Document:

Exhibit 10.17 to St. Jude Medical, Inc. Form 10-K for fiscal year ended 12-31-2005

Exhibit 10.17 

ST. JUDE MEDICAL, INC.

AMENDED AND RESTATED 2004 STOCK INCENTIVE PLAN

(formerly known as the Advanced Neuromodulation Systems, Inc.

2004 Stock Incentive Plan)  

        1.    Purpose
of the Plan.   The purposes of the Plan are (i) to attract and retain the best available directors,
consultants and employees, and (ii) to provide incentives to such directors, consultants and employees to promote the success
of the business of St. Jude Medical, Inc. and its subsidiaries. 

        2.    Definitions.   As
used herein, the following definitions shall apply: 

                (a)    “Agreement” means
a written agreement between the Corporation and a Participant evidencing the terms and conditions of an individual Award grant.
Each Award Agreement shall be subject to the terms and condition of the Plan. 

                (b)    “Award” means
any Option or any Restricted Stock granted pursuant to the terms of this Plan. 

                (c)    “Board” means
the Board of Directors of the Corporation. 

                (d)    “Common
Stock” means the Common Stock, $.10 par value per share, of the Corporation. Except as otherwise provided herein, all Common
Stock issued pursuant to the Plan shall have the same rights as all other issued and outstanding shares of Common Stock, including
but not limited to voting rights, the right to dividends, if declared and paid, and the right to pro rata distributions of the
Corporation’s assets in the event of liquidation. 

                (e)    “Committee” means
the committee described in Section 18(a) that administers the Plan. 

                (f)    “Consultant” means
any consultant or advisor who renders bona fide services to the Corporation or one of its Subsidiaries, which services are not in
connection with the offer or sale of securities in a capital-raising transaction. 

                (g)    “Corporation” means
St. Jude Medical, Inc., a Minnesota corporation. 

                (h)    “Date
of Grant” means the date on which an Award is granted pursuant to this Plan or, if the Committee so determines, the date
specified by the Committee as the date the Award is to be effective. 

                (i)    “Director” means
any director or clinical advisor of the corporation or one of its Subsidiaries, but excluding any director or clinical advisor who
is also an officer or employee of the Corporation or one of its subsidiaries. 

                (j)    “Disability” means
any medically determinable physical or mental impairment that, in the opinion of the Committee, based upon medical reports and
other evidence satisfactory to the Committee, can reasonably be expected to prevent a Participant from performing substantially
all of the Participant’s customary duties or employment for a continuous period of not less than 12 months so as to be
disabled within the meaning of Section 22(a)(3) of the Code. 

                (k)    “Employee” means
any employee of the Corporation or one of its Subsidiaries, including any director who is also an officer or key employee of the
Corporation or one of its Subsidiaries. 

                (l)    “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 

  

                (m)    “Fair
Market Value” means the closing sale price (or average of the quoted closing bid and asked prices if there is no closing sale
price reported) of the Common Stock on the trading day immediately prior to the date specified as reported by the New York Stock
Exchange or by the principal national stock exchange on which the Common Stock is then listed. If there is no reported price
information for the Common Stock, the Fair Market Value will be determined by the Committee, in its sole discretion. In making
such determination, the Committee may, but shall not be obligated to, commission and rely upon an independent appraisal of the
Common Stock. 

                (n)    “Non-Employee
Director” means an individual who is a “non-employee director” as defined in Rule 16b-3 under the Exchange Act and
also an “outside director” within the meaning of Treasury Regulation § 1.162-27(e)(3). 

                (o)    “Option” means
a stock option granted pursuant to Section 6 of this Plan. 

                (p)    “Optionee” means
any Employee who receives an Option. 

                (q)    “Participant” means
any Employee, Consultant, or Director who receives an Award. 

                (r)    “Plan” means
this St. Jude Medical, Inc. Amended and Restated 2004 Stock Incentive Plan (which was formerly known as the Advanced
Neuromodulation Systems, Inc. 2004 Stock Incentive Plan), as amended from time to time. 

                (s)    “Qualified
Option” means any Option that is intended to qualify as an “incentive stock option” within the meaning of Section
422 of the Code. The Committee shall cause each Option granted hereunder to be clearly designated in the Option Agreement, at the
time of grant, as to whether or not it is intended to be a Qualified Option. 

                (t)    “Restricted
Stock” means Common Stock awarded to an Employee, Consultant or Director pursuant to Section 6 of this Plan. 

                (u)    “Restricted
Stock Distribution” means any amounts, whether stock, cash, or other property (other than regular cash dividends) paid or
distributed by the Corporation with respect to Restricted Stock during the period that Restricted Stock is nontransferable and
subject to a substantial risk of forfeiture within the meaning of Section 83(a)(1) of the Code because it is unvested pursuant to
Section 9 of the Plan. 

                (v)    “Rule
16b-3” means Rule 16b-3 of the rules and regulations under the Exchange Act, as Rule 16b-3 may be amended from time to time,
and any successor provisions to Rule 16b-3 under the Exchange Act. 

                (w)    “Subsidiary” means
any now existing or hereinafter organized or acquired company of which more than fifty percent (50%) of the issued and outstanding
voting stock is owned or controlled directly or indirectly by the Corporation or through one or more Subsidiaries of the
Corporation. 

