Document:

Exhibit 10.26 to Medtronic, Inc. Form 10-K for fiscal year ended April 28, 2006

Exhibit 10.26

PERFORMANCE AWARD AGREEMENT
2003 LONG-TERM INCENTIVE PLAN
(For
_____ Performance Cycle)

	Awarded to	Performance Cycle	Target Award
	 

	 	 
	
                                                
                                                        
Social Security Number

                                        	 
	
                                                
                                                        
 

                                        

        1.  Performance Award.   Medtronic,
Inc., a Minnesota Corporation (the “Company”), hereby grants to the individual named above (“you”) a Performance
Award (the “Award”) based on the target award specified above (“Target Award”), under the terms and conditions
set forth in this agreement (the “Agreement”) and in the Medtronic, Inc. 2003 Long-Term Incentive 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 but not defined shall have the meaning ascribed thereto in the Plan.

        2.  Performance Targets.   The
payout under this Award will be based on the following pre-established performance targets:

        (a)  Company performance will be measured
using three criteria: 3-year Cumulative Diluted Earnings Per Share (“Cumulative Diluted EPS”), 3-year Average Annual
Revenue Growth (“Average Revenue Growth”), and 3-year Average After-Tax Return on Net Assets (“Average After-Tax
RONA”) as shown in the grid below. The performance measures will be weighted as follows: Cumulative Diluted EPS weighted
__%, Average Revenue Growth weighted __%, and Average After-Tax RONA weighted __%. The award constituting the payout may be
greater than, equal to, or less than the original amount based upon actual performance relative to these targets.

% of Performance Award Earned

		 	 	20%	 	 	40%	 	 	60%	 	 	80%	 	 	100%	 	 	120%	 	 	140%	 	 	160%	 	 	180%	 
				

			

			

			

			

			

			

			

			

	
	Diluted EPS growth %	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 
	CUMULATIVE DILUTED EPS	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 
	AVERAGE REVENUE GROWTH	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 
	AVERAGE AFTER-TAX RONA	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 

        Across the top of the grid are the percentages of
the Award to be earned based on the actual company performance against these three criteria for the three years of the award
cycle. This performance determines the percentage of the Target Award that will be paid out at the end of the three-year cycle.

        (b)  To earn a payout, performance must
meet or exceed the threshold Average After-Tax RONA and Cumulative Diluted EPS targets. The threshold targets for this Award
are an Average After-Tax RONA of __% and a Cumulative Diluted EPS of $____. If Company performance is below threshold for either
of these measures, no award payout will be made.

– Continued on next page –

 

        (c)  To determine payout, the percentage
across the top of the grid is earned based on achievement of Company performance according to the targets within the grid for
each of the three performance measures, multiplied by the weight. To illustrate, if Company performance results in a Cumulative
Diluted EPS of $____, an Average Revenue Growth of __%, and After-Tax RONA of __%, the payout would be calculated as follows:

	Performance Measure	 	 	% Award
Earned	 	 	Weight	 	 
	

			

			

		
	Cumulative Diluted EPS	 	 	 	 	 ___% x	 	 	 	__%	 	 	 	= ____	%
	Average Revenue Growth	 	 	 	 	 ___% x	 	 	 	__%	 	 	 	= ____	%
	Average After-Tax RONA	 	 	 	 	 ___% x	 	 	 	__%	 	 	 	= ____	%
	% Payout of Target Award	 	 	 	 	 	 	 	 		 	 	 	____	%

        3.  Calculation of Cumulative Diluted
EPS, Average Revenue Growth, and Average After-Tax RONA   

Cumulative Diluted EPS is calculated by adding the Diluted EPS for each of the three years.

Average Revenue Growth is the simple annual growth in revenue over the three-year period excluding
the effects of foreign exchange rates.

Average After-Tax RONA is the simple average of the After-Tax RONA for each of the three years of
the cycle.

        4.  Payment of Award.   Your
Award will be paid following the end of the performance period.

        5.  Withholding Taxes.   For
employees subject to United States taxes, your Award will be subject to federal, state, and local income tax withholding and
applicable employment taxes. Participants subject to tax outside of the United States will be subject to the taxes of the applicable
taxing authority.

        6.  Termination.   In the
event of your death, Disability or Retirement you will be entitled to a pro rata portion of the Award, provided you have completed
a minimum of six months participation in the cycle. Your Award will be paid following the end of the performance period. If
you terminate for reasons other than death, Disability or Retirement prior to the end of performance cycle, you will not be
entitled to any Award payment.

        7.  Change in Control/Fundamental Change. 
 In the event of a Change in Control, a Fundamental Change or other substantially similar event or occurrence, this Award
will accelerate and vest immediately to the full extent contemplated or permitted under the Plan.

        8.  Beneficiary Designation. 
 If a participant dies before completion of the Award cycle, a portion of the Award may be payable. The Plan permits each
participant to designate a beneficiary to receive payments that may be due in the event of death. Any beneficiary can be named
and you may change your beneficiaries at any time by submitting a new designation form to Executive Compensation, LC 245.

        9.  Forfeiture of Award.   If
you have received or been entitled to receive payment 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 payment 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 10 by
terminating any Award.  If you fail or refuse to forfeit the payment demanded by the Company, you shall be liable to the

 

Company for damages equal to the payment together with all costs and attorneys’ fees incurred by the Company to enforce
this provision.

        10.  Acknowledgment.   Your
receipt of the Performance Award and this Agreement constitutes your agreement 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.

	 	MEDTRONIC, INC. 
	    	By:Exhibit 10.27 to Medtronic, Inc. Form 10-K for fiscal year ended April 28, 2006

	
 

	
 

	
 

	
 

	
 

	
Confidential Materials
  omitted and filed separately with the

  Securities and Exchange Commission. Asterisks denote omissions.

	
 

	
 

	
 

	
Exhibit 10.27 

	
 

	
 

	
 

	
April 12, 2006

	
 

	
 

	
To:

	
Medtronic, Inc.

	
 

	
710 Medtronic Parkway 

	
 

	
Minneapolis, Minnesota 55432

	
 

	
Attn: Treasurer

	
 

	
Telephone: (763) 505-2697

	
 

	
Facsimile: (763) 505-2700

	
 

	
 

	
 

	
With a copy to:

	
 

	
 

	
 

	
Attn: General Counsel

	
 

	
Facsimile: (763) 505-2980

	
 

	
 

	
From:

	
[_________________]

	
 

	
[_________________]

	
 

	
[_________________]

	
 

	
Attn: [_________________]

	
 

	
Telephone: [_________________]

	
 

	
Facsimile: [_________________]

	
 

	
 

	
Re:

	
Convertible
  Bond Hedge Transaction

	
 

	
(__________
  Reference Number:________________)

Ladies and Gentlemen:

          The
purpose of this communication (this “Confirmation”) is to set forth the terms
and conditions of the above-referenced transaction entered into on the Trade
Date specified below (the “Transaction”) between [________________] (“Dealer”)
and Medtronic, Inc. (“Counterparty”). This communication
constitutes a “Confirmation” as referred to in the ISDA Master Agreement
specified below. 

          1. This
Confirmation is subject to, and incorporates, the definitions and
provisions of the 2000 ISDA Definitions (including the Annex thereto) (the “2000
Definitions”) and the definitions and provisions of the 2002 ISDA
Equity Derivatives Definitions (the “Equity Definitions”, and together with the
2000 Definitions, the “Definitions”), in each case as published by
the International Swaps and Derivatives Association, Inc. (“ISDA”).
In the event of any inconsistency between the 2000 Definitions and the Equity
Definitions, the Equity Definitions will govern. Certain defined terms used
herein have the meanings assigned to them in the Indenture to be dated as of
April 18, 2006 between Counterparty and Wells Fargo Bank, N.A., as trustee (the
“Indenture”)
relating to the USD2,200,000,000 principal amount of 1.625% convertible
debentures due April 15, 2013 (the “Convertible Debentures”). In the event of
any inconsistency between the terms defined in the Indenture and this
Confirmation, this Confirmation shall govern.

          Each
party is hereby advised, and each such party acknowledges, that the other party
has engaged in, or refrained from engaging in, substantial financial
transactions and has taken other material actions in reliance upon the parties’
entry into the Transaction to which this Confirmation relates on the terms and
conditions set forth below.

          This
Confirmation evidences a complete and binding agreement between Dealer and
Counterparty as to the terms of the Transaction to which this Confirmation
relates. This Confirmation shall be subject to an agreement (the “Agreement”)
in the form of the 2002 ISDA Master Agreement (the “ISDA Form”) as if Dealer and
Counterparty had executed an agreement in such form (without any Schedule but
with the elections set forth in this Confirmation). For the avoidance of doubt,
the Transaction shall be the only transaction under the Agreement.

          All
provisions contained in, or incorporated by reference to, the Agreement will
govern this 

Confirmation except as expressly modified herein. In
the event of any inconsistency between this Confirmation and either the
Definitions or the Agreement, this Confirmation shall govern. 

          2. The Transaction constitutes a Share Option Transaction for purposes of the
Equity Definitions. The terms of the particular Transaction to which this
Confirmation relates are as follows:

	
 

	
 

	
 

	
 

	
General Terms:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Trade Date:

	
 

	
April 12, 2006

	
 

	
 

	
 

	
 

	
 

	
Effective Date:

	
 

	
April 18, 2006

	
 

	
 

	
 

	
 

	
 

	
Option Style:

	
 

	
Modified American, as described under “Procedures
  for Exercise” below.

