Document:

Exhibit 10.14

INDEMNIFICATION
AGREEMENT

THIS AGREEMENT is entered into, effective as of June
30, 2007, by and between Covidien Ltd., a Bermuda Company (the “Company”), and                               
(“Indemnitee”).

WHEREAS, it is essential to the Company to retain and
attract as directors and officers the most capable persons available;

WHEREAS, Indemnitee is a director and/or officer of
the Company;

WHEREAS, both the Company and Indemnitee recognize the
increased risk of litigation and other claims currently being asserted against
directors and officers of corporations;

WHEREAS, the Bye-Laws of the Company require the
Company to indemnify its directors and officers to the fullest extend permitted
by law, and permit the Company to advance expenses relating to the defense of
indemnification matters, and the Indemnitee has been serving and continues to
serve as a director and/or officer of the Company in part in reliance on the
Company’s Bye-Laws;

WHEREAS, the Companies Act 1981 (Bermuda) also
contemplates that contracts or other arrangements may be entered into between
the Company and members of the board of directors or others with respect to
indemnification;

WHEREAS, the recognition of Indemnitee’s need for (i)
substantial protection against personal liability based on Indemnitee’s
reliance aforesaid Bye-Laws, (ii) specific contractual assurance that the
protection promised by the Bye-Laws will be available to Indemnitee (regardless
of, among other things, any amendment to or revocation of the Bye-Laws or any
change in the composition of the Company’s Board of Directors or acquisition
transaction relating to the Company), the Company wishes to provide in this
Agreement for the indemnification of and the advancing of expenses to
Indemnitee to the fullest extent (whether partial or complete) permitted under
law and as set forth in this Agreement, and, to the extent insurance is
maintained, to provide for the continued coverage of Indemnitee under the
Company’s directors’ and officers’ liability insurance policies;

NOW, THEREFORE, in consideration of the above premises
and of Indemnitee continuing to serve the Company directly or, at its request,
with another Enterprise, and intending to be legally bound hereby, the parties
agree as follows:

1.                                       Certain
Definitions:

(a)                                  Affiliate: 
any corporation or other person or entity that directly, or indirectly
through one or more intermediaries, controls or is controlled by, or is under
common control with, the person specified.

(b)                                 Board:  the Board of Directors of the Company.

(c)                                  Change in Control:  shall be deemed to have occurred if:

(i)                                     any “person,” as such term is used
in Sections 3(a)(9) and 13(d) of the Exchange Act, becomes a “beneficial owner,”
as such term is used in Rule 13d-3 promulgated under the Exchange Act, of 50%
or more of the Voting Stock (as defined below) of the Company;

(ii)                                  the majority of the Board consists
of individuals other than Incumbent Directors, which term means the members of
the Board on the effective date of the separation of the Company from Tyco International
Ltd., provided that any person becoming a director subsequent to such date
whose election or nomination for election was supported by three-quarters of
the directors who then comprised the Incumbent Directors shall be considered to
be an Incumbent Director;

(iii)                               the Company adopts any plan of
liquidation providing for the distribution of all or substantially all of its
assets;

(iv)                              all or substantially all of the
assets or business of the Company is disposed of pursuant to a merger,
consolidation or other transaction (unless the shareholders of the Company
immediately prior to such a merger, consolidation or other transaction
beneficially own, directly or indirectly, in substantially the same proportion
as they owned the Voting Stock of the Company, all of the Voting Stock or other
ownership interests of the entity or entities, if any, that succeed to the
business of the Company); or

(v)                                 the Company combines with another
company and is the surviving corporation but, immediately after the
combination, the shareholders of the Company immediately prior to the
combination hold, directly or indirectly, 50% or less of the Voting Stock of
the combined company (there being excluded from the number of shares held by
such shareholders, but not from the Voting Stock of the combined company, any
shares received by Affiliates of such other company in exchange for stock of
such other company).

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(d)                                 Enterprise:  the Company and any other corporation, limited
liability company, partnership, joint venture, trust, employee benefit plan or
other enterprise of which Indemnitee is or was serving at the request of the
Company as a director, officers, trustee, general partner, managing member,
fiduciary, board of directors’ committee member, employee or agent.

(e)                                  Exchange Act:  the Securities Exchange Act of 1934, as
amended.

(f)                                    Expenses:  any expense, liability, or loss, including
attorneys’ fees, judgments, fines, ERISA excise taxes and penalties, amounts
paid or to be paid in settlement, any interest, assessments, or other charges
imposed thereon, any federal, state, local, or foreign taxes imposed as a
result of the actual or deemed receipt of any payments under this Agreement,
and all other costs and obligations, paid or incurred in connection with investigating,
defending, prosecuting (subject to Section 2(b)), being a witness in,
participating in (including on appeal), or preparing for any of the foregoing
in, any Proceeding relating to any Indemnifiable Event.  Expenses also shall include Expenses incurred
in connection with any appeal resulting from any Proceeding, including without
limitation the premium, security for, and other costs relating to any cost
bond, supersedeas bond, or other appeal bond or its equivalent.