        3.    Term
of Plan.   The Plan was adopted by the Board of Directors of Advanced Neuromodulation Systems, Inc. on February
18, 2004 and became effective upon its approval by the shareholders of Advanced Neuromodulation Systems, Inc. on May 26, 2004. The
Plan was assumed by the Corporation pursuant to the terms of the Agreement and Plan of Merger among the Corporation, Apollo Merger
Corp., and Advanced Neuromodulation Systems, Inc., dated as of October 15, 2005 (the “Merger Agreement”). The Plan was
amended pursuant to resolutions adopted by the Board on October 14, 2005 in order to make changes necessary to reflect the
assumption of the Plan by the Corporation. Pursuant to the Merger Agreement, at the Effective Time (as defined in the Merger
Agreement), the then outstanding Awards under the Plan were converted into Awards to purchase Common Stock. After the Effective
Time, no additional Awards will be granted under the Plan. The Plan shall continue in effect so long as Awards granted under the
Plan remain outstanding, subject to earlier termination as provided under Section 18(a). 

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        4.    Shares
Subject to the Plan.   When the Plan was adopted by the Board of Directors and shareholders of Advanced
Neuromodulation Systems, Inc. it contained the following provision: “Except as otherwise provided in Section 18 hereof, the
aggregate number of shares of Common Stock issuable upon the exercise of Options or upon the grant of Restricted Stock pursuant to
this Plan shall be 750,000 shares. Shares issuable upon the exercise of Options or upon the grant of Restricted Stock may either
be authorized but unissued shares or treasury shares. The Corporation shall, during the term of this Plan, reserve and keep
available a number of shares of Common Stock sufficient to satisfy the requirements of the Plan. If an Option should expire or
become unexercisable for any reason without having been exercised in full or if Restricted Stock is forfeited, then the shares
that were subject thereto shall, unless the Plan shall have terminated, become immediately available for the grant of additional
Options or Restricted Stock under this Plan, subject to the limitations and adjustments set forth above. In addition, for purposes
of calculating the aggregate number of shares that may be issued under this Plan, only the net shares issued (including the
shares, if any, withheld for tax withholding requirements) shall be counted when shares of Common Stock are used as full or
partial payment for shares issued upon exercise of a Award. If permitted by the Corporation pursuant to Section 10, shares
tendered by a Participant as payment for shares issued upon such exercise shall be available for reissuance under the Plan.”

        5.    Eligibility.   Qualified
Options may be granted under Section 6 of the Plan to Employees of the Corporation or its Subsidiaries who are officers or other
key employees as may be determined by the Board or the Committee. Nonqualified Options may be granted under Section 6 of the Plan
to such Employees, Consultants, and Directors of the Corporation or its Subsidiaries as may be determined by the Board or the
Committee. Restricted Stock may be granted under Section 6 of the Plan to such Employees, Consultants, and Directors of the
Corporation or its Subsidiaries as may be determined by the Board or the Committee. Subject to the limitations and qualifications
set forth in this Plan, the Board or the Committee shall also determine the number of Options or shares of Restricted Stock to be
granted, the number of shares subject to each Option or Restricted Stock grant, the exercise price or prices of each Award, the
vesting and exercise period of each Option and the vesting and/or forfeiture provisions relating to Restricted Stock, whether an
Option may be exercised as to less than all of the Common Stock subject thereto, and such other terms and conditions of each
Option or grant of Restricted Stock, if any, as are consistent with the provisions of this Plan. In connection with the granting
of Qualified Options, the aggregate Fair Market Value (determined at the Date of Grant of a Qualified Option) of the shares with
respect to which Qualified Options are exercisable for the first time by an Optionee during any calendar year (under all such
plans of the Optionee’s employer corporation and its parent and subsidiary corporations as defined in Section 424(e) and (f)
of the Code, or a corporation or a parent or subsidiary corporation of such corporation issuing or assuming an Option in a
transaction to which Section 424(a) of the Code applies (collectively, such corporations described in this sentence are
hereinafter referred to as “Related Corporations”)) shall not exceed $100,000 or such other amount as from time to time
provided in Section 422(d) of the Code or any successor provision. 

        6.    Grant
of Options and Restricted Stock.   Unless the Plan is suspended or terminated as provided in Section 18(c), the
Committee shall determine the number of shares of Common Stock to be offered from time to time pursuant to Options and Restricted
Stock granted hereunder and shall grant said Options and awards of Restricted Stock under the Plan. The grant of said Awards shall
be evidenced by Option Agreements and Restricted Stock Agreements containing such terms and provisions as are approved by the
Committee and executed on behalf of the Corporation by an appropriate officer. In connection with the granting of any Awards under
the Plan, the aggregate number of shares of Common Stock with respect to which Awards may be granted to any single Employee in any
one calendar year will not exceed 750,000. Solely for this purpose, Awards that lapse or are cancelled continue to count against
this calendar year limit. 

        7.    Time
of Grant of Awards.   The date of grant of an Award under the Plan shall be the date on which the Committee
awards the Option or Restricted Stock or, if the Committee so determines, the date specified by the Board or Committee as the date
the award is to be effective. Notice of the grant shall be given to each Participant to whom an Award is granted promptly after
the date of such grant. 

