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Exhibit 10.7    
    

        CONFIDENTIAL  

  
 

    CONSULTING AGREEMENT    
    
    INDEPENDENT CONSULTANT AGREEMENT    
    

        Pursuant to the Confidential Separation Agreement and General Release dated as of January 15, 2004 ("Separation Agreement"), this Independent Consultant
Agreement ("Agreement") is entered into between Paul R. Buckman whose address is 200 Wildhurat Road, Tonka Bay, MN 55331, ("Consultant") and ev3 Inc., a Delaware corporation whose address is
4600 Nathan Lane North, Plymouth, MN 55442 ("Company"). 

        1.    Duties.    Consultant's services will include, but are not be limited to, providing
advice to ev3 on technologies, products, market competition, product development and designs, processes, ideas, customers, clinical trials, and regulatory matters (the "Services"). Until further
notice, Consultant shall coordinate the performance of Consultant's duties hereunder with Dale Spencer or James Corbett. Services shall be performed only as reasonably requested by Company and at
times mutually convenient. 

        2.    Term and Termination.    The initial term of this Agreement will be from the date of
delivery of the notice required under Section 7(c) of the Separation Agreement and ending on the date of the last Separation/Consulting Payment pursuant to the Separation Agreement, unless
terminated earlier as hereinafter provided. Company may terminate this Agreement immediately and without notice as the result of Consultant's breach of the provisions of this Agreement or of the
Separation Agreement. A breach by Consultant of this Agreement shall constitute a breach of the Separation Agreement as well. In the event of notice of termination, Consultant shall promptly submit
any outstanding requests for expenses, and Company shall make payment as provided for in Section 3. Company shall have no other monetary liability to Consultant. 

        3.    Payment.    Payment for services and expenses will be as follows: 

        (a)   Company
shall pay Consultant pursuant to terms of the Separation Agreement. No other compensation for the Services shall be provided hereunder. 

        (b)   Company
agrees to reimburse Consultant for all reasonable out-of-pocket business expenses incurred by Consultant on behalf of Company, provided
that Consultant properly accounts to Company for all such expenses in accordance with the standard policies of Company relating to reimbursement of business expenses. All travel expenses, if any, must
be pre-approved in writing by Company. Domestic air travel required for Company business will be reimbursed as coach rates. Consultant shall provide Company with appropriate documentation
for tax purposes for all expenses for which Company reimbursement is requested. 

        4.    Independent Contractor.    

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        (a)   Consultant
is to be retained as an independent contractor and not as an agent or employee of Company. Consultant shall not have any right to bind Company or commit
Company to any legal obligation whatsoever, or to hire or retain other parties at Company's expense, without Company's prior written approval. 

        (b)   While
on Company's premises, Consultant shall comply strictly with all laws and regulations, take all safety precautions, and follow all of Company's safety and
operating rules, including but not limited to this prohibition on weapons. Consultant represents and warrants that Consultant shall at all times during the term of this Agreement act in the best
interest of Company and take no action which is or might be detrimental to the interests of Company. 

        (c)   Consultant
shall perform the Services to the best of Consultant's ability and in accordance with the degree of skill, care and diligence normally exercised by recognized
professional persons or firms that supply services of a similar nature. 

        (d)   Consultant
shall not be eligible to participate in any of Company's employee benefit plans, fringe benefit programs, group insurance arrangements or similar programs. 

        5.    Intellectual Property.    

        (a)   Inventions. "Inventions" as used in this Agreement, means any inventions, discoveries, improvements and ideas, whether or
not in writing or reduced to practice and whether or not patentable or copyrightable, made, developed, perfected, devised, authored or conceived by Consultant, whether by Consultant's sole efforts or
in connection with the efforts of others, and that either (i) relate in any way to Company's products or processes, past, present, anticipated or under development upon which Consultant has
provided services to Company, or (ii) result in any way from Consultant's engagement by Company (including any limited services prior to the date of this Agreement). 

        (b)   Ownership. Consultant agrees that all Inventions (as defined in Section 5(a) above), made by Consultant will be
the sole and exclusive property of Company and hereby assigns and agrees to assign to Company all of Consultant's right, title and interest in and to the Invention(s), any applications Consultant
makes for patents or copyrights in any country, and any patents or copyrights granted to Consultant in any country. To the extent that any Invention qualifies as "work made for hire" as defined in 17
U.S.C. § 101 (1976), as amended, such Invention will constitute "work made for hire" and, as such, will be the exclusive property of Company. Any deliverables shall be the sole
property of Company, and Consultant waives and relinquishes all claims it may have to the ownership of such Deliverables. 

