Document:

Medtronic Exhibit 10.19 to Form 10-K dated April 29, 2005

Exhibit 10.19

 REPLACEMENT OPTION
AGREEMENT
UNDER THE MEDTRONIC, INC.
1998 OUTSIDE DIRECTOR STOCK COMPENSATION PLAN

	1.	The Option.   Medtronic, Inc., a Minnesota corporation (the “Company”), hereby grants
to the individual named above (the “Optionee”), as of the above Grant Date, an option (the “Option”) to
purchase the above number of shares of common stock of the Company (the “Common Stock”), for the above Purchase Price
Per Share, on the terms and conditions set forth in this Replacement Option Agreement (the “Agreement”) and in the
Medtronic, Inc. 1998 Outside Director Stock Compensation Plan (the “Plan”). In the event of any inconsistency between
the terms of the Agreement and the Plan, the terms of the Plan shall govern. Capitalized terms used in this Agreement and not
defined herein shall have the meanings given to them in the Plan.
	2.	Exercise of Option.   The exercise of the Option is subject to the following conditions and restrictions:

	 	(a)	Except as permitted under Section 5 of this Agreement and Section 5 of the Plan, the Option may be
exercised only by the Optionee. This Option shall expire at the above Expiration Date. 
	 	(b)	The Option shall be 100% exercisable from and after the Grant Date. Notwithstanding the foregoing, if the Option is granted
to an Optionee who is initially appointed a Non-Employee Director by the Board, the Option shall not be exercisable unless
and until such Optionee has been elected to the Board of Directors by the shareholders of the Company.

	3.	Manner of Exercise.   To exercise your Option, you must deliver notice of exercise (the “Notice”)
to UBS Financial Services. The Notice must specify the number of shares of Common Stock (the “Shares”) as to which
the Option is being exercised and must be accompanied by payment of the purchase price of the Shares in cash, check, or by
the delivery of Common Stock already owned by the Optionee, or by a combination thereof.
		Exercise shall be deemed to occur on
the earlier of the date the Notice and option cost payment are received by UBS Financial Services or the date you simultaneously
exercise the Option and sell the shares, using the proceeds from such sale to pay the purchase price.
	4.	Withholding Taxes.   If at any time withholding shall be required with respect to Non-Employee Directors,
the Optionee is responsible for the federal, state, local or other taxes applicable upon the exercise of the Option, and shall
promptly pay to the Company any such taxes. The Company and its subsidiaries are authorized to deduct from any payment owed
to the Optionee any taxes required to be withheld with respect to the Shares.
		The Optionee may elect to have a portion of the
Shares otherwise issuable upon exercise of the Option withheld by the Company to satisfy all or part of any withholding tax
requirements relating to the Option exercise. Any fractional share amount due relating to such tax withholding will be rounded
up to the nearest whole share and the additional amount will be added to the Optionee’s federal withholding.
	5.	Transferability.   (a) The Option may be transferred, in whole or in part, by the Optionee to any Permitted
Transferee in a Permitted Transfer (as those terms are defined below), or upon the Optionee’s death, in each case as provided
in Section 5 of the Plan. Following a Permitted Transfer, notwithstanding any other provision of this Agreement, the Option
or the portion so transferred, as applicable, may be exercised only by the Permitted Transferee to whom it is transferred or,
in the case of a Permitted Transferee who is an individual who dies or becomes disabled after the Permitted Transfer, the Permitted
Transferee’s estate or guardian (and references to such Permitted Transferee herein shall be deemed to include such estate
or guardian). The purchase price for the Shares and any taxes required to be withheld in connection with the exercise of the
Option or the portion so transferred, as applicable, by such a Permitted Transferee may be paid by the Optionee and/or the Permitted Transferee,
and such payment shall be a prerequisite to the issuance of Shares to the Permitted Transferee upon such exercise.