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        8.    Price.   The
exercise price for any Award (the “Exercise Price”) granted pursuant to Section 6 of the Plan shall be determined by the
Committee at the Date of Grant; provided, however that (a) the Exercise Price for any Option will not be less than 100% of
the Fair Market Value of the Common Stock at the Date of Grant, and (b) if an Optionee owns on the Date of Grant more than 10
percent of the total combined voting power of all classes of stock of the Corporation or its parent or any of its subsidiaries, as
more fully described in Section 422(b)(6) of the Code or any successor provision (such shareholder is referred to herein as a
“10-Percent Shareholder”), the Exercise Price for any Qualified Option Granted to such Optionee will not be less than
110% of the Fair Market Value of the Common Stock at the Date of Grant. 

        9.    Vesting.   Subject
to Section 11 of this Plan, each Award under the Plan shall vest and become exercisable (in the case of Options) or nonforfeitable
(in the case of Restricted Stock shares) in accordance with the provisions set forth in the applicable Option Agreement or
Restricted Stock Agreement. The Committee may, but shall not be required to, permit acceleration of vesting or the accelerated
lapse of any forfeiture provisions of an Award upon any sale of the Corporation or similar transaction. In exercising this
discretion, the Committee may specifically consider whether the acceleration of vesting or the accelerated lapse of any forfeiture
provisions of an Award hereunder upon a change of control of the Corporation causes an “excess parachute payment” (as
defined in Section 280G of the Code) to occur. In the event that the Committee determines that such an excess parachute payment
would result if acceleration occurred (when added to any other payments or benefits contingent on a change of control under any
other agreements, arrangements, or plans) then the number of shares as to which exercisability is accelerated may be reduced so
that total parachute payments do not exceed 299% of the Optionee’s “base amount” as defined in Section 280G(b)(3)
of the Code. A Participant’s Option Agreement or Restricted Stock Agreement may contain such additional provisions with
respect to vesting or the lapse of any forfeiture provision as the Committee may specify. 

        10.    Option
Exercise.   A Participant may pay the Exercise Price of the shares of Common Stock as to which an Option is
being exercised by the delivery of (a) cash, (b) check, (c) in the Corporation’s sole discretion, by the
delivery of shares of Common Stock having a Fair Market Value on the date immediately preceding the exercise date equal to the
Exercise Price and have been held by the Participant at least six (6) months prior to the date of exercise, or (d) at the
Corporation’s option, any other consideration that the Corporation determines is consistent with the Plan’s purpose and
applicable law. If the shares to be purchased are covered by an effective registration statement under the Securities Act of 1933,
as amended, any Option granted under the Plan may be exercised by a broker-dealer acting on behalf of a Participant if
(i) the broker-dealer has received from the Participant or the Corporation a fully- and duly-endorsed agreement evidencing
such Option, together with instructions signed by the Participant requesting the Corporation to deliver the shares of Common Stock
subject to such Option to the broker-dealer on behalf of the Participant and specifying the account into which such shares should
be deposited, (ii) adequate provision has been made with respect to the payment of any withholding taxes due upon such
exercise, and (iii) the broker-dealer and the Participant have otherwise complied with Section 220.3(e)(4) of Regulation T,
12 CFR Part 220, or any successor provision. 

        11.    When
Qualified Options may be Exercised.   No Qualified Option shall be exercisable at any time after the expiration
of ten (10) years from the Date of Grant; provided, however, that if the Optionee with respect to a Qualified Option is a
10-Percent Stockholder on the Date of Grant of such Qualified Option, then such Option shall not be exercisable after the
expiration of five (5) years from its Date of Grant. Upon the death of an Optionee, any vested Qualified Option exercisable on the
date of death may be exercised by the Optionee’s estate or by a person who acquires the right to exercise such Qualified
Option by bequest or inheritance or by reason of the death of the Optionee, provided that such exercise occurs within both the
remaining option term of the Qualified Option and twelve months after the date of the Optionee’s death. This Section 11 only
provides the outer limits of allowable exercise dates with respect to Qualified Options; the Board or the Committee may determine
that the exercise period for a Qualified Option shall have a shorter duration than as specified above. 

4 

        12.    Issuance
of Restricted Stock Shares.   Until the Restricted Stock is vested, the certificates representing the
Restricted Stock and any Restricted Stock Distributions, shall be registered in the Participant’s name and bear a restrictive
legend disclosing the restrictions, the existence of the Plan, and the existence of the applicable agreement granting such
Restricted Stock. Such certificates shall be deposited by the Participant with the Corporation, together with stock powers or
other instruments of assignments, each endorsed in blank, which will permit the transfer to the Corporation of all or any portion
of the Restricted Stock and any assets constituting Restricted Stock Distributions, which shall be forfeited in accordance with
the applicable agreements granting such Restricted Stock. Restricted Stock shall constitute issued and outstanding Common Stock
for all corporate purposes and the Participant shall have all rights, powers and privileges of a holder of unrestricted shares
except that the Participant will not be entitled to delivery of the stock certificates until all restrictions have terminated, and
the Corporation will retain custody of all related Restricted Share Distributions (which will be subject to the same restrictions,
terms, and conditions as the related Restricted Stock) until the restrictions lapse with respect to the corresponding Restricted
Shares; and provided, further, that any Restricted Share Distribution shall not bear interest or be segregated into a separate
account but shall remain a general asset of the Corporation, subject to the claims of the Corporation’s creditors, until the
lapse of the transferability and forfeiture restrictions; and provided, finally, that any material breach of any terms of the
agreement granting the Restricted Stock, as reasonably determined by the Committee will cause a forfeiture of both Restricted
Stock and Restricted Stock Distributions. 

