Document:

exv10w3

Exhibit 10.3

January 19, 2009

Shawn McCormick

3016 137th Avenue NE

Ham Lake, MN 55304

Dear Mr. McCormick:

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

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

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

     It is intended that the payments and benefits provided under this Agreement will be exempt
from the requirements of Section 409A of the Code by reason of the separation pay exception under
Treas. Reg. § 1.409A-1(b)(9) or the short term deferral exception under Treas. Reg. §
1.409A-1(b)(4) and this Agreement will be construed and administered in a manner that is
consistent with and gives effect to such intention.

 

 

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

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

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

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

(d) “Benefit Plan” means any

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

(ii) cafeteria plan described in Code Section 125;

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

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

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

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

(g) “Cause” means: (i) your gross misconduct; (ii) your willful and continued
failure to perform substantially your duties with the Subsidiary (other than a failure
resulting from your incapacity due to bodily injury or physical or mental illness) after a
demand for substantial performance is delivered to you by the chair of the Board which
specifically identifies the manner in which you have not substantially performed your duties
and provides for a reasonable period of time within which you may take corrective measures;
or (iii) your conviction (including a plea of nolo contendere) of willfully engaging in
illegal conduct constituting a felony or gross

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misdemeanor under federal or state law which is materially and demonstrably injurious to the
Subsidiary or which impairs your ability to perform substantially your duties for the
Subsidiary. An act or failure to act will be considered “gross” or “willful” for this
purpose only if done, or omitted to be done, by you in bad faith and without reasonable
belief that it was in, or not opposed to, the best interests of the Subsidiary. Any act, or
failure to act, based upon authority given pursuant to a resolution duly adopted by the
Subsidiary’s Board (or a committee thereof) or based upon the advice of counsel for the
Subsidiary will be conclusively presumed to be done, or omitted to be done, by you in good
faith and in the best interests of the Subsidiary. Notwithstanding the foregoing, you may
not be terminated for Cause unless and until there has been delivered to you a copy of a
resolution duly adopted by the affirmative vote of not less than a majority of the entire
membership of the Board at a meeting of the Board called and held for the purpose (after
reasonable notice to you and an opportunity for you, together with your counsel, to be heard
before the Board), finding that in the good faith opinion of the Board you were guilty of
the conduct set forth above in clauses (i), (ii) or (iii) of this definition and specifying
the particulars thereof in detail.

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

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

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(j) “Date of Termination” following a Change in Control (or prior to a Change in
Control if your termination was either a condition of the Change in Control or was at the
request or insistence of any Third Party relating the Change in Control) means: (i) if your
employment is to be terminated by you for Good Reason, the date specified in the Notice of
Termination which in no event may be a date more than 15 days after the date on which Notice
of Termination is given unless the Subsidiary agrees in writing to a later date; (ii) if
your employment is to be terminated by the Subsidiary for Cause, the date specified in the
Notice of Termination; (iii) if your employment is terminated by reason of your death, the
date of your death; or (iv) if your employment is to be terminated by the Subsidiary for any
reason other than Cause or your death, the date specified in the Notice of Termination,
which in no event may be a date earlier than 15 days after the date on which a Notice of
Termination is given, unless you expressly agree in writing to an earlier date. In the case
of termination by the Subsidiary of your employment for Cause, then within the 30 days after
your receipt of the Notice of Termination, you may notify the Subsidiary that a dispute
exists concerning the termination, in which event the Date of Termination will be the date
set either by mutual written agreement of the parties or by the judge or arbitrator in a
proceeding as provided in Section 9 of this Agreement. In all cases, your termination of
employment must constitute a “separation from service” within the meaning of Section 409A of
the Code.

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

(l) “Good Reason” means:

(i) a material diminution in your authority, duties or responsibilities as in effect
immediately prior to the Change in Control;

(ii) a material diminution in your base compensation;

(iii) a material diminution in the authority, duties or responsibilities of the
supervisor to whom you report as in effect immediately prior to the Change in
Control;

(iv) a material change in the geographic location at which the Subsidiary requires
you to be based as compared to the location where you were based immediately prior
to the Change in Control; or

(v) any other action or inaction that constitutes a material breach by the
Subsidiary of any agreement under which you provide services to the Subsidiary.

An act or omission will constitute a “Good Reason” only if you give written notice to the
Subsidiary of the existence of such act or omission within 90 days of its initial existence
and the Subsidiary fails to cure the act or omission within 30 days after the notification.
Your termination of employment for Good Reason as defined in this Section 1(l) will
constitute Good Reason for all purposes of this Agreement notwithstanding that you may also
thereby be deemed to have retired under any applicable retirement programs of the Subsidiary
and/or Parent Company.

(m) “Notice of Termination” means a written notice given on or after the date of a
Change in Control (unless your termination before the date of the Change in Control was
either a condition of the Change in Control or was at the request or insistence of any Third
Party related to the Change in Control) which indicates the specific termination provision
in this Agreement pursuant

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

(n) “Parent Company” means ev3 Inc., a Delaware corporation, and any Successor or
Affiliate of ev3 Inc.

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

(p) “Stock Award Agreements” means any of the non-statutory stock option agreements,
incentive stock options agreements, restricted stock awards, restricted stock unit awards or
other similar agreements you may have entered into with the Parent Company pursuant to the
Stock Incentive Plans or in the absence of specific agreements, your individual certificates
otherwise representing such awards granted to you pursuant to the Stock Incentive Plans.

