Document:

exv10w1

 

Exhibit 10.1

SEPARATION AGREEMENT AND RELEASE OF CLAIMS

This Separation Agreement and Release of Claims (this “Agreement”) is made by and between
me, James M. Corbett, and ev3 Endovascular, Inc. (“ev3” or the “Company”). The
Company and I have agreed to separate according to the terms set forth in this Agreement. I do not
believe that I have any claims against the Company, but I nevertheless have agreed to resolve any
actual and potential claims arising out of my employment with and separation from the Company by
entering into this Agreement.

IN CONSIDERATION OF THIS ENTIRE SEPARATION AGREEMENT AND RELEASE OF CLAIMS, I AGREE AS FOLLOWS:

Definitions. I intend all words used in this Agreement to have their plain meanings in
ordinary English. Specific terms that I use in this Agreement have the following meanings:

	 	A.	 	I, me, and my include both me and anyone who has or
obtains any legal rights or claims through me.
	 
	 	B.	 	ev3 or the Company means ev3 Endovascular, Inc., formerly known
as ev3, Inc., any past or present company related to ev3 Endovascular, Inc. and their
predecessors, successors, parents, subsidiaries, affiliates, joint venture partners,
and divisions; their present and past officers, directors, committees, shareholders,
and employees, whether in their individual or official capacities; any company
providing insurance to them, in the present or past; present and past fiduciaries of
any employee benefit plan sponsored or maintained by them (other than multiemployer
plans); their attorneys; and anyone who acted on their behalf or on instructions from
them.
	 
	 	C.	 	Termination Date means the date on which my employment with the Company
ends, as set forth in Exhibit 1 to this Agreement (Notice of Scheduled
Termination Date and Statement of Special Consideration).
	 
	 	D.	 	My Claims means all of my rights that I now have to any relief of any
kind from the Company, including without limitation:

	 	1.	 	All claims arising out of or relating to my employment with the
Company or the termination of that employment;
	 
	 	2.	 	All claims arising out of or relating to the statements,
actions, or omissions of the Company;
	 
	 	3.	 	All claims for any alleged unlawful discrimination, harassment,
retaliation or reprisal, or other alleged unlawful practices arising under any
federal, state, or local statute, ordinance, rule or regulation, including
without limitation, claims under Title VII of the Civil Rights Act of 1964
(Title VII), the Age Discrimination in Employment Act (the ADEA), the Older
Workers Benefit Protection Act of 1990 (the OWBPA), the Americans

 

 

	 	 	 	with Disabilities Act, 42 U.S.C. § 1981 (the ADA), the Employee Retirement
Income Security Act (ERISA), the Equal Pay Act (the EPA), the Worker
Adjustment Retraining and Notification Act (WARN), the Family and Medical
Leave Act (FMLA), the Minnesota Human Rights Act (MHRA), the California
Labor Code § 1401, the California Fair Employment and Housing Act, Cal Gov’t
Code § 12900 et seq., any workers’ compensation non-interference or
non-retaliation statutes, and any other state or local anti-discrimination,
anti-retaliation, and fair employment practices laws, ordinances, rules and
regulations;
	 
	 	4.	 	All claims for alleged: wrongful discharge; breach of contract
(including, but not limited to, claims for breach of any written or verbal
employment agreement); breach of implied contract; failure to keep any promise;
breach of an express or implied covenant of good faith and fair dealing; breach
of fiduciary duty; estoppel; whistleblower or other illegal retaliation or
reprisal; defamation; infliction of emotional distress; fraud;
misrepresentation; negligence; harassment; constructive discharge; assault;
battery; false imprisonment; invasion of privacy; interference with contractual
or business relationships; any other wrongful employment practices; and a
violation of any other principle of common law;
	 
	 	5.	 	All claims for compensation of any kind (except those expressly
provided in or excepted from this Agreement), including without limitation,
salary, bonuses, commissions, expense reimbursements, stock-based compensation
or stock options, used or accrued vacation pay, personal time pay, personal
time reservoir, sick pay, severance payments under any past, pending or future
severance pay plans, short and/or long term disability benefits, life insurance
benefits, accidental death and disability insurance benefits, dental, medical
and vision benefits, retirement savings or 401(k) or 403(b) contributions, and
payments for any other type of benefit, leave of absence or time off of work;
	 
	 	6.	 	All claims for back pay, front pay, reinstatement, injunctions
or other equitable relief, compensatory damages, damages for alleged personal
injury, liquidated damages, and punitive damages; and
	 