 

	 	(b) In order
for a Permitted Transfer to be effective, the Optionee, the Permitted Transferee and the Company must execute a transfer form
substantially in the form provided by the Company entitled “Letter Transferring Stock Option”. Unless otherwise expressly
permitted by the Committee, the Option or portion thereof that is transferred in a Permitted Transfer, as applicable, may not
be re-transferred to another Permitted Transferee either directly or indirectly, and any such transfer that may be attempted
shall be void. Without limiting the generality of the foregoing, unless otherwise expressly provided by the Committee, if the
Option or any portion thereof is transferred to a trust or other entity that is a Permitted Transferee, the Option or such
portion, as applicable, shall cease to be exercisable if such trust or such other entity thereafter ceases to qualify as a
Permitted Transferee.
		(c) A “Permitted Transferee” means any member of the Optionee’s “immediate family”
(as such term is defined in Rule 16a-1(e) promulgated under the Exchange Act, or any successor rule or regulation) or to one
or more trusts whose beneficiaries are member of such Non-Employee Director’s “immediate family” or partnerships
in which such family members are the only partners. A “Permitted Transfer” means a transfer by the Optionee to a
Permitted Transferee without consideration.
	6.	Acknowledgment.   Your receipt of the Option and this Agreement constitutes your agreement to be bound
by the terms and conditions of this Agreement and the Plan.

Shareholder Services, MS LC310
Medtronic, Inc.
710 Medtronic Parkway
Minneapolis,
MN 55432-5604
(763.505.3030)Medtronic Exhibit 10.20 to Form 10-K dated April 29, 2005

Exhibit 10.20

 RESTRICTED STOCK
UNITS AWARD AGREEMENT
2003 LONG-TERM INCENTIVE PLAN

1.      Restricted Stock Units Award. 
 Medtronic, Inc., a Minnesota corporation (the “Company”), hereby awards to the individual named above Restricted
Stock Units, in the number and at the Grant Date set forth above. The Restricted Stock Units represent the right to receive
shares of common stock of the Company (the “Shares”), subject to the restrictions, limitations, and conditions contained
in this Restricted Stock Units Award Agreement (the “Agreement”) and in the Medtronic, Inc. 2003 Long-term Incentive
Plan (the “Plan”). Unless otherwise defined in the Agreement, a capitalized term in the Agreement will have the same
meaning as in the Plan. In the event of any inconsistency between the terms of the Agreement and the Plan, the terms of the
Plan will govern.

2.      Vesting and Distribution; Subsequent
Forfeiture.   If you have been continuously employed by the Company and all other conditions and restrictions
are met during the period beginning on the Grant Date and ending on the Vesting Date (the “Restricted Period”), the
Restricted Stock Units will vest 100% on the first anniversary of the Grant Date, and the Company will issue to you a number
of Shares equal to the number of your vested Restricted Stock Units (including any dividend equivalents described in Section
4, below) within six weeks following the Vesting Date. Notwithstanding the preceding sentence, if you terminate employment
during the Restricted Period due to death, Disability or Retirement, and all other conditions and restrictions are met during
the Restricted Period, you will vest in your Restricted Stock Units on a pro rata basis (based on the length of time you were
employed during the Restricted Period), and the Company will issue you a number of Shares equal to the number of your vested
Restricted Stock Units (including any dividend equivalents described in Section 4, below) within six weeks following your termination
of employment. Upon termination of your employment during the Restricted Period for any reason other than death, Disability
or Retirement, the Restricted Stock Units will automatically be forfeited in full and canceled by the Company as of 11:00 p.m.
CT (midnight ET) on the date of such termination of employment. For purposes of this Agreement, the terms “Disability”
and “Retirement” shall have the meanings ascribed to those terms under any retirement plan of the Company which is
qualified under Section 401 of the Code (which currently provides for retirement on or after age 55, provided you have
been employed by the Company and/or one or more Affiliates for at least ten years, or retirement on or after age 62), or under
any disability or retirement plan of the Company or any Affiliate applicable to you due to employment by a non-U.S. Affiliate
or employment in a non-U.S. location, or as otherwise determined by the Committee.

        If you have received or are entitled to receive delivery
of Shares pursuant to an Award within the period beginning six months prior to your termination of employment with the Company
or its Affiliates and ending when the Award terminates or is canceled, the Company, in its sole discretion, may require you
to return or forfeit the Shares received or receivable with respect to the Award, in the event you are involved in any of the
following occurrences: performing services for or on behalf of a competitor of, or otherwise competing with, the Company or
any Affiliate, unauthorized disclosure of material proprietary information of the Company or any Affiliate, a violation of
applicable business ethics policies or business policies of the Company or any Affiliate, or any other occurrence determined
by the Committee. The Company’s right to require forfeiture must be exercised not later than 90 days after discovery of
such an occurrence but in no event later than 15 months after your termination of employment with the Company and its Affiliates.
Such right shall be deemed to be exercised upon the Company’s mailing written notice to you of such exercise at your most
recent home address as shown on the personnel records of the Company. In addition to requiring forfeiture as described herein,
the Company may exercise its rights under this Section 6 by terminating any Award. If you fail or refuse to forfeit the
Shares demanded by the Company (adjusted for any intervening stock splits), you shall be liable to the Company for damages
equal to the number of Shares demanded times the highest closing price per share of the Shares during the period between the
date of termination of your employment and the date of any judgment or award to the Company, together with all costs and attorneys’
fees incurred by the Company to enforce this provision.

