment only and not to
engage in a distribution or resale thereof. The Pledgor agrees that the Lender shall not incur any
liability as a result of the sale of the Collateral or any portion thereof at any private sale of
stock, if a private sale is effected by the Lender in a manner that the Lender reasonably believes
is in all other respects commercially reasonable (within the meaning of the Code). The Pledgor
hereby waives any claims against the Lender arising by reason of the fact that the price at which
the Collateral may have been sold at such sale was less than the price that might have been
obtained at a public sale or was less than the aggregate amount of the Obligations, even if the
Lender shall accept the first offer received and does not offer any portion of the Collateral to
more than one possible purchaser. The Pledgor further agrees that the Lender has no obligation to
delay the sale of any Collateral for the period of time necessary to permit the issuer of such
Collateral to qualify or register such Collateral for public sale under the Securities Laws,
applicable Blue Sky laws and other applicable state and/or federal securities laws, even if such
issuer would agree to do so, or to delay the sale of any Collateral for any other or no reason.
Without limiting the generality of the foregoing, the provisions of this Section 7 would apply if,
for example, the Lender were to place all or any portion of the Collateral for private placement by
an investment banking firm, or if such investment banking firm purchased all or any portion of the
Collateral for its own account, or if the Lender placed all or any portion of the Collateral
privately with a purchaser or purchasers.

     8. Authorization to File Financing Statements; Further Assurances. Pledgor hereby
authorizes the filing of such financing statements as the Lender may deem necessary or useful to be
filed in order to perfect the Security Interest. In addition, the Pledgor shall execute and
deliver to the Lender, promptly and at the Pledgor’s expense, such other documents and assurances,
and take such further action as the Lender may reasonably request, in order to effectively carry
out the intent and purpose of this Agreement, and to establish and protect the rights, interests
and remedies of the Lender hereunder. The Pledgor agrees that the Lender is authorized, at its
option, to file a carbon, photographic or other reproduction of this Agreement as a financing
statement and shall be sufficient as a financing statement under the Code and to file financing
statements or amendments thereto without the signature of the Pledgor and, if a signature is
required by law, then Pledgor appoints the Lender as the Pledgor’s attorney-in-fact to execute any
such financing statements.

     9. Cumulative Remedies. All of the Lender’s rights and remedies herein are cumulative
and in addition to any rights or remedies available at law or in equity including the Code, and may
be exercised concurrently or separately.

     10. Indemnification. The Pledgor shall and does hereby agree to indemnify against and
to hold the Lender harmless of and from any and all liability, loss or damage which it may or might
incur under or by reason of this Agreement and of and from any and all claims and demands
whatsoever which may be asserted against it by reason of any alleged obligations or undertakings on
its part to perform or discharge any of the terms, covenants or agreements of this Agreement,
excepting the gross negligence or willful misconduct of the Lender. The Lender shall notify
Pledgor of any event requiring indemnification within ten days following the Lender’s receipt of
notice of commencement of any action or proceeding, or the Lender’s obtaining knowledge of the
occurrence of any other event, giving rise to a claim for

- 7 -

 

indemnification hereunder. The Pledgor will be entitled (but not obligated) to assume the defense
or settlement of any such action or proceeding or to participate in any negotiations to settle or
otherwise resolve any claim using counsel of its choice. If the Pledgor elects to assume the
defense or settlement of any such action or proceeding, the Lender (and its counsel) may continue
to participate at its own expense in such action or proceeding. If the Lender incurs any such
liability, or if the Lender is required to defend against any such claims or demands or if a
judgment is entered against the Lender, then the amount thereof, including costs, expenses, and
reasonable attorneys’ fees, shall bear interest thereon at the highest rate then in effect under
the Note, shall be secured hereby, and the Pledgor shall reimburse the Lender for the same
immediately upon demand, and upon the failure of the Pledgor so to do, the Lender may declare all
Obligations immediately due and payable.

     11. Attorney in Fact. The Pledgor hereby irrevocably appoints the Lender and its
successors and assigns as the Pledgor’s agent and attorney-in-fact, which appointment is coupled
with an interest, to exercise any rights or remedies with respect to the Collateral or to receive,
endorse and collect all instruments made payable to the Pledgor representing any dividend or other
distribution in respect of the Collateral or any part thereof to the extent expressly provided
herein and to give full discharge for the same. This appointment shall become immediately
effective upon the occurrence of any Event of Default and shall continue for the continuance
thereof.

     12. Lender’s Duties. The powers conferred on the Lender hereunder are solely to
protect its interest in the Collateral and shall not impose any duty upon it to exercise any such
powers. Except for the safe custody of any Collateral in its possession and the accounting for
monies and for other properties actually received by it hereunder, the Lender shall have no duty as
to any Collateral, as to ascertaining or taking action with respect to calls, conversions,
exchanges, maturities, tenders or other matters relative to any Collateral, whether or not the
Lender has or is deemed to have knowledge of such matters, or as to the taking of any necessary
steps to preserve rights against any parties or any other rights pertaining to any Collateral. The
Lender shall be deemed to have exercised reasonable care in the custody and preservation of any
Collateral in its possession if such Collateral is accorded treatment substantially equal to that
which the Lender accords its own property of like kind.

     13. Continuing Rights. The rights and powers of the Lender or receiver hereunder
shall continue and remain in full force and effect until all Obligations are indefeasibly paid in
full.