        (c)   Consultant Obligations. Consultant agrees to disclose promptly and fully to Company in writing any Inventions and
copyrightable material made or conceived by Consultant, either alone or jointly with others, during the term of this Agreement. Consultant further agrees that he will, with respect to any Inventions:
(i) keep current, accurate, and complete records, which will belong to Company and be kept and stored on Company's premises; and (ii) acknowledge and deliver promptly to Company any
written instruments, and 

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perform
any other acts necessary in Company's opinion to preserve property rights in the Invention against forfeiture, abandonment or loss and to obtain and maintain letters patent and/or copyrights
on the Invention and to vest the entire right and title to the Invention in Company. Consultant agrees to perform promptly (without charge to Company but at the expense of Company) all acts, such as
execution of assignments or patent prosecution documentation, as may be necessary in Company's opinion to preserve all patents and/or copyrights granted upon Consultant's Inventions forfeiture,
abandonment or loss. 

        6.    Confidentiality.    

        (a)   In
the performance of this Agreement, Consultant will receive Company confidential information (which includes information generated by Consultant in performing services
for Company), which gives Company an advantage over its competitors who do not know or use it, including but not limited to techniques, designs, drawings, processes, inventions, developments,
equipment, prototypes, sales and customer information, and business and financial information, relating to the business, products, practices, techniques or technology of Company and/or its
subsidiaries or affiliates (hereinafter referred to as "Confidential Information"). Confidential Information shall include information Company deems confidential or proprietary or which Consultant has
reason to believe is confidential or proprietary. Consultant agrees, at all times to regard and preserve as confidential such Confidential Information, and to refrain from directly or indirectly
publishing or disclosing any part of such Confidential Information and from using it except as required in connection with the Services for Company without the prior written consent of Company.
Consultant further agrees, at all times, to refrain from any other acts or omissions that would reduce the value of such Confidential Information to Company. Company is free to use any information
disclosed or generated under this Agreement without permission from Consultant. 

        (b)   All
Confidential Information shall remain the exclusive property of Company, and no license is granted to Consultant to any Confidential Information. 

        (c)   Upon
termination of engagement, Consultant will promptly return to Company all originals and all copies of all property and assets of Company created or obtained by
Consultant as a result of or in the course of or in connection with the engagement with Company which are in Consultant's possession or control, whether confidential or not. 

        (d)   It
is expressly agreed that the obligations in this Section 6 to keep information confidential do not apply to information that: (1) is at the time of
disclosure, or thereafter becomes, a part of the public domain without breach of this Agreement (provided that the act of copyrighting shall not be construed as causing such copyrighted materials to
be in the public domain); (2) is lawfully in the possession of Consultant prior to the disclosure, as shown by written records; or (3) is lawfully disclosed to consultant by a third
party unrelated to Company who does not owe a duty of confidentiality to Company. 

        7.    Non-Competition Agreement.    Consultant acknowledges that he is bound by
the terms of the Separation Agreement regarding his non-compete obligations. 

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        8.    Non-Solicitation.    Consultant acknowledges that he is bound by the terms
of the Separation Agreement regarding his non-solicitation obligations. 

        9.    Records.    Consultant shall maintain true and correct sets of records in connection
with the Services, and shall deliver those records to Company at the termination of this Agreement. 

        10.    Notices.    All notices required or permitted by this Agreement shall be in writing and
shall be delivered in person or sent by certified or registered mail, return receipt requested, postage prepaid to the addresses above, or to such other address as either party may designate in
writing to the other. All mailed notices shall be deemed effective upon being deposited in the mail. 

        11.    Waiver.    The waiver by either party of a breach of any provision of this Agreement
shall not operate as or be construed as a continuing waiver or as a consent to or waiver of any subsequent breach. 

        12.    Assignment.    Consultant may not assign this Agreement without the express written
consent of Company. Company may assign this Agreement to any of its affiliates. 

        13.    Governing Law.    This Agreement shall be governed by the laws of the State of
Minnesota, without regard to choice of law rules. The parties agree that any dispute relating to this Agreement or arising out of the services performed by Consultant shall be subject to the
jurisdiction of the courts within the State of Minnesota, Hennepin County. 

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

	CONSULTANT	 	ev3 Inc.
	

/s/ Paul R. Buckman
	
 	

By:	
 	

/s/ Cecily Hines

	

Paul R. Buckman	
 	

Name:	
 	

Cecily Hines

	

 	
 	

 	
 	

Title:	
 	

V.P. and Chief Legal Officer

	

Date:	
 	

1/28/04
	
 	

Date:	
 	

1-29-04

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Exhibit 10.7

CONSULTING AGREEMENT INDEPENDENT CONSULTANT AGREEMENTQuickLinks
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Exhibit 10.8    
    

        CONFIDENTIAL  

  
 

    CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE    
    

        This Confidential Separation Agreement and General Release (the "Agreement") is made and entered into between Paul R. Buckman, whose address is 200 Wildhurst Rd.,
Tonka Bay, MN 55331 ("Buckman") and ev3 Inc., whose address is 4600 Nathan Lane North, Plymouth, MN 55442 ("Employer"), ev3 LLC, whose address is 4600 Nathan Lane North, Plymouth, MN 55442
("ev3 LLC") and Warburg, Pincus Equity Partners L.P., a Delaware limited partnership, ("WP"). 