(g)                                 Indemnifiable Event:  (i) any event or occurrence that takes place
either prior to or after the execution of this Agreement, related to the fact
that Indemnitee is or was a director or officer of the Company, or while a
director or officer is or was serving at the request of the Company as a
director, officer, employee, trustee, agent, or fiduciary of another foreign or
domestic corporation, partnership, limited liability company, joint venture,
employee benefit plan, trust, or other Enterprise, or was a director, officer,
employee, or agent of a foreign or domestic corporation that was a predecessor
corporation of the Company or another Enterprise at the request of such
predecessor corporation, or related to anything done or not done by Indemnitee
in any such capacity, whether or not the basis of the Proceeding is alleged
action in an official capacity as a director, officer, employee or agent or in
any other capacity while serving as a director, officer, employee, or agent of
the Company, as described above or (ii) any event or fact related to the fact that
Indemnitee is or was a director, officer, employee, trustee, agent, or
fiduciary of another foreign or domestic corporation, partnership, limited
liability company, joint venture, employee benefit plan, trust, or other Enterprise
and that related to the subject matter of the investigations referred to in the
Company’s Form 10 as filed on June 8, 2007 or any other investigation (whether
or not the Company is a target of such investigation) by any government entity
covering subject matter that is substantially similar to the subject matter of,
or arises out of, the foregoing investigations.

(h)                                 Independent Counsel:  the person or body appointed in connection
with Section 3.

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(i)                                     Proceeding:  any threatened, pending, or completed action,
suit, or proceeding or any alternative dispute resolution mechanism (including
an action by or in the right of the Company), or any inquiry, hearing, or
investigation, whether conducted by the Company or any other party, that
Indemnitee in good faith believes might lead to the institution of any such
action, suit, or proceeding, whether civil, criminal, administrative,
investigative, or other.

(j)                                     Reviewing Party:  the person or body appointed in accordance
with Section 3.

(k)                                  Voting Stock:  capital stock of any class or classes having
general voting power under ordinary circumstances, in the absence of
contingencies, to elect the directors (or similar function) of an Enterprise.

2.                                       Agreement
to Indemnify

(a)                                  General Agreement. 
In the event Indemnitee was, is, or becomes a party to or witness or
other participant in, or is threatened to be made a party to or witness or
other participant in, a Proceeding by reason of (or arising in part out of) an
Indemnifiable Event, the Company shall indemnify Indemnitee from and against
any and all Expenses to the fullest extent permitted by law, as the same exists
or may hereafter be amended or interpreted (but in the case of any such
amendment or interpretation, only to the extent that such amendment or
interpretation permits the Company to provide broader indemnification rights
than were permitted prior thereto). The parties hereto intend that this
Agreement shall provide for indemnification in excess of that expressly
permitted by statute, including without limitation, any indemnification
provided by the Company’s Bye-Laws, vote of its shareholders or disinterested
directors, or applicable law.

(b)                                 Initiation of Proceeding.  Notwithstanding anything in this Agreement to
the contrary, Indemnitee shall not be entitled to indemnification pursuant to
this Agreement in connection with any Proceeding initiated by Indemnitee
against the Company or any director or officer of the Company unless (i) the
Company has joined in or the Board has consented to the initiation of such Proceeding;
(ii) the Proceeding is one to enforce indemnification rights under Section 5;
or (iii) the Proceeding is instituted after a Change in Control (other than a
Change in Control approved by a majority of the directors on the Board who were
directors immediately prior to such Change in Control) and Independent Counsel
has approved its initiation.

(c)                                  Expense Advances. 
If so requested by Indemnitee, the Company shall advance (within five
business days of such request) any and all Expenses to Indemnitee (an “Expense
Advance”); provided that, (i) such Expense Advance shall be made only upon
delivery to the Company of an undertaking by or on behalf of the Indemnitee to
repay the amount thereof if it is ultimately determined that Indemnitee is not
entitled to be 

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indemnified
by the Company,(ii) the Company shall not (unless a court of competent
jurisdiction shall determine otherwise) be required to make an Expense Advance
if and to the extent that the Reviewing Party has determined that Indemnitee is
not permitted to be indemnified under applicable law, and (iii) if and to the
extent that the Reviewing Party determines after payment of one or more Expense
Advances that Indemnitee would not be permitted to be so indemnified under
applicable law, the Company shall be entitled to be reimbursed by Indemnitee
(who hereby agrees to reimburse the Company) for all such amounts theretofore
paid.  If Indemnitee has commenced or
commences legal proceedings in a court of competent jurisdiction to secure a
determination that Indemnitee should be indemnified under applicable law, as
provided in Section 5, any determination made by the Reviewing Party that
Indemnitee would not be permitted to be indemnified under applicable law shall
not be binding, and Indemnitee shall not be required to reimburse the Company
for any Expense Advance until a final judicial determination is made with
respect thereto (as to which all rights of appeal therefrom have been exhausted
or have lapsed).  Indemnitee’s obligation
to reimburse the Company for Expense Advances shall be unsecured and no
interest shall be charged thereon.

(d)                                 Mandatory Indemnification. 
Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee has been successful on the merits or otherwise in defense of
any Proceeding relating in whole or in part to an Indemnifiable Event or in
defense of any issue or matter therein, Indemnitee shall be indemnified against
all Expenses incurred in connection therewith.

(e)                                  Partial Indemnification. 
If Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for some or a portion of Expenses, but not,
however, for the total amount thereof, the Company shall nevertheless indemnify
Indemnitee for the portion thereof to which Indemnitee is entitled.

