Document:

Exhibit
10.5

EMPLOYMENT AGREEMENT

This Employment Agreement (“Agreement”) is made effective
as of April 03, 2006 (the “Effective Date”), by and between ev3 Inc. (“Company”), having a principal place of business at 9600 54th Avenue North, Plymouth, MN 55442, and Matthew
Jenusaitis (“Employee”), having an address of 1123 Hampton Court, Encinitas, CA 92024.

WHEREAS, Company is a
leading global medical device company focused on catheter-based, or
endovascular, technologies for the minimally invasive treatment of vascular
diseases and disorders and desires to employ Employee on the terms and subject
to the conditions set forth herein.

WHEREAS, Company has
expended considerable time, effort and resources in the development of certain
confidential, proprietary, and trade secret protected information, which must
be maintained as confidential in order to ensure the success of Company’s
business;

WHEREAS, Company has
expended considerable funds, time, effort, and resources in the development of
its customer goodwill and recruiting and training its workforce, which also
must be maintained in order to ensure the success of Company’s business; and

WHEREAS, by virtue of
Employee’s employment with Company, Employee will be performing services in a
confidential capacity and will be acquiring knowledge about Company’s valuable
confidential and technical information, its trade secrets, customer goodwill,
and its highly trained workforce and Company desires reasonable protection of
its confidential business and technical information, its trade secrets,
customer goodwill, and its highly trained workforce.

NOW THEREFORE, in
consideration of the covenants and promises contained herein, and of Employee’s
at-will employment by Company, the compensation and benefits received by
Employee from Company, and the access given Employee to Company’s Confidential
and Proprietary Information, as defined below, all of which Employee
acknowledges are good and valuable consideration for Employee entering into
this Agreement and for the restrictions imposed in Employee’s current and
post-employment activities under this Agreement, the parties hereto agree as
follows:

1.                                      Employment.

1.01.                     Position. Company hereby employs Employee in the position described in Employee’s
offer letter, with such specific duties, responsibilities, and powers as
Company may from time to time prescribe.

1.02.                     Best Efforts. Employee covenants and agrees that, at all
times during the term of this Agreement, Employee shall devote Employee’s
full-time, best efforts to the duties assigned to Employee by Company. Employee
further covenants and agrees that Employee will not, directly or indirectly,
engage or participate in any activities at any time during the term of this
Agreement in conflict with the best interests of Company.

2.                                      Compensation and Benefits.

2.01.                     Hourly Compensation. Company shall pay Employee compensation at
the rate set forth in Employee’s offer letter, less
applicable tax withholdings, paid semi-monthly in accordance with Company’s normal payroll practices. Company may
adjust Employee’s hourly compensation

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periodically
according to its payroll policies, which presently provide for a salary review
effective January 1 of each year.

2.02.                     Benefits. Employee shall be entitled to participate in Company’s employee benefit
programs in accordance with the terms of such plans and programs as in effect
from time to time.

3.                                      Term and Termination.

3.01.                     At-Will Employment. The term of Employee’s employment under
this Agreement shall commence on the Start Date set forth in Employee’s offer
letter and continue until terminated as hereinafter provided. Employee
understands and agrees that employment with Company is at-will and is not
guaranteed for any specified duration.

3.02.                     Termination
With or Without Cause. Employee acknowledges and agrees that
Employee’s employment may be terminated by Company or Employee at any time,
with or without cause, with or without notice, and for any reason. Depending on
the circumstances, but only in the case of a without cause termination, some severance
may be offered in the sole discretion of the Company.

3.03.                     Payment upon Termination. In the event of a termination of Employee’s
employment for any reason, Employee shall be entitled to compensation to the
date of termination, but Company shall not be obligated to make any further
payments after the date of termination.

4.                                      Employee’s Representations and
Duties.

4.01.                     Company. Solely for
purposes of Articles 4, 5, 6, 7, 8, 9 and 10 of this Agreement, “Company”
includes Company, its parent, subsidiary, and affiliated companies, and their
successors and assigns.

4.02.                     No Conflicts. Employee represents and warrants to Company
that Employee is not currently subject to any non-competition, confidentiality,
or any other type of agreement or other obligation with any third party
(including but not limited to any former employer) that would prohibit Employee
from accepting this position with Company, conflict with Employee’s obligations
under this Agreement, or in any way restrict or impair Employee’s ability to
perform the full scope of duties and responsibilities Employee is expected to
perform for Company, except as Employee has disclosed to the Company prior to
accepting this offer of employment with Company. Regarding such disclosures
that have been discussed with the Company, Company agrees to pay the costs of
reasonable attorney’s fees and expenses in defense of any claim that may be
brought against Employee for any alleged breach of any alleged obligations, and
to reimburse Employee for any monetary settlement payments that might result
from such claim.

4.03.                     Compliance with Company Policies. Employee shall, at all times, comply with
all policies, rules, and procedures of Company, which include, but are not
limited to, Company’s Code of Conduct, Corporate Compliance Policy, and Insider
Trading Policy.

4.04.                     Duty of Loyalty. In all
aspects of Employee’s employment with Company, Employee shall act in the utmost
good faith, deal fairly with Company, and fully disclose to Company all
information that Company might reasonably consider to be important or relevant
to Company’s business.  Employee further agrees that during employment by
Company, Employee shall not engage in any conduct that might result in, or
create the appearance of using Employee’s

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position
for Employee’s private gain, or otherwise create a conflict of interest, or the
appearance of a conflict of interest, with Company. Such prohibited conduct
includes, but is not limited to, having an undisclosed financial interest in
any vendor or supplier of Company, accepting payments of any kind or gifts
other than of a nominal value from vendors, customers, or suppliers, or having
an undisclosed relationship with a family member or other individual who is
employed by any entity in active or potential competition with Company, and
which creates a conflict of interest. While employed at Company, Employee shall
not establish, operate, participate in, advise, or assist to establish in any
manner whatsoever any business, that could or would be in competition with
Company’s business, and Employee shall not take any preliminary or preparatory
steps toward establishing or operating such a business. Notwithstanding the
foregoing, Employee may own less than two percent (2%) of any class of stock or
security of any company that competes with Company listed on a national
securities exchange.

