Document:

<PAGE>
                                                                   Exhibit 10.23

                               ANGIODYNAMICS, INC.

                      SPIN-OFF ADJUSTMENT STOCK OPTION PLAN
                      FOR E-Z-EM DIRECTORS AND CONSULTANTS

1.    PURPOSE OF PLAN
      ---------------

      The purpose of the Plan is to enable Angio to fulfill its obligation to
grant options to purchase Shares to directors and consultants, and former
directors and consultants, of the Company in connection with the adjustment of
their options that are outstanding under the Parent Company's 1984 Directors and
Consultants Stock Option Plan on the record date of the Spin-Off.

2.    DEFINITIONS
      -----------

         (a) "Angio" means AngioDynamics, Inc., a Delaware corporation.

         (b) "Beneficiary" means a person or entity (including but not limited
to a trust or estate), designated in writing by the Optionee, on such forms and
in accordance with such terms and conditions as the Committee may prescribe, to
whom such Optionee's Option shall pass in the event of the death of the
Optionee. In the event that the person or entity so designated is not living or
in existence at the time of the death of the Optionee, or in the event that no
such person or entity has been so designated, the "Beneficiary" shall mean the
person or entity to whom the Optionee's Option shall have passed by will or the
laws of descent and distribution.

      (c) "Board" means the board of directors of Angio.

      (d) "Code" means the Internal Revenue Code of 1986, as amended.

      (e) "Committee" means the Board or the Compensation Committee of the
Board, whichever is administering the Plan, as described in Paragraph 5.

      (f) "Company" means E-Z-EM, Inc. and each of its Subsidiary Companies.

      (g) "Date of Grant" means the date on which an Option is granted.

      (h) "Option" means any stock option granted under the Plan.

      (i) "Optionee" means a person to whom an Option has been granted under the
Plan, which Option has not been exercised and has not expired or terminated.

      (j) "Parent Company" means E-Z-EM, Inc.

      (k) "Plan" means the AngioDynamics, Inc. Spin-Off Adjustment Stock Option
Plan for E-Z-EM Directors and Consultants set forth in these pages.

      (l) "Shares" means shares of common stock of Angio.

<PAGE>

                                                 Draft of Friday, April 09, 2004

         (m) "Spin-Off" means the distribution by the Parent Company, on or
before December 31, 2005, of all Shares owned on the date in question by the
Parent Company to stockholders of the Parent Company, by whatever means
effected.

         (n) "Subsidiary Companies" means all corporations that, at the time in
question, are subsidiary corporations of the Parent Company within the meaning
of Section 424(f) of the Code.

         (o) "Value" means on any given date, the closing price as reported by
NASDAQ, or if listed on a national exchange, the closing price of the Shares on
the principal national securities exchange on which the Shares are listed on
such date or, if there are no such sales on such date, the corresponding price
on the last date on which such sales took place.

3.       RIGHTS TO BE GRANTED
         --------------------

         Rights that may be granted under the Plan are Options that give the
Optionee the right for a specified time period to purchase a specified number of
Shares for a price not less than their par value.

4.       STOCK SUBJECT TO PLAN
         ---------------------

         Not more than 135,000 Shares in the aggregate may be issued pursuant to
the Plan upon exercise of Options. If an Option terminates without having been
exercised in whole or part, other Options may be granted covering the Shares as
to which the Option was not exercised.

5.       ADMINISTRATION OF PLAN
         -----------------------

         The Plan shall be administered by the Board or by the Compensation
Committee of the Board, which shall be composed of at least two directors of
Angio appointed by the Board.

6.       GRANT OF RIGHTS
         ---------------

         The Committee may grant Options to eligible directors and consultants
and former directors and consultants of the Company.

7.       ELIGIBILITY
         -----------

         Options may be granted only to directors and consultants of the Company
and former directors and consultants of the Company, including any such persons
who are also directors, consultants or employees of Angio, who as of the record
date of the Spin-Off, have options (whether or not then exercisable) to purchase
shares of common stock of the Parent Company that were granted under the Parent
Company's 1984 Directors and Consultants Stock Option Plan (as amended and in
effect from time to time) and that have not terminated, expired or been
exercised.