(f)                                    Prohibited Indemnification. 
No indemnification pursuant to this Agreement shall be paid by the
Company:

(i)                                     on account of any Proceeding in
which judgment is rendered against Indemnitee for an accounting of profits made
from the purchase or sale by Indemnitee of securities of the Company pursuant
to the provision of Section 16(b) of the Exchange Act or similar provision of
any federal, state, or local laws;

(ii)                                  if a court of competent jurisdiction
by a final judicial determination, shall determine that such Indemnitee is not
permitted under applicable law; or

(iii)                               if the Indemnitee has been convicted
of a crime constituting a felony under the laws of the jurisdiction where the
criminal action had been brought.

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3.                                       Reviewing  Party. 
Prior to any Change in Control, the Reviewing Party shall be any
appropriate person or body consisting of a member or members of the Board or
any other person or body appointed by the Board who is not a party to the
particular Proceeding with respect to which Indemnitee is seeking
indemnification; after a Change in Control, the Independent Counsel referred to
below shall become the Reviewing Party. 
With respect to all matters arising after a Change in Control(other than
a Change in Control approved by a majority of the directors on the Board who
were directors immediately prior to such Change in Control) concerning the
rights of Indemnitee to indemnity payments and Expense Advances under this
Agreement or any other agreement or under applicable law or the Company’s Bye-Laws
now or hereafter in effect relating to indemnification for Indemnifiable
Events, the Company shall seek legal advice only from Independent Counsel
selected by Indemnitee and approved by the Company (which approval shall not be
unreasonably withheld), and who has not otherwise performed services for the
Company or the Indemnitee (other than in connection with indemnification
matters) within the last five years.  The
Independent Counsel shall not include any person who, under the applicable standards
of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. 
Such counsel, among other things, shall render its written opinion to
the Company and Indemnitee as to whether and to what extent the Indemnitee
should be permitted to be indemnified under applicable law.  In doing so, the Independent Counsel may
consult with (and rely upon) counsel in any appropriate jurisdiction (e.g.,
Bermuda) who would qualify as Independent Counsel (“Local Counsel”).  The Company agrees to pay the reasonable fees
of the Independent Counsel and the Local Counsel and to indemnify fully such
counsel against any and all expenses (including attorneys’ fees), claims,
liabilities, loss, and damages arising out of or relating to this Agreement or
the engagement of Independent Counsel or the Local Counsel pursuant hereto.

4.                                       Indemnification
Process and Appeal.

(a)                                  Indemnification Payment. 
Indemnitee shall be entitled to indemnification of Expenses, and shall
receive payment thereof, from the Company in accordance with this Agreement as
soon as practicable after Indemnitee has made written demand on the Company for
indemnification, unless the Reviewing Party has given a written opinion to the
Company that Indemnitee is not entitled to indemnification under applicable
law.

(b)                                 Adjudication or Arbitration. 
(i)  Regardless of any action by
the Reviewing Party, if Indemnitee has not received full indemnification within
thirty days after making a demand in accordance with Section 4(a) (a “Nonpayment”),
Indemnitee shall have the right to enforce its indemnification rights under
this Agreement by commencing litigation in any federal or state court located in
the New York County, State of New York (a “New York Court”) having subject
matter jurisdiction thereof seeking an initial determination by the court or by
challenging any determination by the Reviewing Party or any aspect
thereof.  Any determination by the
Reviewing Party not challenged by Indemnitee in any 

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such
litigation shall be binding on the Company and Indemnitee.  The remedy provided for in this Section 4
shall be in addition to any other remedies available to Indemnitee at law or in
equity.  The Company and Indemnitee
hereby irrevocably and unconditionally (A) agree that any action or proceeding
arising out of or in connection with this Agreement shall be brought only in a
New York Court and not in any other court in the United States or in any other
country, (B) consent to submit to the exclusive jurisdiction of the New York
Court for purposes of any action or proceeding arising out of or in connection
with this Agreement, (C) waive any objection to the laying of venue or any such
action or proceeding in the New York Court, and (D) waive, and agree not to
plead or to make, any claim that any such action or proceeding brought in the
New York Court has been brought in an improper or inconvenient forum.

(ii)                                  Alternatively, in the case of a
Nonpayment, Indemnitee, at his option, may seek an award in arbitration to be
conducted by a single arbitrator pursuant to the Commercial Arbitration Rules
of the American Arbitration Association.

(iii)                               In the event that a determination
shall have been made pursuant to Section 3 of this Agreement that Indemnitee is
not entitled to indemnification, any judicial proceeding or arbitration
commenced pursuant to this Section 4(b) shall be conducted in all respects as a
de novo trial, or arbitration, on the
merits, and Indemnitee shall not be prejudiced by reason of that adverse
determination.  In any judicial
proceeding or arbitration commenced pursuant to this Section 4(b) the Company
shall have the burden of proving Indemnitee is not entitled to indemnification
or advancement of Expenses, as the case may be. 
If Indemnitee commences a judicial proceeding or arbitration pursuant to
this Section 4(b), Indemnitee shall not be required to reimburse the Company
for any advances pursuant to Section 3(c) until a final determination is made
with respect to Indemnitee’s entitlement to indemnification (as to which all
rights of appeal have been exhausted or lapsed).