(q) “Subsidiary” means ev3 Endovascular, Inc., a Delaware corporation.

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

(s) “Termination of Employment” means a termination of your employment relationship
with the Parent Company and all entities that would be treated as a single employer with the
Parent Company under Section 414(b) or (c) of the Internal Revenue Code (a “409A
Affiliate”), including the Subsidiary, or such other change in your employment relationship
with the Parent Company and all 409A Affiliates that would be considered a “separation from
service” under Section 409A of the Code. Your employment relationship will be treated as
remaining intact while you are on a military leave, a sick leave or other bona fide leave of
absence (pursuant to which there is a reasonable expectation that you will return to perform
services for the Parent Company or a 409A Affiliate) but only if the period of such leave
does not exceed six (6) months, or if longer, so long as you retain a right to reemployment
by the Parent Company or a 409A Affiliate under applicable statute or by contract, provided,
however, a twenty-nine (29) month period of absence may be substituted for such six (6)
month period of absence where your leave is due to any medically determinable physical or
mental impairment that can be expected to result in death or can be expected to last for a
continuous period of not less than six (6) months and such impairment causes you to be
unable to perform the duties of your position of employment or any substantially similar
position of employment. In all cases, your Termination of Employment must constitute a
“separation from service” under Section 409A of the Code and any “separation from service”
under Section 409A of the Code shall be treated as a Termination of Employment.

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

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

3. Benefits upon a Change in Control.

(a) As of the date of a Change in Control, the Parent Company and the Subsidiary will be
jointly and severally responsible for paying to you all of the Base Pay owed through such
date and a pro rata portion of your Bonus Plan Payment based upon the number of months in
the current year which you have worked prior to the date of the Change in Control, assuming
for this Section 3(a) that you have worked the full month of the month in which the Change
in Control occurs. In addition, as of the date of a Change in Control, the signing bonus
and the retention bonus that you received in January 2009 will fully “vest” and no longer be
subject to repayment.

(b) In addition to the payments under Section 3(a), you will be entitled to the following if
and only if (i) your Termination of Employment is by the Subsidiary for any reason other
than for Cause and other than your death, or by you for Good Reason, and (ii) the
Termination of Employment occurs either within the period beginning on the date of a Change
in Control and ending on the 24th month anniversary date of the Change in Control or prior
to a Change in Control if your Termination of Employment was either a condition of the
Change in Control or was at the request or insistence of a Person related to the Change in
Control:

(i) Cash Payments. The Parent Company and the Subsidiary (and any Successor
thereto) will be jointly and severally responsible for making a lump sum payment to
you within 10 days after your Date of Termination equal to 12 months of your then
current Base Pay and the full amount of a Bonus Plan Payment for the next 12 months,
determined by assuming for this purpose that such Bonus Plan Payment amount is equal
to your Bonus Plan Payment for the current year.

(ii) Group Health Plans. During the Continuation Period (as defined below),
the Parent Company and the Subsidiary (and any Successor thereto) will be jointly
and severally responsible for either (A) maintaining a group health plan(s) which by
its terms covers you (and your family members and those dependents eligible to be
covered during the 90 days immediately preceding a Change in Control) under the same
or similar terms as provided to you during the 90 days immediately preceding such
Change in Control, or (B) providing comparable medical benefits pursuant to an
alternative arrangement, such as an individual medical insurance contract. The
“Continuation Period” is the period beginning on your Date of Termination, whether
such date is at or prior to the Change in Control as provided for in the definition
of Change in Control or within 24 months thereafter, as the case may be, as provided
for in Section 3(a) above, and ending on the earlier of (A) the last day of the 18th
month that begins after your Date of Termination or (B) the date on which you first
become eligible to participate as an employee in a plan of another employer
providing group health benefits to you and your eligible family members and
dependents. If you timely elect continued coverage under such group

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health plan(s) pursuant to Section 4980B of the Internal Revenue Code of 1986 and
Part 6 of Subtitle B of Title I of the Employee Retirement Income Security Act of
1974, as amended (“COBRA”), in accordance with ordinary plan practices, for the
Continuation Period, the Parent Company will reimburse you for a portion of the
amount you pay for such COBRA continuation coverage (or if COBRA coverage is not
available, such alternative medical coverage), so that you are paying the amount you
paid (or would have paid) for the same level of coverage prior to the Change in
Control. In order to receive reimbursements pursuant to this Section 3(b)(ii), you
must comply with any reimbursement policies and procedures specified by the Parent
Company.

To the extent you incur a tax liability (including foreign, federal, state and local
taxes) in connection with a benefit provided pursuant to this Section 3(b)(ii) which
you would not have incurred had you been an active employee of the Parent Company
participating in the Subsidiary, Parent Company or Successor participating in the
employer’s group health plan, you will receive a payment in an amount equal to such
tax liability plus an additional amount sufficient to permit you to retain a net
amount after all taxes equal to the initial tax liability in connection with the
benefit. The payment pursuant to this paragraph will be made within ten (10) days
after your remittal of a written request for payment accompanied by a statement
indicating the basis for and amount of your tax liability, but in no event will the
payment be made later than December 31 of the calendar year next following the
calendar year in which the related taxes are remitted to the appropriate taxing
authority.