8.       OPTION AGREEMENTS AND TERMS
         ---------------------------

      All Options shall be granted on or before December 31, 1995 and be
evidenced by option agreements that shall be executed on behalf of

                                       2

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                                                 Draft of Friday, April 09, 2004

Angio and by the respective Optionees. The terms of each such agreement shall be
determined from time to time by the Committee consistent, however, with the
following:

         (a) OPTION PRICE. The option price per Share shall be determined by the
             ------------
Committee but shall not be less than the par value of the Shares.

         (b) RESTRICTION ON TRANSFERABILITY. An Option shall not be transferable
             ------------------------------
otherwise than by will or the laws of descent and distribution or to a
Beneficiary and, during the lifetime of the Optionee, shall be exercisable only
by him or her. Upon the death of an Optionee, the Beneficiary may exercise any
Options in accordance with the provisions of Paragraph 8(e).

         (c) PAYMENT. Full payment for Shares purchased upon the exercise of an
             -------
Option shall be made in cash or, at the election of the Optionee and subject to
such terms and conditions as the Committee may provide in the option agreement,
by surrendering Shares (by actual delivery or by constructive delivery effected
by attesting upon proof satisfactory to Angio of ownership of Shares) with an
aggregate Value equal to the aggregate option price or by a combination of cash
and surrendering Shares. Subject to Section 402 of the Sarbanes-Oxley Act of
2002 as amended from time to time and such terms and conditions as the Committee
may impose in the option agreement, payment for Shares purchased upon exercise
of an Option may also be paid in whole or in part by a "cashless exercise" that
satisfies the provisions of section 220.3(e)(4) (or a successor or similar
provision) of Regulation T promulgated by the Board of Governors of the Federal
Reserve System (12 C.F.R. ss.220.3(e)(4)) pursuant to which the Optionee
instructs a third party to sell immediately some or all of the Shares acquired
by exercise of the Option and to deliver to Angio an amount of sale proceeds
(or, in lieu of or pending a sale, loan proceeds) equal to the purchase price
and any taxes required to be withheld in connection with such exercise. Payment
for Shares purchased upon the exercise of an Option may not be made by surrender
of Shares or a cashless exercise at any time at which Angio determines that the
Optionee is in possession of material inside information that may impair the
Value of Shares or determines that such payment would otherwise be unlawful.

         (d) ISSUANCE OF CERTIFICATES; PAYMENT OF CASH. Only whole Shares shall
             -----------------------------------------
be issuable upon exercise of Options. Any right to a fractional Share shall be
satisfied in cash. Upon payment of the option price, a certificate for the
number of whole Shares and a check for the Value on the date of exercise of the
fractional share to which the Optionee is entitled shall be delivered to such
Optionee by Angio. If listed on NASDAQ or a national exchange, Angio shall not
be obligated to deliver any certificates for Shares until such Shares have been
listed (or authorized for listing upon official notice of issuance) upon NASDAQ
or, if applicable, each stock exchange upon which outstanding Shares of such
class at the time are listed nor until there has been compliance with such laws
or regulations as Angio may deem applicable. Angio shall use its best efforts to
effect such listing and compliance.

         (e) PERIODS OF EXERCISE OF OPTIONS. Except as provided below, an Option
             ------------------------------
shall be exercisable in whole or in part at such time as may

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                                                 Draft of Friday, April 09, 2004

be determined by the Committee and stated in the option agreement, provided that
no Option shall be exercisable after ten years from the Date of Grant:

         (i) In the event that an Optionee ceases to be a director of or a
consultant to the Company for any reason other than his or her death, an Option
shall not be exercisable after three months from the date the Optionee ceases to
be a director or a consultant to the Company; provided that if such cessation is
due to the disability of the Optionee he or she shall have the right to exercise
his or her Options to the extent determined by the Committee in its discretion
and set forth in the option agreement, provided that an Option shall not be
exercisable after ten years from the Date of Grant.

         (ii) In the event that an Optionee ceases to be a director of or
consultant to the Company by reason of his or her death, an Option shall not be
exercisable after one year from the date of death; provided that in such event,
the Beneficiary may exercise any of the decedent's Options to the extent
determined by the Committee in its discretion and set forth in the option
agreement, provided that such Option shall not be exercisable after ten years
from the Date of Grant.

