Document:

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                                                                   Exhibit 10.31

                             FIFTH AMENDMENT TO THE
                         1997 EQUITY PARTICIPATION PLAN
                        OF THE SPECTRANETICS CORPORATION

                  This Fifth Amendment to the 1997 Equity Participation Plan of
The Spectranetics Corporation (the "Amendment"), dated as of June 20, 2002, is
adopted by the Board of Directors of The Spectranetics Corporation, a Delaware
corporation (the "Company"), subject to approval thereof by the Company's
stockholders.

                                    RECITALS

                  I. The Company's 1997 Equity Participation Plan (the "Plan")
was adopted by the Board of Directors of the Company (the "Board") on April 14,
1997, and approved by the stockholders on June 9, 1997, and became effective as
of June 9, 1997. The Company has subsequently amended the Plan pursuant to the
First, Second and Third Amendments thereto. The Fourth Amendment to the Plan was
adopted by the Board on March 22, 2002, subject to approval thereof by the
Company's stockholders.

                  II. The Board desires to amend the Plan as set forth in this
Amendment.

                  III. Effective as of June 20, 2002, the Board unanimously
adopted the Amendment in the form set forth below, subject to approval of the
Amendment by the Company's stockholders.

                                    AMENDMENT

                  A. Subsections (d) and (e) of Section 3.4 of the Plan are
hereby amended and restated in their entirety as follows:

                  "(d) (i) Each person who becomes an Independent Director on or
         after the date on which the Fifth Amendment to the Plan is approved by
         the Company's shareholders (the "Amendment Approval Date") shall be
         granted on the date of his election or appointment as an Independent
         Director an Option to purchase 45,000 shares of Common Stock.

                           (ii) Each person who becomes an Independent Director
         on or after May 10, 2002 and prior to the Amendment Approval Date shall
         be granted on the Amendment Approval Date an Option to purchase 45,000
         shares of Common Stock.

                           (iii) Each person who, but for the action taken by
         the Board on May 10, 2002 discontinuing Independent Director grants
         under the Plan, would have been entitled to receive an Option under the
         Plan on or after May 10, 2002 and prior to the Amendment Approval Date
         shall be granted on the Amendment Approval Date an Option to purchase
         45,000 shares of Common Stock.

                  "(e) Each Independent Director who has (i) received an option
         grant pursuant to Section 3.4(d) or pursuant to this Plan prior to the
         approval by the Company's shareholders of the Fifth Amendment to the
         Plan and (ii) served at least three years as an

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         Independent Director, shall be granted on the third anniversary of the
         date of such grant occurring after the Amendment Approval Date, and
         each third anniversary thereafter occurring after the Amendment
         Approval Date (so long as he is an Independent Director at the close of
         business on such date), an Option to purchase an additional 45,000
         shares of Common Stock; provided, that each person who is granted an
         Option pursuant to Section 3.4(d)(iii) above shall be granted his or
         her Option under this Section 3.4(e) on each third anniversary of the
         Amendment Approval Date."

                  B. This Fifth Amendment shall be and is hereby incorporated in
and forms a part of the Plan.

                  C. All other terms and provisions of the Plan shall remain
unchanged except as specifically modified herein.<PAGE>
                                                                    Exhibit 10.1

                               SECOND AMENDMENT TO
                                  CONTRACT FOR
                                SERVICES BETWEEN
                 W.W. SLAUGHTER & DUKE ENERGY FIELD SERVICES, LP

         This Second Amendment to Contract for Services Between W.W. Slaughter
and Duke Energy Field Services Assets, LLC (this "Amendment"), dated as of June
28, 2002, is entered into by and between Duke Energy Field Services, LP, a
Delaware limited partnership (formerly known as Duke Energy Field Services
Assets, LLC) ("DEFS"), and William W. Slaughter ("Contractor").

         WHEREAS, Contractor and DEFS entered into that Contract for Services
dated as of April 1, 2000, as amended by that First Amendment to Contract for
Services dated as of June 29, 2000 (together referred to herein as the
"Consulting Agreement") (capitalized terms used but not defined herein shall
have the meaning given thereto in the Consulting Agreement); and

         WHEREAS, Contractor and DEFS desire to amend the Consulting Agreement.

         NOW, THEREFORE, for and in consideration of the mutual benefits to be
derived from this Amendment, and intending to be legally bound hereby, the
parties hereto hereby agree as follows:

         1.       Amendment to Consulting Agreement. The Consulting Agreement is
hereby amended as follows:

         (a)      Section 2(a) of the Consulting Agreement is amended and
                  restated in its entirety to read as follows:

                  a.       This Contract shall commence on April 1, 2000 and
                           shall terminate on December 31, 2003.