	 	7.	 	All claims for attorneys’ fees, disbursements, costs, and
interest.

	 	 	 	However, the term My Claims does not include any claims that the law does
not allow to be waived or any claims that may arise after the date on which I sign
this Agreement, including my right to claim the following: unemployment insurance
benefits; workers’ compensation benefits related to any injury I have sustained in
the course of my duties for the Company to the extent that such benefits are awarded
by a state agency or agreed upon consistent with applicable state law; vested
post-termination benefits under any 401(k) or similar retirement benefit plan
sponsored by the Company in which I am currently a participant; vested

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	 	 	 	post-termination benefits to which I am entitled under any stock option plan;
continuation of health insurance pursuant to COBRA or similar state law; my rights
to assert claims that are based on events occurring after this Agreement becomes
effective; or my rights to enforce the terms of this Agreement.
	 
	 	E.	 	Special Consideration means the severance pay and other benefits to
which I am entitled under the Severance Pay Plan in effect on my Termination Date, as
described more fully in Exhibit 1 to this Agreement.
	 
	 	 	 	The term Special Consideration does not include the following amounts which will be
paid to me regardless of whether I sign this Agreement:

	 	1.	 	My base salary for the time I worked through the end of
business on the Termination Date;
	 
	 	2.	 	Any accrued but unused PTO to which I am entitled;
	 
	 	3.	 	Any unpaid business expenses incurred by me through the
Termination Date in the course of and pursuant to the Company’s expense
reimbursement policies and procedures.

Agreement to Release My Claims. As provided in the Severance Pay Plan, in exchange for the
Special Consideration to be paid by the Company and other undertakings of the Company stated in
this Agreement, I agree to give up and release all of My Claims against the Company as defined
above. I understand and acknowledge that the Special Consideration is of significant value to me
and that I am not entitled to the Special Consideration described above unless I sign, and do not
revoke, this Agreement. In exchange for this Special Consideration, I give up all of My Claims
against the Company. This means that except as provided below, I will not bring any lawsuits
against the Company or make any demands against the Company for compensation or damages relating to
My Claims. For the purpose of implementing a full and complete release and discharge of all
claims, this Agreement is intended to include, without limitation, all claims which I may have
against the Company but do not know or suspect to exist in my favor at the time of execution of
this Agreement which, if known or suspected, would materially affect my decision to execute the
Agreement.

In exchange for my agreement to release My Claims, I am receiving satisfactory consideration (i.e.
monetary and other compensation) from the Company to which I am not otherwise entitled by law,
contract, or under any Company policy. The Special Consideration I am receiving is a full and fair
payment for the release of all My Claims.

The Company has made no representations or warranties to me regarding the tax treatment of the
payments provided under this Agreement. I understand that I am solely responsible for all federal,
state, and local income and any other taxes that may be due on account of these payments.

Compliance with Prior Agreements and Confidentiality. I understand that I remain bound by
the terms of any prior agreement which I previously entered into with the Company, including

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without limitation any agreement relating to: (1) confidential, proprietary or trade secret
information of the Company; (2) assignment, disclosure or cooperation with respect to inventions,
know-how, creations or other intellectual property; (3) non-competition with the Company; (4)
non-solicitation of Company employees, agents, customers or prospective customers; or (5) any
similar obligations, all of which do and will continue in full force and effect.

No Right to Reemployment. I understand and agree that my employment with the Company is
terminated effective as of the Termination Date and I have no express or implied right or
entitlement to reinstatement or reemployment with the Company following my Termination Date. I
agree that the Company may use this Agreement as the sole reason to reject any inquiry or
application for employment I may make.

Agreement to Cooperate in Transition; Return of Property. In exchange for the Special
Consideration to be paid by the Company and other undertakings of the Company stated in this
Agreement, I also agree to cooperate with the Company in its transition efforts as follows: (1) I
agree to be available, on a reasonable basis, to answer questions that may arise relating to my
employment with or duties to the Company; (2) I shall return, on or before my Termination Date, and
will not retain in any form or format, all Company documents, data, trunk stock, and other property
in my possession or control; (3) after returning these documents, data, and other property, I will
permanently delete from any electronic media in my possession, custody, or control (such as
computers, cell phones, hand-held devices, back-up devices, zip drives, PDAs, etc.) or to which I
have or have had access (such as remote e-mail exchange servers, back-up servers, off-site storage,
etc.), all documents or electronically stored images of the Company, including writings, drawings,
graphs, charts, sound recordings, images, and other data or data compilations stored in any medium
from which such information can be obtained; and (4) I agree to provide the Company a list of any
documents that I created or am otherwise aware that are password-protected and the password(s)
necessary to access such password-protected documents.