        WHEREAS, Buckman and Employer desire to terminate the employment relationship between them in an orderly and mutually satisfactory manner;
and 

        WHEREAS, Buckman, Employer, and WP want to fully and finally settle all issues, differences, and actual and potential disputes between
them, in accordance with the terms and conditions set forth in this Agreement; 

        NOW, THEREFORE, in consideration of the mutual promises contained in this Agreement, Buckman, Employer and WP agree as follows: 

	1.
	Employer. The term "Employer" as used in this Agreement shall include any company or person related to ev3 Inc. in the present or
past, including without limitation, its predecessors, successors, parents, subsidiaries, and divisions, and any of its present and past officers, directors, committees, employees, insurers and the
present and past fiduciaries of any employee benefit plan providing benefits to ev3.

	2.
	WP. The term "WP" as used in this Agreement shall include any company or person that is affiliated with Warburg Pincus Equity Partners
LP in its relationship with Employer, in the present or past, including without limitation, its predecessors, successors, parents, subsidiaries, and divisions, and any of its present and past
officers, directors, committees, employees, and insurers.

	3.
	Resignation. Buckman hereby acknowledges and confirms his resignation as an employee of Employer, effective January 15, 2004
("Effective Date"). By his signature on this Agreement, Buckman acknowledges that he has voluntarily resigned his employment with Employer, and all positions as an officer or director of Employer and
of any and all subsidiaries and parent of Employer, including but not limited to his position as director on the Board of Directors of ev3 Inc. and on the Board of Managers of ev3 LLC.

	4.
	Payments. Except as otherwise provided in this Agreement, Buckman acknowledges that Employer has made all payments due him, including,
but not limited to, salary, bonus, expense reimbursement, vacation pay, board service compensation, and payments due pursuant to any contract(s) between Employer and Buckman.

	5.
	Separation/Consulting Payment.

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	a.
	Subject
to the conditions stated herein, and provided that Buckman has signed and not rescinded this Agreement, Employer shall pay to Buckman the sum equal to twelve months of
Buckman's base salary, which is three hundred thirty-nine thousand six hundred twenty-five dollars ($339,625) (the "Separation/Consulting Payment"), plus a special cash payment
in the amount of eighty-four thousand nine hundred six dollars ($84,906), a portion of which is attributable to a partial 2003 bonus and a portion attributable to the other commitments
made by Buckman in this Agreement ("Special Cash Payment"). The Separation/Consulting Payment shall be paid in twelve (12) equal monthly installments, by check made payable to Buckman, and to
be mailed to Buckman at the address above. The initial payment of the Separation/Consulting Payment shall be made no later than thirty (30) days after Employer receives the written statement
required by Paragraph 7(c), with the balance of the Separation/Consulting Payment to be paid monthly thereafter. For the Separation/Consulting Payment Buckman shall be responsible for the
payment of all taxes including but not limited to FICA, which are due and payable to all governmental or regulatory authorities, and recognizes that Employer will be issuing a Form 1099 for the
Separation/Consulting Payment. The Special Cash Payment will be paid as set out in 5(b) below. In the event of a breach by Buckman of this Agreement, or of the Employee Agreement referred to in
Section 12 of this Agreement, Employer shall (i) be entitled to cancel any outstanding installments of the Separation/Consulting Payment and the Special Cash Payment, owing nothing
further to Buckman thereafter under this Agreement, and (ii) shall have the right to pursue any and all other remedies available to it, in law or in equity, for damages suffered as a result of
such breach.

	b.
	The
Special Cash Payment shall be paid in six (6) equal monthly installments starting no later than thirty (30) days after Employer receives the written statement
required by Paragraph 7(c), and shall be reported on a Form W-2 and subject to normal legally required payroll withholdings.

	c.
	Buckman
agrees that the Separation/Consulting Payment and the Special Cash Payment will constitute compensation to him and will be fully taxable. Employer will issue appropriate
W-2, 1099 and/or other forms to Buckman and to the applicable governmental taxing authorities to report the payments. Buckman will properly report the payment on his individual income tax
returns, and will be responsible for all related taxes, excluding the employer's share of FICA for the Special Cash Payment. Buckman represents that (1) he is legally able and entitled to
receive the Separation/Consulting Payment and the Special Cash Payment; (2) he has not been involved in any personal bankruptcy or other insolvency proceedings at any time since he began his
employment with Employer, and (3) no child support orders, garnishment orders, or other orders requiring that money owed to him by Employer be paid to any other person are now in effect.
Buckman agrees that he will defend, indemnify and hold Employer harmless from any and all claims, actions, losses, taxes, attorney's fees, interest, penalties and expenses of any sort relating to a
breach of the representations contained in this paragraph or his obligation to pay taxes on the payment. 