(iv)                              In the event that Indemnitee,
pursuant to this Section 4(b), seeks a judicial adjudication of or an award in
arbitration to enforce his rights under, or to recover damages for breach of,
this Agreement, Indemnitee shall be entitled to recover from the Company, and
shall be indemnified by the Company against, any and all Expenses actually and
reasonably incurred by him in such judicial adjudication or arbitration.  If it shall be determined in said judicial
adjudication or arbitration that Indemnitee is entitled to receive part but not
all of the indemnification or advancement of Expenses sought, the Indemnitee
shall be entitled to recover from the Company, and shall be indemnified by the
Company against, any and all Expenses reasonably incurred by Indemnitee in
connection with such judicial adjudication or arbitration.

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(c)                                  Defense to Indemnification, Burden
of Proof, and Presumptions.  (i)  It shall be a defense to any action brought
by Indemnitee against the Company to enforce this Agreement (other than an
action brought to enforce a claim for Expenses incurred in defending a
Proceeding in advance of its final disposition where the required undertaking
has been tendered to the Company) that it is not permissible under applicable
law for the Company to indemnify Indemnitee for the amount claimed.

(ii)                                  In connection with any action or any
determination by the Reviewing Party or otherwise as to whether Indemnitee is
entitled to be indemnified hereunder, the burden of proving such a defense or
determination shall be on the Company.

(iii)                               Neither the failure of the Reviewing
Party or the Company (including its Board, independent legal counsel, or its
stockholders) to have made a determination prior to the commencement of such
action by Indemnitee that indemnification of the Indemnitee is proper under the
circumstances because  Indemnitee has met
the standard of conduct set forth in applicable law, nor an actual
determination by the Reviewing Party or Company (including its Board,
independent legal  counsel, or its
stockholders ) that the Indemnitee had not met such applicable standard of conduct,
shall be a defense to the action or create a presumption that the Indemnitee
has not met the applicable standard of conduct.

(iv)                              For purposes of this Agreement, to
the fullest extent permitted by law, the termination of any claim, action,
suit, or proceeding, by judgment, order, settlement (whether with or without
court approval), conviction, or upon a plea of nolo contendere, or its
equivalent, shall not, of itself, create a presumption that Indemnitee did not
meet any particular standard of conduct or have any particular belief or that a
court has determined that indemnification is not permitted by applicable law.

(v)                                 For purposes of any determination of
good faith, Indemnitee shall be deemed to have acted in good faith if
Indemnitee’s action is based on the records of books of account of any
Enterprise, including financial statements, or on information supplied to
Indemnitee by the officers of such Enterprise in the course of their duties, or
on the advice of legal counsel for such Enterprise or on information or records
given or reports made to such Enterprise by an independent certified public
accountant or by an appraiser or other expert selected by such Enterprise.  The provisions of this Section 4(c)(v) shall
not be deemed to be exclusive or to limit in any way the other circumstances in
which Indemnitee may be deemed or found to have met the applicable standard of
conduct set forth in this Agreement.

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(vi)                              The knowledge and/or actions, or
failure to act, of any other director, trustee, partner, managing member,
fiduciary, officer, agent or employee of any Enterprise shall not be imputed to
Indemnitee for purposes of determining any right to indemnification under this
Agreement.

(vii)                           The Company shall be precluded from asserting
in any judicial proceeding or arbitration commenced pursuant to this Agreement
that the procedures or presumptions of this Agreement are not valid, binding
and enforceable and shall stipulate in any court or before any arbitrator that
the Company is bound by all the provisions of this Agreement.

5.                                      Indemnification
for Expenses Incurred in Enforcing Rights. 
The Company shall indemnify Indemnitee against any and all Expenses that
are incurred by Indemnitee in connection with any action brought by Indemnitee:

(a)                                  as provided in Section 4(b)(iv), for
indemnification or advance payment of Expenses by the Company under this
Agreement or any other agreement or under applicable law or the Company’s Bye-Laws
now or hereafter in effect relating to indemnification for Indemnifiable
Events, and/or

(b)                                 for recovery under directors’ and
officers’ liability insurance policies maintained by the Company, but only in
the event that Indemnitee ultimately is determined to be entitled to such
indemnification or insurance recovery, as the case may be.  In addition, the Company shall, if so
requested by Indemnitee, advance the foregoing Expenses to Indemnitee, subject
to and in accordance with Section 2(c).

6.                                       Notification
and Defense of Proceeding.

(a)                                  Notice. 
Promptly after receipt by Indemnitee of notice of the commencement of
any Proceeding, Indemnitee shall, if a claim in respect thereof is to be made
against the Company under this Agreement, notify the Company of the
commencement thereof; but the omission so to notify the Company will not
relieve the Company from any liability that it may have to Indemnitee, except
as provided in Section 6(c).

(b)                                 Defense. 
With respect to any Proceeding as to which Indemnitee notifies the
Company of the commencement thereof, the Company will be entitled to
participate in the Proceeding at its own expense and except as otherwise
provided below, to the extent the Company so wishes, it may assume the defense
thereof with counsel reasonably satisfactory to Indemnitee.  After notice from the Company to Indemnitee
of its election to assume the defense of any Proceeding, the Company shall not be
liable to Indemnitee under this Agreement or otherwise for any Expenses
subsequently incurred by 

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Indemnitee
in connection with the defense of such Proceeding other than reasonable costs
of investigation or as otherwise provided below.  Indemnitee shall have the right to employ
legal counsel in such Proceeding, but all Expenses related thereto incurred
after notice from the Company of its assumption of the defense shall be at
Indemnitee’s expense unless; (i) the employment of legal counsel by Indemnitee
has been authorized by the Company, (ii) Indemnitee has reasonably determined
that there may be a conflict of interest between Indemnitee and the Company in
the defense of the Proceeding, (iii) after a Change in Control (other than a
Change in Control approved by a majority of the directors on the Board who were
directors immediately prior to such Change in Control), the employment of
counsel by Indemnitee has been approved by the Independent Counsel, or (iv) the
Company shall not in fact have employed counsel to assume the defense of such
Proceeding, in each of which cases all Expense of the Proceeding shall be borne
by the Company.  The Company shall not be
entitled to assume the defense of any Proceeding brought by or on behalf of the
Company or as to which Indemnitee shall have made the determination provided
for in (ii), (iii) and (iv) above.