For purposes of this Agreement, Company “documents, data, and other property” includes, without
limitation, computers, fax machines, cell phones, access cards, keys, reports, manuals, records,
product samples, trunk stock, correspondence and/or other documents or materials related to the
Company’s business that I have compiled, generated or received while working for the Company,
including all copies, samples, computer data, disks, or records of such material.

I understand and agree that the Company’s obligations under this Agreement, including without
limitation, its payment of Special Consideration to me, are contingent upon me returning all
Company documents, data, trunk stock, and other property and cooperating with the Company as set
forth above.

Agreement to Cooperate in Investigations and Litigation. I agree that I will, at any
future time, be available upon reasonable notice from the Company, with or without a subpoena, to
be interviewed, review documents or things, give depositions, testify, or engage in other
reasonable activities, with respect to matters and/or disputes concerning which I have or may have
knowledge as a result of or in connection with my employment by the Company. In performing my
obligations under this paragraph to testify or otherwise provide information, I will honestly,

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truthfully, forthrightly, and completely provide the information requested. I will comply with
this Agreement upon notice from the Company that the Company or its attorneys believe that my
compliance will assist in the resolution of an investigation or the prosecution or defense of
claims.

Waiver of Rights to Additional Recovery. By signing this Agreement, I waive any right I
may have to any form of recovery or compensation from any legal, administrative or other charge,
claim, complaint, or action which has been, is, or may be filed by me or on my behalf based on my
employment with, or termination of employment from, the Company. I warrant, except as provided in
the following paragraph, that I have not filed, otherwise commenced, or caused to be filed or
otherwise commenced, any claims, complaints, or actions against the Employer before any federal,
state, or local administrative agency or court, other than the U.S. Equal Employment Opportunity
Commission (“EEOC”) or any other state or local fair employment or civil rights enforcement
agency.

Exception. I understand that this Agreement permits but does not in any way require me to
refrain from filing, to request dismissal or to request withdrawal of any charges,
grievances, petitions, or complaints that I may have against the Company before the EEOC or
other fair employment or civil rights enforcement agency. I may take or attempt to take any
such action if I so choose.

The Company warrants that, as of the Termination Date, it does not have any knowledge of any claims
against me.

Exclusions from Release.

A. Nothing in this Agreement interferes with my right to file a charge with the EEOC, or
participate in any manner in an EEOC investigation or proceeding under Title VII, the ADA,
the ADEA, or the EPA. I, however, understand that I am waiving my right to recover
individual relief including, but not limited to, back pay, front pay, reinstatement,
compensatory damages, attorneys’ fees, and/or punitive damages, in any administrative or
legal action whether brought by the EEOC, me, or any other party.

B. Nothing in this Agreement interferes with my right to challenge whether I knowingly and
voluntarily agreed to waive my rights under the ADEA as provided for in the OWBPA.

C. I agree that the Company reserves any and all defenses, which it has or might have
against any claims brought by me. This includes, but is not limited to, the Company’s right
to seek available costs and attorneys’ fees, and to have any monetary award granted to me,
if any, reduced by the amount of money that I received in consideration for this Agreement.

D. Nothing in this Agreement interferes with my rights to indemnification that I may have
pursuant to the Certificate of Incorporation or By-laws of the Company or any
indemnification agreement between me and the Company.

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Advice to Consult with an Attorney. I understand and acknowledge that I hereby am being
advised by the Company to consult with an attorney prior to signing this Agreement. My decision
whether to sign this Agreement is my own voluntary decision made with full knowledge that the
Company has advised me to consult with an attorney. The Company will not advance or reimburse any
attorneys fees, costs, or expenses incurred by me in connection with any such review.