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

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

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4. Treatment of Stock Options and Other Equity-Based Awards. In the event of a Change in
Control, the treatment of your outstanding stock options, restricted stock, restricted stock units
and other equity-based awards will be governed by the Stock Incentive Plans under which such awards
were granted and any individual Stock Award Agreements representing and governing such awards.

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

6. Successors. The Parent Company will seek to have any Successor to the Parent Company,
by agreement in form and substance satisfactory to you, assume and assent to the fulfillment by
such Successor of the Parent Company’s obligations under this Agreement. A Successor has no
rights, authority or power with respect to this Agreement prior to a Change in Control.

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

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

9. Disputes. If you so elect, any dispute, controversy or claim arising under or in
connection with this Agreement will be heard and settled exclusively by binding arbitration
administered by the American Arbitration Association in Minneapolis, Minnesota before a single
arbitrator in accordance with the Commercial Arbitration Rules of the American Arbitration
Association then in effect. Judgment may be entered on the arbitrator’s award in any court having
jurisdiction; provided, that you may seek specific performance in a court of competent jurisdiction
of your right to receive benefits until the Date of Termination during the pendency of any dispute
or controversy arising under or in connection with this Agreement. If any dispute, controversy or
claim for damages arising under or in connection with this Agreement is settled by arbitration, the
Parent Company and the Subsidiary will be jointly and severally responsible for paying, or if
elected by you, reimbursing, all fees, costs and expenses incurred by you related to such
arbitration. If you do not elect arbitration, you may pursue all available legal remedies. The
Parent Company and the Subsidiary will be jointly and severally responsible for paying, or if
elected

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

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

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

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

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

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

	 	 	 	 	 
	 	Sincerely,

ev3 Inc.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	ev3 Endovascular, Inc.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Agreed to and Accepted as of this ___ day of

January, 2009:

 	 
	 	 	 
	 	Shawn McCormick 	 
	 	 	 	 
	 

10exv10w4

Exhibit 10.4

INDEMNIFICATION AGREEMENT

     THIS INDEMNIFICATION AGREEMENT (this “Agreement”), made and executed effective as of the 19th
day of January, 2009, by and between ev3 Inc., a Delaware corporation (the “Company”), and Shawn
McCormick, an individual resident of the State of Minnesota (the “Indemnitee”).

     WHEREAS, the Company is aware that, in order to induce highly competent persons to serve the
Company as directors or officers or in other capacities, the Company must provide such persons with
adequate protection through insurance and indemnification against inordinate risks of claims and
actions against them arising out of their service to and activities on behalf of the Company;

     WHEREAS, the Company recognizes that the increasing difficulty in obtaining directors’ and
officers’ liability insurance, the increases in the cost of such insurance and the general
reductions in the coverage of such insurance have increased the difficulty of attracting and
retaining such persons;

     WHEREAS, the Board of Directors of the Company has determined that it is essential to the best
interests of the Company’s stockholders that the Company act to assure such persons that there will
be increased certainty of such protection in the future;

     WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate
itself to indemnify such persons to the fullest extent permitted by applicable law so that they
will continue to serve the Company free from undue concern that they will not be so indemnified;
and

     WHEREAS, the Indemnitee is willing to serve, continue to serve, and take on additional service
for or on behalf of the Company or any of its direct or indirect subsidiaries on the condition that
he/she be so indemnified.

     NOW, THEREFORE, in consideration of the premises and the mutual promises and covenants
contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and the Indemnitee do hereby agree as follows:

     1. Service by the Indemnitee. The Indemnitee agrees to serve and/or continue to serve
as a director, officer, employee or other agent of the Company faithfully and will discharge
his/her duties and responsibilities to the best of his/her ability so long as the Indemnitee is
duly elected or qualified in accordance with the provisions of the Amended and Restated Certificate
of Incorporation, as amended (the “Certificate”), and Amended and Restated By-laws, as amended (the
“By-laws”) of the Company and the General Corporation Law of the State of Delaware, as amended (the
“DGCL”), or until his/her earlier death, resignation or removal. The Indemnitee may at any time
and for any reason resign from such position (subject to any other

 

 

contractual obligation or other obligation imposed by operation by law), in which event the
Company shall have no obligation under this Agreement to continue the Indemnitee in any such
position. Nothing in this Agreement shall confer upon the Indemnitee the right to continue in the
employ of the Company or as a director of the Company or affect the right of the Company to
terminate the Indemnitee’s employment at any time in the sole discretion of the Company, with or
without cause, subject to any contract rights of the Indemnitee created or existing otherwise than
under this Agreement.

     2. Indemnification. The Company shall indemnify the Indemnitee against all Expenses
(as defined below), judgments, fines and amounts paid in settlement actually and reasonably
incurred by the Indemnitee as provided in this Agreement to the fullest extent permitted by the
Certificate, By-laws and DGCL or other applicable law in effect on the date of this Agreement and
to any greater extent that applicable law may in the future from time to time permit. Without
diminishing the scope of the indemnification provided by this Section 2, the rights of
indemnification of the Indemnitee provided hereunder shall include, but shall not be limited to,
those rights hereinafter set forth, except that no indemnification shall be paid to the Indemnitee:

     (a) on account of any action, suit or proceeding in which judgment is rendered
against the Indemnitee for disgorgement of profits made from the purchase or sale by
the Indemnitee of securities of the Company pursuant to the provisions of Section
16(b) of the Securities Exchange Act of 1934, as amended (the “Act”), or similar
provisions of any federal, state or local statutory law;