         (b)      Sections 5(a) and 5(b) of the Consulting Agreement are amended
                  and restated in their entirety to read as follows:

                  5.       Compensation

                  a.       Effective as of July 1, 2002, DEFS shall pay
                           Contractor for services under this Contract at the
                           rate of $1,272.00 for each day services are performed
                           through December 31, 2002. Effective January 1, 2003,
                           DEFS shall pay Contractor for services under this
                           Contract at the rate of $1,335.00 for each day
                           services are performed through the termination of the
                           Contract. It is expected that Contractor shall not
                           bill for more than 230 days in any calendar year. In
                           addition, Contractor shall be eligible to receive a
                           bonus with a target opportunity of $137,500.00 for
                           calendar year 2002 and $144,375.00 for calendar year
                           2003. The timing of payout, terms of payout and the
                           final amount of any bonus payable to Contractor under
                           this

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                           provision will be determined in accordance with the
                           DEFS Short Term Incentive Plan formula as applied to
                           DEFS employees.

                  b.       Coincident with the granting of stock options by Duke
                           Energy Corporation for the second quarter of 2002,
                           Contractor shall be granted the financial equivalent
                           of Duke Energy Corporation ("Duke Energy") stock
                           options in an aggregate amount of $387,500.00 for
                           2002 (the "2002 Award"). On the date the Duke Energy
                           Board of Directors meets in December 2002, Contractor
                           shall be granted the financial equivalent of Duke
                           Energy stock options in the aggregate amount of
                           $406,875.00 for 2003 (the "2003 Award" and together
                           with the 2002 Award referred to herein as the "Option
                           Awards"). The Option Awards shall be evidenced by a
                           Phantom Stock Option Agreement substantially in the
                           form of Exhibit A attached hereto. The Option Awards
                           shall vest on December 31, 2003 and shall be
                           exercisable for thirty-six months after termination
                           of this Contract. The Awards shall only track the
                           performance of Duke Energy common stock and shall not
                           entitle Contractor to any of the voting rights of a
                           shareholder of Duke Energy. If Parent Company shall
                           commence an initial public offering of its common
                           stock prior to the termination of this Contract as
                           provided for in Section 2(a), the Option Awards shall
                           be automatically exchanged for stock options of the
                           new public company (in the same proportion and with
                           the same vesting as originally granted) that provides
                           Contractor with the economic equivalent in the new
                           public company's common equity.

         (c)      Section 7 of the Consulting Agreement is amended and restated
                  in its entirety to read as follows:

                  7.       Invoices

                           Within a reasonable time after the last day of the
                           calendar quarter, Contractor shall submit an invoice
                           to DEFS setting forth the number of calendar days
                           worked in such quarter, the services performed, and
                           eligible expenses incurred as defined in paragraph 6.

         2.       Ratification. Except as amended hereby, the Consulting
Agreement shall remain in full force and effect as previously executed by the
parties, and the parties hereby ratify the Consulting Agreement as amended
hereby.

         3.       Waiver of Breach. The waiver by any party to a breach of any
provision in this Amendment cannot operate or be construed as a waiver of any
subsequent breach by a party.

         4.       Severability. The invalidity or unenforceability of any
particular provision of this Amendment shall not affect the other provisions
hereof, and this Amendment shall be construed in all respects as if the invalid
or unenforceable provision were omitted.

         5.       Entire Agreement. Except as otherwise provided herein, this
Amendment and the Consulting Agreement contain the entire understanding of the
parties as to the agreement

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with Contractor, superseding all prior understandings and agreements, and no
modifications or amendments of the terms and conditions set forth or referred to
herein shall be effective unless in writing and signed by the parties or their
respective duly authorized agents.

         6.       Governing Law. This Amendment shall be interpreted, construed
and governed according to the laws of the State of Colorado, without reference
to conflicts of law principles thereof.

         7.       Dispute Resolution. In the event any dispute arises concerning
the provisions of this Amendment, the parties agree that such dispute shall be
resolved in accordance with the Consulting Dispute Resolution procedures of the
American Arbitration Association and that any arbitration pursuant to such
procedures shall be held in Denver, Colorado.

         8.       Consent to Jurisdiction. Employee hereby consents to the
nonexclusive jurisdiction of any state court within Denver, Colorado or any
federal court located within the same city for any proceeding instituted
hereunder or arising out of or in connection with this Amendment.

         9.       Successors and Assigns. This Amendment shall be binding upon
and inure to the benefit of the parties hereto and their permitted successors,
assigns, legal representatives and heirs, but neither this Amendment nor any
rights hereunder shall be assignable by Contractor.

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the day and year first above written.

                                  DUKE ENERGY FIELD SERVICES, LP

                                  By:      /s/ Jim W. Mogg
                                     -------------------------------------------
                                           Jim W. Mogg
                                           Chairman of the Board, President
                                           and Chief Executive Officer

                                  CONTRACTOR

                                  By:      /s/ William W. Slaughter
                                     -------------------------------------------
                                           William W. Slaughter

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