        13.    Withholding
of Taxes.   The Committee shall make such provisions and take such steps as it may deem necessary or
appropriate for the withholding of any taxes that the Corporation is required by any law or regulation of any governmental
authority to withhold in connection with any Award including, but not limited to, (a) withholding the issuance of all or any
portion of the shares of Common Stock subject to such Award until the Participant reimburses the Corporation for the amount it is
required to withhold with respect to such taxes, (b) withholding any portion of such issuance in an amount sufficient to
reimburse the Corporation for the amount of taxes it is required to withhold, provided, however, that no shares of Common Stock
are withheld with a value exceeding the minimum amount of tax required to be withheld by law, (c) allowing the Participant to
deliver Common Stock as payment for the amount the Corporation is required to withhold for taxes or (d) taking any other
action reasonably required to satisfy the Corporation’s withholding obligation. 

        14.    Conditions
Upon Issuance of Shares.  

        (a)    The
Corporation shall not be obligated to sell or issue any shares upon the exercise of any Award granted under the Plan unless the
issuance and delivery of shares comply with all provisions of applicable federal and state securities laws and the requirements of
the New York Stock Exchange or any stock exchange upon which shares of the Common Stock may then be listed. 

        (b)    As
a condition to the exercise of an Option or the grant of Restricted Stock, the Corporation may require the person exercising the
Option or receiving the grant of Restricted Stock to make such representations and warranties as may be necessary to assure the
availability of an exemption from the registration requirements of applicable federal and state securities laws. 

        (c)    The
Corporation shall not be liable for refusing to sell or issue any shares covered by any Option or for refusing to issue any
Restricted Stock if the Corporation cannot obtain authority from the appropriate regulatory bodies deemed by the Corporation to be
necessary to sell or issue such shares in compliance with all applicable federal and state securities laws and the requirements of
the New York Stock Exchange or any stock exchange upon which shares of the Common Stock may then be listed. In addition, the
Corporation shall have no obligation to any Participant, express or implied, to list, register or otherwise qualify the shares of
Common Stock covered by any Option or Restricted Stock. 

        (d)    No
Participant will be, or will be deemed to be, a holder of any Common Stock subject to an Option unless and until such Participant
has exercised his or her Option and paid the purchase price for the subject shares of Common Stock. 

5 

        15.    Restrictions
on Transfer.  

        (a)    Each
Qualified Option under this Plan shall be transferable only by will or the laws of descent and distribution and shall be
exercisable during Participant’s lifetime only by such Participant. Each nonqualified Option under this Plan shall be
transferable only by will, the laws of descent and distribution, pursuant to a domestic relations order issued by a court of
competent jurisdiction, or to a trust established by the Participant for estate planning purposes. 

        (b)    Non-vested
shares of Restricted Stock issued pursuant to the Plan shall be nontransferable except by will or the laws of descent and
distribution until, and only to the extent that, such shares become vested in accordance with Section 9 of the Plan. 

        (c)    Shares
of Common Stock issued pursuant to any Award under the Plan may be subject to restrictions on transfer under applicable federal
and state securities laws. The Committee may impose such additional restrictions on the ownership and transfer of shares of Common
Stock issued pursuant to the Plan as it deems desirable; any such restrictions shall be set forth in any Option Agreement or
Restricted Stock Agreement entered into hereunder. 

        16.    Modification
of Plan and Agreements.  

        (a)    The
Committee may from time to time and at any time alter, amend, suspend, discontinue or terminate this Plan; provided, however, that
no such action of the Committee may, without approval of the shareholders of the Corporation, (i) increase the maximum number
of shares of Common Stock that may be subject to Qualified Options under the Plan (except as provided in Section 18 of this Plan),
(ii) change the class of individuals eligible to receive Qualified Options pursuant to this Plan, (iii) change the
calendar year annual limit on the number of shares of Common Stock granted to a Participant in Section 6 above, or (iv) make
any changes that requires shareholder approval under applicable law or the New York Stock Exchange rules or other exchange on
which the Corporation’s securities are traded. 

        (b)    Except
as set forth below, at any time and from time to time, the Committee may modify an outstanding Award. However, the Committee may
not, without obtaining prior shareholder approval, “reprice” an outstanding Award by lowering the exercise price of the
Award, canceling the outstanding Award and issuing or exchanging a replacement or substitute Award, or taking other actions that
would be treated as a “repricing” under generally accepted accounting principles, unless such repricing is done in
connection with an event described in Section 17 of this Plan to prevent dilution or diminishment of rights. Additionally, the
Committee may not modify an outstanding Award without the prior approval of the holder of the Award, if such modification would
impair the Award. Notwithstanding the foregoing, the Committee may, without the option holder’s consent, increase the
exercise price of a Qualified Option if necessary to maintain such Option’s qualified status, or to convert any Qualified
Option into a Nonqualified Option. 