4.05.                     E-Mail Messages
and Internet Usage. Employee acknowledges and agrees that all e-mail
messages that Employee produces, sends, or receives while at Company facilities
or using Company equipment are the property of Company. Employee also
acknowledges and agrees that Company may monitor and inspect all such messages
and also may monitor and control the communications that Employee initiates or
receives through the Internet while at Company facilities and while using
Company equipment in any location. Employee acknowledges that Employee has no
right to or expectation of privacy in such communications. Employee agrees to
cooperate with Company in its implementation of such security and control
measures as it may implement from time to time with respect to e-mail and
Internet communications and shall take all reasonable precautions to ensure
that the confidentiality of any such communications containing Confidential and
Proprietary Information, as defined below, is maintained. Employee also agrees
that the Internet may not be used for the transmission or intentional reception
of obscene, scandalous, offensive, or otherwise inappropriate materials, and
that Employee will comply with all Company policies regarding appropriate use
of the Internet and e-mail.

5.                                      Nondisclosure of Confidential and Proprietary Information.

5.01.                     Definition of
Confidential and Proprietary Information. “Confidential and
Proprietary Information” means any and all information, whether oral, written,
or committed to Employee’s memory, that is not generally known by persons not
employed by, or parties to contracts with, Company, whether prepared by Company
or Employee, including but not limited to:

(a)                                  Inventions,
designs, discoveries, works of authorship, improvements, or ideas, whether or
not patentable or copyrightable, methods, processes, techniques, shop
practices, formulae, compounds, or compositions developed or otherwise
possessed by Company;

(b)                                 the subject matter
of Company’s patents, design patents, copyrights, trade secrets, trademarks,
service marks, trade names, trade dress, manuals, operating instructions, and
other intellectual property to the extent that such information is unavailable
to the public;

(c)                                  Company’s
information, knowledge, or data concerning its financial data, including
financial statements and projections, pricing information, costs, sales,
budgets, and profits; business plans such as products and services under
development, clinical trials, proposals, presentations, potential acquisitions
under consideration, and marketing strategies; manufacturing processes;
organizational structures, such as

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names of employees,
consultants, and their positions and compensation schedules; customer information
such as surveys, customer lists, lists of prospective customers, customer
research, customer meetings, customer account records, sales records, training
and servicing materials, programs, techniques, sales, and contracts; supplier
and vendor information including lists and contracts; relational data models,
company manuals and policies, computer programs, software, disks, source code,
systems architecture, blue prints, flow charts, and licensing agreements;
and/or

(d)                                 any document
marked “Confidential”, or any information that Employee has been told is “Confidential”
or that Employee might reasonably expect Company would regard as “Confidential,”
or any information that has been given Company in confidence by customers,
suppliers, or other persons.

5.02.                     Confidentiality
Obligations. Employee agrees to hold all Confidential and
Proprietary Information in the strictest confidence both during Employee’s
employment relationship with Company and after Employee’s employment
relationship with Company is voluntarily or involuntarily terminated for any
reason. To this end, Employee shall:

(a)                                  not make, or
permit or cause to be made, copies of any Confidential and Proprietary
Information, except as necessary to carry out Employee’s duties as prescribed
by Company;

(b)                                 not disclose or
reveal any Confidential and Proprietary Information, or any portion thereof, to
any person or company who is not under a legal or contractual obligation to
Company to hold such information confidential;

(c)                                  take all
reasonable precautions to prevent the inadvertent disclosure of any
Confidential and Proprietary Information to any unauthorized person;

(d)                                 acknowledge
that Company is the owner of all Confidential and Proprietary Information and
agree not to contest any such ownership rights of Company, either during or
after Employee’s employment with Company; and

(e)                                  upon
termination of employment with Company or upon request by Company, deliver
promptly to Company all Confidential and Proprietary Information and all
Company documents and property, whether confidential or not, including, without
limitation, all books, manuals, records, reports, notes, contracts, lists,
blueprints, programs, databases, and other documents or materials, whether in
hard copy, electronic, or other form, including copies thereof, whether
prepared by Employee or Company, and all equipment furnished to Employee in the
course of or incident to employment, including any laptop computer and all data
contained on such computer.

5.03.                     Obligations to
Third Parties. Employee understands and acknowledges that Company has a policy prohibiting the
receipt or use by Company of any confidential information or trade secret
protected information in breach of Employee’s obligations to third parties and
Company does not desire to receive any confidential information under such
circumstances. Accordingly, Employee
will not disclose to Company or
use in the performance of any duties for Company any confidential information in breach of an obligation to
any third party. Employee represents that Employee has informed Company, in
writing, of any restriction on Employee’s use of a third party’s confidential information that conflicts with any
obligations under this Agreement.

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6.                                      Non-Competition.

6.01.                     Post-Employment
Restrictions. Employee agrees that for a period of one (1) year
following Employee’s termination or separation from employment with Company for
any reason, voluntary or involuntary, Employee shall not directly or indirectly
(including without limitation as an officer, director, employee, advisor,
consultant, or otherwise), render services to any person or entity in
connection with the design, development, manufacture, marketing, or sale of a
Competitive Product, as defined below, that is sold or intended for use or sale
in any geographic area in which Company markets or intends to market any of its
products. It is agreed that Employee is free to work for a competitor of
Company, provided that:  (i) such
employment does not include any responsibilities for, or in connection with, a
Competitive Product for the one-year period of the restriction contained in
this Paragraph 6.01; and (ii) Employee has not assumed a position with a
competitor that would lead to the inevitable disclosure of Company’s trade
secrets or Confidential and Proprietary Information.

6.02.                     Field Sales
Restrictions. If Employee’s only responsibilities for Company during the last two
years of employment have been in a field sales or field sales management
capacity, the restrictions in Paragraph 6.01 above shall be for a period
of one year in the sales territory or territories Employee covered or
supervised for all or part of the last year of employment and/or for any
customers Employee had direct or indirect contact with, within or outside of
the sales territory, for all or part of the last year of employment.

6.03.                     Definition of
Competitive Product. “Competitive Product” means any product or
component thereof, product line, or service that has been designed or is being
designed, developed, manufactured, marketed, or sold by anyone other than
Company and is: (i) of the same general type, (ii) performs similar functions,
and/or (iii) is used for the same or similar purposes, and/or to achieve
similar results, as a Company product.

6.04.                     Disclosure of
Obligations. During the restrictive period set forth in this Article
6, Employee will inform any new employer or prospective employer, prior to
accepting employment, of the existence of this Agreement and provide such
employer with a copy of this Agreement.

