Document:

Exhibit 10.24 to Medtronic, Inc. Form 10-K for fiscal year ended April 28, 2006

Exhibit 10.24

RESTRICTED STOCK AWARD AGREEMENT
2003 LONG-TERM INCENTIVE PLAN

	1.	Restricted Stock Award.   Medtronic, Inc., a Minnesota corporation (the “Company”),
hereby awards to you, the individual named above, the above number of shares of Common Stock of the Company (the “Restricted
Stock”), subject to the restrictions, limitations, and conditions contained in this Restricted Stock Award Agreement (this
“Agreement”) and in the Medtronic, Inc. 2003 Long-Term Incentive Plan (the “Plan”). In the event of any
inconsistency between the terms of the Agreement and the Plan, the terms of the Plan will govern. Capitalized terms not defined
in this Agreement shall have the meanings ascribed to them in the Plan.
	2.	Restricted Stock Period.   On ________________________ the shares of Restricted Stock will become yours
free of all restrictions provided that you have been continuously employed by the Company or any Affiliate and all other conditions
and restrictions are met. Until the applicable vesting dates, the Restricted Stock is subject to the restrictions, conditions,
and limitations described in this Agreement and the Plan. In the case of your death, Disability or Retirement, you shall be
entitled to receive that number of shares of Restricted Stock that has been pro rated for the portion of the Restricted Stock
Period during which you were employed by the Company or any Affiliate, and with respect to such shares of Common Stock, all
restrictions shall lapse. Upon termination of your employment for any reason other than death, Disability or Retirement, any
shares of Restricted Stock whose restrictions have not lapsed will automatically be forfeited in full and canceled by the Company
as of 11:00 p.m. CT (midnight ET) on the date of such termination of employment. For purposes of this Agreement, the terms
“Disability” and “Retirement” shall have the meanings ascribed to those terms under any retirement plan
of the Company which is qualified under Section 401 of the Code (which currently provides for retirement on or after age
55, provided you have been employed by the Company and/or one or more Affiliates for at least ten years, or retirement on or
after age 62), or under any disability or retirement plan of the Company or any Affiliate applicable to you due to employment
by a non-U.S. Affiliate or employment in a non-U.S. location, or as otherwise determined by the Committee.
	3.	Change in Control.   Upon the occurrence of a Change in Control, all restrictions with respect to shares
of Restricted Stock shall lapse.
	4.	Forfeitures.   If you have received or been entitled to receive payment in cash, delivery of Common Stock
or a combination thereof as a result of this Restricted Stock award within the period beginning six months prior to termination
of your employment with the Company or any Affiliate and ending when the Restricted Stock award terminates or is canceled,
the Company, in its sole discretion, may require you to return or forfeit the cash and/or Common Stock received or receivable
with respect to this Restricted Stock, in the event you engage in any of the following activities:

	 	a.	performing services for or on behalf of any competitor of, or competing with, the Company or any Affiliate within
six months of the date of your termination of employment with the Company or any Affiliate;
	 	b.	unauthorized disclosure of material proprietary information of the Company or any Affiliate;
	 	c.	a violation of applicable business ethics policies or business policies of the Company or any Affiliate; or
	 	d.	any other occurrence determined by the Committee.

The Company’s right to require forfeiture must be exercised not later than 90
days after the Company acquires actual knowledge of such an activity but in no event later than 12 months after your termination
of employment with the Company or any Affiliate. Such right shall be deemed to be exercised upon the Company’s mailing
written notice of such exercise to your most recent home

 

address as shown on the personnel records of the Company. In addition to requiring forfeiture as described herein, the Company
may exercise its rights under this Section 4 by terminating this Restricted Stock Award.

If you fail or refuse to forfeit the cash and/or shares of Common Stock demanded
by the Company (adjusted for any events described in Section 11(a) of the Plan), you shall be liable to the Company for damages
equal to the number of shares demanded times the highest closing price per share of the Common Stock during the period between
the date of termination of your employment with the Company or any Affiliate and the date of any judgment or award to the Company,
together with all costs and attorneys’ fees incurred by the Company to enforce this provision.

	5.	Rights of Shareholders.   As a recipient of Restricted Stock, you will have the rights of a
shareholder of Common Stock, including the right to receive dividends and to vote such stock, at the time you are awarded the
Restricted Stock. Shares representing the Restricted Stock will be issued and held in custody by the Company for you. All rights
as a shareholder with respect to the Restricted Stock will cease, and your Restricted Stock will be forfeited, upon termination
of your rights to such stock as provided in paragraph 2 or 4 above or pursuant to the provisions of the Plan. Upon such termination,
the Restricted Stock shares shall be canceled by the Company.
	6.	Restrictive Legend.   Each certificate representing shares of the Restricted Stock will contain a statement
substantially as follows:

	 	“The shares represented by this certificate are subject to a risk of forfeiture and other restrictions, conditions, and limitations, including restrictions on transferability, as more particularly described in the
Medtronic, Inc. 2003 Long-Term Incentive Plan and Restricted Stock Award Agreement covering such shares. Such Plan and Agreement
are available for inspection at the principal office of Medtronic, Inc.”	 