Rights and Procedure for Accepting or Revoking this Agreement. I have been advised that
this Agreement shall be executed by me no earlier than my Termination Date and no later than
forty-five (45) days after my Termination Date. I understand that insofar as this Agreement
relates to my rights, if any, under the ADEA, it shall not become effective or enforceable until
seven (7) days after I sign it. I further understand that insofar as this Agreement relates to my
rights, if any, under the Minnesota Human Rights Act (MHRA), it shall not become effective or
enforceable until fifteen (15) days after I sign it. I understand that I have the right to revoke
the release in this Agreement, insofar as it extends to my claims, if any, under the ADEA, by
written notice of such to the Company within seven (7) calendar days following my signing this
Agreement. I understand that I have the right to rescind the release in this Agreement insofar as
it extends to my claims, if any, under the MHRA, by written notice to the Company within fifteen
(15) calendar days of my signing this Agreement. Any such revocation or rescission must be in
writing and hand-delivered to ev3’s Vice President, Human Resources, Mr. Greg Morrison, or, if sent
by mail:

	 	A.	 	post-marked within the seven (7) or fifteen (15) day revocation or rescission
period;
	 
	 	B.	 	properly addressed to Mr. Greg Morrison, Corporate Vice President, Human
Resources, ev3 Endovascular, Inc., 9600 54th Avenue North, Plymouth, MN
55442; and
	 
	 	C.	 	sent by certified mail, return receipt requested.

I understand that the Special Consideration I am receiving for settling and releasing My Claims is
contingent upon my agreement to be bound by the terms of this Agreement. Accordingly, if I decide
to revoke or rescind this Agreement, I understand that I am not entitled to the Special
Consideration offered in this Agreement. I further understand that if I attempt to revoke my
release of ADEA claims or rescind my release of MHRA claims, I must immediately return to the
Company any Special Consideration I have received under this Agreement.

No Admission of Wrongdoing. Even though the Company will provide the Special Consideration
for me to settle and release My Claims, the Company does not admit that it is responsible or
legally obligated to me. In fact, the Company denies that it is responsible or legally obligated
to me for My Claims, denies that it engaged in any unlawful or improper conduct toward me, and
denies that it treated me unfairly.

Successors and Assigns. I agree that the promises in this Agreement benefit the Company
and also any successor or assignee of the Company’s business or operations. The Company agrees
that its promises in this Agreement shall be binding on any successor or assignee of its business

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or operations. I warrant and represent that I have not assigned or transferred in any manner, or
purported to assign or transfer in any manner, to any person or entity, any claim or interest that
is the subject of this Agreement.

Entire Agreement/Merger; Other Written Agreements. Subject to my agreement, as set forth
above, to abide by other agreements with the Company, this is the entire Agreement between me and
the Company relating to my employment and my termination from employment. Except as expressly
provided otherwise in this Agreement, this Agreement supersedes all prior oral and written
agreements and communications between the parties. This Agreement shall not be modified, amended,
or terminated except by a written agreement signed by both parties.

Confidentiality. I acknowledge my current obligations to the Company pertaining to trade
secrets and confidentiality of information and property, and agree that those obligations shall
continue to apply following the execution of this Agreement.

Interpretation of the Agreement. This Agreement should be interpreted as broadly as
possible to achieve my intention to resolve all of My Claims against the Company. If this
Agreement is held by a court to be inadequate to release a particular claim encompassed within My
Claims, this Agreement will remain in full force and effect with respect to all the rest of My
Claims. In case any one or more of the provisions of this Agreement shall be held invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired.

Governing Law and Venue. I understand and that ev3’s principal place of business is
Plymouth, Minnesota, and accordingly, I agree that this Agreement shall be governed by, and
construed and enforced in accordance with Minnesota law, without reference to choice of law, except
to the extent it is pre-empted by federal law. I agree that any dispute relating to this Agreement
shall be subject to the jurisdiction of state or federal courts within the State of Minnesota,
Hennepin County.

Remedies. In the event that I breach my obligations under this Agreement or the Company
learns that my representations and warranties contained in this Agreement are false, the Company
shall have the right to bring a legal action for appropriate equitable relief as well as damages,
including reasonable attorneys’ fees, and shall also have to right to suspend payment of the
Special Consideration set forth in this Agreement and/or to recover, in addition to any equitable
relief and damages allowed by law, the Special Consideration I have received under this Agreement.

Change in Control Agreement. For the avoidance of doubt, I acknowledge and agree that the
Change in Control Agreement, dated September 19, 2006 among ev3 Inc., ev3 and me, will terminate on
the Termination Date in accordance with Section 2 of such Change in Control Agreement.

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SPECIAL PROVISIONS:

FOR CALIFORNIA EMPLOYEES ONLY: Release of Unknown or Unsuspected Claims.

