Document:

Exhibit 10.1

 Exhibit 10.1 
  

Adopted on 7 December 2005 

EMI and UNAPPROVED 
  

 
 Rules of

 Lombard Medical Technologies 

Plc Share Option Plan (2005) 

amended by the Board on 5 

February 2010 and approved by 

Shareholders on 

20 May 2010 

 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
			
	 1.
	 	 Interpretation
	  	 	1	  
			
	 2.
	 	 Grant of Options
	  	 	5	  
			
	 3.
	 	 Exercise Price
	  	 	7	  
			
	 4.
	 	 Limitation on grants
	  	 	7	  
			
	 5.
	 	 Limitations on participation
	  	 	7	  
			
	 6.
	 	 Exercise of Options: timing
	  	 	8	  
			
	 7.
	 	 Lapse of Option
	  	 	10	  
			
	 8.
	 	 Exercise of options – manner
	  	 	11	  
			
	 9.
	 	 Variation of share capital
	  	 	12	  
			
	 10.
	 	 Administration and variation of this Plan
	  	 	13	  
			
	 11.
	 	 Participant’s legal entitlement
	  	 	14	  
			
	 12.
	 	 Costs of this Plan
	  	 	15	  
			
	 13.
	 	 Proper Law
	  	 	15	  

 RULES 

OF 
 LOMBARD MEDICAL
TECHNOLOGIES PLC 
 SHARE OPTION PLAN (2005)
  

	1.	Interpretation 

  

	1.1.	Definitions 

 Unless the contrary intention appears, the following definitions apply:

  

					
		 	Admission	  	either (1) the admission of all or any part of the Ordinary Share capital of the Company to the Official List in accordance with the Listing Rules and admission to trading on the London Stock Exchange’s market for listed
securities; or (2) the granting of an application by the Company for permission for the same to be dealt on AIM or any other Recognised Stock Exchange and such permission becoming effective;
			
		 	AIM	  	Alternative Investment Market of the London Stock Exchange;
			
		 	Announcement Date	  	the date on which the Company’s annual or half yearly results are announced to the London Stock Exchange for any Financial Year;
			
		 	Auditors	  	the auditors of the Company;
			
		 	Board	  	the board of directors of the Company or a duly authorised committee;
			
		 	Change of Control	  	a person obtaining, after the Date of Grant of the relevant Option, a Controlling Interest as a result of making an offer to purchase all the shares of the Company otherwise (unless the Board otherwise decides) than pursuant to a
Reorganisation;
			
		 	Code	  	the US Internal Revenue Code of 1986, as amended;
			
		 	Commencement Date	  	the date on which this Plan is adopted by the Board;
			
		 	Company	  	Lombard Medical Technologies PLC (registered in England, number 4636949);
			
		 	Control	  	as defined by section 840 of the Taxes Act;    

  
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		 	Controlling Interest	  	an interest (within the meaning of Schedule 13 part 1 and section 324 of the Companies Act 1985) in the Equity Share Capital of the Company conferring in the aggregate more than one half of the total voting rights conferred by the
Equity Share Capital of the Company for the time being in issue and conferring the right to vote at all General Meetings;
			
		 	CSOP Option	  	an option granted by reason of employment with any member of the Group under a share option plan approved under Schedule 4 to ITEPA (or its predecessor);
			
		 	Date of Grant	  	in relation to an Option the date on which the Option was granted;
			
		 	Dealing Day	  	a day on which the London Stock Exchange is open for business;
			
		 	Eligible Executive	  	at a Date of Grant an employee or director of a member of the Group;
			
		 	Equity Share Capital	  	as defined by section 744 of the Companies Act 1985;
			
		 	Exercise Condition	  	the condition(s) imposed under rule 2.5 or any conditions substituted therefor in accordance with rule 2.6;
			
		 	Exercise Price	  	the price at which a Participant may acquire a Share as determined in accordance with rule 3;
			
		 	Financial Year	  	as defined in section 742 of the Companies Act 1985;
			
		 	Group	  	the Company, any Holding Company of the Company, any Subsidiary of the Company and any Subsidiary of such Holding Company;
			