     (b) on account of conduct of the Indemnitee which is finally adjudged by a
court of competent jurisdiction to have been knowingly fraudulent or to constitute
willful misconduct;

     (c) in any circumstance where such indemnification is expressly prohibited by
applicable law;

     (d) with respect to liability for which payment is actually made to the
Indemnitee under a valid and collectible insurance policy of the Company or under a
valid and enforceable indemnity clause, By-law or agreement (other than this
Agreement) of the Company, except in respect of any liability in excess of payment
under such insurance, clause, By-law or agreement;

     (e) if a final decision by a court having jurisdiction in the matter shall
determine that such indemnification is not lawful (and, in this respect, both the
Company and the Indemnitee have been advised that it is the position of the
Securities and Exchange Commission that indemnification for liabilities arising
under the federal securities laws is against public policy and is, therefore,
unenforceable, and that claims for indemnification should be submitted to the
appropriate court for adjudication); or

-2-

 

     (f) in connection with any action, suit or proceeding by the Indemnitee against
the Company or any of its direct or indirect subsidiaries or the
directors, officers, employees or other Indemnitees of the Company or any of
its direct or indirect subsidiaries, (i) unless such indemnification is expressly
required to be made by law, (ii) unless the proceeding was authorized by the Board
of Directors of the Company, (iii) unless such indemnification is provided by the
Company, in its sole discretion, pursuant to the powers vested in the Company under
applicable law, or (iv) except as provided in Sections 11 and 13 hereof.

     3. Actions or Proceedings Other Than an Action by or in the Right of the Company. The
Indemnitee shall be entitled to the indemnification rights provided in this Section 3 if the
Indemnitee was or is a party or witness or is threatened to be a party or witness to any
threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative in nature, other than an action by or in the right of the Company,
by reason of the fact that the Indemnitee is or was a director, officer, employee, agent or
fiduciary of the Company, or any of its direct or indirect subsidiaries, or is or was serving at
the request of the Company, or any of its direct or indirect subsidiaries, as a director, officer,
employee, agent or fiduciary of any other entity, including, but not limited to, another
corporation, partnership, limited liability company, employee benefit plan, joint venture, trust or
other enterprise, or by reason of any act or omission by him/her in such capacity. Pursuant to
this Section 3, the Indemnitee shall be indemnified against all Expenses, judgments, penalties
(including excise and similar taxes), fines and amounts paid in settlement which were actually and
reasonably incurred by the Indemnitee in connection with such action, suit or proceeding
(including, but not limited to, the investigation, defense or appeal thereof), if the Indemnitee
acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to
the best interests of the Company, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his/her conduct was unlawful.

     4. Actions by or in the Right of the Company. The Indemnitee shall be entitled to the
indemnification rights provided in this Section 4 if the Indemnitee was or is a party or witness or
is threatened to be made a party or witness to any threatened, pending or completed action, suit or
proceeding brought by or in the right of the Company to procure a judgment in its favor by reason
of the fact that the Indemnitee is or was a director, officer, employee, agent or fiduciary of the
Company, or any of its direct or indirect subsidiaries, or is or was serving at the request of the
Company, or any of its direct or indirect subsidiaries, as a director, officer, employee, agent or
fiduciary of another entity, including, but not limited to, another corporation, partnership,
limited liability company, employee benefit plan, joint venture, trust or other enterprise, or by
reason of any act or omission by him/her in any such capacity. Pursuant to this Section 4, the
Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him/her in
connection with the defense or settlement of such action, suit or proceeding (including, but not
limited to the investigation, defense or appeal thereof), if the Indemnitee acted in good faith and
in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company; provided however, that no such indemnification shall be made in respect of any claim,
issue, or matter as to which the Indemnitee shall have been adjudged to be liable to the Company,
unless and only to the extent that the Court of Chancery of the State of Delaware or the court in
which such action, suit or proceeding was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is
fairly and reasonably
entitled to be indemnified against such Expenses actually and reasonably incurred by him/her
which such court shall deem proper.

-3-

 

     5. Good Faith Definition. For purposes of this Agreement, the Indemnitee shall be
deemed to have acted in good faith and in a manner the Indemnitee reasonably believed to be in or
not opposed to the best interests of the Company, or, with respect to any criminal action or
proceeding to have had no reasonable cause to believe the Indemnitee’s conduct was unlawful, if
such action was based on (i) the records or books of the account of the Company or other
enterprise, including financial statements; (ii) information supplied to the Indemnitee by the
officers of the Company or other enterprise in the course of their duties; (iii) the advice of
legal counsel for the Company or other enterprise; or (iv) information or records given in reports
made to the Company or other enterprise by an independent certified public accountant or by an
appraiser or other expert selected with reasonable care by the Company or other enterprise.

     6. Indemnification for Expenses of Successful Party. Notwithstanding the other
provisions of this Agreement, to the extent that the Indemnitee has served on behalf of the
Company, or any of its direct or indirect subsidiaries, as a witness or other participant in any
class action or proceeding, or has been successful, on the merits or otherwise, in defense of any
action, suit or proceeding referred to in Section 3 and 4 hereof, or in defense of any claim, issue
or matter therein, including, but not limited to, the dismissal of any action without prejudice,
the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the
Indemnitee in connection therewith, regardless of whether or not the Indemnitee has met the
applicable standards of Section 3 or 4 and without any determination pursuant to Section 8.