        17.    Effect
of Change in Stock Subject to the Plan.   In the event that each of the outstanding shares of Common Stock
(other than shares held by dissenting shareholders) shall be changed into or exchanged for a different number or kind of shares of
stock of the Corporation or of another corporation (whether by reason of merger, consolidation, recapitalization,
reclassification, split-up, combination of shares or otherwise), or in the event a stock split or stock dividend occurs, then the
Corporation may either substitute for each share of Common Stock then subject to Options or Restricted Stock awards or available
for Options or Restricted Stock awards under Section 4 of the Plan the number and kind of shares of stock into which each
outstanding share of Common Stock (other than shares held by dissenting shareholders) shall be so changed or exchanged, or the
number of shares of Common Stock as is equitably required in the event of a stock split or stock dividend, together with an
appropriate adjustment of the Exercise Price. The Committee may, but shall not be required to, provide additional anti-dilution
protection to a Participant under the terms of the Participant’s Option Agreement or Restricted Stock Agreement. 

6 

        18.    Administration.  

        (a)    Notwithstanding
anything to the contrary herein, to the extent necessary to comply with the requirements of Rule 16b-3, the Plan shall be
administered by the Stock Option Committee approved by the Board, which shall be a committee comprised solely of two or more
Non-Employee Directors appointed by the Board (the group responsible for administering the Plan is referred to as the
“Committee”). Awards may be granted under Section 6 only by majority agreement of the members of the Committee. Option
Agreements and Restricted Stock Agreements, in the form as approved by the Committee, and containing such terms and conditions
consistent with the provisions of this Plan as are determined by the Committee, may be executed on behalf of the Corporation by
the Chairman of the Board, the President or any Vice President of the Corporation. The Committee shall have complete authority to
construe, interpret and administer the provisions of this Plan and the provisions of the Option Agreements and Restricted Stock
Agreements granted hereunder; to prescribe, amend and rescind rules and regulations pertaining to this Plan; to suspend,
discontinue or terminate this Plan; and to make all other determinations necessary or deemed advisable in the administration of
the Plan. The determinations, interpretations and constructions made by the Committee shall be final and conclusive. No member of
the Committee shall be liable for any action taken, or failed to be taken, made in good faith relating to the Plan or any award
thereunder, and the members of the Committee shall be entitled to indemnification and reimbursement by the Corporation in respect
of any claim, loss, damage or expense (including attorneys’ fees) arising there from such action or inaction to the fullest
extent permitted by law. 

        (b)    The
Board shall specify the Members of the Committee, and the Committee shall consist solely of Non-Employee Directors. Non-Employee
Directors may not possess an interest in any transaction for which disclosure is required under Section 404(a) of Regulation S-K
under the Exchange Act or be engaged in a business relationship that must be disclosed under Section 404(a) and must qualify as
‘outside directors’ as defined in Section 162(m) of the Code and regulations thereunder. 

        (c)    Although
the Board or the Committee may suspend or discontinue the Plan at any time, all Qualified Options must be granted on or before May
25, 2014. 

        19.    Termination
of Employment.  

        (a)    Unless
otherwise provided in the terms of an Option Agreement or a Restricted Stock Agreement, as the case may be, of this Plan, the
provisions of this Section 19 shall govern all Awards made pursuant to Section 6 of this Plan. 

        (b)    Upon
termination of a Participant’s employment with the Corporation or its Subsidiaries or termination of a Participant’s
service as a Director or a Consultant for the Corporation or one of its Subsidiaries for any reason other than death or
Disability, the non-vested portion of any and all outstanding Options of such Participant shall expire and the vested portion of
any and all outstanding Options shall remain exercisable for three (3) months following the date such Participant terminates
employment or service. Upon termination of a Participant’s employment by reason of death or Disability, the non-vested
portion of any and all outstanding Options of such Participant shall expire and the vested portion of any and all outstanding
Options shall remain exercisable for one year following the date such Participant terminates employment or service. 

        (c)    Upon
termination of a Participant’s employment with the Corporation or its Subsidiaries or termination of a Participant’s
service as a Director or a Consultant for the Corporation or one of its Subsidiaries for any reason, including death or
Disability, all non-vested shares of Restricted Stock of such Participant shall be forfeited. 

        (d)    The
right of the Participant to receive any benefits from the Company or any of its Subsidiaries after termination of employment with
the Company or any of its Subsidiaries by reason of employment contract, severance arrangement or otherwise shall not affect the
determination that a Participant’s employment has been terminated with the Company or any of its Subsidiaries for purposes of
this Plan. Neither the adoption of this Plan nor the grant of an Award to an eligible person shall alter in any way the
Company’s or the relevant Subsidiary’s rights to terminate such person’s employment or directorship at any time
with or without cause nor does it confer upon such person any rights or privileges to continued employment, or any other rights
and privileges, except as specifically provided in the Plan. 

7 

        20.    Continued
Employment Not Presumed.   Nothing in this Plan or any document describing it nor the grant of any Award shall
give any Participant the right to continue in the employment of the Corporation or affect the right of the Corporation to
terminate the employment of any such person with or without cause. 

        21.    Liability
of the Corporation.   Neither the Corporation, its directors, officers or employees or the Committee, nor any
Subsidiary which is in existence or hereafter comes into existence, shall be liable to any Participant or other person if it is
determined for any reason by the Internal Revenue Service or any court having jurisdiction that any Qualified Option granted
hereunder does not qualify for tax treatment as an incentive stock option under Section 422 of the Code. 

        22.    Governing
Law.   The Plan shall be governed by and construed in accordance with the laws of State of Minnesota and the
United States, as applicable, without reference to the conflict of laws provisions thereof. 