(c)                                  Settlement of Claims. 
The Company shall not be liable to indemnify Indemnitee under this
Agreement or otherwise for any amounts paid in settlement of any Proceeding
effected without the Company’s written consent, such consent not to be
unreasonably withheld; provided, however, that if a Change in Control has
occurred (other than a Change in Control approved by a majority of the
directors on the Board who were directors immediately prior to such Change in
Control), the Company shall be liable for indemnification of Indemnitee for
amounts paid in settlement if the Independent Counsel has approved the
settlement.  The Company shall not settle
any Proceeding in any manner that would impose any penalty or limitation on
Indemnitee without Indemnitee’s written consent.  The Company shall not be liable to indemnify
the Indemnitee under this Agreement with regard to any judicial award if the
Company was not given a reasonable and timely opportunity, as its expense, to
participate in the defense of such action; the Company’s liability hereunder
shall not be excused if participation in the Proceeding by the Company was
barred by this Agreement.

7.                                      Establishment
of Trust.  In the event of a Change
in Control (other than a Change in Control approved by a majority of the
directors on the Board who were directors immediately prior to such Change in
Control) the Company shall, upon written request by Indemnitee, create a trust
for the benefit of the Indemnitee (the “Trust”) and from time to time upon
written request of Indemnitee shall fund the Trust in an amount sufficient to
satisfy any and all Expenses reasonably anticipated at the time of each such
request to be incurred in connection with investigating, preparing for,
participating in, and/or defending any Proceeding relating to an Indemnifiable
Event.  The amount or amounts to be
deposited in the Trust pursuant to the foregoing funding obligation shall be
determined by the Independent Counsel. 
The terms of the Trust shall provide that (i) the Trust shall not be
revoked or the principal thereof invaded without the written consent of the
Indemnitee, (ii) the Trustee (as defined below) shall advance, within five
business days of a request by the Indemnitee, any and all Expenses to the
Indemnitee (and the Indemnitee hereby agrees to reimburse the Trust under the
same circumstances for which the 

 10
 

Indemnitee would be required to reimburse the Company
under Section 2(c) of this Agreement), (iii) the Trust shall continue to be funded
by the Company in accordance with the funding obligation set forth above , (iv)
the Trustee shall promptly pay to the Indemnitee all amounts for which the
Indemnitee shall be entitled to indemnification pursuant to this Agreement or
otherwise, and (v) all unexpended funds in the Trust shall revert to the
Company upon a final determination by the Independent Counsel or a court of
competent jurisdiction, as the case may be, that the Indemnitee has been fully
indemnified under the terms of this Agreement. 
The trustee of the Trust (the “Trustee”) shall be chosen by the
Indemnitee.  Nothing in this Section 7
shall relieve the Company of any of its obligations under this Agreement.  All income earned on the assets held in the
Trust shall be reported as income by the Company for federal, state, local, and
foreign tax purposes.  The Company shall
pay all costs of establishing and maintaining the Trust and shall indemnify the
Trustee against any and all expenses (including attorney’s fees), claims,
liabilities, loss, and damages arising out of or relating to this Agreement or
the establishment and maintenance of the Trust.

8.                                       Non-Exclusivity.  The rights of Indemnitee hereunder shall be
in addition to any other rights Indemnitee may have under the Company’s Bye-Laws,
applicable law , or otherwise; provided, however, that this Agreement shall
supersede any prior indemnification agreement between the Company and the
Indemnitee.  To the extent that a change
in applicable law (whether by statute or judicial decision) permits greater
indemnification than would be afforded currently under the Company’s Bye-Laws,
applicable law, or this Agreement, it is the intent of the parties that Indemnitee
enjoy by this Agreement the greater benefits so afforded by such change.

9.                                       Liability
Insurance.  To the extent the Company
maintains an insurance policy or policies providing general and/or directors’
and officers’ liability insurance, Indemnitee shall be covered by such policy
or policies, in accordance with its or their terms, to the maximum extent of
the coverage available for any Company director or officer.

10.                              Continuation
of Contractual Indemnity or Period of Limitations.  All agreements and obligations of the Company
contained herein shall continue for so long as Indemnitee shall be subject to,
or involved in, any proceeding for which indemnification is provided pursuant
to this Agreement.  Notwithstanding the
foregoing, no legal action shall be brought and no cause of action shall be
asserted by or on behalf of the Company or any Affiliate of the Company against
Indemnitee, Indemnitee’s spouse, heirs, executors, or personal or legal
representatives after the expiration of two years from the date of accrual of
such cause of action, or such longer period as may be required by the law of
Bermuda under the circumstances.  Any
claim or cause of action of the Company or its Affiliate shall be extinguished
and deemed released unless asserted by the timely filing and notice of a legal
action within such period; provided, however, that if any shorter period of
limitations is otherwise applicable to any such cause of action, the shorter
period shall govern.