     7. Partial Indemnification. If the Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of the Expenses, judgments, fines
and amounts paid in settlement actually and reasonably incurred by the Indemnitee in connection
with the investigation, defense, appeal or settlement of such suit, action, investigation or
proceeding described in Section 3 or 4 hereof, but is not entitled to indemnification for the total
amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such
Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably
incurred by the Indemnitee to which the Indemnitee is entitled.

     8. Procedure for Determination of Entitlement to Indemnification. (a) To obtain
indemnification under this Agreement, the Indemnitee shall submit to the Company a written request,
including documentation and information which is reasonably available to the Indemnitee and is
reasonably necessary to determine whether and to what extent the Indemnitee is entitled to
indemnification. The Secretary of the Company shall, promptly upon receipt of a request for
indemnification, advise the Board of Directors in writing that the Indemnitee has requested
indemnification. Any Expenses incurred by the Indemnitee in connection with the Indemnitee’s
request for indemnification hereunder shall be borne by the Company. The Company hereby
indemnifies and agrees to hold the Indemnitee harmless for any Expenses incurred by the Indemnitee
under the immediately preceding sentence irrespective of the outcome of the determination of the
Indemnitee’s entitlement to indemnification.

-4-

 

     (b) Upon written request by the Indemnitee for indemnification pursuant to Section 3 or 4
hereof, the entitlement of the Indemnitee to indemnification pursuant to the terms of this
Agreement shall be determined by the following person or persons, who shall be empowered to make
such determination: (i) if a Change in Control (as hereinafter defined) shall have occurred, by
Independent Counsel (as hereinafter defined) (unless the Indemnitee shall request in writing that
such determination be made by the Board of Directors (or a committee thereof) in the manner
provided for in clause (ii) of this Section 8(b)) in a written opinion to the Board of Directors, a
copy of which shall be delivered to the Indemnitee; or (ii) if a Change in Control shall not have
occurred, (A)(1) by the Board of Directors of the Company, by a majority vote of Disinterested
Directors (as hereinafter defined) even though less than a quorum, or (2) by a committee of
Disinterested Directors designated by majority vote of Disinterested Directors, even though less
than a quorum, or (B) if there are no such Disinterested Directors or, even if there are such
Disinterested Directors, if the Board of Directors, by the majority vote of Disinterested
Directors, so directs, by Independent Counsel in a written opinion to the Board of Directors, a
copy of which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by
the Board of Directors and approved by the Indemnitee. Upon failure of the Board of Directors to
so select, or upon failure of the Indemnitee to so approve, such Independent Counsel shall be
selected by the Chancellor of the State of Delaware or such other person as the Chancellor shall
designate to make such selection. Such determination of entitlement to indemnification shall be
made not later than 45 days after receipt by the Company of a written request for indemnification.
If the person making such determination shall determine that the Indemnitee is entitled to
indemnification as to part (but not all) of the application for indemnification, such person shall
reasonably prorate such part of indemnification among such claims, issues or matters. If it is so
determined that the Indemnitee is entitled to indemnification, payment to the Indemnitee shall be
made within ten days after such determination.

     9. Presumptions and Effect of Certain Proceedings. (a) In making a determination
with respect to entitlement to indemnification, the Indemnitee shall be presumed to be entitled to
indemnification hereunder and the Company shall have the burden of proof in the making of any
determination contrary to such presumption.

     (b) If the Board of Directors, or such other person or persons empowered pursuant to Section 8
to make the determination of whether the Indemnitee is entitled to indemnification, shall have
failed to make a determination as to entitlement to indemnification within 45 days after receipt by
the Company of such request, the requisite determination of entitlement to indemnification shall be
deemed to have been made and the Indemnitee shall be absolutely entitled to such indemnification,
absent actual and material fraud in the request for indemnification or a prohibition of
indemnification under applicable law. The termination of any action, suit, investigation or
proceeding described in Section 3 or 4 hereof by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not, of itself: (a) create a presumption that
the Indemnitee did not act in good faith and in a manner which he/she reasonably believed to be in
or not opposed to the best interests of the Company, and, with respect to any criminal action or
proceeding, that the Indemnitee has reasonable cause to believe that the Indemnitee’s conduct was
unlawful; or (b) otherwise adversely affect the rights of the Indemnitee to indemnification, except
as may be provided herein.

-5-

 

     10. Advancement of Expenses. All reasonable Expenses actually incurred by the
Indemnitee in connection with any threatened or pending action, suit or proceeding shall be paid by
the Company in advance of the final disposition of such action, suit or proceeding, if so requested
by the Indemnitee, within 20 days after the receipt by the Company of a statement or statements
from the Indemnitee requesting such advance or advances. The Indemnitee may submit such statements
from time to time. The Indemnitee’s entitlement to such Expenses shall include those incurred in
connection with any proceeding by the Indemnitee seeking an adjudication or award in arbitration
pursuant to this Agreement. Such statement or statements shall reasonably evidence the Expenses
incurred by the Indemnitee in connection therewith and shall include or be accompanied by a written
affirmation by the Indemnitee of the Indemnitee’s good faith belief that the Indemnitee has met the
standard of conduct necessary for indemnification under this Agreement and an undertaking by or on
behalf of the Indemnitee to repay such amount if it is ultimately determined that the Indemnitee is
not entitled to be indemnified against such Expenses by the Company pursuant to this Agreement or
otherwise. Each written undertaking to pay amounts advanced must be an unlimited general
obligation but need not be secured, and shall be accepted without reference to financial ability to
make repayment.