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	6.
	Release. As an essential inducement to Employer, ev3 LLC and WP to enter into this Agreement, Buckman, for good
and valuable consideration, does hereby fully and completely release and waive any and all claims, complaints, causes of action, demands, suits, and damages, of any kind or character, which he has or
may have against Employer, ev3 LLC and/or WP, arising out of any acts, omissions, conduct, decisions, behavior, or events occurring up through the date of his signature on this Agreement. Buckman
understands that he is giving up any and all claims (whether now known or unknown) that he may have against Employer, ev3 LLC and/or WP, including (without limitation):

	a.
	claims
relating to his employment, or his roles as officer or director, with Employer and the cessation of his employment, including his roles as officer or director;

	b.
	all
claims arising out of or relating to the statements, actions, or omissions of the Employer, ev3 LLC or of WP;

	c.
	all
claims for any alleged unlawful discrimination, harassment, retaliation or reprisal, or other alleged unlawful practices arising under any federal, state, or local statute,
ordinance, or regulation, including without limitation, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Employee Retirement Income Security Act, the
Equal Pay Act, the Worker Adjustment Retraining and Notification Act, the Family Medical Leave Act, Age Discrimination in Employment Act; the Fair Labor Standards Act, the Minnesota Human Rights Act,
and workers' compensation non-interference or non-retaliation statutes, and any state or local employment practices laws;

	d.
	all
claims for alleged wrongful discharge; breach of contract; breach of implied contract; failure to keep any promise; breach of a covenant of good faith and fair dealing; breach of
fiduciary duty; estoppel; his activities, if any, as a "whistleblower"; defamation; infliction of emotional distress; fraud; misrepresentation; negligence; harassment; retaliation or reprisal;
constructive discharge; assault; battery; false imprisonment; invasion of privacy; interference with contractual or business relationships; any other wrongful employment practices; and violation of
any other principle of common law;

	e.
	all
claims for compensation of any kind, including without limitation, salary, bonuses, commissions, expense reimbursements, stock-based compensation or stock options, used or accrued
vacation pay, floating holiday pay, personal time pay, personal time reservoir, sick pay, severance payments under any past, pending or future severance pay plans, short and/or long term disability
benefits, life insurance benefits, accidental death and disability insurance benefits, dental, medical and vision benefits, retirement savings or 401(k) or 403(b) contributions, and payments for any
other type of work, benefit, leave of absence or time off of work; 

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	f.
	all
claims for back pay, front pay, reinstatement, other equitable relief, compensatory damages, damages for alleged personal injury, liquidated damages, and punitive damages;

	g.
	all
claims related to that letter agreement dated September 1, 2003 between Employer and Buckman related to Change in Control transactions which is acknowledged by all parties
to be null and void as of the Effective Date; and

	h.
	all
claims for attorneys' fees, costs, and interest. 

        Buckman
further understands that he is releasing, and does hereby release, any claims for damages, by charge or otherwise, whether brought by him or on his behalf by any other party,
governmental or otherwise, and agrees not to institute any claims for damages via administrative or legal proceedings against Employer, ev3 LLC or WP. Buckman waives and releases any and all rights to
money damages or other legal relief awarded by any governmental agency related to any charge or claim. 

        Interests Expressly Not Included in Release.    Employer and Buckman expressly agree that the release
set forth in this Section 6 does not include: 

	(i)
	any
claims that the law does not allow to be waived;

	(ii)
	any
claims that may arise after the date on which the Buckman signs this Release;

	(iii)
	any
claims that may arise under the Satisfaction Agreement which is dated as of the date hereof;

	(iv)
	Buckman's
statutory or regulatory rights, if any, to continue participating in any welfare benefit, pension, or retirement plan of Employer (e.g., Buckman' right to
continue health insurance coverage under COBRA);

	(v)
	Buckman's
accrued benefits under any welfare benefit plan in which Buckman is now a participant (e.g., health insurance, medical spending account, dependent care
account, life insurance, accidental death and dismemberment insurance, short term disability insurance, long term disability insurance), or under any pension, 401(k) or similar retirement benefit plan
in which Buckman is now a participant (the vesting and provision of benefits thereunder, including the amounts and timing thereof, will continue to be governed by the terms of Employer's applicable
plan document(s);

	(vi)
	any
rights to indemnification by Employer under statutory or common law.

	7.
	Period to Consider the Release and to Rescind.

	a.
	Buckman
has been informed he has up to twenty-one (21) days to examine this Agreement before signing it. Employer will accept this Agreement if Buckman signs and
dates it at any time on or before February 5, 2004. If Buckman signs 

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this
Agreement before February 5, 2004 it will be his voluntary decision to do so because he has decided that he does not need any additional time to decide whether to sign this Agreement. 

	b.
	Buckman
has been advised of his right to rescind this Agreement within fifteen (15) calendar days after the date of his signature below. To be effective, the rescission must be
in writing and delivered to Employer either by hand or by mail within the fifteen (15) day period. All deliveries must be made to ev3 at the following address: 

	Mr. Greg Morrison

Vice President, Human Resources, ev3 Inc.