	
 

	
 

	
 

	
 

	
 

	
Option Type:

	
 

	
Call

	
 

	
 

	
 

	
 

	
 

	
Seller:

	
 

	
Dealer

	
 

	
 

	
 

	
 

	
 

	
Buyer:

	
 

	
Counterparty

	
 

	
 

	
 

	
 

	
 

	
Shares:

	
 

	
The Common Stock of Counterparty, par value
  USD 0.10 per share (Ticker Symbol: “MDT”).

	
 

	
 

	
 

	
 

	
 

	
Number of Options:

	
 

	
The number of Convertible Debentures in
  denominations of USD1,000 principal amount issued by Counterparty on the
  closing date for the initial issuance of the Convertible Debentures; provided
  that the Number of Options shall be automatically increased as of the date of
  exercise by Banc of America Securities LLC and Morgan Stanley & Co.
  Incorporated, as representatives of the Initial Purchasers (as defined in the
  Purchase Agreement), of their option pursuant to Section 4 of the Purchase
  Agreement dated as of April 12, 2006 between Counterparty and Banc of America
  Securities LLC and Morgan Stanley & Co. Incorporated as representatives
  of the Initial Purchasers thereto (the “Purchase Agreement”) by the number of
  Convertible Debentures in denominations of USD1,000 principal amount issued
  pursuant to such exercise (such Convertible Debentures, the “Additional
  Convertible Debentures”). For the avoidance of doubt, the Number
  of Options outstanding shall be reduced by each exercise of Options
  hereunder.

	
 

	
 

	
 

	
 

	
 

	
Option Entitlement:

	
 

	
As of any date, a
  number of Shares per Option equal to the Conversion Rate (as defined in the
  Indenture, but without regard to any adjustments to the Conversion Rate pursuant
  to Section 10.13 of the Indenture).

	
 

	
 

	
 

	
 

	
 

	
Strike Price:

	
 

	
As of any date, an amount in USD, rounded to the
  nearest cent (with 0.5 cents being rounded upwards), equal to USD1,000 divided by
  the Option Entitlement.

	
 

	
 

	
 

	
 

	
 

	
Applicable Percentage:

	
 

	
[____]%

	
 

	
 

	
 

	
 

	
 

	
Number of Shares:

	
 

	
The product of the Number of Options, the Option 

2

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Entitlement and the Applicable Percentage.

	
 

	
 

	
 

	
 

	
 

	
Premium:

	
 

	
USD [__________] (Premium per Option USD
  [___________]); provided that if the Number of Options is increased
  pursuant to the proviso to the definition of “Number of Options” above, an
  additional Premium equal to the product of the number of Options by which the
  Number of Options is so increased and the Premium per Option shall be paid on
  the Additional Premium Payment Date. 

	
 

	
 

	
 

	
 

	
 

	
Premium Payment Date:

	
 

	
The Effective Date

	
 

	
 

	
 

	
 

	
 

	
Additional Premium Payment Date:

	
 

	
The closing date for the purchase and sale of the
  Additional Convertible Debentures.

	
 

	
 

	
 

	
 

	
 

	
Exchange:

	
 

	
New York Stock Exchange

	
 

	
 

	
 

	
 

	
 

	
Related Exchange:

	
 

	
All Exchanges

	
 

	
 

	
 

	
 

	
Procedures for Exercise:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Potential Exercise Dates:

	
 

	
Each Conversion Date.

	
 

	
 

	
 

	
 

	
 

	
Conversion Date:

	
 

	
Each “Conversion Date”, as defined in the Indenture,
  of Convertible Debentures with respect to which Counterparty does not make
  the direction described in Section 10.25 of the Indenture (such Convertible
  Debentures, the “Relevant Convertible Debentures” for such
  Conversion Date).

	
 

	
 

	
 

	
 

	
 

	
Required Exercise on

	
 

	
 

	
 

	
Conversion Dates:

	
 

	
On each Conversion Date for Relevant Convertible Debentures,
  a number of Options equal to the number of Relevant Convertible Debentures in
  denominations of USD1,000 principal amount submitted for conversion on such
  Conversion Date in accordance with the terms of the Indenture shall be
  automatically exercised, subject to “Notice of Exercise” below.

	
 

	
 

	
 

	
 

	
 

	
Expiration Date:

	
 

	
April 15, 2013

	
 

	
 

	
 

	
 

	
 

	
Multiple Exercise:

	
 

	
Applicable, as provided above under “Required
  Exercise on Conversion Dates”.

	
 

	
 

	
 

	
 

	
 

	
Minimum Number of Options:

	
 

	
Zero

	
 

	
 

	
 

	
 

	
 

	
Maximum Number of Options:

	
 

	
Number of Options

	
 

	
 

	
 

	
 

	
 

	
Integral Multiple:

	
 

	
Not Applicable

	
 

	
 

	
 

	
 

	
 

	
Automatic Exercise:

	
 

	
As provided above under “Required Exercise on
  Conversion Dates”.

	
 

	
 

	
 

	
 

	
 

	
Notice of Exercise:

	
 

	
Notwithstanding anything to the contrary in the
  Equity Definitions, in order to exercise any Options, Counterparty must
  notify Dealer in writing prior to 5:00 PM, New York City time, on the
  Exchange Business Day prior to the first Exchange Business Day of the
  “Conversion Reference Period”, as defined in the Indenture, relating to the
  Relevant Convertible Debentures converted on the Conversion Date relating to
  the relevant Exercise Date (the “Notice Deadline”) of (i) the number of
  Options 

3

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
being exercised on such Exercise Date, (ii) the
  scheduled settlement date under the Indenture for the Relevant Convertible
  Debentures converted on the Conversion Date corresponding to such Exercise
  Date and (iii) the applicable Cash Percentage (as defined in the Indenture); provided
  that, notwithstanding the foregoing, such notice (and the related exercise of
  Options) shall be effective if given after the Notice Deadline but prior to
  5:00 PM New York City time, on the fifth Exchange Business Day of such
  “Conversion Reference Period”, in which event the Calculation Agent shall have
  the right to adjust the Delivery Obligation as appropriate to reflect the
  additional costs (including, but not limited to, hedging mismatches and
  market losses) and expenses incurred by Dealer in connection with its hedging
  activities (including the unwinding of any hedge position) as a result of
  Dealer not having received such notice prior to the Notice Deadline.

	
 

	
 

	
 

	
 

	
 

	
 

	
Dealer’s Telephone Number 

  and Telex and/or Facsimile Number 

  and Contact Details for purpose of

  Giving Notice:

	
 

	
To:

	
[__________________]

	
 

	
 

	
 

	
 

	
[__________________]

	
 

	
 

	
 

	
 

	
[__________________]

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Attn:

	
[__________________]

	
 

	
 

	
 

	
 

	
[__________________]

	
 

	
 

	
 

	
Telephone:

	
[__________________] 

	
 

	
 

	
 

	
Facsimile:

	
[__________________] 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
With a copy to:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Attn:

	
[__________________] 

	
 

	
 

	
 

	
 

	
[__________________]

	
 

	
 

	
 

	
Telephone:

	
[__________________]

	
 

	
 

	
 

	
Facsimile:

	
[__________________] 

	
 

	
 

	
 

	
 

	
 

	
Settlement Terms:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Settlement Date:

	
 

	
In respect of an Exercise Date occurring on a
  Conversion Date, the settlement date for the Shares or cash to be delivered
  under the Relevant Convertible Debentures under the terms of the Indenture; provided
  that the Settlement Date will not be prior to the later of (i) the date one
  Settlement Cycle following the final day of the “Conversion Reference Period”,
  as defined in the Indenture, or (ii) the Exchange Business Day immediately
  following the date on which Counterparty gives notice to Dealer of such
  Settlement Date prior to 5:00 PM, New York City time.

	
 

	
 

	
 

	
 

	
 

	
 

	
Delivery Obligation:

	
 

	
In lieu of the obligations set forth in Sections 8.1
  and 9.1 of the Equity Definitions, and subject to “Notice of Exercise” above,
  in respect of an Exercise Date 

4

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
occurring on a Conversion Date, Dealer will deliver
  to Counterparty, on the related Settlement Date, the product of the
  Applicable Percentage and a number of Shares and/or amount of cash in USD
  equal to the aggregate number of Shares or amount of cash, as the case may
  be, that Counterparty is obligated to deliver to the holder(s) of the
  Relevant Convertible Debentures converted on such Conversion Date pursuant to
  Section 10.01(b) of the Indenture (the “Convertible Obligation”); provided
  that such obligation shall be determined excluding any Shares or cash that
  Counterparty is obligated to deliver to holder(s) of the Relevant Convertible
  Debentures as a result of any adjustments to the Conversion Rate pursuant to
  Section 10.13 of the Indenture. For the avoidance of doubt, if the
  “Conversion Value”, as defined in the Indenture, is less than or equal to USD1,000,
  Dealer will have no delivery obligation hereunder.