6.05.                     Acknowledgment of Company Efforts. Employee
acknowledges that Company has many near-permanent customers throughout the
world to which Employee has access.  These include customers that Company
developed as a result of many years of significant efforts and significant
financial investments by Company.

6.06.                     Acknowledgment
of Reasonableness. Employee acknowledges and agrees that the
restrictions contained in this Article 6 are reasonable as to time,
area, and persons and are necessary to protect the legitimate business
interests of Company and to avoid disruption of Company’s business. In that
connection, Employee further acknowledges that Company’s business is worldwide
in geographic scope and that its business is conducted, in part, over the
worldwide web.

6.07. Consideration. Employee acknowledges and agrees that Employee has received
consideration in exchange for signing this Agreement and that Employee was
advised of, and presented with, a copy of this Agreement prior to accepting
employment with Company.

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7.                                      Post-Employment
Restriction on Recruiting or Hiring Company Employees.

7.01.                     Acknowledgment of
Training Efforts. Employee acknowledges
that Company has expended considerable time and effort in recruiting and
training its employees, many of whom are accomplished professionals.

7.02.                     No Recruiting of
Company Employees. Employee hereby agrees
that, during Employee’s employment by Company and for a period of one (1) year
following the termination or separation from employment with Company, for any
reason, voluntary or involuntary, Employee shall not, directly or indirectly,
hire or recruit any employees of Company. This restriction shall not apply if
Employee is a CEO of another company and has no knowledge/indication of that
other company’s hire of a Company employee, and no knowledge of the possibility
of that particular hire.

8.                                      Inventions.

8.01.                     Definition of Inventions. “Inventions” means any
inventions, discoveries, improvements, and ideas, whether or not in writing or
reduced to practice and whether or not patentable or copyrightable, made,
authored, or conceived by Employee, whether by Employee’s individual efforts or
in connection with the efforts of others, and that either (i) relate in any way
to Company’s business, products, or processes, past, present, anticipated, or
under development; or (ii) result in any way from Employee’s employment by
Company; or (iii) use Company’s equipment, supplies, facilities, or
Confidential and Proprietary Information.

8.02.                     Assignment of
Inventions. During the course of Employee’s employment and for
a period of six (6) months thereafter, Employee shall promptly and fully
disclose to Company, and will hold in trust for Company’s sole right and
benefit, any Invention that Employee makes, conceives, or reduces to practice,
or causes to made, conceived, or reduced to practice, either alone or in
conjunction with others, whether made during the working hours of Company or on
Employee’s own time. Employee shall: (i) 
assign, and hereby assigns, to Company all of Employee’s right, title,
and interest in and to all such Inventions, any applications for patents,  copyrights, or any other registration of
intellectual property in any country covering or relating to any such
Invention, and any patents, copyrights, or other intellectual property
registration granted to Employee or Company; (ii) acknowledge and deliver
promptly to Company any written instruments and perform any other acts
necessary in Company’s opinion to preserve property rights in any Invention
against forfeiture, abandonment, or loss, to obtain and maintain letters patent
and/or copyrights or other registration of any intellectual property rights on
any such Invention, and to vest the entire right and title to such Inventions
and related intellectual property in Company. Employee agrees to perform
promptly (without charge to Company but at the expense of Company) all such
acts as may be necessary in Company’s opinion to preserve all patents and/or
copyrights or other intellectual property covering the Inventions and to enable
Company to obtain the sole right, title, and interest in all such Inventions,
including without limitation the execution of assignments or patent prosecution
documentation and appearing as a witness in any action brought in connection
with this Agreement.

8.03.                     Exclusion. The parties
agree, and Employee is hereby notified, that the requirements of this Article
8 do not apply to any invention for which no equipment, supplies, facility,
or information of Company was used and which was developed entirely on Employee’s
own time, and which (i) does not relate directly to Company’s business or to
Company’s actual or demonstrably anticipated research or development; or (ii)
does not result from any work Employee performed for Company. Employee
represents that, except as disclosed on Exhibit A, as of the date of this
Agreement, Employee has no rights under, and will make no claims against
Company with respect

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to,
any inventions, discoveries, improvements, ideas, or works of authorship that
would be Inventions if made, conceived, authored, or acquired by Employee
during the term of this Agreement. All inventions that Employee already has
conceived or reduced to practice and that Employee claims to be excluded from
the scope of this Agreement are listed on Exhibit A (if none, write “none”).

8.04.                     Copyrights. Employee
acknowledges that any documents, drawings, 
computer software, or other work of authorship prepared by Employee
within the scope of Employee’s employment is a “work made for hire” under U.S.
copyright laws and that, accordingly, Company exclusively owns all copyright
rights in such works of authorship. For purposes of this Agreement, “scope of
employment” means the work of authorship: (i) 
relates to any subject matter pertaining to Employee’s employment;
(ii)  relates to or is directly or
indirectly connected with the existing or reasonably foreseeable business,
products, projects, or Confidential and Proprietary Information of Company;
and/or (iii) involves the use of any time, material, or facility of Company.

8.05.                     Presumption. In the event of any dispute,
arbitration, or litigation concerning whether an invention, improvement, or
discovery made or conceived by Employee is the property of Company, such
invention, improvement, or discovery will be presumed the property of Company
and Employee will bear the burden of establishing otherwise.

9.                                      Non-Disparagement.

Employee agrees that Employee will not, directly or
indirectly, speak or act in any manner that is intended to, or does in fact,
damage the goodwill or the business of Company, or the business or personal
reputations of any of its directors, officers, agents, employees, customers,
vendors, or suppliers. Employee further agrees that Employee will not engage in
any other deprecating conduct or communications with respect to Company;
provided, however, that nothing in this Agreement shall preclude Employee from
providing honest, forthright, and truthful testimony in any court or regulatory
action or proceeding.

10.                               Injunctive Relief.

10.01.              Existence of Irreparable Harm. Employee acknowledges and agrees that in
the event of any breach or threatened breach by Employee of any of the
provisions of this Agreement, damages shall be an inadequate remedy and that
Company will suffer irreparable harm and, as a result, Company shall be
entitled to injunctive and other equitable relief such as restraining orders
and preliminary or permanent injunctions to specifically enforce the provisions
of this Agreement and to protect Company against any breach or threatened breach. 
If Company is required by applicable law to furnish a bond or other surety as a
condition of the entry of an injunction or restraining order, Employee agrees
that such bond or surety shall be in the minimum amount required by law.