If I am a resident of the State of California, for the purpose of implementing a full and complete
release and discharge of all claims, I expressly waive the protection provided by Section 1542 of
the California Civil Code which provides:

A general release does not extend to claims which the creditor does not know or
suspect to exist in his/her favor at the time of executing the release, which if
known by him/her must have materially affected his/her settlement with the debtor.

I acknowledge that I have had the opportunity to seek legal counsel with regard to my rights under
Section 1542. I represent that I have read and understand the provisions of California Civil Code
Section 1542. I acknowledge and agree that: (a) this Agreement is intended to include within its
effect, without limitation, all claims which I have against the Company but do not know or suspect
to exist in my favor at the time of execution of this Agreement which, if known or suspected, would
materially affect my decision to execute the Agreement; and (b) this Agreement contemplates the
extinguishment of any such claim or claims, and that all rights under Section 1542 of the
California Civil Code are hereby expressly waived.

California Employee Initials: 
/s/ JMC             

FOR EMPLOYEES AGE 40 OR OLDER ONLY: Older Workers Benefit Protection Act.

If I am age 40 or older on the Termination Date, I understand that this Agreement is subject to the
Older Workers Benefit Protection Act of 1990 (OWBPA) which provides that I cannot waive a right or
claim under the Age Discrimination in Employment Act of 1967 (ADEA), as amended, unless the waiver
is knowing and voluntary. I have been advised of this law, and I agree that I am signing this
Agreement voluntarily, and with full knowledge of its consequences.

I further acknowledge and agree that I have received, reviewed and understand the document
entitled, “Reduction in Force                                          and Attachment A” a copy of which accompanied
this Agreement. By my signature below, I acknowledge and agree that this document complies with the
OWBPA disclosure requirements by clearly describing the class, unit, or group of individuals from
which I was selected for termination (the “decisional unit”), and the job classification and ages
of all individuals eligible or selected and the ages of all individuals in the same job
classification or organizational unit who were not selected for termination of employment. I
understand that the Company is giving me at least forty-five (45) days from the date I received a
copy of this Agreement to decide whether I want to sign it. If I sign this Agreement before the
end of the forty-five (45) day period it will be my personal, voluntary decision to do so, and will
be done with full knowledge of my legal rights. I agree that material and/or immaterial changes to
this Agreement will not restart the running of this consideration period.

Employee Age 40 or Older Initials: 
/s/ JMC             

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Representations and Warranties. I agree that the above terms, including the Special
Consideration set forth in Exhibit 1 are consistent with my right to benefits under the
Company’s Severance Pay Policy. I have no additional rights under any other employment, severance,
separation, retention, exit incentive, employment termination, or similar plan, policy, program or
practice with Employer. I agree that the Special Consideration set forth in this Agreement and
Exhibit 1 is over and above anything owed to me by law or contract, or under the policies
of the Company (other than the Severance Pay Plan), and it is provided to me in exchange for, and
specifically contingent upon, me entering into this Agreement.

I represent that I have carefully read this entire Agreement and understand all of its terms. I
represent that no promise or inducement has been offered to me except as set forth herein, and that
this Agreement is executed without reliance upon any statement or representation by the Company or
any representative or agent of the Company. I warrant that I have full legal authority to release
any and all claims as specified herein and to undertake all other obligations as specified herein.
I warrant that I enter into this Agreement voluntarily and with full knowledge and understanding of
my legal rights and obligations. I understand that this Agreement will have a final and binding
effect and that by executing this Agreement he may be giving up legal rights. I intend this
Agreement to be legally binding.

	 	 	 	 	 
	Dated: April 6, 2008

	 	/s/ James M. Corbett
 

Signature
	 	 
	 
	 	 	 	 
	 

	 	James M. Corbett
 

[Print Name]
	 	 

	 	 	 	 	 
	Accepted by ev3 Endovascular, Inc.:	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kevin Klemz
	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Its

	 	Senior Vice President and Chief Legal Officer	 	 
	 

	 	 	 	 

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EXHIBIT 1

NOTICE OF SCHEDULED TERMINATION DATE AND

STATEMENT OF SPECIAL CONSIDERATION

This document, which is Exhibit 1 to the Separation Agreement and Release of Claims
(“Agreement”) naming as the releasing party the employee identified below
(“Employee”), constitutes a statement of the Special Consideration that Employee will
receive pursuant to the terms of the Agreement provided Employee signs and does not revoke the
Agreement, and if Employee otherwise complies with the terms and conditions of the Agreement.