	
 

	
 

	
 

	
 

	
 

	
Notice of Delivery Obligation:

	
 

	
No later than the Exchange Business Day immediately
  following the last day of the “Conversion Reference Period”, as defined in
  the Indenture, Counterparty shall give Dealer notice of the final number of
  shares and/or the amount of cash comprising the Convertible Obligation (it
  being understood, for the avoidance of doubt, that the requirement of
  Counterparty to deliver such notice shall not limit Counterparty’s obligations
  with respect to Notice of Exercise, as set forth above, in any way).

	
 

	
 

	
 

	
 

	
 

	
Other Applicable Provisions:

	
 

	
To the extent Dealer is obligated to deliver Shares
  hereunder, the provisions of Sections 9.1(c), 9.8, 9.9, 9.10, 9.11 and 9.12
  of the Equity Definitions will be applicable, except that all references in
  such provisions to “Physically-Settled” shall be read as references to “Net
  Share Settled”; and provided that the Representation and
  Agreement contained in Section 9.11 of the Equity Definitions shall be
  modified by excluding any representations therein relating to restrictions,
  obligations, limitations or requirements under applicable securities laws as
  a result of the fact that Buyer is the issuer of the Shares. “Net Share
  Settled” in relation to any Option means that Dealer is obligated to deliver
  Shares hereunder.

	
 

	
 

	
 

	
 

	
 

	
Restricted Certificated Shares:

	
 

	
Notwithstanding anything to the contrary in the
  Equity Definitions, Dealer may, in whole or in part, deliver Shares in
  certificated form representing the Number of Shares to be Delivered to
  Counterparty in lieu of delivery through the Clearance System. 

	
 

	
 

	
 

	
 

	
Adjustments:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Method of Adjustment:

	
 

	
Notwithstanding Section 11.2 of the Equity
  Definitions, upon the occurrence of any event or 

5

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
condition set forth in Section 10.06, 10.07, 10.08
  or 10.09 of the Indenture, the Calculation Agent shall make the corresponding
  adjustment in respect of any one or more of the Number of Options, the Option
  Entitlement and any other variable relevant to the exercise, settlement or
  payment of the Transaction, to the extent an analogous adjustment is made
  under the Indenture.

	
 

	
 

	
 

	
Extraordinary Events:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Merger Events:

	
 

	
Notwithstanding Section 12.1(b) of the Equity
  Definitions, a “Merger Event” means the occurrence of any event or condition
  set forth in Section 10.12 of the Indenture.

	
 

	
 

	
 

	
 

	
 

	
Tender Offer:

	
 

	
Applicable. Notwithstanding Section 12.1(d) of the
  Equity Definitions, a “Tender Offer” means the occurrence of any event or
  condition set forth in Section 10.10 of the Indenture.

	
 

	
 

	
 

	
 

	
 

	
Consequences of Merger Events and

	
 

	
 

	
 

	
Tender Offers:

	
 

	
Notwithstanding Sections 12.2 and 12.3 of the Equity
  Definitions, upon the occurrence of a Merger Event or Tender Offer, the
  Calculation Agent shall make the corresponding adjustment in respect of any
  adjustment under the Indenture to any one or more of the nature of the
  Shares, the Number of Options, the Option Entitlement and any other variable
  relevant to the exercise, settlement or payment for the Transaction, to the
  extent an analogous adjustment is made under the Indenture; provided that
  such adjustment shall be made without regard to any adjustment to the
  Conversion Rate for the issuance of additional shares as set forth in Section
  10.13 of the Indenture; and provided further that the Calculation
  Agent may limit or alter any such adjustment referenced in this paragraph so
  that the fair value of the Transaction to the Dealer is not reduced as a
  result of such adjustment.

	
 

	
 

	
 

	
 

	
 

	
Nationalization, Insolvency

	
 

	
 

	
 

	
or Delisting:

	
 

	
Cancellation and Payment (Calculation Agent
  Determination); provided that in addition to the provisions of Section
  12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting
  if the Exchange is located in the United States and the Shares are not
  immediately re-listed, re-traded or re-quoted on any of the New York Stock
  Exchange, the American Stock Exchange or the NASDAQ National Market System
  (or their respective successors); if the Shares are immediately re-listed,
  re-traded or re-quoted on any such exchange or quotation system, such
  exchange or quotation system shall thereafter be deemed to be the Exchange.

	
 

	
 

	
 

	
 

	
 

	
Additional Disruption Events: 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Change in Law:

	
 

	
Not Applicable

6

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Failure to Deliver:

	
 

	
Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(c)

	
Insolvency Filing:

	
 

	
Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(d)

	
Hedging Disruption:

	
 

	
Not Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(e)

	
Increased Cost of Hedging:

	
 

	
Not Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Hedging Party:

	
 

	
For all applicable Additional Disruption Events,
  Dealer

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Determining Party:

	
 

	
For all applicable Additional Disruption Events,
  Dealer

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Non-Reliance:

	
 

	
Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Agreements and Acknowledgments 

	
 

	
 

	
 

	
Regarding Hedging Activities:

	
 

	
Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Additional Acknowledgments:

	
 

	
Applicable

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
3. Calculation Agent:

	
 

	
Dealer. The Calculation Agent shall deliver, within
  five Exchange Business Days of a written request by either party, a written
  explanation of any calculation or adjustment made by it, and including, where
  applicable, the methodology and data applied.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
4. Account Details:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Dealer Payment Instructions:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
[______________]

	
 

	
 

	
 

	
Bank Routing:

	
[______________]

	
 

	
 

	
 

	
Account Name:

	
[______________]

	
 

	
 

	
 

	
Account No. :

	
[______________]

	
 

	
 

	
 

	
 

	
 

	
Counterparty Payment Instructions:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
To be provided by Counterparty.

	
 

	
 

	
 

	
 

	
 

	
5. Offices:

	
 

	
 

	
 

	
 

	
 

	
 

	
The Office of Dealer for the Transaction is:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
[__________________]

	
 

	
 

	
 

	
 

	
 

	
 

	
The Office of Counterparty for the Transaction is:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Medtronic, Inc.

	
 

	
 

	
 

	
710 Medtronic Parkway 

	
 

	
 

	
 

	
Minneapolis, Minnesota 55432

	
 

	
 

	
 

	
 

	
 

	
6. Notices: For purposes of this
  Confirmation:

	
 

	
 

	
 

	
 

	
 

	
(a)

	
Address for notices or communications to
  Counterparty:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
To:

	
Medtronic, Inc.

	
 

	
 

	
 

	
 

	
710 Medtronic Parkway

	
 

	
 

	
 

	
 

	
Minneapolis, Minnesota 55432

	
 

	
 

	
 

	
Attn:

	
Treasurer

	
 

	
 

	
 

	
Telephone:

	
(763) 505-2697

	
 

	
 

	
 

	
Facsimile:

	
(763) 505-2700

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
With a copy to:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Attn:

	
General Counsel

7

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Facsimile:

	
(763) 505-2980

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Address for notices or communications to Dealer:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
To:

	
[__________________]

	
 

	
 

	
 

	
 

	
[__________________] 

	
 

	
 

	
 

	
 

	
[__________________] 

	
 

	
 

	
 

	
Attn:

	
[__________________] 

	
 

	
 

	
 

	
Telephone:

	
[__________________] 

	
 

	
 

	
 

	
Facsimile:

	
[__________________] 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
With a copy to:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Attn:

	
[__________________] 

	
 

	
 

	
 

	
 

	
[__________________] 

	
 

	
 

	
 

	
Telephone:

	
[__________________] 

	
 

	
 

	
 

	
Facsimile:

	
[__________________] 

	
 

	
 

	
 

	
 

	
 

	
7. Representations, Warranties and Agreements:

                    (a)
In addition to the representations and warranties in the Agreement and those
contained elsewhere herein, Counterparty represents and warrants to and for the
benefit of, and agrees with, Dealer as follows:

	
 

	
 

	
 

	
       
             (i)
  On the Trade Date, (A) none of Counterparty and its officers and directors is
  aware of any material nonpublic information regarding Counterparty or the
  Shares and (B) all reports and other documents filed by Counterparty with the
  Securities and Exchange Commission pursuant to the Securities Exchange Act of
  1934, as amended (the “Exchange Act”) when considered as a whole
  (with the more recent such reports and documents deemed to amend inconsistent
  statements contained in any earlier such reports and documents), do not contain
  any untrue statement of a material fact or any omission of a material fact
  required to be stated therein or necessary to make the statements therein, in
  the light of the circumstances in which they were made, not misleading.

	
 

	
 

	
 

	
       
             (ii)
  (A) On the Trade Date, the Shares or securities that are convertible into, or
  exchangeable or exercisable for Shares, are not, and shall not be, subject to
  a “restricted period,” as such term is defined in Regulation M under the
  Exchange Act (“Regulation M”) and (B) Counterparty shall not engage in any
  “distribution,” as such term is defined in Regulation M, other than a
  distribution meeting the requirements of the exceptions set forth in sections
  101(b)(10) and 102(b)(7) of Regulation M, until the second Exchange Business
  Day immediately following the Trade Date.