3.      Change in Control.   Notwithstanding
anything in Section 2 to the contrary, if a Change in Control of the Company, within the meaning of both the Plan and
Section 409A of the Code, occurs during the Restricted Period, and all other conditions and restrictions are met during the
Restricted Period, then the Restricted Stock Units will become 100% vested upon such Change in Control and, the Company will
issue to you a number of Shares equal to the number of your Restricted Stock Units (including any dividend equivalents described
in Section 4, below) within six weeks following the Change in Control.

4.      Dividend Equivalents.   You
are entitled to receive dividend equivalents on the Restricted Stock Units generally in the same manner and at the same time
as if each Restricted Stock Unit were a Share. These dividend equivalents will be credited to you in the form of additional
Restricted Stock Units. The additional Restricted Stock Units will be subject to the terms of this Agreement.

 

5.      Withholding Taxes.   You
are responsible to promptly pay any Social Security and Medicare taxes (together, “FICA”) due upon vesting of the
Restricted Stock Units, and any Federal, State, and local taxes due upon distribution of the Shares. The Company and its subsidiaries
are authorized to deduct from any payment to you any such taxes required to be withheld. As described in Section 4(e) of the
Plan, you may elect to have the Company withhold a portion of the Shares issued upon conversion of the Restricted Stock Units
to satisfy all or part of the withholding tax requirements. You may also elect, at the time you vest in the Restricted Stock
Units, to pay your FICA liability due with respect to those Restricted Stock Units out of those units. If you choose to do
so, the Company will reduce the number of your vested Restricted Stock Units accordingly. The amount that is applied to pay
FICA will be subject to Federal, State, and local taxes.

6.      Limitation of Rights.   Except
as set forth in the Agreement, until the Shares are issued to you in settlement of your Restricted Stock Units, you do not
have any right in, or with respect to, any Shares (including any voting rights) by reason of the Agreement. Further, you may
not transfer or assign your rights under the Agreement and you do not have any rights in the Company’s assets that are
superior to a general, unsecured creditor of the Company by reason of the Agreement.

7.      No Employment Contract. 
 Nothing contained in the Plan or Agreement creates any right to your continued employment or otherwise affects your status
as an employee at will. You hereby acknowledge that Medtronic and you each have the right to terminate your employment at any
time for any reason or for no reason at all.

8.      Amendments to Agreement Under Section
409A of the Code.   You acknowledge that the Agreement and the Plan, or portions thereof, may be subject to Section
409A of the Internal Revenue Code; that it is anticipated that comprehensive rules interpreting this Code section will be issued
in 2005; and that changes may need to be made to the Agreement to avoid adverse tax consequences to you under Section 409A.
You agree that following the issuance of such rules, the Company may amend the Agreement as it deems necessary or desirable
to avoid such adverse tax consequences; provided, however, that the Company shall accomplish such amendments in a manner that
preserves your intended benefits under the Agreement to the greatest extent possible.

9.      Transferability.   Upon
prior written approval of the Corporate Secretary of the Company, in his or her discretion, these Units may be transferred
to a member of your “immediate family” (as such term is defined in Rule 16a-1(e) promulgated under the Exchange Act,
or any successor rule or regulation) or to one or more trusts whose beneficiaries are members of your “immediate family”
or partnerships in which such family members are the only partners; provided, however, that (1) you receive no consideration
for the transfer and (2) the transferred Units shall continue to be subject to the same terms and conditions as were applicable
to such Units immediately prior to its transfer.

10.      Agreement.   You agree
to be bound by the terms and conditions of this Agreement and the Plan. Your signature is not required in order to make this
Agreement effective.

Accompanying this Agreement are instructions for accessing the Plan and the Plan Summary (prospectus) on the Company’s
intranet. You may also print these documents from the intranet or request written copies by contacting Stock Administration at
763.505.3030.

HROC - Stock Administration, m.s. V235
Medtronic, Inc.
3850 Victoria Street
North
Shoreview, MN 55126-2978

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