Statement of Special Consideration for James M. Corbett:

Termination Date: April 6, 2008                    Full Years of Service: 6 years

1. Severance Pay. A lump sum payment of $1,282,500, which payment consists of the sum of
(x) 18 months of Employee’s current base salary of $475,000 per year and (y) an amount equal
to 150% of Employee’s target bonus amount (80% times Employee’s base salary).

2. Acceleration of Stock Options and Stock Awards.

(a) With respect to Employee’s outstanding stock options (and options held by
Employee’s former spouse) that have already vested, the expiration date for the
exercise thereof shall be extended until 27 months following the Date of
Termination.

(b) With respect to Employee’s outstanding unvested stock options and stock awards
(and options held by Employee’s former spouse) that otherwise would have vested
within 24 months following the Date of Termination, the vesting thereof shall be
fully accelerated as of the Date of Termination and the expiration date for the
exercise thereof shall be extended until 27 months following the Date of
Termination. With respect to shares of restricted stock that become vested pursuant
to this paragraph (b), the Company will withhold from the vested shares of stock
deliverable to Employee the number of shares of restricted stock necessary to
satisfy the minimum statutory federal and state tax withholding requirements which
the Company determines are applicable to the vesting of such shares of restricted
stock.

(c) With respect to Employee’s outstanding unvested stock options and stock awards
(and options held by Employee’s former spouse) that otherwise would have vested
after 24 months following the Date of Termination, there shall be no further vesting
and such stock options and stock awards shall immediately terminate in accordance
with the terms of the applicable grant documentation.

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3. Health Insurance Benefits. If Employee timely elects continued coverage under the
Company’s group medical plan or group dental plan pursuant to section 4980B of the Internal
Revenue Code of 1986, as amended (“COBRA”), the Company will pay the premiums for
such COBRA continuation coverage for 18 months following the Date of Termination.

4. Outplacement Assistance. The Company to pay Frank Kalgren for six months starting April
7, 2008 (for an aggregate of 30-hours of service).

5. Other Benefits. The Company will provide the following additional benefits to Employee:

     a. Payment for any accrued but unused PTO to which Employee is entitled.

     b. Employee may maintain possession of his two laptop computers previously provided by
the Company, subject to review and elimination of Company records and files by the Company’s
IT group.

     c. Employee may maintain possession of his Blackberry telephone previously provided by
the Company, subject to review and elimination of Company information by the Company’s IT
group.

6. Timing of Cash Payments. The Company shall pay the cash PTO payment described in
paragraph 5.a above on April 7, 2008. The Company shall pay the cash lump sum payment
described in paragraph 1 above on April 22, 2008 (after the date on which Employee’s
rescission rights referred to in this Agreement have expired), unless Employee has provided
notice of his intention to revoke or rescind the Agreement.

Conditions. Severance pay will be paid less payroll withholdings that the Company reasonably
believes are required by law or elected by Employee for state and federal income taxes, FICA, and
other applicable payroll deductions. Severance pay will be paid only if: (i) Employee has provided
the Company with an original executed Separation Agreement and Release of Claims; (ii) any
applicable revocation or rescission period set forth in the Agreement has expired and Employee has
not revoked, rescinded or attempted to revoke or rescind the Release; and (iii) Employee has
returned all of the Employer’s property.

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Exhibit 10.2

AMENDMENT TO STOCK OPTION AND STOCK AWARD AGREEMENTS

     This Amendment to Stock Option and Stock Award Agreements (the “Amendment”) is made as of
April 6, 2008 by ev3 Inc. (the “Corporation”) and relates to certain stock options and shares of
restricted stock granted to James M. Corbett (the “Grantee”) under the Corporation’s Second Amended
and Restated 2005 Incentive Stock Plan, the ev3 LLC Amended and Restated 2003 Incentive Plan, the
Micro Therapeutics, Inc. 1996 Stock Incentive Plan, as amended or any other equity incentive plan
of the Corporation or its predecessors.