		 	Holding Company	  	a holding company within the meaning of section 736 of the Companies Act 1985;
			
		 	Incentive Stock Option	  	an Option intended to be an “incentive stock option” as defined in Section 422 of the Code;
			
		 	ITEPA	  	Income Tax (Earnings and Pensions) Act 2003;
			
		 	Letter of Grant	  	a letter substantially in the form set out in Schedule 1 or in such other form as the Board may determine;
			
		 	Listed	  	listed on the Official List;    

  
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		 	Listing Rules	  	the listing rules of the UK Listing Authority made for the purposes of Part VI of the Financial Services and Markets Act 2000 and contained in the UK Listing Authority’s publication of the same name;
			
		 	London Stock Exchange	  	London Stock Exchange Plc or its successor;
			
		 	Market Value	  	on a day when:
			
		 		  	 (a)    the Shares are traded on AIM or Listed, the average of the middle market quotations for the Shares as
derived from the Stock Exchange Daily Official List for the three immediately preceding Dealing Days;

			
		 		  	 (b)    the Shares are traded on any other public securities exchange, the average of the middle market quotations
for the Shares is derived from the relevant official publication (as determined by the Board) for the three immediately preceding Dealing Days;

			
		 	Model Code	  	the London Stock Exchange Model Code on directors’ dealings in securities (as the same may be amended from time to time) and/or any code adopted by the Board in addition to or in replacement of such publication and/or any other
applicable rules, regulations or codes regulating directors’ dealings in securities;
			
		 	Non-qualifying Option	  	an Option to the extent that it is not a Qualifying Option;
			
		 	Official List	  	the Official List of the UK Listing Authority;
			
		 	Option	  	a right to acquire Shares granted under this Plan;
			
		 	Option Certificate	  	an option certificate substantially in the form set out in Schedule 2 or in such other form as the Board may determine;
			
		 	Option Period	  	the period of ten years commencing on the Date of Grant of an Option or such shorter period as the Board determines prior to the grant of the Option;
			
		 	Ordinary Share Capital	  	as defined by section 832 of the Taxes Act;
			
		 	Participant	  	an individual who holds an Option or (where the context permits) his personal representatives;    

  
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		 	Qualifying Executive	  	at a Date of Grant, an employee of the Company or of a Qualifying Subsidiary who satisfies the requirements of Part 4 of Schedule 5;
			
		 	Qualifying Option	  	an Option to the extent that on its Date of Grant it is a qualifying option for the purposes of Schedule 5;
			
		 	Qualifying Subsidiary	  	as defined by paragraph 11 of Schedule 5;
			
		 	Recognised Stock Exchange	  	a recognised stock exchange within the meaning of section 841 of the Taxes Act;
			
		 	Relevant Market Value	  	the market value of a Share as at the date of grant of the relevant option as determined in accordance with the relevant legislation;
			
		 	Reorganisation	  	the acceptance of an offer or the making of an agreement hereunder the shareholders of the Company agree to sell their shares in the Company to another company (the “New Holding Company”) in circumstances (i) where the
consideration payable therefor is satisfied by the allotment of shares in the New Holding Company and, immediately following such sale, (ii) the shareholders in the Company immediately prior to the sale hold more than 50% of the issued Ordinary
Share Capital of the New Holding Company immediately following the sale, and (iii) the Participants have been offered new options in accordance with rule 6.5;
			
		 	Schedule 5	  	Schedule 5 to ITEPA;
			
		 	Shares	  	ordinary shares of 2 pence each in the capital of the Company (subject to variation in accordance with rule 9 below), or any shares representing them;
			
		 	Subsidiary	  	a subsidiary within the meaning of section 736 of the Companies Act 1985 of the Company;
			
		 	Subsisting Qualifying Option	  	a Qualifying Option which has not lapsed, been surrendered or exercised in full;
			
		 	Taxes Act	  	Income and Corporation Taxes Act 1988; and
			
		 	this Plan	  	Lombard Medical Technologies PLC Share Option Plan, as amended from time to time.

  

	1.2.	Singular/Plural etc 

 Where the context permits, the singular includes the plural and
vice versa and the masculine includes the feminine. 