4600 Nathan Lane North

Plymouth, MN 55442
	

With a copy to: Ms. Cecily Hines, V.P. and Chief Legal Officer, ev3 Inc.

If
delivered by mail, the rescission must be: (1) postmarked within the fifteen (15) day period; (2) properly addressed to ev3 at the address stated above; (3) and sent by
certified mail, return receipt requested, first-class postage prepaid. 

	c.
	If
Buckman elects not to rescind this Agreement, Buckman shall provide Employer with a written statement, dated and signed by Buckman not before the sixteenth (16th) day
after the date on which Buckman signs this Agreement, that through such date Buckman has not and will not take any action to rescind this Release as set forth in this Paragraph 7.

	8.
	Return of Property. Buckman represents that he has returned to Employer all its records, correspondence, computer equipment, electronic
or paper files and documents, corporate credit cards, cell phone, badge and keys. Buckman acknowledges that Employer is expressly relying on this representation in entering into this Agreement.
Notwithstanding the language in this paragraph to the contrary, Employer agrees that, after Buckman submits his laptop computer for "cleaning" (i.e. all proprietary Company information on the computer
shall be permanently deleted from his computer,) and Buckman confirms to Employer in writing that he has not retained copies of any of Employer's information or assets, Buckman shall be allowed to
retain said laptop computer permanently. Employer's representatives will work with Buckman to ensure that all deletions are made to the Employer's satisfaction and that Buckman's personal information
is not erased from the laptop in the process.

	9.
	Unit/Stock Options. Buckman shall have the right until the close of business on January 15, 2005 to exercise any or all options
to purchase units in ev3 LLC which a) are vested as of the Effective Date and b) would otherwise have vested through June 30, 2004 and which shall be allowed to vest pursuant to
the vesting schedule attached to such options, provided Buckman fully complies with all terms of this Agreement. (Schedule A lists all options which will have vested as of the Effective Date
and as of June 30, 2004). Notwithstanding the previous sentence, all options vesting from January 15, 2004 through June 30, 2004 shall be deemed to have vested on the first day of
the month in 

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which
the vesting would otherwise occur pursuant to the vesting schedule. All unvested options as of June 30, 2004 shall be forfeited and revert to ev3 LLC. All other terms of the grants of the
options to purchase ev3 LLC units shall be governed by the documents of such grants. 

	10.
	Conditions of Separation/Consulting and Special Cash Payments. The conditions which must be met in order for
the Separation/Consulting and Special Cash Payments to be owed and payable are as follows:

	(a)
	Employer
need not make any installment payments of the Separation/Consulting and Special Cash Payments unless and until Buckman (i) executes this Agreement and does not rescind
it; and (ii) complies in all respects with the requirements of Paragraph 8. In the event of a rescission by Buckman, all of Employer's obligations under this Agreement shall be null and
void, but the cessation of Buckman's employment shall be unaffected.

	(b)
	Buckman
agrees to provide consulting services to Employer, with no additional payment above and beyond the Separation/Consulting and Special Cash Payments, for the term of payments of
the Separation/Consulting Payment, not to exceed ten (10) hours per month. Such consulting services shall be at Employer's reasonable request and may be related to any area of Employer's
business. All such requests by Employer shall be made either by Jim Corbett or Dale Spencer, Buckman agrees to be bound by the terms of the Consulting Agreement attached hereto as Exhibit B. In
the event Buckman refuses to provide such consulting services or breaches the Consulting Agreement, all unpaid installments of the Separation/Consulting Payment shall be cancelled and no longer owing.

	(c)
	Buckman
must not be in breach of this Agreement, the Consulting Agreement or the Employee Agreement. In the event of a breach by Buckman of this Agreement or of the Employee
Agreement, all unpaid installments of the Separation/Consulting Payment shall be cancelled and no longer owing. 

It
is understood and agreed that the accepting by Buckman of employment with another employer shall not affect the payments owed to him under this Agreement, unless such employment is in violation of
this Agreement, the Consulting Agreement or the Employee Agreement. 

	11.
	Insurance. (a) Buckman's coverage under Employer's health, dental and life insurance plans shall continue through
January 31, 2004. Thereafter, Buckman's right to continue coverage shall be governed by applicable law, plan documents, and insurance policies, and all premiums or other charges shall be the
sole responsibility of Buckman. If Buckman timely elects to continue health, dental, and life insurance plan coverage for himself and/or his dependents under COBRA, or if Buckman elects to secure his
own private coverage, then Employer will reimburse Buckman in an amount equal to the cost of such COBRA coverage until December 31, 2004 or until continuation COBRA coverage is, or would be, no
longer available, whichever is earlier. For that time period Buckman shall submit a monthly invoice to Greg Morrison at ev3, and ev3 will 

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reimburse
Buckman for premiums paid, such reimbursement not to exceed the cost of COBRA coverage, within thirty (30) days of receipt of the invoice. 