        23.    Severability
of Provisions.   If any provision of this Plan is determined to be invalid, illegal or unenforceable, such
invalidity, illegality or unenforceability shall not affect the remaining provisions of the Plan, but such invalid, illegal or
unenforceable provision shall be fully severable, and the Plan shall be construed and enforced as if such provision had never been
inserted herein. 

        24.    Notices.   Whenever
any notice is required or permitted hereunder, such notice must be in writing and personally delivered or sent by mail. Any notice
required or permitted to be delivered hereunder shall be deemed to be delivered on the date which it is personally delivered, or,
whether actually received or not, on the third business day after it is deposited in the United States mail, certified or
registered, postage prepaid, addressed to the person who is to receive it at the address which such person has theretofore
specified by written notice delivered in accordance herewith. The Company or a Participant may change, at any time and from time
to time, by written notice to the other, the address that it or he had theretofore specified for receiving notices. Until changed
in accordance herewith, the Company and each Participant shall specify as its and his address for receiving notices the address
set forth in the Award Agreement pertaining to the shares to which such notice relate. 

8Exhibit 10.26 to St. Jude Medical, Inc. Form 10-K for fiscal year ended 12-31-2005

Exhibit 10.26 

AMENDMENT NO. 1 TO

MULTI-YEAR CREDIT AGREEMENT 

        This Amendment No. 1 to
Credit Agreement (this “Amendment”) dated as of September 28, 2004 is made by and between ST. JUDE MEDICAL, INC.,
a Minnesota corporation (the “Borrower”), each lender party hereto (collectively, the “Lenders”
and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative Agent, a Lender and L/C Issuer (in
such capacity, the “Administrative Agent”). Capitalized terms used herein and not defined herein shall have the
meanings assigned to such terms in the Credit Agreement (as defined below). 

W I T N E S S E T H: 

        WHEREAS, the Borrower,
the Lenders and the Administrative Agent entered into that certain Multi-Year Credit Agreement dated as of September 11, 2003 (as
so amended, as hereby amended, and as from time to time hereafter further amended, modified, supplemented, restated, or amended
and restated, the “Credit Agreement”) by and among the Borrower, the Lenders, the Administrative Agent, Banc of
America Securities LLC, as Sole Lead Arranger and Sole Book Manager, The Bank of Tokyo-Mitsubishi, Ltd. and ABN AMRO Bank N.V., as
Co-Syndication Agents, and Bank One, NA and Wells Fargo, N.A. (formerly known as Wells Fargo Bank, National Association), as
Co-Documentation Agents; and 

        WHEREAS, the Borrower
has advised the Administrative Agent and the Lenders that it desires to amend certain provisions of the Credit Agreement,
including without limitation the conditions precedent to all Credit Extensions, and the Administrative Agent and the Lenders have
agreed so to amend the Credit Agreement on the terms and conditions set forth herein; 

        NOW, THEREFORE, in
consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows: 

        Section 1.       Amendment to Credit Agreement.  

        (a)       Subject
to the terms and conditions set forth herein, Section 1.01 of the Credit Agreement is hereby amended by deleting the
definition of “Eurodollar Rate” in its entirety and replacing it as follows: 

	  	        “Eurodollar
Rate” means for any Interest Period with respect to any Eurodollar Rate Loan, a rate per annum determined by the
Administrative Agent pursuant to the following formula: 

	  	Eurodollar Rate   =    	Eurodollar Base Rate 

1.00 – Eurodollar Reserve Percentage 
	  

	  	Where, 

	  	       “Eurodollar Base
Rate” means, for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the British
Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other commercially available source
providing quotations of BBA LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of
such Interest Period) with a term equivalent to such Interest Period. If such rate is not available at such time for any reason,
then the “Eurodollar Rate” for such Interest Period shall be the rate per annum determined by the Administrative Agent
to be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the
approximate amount of the Eurodollar Rate Loan being made, continued or converted by Bank of America and with a term equivalent to
such Interest Period would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar
market at their request at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such Interest
Period. 

        (b)                 Subject
to the terms and conditions set forth herein, Section 1.01 of the Credit Agreement is hereby amended by deleting the
definition of “364-Day Agreement” in its entirety. 

        (c)                 Subject
to the terms and conditions set forth herein, Section 1.01 of the Credit Agreement is hereby amended by adding the
following definition in alphabetical order: 

	  	       “2004 Multi-Year
Credit Agreement” means that certain Multi-Year Credit Agreement dated as of September 28, 2004 (as amended, restated,
modified, supplemented or amended and restated from time to time) by and among the Borrower, Bank of America, N.A., as
administrative agent, and the lenders from time to time party thereto. 

        (d)       Subject
to the terms and conditions set forth herein, Section 4.02(a) of the Credit Agreement is hereby amended by deleting such
Section in its entirety and replacing it as follows: 

	  	       The representations and
warranties of the Borrower contained in Article V of this Agreement, but excluding the representation and warranty as to no Material Adverse Effect contained in
Section  5.11(b) of this Agreement, or any other Loan Document, or which are contained in any document furnished at
any time under or in connection herewith or therewith, shall be true and correct on and as of the date of such Credit Extension,
except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be
true and correct as of such earlier date, and except that for purposes of this Section 4.02, the representations and
warranties contained in subsection (a) of Section 5.11 shall be deemed to refer to the most recent statements
furnished pursuant to clauses (a) and (b), respectively, of Section 6.01. 