  
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	1.3.	Statutory references 

 Any reference to a statutory provision is a reference to that
provision as amended, re-enacted or consolidated. 
  

	1.4.	Headings 

 Headings are for convenience only and shall not affect the construction of
these rules. 
  

	1.5.	Meaning of cessation of employment 

 For the purposes of these rules: 

 

	 	1.5.1.	a Participant ceases to be employed within the Group on the date that he is neither employed by a company within the Group nor a director of any such company; and 

 

	 	1.5.2.	in a case where either a member of the Group or the Participant has given notice of termination, the date on which the Participant ceases to hold his employment or office shall be the date on which such notice is given,
unless the Board in its discretion determines a later date (not being later than the expiry of the notice period); and 

  

	 	1.5.3.	a female Participant shall not cease to be employed within the Group if absent from work wholly or partly because of pregnancy until such time as she ceases to be entitled to exercise her right to return to work.

  

	2.	Grant of Options 

  

	2.1.	Power to grant Options 

 The Board may at any time and from time to time for no
consideration grant by resolution of the Board to Eligible Executives selected by the Board Options over such numbers of Shares as the Board decides save that following Admission, Options may only be granted subject to rules 2.2, 2.3 and 2.4. The
Board shall determine whether the Option is to be an Incentive Stock Option, a Qualifying Option or a Non-qualifying Option. Qualifying Options may only be granted to Qualifying Executives. Incentive Stock Options shall only be granted to
Participants who are employees of the Company or any parent or subsidiary corporation within the meaning of Sections 424(e) or (f) of the Code and shall be subject to and shall be construed consistently with the requirements of Section 422
of the Code. A Letter of Grant and an Option certificate (in duplicate) shall be sent as soon as practicable after the Date of Grant to each Participant. 

The power of the Board to grant Incentive Stock Options shall expire on 4 February 2020. 

 

	2.2.	Timing of Grant – 42 day period 

 Subject to rule 2.3, the Board may grant Options
only within the period of 42 days commencing on the Commencement Date and subsequently within the period of 42 days commencing on an Announcement Date but no grant of Options shall be made on or before the third Dealing Day of any period, of 42 days
commenting on an Announcement Date. 

  
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	2.3.	Timing of Grant – exceptional circumstances 

 The Board may grant Options outside
the periods specified in rule 2.2 in circumstances which it considers in its discretion to be sufficiently exceptional to justify the grant of Options at that time. 
  

	2.4.	Timing of Grant – Model Code 

 No Option shall be granted to an Eligible Executive
at any time when 
  

	 	2.4.1.	dealings in Shares by the Eligible Executive is prohibited by the Model Code; or 

  

	 	2.4.2.	the Market Value of Shares comprised in such Option would fall to be determined by reference to a Dealing Day or Days Within a period during which dealings in Shares is prohibited by the Model Code. 

 

	2.5.	Exercise Condition – imposition 

 An Option may be granted by the Board on terms
that it may, or that except in stated circumstances it may, be exercised only if such objective conditions (including limitations on the time at or period during which the Option may be exercised or become capable of exercise) as the Board
determines prior to the Date of Grant (additional to any conditions in this Plan) are satisfied. 
  

	2.6.	Exercise Condition – amendment 

 If events occur which cause the Board to consider
that any of the terms of the Exercise Condition have become unfair or impractical, the Board may in their discretion (provided such discretion is exercised fairly and reasonably) amend, relax or waive such terms provided that any terms which are so
amended or relaxed are not more difficult to satisfy than the terms originally imposed or last amended or relaxed. 
  

	2.7.	Option Certificate 

 The Option Certificate shall take effect as a deed which shall be
executed by the Company and the Eligible Executive. The Option Certificate shall specify: 
  

	 	2.7.1.	the Exercise Price; 

  

	 	2.7.2.	the Date of Grant; 

  

	 	2.7.3.	the number, or maximum number of Shares subject to the Option; 

  

	 	2.7.4.	any change to the definition of “Option Period”; 

  

	 	2.7.5.	In the case of a Qualifying Option, that the Option is granted under the provisions of Schedule 5; 

  
 6 

	 	2.7.6.	when and how the Option may be exercised; 

  

	 	2.7.7.	any Exercise Condition; and 

  

	 	2.7.8.	in the case of a Qualifying Option, if the Shares are restricted shares (within the meaning of paragraph 37 of Schedule 5) details of any restrictions attaching to the Shares. 