	
 

	
 

	
 

	
     
               (iii)
  On the Trade Date, neither Counterparty nor any “affiliate” or “affiliated
  purchaser” (each as defined in Rule 10b-18 of the Exchange Act (“Rule
  10b-18”)) shall directly or indirectly (including, without
  limitation, by means of any cash-settled or other derivative instrument)
  purchase, offer to purchase, place any bid or limit order that would effect a
  purchase of, or commence any tender offer relating to, any Shares (or an
  equivalent interest, including a unit of beneficial interest in a trust or
  limited partnership or a depository share) or any security convertible into
  or exchangeable or exercisable for Shares, except through Dealer.

	
 

	
 

	
 

	
     
               (iv)
  Without limiting the generality of Section 13.1 of the Equity Definitions, Counterparty
  acknowledges that Dealer is not making any representations or warranties with
  respect to the treatment of the Transaction under FASB Statements 149 or 150,
  EITF Issue No. 00-19 (or any successor issue statements) or under FASB’s
  Liabilities & Equity Project.

	
 

	
 

	
 

	
     
               (v)
  Without limiting the generality of Section 3(a)(iii) of the Agreement, the
  Transaction will not violate Rule 13e-1 or Rule 13e-4 under the Exchange Act.
  

8

	
 

	
 

	
 

	
          (vi) Prior
  to the Trade Date, Counterparty shall deliver to Dealer a resolution of
  Counterparty’s board of directors authorizing the Transaction and such other
  certificate or certificates as Dealer shall reasonably request.

	
 

	
 

	
 

	
          (vii) Counterparty
  is not entering into this Confirmation to create actual or apparent trading
  activity in the Shares (or any security convertible into or exchangeable for
  Shares) or to raise or depress or otherwise manipulate the price of the
  Shares (or any security convertible into or exchangeable for Shares) or
  otherwise in violation of the Exchange Act. 

	
 

	
 

	
 

	
          (viii) Counterparty
  is not, and after giving effect to the transactions contemplated hereby will
  not be, an “investment company” as such term is defined in the Investment
  Company Act of 1940, as amended.

	
 

	
 

	
 

	
          (ix) On
  the Trade Date (A) the assets of Counterparty at their fair valuation exceed
  the liabilities of Counterparty, including contingent liabilities, (B) the
  capital of Counterparty is adequate to conduct the business of Counterparty
  and (C) Counterparty has the ability to pay its debts and obligations as such
  debts mature and does not intend to, or does not believe that it will, incur
  debt beyond its ability to pay as such debts mature.

	
 

	
 

	
 

	
          (x) The
  representations and warranties of Counterparty set forth in Section 3 of the
  Agreement and Section 1 of the Purchase Agreement are true and correct and
  are hereby deemed to be repeated to Dealer as if set forth herein.

	
 

	
 

	
 

	
          (xi) Counterparty
  understands that no obligations of Dealer to it hereunder will be entitled to
  the benefit of deposit insurance and that such obligations will not be
  guaranteed by any affiliate of Dealer or any governmental agency.

          (b) Each
of Dealer and Counterparty agrees and represents that it is an “eligible
contract participant” as defined in Section 1a(12) of the U.S. Commodity
Exchange Act, as amended.

          (c) Each
of Dealer and Counterparty acknowledges that the offer and sale of the
Transaction to it is intended to be exempt from registration under the
Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(2)
thereof. Accordingly, Counterparty represents and warrants to Dealer that (i)
it has the financial ability to bear the economic risk of its investment in the
Transaction and is able to bear a total loss of its investment and its
investments in and liabilities in respect of the Transaction, which it
understands are not readily marketable, are not disproportionate to its net
worth, and it is able to bear any loss in connection with the Transaction,
including the loss of its entire investment in the Transaction, (ii) it is an
“accredited investor” as that term is defined in Regulation D as promulgated
under the Securities Act, (iii) it is entering into the Transaction for its own
account and without a view to the distribution or resale thereof, (iv) the
assignment, transfer or other disposition of the Transaction has not been and
will not be registered under the Securities Act and is restricted under this
Confirmation, the Securities Act and state securities laws, and (v) its
financial condition is such that it has no need for liquidity with respect to
its investment in the Transaction and no need to dispose of any portion thereof
to satisfy any existing or contemplated undertaking or indebtedness and is
capable of assessing the merits of and understanding (on its own behalf or
through independent professional advice), and understands and accepts, the
terms, conditions and risks of the Transaction.

          (d) Each
of Dealer and Counterparty agrees and acknowledges (A) that this Confirmation
is (i) a “securities contract,” as such term is defined in Section 741(7) of
Title 11 of the United States Code (the “Bankruptcy Code”), with respect to which
each payment and delivery hereunder is a “settlement payment,” as such term is
defined in Section 741(8) of the Bankruptcy Code, and (ii) a “swap agreement,”
as such term is defined in Section 101(53B) of the Bankruptcy Code, with
respect to which each payment and delivery hereunder is a “transfer,” as such
term is defined in Section 101(54) of the Bankruptcy Code, and (B) that Dealer
is entitled to the protections afforded by, among other sections, Section
362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code. 

          8.
Other Provisions:

          (a) Right to
Extend. Dealer may postpone any Potential Exercise Date or any other
date of valuation or delivery by Dealer, with respect to some or all of the
relevant Options (in which event the Calculation Agent shall make appropriate
adjustments to the Delivery Obligation), if Dealer determines, in

9

 its reasonable
discretion, that such extension is reasonably necessary to enable Dealer to
effect purchases of Shares in connection with its hedging or settlement
activity hereunder in a manner that would, if Dealer were Counterparty or an
affiliated purchaser of Counterparty, be in compliance with applicable legal,
regulatory or self-regulatory requirements, or with related policies and
procedures applicable to Dealer.

          (b) Additional
Termination Events. The occurrence of (i) an event of default with
respect to Counterparty under the terms of the Convertible Debentures as set forth
in Section 6.01 of the Indenture that results in an acceleration of the
Convertible Debentures pursuant to the terms of the Indenture, (ii) an
Amendment Event or (iii) a Repayment Event shall be an Additional Termination
Event with respect to which the Transaction is the sole Affected Transaction
and Counterparty is the sole Affected Party, and Dealer shall be the party
entitled to designate an Early Termination Date pursuant to Section 6(b) of the
Agreement; provided
that in the case of a Repayment Event the Transaction shall be subject to
termination only in respect of the number of Convertible Debentures that cease
to be outstanding in connection with or as a result of such Repayment Event.

                    “Amendment
Event” means that Counterparty amends, modifies, supplements or
waives any term of the Indenture or the Convertible Debentures governing the
principal amount, coupon, maturity, repurchase obligation of Counterparty,
redemption right of Counterparty, any term relating to conversion of the
Convertible Debentures (including changes to the conversion price, conversion
settlement dates or conversion conditions), or any term that would require
consent of the holders of not less than 100% of the principal amount of the
Convertible Debentures to amend, in each case without the prior consent of
Dealer, such consent not to be unreasonably withheld.

                    “Repayment
Event” means that (A) any Convertible Debentures are repurchased
(whether in connection with or as a result of a change of control, howsoever
defined, or for any other reason) by Counterparty or any of its subsidiaries,
(B) any Convertible Debentures are delivered to Counterparty in exchange for
delivery of any property or assets of Counterparty or any of its subsidiaries (howsoever
described), (C) any principal of any of the Convertible Debentures is repaid
prior to the final maturity date of the Convertible Debentures (whether
following acceleration of the Convertible Debentures or otherwise), or (D) any
Convertible Debentures are exchanged by or for the benefit of the holders
thereof for any other securities of Counterparty or any of its affiliates (or
any other property, or any combination thereof) pursuant to any exchange offer
or similar transaction; provided that, in the case of clause (B)
and clause (D), conversions of the Convertible Debentures pursuant to the terms
of the Indenture as in effect on the date hereof shall not be Repayment Events.

          (c) Alternative
Calculations and Payment on Early Termination and on Certain Extraordinary
Events. If, subject to Section 8(k) below, Dealer shall owe
Counterparty any amount pursuant to Section 12.2 of the Equity Definitions and
“Consequences of Merger Events” above, or Sections 12.3, 12.6, 12.7 or 12.9 of
the Equity Definitions (except in the event of an Insolvency, a
Nationalization, a Tender Offer or a Merger Event, in each case, in which the
consideration or proceeds to be paid to holders of Shares consists solely of
cash) or pursuant to Section 6(d)(ii) of the Agreement (except in the event of
an Event of Default in which Counterparty is the Defaulting Party or a
Termination Event in which Counterparty is the Affected Party, that resulted
from an event or events within Counterparty’s control) (a “Payment Obligation”),
Counterparty shall have the right, in its sole discretion, to require Dealer to
satisfy any such Payment Obligation by the Share Termination Alternative (as
defined below) by giving irrevocable telephonic notice to Dealer, confirmed in
writing within one Scheduled Trading Day, between the hours of 9:00 A.M. and
4:00 P.M. New York City time on the Merger Date, Tender Offer Date,
Announcement Date or Early Termination Date, as applicable (“Notice of
Share Termination”). Upon such Notice of Share Termination, the
following provisions shall apply on the Scheduled Trading Day immediately
following the Merger Date, the Tender Offer Date, Announcement Date or Early
Termination Date, as applicable:

	
 

	
 

	
 

	
Share Termination Alternative:

	
 

	
Applicable and means that Dealer shall deliver to
  Counterparty the Share Termination Delivery Property on the date on which the
  Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of
  the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable (the
  “Share
  Termination Payment Date”), in satisfaction 

10

	
 

	
 

	
 

	
 

	
 

	
of the Payment Obligation.

