Document:

Exhibit 10.6

 

ANGEION
CORPORATION

INCENTIVE
STOCK OPTION AGREEMENT

 

Option No.          

 

THIS OPTION AGREEMENT is
made as of the 7th day of October 2003, between Angeion Corporation,
a Minnesota corporation (the “Company”), and
                         ,
an employee of the Company (the “Optionee”).

 

The Company desires, by
affording the Optionee an opportunity to purchase shares of its Common Stock,
$0.10 par value per share (the “Common Stock”), to carry out the purposes of
the Angeion Corporation 2002 Stock Option Plan (the “Plan”).

 

THEREFORE, the parties
agree as follows:

 

1.             Grant of Option. 
The Company grants to the Optionee the right and option (the “Option”)
to purchase from the Company all or any part of an aggregate amount of               
shares of the Common Stock of the Company (the “Shares”).  The Option is intended to be an “incentive
stock option” as defined in Section 422 of the Internal Revenue Code and is
subject to the $100,000 limitation described in Section 4(b) of the Plan.

 

2.             Purchase Price. 
The purchase price of the Shares is $7.79 per share.

 

3.             Term of Option. 
The Option will terminate on October 6, 2013, subject to earlier
termination as set for in Section 6 and 7.

 

4.             Exercise of Option.  The Option may be exercised as follows:

 

                shares on October 31, 2003

                shares on October 25, 2004

                shares on October 25, 2005.

 

5.             Change of Control.  Upon the occurrence of a Change of Control as
defined in the Plan, any unexercisable part of the Option with an exercise
price equal to or less than the effective price at which the Change in Control
occurs will automatically become immediately exercisable in full, without
action required on the part of the Board.

 

6.             Non-Transferability; Legal Representative.  The Option is not transferable otherwise than
by will or the laws of descent and distribution.  The Option is exercisable during the lifetime
of the Optionee, only by the Optionee, except in the case of legal incapacity, in
which case the Option may be exercised by the Optionee’s legal representative.

 

7.             Death, Disability or Retirement of Optionee.  If the Optionee’s employment with the Company
terminates by reason of death, Disability or Retirement (as these terms are
defined in the Plan, except that Retirement means retirement from active
employment with the Company 

 

 

or any subsidiary on or
after age 62), the Option may be exercised, to the extent that the Optionee is
entitled to do so at the date of his or her termination of employment (a) by
reason of death, Disability or Retirement, by the Optionee, his or her legal
representative, or (b) in the case of death, by the person to whom the Option
is transferred by will or the applicable laws of descent and distribution.  The Option may not be exercised and will
terminate upon the earlier of (i) two (2) years from the date of the Optionee’s
termination of employment, or (ii) the expiration of the term of the Option.

 

8.             Other Termination of Employment.  If the Optionee’s employment with the Company
terminates for any reason other than death, Disability or Retirement, the
Option may be exercised, to the extent that the Optionee is entitled to do so
at the date of his or her termination of employment, but may not be exercised
and will terminate the earlier of (i) three (3) months from the date of the
Optionee’s termination of employment, or (ii) the expiration of the term of the
Option.  In the event an Optionee’s
employment is terminated for Cause (as defined in the Plan), however, all
unexercised Options will immediately terminate.

 

9.             Method of Exercising Option.  The Option may be exercised in whole or in
part by giving written notice of exercise to the Company specifying the number
of Shares to be purchased.  This notice
must be accompanied by payment in full of the purchase price, either by cash,
check, certified or bank check, or by delivery of shares of Common Stock
already owned by the Optionee (which, in the case of Common Stock acquired upon
exercise of an option, has been owned for more than six months on the date of
surrender).

 

10.           Withholding Requirements.  If, at the time of exercise, this Option is
determined not to be an incentive stock option in whole or in part, prior to
the delivery of Shares purchased pursuant to the exercise, the Company shall have
the right to require the Optionee to either pay to the Company cash in an
amount sufficient to satisfy applicable federal and state tax withholding
requirements or make other arrangements for payment of the tax obligations.  The Company will inform the Optionee as to
whether it will require the Optionee to pay cash for withholding taxes or make
other arrangements in accordance with the preceding sentence within two (2)
business days after receiving from the Optionee notice that the Optionee
intends to exercise, or has exercised, all or a portion of the Option.