If a duplicate of the Option Certificate duly executed by the, Eligible Executive has not been received by the Company within 30 days of the
date of the Letter of Grant or such longer period as the Board may allow, the Option shall lapse Immediately. 
  

	2.8.	Surrender of Option 

 A Participant may, within 30 days after the grant to him of an
Option, surrender the Option in whole or in part by giving notice to the Company received not later than 30 days after the date of the Letter of Grant in respect of that Option to that effect. The Option shall, to the extent surrendered, be deemed
never to have been granted. No consideration shall be payable for a surrender. 
  

	2.9.	Restriction on grant – material interest 

 A Qualifying Option may not be granted to
an individual if he is precluded by paragraph 28 of Schedule 5. 
  

	3.	Exercise Price 

 The Board shall determine the Exercise Price for each Share comprised in
an Option which shall not in the case of an Option granted after Admission be less than the Market Value of a Share on the Date of Grant and in relation to an Option to subscribe not be less than the nominal value of a Share, SAVE THAT for Incentive
Stock Options the Exercise Price shall be the higher of (i) Market Value; and (ii) the closing price of a Share as derived from the Stock Exchange Daily Official List on the Date of Grant. 

 

	4.	Limitation on grants 

 The Board may from time to time determine the maximum number of
Shares which may be placed under Option, SAVE THAT subject to adjustment under Rule 9, Incentive Stock Options may only be granted in respect of up to 326,000,000 Shares. 
  

	5.	Limitations on participation 

  

	5.1.	Inland Revenue Individual limit on Qualifying Options 

 Any Qualifying Option granted to
a Qualifying Executive shall be limited and take effect so that immediately following such grant: 
  

	 	5.1.1.	the total Relevant Market Value of shares subject to Subsisting Qualifying Options held by the Qualifying Executive shall not exceed £100,000 (or such other amount as is for the time being specified for the
purposes of paragraph 5 of Schedule 5); 

  

	 	5.1.2.	the total Relevant Market Value of shares subject to all Subsisting Qualifying Options shall not exceed £3 million (or such other amount as is for the time being specified for the purposes of paragraph 7 of
Schedule 5). 

  
 7 

	5.2.	Interpretation of rule 5.1 

 For the purposes of rule 5.1.1, Subsisting Qualifying
Options shall include all unexercised CSOP Options. 
  

	5.3.	Three year ban on further grants 

 Where a Qualifying Executive has been granted
Qualifying Options in respect of Shares with an aggregate Relevant Market Value of £100,000 (or such other amount as is for the time being specified for the purposes of paragraph 5 of Schedule 5), then no further Qualifying Options may (unless
otherwise permitted from time to time by Schedule 5) be granted to that Qualifying Executive prior to the third anniversary of the last preceding Date of Grant of a Qualifying Option (whether exercised or released). 

 

	5.4.	Excess Options 

 To the extent that an Option granted pursuant to this Plan does not
constitute a Qualifying Option, it shall be treated in respect of the excess as a Non-qualifying Option. 
  

	6.	Exercise of Options: timing 

  

	6.1.	Exercise Condition 

 An Option which is subject to an Exercise Condition may not be
exercised save to the extent that the Exercise Condition has been satisfied or waived save in the event of a Change of Control. 
  

	6.2.	Disciplinary procedures 

 Notwithstanding any other provision of this Plan, Options
granted to a Participant shall be suspended and incapable of exercise during any period in which the Participant is subject to the disciplinary procedures of a member of the Group and if such Participant ceases to be employed within the Group in
consequence thereof, such Options shall lapse upon the date of cessation. 
  

	6.3.	Non transferability of Options 

 An Option shall be personal to the Participant and shall
not be capable of being transferred or assigned by him except on the death of the Participant when, subject to the rules of this Plan, the Option may be exercised by his legal personal representatives. 