10.02.              Non-Exclusive
Remedies. Nothing herein shall be construed as prohibiting
Company from pursuing any other remedies available to Company for Employee’s
breach or threatened breach of this Agreement, including the recovery of
damages from Employee and an accounting and repayment of all profits,
compensation, commissions, remuneration, or other benefits that Employee
directly or indirectly has realized and/or may realize as a result of, growing
out of, or in connection with, any such violation. These remedies shall be in
addition to, and not in limitation of, any other rights or remedies to which
Company is or may be entitled.

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11.                               Miscellaneous.

11.01.              No Waiver. No failure or delay by any party hereto in exercising any right,
power, or privilege hereunder will operate as a waiver thereof, nor will any
single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any right, power, or privilege hereunder.

11.02.              Survival. The provisions of Paragraph 3.03 and Articles 5, 6, 7, 8,
9, 10 and 11 shall survive any termination of Employee’s employment or this
Agreement.

11.03.              Assignment. This Agreement shall be binding upon Employee’s heirs, personal
representatives, and assigns, to the extent its provisions are applicable, and
may be transferred by Company to its successors and assigns.

11.04.              Severability. In the event any one or more of the
provisions contained in this Agreement are deemed illegal or unenforceable,
such provision:  (i) shall be construed
in a manner to enable it to be enforced to the extent permitted by applicable
law; and (ii) shall not affect the validity and enforceability of any legal and
enforceable provision of this Agreement.

11.05.              Construction. It is agreed that the provisions of this
Agreement will be regarded as divisible and if any provision is found by any
court of competent jurisdiction to be unenforceable because it extends for too
long a period of time or over too great a range of activities or persons or in
too broad a geographic area, it shall be interpreted to extend over the maximum
period of time, range of activities or persons, and/or geographic areas as to
which it may be enforceable. Any Court is also authorized to extend the
duration of any restriction under Articles 6 and 7 for the period that
any violation of Articles 6 or 7 exists. All captions and titles are for
convenience only, and may not be used to interpret or to define the terms of
this Agreement.

11.06.              Governing Law and Jurisdiction. This Agreement shall be governed by the
laws of the State of Minnesota, without regard to choice of law rules. Each of
the parties hereto hereby irrevocably and unconditionally consents to submit to
the exclusive jurisdiction and venue of the federal and state courts within the
State of Minnesota, and each party hereby consents to personal jurisdiction in
such forum, for any actions, suits, or proceedings arising out of or relating
to this Agreement (and agrees not to commence any action, suit, or proceeding
relating thereto except in such courts). Notwithstanding the foregoing, nothing
in this Agreement will prevent Company from seeking interim or permanent
injunctive relief or filing any action to recover amounts owed to Company by
Employee in any court having jurisdiction over Employee.

11.07.              Entire Agreement. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and
supersedes all previous agreements and understandings, whether oral or written,
between the parties with respect to the subject matter hereof. This Agreement
may only be modified in a writing signed by both of the parties hereto.

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IN WITNESS
WHEREOF, the parties hereto have subscribed their names to this Agreement on
the day and year written below.

	
  COMPANY

  	
  EMPLOYEE

  
	
   

  	
   

  
	
  By:

  	
  /s/ Greg
  Morrison

  	
   

  	
  /s/ M. Jenusaitis

  	
   

  
	
   

  	
   

  
	
  Print Name: Greg
  Morrison

  	
  Print Name: M. Jenusaitis

  
	
   

  	
   

  
	
  Title:   Vice
  President, Human Resources

  	
   

  
	
   

  	
   

  
	
  Date: 

  	
   

  	
   

  	
  Date: 4-3-06

  
							

 

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EXHIBIT A

Disclosure of Prior Inventions

All
inventions that Employee already has conceived or reduced to practice and that
Employee claims to be excluded from the scope of “Inventions” as defined in the
Employment Agreement are listed below (if none, write “none”):

 10Exhibit
10.6

[ev3 Letterhead]

April 3, 2006

Matthew Jenusaitis

1123 Hampton Court

Encinitas, CA 92024

Dear Matthew:

The Board considers the operation of the Company to be
of critical importance to the Parent Company and therefore the establishment
and maintenance of a sound and vital management team of the Company is
essential to protecting and enhancing the best interests of the Parent Company
and its stockholders.  In this
connection, the Board recognizes that the possibility of a Change in Control of
the Parent Company may arise and that such possibility and the uncertainty and
questions which such transaction may raise among key management personnel of
the Company and its subsidiaries could result in the departure or distraction
of such management personnel to the detriment of the Parent Company and its
stockholders.

Accordingly, the Board has determined that appropriate
actions should be taken to minimize the risk that Company management will
depart prior to a Change in Control of the Parent Company, thereby leaving the
Company without adequate management personnel during such a critical period,
and to reinforce and encourage the continued attention and dedication of key
members of Company’s management to their assigned duties without distraction in
circumstances arising from the possibility of a Change in Control of the Parent
Company.  In particular, the Board
believes it important, should the Parent Company or its stockholders receive a
proposal for transfer of control of the Parent Company that you be able to
continue your management responsibilities without being influenced by the
uncertainties of your own personal situation.

The Board recognizes that continuance of your position
with the Subsidiary involves a substantial commitment to the Company in terms
of your personal life and professional career and the possibility of foregoing
present and future career opportunities, for which the Company receives
substantial benefits.  Therefore, to
induce you to remain in the employ of the Subsidiary, this Agreement, which has
been approved by the Board, sets forth the benefits which the Company agrees
will be provided to you in the event your employment with the Subsidiary or its
successor is terminated in connection with a Change in Control of the Parent
Company under the circumstances described below.

1.                                       Definitions.  The following terms will have the meaning set
forth below unless the context clearly requires otherwise.  Terms defined elsewhere in this Agreement
will have the same meaning throughout this Agreement.

(a)                                  “Affiliate”
means with respect to any Person (within the meaning of Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended) shall mean any other
Person that, directly or indirectly through one or more intermediaries, controls,
is controlled by or is under common control with such Person.

 

(b)                                 “Agreement”
means this letter agreement as amended, extended or renewed from time to time
in accordance with its terms.

(c)                                  “Base
Pay” means your annual base salary from the Subsidiary at the rate in
effect immediately prior to a Change in Control or at the time Notice of
Termination is given, whichever is greater. 
Base Pay includes only regular cash salary and is determined before any
reduction for deferrals pursuant to any nonqualified deferred compensation plan
or arrangement, qualified cash or deferred arrangement or cafeteria plan.