 

11.           Certain Dispositions.  If Optionee disposes of any of the shares of
Common Stock acquired upon exercise of the Option within two (2) years from the
date the Option was granted or within one (1) year after the date of exercise
of the Option and the Option was an incentive stock option at the time of
exercise, then, in order to provide the Company with the opportunity to claim
the benefit of any income tax deduction, Optionee is required to promptly
notify the Company of the dates of acquisition and disposition of such shares,
the number of shares so disposed of, and the consideration, if any, received
for such shares.  In order to comply with
all applicable federal or state income tax laws or regulations, the Company may
take such action as it deems appropriate to ensure (i) notice to the Company of
any disposition of the shares of Common Stock acquired upon exercise of the
Option within the time periods described above, and (ii) that, if necessary,
all applicable federal or state payroll, withholding, income or other taxes are
withheld or collected from Optionee.

 

2

 

12.           The Plan.  This Option is subject to additional terms
and conditions in the Plan under which this Option has been issued.  A copy of the Plan is on file with the
Secretary of the Company and Optionee agrees to and accepts this Option subject
to the terms of the Plan.

 

13.           General.  The Company will at all times during the term
of the Option reserve and keep available such number of shares of Common Stock
as needed to satisfy the requirements of this Option Agreement.

 

14.           Status; No Right to Continued
Employment.  Neither the Optionee nor
the Optionee’s executor, administrator, heirs, or legatees (each a “permitted
transferee”) has any rights or privileges of a shareholder of the Company in
respect of the Shares issuable upon exercise of the Option until certificates
representing Shares are issued and, if applicable, the permitted transferee has
caused the permitted transferee’s name to be entered as the shareholder of
record on the books of the Company.  This
Option does not constitute a commitment of any kind that the Company will
continue to employ Optionee and does not in any way affect the right of the
Company to terminate the employment of Optionee at any time for any reason.

 

15.           Company Authority.  This Option does not affect in any way the
right or power of the Company or its shareholders to make or authorize any or
all adjustments, recapitalizations, reorganizations or other changes in the
Company’s capital structure or its business, or any merger or consolidation of
the Company, or any issue of bonds, debentures, additional Common Stock,
preferred or prior preference stock ahead of or affecting the Common Stock of
the Company or the rights thereof, or dissolution or liquidation of the
Company, or any sale or transfer of all or any part of its assets or business,
or any other corporate act or proceeding, whether of a similar character or
otherwise.

 

16.           Disputes.  As a condition of the granting of the Option,
the Optionee agrees for the Optionee and the Optionee’s personal
representatives, that any dispute or disagreement that may arise under or as a
result of or pursuant to this Agreement will be determined by the Committee (as
defined in the Plan), in its sole discretion, and that any interpretation by
the Committee of the terms of this Agreement will be final, binding and
conclusive.

 

17.           Binding Effect.  This Agreement is binding upon the heirs,
executors, administrators and successors of the parties.

 

18.           Capitalized Terms.  All capitalized terms not otherwise defined
have the terms given in the Plan.

 

3

 

IN WITNESS WHEREOF, the
Company and the Optionee have executed this Agreement as of the date first
above written.

 

 

	
   

  	
  ANGEION CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  	
  President & CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPTIONEE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  

 

4Exhibit 10.7

 

ANGEION CORPORATION

STOCK OPTION AGREEMENT

 

UNDER ANGEION
CORPORATION

2002 STOCK OPTION PLAN

 

Option No.        

 

THIS OPTION AGREEMENT is made as of the 29th day
of October 2004 between ANGEION CORPORATION, a Minnesota corporation (the “Company”),
and                    ,
a director of the Company (the “Optionee”).

 

WHEREAS, the Company desires, by affording the
Optionee an opportunity to purchase shares of its Common Stock, $0.10 par value
(the “Common Stock”), as hereinafter provided, to carry out the purpose of the
2002 Stock Option Plan (the “Plan”) of the Company approved by its
shareholders;

 

NOW, THEREFORE, in consideration of the mutual
covenants hereinafter set forth and for other good and valuable consideration,
the parties hereto have agreed, and do hereby agree, as follows:

 

1.             Grant
of Option.  The Company hereby grants
to the Optionee the right and Option (hereinafter called the “Option”) to
purchase from the Company all or any part of an aggregate amount of                  
shares of Common Stock of the Company on the terms and conditions herein set
forth.

 

2.             Purchase
Price.  The purchase price of the
shares of the Common Stock covered by this option shall be $6.23 per share.

 

3.             Term
of Option.  The term of the Option
shall be for a period of ten (10) years from the date hereof (the “Option Date”),
subject to earlier termination as hereinafter provided.