	(b)
	Buckman's
disability insurance shall terminate as of the termination of his employment. However, if Buckman chooses to secure disability coverage on his own, Employer shall reimburse
him the cost of such insurance up to but not exceeding the amount Employer currently is paying for Buckman's disability insurance, such reimbursement to continue through December 31, 2004, with
no further reimbursement due thereafter.

	12.
	Business Protections. (a) The parties acknowledge and agree that the Employee Confidentiality/Restrictive Covenant Agreement
dated May 20, 2003, attached hereto as Exhibit A (the "Employee Agreement"), is valid and enforceable by Employer. Buckman acknowledges and reaffirms all of his obligations under the
Employee Agreement, which obligations continue in full force and effect following the execution of this Agreement, and further affirms that the Employee Agreement shall be deemed to cover both
Employer and ev3 LLC from the Effective Date forward, (b) In addition Buckman recognizes and agrees that the term "Competitive Product" as defined in the Employee Agreement includes, but is not
limited to, any product intended to compete with Employer's products in the areas of Left Atrial Appendage Closure, Patent Foramen Ovale Closure, and/or Percutaneous Mitral Valve Repair, which is
planned, is under development, is in clinical trials, or is commercially available. (c) Notwithstanding this, Employer agrees to waive its rights under the non-compete section of
the Employee Agreement with regard to Velocimed, Inc.; provided, however, that Buckman will remain bound by all of the other restrictions in the Employee Agreement including without limitation
confidentiality. Employer agrees that there are no other noncompetition, nonsolicitation, confidentiality, or trade secret agreements between Employer and Buckman, and Employer releases Buckman from
any such agreements that may exist; provided, however, that nothing in this Agreement shall modify or release Buckman from any obligations he has to Employer under common law.
(d) Notwithstanding the language in the Employee Agreement, Buckman agrees that for the one year period set out in the Employee Agreement he will not hire any employee or consultant of Employer
unless said employee or consultant has been terminated by Employer; any employee or consultant who resigns or otherwise chooses to terminate his/her relationship with Employer may not be hired by
Buckman for the one year period set out in the Employee Agreement. (e) Employer represents to Buckman that under its current D&O insurance policy Buckman will continue to be covered under the
policy for the covered periods while Buckman was acting as a director and officer of Employer.

	13.
	Future Employment. Buckman agrees that he has no future legal right to be hired, employed, or reinstated by Employer or ev3 LLC.

	14.
	Confidentiality.

	a.
	The
terms of this Agreement shall be treated as confidential by Buckman and will not ever be disclosed by him to anyone except his attorney, trustee, accountant, tax advisor, or
spouse, or except as may be required by law or agreed to in writing by Employer. The terms of this Agreement shall similarly be treated as 

7

 

confidential
by Employer, ev3 LLC and WP, and will not be disclosed by Employer to anyone except Employer's attorneys or except as may be required by law or agreed to in writing by Buckman. If Buckman
is asked about the circumstances of Buckman's separation from employment, Buckman may respond that a mutually-satisfactory agreement was reached. Buckman recognizes and agrees that this
confidentiality provision was a significant inducement for Employer and WP to enter into this Agreement. 

	b.
	Buckman
agrees not to make any disparaging, negative or untrue statements about Employer, ev3 LLC, WP or any of their directors, employees, contractors, operating units and other
representatives. Employer and WP agree that Buckman's termination shall be portrayed as a voluntary resignation, that the separation shall be portrayed as amicable, and that Employer will allow each
officer and director to provide a full recommendation, to the extent of his/her knowledge, to third parties when requested to do so directly by Buckman. Nothing in this Paragraph is intended to limit
any party from providing truthful testimony in any legal proceeding or from providing truthful information to any government or regulatory agency.

	15.
	Injunctive Relief. In the event of a breach of paragraph 14 of this Agreement, the non-breaching party shall be
entitled to injunctive relief in addition to all other remedies provided by law or by paragraphs 10 and 16 of this Agreement.

	16.
	Attorneys' Fees. In the event of a breach by either party of paragraph 14 of this Agreement, the breaching party shall pay other
party's attorneys' fees, costs, and disbursements incurred in enforcing its rights.

	17.
	Advice to Consult with an Attorney. Buckman understands and acknowledges that he is hereby being advised by Employer to consult with an
attorney prior to signing this Agreement. Buckman represents that he has consulted with an attorney to the extent that he thinks appropriate, and is voluntarily signing this Agreement. Employer agrees
to reimburse Buckman for his attorneys fees incurred in connection with the review of this Agreement up to an amount, but not exceeding, two thousand dollars ($2000).