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11.                              Contribution.  To the fullest extent permissible under
applicable law, if the indemnification provided for in this Agreement is
unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of
indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be
paid in settlement and/or for Expenses, in connection with any claim relating
to an indemnifiable event under this Agreement, in such proportion as is deemed
fair and reasonable in light of all of the circumstances of such Proceeding in
order to reflect (i) the relative benefits received by the Company and
Indemnitee as a result of the event(s) and/or transaction(s) giving cause to
such Proceeding; and/or (ii) the relative fault of the Company (and its
directors, officers, employees and agents) and Indemnitee in connection with
such event(s) and/or transaction(s).

12.                              Amendment
of this Agreement.  No supplement,
modification, or amendment of this Agreement shall be binding unless executed
in writing by both of the parties hereto. 
No waiver of any of the provisions of this Agreement shall be binding
unless in the form of a writing signed by the party against whom enforcement of
the waiver is sought, and no such waiver shall operate as a continuing
waiver.  Except, as specifically provided
herein, no failure to exercise or any delay in exercising any right or remedy
hereunder shall constitute a waiver thereof.

13.                              Subrogation.  In the even of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all papers required and
shall do everything that may be necessary to secure such rights, including the
execution of such documents necessary to enable the Company effectively to
bring suit to enforce such rights.

14.                              No
Duplication of Payments.  The Company
shall not be liable under this Agreement to make any payment in connection with
any claim made against Indemnitee to the extent Indemnitee has otherwise
received payment (under any insurance policy, Bye-Laws, or otherwise) of the
amounts otherwise indemnifiable hereunder.

15.                              Binding
Effect.  This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors (including any direct or indirect
successor by purchase, merger, consolidation, or otherwise to all or
substantially all of the business and/or assets of the Company), assigns,
spouses, heirs, and personal and legal representatives.  The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation, or
otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place.  The indemnification provided under this
Agreement shall continue as to Indemnitee for any action taken or not taken
while serving in an indemnified capacity pertaining to an Indemnifiable Event
even though he may have ceased to serve in such capacity at the time of any
Proceeding or is 

 12
 

deceased and shall inure to the benefit of the heirs,
executors, administrators, legatees and assigns of such a person.

16.                              Severability.  If any provision (or portion thereof) of this
Agreement shall be held by a court of competent jurisdiction to be invalid,
void, or otherwise unenforceable, the remaining provisions shall remain
enforceable to the fullest extent permitted by law.  Furthermore, to the fullest extent possible,
the provisions of this Agreement (including, without limitation, each portion
of this Agreement containing any provision held to be invalid, void, or
otherwise unenforceable, that is not itself invalid, void or unenforceable)
shall be construed so as to give effect to the intent manifested by the
provision held invalid, void or unenforceable.

17.                              Governing
Law.  This Agreement shall be
governed by and construed and enforced in accordance with the laws of New York
applicable to contracts made and to be performed in such State without giving
effects to its principles of conflicts of laws.

18.                              Notices.  All notices, demands, and other
communications required or permitted hereunder shall be made in writing and
shall be deem to have been duly given if delivered by hand, against receipt, or
mailed, postage prepaid, certified or registered mail, return receipt
requested, and address to the Company at:

Covidien Ltd.

90 Pitts Bay Road

Hamilton HM08 Bermuda

Attention: Corporate Secretary

And to Indemnitee at:

 

Notice of change of
address shall be effective only when given in accordance with this
Section.  All notices complying with this
Section shall be deemed to have been received on the date of hand delivery or
on the third business day after mailing.

19.                              Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 13
 

IN WITNESS WHEREOF, the parties hereto have duly
executed and delivered this Agreement as the day specified above.

 

	
  COVIDIEN LTD.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ John H.
  Masterson

  	
   

  
	
  Its:

  	
  Senior Vice
  President and General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  INDEMNITEE

  
	
   

  
	
   

  	
   

  
	
  Typed Name:

  
				

 

 14Exhibit
10.1

AMENDED AND RESTATED COMPENSATION
AGREEMENT

FOR MYRON
KUNIN

This Amended and
Restated Compensation Agreement (the “Restated Agreement”) is hereby entered
into by and between Regis Corporation, a Minnesota corporation (the “Corporation”),
and Myron Kunin (“Kunin”), this 29th day of June, 2007 (the “Effective Date”).  (The Corporation and Kunin shall be referred
to herein together as “the Parties.”)

WHEREAS, the
Parties previously entered into a Compensation and Non-Competition Agreement
(the “Agreement”), dated May 7, 1997; and

WHEREAS, the
Agreement has been amended from time to time, including an amendment entered
into by the Parties, dated February 9, 2000, entitled the Second Amendment to
the Compensation and Non-Competition Agreement (the “Second Amendment”), which
amendment added enhancements to the benefits provided Kunin under the Agreement
should the Corporation undergo a Change in Control (as defined in the Second
Amendment).  (The Agreement and all
amendments thereto shall be referred to herein collectively as the “Agreement.”);
and

WHEREAS, the
Parties wish to restate the Agreement to set forth its terms in one document
and to revise the Agreement in certain respects.