	 	Failure to include this statement on any of
the Restricted Stock certificates will not invalidate or waive the restrictions, limitations, or conditions contained in this
Agreement and the Plan.
	7.	Withholding Taxes.   You are responsible for any federal, state, local or other taxes due upon vesting
of the Restricted Stock, and you must promptly pay to the Company any such taxes. The Company and its subsidiaries are authorized
to deduct from any payment to you any taxes required to be withheld with respect to the Restricted Stock. As described in Section
4(e) of the Plan, you may elect to have a portion of the vested Restricted Stock withheld by the Company to satisfy all or
part of the withholding tax requirements relating to the Restricted Stock. Any fractional share amount due relating to such
tax withholding will be rounded up to the nearest whole share and the additional amount will be added to your federal withholding.
	8.	No Employment Contract.   Nothing contained in the Plan or in this Agreement shall create any right to
your continued employment or otherwise affect your status as an employee at will. You hereby acknowledge that Medtronic and
you each have the right to terminate your employment at any time for any reason or for no reason at all.
	9.	Agreement.   Your receipt of the Restricted Stock and this Agreement constitutes your agreement to be bound
by the terms and conditions of this Agreement and the Plan.

	Accompanying this Agreement are instructions for accessing the Plan and the Plan Summary (prospectus)
from UBS’s Internet website or HROC – Stock Administration’s intranet website. You may also request written
copies by contacting HROC – Stock Administration at 763.505.3030.
 

HROC – Stock Administration, MS V235

Medtronic, Inc.

3850 Victoria Street North

Shoreview, MN 55126-2978Exhibit 10.25 to Medtronic, Inc. Form 10-K for fiscal year ended April 28, 2006

Exhibit 10.25

RESTRICTED STOCK UNIT AWARD AGREEMENT
2003 LONG-TERM INCENTIVE
PLAN

	1.	Restricted Stock Units Award.   Medtronic, Inc., a Minnesota corporation (the “Company”),
hereby awards to the individual named above Restricted Stock Units, in the number and at the Grant Date set forth above. The
Restricted Stock Units represent the right to receive shares of common stock of the Company (the “Shares”), subject
to the restrictions, limitations, and conditions contained in this Restricted Stock Units Award Agreement (the “Agreement”)
and in the Medtronic, Inc. 2003 Long-term Incentive Plan (the “Plan”). Unless otherwise defined in the Agreement,
a capitalized term in the Agreement will have the same meaning as in the Plan. In the event of any inconsistency between the
terms of the Agreement and the Plan, the terms of the Plan will govern.
	2.	Vesting and Distribution.   The Company will issue to you on _____________________ of your Restricted Stock
Units (including any dividend equivalents described in Section 5, below) within six months following any vesting date, provided
that you have been continuously employed by the Company and all other conditions and restrictions are met during the period
beginning on the Grant Date and ending on each vesting date (the “Restricted Period”). Notwithstanding the preceding
sentence, if you terminate employment during the Restricted Period due to death, Disability or Retirement, and all other conditions
and restrictions are met during the Restricted Period, you will vest in your Restricted Stock Units ___________________________,
and the Company will issue you a number of Shares equal to the number of your vested Restricted Stock Units (including any
dividend equivalents described in Section 5, below) within six weeks following your separation from service. Upon termination
of your employment during the Restricted Period for any reason other than death, Disability or Retirement, the Restricted Stock
Units will automatically be forfeited in full and canceled by the Company as of 11:00 p.m. CT (midnight ET) on the date of
such termination of employment. For purposes of this Agreement, the terms “Disability” and “Retirement”
shall have the meanings ascribed to those terms under any retirement plan of the Company which is qualified under Section 401
of the Code (which currently provides for retirement on or after age 55, provided you have been employed by the Company and/or
one or more Affiliates for at least ten years, or retirement on or after age 62), or under any disability or retirement plan
of the Company or any Affiliate applicable to you due to employment by a non-U.S. Affiliate or employment in a non-U.S. location,
or as otherwise determined by the Committee.
	3.	Forfeitures.   If you have received or are entitled to receive delivery of Shares as a result of this Restricted
Stock Units award within the period beginning six months prior to termination of your employment with the Company or any Affiliate
and ending when the Restricted Stock Unit award terminates or is canceled, the Company, in its sole discretion, may require
you to return or forfeit the cash and/or Shares received or receivable with respect to this Restricted Stock Units award, in
the event that you engage in any of the following activities:

	 	a.	performing services for or on behalf of any competitor of, or competing with, the Company or any Affiliate within
six months of the date of your termination of employment with the Company or any Affiliate;
	 	b.	unauthorized disclosure of material proprietary information of the Company or any Affiliate;
	 	c.	a violation of applicable business ethics policies or business policies of the Company or any Affiliate; or
	 	d.	any other occurrence determined by the Committee.