	
 

	
 

	
 

	
Share Termination Delivery
Property:

	
 

	

A number of Share Termination Delivery Units, as
  calculated by the Calculation Agent, equal to the Payment Obligation divided
  by the Share Termination Unit Price. The Calculation Agent shall adjust the
  Share Termination Delivery Property by replacing any fractional portion of a
  security therein with an amount of cash equal to the value of such fractional
  security based on the values used to calculate the Share Termination Unit
  Price. 

	
 

	
 

	
 

	
Share Termination Unit Price:

	
 

	
The value of property contained in one Share
  Termination Delivery Unit on the date such Share Termination Delivery Units
  are to be delivered as Share Termination Delivery Property, as determined by
  the Calculation Agent in its discretion by commercially reasonable means and
  notified by the Calculation Agent to Dealer at the time of notification of
  the Payment Obligation. 

	
 

	
 

	
 

	
Share Termination Delivery Unit:

	
 

	
In the case of a Termination Event, Event of Default
  or Delisting, one Share or, in the case of an Insolvency, Nationalization,
  Merger Event or Tender Offer, a unit consisting of the number or amount of
  each type of property received by a holder of one Share (without
  consideration of any requirement to pay cash or other consideration in lieu
  of fractional amounts of any securities) in such Insolvency, Nationalization,
  Merger Event or Tender Offer. If such Insolvency, Nationalization, Merger
  Event or Tender Offer involves a choice of consideration to be received by
  holders, such holder shall be deemed to have elected to receive the maximum
  possible amount of cash.

	
 

	
 

	
 

	
Failure to Deliver:

	
 

	
Applicable

	
 

	
 

	
 

	
Other applicable provisions:

	
 

	
If Share Termination Alternative is applicable, the
  provisions of Sections 9.8, 9.9, 9.10, 9.11 and 9.12 of the Equity
  Definitions will be applicable, except that all references in such provisions
  to “Physically-Settled” shall be read as references to “settled by Share Termination
  Alternative” and all references to “Shares” shall be read as references to
  “Share Termination Delivery Units”; and provided
  that the Representation and Agreement contained in Section 9.11 of the Equity
  Definitions shall be modified by excluding any representations therein
  relating to restrictions, obligations, limitations or requirements under
  applicable securities laws as a result of the fact that Buyer is the issuer
  of any Share Termination Delivery Units (or any part thereof). 

          (d) Disposition
of Hedge Shares. Counterparty hereby agrees that if, in the good
faith reasonable judgment of Dealer, the Shares (the “Hedge Shares”) acquired by Dealer for the
purpose of hedging its obligations pursuant to the Transaction cannot be sold
in the U.S. public market by Dealer without registration under the Securities
Act, Counterparty shall, at its election: (i) in order to allow Dealer to sell
the Hedge Shares in a registered offering, make available to Dealer an
effective registration statement under the Securities Act to cover the resale
of such Hedge Shares and (A) enter into an agreement, in form and substance
satisfactory to Dealer, substantially in the form of an underwriting agreement
for a registered offering, (B)
provide accountant’s “comfort” letters in customary form for registered
offerings of equity securities, (C) provide disclosure opinions of nationally
recognized outside counsel to Counterparty reasonably acceptable to Dealer, (D)
provide other customary opinions, certificates and closing documents customary
in form for registered offerings of equity securities and (E) afford Dealer a
reasonable opportunity to conduct a “due diligence” investigation with respect
to Counterparty customary in scope for underwritten offerings of equity securities;
provided,
however, that if Dealer, in its sole reasonable discretion, is not
satisfied with access to due diligence materials, the results of its due
diligence investigation, or the procedures and documentation for the registered
offering referred to above, then clause (ii) or clause (iii) of this Section
8(d) shall apply at the election of Counterparty; (ii) in order to allow

11

Dealer to sell the Hedge Shares in a private
placement, enter into a private placement agreement substantially similar to
private placement purchase agreements customary for private placements of
equity securities, in form and substance satisfactory to Dealer, including
customary representations, covenants, blue sky and other governmental filings
and/or registrations, indemnities to Dealer, due diligence rights (for Dealer
or any designated buyer of the Hedge Shares from Dealer), opinions and
certificates and such other documentation as is customary for private
placements agreements, all reasonably acceptable to Dealer (in which case, the
Calculation Agent shall make any adjustments to the terms of the Transaction
that are necessary, in its reasonable judgment, to compensate Dealer for any
discount from the public market price of the Shares incurred on the sale of
Hedge Shares in a private placement); or (iii) purchase the Hedge Shares from
Dealer at the VWAP Price on such Exchange Business Days, and in the amounts,
requested by Dealer. “VWAP Price”
means, on any Exchange Business Day, the per Share volume-weighted average price
as displayed under the heading “Bloomberg VWAP” on Bloomberg page MDT
<equity> VAP (or any successor thereto) in respect of the period from
9:30 a.m. to 4:00 p.m. (New York City time) on such Exchange Business Day (or
if such volume-weighted average price is unavailable, the market value of one
Share on such Exchange Business Day, as determined by the Calculation Agent
using a volume-weighted method).

          (e) Amendment to Equity
Definitions and the Agreement.
The following amendment shall be made to the Equity Definitions and to the
Agreement: Section 12.6(a)(ii) of the Equity Definitions is hereby amended by
(1) deleting from the fourth line thereof the word “or” after the word
“official” and inserting a comma therefor, and (2) deleting the semi-colon at
the end of subsection (B) thereof and inserting the following words therefor
“or (C) at Dealer’s option, the occurrence of any of the events specified in
Section 5(a)(vii) (1) through (9) of the ISDA Master Agreement with respect to
that Issuer.”

          (f) Repurchase
Notices. Counterparty shall, on any day on which Counterparty
effects any repurchase of Shares, promptly give Dealer a written notice of such
repurchase (a “Repurchase Notice”) on such day if, following such repurchase,
the Notice Percentage as determined on such day is (i) greater than 6% and (ii)
greater by 0.5% than the Notice Percentage included in the immediately
preceding Repurchase Notice (or, in the case of the first such Repurchase
Notice, greater than the Notice Percentage as of the date hereof). The “Notice
Percentage” as of any day is the fraction, expressed as a
percentage, the numerator of which is the Number of Shares and the denominator
of which is the number of Shares outstanding on such day. In the event that
Counterparty fails to provide Dealer with a Repurchase Notice on the day and in
the manner specified in this Section 8(f) then Counterparty agrees to indemnify
and hold harmless Dealer, its affiliates and their respective directors,
officers, employees, agents and controlling persons (Dealer and each such
person being an “Indemnified Party”) from and against any and all losses,
claims, damages and liabilities (or actions in respect thereof), joint or
several, to which such Indemnified Party may become subject under applicable
securities laws, including without limitation, Section 16 of the Exchange Act,
relating to or arising out of such failure. If for any reason the foregoing
indemnification is unavailable to any Indemnified Party or insufficient to hold
harmless any Indemnified Party, then Counterparty shall contribute, to the
maximum extent permitted by law, to the amount paid or payable by the
Indemnified Party as a result of such loss, claim, damage or liability. In
addition, Counterparty will reimburse any Indemnified Party for all expenses
(including reasonable counsel fees and expenses) as they are incurred (after
notice to Counterparty) in connection with the investigation of, preparation
for or defense or settlement of any pending or threatened claim or any action,
suit or proceeding arising therefrom, whether or not such Indemnified Party is
a party thereto and whether or not such claim, action, suit or proceeding is
initiated or brought by or on behalf of Counterparty. This indemnity shall
survive the completion of the Transaction contemplated by this Confirmation and
any assignment and delegation of the Transaction made pursuant to this
Confirmation or the Agreement shall inure to the benefit of any permitted
assignee of Dealer. 

          (g) Transfer and
Assignment. Dealer may transfer or assign its rights and obligations
hereunder and under the Agreement, in whole or in part, to any of its
affiliates without the consent of Counterparty. If at any time at which the
Equity Percentage exceeds 9.5%, Dealer, in its discretion, is unable to effect
a transfer or assignment to a third party after its commercially reasonable
efforts on pricing terms reasonably acceptable to Dealer such that the Equity
Percentage is reduced to 9.5% or less, Dealer may designate any Scheduled
Trading Day as an Early Termination Date with respect to a portion (the

12

 “Terminated
Portion”) of the Transaction, such that the Equity Percentage
following such partial termination will be equal to or less than 9.5%. In the
event that Dealer so designates an Early Termination Date with respect to a
portion of the Transaction, a payment or delivery shall be made pursuant to
Section 6 of the Agreement and Section 8(c) of this Confirmation as if (i) an
Early Termination Date had been designated in respect of a Transaction having
terms identical to the Terminated Portion of the Transaction, (ii) Counterparty
shall be the sole Affected Party with respect to such partial termination and
(iii) such portion of the Transaction shall be the only Terminated Transaction.
The “Equity
Percentage” as of any day is the fraction, expressed as a
percentage, (A) the numerator of which is the Number of Shares and (B) the
denominator of which is the number of Shares outstanding on such day.
Counterparty may transfer or assign its rights and obligations hereunder and
under the Agreement, in whole or in part, to any party with the consent of
Dealer, such consent not to be unreasonably withheld. 