	18.
	Investigations and Litigation.
	a.
	Buckman
agrees that Buckman will, at any future time, be available upon reasonable notice from Employer, with or without subpoena, to be interviewed, review documents or things, give
depositions, testify, or engage in other reasonable activities in connection with any litigation or investigation, with respect to matters concerning which Buckman has or may have knowledge as a
result of or in connection with his employment by Employer or any related entity. In performing his obligations under this paragraph to testify or otherwise provide information, Buckman will honestly,
truthfully, forthrightly, and completely provide the information requested. Buckman will comply with this Agreement upon notice from Employer that Employer or its attorneys believe that his compliance
would be helpful in the resolution of an investigation or the prosecution or defense of claims. After January 15, 2005 Employer will pay 

8

 

Buckman
for time that he spends in activities described in this paragraph and conducted at Employer's request at the rate of One Hundred Fifty Dollars ($150.00) per hour. Prior to that date, such
services shall be provided with no additional compensation owed to Buckman other than the Separation/Consulting and Special Cash Payments. All time spent by Buckman under this Section 18 shall
be separate and apart from the consulting services described in Section 10 of this Agreement. 

	b.
	Buckman
represents that he has not filed any complaint, charge, or claim against Employer, WP or ev3 LLC with any local, state or federal agency, court, or insurer; that he will not at
any time hereafter for anything that has occurred up to this point; and that if any such agency, court, or insurer assumes jurisdiction of any complaint, charge, or claim against Employer, WP or ev3
LLC, Buckman will request such agency, court, or insurer, to withdraw from the matter and to dismiss it.

	c.
	Buckman
further agrees that he will not voluntarily aid, assist or cooperate in any manner with any person or entity who has claims against Employer, ev3 LLC, WP or their attorneys or
agents, in any claims or lawsuits which such person or entity may bring against Employerev3 LLC, or WP except that nothing in this Agreement shall prevent any party or its representative from
(i) honestly testifying at any civil administrative hearing, arbitration, deposition or in court, in response to a lawful and property served subpoena, or (ii) providing truthful
information to any government or regulatory agency.

	19.
	Non-Admission. Nothing in this Agreement is intended to be, nor will be deemed to be, an admission by Employer or by
Buckman that either has violated any law or that either has engaged in any wrongdoing.

	20.
	Loans from Warburg Pincus. The parties have agreed that any and all loans from WP are listed on Schedule B to this Agreement.
Buckman further represents and warrants that those loans listed on Schedule B constitute all loans or other form of indebtedness that have been extended to him by WP or by any affiliate of WP
at any time. The parties further agree that the attached Satisfaction Agreement (Exhibit C) is an integral part of this Agreement and shall be executed by Employer, WP and Buckman as of the
date hereof.

	21.
	Heirs/Successors. This Agreement shall be binding upon Buckman and Buckman's heirs, administrators, representatives or executors, and
upon Employer, ev3 LLC, WP and their successors. Further, the obligations of Employer, ev3 LLC, WP and Buckman shall inure to the benefit of Buckman's heirs and the successors of Employer, ev3 LLC and
WP. The parties agree that this Agreement may not be assigned by Buckman, other than the assignment of benefits hereunder to a trust, unless Employer agrees in writing.

	22.
	Documentation. The parties agree to cooperate fully with one another and to execute any and all supplementary documents and to take all
additional actions that may be necessary or appropriate to give full force to the basic terms and intent of this Agreement. 

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	23.
	Breach. In the event that Employer believes that Buckman has breached one or more terms of this Agreement, it shall send Buckman
written notice of such breach, outlining the breach(es) being claimed. Buckman shall have fifteen (15) days to correct such breach or to convince Employer that there was no breach. Absent that
showing, Employer may then immediately terminate all payments to Buckman hereunder, and may pursue any and all other remedies it may have in law or in equity.

	24.
	Invalidity. If any one or more of the terms of this Agreement are deemed to be invalid or unenforceable by a court of law, the
validity, enforceability, and legality of the remaining provisions of this Agreement will not, in any way, be affected or impaired thereby.

	25.
	Third Party Beneficiaries. Buckman expressly understands that Employer has a parent and several affiliated entities. Employer's parent
and affiliated entities are each intended to be third-party beneficiaries of this Agreement, and shall have the right to fully enforce the terms of this Agreement.

	26.
	Voluntary and Knowing Action. Buckman represents that he has read and understands the terms of this Agreement and that he is
voluntarily entering into this Agreement to resolve his disputes with Employer, ev3 LLC and WP.

	27.
	Governing Law and Venue. This Agreement shall be governed by, and construed and enforced in accordance with Minnesota law, except to
the extent it is pre-empted by federal law. The parties agree that any dispute relating to this Agreement shall be subject to the jurisdiction of the courts within the State of Minnesota,
Hennepin County.