     WHEREAS, the Corporation has previously granted to Grantee options (the “Options”) to
purchase shares of the Common Stock, par value $0.01 per share, of the Corporation (the “Stock”)
evidenced by Stock Option Agreements by and between the Corporation and Grantee (the “Option
Agreements”) and set forth on Exhibit A hereto;

     WHEREAS, the Corporation has previously granted to Grantee restricted shares of the Common
Stock, par value $0.01 per share (the “Restricted Stock”), of the Corporation, evidenced by
Restricted Stock Agreements by and between the Corporation and Grantee (the “Restricted Stock
Agreements”) and set forth on Exhibit A hereto;

     WHEREAS, on April 6, 2008, the Corporation and Grantee are entering into a Separation
Agreement and Release of Claims (the “Separation Agreement”) pursuant to which Grantee will become
entitled to certain payments from the Corporation in exchange for a release of any claims Grantee
may have against the Corporation;

     WHEREAS, the Separation Agreement sets forth certain rights that Grantee has with respect to
his outstanding Options and Restricted Stock; and

     WHEREAS, the Board of Directors of the Corporation (the “Board”) has determined that it is in
the best interests of the Corporation and its stockholders to amend the Option Agreements and
Restricted Stock Agreements, effective as of April 6, 2008, to accelerate the vesting of certain of
the Options and shares of Restricted Stock and to amend the period during which certain Options can
be exercised.

     NOW, THEREFORE, the Option Agreements and Restricted Stock Agreements are hereby amended as
follows:

     1. With respect to the Options that have already vested as of April 6, 2008, the expiration
date for the exercise thereof shall be extended until July 5, 2010, but in no event beyond the
original term of each such Option.

     2. With respect to the Options and shares of Restricted Stock that are not vested as of April
6, 2008 but that otherwise would have vested by April 5, 2010 had Grantee’s service with the
Corporation continued to that date, the vesting thereof shall be fully accelerated as of April 6,
2008 and the expiration date for the exercise of such Options shall be extended until July 5, 2010,
but in no event beyond the original term of each such Option. With respect to shares of Restricted
Stock that become vested pursuant to this Section 2, the Corporation shall withhold from the vested
shares of Stock deliverable to Grantee the number of shares of Stock

 

 

necessary to satisfy the minimum statutory federal and state tax withholding requirements
which the Corporation determines are applicable to the vesting of such shares of Restricted Stock.

     3. With respect to the Options and shares of Restricted Stock that are not vested and
otherwise would have vested only if Grantee’s service with the Corporation had continued beyond
April 5, 2010, there shall be no further vesting and such Options and shares of Restricted Stock
shall immediately terminate in accordance with the terms of the applicable grant documentation.

     4. Except as expressly provided herein, the terms and conditions of the Option Agreements and
Restricted Stock Agreements shall remain in full force and effect and shall be binding on the
Corporation and the Grantee.

     IN WITNESS WHEREOF, the Corporation has duly executed and delivered this Amendment, or has
caused this Amendment to be duly executed and delivered in its name and on its behalf, as of the
day and year first above written.

	 	 	 	 	 	 	 
	 	 	EV3 INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kevin Klemz  
 

	 	                                 
	 
	 	 	 	 	 	 
	 

	 	Its:
	 	Senior Vice President and Chief Legal Officer
 

	 	 

 

 

EXHIBIT A

James M. Corbett Option Grants and Restricted Stock Awards

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Shares Currently	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Outstanding	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	under the Option	 	Total Shares That
	 	 	Grant	 	 	 	 	 	 	 	 	 	/ Restricted	 	Would Have
	Grant No.	 	Date	 	Plan	 	Type	 	Price	 	Stock Award	 	Vested at 4/5/2010
	00000695

	 	1/2/2002
	 	Micro Therapeutics,
Inc. 1996 Stock
Incentive Plan, as
amended
	 	Incentive Stock
Option
	 	$	13.2300	 	 	 	7,620	 	 	 	7,620	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	00000696

	 	1/14/2002
	 	Micro Therapeutics,
Inc. 1996 Stock
Incentive Plan, as
amended
	 	Non-Qualified Stock
Option
	 	$	14.7000	 	 	 	23,814	 	 	 	23,814	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	00000804

	 	6/4/2002
	 	Micro Therapeutics,
Inc. 1996 Stock
Incentive Plan, as
amended
	 	Incentive Stock
Option
	 	$	9.1300	 	 	 	4,762	 	 	 	4,762	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	00000878

	 	5/22/2003
	 	Micro Therapeutics,
Inc. 1996 Stock
Incentive Plan, as
amended
	 	Non-Qualified Stock
Option
	 	$	6.4700	 	 	 	1,905	 	 	 	1,905	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	00000951

	 	5/20/2004
	 	Micro Therapeutics,
Inc. 1996 Stock
Incentive Plan, as
amended
	 	Non-Qualified Stock
Option
	 	$	8.7552	 	 	 	1,905	 	 	 	1,905	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	00001121