     11. Remedies of the Indemnitee in Cases of Determination not to Indemnify or to Advance
Expenses. In the event that a determination is made that the Indemnitee is not entitled to
indemnification hereunder or if the payment has not been timely made following a determination of
entitlement to indemnification pursuant to Sections 8 and 9, or if Expenses are not advanced
pursuant to Section 10, the Indemnitee shall be entitled to a final adjudication in an appropriate
court of the State of Delaware or any other court of competent jurisdiction of the Indemnitee’s
entitlement to such indemnification or advance. Alternatively, the Indemnitee may, at the
Indemnitee’s option, seek an award in arbitration to be conducted by a single arbitrator pursuant
to the rules of the American Arbitration Association, such award to be made within 60 days
following the filing of the demand for arbitration. The Company shall not oppose the Indemnitee’s
right to seek any such adjudication or award in arbitration or any other claim. Such judicial
proceeding or arbitration shall be made de novo, and the Indemnitee shall not be prejudiced by
reason of a determination (if so made) that the Indemnitee is not entitled to indemnification. If
a determination is made or deemed to have been made pursuant to the terms of Section 8 or Section 9
hereof that the Indemnitee is entitled to indemnification, the Company shall be bound by such
determination and shall be precluded from asserting that such determination has not been made or
that the procedure by which such determination was made is not valid, binding and enforceable. The
Company further agrees to stipulate in any such court or before any such arbitrator that the
Company is bound by all the provisions of this Agreement and is precluded from making any
assertions to the contrary. If the court or arbitrator shall determine that the Indemnitee is
entitled to any indemnification hereunder, the Company shall pay all reasonable Expenses actually
incurred by the Indemnitee in connection with such adjudication or award in arbitration (including,
but not limited to, any appellate proceedings).

     12. Notification and Defense of Claim. Promptly after receipt by the Indemnitee of
notice of the commencement of any action, suit or proceeding, the Indemnitee will, if a claim in
respect thereof is to be made against the Company under this Agreement, notify the Company in
writing of the commencement thereof; but the omission to so notify the Company will not relieve the
Company from any liability that it may have to the Indemnitee otherwise than under this

-6-

 

Agreement or otherwise, except to the extent that the Company may suffer material prejudice by
reason of such failure. Notwithstanding any other provision of this Agreement, with respect to any
such action, suit or proceeding as to which the Indemnitee gives notice to the Company of the
commencement thereof:

     (a) The Company will be entitled to participate therein at its own expense.

     (b) Except as otherwise provided in this Section 12(b), to the extent that it
may wish, the Company, jointly with any other indemnifying party similarly notified,
shall be entitled to assume the defense thereof with counsel reasonably satisfactory
to the Indemnitee. After notice from the Company to the Indemnitee of its election
to so assume the defense thereof, the Company shall not be liable to the Indemnitee
under this Agreement for any legal or other Expenses subsequently incurred by the
Indemnitee in connection with the defense thereof other than reasonable costs of
investigation or as otherwise provided below. The Indemnitee shall have the right
to employ the Indemnitee’s own counsel in such action or lawsuit, but the fees and
Expenses of such counsel incurred after notice from the Company of its assumption of
the defense thereof shall be at the expense of the Indemnitee unless (i) the
employment of counsel by the Indemnitee has been authorized by the Company, (ii) the
Indemnitee shall have reasonably concluded that there may be a conflict of interest
between the Company and the Indemnitee in the conduct of the defense of such action
and such determination by the Indemnitee shall be supported by an opinion of
counsel, which opinion shall be reasonably acceptable to the Company, or (iii) the
Company shall not in fact have employed counsel to assume the defense of the action,
in each of which cases the fees and Expenses of counsel shall be at the expense of
the Company. The Company shall not be entitled to assume the defense of any action,
suit or proceeding brought by or on behalf of the Company or as to which the
Indemnitee shall have reached the conclusion provided for in clause (ii) above.

     (c) The Company shall not be liable to indemnify the Indemnitee under this
Agreement for any amounts paid in settlement of any action, suit or proceeding
effected without its written consent, which consent shall not be unreasonably
withheld. The Company shall not be required to obtain the consent of the Indemnitee
to settle any action, suit or proceeding which the Company has undertaken to defend
if the Company assumes full and sole responsibility for such settlement and such
settlement grants the Indemnitee a complete and unqualified release in respect of
any potential liability.

     (d) If, at the time of the receipt of a notice of a claim pursuant to this
Section 12, the Company has director and officer liability insurance in effect, the
Company shall give prompt notice of the commencement of such proceeding to the
insurers in accordance with the procedures set forth in the respective policies.
The Company shall thereafter take all necessary or desirable action to cause such
insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of
such proceeding in accordance with the terms of the policies.

-7-

 

     13. Other Right to Indemnification. The indemnification and advancement of Expenses
provided by this Agreement are cumulative, and not exclusive, and are in addition to any other
rights to which the Indemnitee may now or in the future be entitled under any provision of the
By-laws or Certificate of the Company, any vote of stockholders or Disinterested Directors, any
provision of law or otherwise. Except as required by applicable law, the Company shall not adopt
any amendment to its By-laws or Certificate the effect of which would be to deny, diminish or
encumber the Indemnitee’s right to indemnification under this Agreement.