	28.
	Entire Agreement. This Agreement, together with the related document referenced in this Agreement, contains all the understandings and
agreements between the parties concerning Buckman's employment with and separation from employment with Employer, and Buckman's roles as officer and director of Employer and of its ev3 LLC and the
cessation of those roles, and supersedes any and all prior agreements and understandings, whether written or oral, relating to the matters discussed in this Agreement. The parties agree that there
were no inducements or representations leading to the execution of this Agreement except as stated in this Agreement. Any modification of or addition to this Agreement must be in writing and signed by
Employer's CEO or Vice-President of Human Resources, ev3 LLC's CEO and, as to Section 20 of this Agreement, by a partner of WP. 

	ev3 Inc.	 	Employee
	

/s/  GREG MORRISON      
 Greg Morrison

Vice-President, Human Resources	
 	

/s/  PAUL R. BUCKMAN      
 Paul R. Buckman
	

Date Signed: 1-30-04	
 	

Date Signed: 1/28/04
	                       
	 	                       

	
ev3 LLC	
 	

 

10

 

	/s/  CECILY HINES      
 Cecily Hines

Chief Legal Officer	 	 
	

Date signed: 1-29-04	
 	

 
	                        
	 	 
	
WARBURG, PINCUS EQUITY PARTNERS, L.P.

    By: Warburg, Pincus & Co.

    Its: General Partner	
 	

 
	

/s/  SEAN D. CARNEY      
 Sean D. Carney, Partner	
 	

 
	

Date signed: 1-28-04	
 	

 
	                        
	 	 

11

 
 
 

Exhibit C
  SATISFACTION AGREEMENT    
    

        THIS AGREEMENT by and among Paul Buckman, an individual residing in the State of Minnesota (the "Maker"), ev3, Inc., a Delaware corporation, and Warburg, Pincus
Equity Partners, L.P., a Delaware limited partnership (the "Holder") dated effective as of January 15, 2004. 

	A.
	Maker
and Holder have entered into a series of promissory notes in the original principal amounts and on the dates set forth on Exhibit A hereto (collectively, the "Notes"),
with an aggregate principal of $1,728,873 and interest due and owing of $134,132 as of the date hereof.

	B.
	Maker
is the owner of the following units of ev3 LLC: 214,229 Preferred A Units A, 186,795 Preferred B Units and 128,700.$ Common Units (collectively, the "Units").

	C.
	The
parties acknowledge and agree that the total value of the Units is $1,863,005 as of the date hereof.

	D.
	In
payment of the principal and interest of the Notes, Maker desires to transfer all of his right, title and interest in the Units to Holder.

	E.
	Holder
agrees to accept Maker's Units as payment in full of the principal and interest of the Notes. 

        NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth herein, and for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties intend to be legally bound and do hereby agree as follows: 

        1.     Transfer of Units. Maker hereby sells, assigns, transfers, conveys all right, title and interest
in, and hereby delivers the certificates for, the Units to Holder free and clear of all liens and encumbrances as payment in full of the principal and interest due under the Notes. 

        2.     Acceptance of Units. Holder hereby accepts the Units as payment in full of the principal and
interest due under the Notes and will deliver the original Notes to Maker stamped "paid in full". 

        3.     Further Action. Each of the parties hereto shall execute and deliver such documents and
instruments and take such further action as may be reasonably required to carry out the provisions hereof and to make effective the transactions contemplated hereby, including obtaining any necessary
concerns or waivers from ev3, LLC and its equity holders. 

        4.     Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto with
respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, other than the Confidential Separation Agreement and General Release, with respect to
the subject matter hereof. 

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        5.     Counterparts. This Agreement may be executed in one or more counterparts, and by the different
parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. 

        IN
WITNESS WHEREOF, Maker and Holder have caused this Agreement to be executed as of the date first written above. 

	 	 	WARBURG, PINCUS EQUITY PARTNERS, L.P.
	 	 	    By: Warburg, Pincus & Co.

    Its: General Partner
	

/s/  PAUL BUCKMAN      	
 	

    By:
	
	 	          

	Paul Buckman	 	    Its: Partner

13

 

        5.     Counterparts. This Agreement may be executed in one or more counterparts, and by the different
parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. 

        IN
WITNESS WHEREOF, Maker and Holder have caused this Agreement to be executed as of the date first written above. 

	 	 	WARBURG, PINCUS EQUITY PARTNERS, L.P.
	 	 	    By: Warburg, Pincus & Co.

    Its: General Partner
	

/s/  PAUL BUCKMAN      	
 	

    By: /s/  SEAN D. CARNEY      
	
	 	          

	Paul Buckman	 	    Its: Partner

14

QuickLinks

Exhibit 10.8

CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE

Exhibit C SATISFACTION AGREEMENT

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