 

4.             Exercise
of Option.  The Option shall be
exercisable in full from the Option Date.

 

5.             Non-Transferability.  The Option shall not be transferable
otherwise than by will or the laws of descent and distribution, and the Option
may be exercised, during the lifetime of the Optionee, only by the
Optionee.  More particularly (but without
limiting the generality of the foregoing), the Option may not be assigned,
transferred (except as provided above), pledged, or hypothecated in any way;
shall not be assignable by operation of law; and shall not be subject to
execution, attachment, or similar process. 
Any attempted assignment, transfer, pledge, hypothecation, or other
disposition of the Option contrary to the provisions hereof, and the levy of
any execution, attachment, or similar process upon the Option, shall be null
and void and without effect.

 

 

                6.             Method of Exercising Option.  Subject to the terms and conditions of this
Option Agreement, the Option may be exercised by written notice to the Chief
Financial Officer of the Company at the principal office of the Company.  Such notice shall state the election to
exercise the Option and the number of shares being exercised, and shall be
signed by the person so exercising the Option. 
Such notice shall be accompanied by payment of the full purchase price
of such shares, which payment shall be made in cash or by certified check or
bank draft payable to the Company or by delivery of shares of Common Stock
already owned by Optionee (which in the case of Common Stock acquired upon
exercise of an option, has been owned for more than six (6) months on the date
of surrender).  The certificate or
certificates for the shares as to which the Option shall have been so exercised
shall be registered in the name of the person so exercising the Option, or if
the Optionee so elects, in the name of the Optionee and one other person as
joint tenants, and shall be delivered as soon as practicable after the notice
shall have been received.  In the event
any person other than the Optionee shall exercise the Option, such notice shall
be accompanied by appropriate proof of the right of such person to exercise the
Option.  All shares that shall be
purchased upon the exercise of the Option as provided herein shall be fully
paid and non-assessable.

 

7.             Stock
Plan.  This Option is subject to
certain additional terms and conditions set forth in the 2002 Stock Option Plan
pursuant to which this Option has been issued. 
A copy of the 2002 Stock Option Plan is on file with the Secretary of
the Company and each Option holder by acceptance hereof agrees to and accepts
this Option subject to the terms of the 2002 Stock Option Plan.

 

8.             General.  The Company shall at all times during the
term of the Option reserve and keep available such number of shares of Common
Stock as will be sufficient to satisfy the requirements of this Option
Agreement, shall pay all original issue and transfer taxes with respect to the
issue and transfer of shares pursuant hereto and all other fees and expenses
necessarily incurred by the Company in connection therewith, and will from time
to time use its best efforts to comply with all laws and regulations which, in
the opinion of counsel for the Company, shall be applicable thereto.

 

9.             Status.  Neither the Optionee nor the Optionee’s
executor, administrator, heirs, or legatees shall be or have any rights or
privileges of a shareholder of the Company in respect of the shares
transferable upon exercise of the Option granted hereunder, unless and until
certificates representing such shares shall be endorsed, transferred, and
delivered and the transferee has caused the Optionee’s name to be entered as the
shareholder of record on the books of the Company.

 

10.           Company
Authority.  The existence of the
Option herein granted shall not affect in any way the right or power of the
Company or its stockholders to make or authorize any or all adjustments,
recapitalizations, reorganizations or other changes in the Company’s capital
structure or its business or any merger or consolidation of the Company, or any
issue of bonds, debentures, preferred or prior preference stock ahead of or
affecting the Common Stock of the Company of the rights thereof, or dissolution
or liquidation of the Company, or any sale or transfer of all or any part of
its assets or business, or any other corporate act or proceeding, whether of a
similar character or otherwise.

 

 

11.           Disputes.  As a condition of the granting of the Option
herein granted, the Optionee agrees, for the Optionee and the Optionee’s
personal representatives, that any dispute or disagreement which may arise
under or as a result of or pursuant to this Option Agreement shall be
determined by the Board of Directors of the Company, in its sole discretion,
and that any interpretation by the Board of the terms of this agreement shall
be final, binding and conclusive.

 

12.           Binding
Effect.  This Option Agreement shall
be binding upon the heirs, executors, administrators and successors of the
parties hereto.

 

IN WITNESS WHEREOF, the Company has caused this
Option Agreement to be duly executed by an officer thereunto duly authorized,
and the Optionee has hereunto set his or her hand, all as of the day and year
first above written.

 

	
   

  	
  THE COMPANY:

  
	
   

  	
   

  
	
   

  	
  ANGEION CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPTIONEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

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