(d)                                 “Benefit
Plan” means any

(i)                                     employee
benefit plan as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended;

(ii)                                  cafeteria
plan described in Code Section 125;

(iii)                               plan,
policy or practice providing for paid vacation, other paid time off or short-
or long-term profit sharing, bonus or incentive payments; or

(iv)                              stock
option, stock purchase, restricted stock, phantom stock, stock appreciation
right or other equity-based compensation plan that is sponsored, maintained or
contributed to by the Company for the benefit of employees (and/or their
families and dependents) generally or you (and/or your family and dependents)
in particular, including, without limitation, any of the Stock Incentive Plans.

(e)                                  “Bonus
Plan Payment” means the full amount of the annual target bonus payment
which is payable by the Subsidiary to you pursuant to the Subsidiary’s
company-wide bonus plan or equivalent plan of the Successor,  based on the assumption that all of the
annual performance milestones will have been satisfied for such year.

(f)                                    “Board”
means the board of directors of the Parent Company.  On and after the date of a Change in Control,
any duty of the Board in connection with this Agreement is nondelegable and any
attempt by the Board to delegate any such duty is ineffective.

(g)                                 “Cause”
means: (i) your gross misconduct; (ii) your willful and continued failure to
perform substantially your duties with the Subsidiary (other than a failure
resulting from your incapacity due to bodily injury or physical or mental
illness) after a demand for substantial performance is delivered to you by the
chair of the Board which specifically identifies the manner in which you have
not substantially performed your duties and provides for a reasonable period of
time within which you may take corrective measures; or (iii) your conviction
(including a plea of nolo contendere) of willfully engaging in illegal conduct
constituting a felony or gross misdemeanor under federal or state law which is
materially and demonstrably injurious to the Subsidiary or which impairs your
ability to perform substantially your duties for the Subsidiary.  An act or failure to act will be considered
“gross” or “willful” for this purpose only if done, or omitted to be done, by
you in bad faith and without reasonable belief that it was in, or not opposed
to, the best interests of the Subsidiary. 
Any act, or failure to act, based upon authority given pursuant to a
resolution duly adopted by the Subsidiary’s Board (or a committee thereof) or
based upon the advice of counsel for the Subsidiary will be conclusively
presumed to be done, or omitted to be done, by you in good faith and in the
best interests of the Subsidiary. 
Notwithstanding the foregoing, you may not be terminated for Cause
unless and until there has

 2
 

 

been delivered
to you a copy of a resolution duly adopted by the affirmative vote of not less
than a majority of the entire membership of the Board at a meeting of the Board
called and held for the purpose (after reasonable notice to you and an
opportunity for you, together with your counsel, to be heard before the Board),
finding that in the good faith opinion of the Board you were guilty of the
conduct set forth above in clauses (i), (ii) or (iii) of this definition and
specifying the particulars thereof in detail.

(h)                                 “Change
in Control”  means any of the
following:  (i) the sale, lease, exchange
or other transfer, directly or indirectly, of all or substantially all of the
assets of the Parent Company, in one transaction or in a series of related
transactions, to any Third Party; (ii) any Third Party, other than a “bona fide
underwriter,” is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities (x) representing
50% or more of the combined voting power of the Parent Company’s outstanding
securities ordinarily having the right to vote at elections of directors, or
(y) resulting in such Third Party becoming an Affiliate of the Parent Company,
including pursuant to a transaction described in clause (iii) below; (iii) the
consummation of any transaction or series of transactions under which the
Parent Company is merged or consolidated with any other company, other than a
merger or consolidation which would result in the stockholders of the Parent
Company immediately prior thereto continuing to own (either by remaining
outstanding or by being converted into voting securities of the surviving
entity) more than 50% of the combined voting power of the voting securities of
the surviving entity outstanding immediately after such merger or
consolidation; or (iv) the Continuity Directors cease for any reason to constitute
at least a majority the Board.  For
purposes of this Section 1(h), a “Continuity Director” means an individual who,
as of date of this Agreement, is a member of the board of directors of the
Parent Company, and any other individual who becomes a director subsequent to
the as of date of this Agreement whose election, or nomination for election by
the Parent Company’s stockholders, was approved by a vote of at least a
majority of the directors then comprising the Continuity Directors, but
excluding for this purpose any individual whose initial assumption of office
occurs as a result of an actual or threatened election contest with respect to
the election or removal of directors or other actual or threatened solicitation
of proxies or consents by or on behalf of a person or entity other than the
board of directors of the Parent Company. 
For purposes of this Section 1(h), a “bona fide underwriter” means a
Third Party engaged in business as an underwriter of securities that acquires
securities of the Parent Company through such Third Party’s participation in
good faith in a firm commitment underwriting until the expiration of 40 days
after the date of such acquisition.  For
the avoidance of doubt, Change in Control does not include any of the foregoing
events occurring with respect to the Subsidiary, and this Agreement is not
intended to be interpreted to provide any benefits to you upon a Change in
Control of the Subsidiary.

(i)                                     “Code”
means the Internal Revenue Code of 1986, as amended from time to time.

(j)                                     “Company”
means the Parent Company, any Successor and any Affiliate.

(k)                                  “Date
of Termination” following a Change in Control (or prior to a Change in
Control if your termination was either a condition of the Change in Control or
was at the request or insistence of any Third Party relating the Change in
Control) means: (i) if your employment is to be terminated by you for Good
Reason, the date specified in the Notice of Termination which in no event may
be a date more than 15 days after the date on which Notice of Termination is
given unless the Company agrees in writing to a later date; (ii) if your
employment is to be terminated by the Subsidiary for Cause, the date specified
in the Notice of Termination; (iii) if your employment is terminated by reason
of your death, the date of your death; or (iv) if your

 3
 

 

employment is
to be terminated by the Subsidiary for any reason other than Cause or your
death, the date specified in the Notice of Termination, which in no event may
be a date earlier than 15 days after the date on which a Notice of Termination
is given, unless you expressly agree in writing to an earlier date.  In the case of termination by the Subsidiary
of your employment for Cause, then within the 30 days after your receipt of the
Notice of Termination, you may notify the Subsidiary that a dispute exists
concerning the termination, in which event the Date of Termination will be the
date set either by mutual written agreement of the parties or by the judge or
arbitrator in a proceeding as provided in Section 9 of this Agreement.  In all cases, your termination of employment
must constitute a “separation from service” within the meaning of Section 409A
of the Code.