  
 8 

	6.4.	Conditional exercise 

 The Board may in their discretion give advance notice in the event
of discussions or negotiations which are likely to result in a Change of Control and in that event: 
  

	 	6.4.1.	the Participant shall be entitled to serve notice of exercise of the Option, but so that any such exercise shall be conditional upon the happening of the Change of Control; and 

 

	 	6.4.2.	the Board may in its discretion include in such advance notice a requirement that the Participant either gives notice of conditional exercise in accordance with rule 6.4.1 above or else suffer automatic lapse of their
Options in accordance with rule 7.1.7. 

  

	6.5.	Rollover of options – availability 

 If a company (the “Acquiring
Company”): 
  

	 	6.5.1.	obtains Control of the Company as a result of making a general offer to acquire the whole of the issued Ordinary Share Capital of the Company which is made on a condition such that if it is satisfied the person making
the offer will have Control of the Company, or as a result of making a general offer to acquire all the shares of the Company which are of the same class as the Shares; or 

 

	 	6.5.2.	obtains Control of the Company in pursuance of a compromise or arrangement sanctioned by the court under Section 425 of the Companies Act 1985; or 

 

	 	6.5.3.	becomes bound or entitled to acquire shares in the Company under Section 428 to 430F of the Companies Act 1985; or 

  

	 	6.5.4.	obtains all the shares of the Company as a result of a qualifying exchange of shares within the meaning of paragraph 40 of Schedule 5 

a Participant may at any time within the required period (as defined in paragraph 42 of Schedule 5), by agreement with the Acquiring Company,
release an Option (whether a Qualifying Option or a Non-qualifying Option) granted under this Plan (the “old option”) in consideration of the granting of an option (the “new option”) which is equivalent to the old option but
relates to shares in the Acquiring Company. 
  

	6.6.	Rollover of options – terms of new option 

 The new option shall not be regarded for
the purposes of rule 65 as equivalent to the old option unless the conditions set out in paragraph 43 of Schedule 5 (ignoring sub-paragraphs 43(3), (4) and (5) in the case of a Non-qualifying Option) are satisfied, but so that: 

 

	 	6.6.1.	the provisions of this Plan shall apply as if the new option were an Option granted under this Plan at the same time as the old option; 

  
 9 

	 	6.6.2.	the word “Option” shall mean the new option in place of the old option; and 

  

	 	6.6.3.	in rules 6, 7, 8, 9, 10 and 11.4 references to the “Company” (including references which occur in expressions which are defined in rule 1.1 and used in these rules) shall apply as if they were references to
the different company referred to in rule 6.5 and references to “Shares” shall apply as if they were references to shares of the different company referred to in rule 6.5. 

 

	6.7.	Restriction on exercise – Model Code 

 A Participant may not exercise an Option at
any time when he is prohibited from doing so by the Model Code. 
  

	7.	Lapse of Option 

  

	7.1.	Circumstances 

 The Option (whether vested or unvested) shall lapse on the first to occur
of the following: 
  

	 	7.1.1.	the expiry of the Option Period; 

  

	 	7.1.2.	a purported transfer or charge of the Option or an interest in it otherwise than as permitted under rule 6.3 above; 

  

	 	7.1.3.	the expiry of six months after a Change of Control; 

  

	 	7.1.4.	the expiry of the period during which any offeror remains bound or entitled to acquire ordinary shares under sections 428 to 430 of the Companies Act 1985; 

 

	 	7.1.5.	the commencement of a winding up of the Company; 

  

	 	7.1.6.	the Participant becoming bankrupt; 

  

	 	7.1.7.	immediately following a Change of Control where the Company has given advance notice requiring the Participant to exercise conditionally in accordance with rule 6.4; 

 

	 	7.1.8.	to the extent that the Board has determined and notified the Participant that the Exercise Condition has become incapable of being satisfied; 

 

	 	7.1.9.	In the case of a Qualifying Option or an Incentive Stock Option, the expiry of 12 months after the death of the Participant; 

  

	 	7.1.10.	In the case of a Non-qualifying Option the expiry of 12 months after the death of the Participant or such later date as the Board may in its absolute discretion determine; 

 

	 	7.1.11.	the Participant ceasing to be employed within the Group otherwise than due to death unless and to the extent otherwise determined by the Board in its absolute discretion. 