     (f) DATE OF EXERCISE. The date of exercise of an Option shall be the date
         ----------------
on which written notice of exercise, addressed to Angio at its main office to
the attention of its Treasurer, is hand delivered, telecopied or mailed, first
class postage prepaid; provided that Angio shall not be obliged to deliver any
certificates for Shares pursuant to the exercise of an Option until the Optionee
shall have made payment in full of the option price for such Shares. Each such
exercise shall be irrevocable when given. Each notice of exercise must state the
number of Shares with respect to which the Optionee is exercising the Option and
must include a statement of preference or election as to the manner in which
payment to Angio shall be made (Shares or cash or a combination of Shares and
cash).

     (g) TERMINATION OF STATUS. For the purposes of the Plan a transfer of a
         ---------------------
director or consultant between two companies, each of which is a Company, or
from the status of a director to that of a consultant or vice versa, shall not
be deemed a termination of status as a director or consultant.

9.       RIGHTS AS STOCKHOLDERS
         ----------------------

         An Optionee shall have no right as a stockholder with respect to any
Shares covered by his or her Options until the date of issuance of a stock
certificate to him or her for such Shares.

10.      CHANGES IN CAPITALIZATION
         -------------------------

         In the event of a stock dividend, stock split, recapitalization,
reclassification of shares, combination, subdivision, issuance of rights, or
other similar corporate change (including, without limitation, a spin-off by
Angio), the Board shall make an appropriate adjustment in the aggregate number
and class of shares that may be subject to Options, and the number and class of
shares subject to, and the option price of, each then-outstanding Option. In the
event of a spin-off by Angio, the Board may also arrange for the holder of each

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                                                 Draft of Friday, April 09, 2004

then-outstanding Option to be granted, on such terms and subject to such
conditions as it may deem to be appropriate, options to purchase securities of
the spun-off entity at a price and in a quantity such that the aggregate
intrinsic value (fair market value less option price) of such options and the
Option immediately after the spin-off will be equal to (or less than) the
intrinsic value of the Option immediately before the spin-off.

11.      MERGERS, DISPOSITIONS AND CERTAIN OTHER TRANSACTIONS
         ----------------------------------------------------

         If during the term of any Option Angio or any subsidiary of Angio shall
be merged into or consolidated with or otherwise combined with or acquired by
another person or entity, or there is a divisive reorganization or a liquidation
or partial liquidation ofAngio, Angio may choose to take no action with regard
to the Options outstanding or to take any of the following courses of action:

         (a) Not less than fifteen days nor more than sixty days prior to any
such transaction, all Optionees shall be notified that their options shall
expire on the fifteenth day after the date of such notice, in which event all
Optionees shall have the right to exercise all of their Options prior to such
new expiration date; or

         (b) Angio shall provide in any agreement with respect to any such
merger, consolidation, combination or acquisition that the surviving, new or
acquiring corporation shall grant options to the Optionees to acquire shares in
such corporation with respect to which the excess of the fair market value of
the shares of such corporation immediately after the consummation of such
merger, consolidation, combination or acquisition over the option price, shall
not be greater than the excess of the Value of the Shares over the option price
of Options, immediately prior to the consummation of such merger, consolidation,
combination or acquisition; or

         (c) Angio shall take such other action as the Board shall determine to
be reasonable under the circumstances in order to permit Optionees to realize
the value of rights granted to them under the Plan.

12.      PLAN NOT TO AFFECT STATUS
         -------------------------

         Neither the Plan nor any Option shall confer upon any Optionee or any
other person any right to continue as a director or consultant of the Company,
or any right to enter into or continue in the employment or other service of
Angio.

13.      INTERPRETATION
         --------------

         The Committee shall have the power to interpret the Plan and to make
and amend rules for putting it into effect and administering it. It is intended
that the Options shall be subject to federal income tax pursuant to the
provisions of Section 83 of the Code and, in the case of any Optionee whose
transactions in equity securities of Angio are subject to Section 16 of the
Securities Exchange Act of 1934 as amended, that transactions under the Plan
with respect to such Optionee shall qualify for an exemption available under
Rule 16b-3 (or any similar rule) of the Securities and Exchange Commission. The
Plan and

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                                                 Draft of Friday, April 09, 2004

the Options are also intended to be administered, interpreted and construed, to
the maximum extent practicable, in the same way that the Parent Company's 1984
Directors and Consultants Stock Option Plan and options outstanding thereunder
on the record date of the Spin-Off are administered, interpreted and construed.
The provisions of the Plan and the Options shall be interpreted and applied
insofar as possible to carry out such intent.