          (h) Staggered Settlement.
If the Staggered
Settlement Equity Percentage as of any Exchange Business Day during the
relevant “Conversion Reference Period”, as defined in the Indenture, is greater
than 4.5%, Dealer may, by notice to Counterparty prior to any Settlement Date
(a “Nominal Settlement Date”),
elect to deliver the Shares on two or more dates (each, a “Staggered Settlement Date”) or at two
or
more times on the Nominal Settlement Date as follows:

	
 

	
 

	
 

	
          (i) in
  such notice, Dealer will specify to Counterparty the related Staggered
  Settlement Dates (each of which will be on or prior to such Nominal
  Settlement Date, but not prior to the beginning of such “Conversion Reference
  Period”) or delivery times and how it will allocate the Shares it is required
  to deliver under “Delivery Obligation” (above) among the Staggered Settlement
  Dates or delivery times; and

	
 

	
 

	
 

	
          (ii) the
  aggregate number of Shares that Dealer will deliver to Counterparty hereunder
  on all such Staggered Settlement Dates and delivery times will equal the
  number of Shares that Dealer would otherwise be required to deliver on such
  Nominal Settlement Date.

          The
“Staggered
Settlement Equity Percentage” as of any day is the fraction,
expressed as a percentage, (A) the numerator of which is the sum of the number
of Shares that Dealer or any of its affiliates beneficially own (within the
meaning of Section 13 of the Exchange Act) on such day, other than any Shares
so owned as a hedge of the Transaction, and the Number of Shares and (B) the
denominator of which is the number of Shares outstanding on such day.

          (i) Disclosure.
Effective from the date of commencement of discussions concerning the
Transaction, Counterparty and each of its employees, representatives, or other
agents may disclose to any and all persons, without limitation of any kind, the
tax treatment and tax structure of the Transaction and all materials of any
kind (including opinions or other tax analyses) that are provided to
Counterparty relating to such tax treatment and tax structure.

          (j) Designation
by Dealer. Notwithstanding any other provision in this Confirmation
to the contrary requiring or allowing Dealer to purchase, sell, receive or
deliver any Shares or other securities to or from Counterparty, Dealer may
designate any of its affiliates to purchase, sell, receive or deliver such
shares or other securities and otherwise to perform Dealer obligations in
respect of the Transaction and any such designee may assume such obligations.
Dealer shall be discharged of its obligations to Counterparty to the extent of
any such performance.

          (k) Netting and
Set-off. 

	
 

	
 

	
 

	
          (i) If
  on any date cash would otherwise be payable or Shares or other property would
  otherwise be deliverable hereunder or pursuant to the Agreement or pursuant
  to any other agreement between the parties by Counterparty to Dealer and cash
  would otherwise be payable or Shares or other property would otherwise be
  deliverable hereunder or pursuant to the Agreement or pursuant to any other
  agreement between the parties by Dealer to Counterparty and the type of
  property required to be paid or delivered by each such party on such date is
  the same, then, on such date, each such party’s obligation to make such
  payment or delivery will be automatically satisfied and discharged and, if
  the aggregate amount that would otherwise have been payable or deliverable by
  one such party exceeds the aggregate amount that would otherwise have been
  payable or deliverable by the other such party, replaced by an obligation of
  the party by whom the

13

	
 

	
 

	
 

	
larger aggregate amount would have been payable or
  deliverable to pay or deliver to the other party the excess of the larger
  aggregate amount over the smaller aggregate amount.

	
 

	
 

	
 

	
          (ii) In
  addition to and without limiting any rights of set-off that a party hereto
  may have as a matter of law, pursuant to contract or otherwise, upon the
  occurrence of an Early Termination Date, Dealer shall have the right to
  terminate, liquidate and otherwise close out the Transaction and to set off
  any obligation or right that Dealer or any affiliate of Dealer may have to or
  against Counterparty hereunder or under the Agreement against any right or
  obligation Dealer or any of its affiliates may have against or to
  Counterparty, including without limitation any right to receive a payment or
  delivery pursuant to any provision of the Agreement or hereunder. In the case
  of a set-off of any obligation to release, deliver or pay assets against any
  right to receive assets of the same type, such obligation and right shall be
  set off in kind. In the case of a set-off of any obligation to release,
  deliver or pay assets against any right to receive assets of any other type,
  the value of each of such obligation and such right shall be determined by
  the Calculation Agent and the result of such set-off shall be that the net
  obligor shall pay or deliver to the other party an amount of cash or assets,
  at the net obligor’s option, with a value (determined, in the case of a
  delivery of assets, by the Calculation Agent) equal to that of the net
  obligation. In determining the value of any obligation to release or deliver
  Shares or any right to receive Shares, the value at any time of such
  obligation or right shall be determined by reference to the market value of
  the Shares at such time, as determined by the Calculation Agent. If an
  obligation or right is unascertained at the time of any such set-off, the
  Calculation Agent may in good faith estimate the amount or value of such
  obligation or right, in which case set-off will be effected in respect of
  that estimate, and the relevant party shall account to the other party at the
  time such obligation or right is ascertained.

	
 

	
 

	
 

	
          (iii) Notwithstanding
  any provision of the Agreement (including without limitation Section 6(f) thereof)
  and this Confirmation (including without limitation this Section 8(k)) or any
  other agreement between the parties to the contrary, (A) Counterparty shall
  not net or set off its obligations under the Transaction, if any, against its
  rights against Dealer under any other transaction or instrument; (B) Dealer
  may net and set off any rights of Dealer against Counterparty arising under
  the Transaction only against obligations of Dealer to Counterparty arising
  under any transaction or instrument if such transaction or instrument does
  not convey rights to Dealer senior to the claims of common stockholders in
  the event of Counterparty’s bankruptcy; and (C) in the event of
  Counterparty’s bankruptcy, Dealer waives any and all rights it may have to
  set-off in respect of the Transaction, whether arising under agreement,
  applicable law or otherwise. Dealer will give notice to Counterparty of any
  netting or set off effected under this provision.

          (l) Equity
Rights. Dealer acknowledges and agrees that this Confirmation is not
intended to convey to it rights with respect to the Transaction that are senior
to the claims of common stockholders in the event of Counterparty’s bankruptcy.
For the avoidance of doubt, the parties agree that the preceding sentence shall
not apply at any time other than during Counterparty’s bankruptcy to any claim
arising as a result of a breach by Counterparty of any of its obligations under
this Confirmation or the Agreement. 

          (m) Early Unwind.
In the event the sale by Counterparty of the Convertible Debentures is not
consummated with the initial purchasers pursuant to the Purchase Agreement for
any reason by the close of business in New York on April 18, 2006 (or such
later date as agreed upon by the parties, which in no event shall be later than
April 27, 2006) (April 18, 2006 or such later date being the “Early Unwind
Date”), the Transaction shall automatically terminate (the “Early Unwind”),
on the Early Unwind Date and (i) the Transaction and all of the respective rights
and obligations of Dealer and Counterparty thereunder shall be cancelled and
terminated and (ii) Counterparty shall pay to Dealer, other than in cases
involving a breach of the Purchase Agreement by the initial purchasers, an
amount in cash equal to the aggregate amount of costs and expenses relating to
the unwinding of Dealer's hedging activities in respect of the Transaction
(including market losses incurred in reselling any Shares purchased by Dealer
or its affiliates in connection with such hedging activities). Following such
termination, cancellation and payment, each party shall be released and
discharged by the other party from and agrees not to make any claim against the
other party with respect to any obligations or liabilities of either party arising
out of and to be performed in connection with the Transaction either prior to
or after the Early Unwind Date. Dealer and Counterparty represent and
acknowledge to the other that upon an Early Unwind and following the payment
referred to above, all obligations with respect to the Transaction shall be
deemed fully and finally discharged.

14

          (n) Waiver of
Trial by Jury. EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY
WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON
BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR RELATING TO THE TRANSACTION OR THE ACTIONS OF DEALER OR ITS
AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

          (o) Governing
Law. THIS CONFIRMATION SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE
ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM
WITH RESPECT TO, THESE COURTS.

15

          Counterparty
hereby agrees (a) to check this Confirmation carefully and immediately
upon receipt so that errors or discrepancies can be promptly identified and
rectified and (b) to confirm that the foregoing (in the exact form
provided by Dealer) correctly sets forth the terms of the agreement between
Dealer and Counterparty with respect to the Transaction, by manually signing
this Confirmation or this page hereof as evidence of agreement to such terms
and providing the other information requested herein and immediately returning
an executed copy to Equity Derivatives Documentation Department, Facsimile No.
(212) 428-1980/83.

	
 

	
 

	
 

	
 

	
Yours faithfully,

	
 

	
 

	
 

	

	
 

	
 

	
 

	
By:

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
Agreed and Accepted By:

	
 

	
 

	
 

	
MEDTRONIC, INC.