        (e)                 Subject
to the terms and conditions set forth herein, Section 6.02 of the Credit Agreement is hereby amended by adding the
following paragraph to the end of such Section, in its entirety: 

	  	       The Borrower hereby
acknowledges that (a) the Administrative Agent and/or the Arranger will make available to the Lenders and the L/C Issuer materials
and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by
posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b)
certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive
material non-public information with respect to the Borrower or its securities) (each, a “Public Lender”). The
Borrower hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and
conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently
on the first page thereof; (x) by marking Borrower Materials “PUBLIC”, the Borrower shall be deemed to have authorized
the Administrative Agent, the Arranger, the L/C Issuer and the Lenders to treat such Borrower Materials as either publicly
available information or not material information (although it may be sensitive and proprietary) with respect to the Borrower or
its securities for purposes of United States Federal and state securities laws; (y) all Borrower Materials marked
“PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor”;
and (z) the Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials that are not marked
“PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor”.

        (f)                 Subject
to the terms and conditions set forth herein, Section 7.05 of the Credit Agreement is hereby amended by deleting the last
sentence of such Section in its entirety and replacing it as follows: 

	  	       The restrictions
contained in this Section shall not include any Indebtedness of any Subsidiary incurred under this Agreement or under the 2004
Multi-Year Credit Agreement. 

        (g)                 Subject
to the terms and conditions set forth herein, Section 8.01(e) of the Credit Agreement is hereby amended by deleting such
subsection in its entirety and replacing it as follows: 

2 

	  	       Cross-Default.   (i) The
Borrower or any Subsidiary (A) fails to make any payment when due (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise) under (I) the 2004 Multi-Year Credit Agreement or (II) in respect of any Indebtedness or
Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount
(including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated
credit arrangement) of more than the $25,000,000, or (B) fails to observe or perform any other agreement or condition (I)
contained in the 2004 Multi-Year Credit Agreement or (II) relating to any such other Indebtedness or Guarantee or contained in any
instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other
event is to cause, or to permit the lenders under the 2004 Multi-Year Credit Agreement or any holder or holders of such
Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or
beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness (including without limitation
Indebtedness incurred pursuant to the 2004 Multi-Year Credit Agreement) to be demanded or to become due or to be repurchased,
prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness
(including without limitation Indebtedness incurred pursuant to the 2004 Multi-Year Credit Agreement) to be made, prior to its
stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs
under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under
such Swap Contract as to which the Borrower or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B)
any Termination Event (as so defined) under such Swap Contract as to which the Borrower or any Subsidiary is an Affected Party (as
so defined) and, in either event, the Swap Termination Value owed by the Borrower or such Subsidiary as a result thereof is
greater than $75,000,000; or 

        (h)       Subject
to the terms and conditions set forth herein, Article X of the Credit Agreement is hereby amended by adding the following
Section 10.19, in numerical order, in its entirety: 

	  	       10.19    USA PATRIOT
Act Notice.   Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for
itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify
and record information that identifies the Borrower, which information includes the name and address of the Borrower and other
information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with
the Act. 

        (i)       Subject
to the terms and conditions set forth herein, Schedule 10.02 to the Credit Agreement is hereby amended by deleting the
notice information for “Administrative Agent” in its entirety and replacing it as follows: 

	  	Administrative Agent’s Office

(for payments and Requests for Credit Extensions):

Bank of America, N.A.

NC1-001-15-01

101 N. Tryon Street

Charlotte, NC 28255

Attn:   Dee Daniel

Telephone:       704-387-5441

Facsimile:          704-409-0299

Email:   dee.daniel@bankofamerica.com 

3 

	  	Payment Instructions: 

Bank of America, NA

New York NY

ABA# 026009593

A/C# 136621-2250600

Attn:   Corporate Credit Services

Ref:   St. Jude Medical 

	  	Other Notices as Administrative Agent: 

Bank of America, N.A.

Agency Management

CA5-701-12-09

1455 Market Street

San Francisco, CA 94103

Attn:   Cassandra McCain

Telephone:      415-436-3400

Facsimile:         415-503-5133

Email:   cassandra.g.mccain@bankofamerica.com 

        Section 2.        Effectiveness;
Conditions Precedent.   The effectiveness of this Amendment and the amendments to the Credit Agreement herein
provided are subject to the satisfaction of the conditions precedent: 

	  	        (a)       The
Administrative Agent shall have received each of the following documents, instruments or deliverables in form and substance
reasonably acceptable to the Administrative Agent: 

	  	  	  	(i)  	  	original counterparts of this Amendment, duly executed by the
Borrower, the Lenders and the Administrative Agent; and 

	  	  	  	(ii)  	  	such other documents, instruments, opinions, certifications,
undertakings, further assurances and other matters as the Administrative Agent shall reasonably request; and 

	  	        (b)       All fees and expenses
payable to the Administrative Agent and the Lenders (including the fees and expenses of counsel to the Administrative Agent)
accrued to date shall have been paid in full. 

        Section 3.       Representations
and Warranties.   In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the
Borrower represents and warrants to the Administrative Agent and the Lenders as follows: 

	  	        (a)       The
representations and warranties made by the Borrower in Article V of the Credit Agreement are true and correct in all
material respects on and as of the date hereof, except to the extent that such representations and warranties expressly relate to
an earlier date; and 

	  	        (b)       This
Amendment has been duly authorized, executed and delivered by the Borrower and constitutes a legal, valid and binding obligation
of the Borrower, except as may be limited by general principles of equity or by the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally. 