  
 10 

	8.	Exercise of options – manner 

  

	8.1.	Exercise in whole or in part 

 An Option may be exercised in whole or part and on more
than one occasion. 
  

	8.2.	Notice of exercise 

 A Participant may exercise an Option by giving to the Company
written notice, in such form as the Board requires, specifying the number of Shares in respect of which it is exercised and by paying to the Company by cheque the full amount of the total Exercise Prices for those Shares. If the Option has not
become exercisable such notice will be of no effect and the Company shall return to the Participant such notice, and remittance. 
  

	8.3.	Issue/Transfer of Shares 

 Subject to any necessary consents of any governmental or
regulatory authority under regulations or enactments, and subject to rule 8.7, upon the exercise of an Option the relevant Shares shall be allotted and issued or, as the case may be, transferred to the Participant or his nominee (with the
Participant as beneficial owner) within thirty days. 
  

	8.4.	Admission of Shares 

 An Option shall not be capable of being listed or dealt in on a
stock exchange but, if at the time of the exercise of an Option to subscribe the Shares are Listed or traded on AIM or any other public securities exchange, the Company shall immediately on the exercise apply to the London Stock Exchange or such
other public securities exchange for the Shares to be so Listed or traded. 
  

	8.5.	Rights attaching to Shares 

 Shares to be issued on the exercise of an Option shall rank
from the date of allotment pari passu with the other Shares then in issue except for any dividend or other rights attaching to Shares by reference to a record date prior to the date of issue. Shares to be transferred on the exercise of an Option
will be transferred without the benefit of any rights attaching thereto by reference to a record date prior to the date of transfer. 
  

	8.6.	Availability of Shares 

 The Company shall keep available sufficient unissued Shares to
satisfy the exercise in full of all outstanding Options to subscribe taking account of any other obligations of the Company to issue Shares and shall ensure that sufficient Shares are available for transfer in respect of all outstanding Options
which are to be satisfied by the transfer of Shares. 

  
 11 

	8.7.	Taxation 

 No Share shall be issued or transferred to a Participant unless arrangements
satisfactory to the Company have been made to meet at the expense of the Participant any liability for social security contributions (including, if stated in the Option Certificate, employer’s national insurance contributions
(“Employer’s NIC”)) (to the extent that they may legally be recovered from the Participant) or any tax liability (including PAYE) which may be incurred on exercise of the Option by any member of the Group or any person transferring
Shares to the Participant. Where the Option Certificate requires the Participant to bear Employer’s NIC, the Company may require the Participant to enter into an election to transfer the liability for Employer’s NIC to the Participant in a
form approved by the Inland Revenue for the purposes of the Social Security Contributions and Benefits Act 1992. 
  

	9.	Variation of share capital 

  

	9.1.	Adjustment of Options 

 On a variation in the issued share capital of the Company,
including by way of capitalisation issue, rights issue, sub-division, consolidation or reduction, the Exercise Price and/or the number of Shares subject to an Option and/or the nominal value of the Shares shall be adjusted by the Board as it
considers appropriate provided that: 
  

	 	9.1.1.	the Auditors confirm in writing that in their opinion the adjustment is fair and reasonable; 

  

	 	9.1.2.	the adjustment is restricted, if necessary, to ensure that Shares to be issued on the exercise of an Option are not to be issued at a discount to their nominal value save that the adjustment may have the effect of
reducing the Exercise Prices below the nominal value of a Share, if and to the extent that the Board shall be authorised to capitalise from the reserves of the Company a sum equal to the amount by which the nominal value of the Shares in respect of
which the Option is exercised exceeds the aggregate Exercise Prices and to apply such sum in paying up such amount on such Shares in which case the Board shall (to the extent it is legally able to do so) capitalise such sum and apply the same as
aforesaid; 

  

	 	9.1.3.	where Shares are to be transferred on exercise of an Option, no adjustment shall be made pursuant to this rule without the prior approval of the person holding the Shares to which the Option relates (such approval not
to be unreasonably withheld). 