	
 

	
By:

	
 

	
 

	

	
 

	
      Name:

	
 

	
      Title:

	
 

16

Schedule to Exhibit 10.27

          On
April 12, 2006, the Company entered into six convertible bond hedge
transactions (the “Convertible Bond Hedge Transactions”). A confirmation was
produced for each transaction. The confirmations are substantially identical to
the form of hedge confirmation appearing herein as Exhibit 10.27 (the “Form of
Hedge Confirmation”). However, the six actual confirmations differ from the
Form of Hedge Confirmation as follows:  

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Issuer:

	
 

	
Deutsche Bank

	
 

	
Deutsche Bank

	
 

	
UBS AG

	
 

	
Merrill Lynch

	
 

	
Merrill Lynch

	
 

	
Goldman Sachs

	

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
On Page 1,
  the following

  names and addresses replace

  the blank that appears

  opposite the heading “From:”

	
 

	
Deutsche
  Bank

  AG, London

  Branch

  

  Winchester house

  1 Great Winchester St.

  London EC2N

  2DB

  

  Telephone: +44
20 7545 8000

  

  c/o Deutsche Bank AG,

  New York

  Branch

  60 Wall Street

  New York, NY

  10005

  

  Telephone: (212)

  250-2500

  

  Facsimile: (212)

  797-9365

	
 

	
Deutsche
  Bank

  AG, London

  Branch

  

  Winchester house

  1 Great Winchester St.

  London EC2N

  2DB

  

  Telephone: +44
20 7545 8000

  

  c/o Deutsche Bank AG,

  New York

  Branch

  60 Wall Street

  New York, NY

  10005

  

  Telephone: (212)

  250-2500

  

  Facsimile: (212)

  797-9365

	
 

	
UBS AG,
  London

  Branch

  

  c/o UBS Securities LLC

  299 Park Avenue

  New York, NY

  10171

  Attn: Adam

  Frieman

  

  Telephone: (212)

  821-2100

  

  Facsimile:  (212)

  821-4610

	
 

	
Merrill
  Lynch

  International

  

  Merrill Lynch

  Financial Center

  2 King Edward

  Street

  London EC1A

  1HQ

  Attn: Manager,

  Fixed Income Settlements

  

  Telephone: +44
207 995 3769

  

  Facsimile: +44

  207 995 2004

	
 

	
Merrill Lynch

  International

  

  Merrill Lynch Financial Center

  2 King Edward

  Street London EC1A 

  1HQ

  Attn: Manager,
Fixed Income

  Settlements

  

  Telephone: +44

  207 995 3769

  

  Facsimile: +44

  207 995 2004

	
 

	
Goldman,
  Sachs & Co.

  85 Broad Street

  New York, NY

  10004

  Attn: Tracey

  McCabe

  Telephone: (212)

  357-6076

  

  Facsimile: (212)

  428-3778

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
On Page 1,
  the following numbers replace the blank after the phrase “Reference or
  Transaction Number.”

	
 

	
(Internal

  Reference: 104927)

	
 

	
(Internal

  Reference: 104930)

	
 

	
(UBS
  Reference

  Number: 1806955)

	
 

	
(Transaction

  Reference Number: 0683242)

	
 

	
(Transaction

  Reference Number: 0683244)

	
 

	
(Transaction

  Reference Number: FDB1620971367)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
On Page 1,
  in the first paragraph, the following
  names replace the blank
  before the word “Dealer.”

	
 

	
Deutsche
  Bank AG acting through its London branch (“Dealer”), with
  Deutsche Bank
  AG, New York
  Branch acting as its
  agent

	
 

	
Deutsche
  Bank AG
  acting through its
  London branch
  (“Dealer”), with
  Deutsche Bank
  AG, New York
  Branch acting as its
  agent,

	
 

	
UBS AG, London
  Branch (“Dealer”)
  represented by
  UBS Securities
  LLC (“Agent”) as
  its agent,

	
 

	
Merrill
  Lynch International (“Dealer”)
  represented by
  Merrill Lynch,
  Pierce, Fenner &
  Smith Incorporated
  (“Agent”) as its
  agent,

	
 

	
Merrill
  Lynch International
  (“Dealer”)
  represented by
  Merrill Lynch,
  Pierce, Fenner &
  Smith Incorporated
  (“Agent”) as its agent,

	
 

	
Goldman,
  Sachs & Co. (“Dealer”)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
On Pages 1,
  the following paragraphs appear after the first paragraph of Section 1.

	
 

	
DEUTSCHE
  BANK AG IS NOT REGISTERED AS A BROKER DEALER UNDER THE U.S. SECURITIES
  EXCHANGE ACT OF 1934, AS AMENDED. DEUTSCHE BANK AG, NEW YORK BRANCH HAS ACTED
  SOLELY AS AGENT IN CONNECTION WITH THE TRANSACTION AND HAS NO OBLIGATION, BY
  WAY OF ISSUANCE, ENDORSEMENT, GUARANTEE OR OTHERWISE WITH RESPECT

	
 

	
DEUTSCHE
  BANK AG IS NOT REGISTERED AS A BROKER DEALER UNDER THE U.S. SECURITIES
  EXCHANGE ACT OF 1934, AS AMENDED. DEUTSCHE BANK AG, NEW YORK BRANCH HAS ACTED
  SOLELY AS AGENT IN CONNECTION WITH THE TRANSACTION AND HAS NO OBLIGATION, BY
  WAY OF ISSUANCE, ENDORSEMENT, GUARANTEE OR OTHERWISE WITH RESPECT

	
 

	
(none)

	
 

	
(none)

	
 

	
(none)

	
 

	
(none)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
TO THE
  PERFORMANCE OF EITHER PARTY UNDER THE TRANSACTION. DEUTSCHE BANK AG, LONDON
  BRANCH IS NOT A MEMBER OF THE SECURITIES INVESTOR PROTECTION CORPORATION
  (SIPC).

	
 

	
TO THE
  PERFORMANCE OF EITHER PARTY UNDER THE TRANSACTION. DEUTSCHE BANK AG, LONDON
  BRANCH IS NOT A MEMBER OF THE SECURITIES INVESTOR PROTECTION CORPORATION
  (SIPC).

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
On Page 2 and Page 3,
  in Section 2, the following amounts replace the blank that appears opposite
  the heading “Applicable Percentage.”

	
 

	
[**]%

	
 

	
[**]%

	
 

	
[**]%

	
 

	
[**]%

	
 

	
[**]%

	
 

	
[**]%

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
On Page 3,
  in Section 2, the following amounts replace the blank that appears opposite
  the heading “Premium.”

	
 

	
USD[**]

	
 

	
USD[**]

	
 

	
USD[**]

	
 

	
USD[**]

	
 

	
USD[**]

	
 

	
USD[**]

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
On Page 3,
  in Section 2, the following amounts replace the blank that appears opposite
  the heading “Premium per Option.”

	
 

	
USD[**]

	
 

	
USD[**]

	
 

	
USD[**]

	
 

	
USD[**]

	
 

	
USD[**]

	
 

	
USD[**]

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
On Page 3,
  in Section 2, in the paragraph entitled “Procedures for Exercise,” the
  following dates appear opposite the heading 

	
 

	
April 15, 2011

	
 

	
April 15, 2013

	
 

	
April 15, 2011

	
 

	
April 15, 2011

	
 

	
April 15, 2013

	
 

	
April 15, 2013

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
“Expiration
  Date:”

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
On Page 4,
  in Section 2, in the paragraph entitled “Procedures for Exercise,” the
  following addresses replace the blank that appears opposite the heading
  “Dealer’s Telephone Number and Telex and/or Facsimile Number and Contact
  Details for purpose of Giving Notice.”

	
 

	
To: Deutsche
  Bank AG
London

  

  c/o Deutsche
Bank AG,

  New York Branch

  60 Wall Street

  New York, NY

  10005

  Attn: Stanley
Rowe or Lee

  Frankenfield

  

  Telephone: (212)

  250-4942 or (212)

  250-4980

  

  Facsimile: (212)

  797-9365

	
 

	
To: Deutsche

  Bank AG
London

  

  c/o Deutsche
Bank AG,

  New York Branch

  60 Wall Street

  New York, NY

  10005

  Attn: Stanley
Rowe or Lee

  Frankenfield

  

  Telephone: (212)

  250-4942 or (212)

  250-4980

  

  Facsimile: (212)

  797-9365

	
 

	
To: UBS AG,

  London Branch

  c/o UBS Securities

  LLC

  299 Park Avenue

  New York, NY

  10171

  Attn: Adam

  Frieman 

  

  Telephone: (212)

  821-2100

  

  Facsimile: (212)

  821-4610

	
 

	
To: Merrill
  Lynch

  International

  

  Merrill Lynch

  Financial Center

  2 King Edward

  Street

  London EC1A

  1HQ

  Attn: Manager,

  Fixed Income

  Settlements

  

  Telephone:
 44 207 995 3769

  

  Facsimile:
 44 207

  995 2004

	
 

	
To: Merrill
  Lynch

  International

  

  Merrill Lynch

  Financial Center

  2 King Edward

  Street

  London EC1A

  1HQ

  Attn: Manager,

  Fixed Income

  Settlements

  Telephone:
 + 44
  207 995 3769

  

  Facsimile:
+44
  207 995 2004

	
 

	
To: Goldman

  Sachs & Co.