The Parties hereby
agree as follows:

1.             Continued
Compensation Payments.  The
Corporation shall continue to pay Kunin the amount specified under the
Agreement, that is, $600,000 per year, increased each year, commencing July 1,
1997, in proportion to any increase in the consumer price index (as defined in
the Agreement) from July 1, 1996, to each July 1 thereafter in which payments
are made to Kunin under the Agreement. 
Such amount shall be paid to Kunin on a monthly basis for his
lifetime.  Under no circumstances shall
the annual amount payable to Kunin pursuant to this paragraph 1 be decreased in
any year.  Notwithstanding the foregoing,
if Kunin’s services with the Corporation cease at any time following a Change
in Control (as defined in the Second Amendment), whether such cessation is
initiated by Kunin or by the Corporation (unless the cessation is by the
Corporation for Cause (within the meaning of the Agreement), then in lieu of
the monthly payments described above, the Corporation shall pay to Kunin within
five (5) days after such cessation of services, a single lump sum payment equal
to the then present value of the future monthly payments described above.  The discount rate to be used for this purpose
shall be equal to the yield to maturity, at the date of cessation of Kunin’s
services, of U.S. Treasury Notes with a maturity date nearest the joint life
expectancy (as defined in the Second Amendment) of Kunin and his spouse.

2.             Reimbursement
for Expenses in Litigating Agreement. 
Should Kunin become a party to any litigation involving the validity or
interpretation of this Agreement, or any provisions thereof, at any time during
his lifetime, the Corporation shall advance to Kunin the legal expenses
incurred by him, including reasonable attorneys fees, in connection with such
litigation, and such expenses shall be paid to Kunin as incurred by him in
advance of the final disposition of any such proceeding no later than the last
day of Kunin’s taxable year following his taxable year in which the expenses
were incurred.  Such expenses shall be
repaid by Kunin only if he does not prevail in such proceedings.  Kunin shall be deemed to have prevailed in
any such proceedings if such proceedings are terminated by settlement.  The amount of the expenses eligible for
reimbursement during one taxable year of Kunin shall not affect the expenses
eligible for reimbursement in another taxable year.

3.             Non-competition
Covenant.  In consideration of the
Corporation’s obligations under paragraphs 1 and 2, above,  for the period during which payments are made
to Kunin under such paragraphs, Kunin shall be, and shall continue to remain,
bound by the non-competition covenant set forth in the Agreement, as amended on
November 21, 1997.

4.             Agreement
Grandfathered under 409A.  The
Parties agree that the service requirement and non-competition covenant set
forth in the Agreement has not at any time, and in particular as of December
31, 2004, constituted a substantial risk of forfeiture to Kunin, or a
requirement by Kunin to perform further services for the Corporation within the
meaning of Section 409A of the Internal Revenue Code (the “Code”).  Accordingly, the obligations of the
Corporation under the Agreement (other than under the Second Amendment), as set
forth in paragraphs 1 through 3, above, are grandfathered under, and not
subject to, Section 409A of the Code.

5.             Change
in Control Benefits.  The benefits
provided to Kunin under the Second Amendment shall be revised as set forth in
this paragraph 5:

In addition to the benefits payable to Kunin under other provisions of
this Restated Agreement, in the event a Change in Control of the Corporation
occurs at any time prior to Kunin’s death, the Corporation shall provide to
Kunin the benefits described in (a), (b), (c), and (d), below:

(a)           In the
event that Kunin’s services with the Corporation are discontinued by the
Corporation for reasons other than Cause or Kunin ceases his services with the
Corporation for Good Reason within two years following a Change in Control, the
Corporation shall pay to Kunin an amount equal to three times the annual compensation
described in paragraph 1, above, for the 12-month period immediately preceding
the Change in Control.  Such amount shall
be paid to Kunin in a single sum 

 2
 

within thirty (30) days after the date on which the discontinuance or
cessation occurs.

(b)           The
excess of:  (i) Kunin’s “adjusted annual
compensation” multiplied by the joint life expectancy (as defined in the Second
Amendment) of Kunin and his spouse, as determined as of the date of the Change
in Control, with no discount for present value; over (ii) the present value of
the future monthly benefits payable to Kunin pursuant to paragraph (1), above
(without regard to the last sentence thereof), as of the date of the Change in
Control.  Such amount shall be paid to
Kunin in a single sum within thirty (30) days following the date of the Change
in Control.  For purposes of this
subparagraph (b), Kunin’s “adjusted annual compensation” shall mean the annual
amount payable to Kunin pursuant to paragraph 1, above (without regard to the
last sentence thereof), as of the date of the Change in Control, increased by
four percent (4%) for each year in the joint life expectancy.

(c)           200,000
shares of the Corporation’s common stock free of any restrictions on
exercisability (except as may be imposed by law), deliverable to Kunin upon the
Change in Control.  Any such shares
awarded under this subparagraph 5(c) shall be subject to automatic adjustment
by the appropriate Board committee or its delegate to reflect any Corporation
share dividend, share split, combination or exchange of shares,
recapitalization or other change in the capital structure of the Corporation
since the date hereof.