        Section 4.       Entire
Agreement.   This Amendment, together with the Credit Agreement (collectively, the “Relevant
Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter
hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise,
condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto,
and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges
that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or
implied, have been made by any party to the other. 

4 

        Section 5.       Full
Force and Effect of Credit Agreement.   Except as hereby specifically amended, modified or supplemented, the
Credit Agreement is hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to
their respective terms. 

        Section 6.       Counterparts.   This
Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose
signature appears thereon, and all of which shall together constitute one and the same instrument. Delivery of an executed
counterpart of a signature page to this Amendment by facsimile transmission shall be effective as delivery of an original
counterpart of this Amendment. 

        Section 7.       Governing
Law.   THIS AMENDMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. 

        Section 8.       Enforceability.   Should
any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties
hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto. 

        Section 9.       References.   All
references in any of the Loan Documents to the “Credit Agreement” or in the Credit Agreement to “this
Agreement” shall mean the Credit Agreement as amended hereby. 

        Section 10.       Successors
and Assigns.   This Amendment shall be binding upon and inure to the benefit of the Borrower, the Lenders and
the Administrative Agent, and their respective successors, legal representatives, and assignees to the extent such assignees are
permitted assignees as provided in the Credit Agreement. 

[The remainder of this page is intentionally left blank.] 

5 

        IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed as of the date first above written. 

	 	ST. JUDE MEDICAL, INC., as Borrower  
	 
	    	By:    	/s/   JOHN C. HEINMILLER 

	 	 	Name:   John C. Heinmiller

Title:     Executive Vice President, CFO 
	 

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	 	BANK OF AMERICA, N.A., as Administrative Agent  
	 
	    	By:    	/s/   CAYCE MCCAIN 

	 	 	Name:   Cayce McCain

Title:     Assistant Vice President 
	 

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	 	BANK OF AMERICA, N.A., as a Lender  
	 
	    	By:    	/s/   RICHARD C. HARDISON 

	 	 	Name:   Richard C. Hardison

Title:     Vice President 
	 

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	 	WELLS FARGO, N.A., as a Lender  
	 
	    	By:    	/s/   SCOTT D. BJELDE 

	 	 	Name:   Scott D. Bjelde

Title:     Senior Vice President 
	 
	 
	    	By:    	/s/   JENNIFER BARRETT 

	 	 	Name:   Jennifer Barrett

Title:     Vice President & Loan Team Manager 
	 

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	 	KEYBANK NATIONAL ASSOCIATION, as a Lender  
	 
	    	By:    	/s/   CHRISTOPHER A. SWINDELL

	 	 	Name:   Christopher A. Swindell

Title:     Portfolio Manager 
	 

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	 	BANCA DI ROMA – CHICAGO BRANCH, as a Lender  
	 
	    	By:    	/s/   JOYCE MONTGOMERY 

	 	 	Name:   Joyce Montgomery

Title:     Vice President 
	 
	 
	    	By:    	/s/    AURORA PENSA 

	 	 	Name:   Aurora Pensa

Title:     Vice President 
	 

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	 	THE BANK OF TOKYO-MITSUBISHI, LTD.,
CHICAGO BRANCH, as a Lender  
	 
	    	By:    	/s/   PATRICK MCCUE 

	 	 	Name:   Patrick McCue

Title:     Vice President & Manager 
	 

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	 	 KBC BANK, N.V., as a Lender 
	 
	    	By:    	/s/   ROBERT SNAUFFER 

	 	 	Name:   Robert Snauffer

Title:     First Vice President 
	 
	 
	    	By:    	/s/   STEFANO SNOZZI 

	 	 	Name:   Stefano Snozzi

Title:     First Vice President 

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	 	BANK ONE, NA, as a Lender  
	 
	    	By:    	/s/   ANTHONY F. MAGGIORE 

	 	 	Name:   Anthony F. Maggiore

Title:     Managing Director, Capital Markets 
	 

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	 	BNP PARIBAS, as a Lender  
	 
	    	By:    	/s/   JO ELLEN BENDER 

	 	 	Name:   Jo Ellen Bender

Title:     Managing Director 
	 
	    	By:    	/s/   CHRISTINE L. HOWATT 

	 	 	Name:   Christine L. Howatt

Title:     Director 
	 

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	 	SUNTRUST BANK, as a Lender  
	 
	    	By:    	/s/   W. BROOKS HUBBARD 

	 	 	Name:   W. Brooks Hubbard

Title:     Director 
	 

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	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender  
	 
	    	By:    	/s/   JEFFREY S. JOHNSON 

	 	 	Name:   Jeffrey S. Johnson

Title:     Assistant Vice President 
	 

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	 	FIFTH THIRD BANK, as a Lender  
	 
	    	By:    	/s/   ANDREW L. BUSCHLE 

	 	 	Name:   Andrew L. Buschle

Title:     Vice President 
	 

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	 	SVENSKA HANDELSBANKEN AB (PUBL), as a Lender  
	 
	    	By:    	/s/   MIKAEL WESTERBACK 

	 	 	Name:   Mikael Westerback

Title:     Senior Vice President 
	 
	    	By:    	/s/   JESPER LINDQUIST 

	 	 	Name:   Jesper Lindquist

Title:     Vice President 
	 

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