     14. Director and Officer Liability Insurance. The Company shall maintain directors’
and officers’ liability insurance for so long as the Indemnitee’s services are covered hereunder,
provided and to the extent that such insurance is available on a commercially reasonable basis. In
the event the Company maintains directors’ and officers’ liability insurance, the Indemnitee shall
be named as an insured in such manner as to provide the Indemnitee the same rights and benefits as
are accorded to the most favorably insured of the Company’s officers or directors. However, the
Company agrees that the provisions hereof shall remain in effect regardless of whether liability or
other insurance coverage is at any time obtained or retained by the Company, except that any
payments made to, or on behalf of, the Indemnitee under an insurance policy shall reduce the
obligations of the Company hereunder.

     15. Spousal Indemnification. The Company will indemnify the Indemnitee’s spouse to
whom the Indemnitee is legally married at any time the Indemnitee is covered under the
indemnification provided in this Agreement (even if the Indemnitee did not remain married to him or
her during the entire period of coverage) against any pending or threatened action, suit,
proceeding or investigation for the same period, to the same extent and subject to the same
standards, limitations, obligations and conditions under which the Indemnitee is provided
indemnification herein, if the Indemnitee’s spouse (or former spouse) becomes involved in a pending
or threatened action, suit, proceeding or investigation solely by reason of his or her status as
the Indemnitee’s spouse, including, without limitation, any pending or threatened action, suit,
proceeding or investigation that seeks damages recoverable from marital community property,
jointly-owned property or property purported to have been transferred from the Indemnitee to
his/her spouse (or former spouse). The Indemnitee’s spouse or former spouse also may be entitled
to advancement of Expenses to the same extent that the Indemnitee is entitled to advancement of
Expenses herein. The Company may maintain insurance to cover its obligation hereunder with respect
to the Indemnitee’s spouse (or former spouse) or set aside assets in a trust or escrow fund for
that purpose.

     16. Intent. This Agreement is intended to be broader than any statutory
indemnification rights applicable in the State of Delaware and shall be in addition to any other
rights the Indemnitee may have under the Company’s Certificate, By-laws, applicable law or
otherwise. To the extent that a change in applicable law (whether by statute or judicial decision)
permits greater indemnification by agreement than would be afforded currently under the Company’s
Certificate, By-laws, applicable law or this Agreement, it is the intent of the parties that the
Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. In the event
of any change in applicable law, statute or rule which narrows the right of a Delaware corporation
to indemnify a member of its Board of Directors or an officer, employee, agent or fiduciary, such
change, to the extent not otherwise required by such law, statute or rule to be
applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and
obligations hereunder.

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     17. Attorney’s Fees and Other Expenses to Enforce Agreement. In the event that the
Indemnitee is subject to or intervenes in any action, suit or proceeding in which the validity or
enforceability of this Agreement is at issue or seeks an adjudication or award in arbitration to
enforce the Indemnitee’s rights under, or to recover damages for breach of, this Agreement the
Indemnitee, if he/she prevails in whole or in part in such action, shall be entitled to recover
from the Company and shall be indemnified by the Company against any actual expenses for attorneys’
fees and disbursements reasonably incurred by the Indemnitee.

     18. Effective Date. The provisions of this Agreement shall cover claims, actions,
suits or proceedings whether now pending or hereafter commenced and shall be retroactive to cover
acts or omissions or alleged acts or omissions which heretofore have taken place. The Company
shall be liable under this Agreement, pursuant to Sections 3 and 4 hereof, for all acts of the
Indemnitee while serving as a director and/or officer, notwithstanding the termination of the
Indemnitee’s service, if such act was performed or omitted to be performed during the term of the
Indemnitee’s service to the Company.

     19. Duration of Agreement. This Agreement shall survive and continue even though the
Indemnitee may have terminated his/her service as a director, officer, employee, agent or fiduciary
of the Company or as a director, officer, employee, agent or fiduciary of any other entity,
including, but not limited to another corporation, partnership, limited liability company, employee
benefit plan, joint venture, trust or other enterprise or by reason of any act or omission by the
Indemnitee in any such capacity. This Agreement shall be binding upon the Company and its
successors and assigns, including, without limitation, any corporation or other entity which may
have acquired all or substantially all of the Company’s assets or business or into which the
Company may be consolidated or merged, and shall inure to the benefit of the Indemnitee and his/her
spouse, successors, assigns, heirs, devisees, executors, administrators or other legal
representations. The Company shall require any successor or assignee (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company, by written agreement in form and substance reasonably satisfactory to the
Company and the 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
or assignment had taken place.

     20. Disclosure of Payments. Except as expressly required by any Federal or state
securities laws or other Federal or state law, neither party shall disclose any payments under this
Agreement unless prior approval of the other party is obtained.

     21. Severability. If any provision or provisions of this Agreement shall be held
invalid, illegal or unenforceable for any reason whatsoever, (a) the validity, legality and
enforceability of the remaining provisions of this Agreement (including, but not limited to, all
portions of any Sections of this Agreement containing any such provision held to be invalid,
illegal or unenforceable) shall not in any way be affected or impaired thereby and (b) to the
fullest extent possible, the provisions of this Agreement (including, but not limited to, all
portions of any paragraph of this Agreement containing any such provision held to be invalid,

-9-

 

illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be
construed so as to give effect to the intent manifest by the provision held invalid, illegal or
unenforceable.