The Company’s right to require forfeiture must be exercised not later than 90
days after the Company acquires actual knowledge of such an activity but in no event later than 12 months after your termination
of employment with the Company or any Affiliate. Such right shall be deemed to be exercised upon the Company’s mailing
written notice of such exercise to your most recent home address as shown on the personnel records of the Company. In addition
to requiring forfeiture as described herein, the Company may exercise its rights under this Section 3 by terminating this
Restricted Stock Units Award.

If you fail or refuse to forfeit the cash and/or shares of Common Stock demanded
by the Company (adjusted for any events described in Section 11(a) of the Plan), you shall be liable to the Company

 

for damages equal to the number of Shares demanded times the highest closing price per share of the Common Stock during the
period between the date of termination of your employment with the Company or any Affiliate and the date of any judgment or
award to the Company, together with all costs and attorneys’ fees incurred by the Company to enforce this provision.

	4.	Change in Control.   Notwithstanding anything in Section 2 to the contrary, if a Change
in Control of the Company, within the meaning of both the Plan and Section 409A of the Code, occurs during the Restricted Period,
and all other conditions and restrictions are met during the Restricted Period, then the Restricted Stock Units will become
100% vested upon such Change in Control and, the Company will issue to you a number of Shares equal to the number of your Restricted
Stock Units (including any dividend equivalents described in Section 5, below) within six weeks following the Change in Control.
	5.	Dividend Equivalents.   You are entitled to receive dividend equivalents on the Restricted Stock Units
generally in the same manner and at the same time as if each Restricted Stock Unit were a Share. These dividend equivalents
will be credited to you in the form of additional Restricted Stock Units. The additional Restricted Stock Units will be subject
to the terms of this Agreement.
	6.	Withholding Taxes.   You are responsible to promptly pay any Social Security and Medicare taxes (together,
“FICA”) due upon vesting of the Restricted Stock Units, and any Federal, State, and local taxes due upon distribution
of the Shares. The Company and its subsidiaries are authorized to deduct from any payment to you any such taxes required to
be withheld. As described in Section 4(e) of the Plan, you may elect to have the Company withhold a portion of the Shares issued
upon conversion of the Restricted Stock Units to satisfy all or part of the withholding tax requirements. You may also elect,
at the time you vest in the Restricted Stock Units, to pay your FICA liability due with respect to those Restricted Stock Units
out of those units. If you choose to do so, the Company will reduce the number of your vested Restricted Stock Units accordingly.
The amount that is applied to pay FICA will be subject to Federal, State, and local taxes.
	7.	Limitation of Rights.   Except as set forth in the Agreement, until the Shares are issued to you in settlement
of your Restricted Stock Units, you do not have any right in, or with respect to, any Shares (including any voting rights)
by reason of the Agreement. Further, you may not transfer or assign your rights under the Agreement and you do not have any
rights in the Company’s assets that are superior to a general, unsecured creditor of the Company by reason of the Agreement.
	8.	No Employment Contract.   Nothing contained in the Plan or Agreement creates any right to your continued
employment or otherwise affects your status as an employee at will. You hereby acknowledge that Medtronic and you each have
the right to terminate your employment at any time for any reason or for no reason at all.
	9.	Amendments to Agreement Under Section 409A of the Code.   You acknowledge that the Agreement and the Plan,
or portions thereof, may be subject to Section 409A of the Internal Revenue Code; that it is anticipated that comprehensive
rules interpreting this Code section will be issued; and that changes may need to be made to the Agreement to avoid adverse
tax consequences to you under Section 409A. You agree that following the issuance of such rules, the Company may amend the
Agreement as it deems necessary or desirable to avoid such adverse tax consequences; provided, however, that the Company shall
accomplish such amendments in a manner that preserves your intended benefits under the Agreement to the greatest extent possible.
	10.	Agreement.   You agree to be bound by the terms and conditions of this Agreement and the Plan. Your signature
is not required in order to make this Agreement effective.

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

HROC – Stock Administration, MS
V235

Medtronic, Inc.

3850 Victoria Street North

Shoreview, MN 55126-2978

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