(l)                                     “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to
time.

(m)                               “Good
Reason” means:

(i)                                     a
substantial change in your status, position(s), duties or responsibilities as
an executive of the Subsidiary as in effect immediately prior to the Change in
Control which, in your reasonable judgment, is adverse with respect to any of
the foregoing; provided, however, that Good Reason does not include a change in
your status, position(s), duties or responsibilities caused by an inadvertent
action that is remedied by the Subsidiary promptly after receipt of notice of
your objection to such change, and it also being agreed that small and
insubstantial changes will not be considered Good Reason unless the changes in
totality would be substantial;

(ii)                                  a
reduction by the Subsidiary in your Base Pay, a material change in the annual
Bonus Plan Payment expectations, or an adverse change in the form or timing of
the payments thereof, as in effect immediately prior to the Change in Control
or as thereafter increased;

(iii)                               the
failure by the Subsidiary to cover you under Benefit Plans that, in the
aggregate, provide substantially similar benefits to you and/or your family and
dependents at a substantially similar total cost to you (e.g., premiums,
deductibles, co-pays, out of pocket maximums, required contributions and the
like) relative to the benefits and total costs under the Benefit Plans in which
you (and/or your family or dependents) were participating at any time during
the 90-day period immediately preceding the Change in Control;

(iv)                              the
Subsidiary’s requiring you to be based more than 50 miles from where your
office is located immediately prior to the Change in Control, except for
required travel on the Subsidiary’s business;

(v)                                 the
failure by the Subsidiary or the Parent Company to obtain from any Successor
the assent to this Agreement as soon as reasonably practicable in the
circumstances and in any event within the times required by Section 6 hereof;
or

(vi)                              any
purported termination by the Subsidiary of your employment that is not properly
effected pursuant to a Notice of Termination and pursuant to any other
requirements of this Agreement, and, for purposes of this Agreement, no such
purported termination will be effective.

 4
 

 

Your continued
employment does not constitute consent to, or waiver of any rights arising in
connection with, any circumstances constituting Good Reason.  Your termination of employment for Good
Reason as defined in this Section 1(m) will constitute Good Reason for all
purposes of this Agreement notwithstanding that you may also thereby be deemed
to have retired under any applicable retirement programs of the Subsidiary
and/or Parent Company.

(n)                                 “Notice
of Termination” means a written notice (except in the case of a deemed
Notice of Termination pursuant to Section 3(a) hereafter) given on or after the
date of a Change in Control (unless your termination before the date of the
Change in Control was either a condition of the Change in Control or was at the
request or insistence of any Third Party related to the Change in Control)
which indicates the specific termination provision in this Agreement pursuant
to which the notice is given.  Any
purported termination by the Subsidiary or by you for Good Reason on or after
the date of a Change in Control (or before the date of a Change in Control if
your termination was either a condition of the Change in Control or was at the
request or insistence of any Third Party related to the Change in Control) must
be communicated by written Notice of Termination to be effective; provided,
that your failure to provide Notice of Termination will not limit any of your
rights under this Agreement except to the extent the Company demonstrates that
it suffered material actual damages by reason of such failure.

(o)                                 “Parent
Company” means ev3 Inc., a
Delaware corporation.

(p)                                 “Subsidiary”
means Micro Therapeutics, Inc., a Delaware corporation.

(q)                                 “Stock
Incentive Plan” means (i) the ev3 LLC 2003 Incentive Plan, as amended, (ii)
the ev3 Inc. Amended and Restated 2005 Incentive Stock Plan or (iii) any
successor or additional stock option, stock award, or other incentive plans of
the Parent Company or Subsidiary.

(r)                                    “Stock
Option Agreements” means in any of the non-statutory stock option
agreements, incentive stock options agreements, restricted stock awards or
other similar agreements you may have entered into with the Company pursuant to
the Stock Incentive Plans.

(s)                                  “Successor”
means any Third Party that succeeds to, or has the ability to control (either
immediately or with the passage of time), the Parent Company’s or the
Subsidiary’s, as applicable, business directly, by merger, consolidation or
other form of business combination, or indirectly, by purchase of the Parent
Company’s outstanding securities entitling the holder thereof to be allocated a
portion of the Parent Company’s net income, net loss or distributions or
purchases of the Subsidiary’s outstanding securities ordinarily having the
right to vote at the election of directors or all or substantially all of its
assets or otherwise

(t)                                    “Third
Party” means any Person, other than the Parent Company, any Affiliate of
the Parent Company, or any Benefit Plan(s) sponsored by the Parent Company or
an Affiliate.

2.                                       Term
of Agreement.  This Agreement is
effective immediately and will continue in effect only so long as you remain
employed by the Subsidiary or, if later, until the date on which the
Subsidiary’s obligations to you arising under this Agreement have been
satisfied in full.  Notwithstanding the
foregoing, this Agreement shall terminate immediately in the event, prior to a
Change in Control, either the Subsidiary ceases to be an Affiliate of the
Parent Company or sells all or substantially all of its assets, in one or a
series of related transactions, to a Third Party.

 5
 

 

3.                                       Benefits
upon a Change in Control.  You will
become entitled to the benefits described in this Section 3 as of the date of a
Change in Control.

(a)                                  As
of the date of such Change in Control, the Company and the Subsidiary will be
jointly and severally responsible for paying to you all of the Base Pay owed
through such date and a pro rata portion of your Bonus Plan Payment based upon
the number of months in the current year which you have worked prior to the
date of the Change in Control, assuming for this Section 3(a) that you have
worked the full month of the month in which the Change in Control occurs.