     22. Counterparts. This Agreement may be executed by one or more counterparts, each of
which shall for all purposes be deemed to be an original but all of which together shall constitute
one and the same Agreement. Only one such counterpart signed by the party against whom
enforceability is sought shall be required to be produced to evidence the existence of this
Agreement.

     23. Captions. The captions and headings used in this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

     24. Definitions. For purposes of this Agreement:

     (a) “Change in Control” shall mean a change in control of the Company occurring
after the date hereof of a nature that would be required to be reported in response
to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item
on any similar schedule or form) promulgated under the Act, whether or not the
Company is then subject to such reporting requirement; provided,
however, that, without limitation, a Change in Control shall include: (i)
the acquisition (other than from the Company) after the date hereof by any person,
entity or “group” within the meaning of Section 13(d)(3) or 14(d)(2) of the Act
(excluding, for this purpose, the Company or its subsidiaries, any employee benefit
plan of the Company or its subsidiaries which acquires beneficial ownership of
voting securities of the Company, any qualified institutional investor who meets the
requirements of Rule 13d-1(b)(1) promulgated under the Act, Warburg Pincus LLC and
its affiliates, and The Vertical Group, L.P. and its affiliates) of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Act) of 20% or
more of either the then-outstanding shares of common stock or the combined voting
power of the Company’s then-outstanding capital stock entitled to vote generally in
the election of directors; (ii) individuals who, as of the date hereof, constitute
the Board of Directors (the “Incumbent Board”) ceasing for any reason to constitute
at least a majority of the Board of Directors, provided that any person becoming a
director subsequent to the date hereof whose election, or nomination for election by
the Company’s stockholders was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board (other than an election or nomination
of an individual whose initial assumption of office is in connection with an actual
or threatened election contest relating to the election of the directors of the
Company) shall be, for purposes of this Agreement, considered as though such person
were a member of the Incumbent Board; or (iii) approval by the stockholders of the
Company of (A) a reorganization, merger, or consolidation, in each case, with
respect to which persons who were the stockholders of the Company immediately prior
to such reorganization, merger, or consolidation do not, immediately thereafter, own
more than 50% of the

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combined voting power entitled to vote generally in the election of directors
of the reorganized, merged, consolidated or other surviving corporation’s
then-outstanding voting securities, (B) a liquidation or dissolution of the Company,
or (C) the sale of all or substantially all of the assets of the Company.

     (b) “Disinterested Director” shall mean a director of the Company who is not or
was not a party to the action, suit, investigation or proceeding in respect of which
indemnification is being sought by the Indemnitee.

     (c) “Expenses” shall include all attorneys’ fees, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees, and
all other disbursements or expenses incurred in connection with prosecuting,
defending, preparing to prosecute or defend, investigating or being or preparing to
be a witness in any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative in nature.

     (d) “Independent Counsel” shall mean a law firm or a member of a law firm that
neither is presently nor in the past five years has been retained to represent (i)
the Company or the Indemnitee in any matter material to either such party or (ii)
any other party to the action, suit, investigation or proceeding giving rise to a
claim for indemnification hereunder. Notwithstanding the foregoing, the term
“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 the Indemnitee in an action to determine the
Indemnitee’s right to indemnification under this Agreement.

     25. Entire Agreement, Modification and Waiver. This Agreement constitutes the entire
agreement and understanding of the parties hereto regarding the subject matter hereof, and no
supplement, modification or amendment of this Agreement shall be binding unless executed in writing
by both parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or
shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such
waiver constitute a continuing waiver. No supplement, modification or amendment of this Agreement
shall limit or restrict any right of the Indemnitee under this Agreement in respect of any act or
omission of the Indemnitee prior to the effective date of such supplement, modification or
amendment unless expressly provided therein.

     26. Notices. All notices, requests, demands or other communications hereunder shall
be in writing and shall be deemed to have been duly given if (i) delivered by hand with receipt
acknowledged by the party to whom said notice or other communication shall have been directed, (ii)
mailed by certified or registered mail, return receipt requested with postage prepaid, on the date
shown on the return receipt or (iii) delivered by facsimile transmission on the date shown on the
facsimile machine report:

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	 	(a)	 	If to the Indemnitee to:

	 
	 	 	 	Shawn McCormick

3016 137th Avenue NE

Ham Lake, MN 55304

	 
	 	(b)	 	If to the Company, to:

	 
	 	 	 	ev3 Inc.

9600 54th Avenue North

Plymouth, Minnesota 55442

Attention: Chief Legal Officer

Facsimile: (753) 398-7240

	 
	 	 	 	with a copy to:

	 
	 	 	 	Oppenheimer, Wolff & Donnelly, LLP

Attn: Amy Culbert

45 South Seventh Street

Suite 3300

Minneapolis, MN 55402

Facsimile: (612) 607-7100

or to such other address as may be furnished to the Indemnitee by the Company or to the Company by
the Indemnitee, as the case may be.

     27. Governing Law. The parties hereto agree that this Agreement shall be governed by,
and construed and enforced in accordance with, the laws of the State of Delaware, applied without
giving effect to any conflicts-of-law principles.

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first
above written.

	 	 	 	 	 
	 	ev3 INC.

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	INDEMNITEE:

 	 
	 	By  	 	 
	 	 	Name:  	Shawn McCormick 	 
	 	 	 	 
	 

-13-

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