     14. Books and Records. The Pledgor will permit the Lender and its representatives to
examine the Pledgor’s books and records (including data processing records and systems) with
respect to the Collateral and make copies thereof at any time and from time to time, and the
Pledgor will furnish such information reports to the Lender and its representatives regarding the
Collateral as the Lender and its representatives may from time to time request. The Lender shall
have the authority, at any time, to require the Pledgor to place upon the Pledgor’s books and
records relating to the Collateral and other rights to payment covered by the security interest
created in this Agreement a notation stating that any such Collateral and other rights of payment
are subject to a security interest in favor of the Lender.

- 8 -

 

     15. Assigns. This Agreement and each and every covenant, agreement and provision
hereof shall be binding upon the Pledgor and its successors and assigns and shall inure to the
benefit of the Lender and its successors and assigns.

     16. Governing Law. This Agreement is executed pursuant to and shall be governed by
the laws of the State of Minnesota, except to the extent that the validity or perfection of the
security interest granted hereunder, or the remedies provided hereunder, in respect of the
Collateral are mandatorily governed by the laws of a jurisdiction other than the State of
Minnesota.

     17. Severability. It is the intent of this Agreement to confer to the Lender the
rights and benefits hereunder to the full extent allowable by law including all rights available
under the Code. The unenforceability or invalidity of any provisions hereof shall not render any
other provision or provisions herein contained unenforceable or invalid. Any provisions found to
be unenforceable shall be severable from this Agreement.

     18. Notices. Any notices and other communications permitted or required by the
provisions of this Agreement (except for telephonic notice expressly permitted) shall be in writing
and shall be deemed to have been properly given or served by depositing the same with the United
States Postal Service, or any official successor thereto, designated as Registered or Certified
Mail, Return Receipt Requested, bearing adequate postage, or delivery by reputable private carrier
such as Federal Express, Airborne, DHL or similar overnight delivery service, and addressed as
hereinafter provided. Each such notice shall be effective upon being deposited as aforesaid. The
time period within which a response to any such notice must be given, however, shall commence to
run from the date of receipt of the notice by the addressee thereof. Rejection or other refusal to
accept or the inability to deliver because of changed address of which no notice was given shall be
deemed to be receipt of the notice sent. Each notice shall be addressed to the address of the
recipient as set forth on the signature page to this Agreement. By giving to the other party
hereto at least ten (10) days’ notice thereof, either party hereto shall have the right from time
to time and at any time during the term of this Agreement to change its address and shall have the
right to specify as its address any other address within the United States of America.

     19. Captions and Headings. The captions and headings of the various sections of this
Agreement are for convenience only and are not to be construed as confining or limiting in any way
the scope or intent of the provisions hereof. Whenever the context requires or permits, the
singular shall include the plural, the plural shall include the singular and the masculine,
feminine and neuter shall be freely interchangeable.

     20. Marshalling; Payments Set Aside. The Lender shall be under no obligation to
marshall any assets in favor of the Pledgor or any other person or entity or against or in payment
of any or all of the Obligations. This Agreement shall continue to be effective or be reinstated,
as the case may be, if at any time any payment of any such Obligations is rescinded or must
otherwise be returned by the Lender or any other person or entity upon the insolvency,

- 9 -

 

bankruptcy or reorganization of the Pledgor or otherwise, all as though such payment had not been
made.

- 10 -

 

          THE PLEDGOR has caused this Pledge Agreement to be duly executed and delivered as of the date
first above written.

PLEDGOR:

	 	 	 	 	 
	 	ATS Medical, Inc.,

a Minnesota corporation

 	 
	 	By:  	/s/ Michael Kramer
 	 
	 	 	Name:  	Michael Kramer 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Address for Pledgor:

Attention: Michael Kramer

3905 Annapolis Lane, Suite 205

Minneapolis, MN 55447

 	 
	 	 	 

Address for Lender:

Medtronic, Inc.

710 Medtronic Parkway, LC 270

Minneapolis, Minnesota 55432

Attention: Vice President, Business Development

STATE OF MINNESOTA)

) ss.

COUNTY OF HENNEPIN)

     The foregoing instrument was acknowledged before me this 19 day of May, 2010, by

Michael Kramer (who is known to me personally or who produced a driver’s license as
identification), the Chief Financial Officer of ATS Medical, Inc., on behalf of said corporation.

	 	 	 	 	 
	 	 	Deborah K. Chapman	 
	 	 	Notary Public	 

(Notary Seal)

- 11 -

 

SCHEDULE 1(a)

STOCK HELD BY PLEDGOR

	 	 	 	 	 	 	 
	 	 	Jurisdiction of	 	 	 	 
	Name of Issuer	 	Incorporation	 	Shares	 	Owner
	ATS Medical France, 

SARL

	 	France
	 	80 shares, 493,136 Euros

share capital
	 	ATS Medical, Inc.
	 
	 	 	 	 	 	 
	ATS Medical GmbH

	 	Germany
	 	25,000 Euros share capital.
	 	ATS Medical, Inc.
	 
	 	 	 	 	 	 
	ATS Medical Belgium 

SPRL

	 	Belgium
	 	999 shares, 18,531.55
Euros share capital
	 	ATS Medical, Inc.
	 
	 	 	 	 	 	 
	 

	 	 	 	1 share, 18.55 Euros share
capital.
	 	ATS Acquisition
Corp.

- 12 -

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