  

  One New York

  Plaza

  New York, NY

  10004

  Attn: Equity

  Operations:

  Options and

  Derivatives

  

  Telephone: (212)

  902-8996

  

  Facsimile: (212)

  902-0112

  With a copy to:

  

  Attn: Tracey

  McCabe

  Equity Capital

  Markets

  

  Telephone: (212)

  357-0428

  Facsimile: (212)

  902-3000

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
On Page 7,
  in Section 4, entitled “Account Details,” the following information replaces
  the blank therein.

	
 

	
Dealer
  Payment Instructions for Deutsche Bank AG, New York
  Branch acting as
  agent are as
  follows:

	
 

	
Dealer
  Payment
  Instructions for
  Deutsche Bank
  AG, New York
  Branch acting as
  agent are as
  follows:

	
 

	
Dealer
  Payment
  Instructions:

  

  UBS AG Stamford

  

  SWIFT:

  UBSWUS33XXX

	
 

	
Dealer
  Payment

  Instructions:

  

  Chase Manhattan

  Bank, New York 

  

  Bank Routing:

  021-000-021

	
 

	
Dealer
  Payment

  Instructions:

  

  Chase Manhattan

  Bank, New York

  

  Bank Routing: 021-

  000-021

	
 

	
Dealer
  Payment

  Instructions:

  

  Chase Manhattan

  Bank New York

  

  Bank Routing:

  021-

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Bank of New
  York

  

  Bank Routing:

  021-000-018

  

  Account Name: DBO 

  

  Account No. : [**]

	
 

	
Bank of New
  York

  

  Bank Routing:

  021-000-018

  

  Account Name: DBO

  

  Account No. : [**]

	
 

	
Bank
  Routing:

  026-007-993

  

  Account Name:

  UBS AG, London

  Branch 

  

  Account No. : [**]

	
 

	
Account
  Name:

  ML Equity

  Derivatives

  

  Account No. : [**]

	
 

	
Account
  Name:

  ML Equity

  Derivatives

  Account No. : [**]

	
 

	
000021

  

  Account Name:

  Goldman,

  Sachs & Co.

  

  Account No. : [**]

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
On Page 7,
  in Section 5, entitled “Offices,” the following addresses replace the blank
  below the heading “The Officer of the Dealer for the Transaction is:”

	
 

	
The Office
  of

  Dealer for the

  Transaction is:

  

  Deutsche Bank

  AG, London

  Branch

  

  1 Great Winchester St.

  Winchester house 

  London EC2N

  2DB

	
 

	
The Office
  of

  Dealer for the

  Transaction is:

  

  Deutsche Bank

  AG, London Branch

  

  1 Great Winchester

  St.

  Winchester house

  London EC2N

  2DB

	
 

	
The Office
  of

  Dealer for the

  Transaction is:

  

  UBS AG

  100 Liverpool

  Street

  London EC2M

  2RH

  United Kingdom

  Telephone:
+44 207
568 0687

  Facsimile:
+44 207
568 9895/6

	
 

	
The Office
  of

  Dealer for the

  Transaction is:

  

  Merrill Lynch

  Financial Center

  2 King Edward

  Street

  London EC1A

  1HQ 

  Telephone: 44
207 995 3769

  

  Facsimile: 44
207 995 2004

	
 

	
The Office
  of

  Dealer for the

  Transaction is:

  

  Merrill Lynch

  Financial Center

  2 King Edward

  Street

  London EC1A

  1HQ

  Telephone:
+44 207

  995 3769

  Facsimile: +44

  207 995 2004

	
 

	
The Office
  of

  Dealer for the

  Transaction is:

  

  One New York

  Plaza, New York,

  New York 10004

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
On Page 8,
  in Section 6, entitled “Notices,” the following addresses replace the blank
  below the heading “(b) Address for notices or communications to Dealer:”

	
 

	
To: Deutsche

  Bank AG

  London

  c/o Deutsche
Bank AG,

  New York

  Branch

  

  60 Wall Street

  New York, NY

  10005

  Attn: Stanley Rowe

  or Lee

  Frankenfield

	
 

	
To: Deutsche

  Bank AG

  London

  c/o Deutsche
Bank AG, 

  New York

  Branch

  60 Wall Street

  New York, NY

  10005

  Attn: Stanley Rowe

  or Lee

  Frankenfield

	
 

	
To: UBS AG,

  London Branch

  c/o UBS Securities

  LLC

  299 Park Avenue

  New York, NY

  10171

  Attn: Adam

  Frieman

  Telephone: (212)

  821-2100 

	
 

	
To: Merrill
  Lynch

  International

  Merrill Lynch

  Financial Center

  2 King Edward

  Street
  London EC1A

  1HQ

  Attn: Manager,

  Fixed Income

  Settlements

	
 

	
To: Merrill
  Lynch

  International

  Merrill Lynch

  Financial Center

  2 King Edward

  Street

  London EC1A

  1HQ

  Attn: Manager,

  Fixed Income

  Settlements

	
 

	
To: Goldman,

  Sachs & Co.

  85 Broad Street

  New York, NY

  10004

  Attn: Equity

  Operations:

  Options and

  Derivatives

  Telephone: (212)

  902-8996

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Telephone:
  (212)

  250-4942 or (212)

  250-4980

  

  Facsimile: (212)

  797-9365

	
 

	
Telephone:
  (212)

  250-4942 or (212)

  250-4980

  

  Facsimile: (212)

  797-9365

	
 

	
Facsimile: (212)

  821-4610

  

  With a copy to:

  

  To: Equities Legal

  Department

  

  677 Washington

  Boulevard

  Stamford, CT

  06901

  Attn: David Kelly

  and Gordon

  Kiesling

  

  Telephone: (203)

  719-0268

  

  Facsimile:(203)

  719-5627

  

  and:

  

  To: Equities

  Volatility Trading

  

  677 Washington

  Boulevard

  Stamford, CT

  06901

  Attn: Namuk Cho

  and Bennett

  Lieberman

  

  Telephone: (203)

  719-7330

  

  Facsimile: (203)

	
 

	
Telephone:

  +44 207
995 3769

  

  Facsimile: +44

  207 995 2004

	
 

	
Telephone:
+44 207

  995 3769

  

  Facsimile: +44

  207 995 2004

	
 

	
Facsimile:
  (212)

  902-0112

  

  With a copy to:

  Attn: Tracey

  McCabe

  Equity Capital

  Markets

  

  Telephone: (212)

  357-0428

  

  Facsimile: (212)

  902-3000

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
719-7910

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
On Page 15,
  in Section 8, entitled “Other Provisions,” the following paragraphs appear
  after the paragraph entitled “(o) Governing Law.”  

	
 

	
           (p)

          Method of Delivery. Whenever delivery of
funds or other assets is required hereunder by or to Counterparty, such
delivery shall be effected through Deutsche Bank AG, New York Branch (“DBNY”).
In addition, all notices, demands and communications of any kind
relating to the Transaction between Dealer and Counterparty shall be
transmitted exclusively through DBNY. 

	
 

	
(p)

          Method of Delivery. Whenever delivery of
funds or other assets is required hereunder by or to Counterparty, such
delivery shall be effected through Deutsche Bank AG, New York Branch (“DBNY”).
In addition, all notices, demands and communications of any kind
relating to the Transaction between Dealer and Counterparty shall be transmitted
exclusively through DBNY. 

	
 

	
(p)

            Role of Agent. Each party agrees and
  acknowledges that Agent is acting as agent for both parties but does not
  guarantee the performance of either party and neither Dealer nor Counterparty
  shall contact the other with respect to any matter relating to the
  Transaction without the direct involvement of Agent; (ii) Agent is not a
  member of the Securities Investor Protection Corporation; (iii) Agent, Dealer
  and Counterparty each hereby acknowledges that any transactions by Dealer or
  Agent in the Shares will be undertaken by Dealer or Agent, as the case may,
  as principal for its own account; and (iv) all of the actions to be taken by
  Dealer and 

	
 

	
(Blank)

	
 

	
(Blank)

	
 

	
(Blank)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Agent in
  connection with the Transaction, including but not limited to any exercise of
  any rights with respect to the Options, shall be taken by Dealer or Agent
  independently and without any advance or subsequent consultation with
  Counterparty; and (iv) Agent is hereby authorized to act as agent for
  Counterparty only to the extent required to satisfy the requirements of Rule
  15a-6 under the Exchange Act in respect of the Options described hereunder.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
On Page 16
  the following names replace the blank below the phrase “Yours faithfully.”

	
 

	
DEUTSCHE BANK AG LONDON

  

  and

  

  DEUTSCHE BANK AG NEW YORK as agent

	
 

	
DEUTSCHE BANK AG LONDON

  

  and

  

  DEUTSCHE BANK AG NEW YORK as agent

	
 

	
UBS AG, LONDON BRANCH

  

  and

  

  UBS SECURITIES LLC, as agent

	
 

	
MERRILL LYNCH INTERNATIONAL 

  and

  
MERRILL LYNCH, PIERCE,
  FENNER & SMITH

	
 

	
MERRILL LYNCH INTERNATIONAL

  

  and

  
MERRILL LYNCH, PIERCE,
  FENNER & SMITH

	
 

	
GOLDMAN, SACHS & CO.

	
 

	
 

	
 

	
 

	
 

	
 

	
 
	
 

	
INCORPORATED,
  as agent

	
 

	
INCORPORATED,
  as agent

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