14.      AMENDMENTS
         ----------

         The Plan may be amended by the Board, but any amendment that increases
the aggregate number of Shares that may be issued pursuant to the Plan upon
exercise of Options (otherwise than pursuant to Paragraph 10), that changes the
class of eligible persons, or that otherwise requires the approval of the
shareholders of Angio in order to maintain the exemption available under Rule
16b-3 (or any similar rule) of the Securities and Exchange Commission, or that
otherwise requires the approval of the shareholders ofAngio, shall require the
approval of the holders of such portion of the shares of the capital stock of
Angio present and entitled to vote on such amendment as is required by
applicable state law and the terms of Angio's capital stock to make the
amendment effective. No outstanding Option shall be affected by any such
amendment without the written consent of the Optionee or other person then
entitled to exercise such Option.

15.      SECURITIES LAWS
         ---------------

         The Committee shall have the power to make each grant under the Plan
subject to such conditions as it deems necessary or appropriate to comply with
the then-existing requirements of Rule 16b-3 (or any similar rule) of the
Securities and Exchange Commission.

16.      EFFECTIVE DATE AND TERM OF PLAN
         --------------------------------

         The Plan shall become effective on the date on which it is adopted by
the Board and shall expire on December 30, 1995 unless sooner terminated by the
Board. No Options may be granted under the Plan after the date on which it
expires or is terminated, but the Plan shall continue in effect after that date
with respect to any Options that were granted under the Plan before that date
and that remain outstanding after that date, until such Options are exercised,
terminate or expire.

                                   * * * * * *

                                       6Form of 4.95% Senior Note Due September 2009

 Exhibit 4.3 
  
 [FORM OF NOTE] 
  
 CABELA’S INCORPORATED 
 CABELA’S CATALOG, INC . 
 CABELA’S PROMOTIONS, INC., 
 CABELA’S
RETAIL, INC. 
 CABELA’S OUTDOOR ADVENTURES, INC. 
 CABELAS.COM, INC. 
 CABELA’S WHOLESALE, INC., 
 CABELA’S VENTURES, INC. 
 WILD WINGS, LLC 
 CABELA’S LODGING, LLC 
 HERTER’S, LLC

 VAN DYKE SUPPLY COMPANY, INC. 
  
 4.95% Senior Note, Series 2002 A, due September 5, 2009 
  

			
	No. [            ]	  	[Date]
	$[                    ]	  	PPN 12680 @ AD 2

  
 FOR VALUE RECEIVED,
the undersigned, CABELA’S INCORPORATED (herein called the “Company”), a corporation organized and existing under the laws of the State of Nebraska, and the subsidiaries of the Company consisting of (i) Cabela’s Catalog, Inc.;
(ii) Cabela’s Promotions, Inc., (iii) Cabela’s Retail, Inc., (iv) Cabela’s Outdoor Adventures, Inc., (v) Cabelas.com, Inc., (vi) Cabela’s Wholesale, Inc., (vii) Cabela’s Ventures, Inc. (viii) Wild Wings, LLC, (ix)
Cabela’s Lodging, LLC, (x) Herter’s, LLC and (xi) Van Dyke Supply Company, Inc. (the Subsidiaries together with the Company, being herein referred to collectively as the “Obligors”) hereby .jointly and severally promise to pay to
[                    ], or registered assigns, the principal sum of
[                    ] DOLLARS on September 5, 2009, with interest (computed on the basis of a 360 day year of twelve 30 day months) (a) on
the unpaid balance thereof at the rate of 4.95% per annum from the date hereof, payable semiannually, on the 5th day of each March and September in each year, commencing with the March 5 or September 5 next succeeding the date hereof, until the
principal hereof shall have become due and payable, and (b) to the extent permitted by law on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make Whole Amount (as
defined in the Note Purchase Agreements referred to below), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time; equal to the greater of (i) 6.95% or (ii) 2.00% over
the rate of interest publicly announced by US Bank, N.A. from time to time in Lincoln, Nebraska as its “base” or “prime” rate. 
  
 Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States, of America
at US Bank, N.A. or at 

  

 
such other place in the United States as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase
Agreements referred to below. 
  
 This Series 2002 A Note is one
of a series of Senior Notes (herein called the “Notes”) issued pursuant to separate Note Purchase Agreements, dated as of September 5, 2002 (as from time to time amended, the “Note Purchase Agreements”), between the Obligors and
the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase
Agreements and (ii) to have made the representation set forth in Section 6.2 of the Note Purchase Agreements, provided that such holder may (in reliance upon information provided by the Company, which shall not be unreasonably withheld) make a
representation to the effect that the purchase by such holder of any Note will not constitute a non exempt prohibited transaction under section 406(a) of ERISA. 
  

This Series 2002 A Note is a registered Note and, as provided in the Note Purchase Agreements, upon surrender of this Note for registration of
transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Series 2002 A Note for a like principal amount will be issued
to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Obligors may treat the person in whose name this Series 2002 A Note is registered as the owner hereof for the purpose of receiving, payment
and for all other purposes, and the Obligors will not be affected by any notice to the contrary. 
  
 The Obligors will make required prepayments of principal on the dates and in the amounts specified in the Note Purchase Agreements. This Note is also
subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreements, but not otherwise. 
  
 If an Event of Default, as defined in the Note Purchase Agreements, occurs and is continuing, the principal of this Note may
be declared or otherwise become due and payable in the manner, at the price (including any applicable Make Whole Amount) and with the effect provided in the Note Purchase Agreements. 
  

 E-1-2 

 This Note shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the law of the State of Nebraska excluding choice of law principles of law of such State that would require the application of the laws of a jurisdiction other than such State. 
  

			
	 CABELA’S INCORPORATED

		
	 By:
	 	 
	 	 	

	 	 	 Name: David A. Roehr

	 	 	 Title: Vice President and Treasurer

	
	 CABELA’S CATALOG, INC.

		
	 By:
	 	 
	 	 	

	 	 	 Name: David A. Roehr

	 	 	 Title: President and Treasurer

	
	 CABELA’S PROMOTIONS, INC.

		
	 By:
	 	 
	 	 	

	 	 	 Name: David A. Roehr

	 	 	 Title: Vice President and Secretary

	
	 CABELA’S RETAIL, INC.

		
	 By:
	 	 
	 	 	

	 	 	 Name: David A. Roehr

	 	 	 Title: Vice President and Secretary

  

 E-1-3 

			
	 CABELA’S OUTDOOR ADVENTURES, INC.

		
	 By:
	 	 
	 	 	

	 	 	 Name: David A. Roehr

	 	 	 Title: Vice President and Secretary

	
	 CABELAS.COM, INC.

		
	 By:
	 	 
	 	 	

	 	 	 Name: David A. Roehr

	 	 	 Title: President and Treasurer

	
	 CABELA’S WHOLESALE, INC.

		
	 By:
	 	 
	 	 	

	 	 	 Name: David A. Roehr

	 	 	 Title: Vice President and Secretary

	
	 CABELA’S VENTURES, INC.

		
	 By:
	 	 
	 	 	

	 	 	 Name: David A. Roehr

	 	 	 Title: President and Treasurer

	
	 WILD WINGS, LLC

		
	 By:
	 	 
	 	 	

	 	 	 Name: David A. Roehr

	 	 	 Title: Manager

  

 E-1-4 

			
	 CABELA’S LODGING, LLC

		
	 By:
	 	 
	 	 	

	 	 	 Name: David A. Roehr

	 	 	 Title: Manager and President

	
	 HERTER’S, LLC

		
	 By:
	 	 CabeIa’s Wholesale, Inc., Manager

		
	 By:
	 	 
	 	 	

	 	 	 Name: David A. Roehr

	 	 	 Title: Vice President and Secretary

	
	 VAN DYKE SUPPLY COMPANY, INC.

		
	 By:
	 	 
	 	 	

	 	 	 Name: David A. Roehr

	 	 	 Title: Secretary and Treasurer

  

 E-1-5

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