(d)           An amount
equal to any excise tax imposed on Kunin by Section 4999 of the Code and by any
comparable and applicable state law (collectively, “Excise Taxes”), as a result
of the payments and stock grant provided under subparagraphs (a), (b) and (c)
of this paragraph 5, and as a result of any accelerated vesting of Kunin’s
options to acquire shares of the Corporation, and shall further pay to Kunin on
a “grossed-up” basis all additional federal and state income taxes and Excise
Taxes payable by Kunin as a result of the payments provided in this
subparagraph 5(d), so that the net after-tax amount received by Kunin pursuant
to this paragraph 5 is equal to the amount that Kunin would have received if no
Excise Taxes had been imposed on income received by or imputed to him by reason
of the payments or stock grant pursuant to this paragraph 5 or by reason of
accelerated vesting of Kunin’s options. 
All amounts payable to Kunin pursuant to this subparagraph 5(d) shall be
paid by the end of his taxable year next following his taxable year in which
the related taxes are remitted to the taxing authority.

6.             Definitions.  For purposes of paragraph 5 of this Restated
Agreement, the following terms when capitalized shall have the meanings set
forth below:

 3
 

(a)           “Cause”
shall mean:  (i) (A) a felony conviction
under any Federal or state statute which is materially detrimental to the
financial interests of the Corporation, or (ii) willful non-performance by
Kunin of his material duties other than by reason of his physical or mental
incapacity after reasonable written notice to Kunin and reasonable opportunity
(not less than thirty (30) days) to cease such non-performance; or (ii) Kunin
willfully engaging in fraud or gross misconduct which is materially detrimental
to the financial interests of the Corporation.

(b)           A “Change in Control” shall be deemed to have occurred at such
time as any of the following events occur: 
(i) any “person” within the meaning of Section 2(a)(2) of the Securities
Act of 1933 and Section 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”), is or has become the “beneficial
owner,” as defined in Rule 13d-3 under the Exchange Act, of twenty percent
(20%) or more of the common stock of the Corporation, or (ii) approval by the
stockholders of the Corporation of (A) any consolidation or merger of the
Corporation in which the Corporation is not the continuing or surviving
corporation or pursuant to which shares of stock of the Corporation would be
converted into cash, securities or other property, or (B) any consolidation or
merger in which the Corporation is the continuing or surviving corporation but
in which the common stockholders of the Corporation immediately prior to the
consolidation or merger do not hold at least a majority of the outstanding
common stock of the continuing or surviving corporation, or (C) any sale,
lease, exchange or other transfer of all or substantially all the assets of the
Corporation, or (iii) individuals who constitute the Corporation’s Board of
Directors on the Effective Date (the “Incumbent
Board”) have ceased for any reason to constitute at least a majority
thereof, provided that any person becoming a director subsequent to the
Effective Date whose election, or nomination for election by the Corporation’s
stockholders, was approved by a vote of at least three-quarters (75%) of the
directors comprising the Incumbent Board (either by specific vote or by
approval of the proxy statement of the Corporation in which such person is
named as nominee for director) shall be, for purposes of this Agreement,
considered as though such person were a member of the Incumbent Board.

(c)           “Good
Reason” shall mean shall mean the occurrence, without the express written
consent of Kunin, of any of the following: (i) any adverse alteration in the
nature of Kunin’s reporting responsibilities, titles, or offices, or any
removal of Kunin from, or any failure to reelect Kunin to, any such positions,
except in connection with a cessation of Kunin’s services for Cause, permanent
disability, or as a result of Kunin’s death or a cessation of services by Kunin
other than for Good Reason; (ii) a 

 4
 

reduction by the Corporation in Kunin’s compensation as then in effect;
(iii) failure by the Corporation to continue in effect (without substitution of
a substantially equivalent plan or a plan of substantially equivalent value)
any compensation plan, bonus or incentive plan, stock purchase plan, stock
option plan, life insurance plan, health plan, disability plan or other benefit
plan or arrangement in which Kunin is then participating; (iv) any material
breach by the Corporation of any provisions of this Restated Agreement; (v) the
requirement by the Corporation that Kunin’s principal place of rendering
services to the Corporation be relocated outside of a thirty (30) mile radius
from its existing location; or (vi) the Corporation’s failure to obtain a
satisfactory agreement from any successor to assume and agree to perform
Corporation’s obligations under this Restated Agreement; provided that Kunin notifies the
Corporation of such condition set forth in clause (i), (ii), (iii), (iv), (v)
or (vi) within 90 days of its initial existence and the Corporation fails to
remedy such condition within thirty (30) days of receiving such notice.

7.             Six-Month
Delay.  Notwithstanding anything in
this Restated Agreement to the contrary, should any payment under this Restated
Agreement be considered “deferred compensation” payable to a “specified
employee” due to his “separation from service,” with the Corporation, as those
terms are defined in Section 409A of the Code, then distribution of that
payment will not be made until six (6) months following the separation.

8.             Successors
and Assigns.  This Restated Agreement
shall be binding upon and inure to the benefit of the Parties hereto and their
successors and assigns.  As used in this
Restated Agreement, the term “successors” shall include any person, firm,
corporation or other business entity which at any time, whether by merger,
purchase, or otherwise, acquires all or substantially all the assets or
business or capital stock of the Corporation.

9.             Agreement
Superseded.  Except as specifically
set forth herein, this Restated Agreement shall replace and supersede the terms
of the Agreement in all respects.

IN WITNESS WHEREOF, the
Parties hereto have executed this Restated Agreement as of the day and year
first above written.

	
  

  	
   

  	
  REGIS CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  

  	
  By:

  	
  /s/ Paul D. Finkelstein

  	
   

  
	
   

  	
   

  	
  Its President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Myron Kunin

  	
   

  
	
   

  	
   

  	
  Myron Kunin

  	
   

  
					

 

 5

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