(b)                                 The
following terms shall control notwithstanding any conflicting terms contained
in any employment agreement, or Stock Option Agreements.  In addition to the payments under Section
3(a), you will be entitled to the following:

(i)                                     Cash
Payments.  At the date of the Change
in Control, if you have not been made a written offer of employment with the
Successor, or received written confirmation for continued employment with the
Subsidiary if it survives the Change in Control, on terms substantially
identical to your current employment terms, including the benefits set forth
herein, for any reason whatsoever, then you shall be deemed to have received a
Notice of Termination effective on the date of the Change in Control and no
later than 10 days after your Date of Termination, the Company and the
Subsidiary (and any Successor thereto) will be jointly and severally
responsible for making a lump sum payment to you equal to 12 months of your
then current Base Pay, and the full amount of a Bonus Plan Payment for the next
12 months, determined by assuming for this purpose that such Bonus Plan Payment
amount is equal to your Bonus Plan Payment for the current year.    Furthermore, if you elect to accept the offer
of employment with the Successor or continue your employment with the
Subsidiary, as the case may be, as provided for above, the Successor or
Company, as the case may be, shall be then obligated to make a lump sum cash
payment to you within 10 days after your Date of Termination equal to 12 months
of your then current Base Pay and the full annualized amount due under your
then current Bonus Plan Payment commitment which is payable within the next 12
months, in the event any time within the first 24 months of such new employment
relationship after the Change in Control, either (A) your employment is
terminated by the Successor or the Company, as the case may be, for any reason
other than your death or Cause, or (B) you terminate your employment with the
Successor or the Company for Good Reason. 
If you decline the offer of employment herein, no further benefits
pursuant to Section 3(b)(i), (ii) or (iii) will be payable.

(ii)                                  Group
Health Plans.  During the
Continuation Period (as defined below), the Company and the Subsidiary (and any
Successor thereto) will be jointly and severally responsible for either (A)
maintaining a group health plan(s) which by its terms covers you (and your
family members and those dependents eligible to be covered during the 90 days
immediately preceding a Change in Control) under the same or similar terms as
provided to you during the 90 days immediately preceding such Change in Control
(without regard to any reduction in such benefits that constitutes Good
Reason), or (B) providing comparable medical benefits pursuant to an
alternative arrangement, such as an individual medical insurance contract.  The “Continuation Period” is the period
beginning on your Date of Termination, whether such date is at or prior to the
Change in Control as provided for in the definition of Change in Control or
within 12 months after accepting employment with the Successor or the
Subsidiary, as the case may be, as provided for in Section 3(b)(i) above, and
ending on the earlier of (A) the last day of the 18th month that

 

 6
 

 

begins after your Date of Termination or (B) the date on which you
first become eligible to participate as an employee in a plan of another
employer providing group health benefits to you and your eligible family
members and dependents.  If you timely
elect continued coverage under such group health plan(s) pursuant to Section
4980B of the Internal Revenue Code of 1986 and Part 6 of Subtitle B of Title I
of the Employee Retirement Income Security Act of 1974, as amended (“COBRA”),
in accordance with ordinary plan practices, for the Continuation Period, the
Company will reimburse you on an income tax grossed-up basis for a portion of
the amount you pay for such COBRA continuation coverage (or if COBRA coverage
is not available, such alternative medical coverage), so that on an after-tax
basis you are paying the amount you paid (or would have paid) for the same
level of coverage prior to the Change in Control.  In order to receive reimbursements pursuant to
this section, you must comply with any reimbursement policies and procedures
specified by the Company.

(iii)                               Gross-Up
Payments.  Following a Change in
Control, if the Subsidiary’s independent auditors determine that any payment or
distribution by the Parent Company and/or the Subsidiary to you (the
“Payments”) will result in an excise tax imposed by Code Section 4999 or any
comparable state or local law, or any interest or penalties with respect
thereto, the Company and the Subsidiary (and any Successor thereto) will be
responsible for making an additional cash payment (a “Gross-Up Payment”) to you
within 10 days after such determination equal to an amount such that, after
payment by you of all taxes (including any interest or penalties imposed with
respect to such taxes), including any excise tax, imposed upon the Gross-Up
Payment, you would retain an amount of the Gross-Up Payment equal to the excise
tax imposed upon the Payments.  You will
provide the Successor or the Company with a written certification that you will
pay all taxes due on the Payments and the Gross-Up Payment.  The Gross-Up Payment will be made not later
than the March 15 following the calendar year in which the payment giving rise
to the Gross-Up Payment is received by you.

(iv)                              Outplacement
Services.  In the event any lump sum
payments are made to you pursuant to Section 3(b)(i), the Company shall then
provide you with up to $20,000 of reasonable outplacement services actually
incurred by you and directly related to your termination of employment under
Section 3(b)(i), including outplacement consultant’s services, travel and hotel
expense reimbursements, office expense reimbursements or similar costs you
incur in seeking and obtaining new employment, the allocation of which among
the categories to be within your sole discretion, provided, however, such
expenses must be incurred by you and reimbursed hereunder no later than the
December 31 of the second calendar year following the calendar year in which
your termination of employment occurs. 
You will be required to provide receipts or invoices for the costs and
expenses incurred under this Section 3(b)(iv).

4.                                       Stock
Option Acceleration.  In the event of
a Change in Control, if the acquiring entity or Successor does not assume or
replace the unvested stock options or stock awards then granted to you pursuant
to any of the Stock Incentive Plans, the vesting schedules under the applicable
Stock Option Agreements will be accelerated and all such stock options will
become fully vested and immediately exercisable upon the closing of the Change
in Control.  Furthermore, even if the
Stock Options Agreements are assumed or replaced with substantially similar
stock options, if you are not offered employment by the Successor or continued
employment with the Company or if your employment is subsequently terminated
under circumstances in which you will receive a lump sum cash payment

 7
 

 

pursuant to
Section 3(b)(i) hereof, your then unvested stock options as of the Change in
Control or Date of Termination, as the case may be, shall become fully vested
and immediately exercisable.

5.                                       Indemnification.  Following a Change in Control, the Parent
Company and the Subsidiary shall be jointly and severally responsible for
indemnifying and advancing expenses to you to the full extent permitted by law
for damages, costs and expenses (including, without limitation, judgments,
fines, penalties, settlements and reasonable fees and expenses of your counsel)
incurred by you as a result of your service to or status as an officer and
employee with the Parent Company or the Subsidiary or any other corporation,
employee benefit plan or other entity with whom you served at the request of
the Parent Company or the Subsidiary prior to the Change in Control, provided
that such damages, costs and expenses did not arise as a result of your gross
negligence or willful misconduct.  The
indemnification under this Agreement shall be in addition to any similar
obligation of the Parent Company or the Subsidiary under any other separate
agreement, or under the Parent Company’s Operating Agreement or the
Subsidiary’s Certificate of Incorporation or Bylaws, or as they be amended from
time to time, provided however, you may only be reimbursed or recover once for
any such damages, costs and expenses, from whatever source.