	 	5/26/2005
	 	Micro Therapeutics,
Inc. 1996 Stock
Incentive Plan, as
amended
	 	Non-Qualified Stock
Option
	 	$	8.3983	 	 	 	1,905	 	 	 	1,905	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ev21

	 	6/20/2002
	 	ev3 LLC Amended and
Restated 2003
Incentive Plan
	 	Incentive Stock
Option
	 	$	3.5400	 	 	 	4,230	 	 	 	4,230	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ev52

	 	6/20/2002
	 	ev3 LLC Amended and
Restated 2003
Incentive Plan
	 	Incentive Stock
Option
	 	$	8.8200	 	 	 	10,561	 	 	 	10,561	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	90

	 	8/7/2002
	 	ev3 LLC Amended and
Restated 2003
Incentive Plan
	 	Non-Qualified Stock

Option
	 	$	8.8200	 	 	 	21,996	 	 	 	21,996	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Shares Currently	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Outstanding	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	under the Option	 	Total Shares That
	 	 	Grant	 	 	 	 	 	 	 	 	 	/ Restricted	 	Would Have
	Grant No.	 	Date	 	Plan	 	Type	 	Price	 	Stock Award	 	Vested at 4/5/2010
	620

	 	4/7/2003
	 	ev3 LLC Amended and
Restated 2003
Incentive Plan
	 	Non-Qualified Stock
Option
	 	$	8.8200	 	 	 	10,838	 	 	 	10,838	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1078

	 	10/29/2003
	 	ev3 LLC Amended and
Restated 2003
Incentive Plan
	 	Non-Qualified Stock
Option
	 	$	8.8200	 	 	 	16,710	 	 	 	16,710	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1080

	 	1/1/2004
	 	ev3 LLC Amended and
Restated 2003
Incentive Plan
	 	Non-Qualified Stock
Option
	 	$	8.8200	 	 	 	10,416	 	 	 	10,416	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1174

	 	7/29/2004
	 	ev3 LLC Amended and
Restated 2003
Incentive Plan
	 	Non-Qualified Stock
Option
	 	$	8.8200	 	 	 	31,250	 	 	 	31,250	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1243

	 	1/7/2005
	 	ev3 LLC Amended and
Restated 2003
Incentive Plan
	 	Non-Qualified Stock
Option
	 	$	8.8200	 	 	 	52,083	 	 	 	52,083	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1394

	 	7/1/2005
	 	ev3 Inc. Second
Amended and
Restated 2005
Incentive Stock
Plan
	 	Non-Qualified Stock
Option
	 	$	14.0000	 	 	 	300,000	 	 	 	300,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RD000017

	 	1/20/2006
	 	ev3 Inc. Second
Amended and
Restated 2005
Incentive Stock
Plan
	 	Non-Qualified Stock
Option
	 	$	16.0500	 	 	 	200,000	 	 	 	200,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RD000147

	 	1/22/2007
	 	ev3 Inc. Second
Amended and
Restated 2005
Incentive Stock
Plan
	 	Non-Qualified Stock
Option
	 	$	17.6700	 	 	 	100,000	 	 	 	79,167	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RD000246

	 	10/4/2007
	 	ev3 Inc. Second
Amended and
Restated 2005
Incentive Stock
Plan
	 	Non-Qualified Stock
Option
	 	$	16.6400	 	 	 	100,000	 	 	 	62,500	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RS000001

	 	12/29/2005
	 	ev3 Inc. Second
Amended and
Restated 2005
Incentive Stock
Plan
	 	Restricted Stock
Award
	 	$	—	 	 	 	50,000	 	 	 	50,000	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Shares Currently	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Outstanding	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	under the Option	 	Total Shares That
	 	 	Grant	 	 	 	 	 	 	 	 	 	/ Restricted	 	Would Have
	Grant No.	 	Date	 	Plan	 	Type	 	Price	 	Stock Award	 	Vested at 4/5/2010
	RS000034

	 	1/22/2007
	 	ev3 Inc. Second
Amended and
Restated 2005
Incentive Stock
Plan
	 	Restricted Stock
Award
	 	$	—	 	 	 	32,895	 	 	 	21,930	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RS000306

	 	10/4/2007
	 	ev3 Inc. Second
Amended and
Restated 2005
Incentive Stock
Plan
	 	Restricted Stock
Award
	 	$	—	 	 	 	43,860	 	 	 	21,930	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL:

	 	 	 	 	 	 	 	 	 	 	 	 	1,026,750	 	 	 	935,522

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]