6.                                       Successors.  The Parent Company will seek to have any
Successor to the Parent Company, by agreement in form and substance
satisfactory to you, assume and assent to the fulfillment by such Successor of
the Parent Company’s obligations under this Agreement.  Failure of the Parent Company to obtain such
assent and assumption at least three (3) business days prior to the time a
Third Party becomes a Successor (or where the Parent Company does not have at
least three (3) business days’ advance notice that a Third Party may become a
Successor, within one (1) business day after having notice that such Third
Party may become or has become a Successor) will constitute Good Reason for
termination by you of your employment. 
The date on which any such succession becomes effective will be deemed
the Date of Termination, and Notice of Termination will be deemed to have been
given to you on that date.  A Successor
has no rights, authority or power with respect to this Agreement prior to a
Change in Control.

7.                                       Binding
Agreement.  This Agreement inures to
the benefit of, and is enforceable by, you, your personal and legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If you die after a Change in Control while any amount
would still be payable to you under this Agreement, all such amounts, unless
otherwise provided in this Agreement, will be paid in accordance with the terms
of this Agreement to your devisee, legatee or other designee or, if there be no
such designee, to your estate.

8.                                       Notices.  For the purposes of this Agreement, notices
and other communications provided for in this Agreement must be in writing and
will be deemed to have been duly given when personally delivered or when mailed
by United States registered or certified mail, return receipt requested,
postage prepaid and addressed to each party’s respective address set forth on
the first page of this Agreement, or to such other address as either party may
have furnished to the other in writing in accordance with these provisions,
except that notice of change of address will be effective only upon receipt.

9.                                       Disputes.  If you so elect, any dispute, controversy or
claim arising under or in connection with this Agreement will be heard and
settled exclusively by binding arbitration administered by the American
Arbitration Association in Minneapolis, Minnesota before a single arbitrator in
accordance with the Commercial Arbitration Rules of the American Arbitration
Association then in effect.  Judgment may
be entered on the arbitrator’s award in any court having jurisdiction;
provided, that you may seek specific performance in a court of competent
jurisdiction of your right to receive benefits until the Date of Termination
during the pendency of any dispute or controversy arising under or in
connection with this Agreement.  If any
dispute, controversy or claim for damages arising under or in connection with
this

 8
 

 

Agreement is
settled by arbitration, the Company and the Subsidiary will be jointly and
severally responsible for paying, or if elected by you, reimbursing, all fees,
costs and expenses incurred by you related to such arbitration.  If you do not elect arbitration, you may
pursue all available legal remedies.  The
Company and the Subsidiary will be jointly and severally responsible for
paying, or if elected by you, reimbursing you for, all fees, costs and expenses
incurred by you in connection with any actual, threatened or contemplated
litigation relating to this Agreement to which you are or reasonably expect to
become a party, whether or not initiated by you, if but only if you are
successful in recovering any benefit under this Agreement as a result of such
legal action.  The parties agree that any
litigation arising under or in connection with this Agreement must be brought
in a court of competent jurisdiction in the State of Minnesota, and both
parties hereby consent to the exclusive jurisdiction of said courts for this
purpose and agree not to assert that such courts are an inconvenient
forum.  Neither the Parent Company nor
the Subsidiary will assert in any dispute or controversy with you arising under
or in connection with this Agreement your failure to exhaust administrative
remedies.

10.                                 Related
Agreements.  To the extent that any
provision of any other Benefit Plan or agreement between the Parent Company and
you or the Subsidiary and you limits, qualifies or is inconsistent with any
provision of this Agreement, the provision of this Agreement will control.
Nothing in this Agreement prevents or limits your continuing or future
participation in, and rights under, any Benefit Plan provided by the Parent
Company or the Subsidiary and for which you may qualify.  Amounts which are vested benefits or to which
you are otherwise entitled under any Benefit Plan or other agreement with the
Parent Company or the Subsidiary at or subsequent to the Date of Termination
will be payable in accordance with the terms thereof.  Furthermore, nothing in this Agreement will
prevent the Parent Company, the Subsidiary or the Successor to the Parent
Company or the Subsidiary from seeking enforcement of and damages arising under
any confidentiality, invention assignment or non-competition provision or
breach thereof contained in any other agreement with the Parent Company or the
Subsidiary or any Successor to the Parent Company or the Subsidiary.

11.                                 No
Employment or Service Contract. 
Nothing in this Agreement is intended to provide you with any right to
continue in the employ of the Subsidiary for any period of specific duration or
interfere with or otherwise restrict in any way your rights or the rights of
the Subsidiary, which rights are hereby expressly reserved by each, to
terminate your employment at any time for any reason or no reason whatsoever, with
or without cause.

12.                                 Survival.  The respective obligations of, and benefits
afforded to, the Parent Company, the Subsidiary and you which by their express
terms or clear intent survive termination of your employment with the
Subsidiary or termination of this Agreement, as the case may be, will survive
termination of your employment with the Subsidiary or termination of this
Agreement, as the case may be, and will remain in full force and effect
according to their terms.

13.                                 Miscellaneous.  No provision of this Agreement may be
modified, waived or discharged other than in a writing signed by you, the
Parent Company and the Subsidiary.  No
waiver by any party to this Agreement at any time of any breach by another party
of any provision of this Agreement will be deemed a waiver of any other
provisions at the same or at any other time. 
This Agreement reflects the final and complete agreement of the parties
and supersedes all prior and simultaneous agreements with respect to the
subject matter hereof, including without limitation any change in control or
similar agreement between any past, current or future Affiliate of the Parent
Company or the Subsidiary and you.  This
Agreement will be governed by and construed in accordance with the laws of the
State of Delaware (without regard to the conflict of laws principles of any
jurisdiction).  The invalidity or
unenforceability of all or any part of any provision of this Agreement will not
affect the validity or enforceability of the remainder of such provision or of
any other provision of this Agreement. 
This Agreement may be

 9
 

 

executed in
several counterparts, each of which will be deemed an original, but all of
which together will constitute one and the same instrument.

If this letter correctly sets forth our agreement on
the subject matter discussed above, kindly sign and return to the Company the
enclosed copy of this letter which will then constitute our agreement on this
subject.

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  ev3
  Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James M.
  Corbett

  	
   

  
	
   

  	
   

  	
  Name: James M. Corbett

  
	
   

  	
   

  	
  Title: CEO

  
	
   

  	
   

  	
   

  
	
   

  	
  Micro
  Therapeutics, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James M.
  Corbett

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Agreed to and Accepted as of this 3rd day of April,
  2006:

  
	
   

  	
   

  
	
   

  	
  /s/ Matthew Jenusaitis

  	
   

  
						

 

 10

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