  

	9.2.	Notification of adjustment 

 As soon as reasonably practicable after making an
adjustment, the Board shall give written details to every Participant affected by it. 

  
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	10.	Administration and variation of this Plan 

  

	10.1.	Board’s decision final 

 The decision of the Board as to any matter or dispute
arising from this Plan shall be final and conclusive. 
  

	10.2.	Termination of this Plan 

 The Board may at any time terminate the operation of this
Plan. In that event no further Options will be granted but in all other respects the provisions of this Plan shall remain in force in relation to Options then subsisting. 
  

	10.3.	Alteration of this Plan 

 This Plan may be altered in any respect by the Board provided
that: 
  

	 	10.3.1.	no alteration to the advantage of Participants or future Participants shall be made to the provisions relating to: 

  

	 	10.3.1.1	the persons to whom Options may be granted; 

  

	 	10.3.1.2	the limits on the number of Shares over which Options may be granted; 

  

	 	10.3.1.3	the adjustments to be made in the event of a variation in the share capital of the Company; 

  

	 	10.3.1.4	the periods during or circumstances in which Options may be exercised 

 without the prior
sanction of an ordinary resolution of the Company (except for minor alterations to benefit the administration of this Plan, to take account of a change in legislation or to obtain or maintain favourable tax, exchange control or regulatory treatment
for Participants and future Participants, the Company or any of the Subsidiaries); 
  

	 	10.3.2.	no alteration operates to vary adversely the terms of Options granted prior to the alteration. 

  

	10.4.	Notice of alteration 

 As soon as reasonably practicable after making any alteration or
addition under rule 10.3, the Board shall give written notice thereof to any Participant affected thereby. 
  

	10.5.	Power to make further regulations 

 Subject to the provisions of rule 10.3 the Board may
make or vary regulations for the administration of this Plan and to impose further conditions on the grant and exercise of Options to take account of or to mitigate or to comply with overseas tax, securities or exchange control laws. 

  
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	10.6.	Notices 

 A notice of other document which the Company is required or may desire to give
to a Participant or Eligible Executive under this Plan may be sent through the post addressed to him at his address last known to the Company (including an address supplied by a member of the Group as being his address), by fax or by email,
delivered to him at his place of work or posted on an Intranet. The notice or other document shall be deemed to have been duly given on the day of posting or delivery or in the case of communication by fax or email at the time it was sent. A notice
or other document sent in this way to a Participant or Eligible Executive shall be deemed to have been duly given notwithstanding that he is then deceased (whether or not the Company has notice of his death) except where his legal personal
representatives have established their title to the satisfaction of the Company and supplied to the Company an address, fax number or email address to which a notice or other document is to be sent. A notice or other document sent by post is sent at
the risk of the Participant or Eligible Executive concerned and the Company shall have no liability whatsoever to any such person in respect of the notice or other document so given, sent or made. 

 

	10.7.	Circulars to shareholders 

 The Company shall not be obliged to provide Eligible
Executives or Participants with copies of any notices, circulars or other documents set to shareholders of the Company. 
  

	11.	Participant’s legal entitlement 

  

	11.1.	Relationship to employment 

 The grant of an Option does not form part of the
Participant’s entitlement to remuneration or benefits pursuant to his contract of employment. The existence of a contract of employment between any person and a member or former member of the Group does not give such person any right or
entitlement or expectation that an Option will or might be granted to him. The rights and obligations of a Participant under his contract of employment with any member or former member of the Group shall not be affected by the grant of an Option.

  

	11.2.	Waiver of claims 

 A person ceasing to be employed within the Group by reason of
dismissal or for any other reason whatsoever shall not be entitled, and by accepting an Option a Participant shall be deemed irrevocably to have waived any entitlement, to claim against any member or former member of the Group whether by way of
compensation for loss of office, damages, for wrongful dismissal or breach of contract or otherwise in respect of any consequent diminution or extinction of his rights or benefits (actual or prospective) under any Options then held by him. 

 

	11.3.	Pensions 

 No right granted under this Plan to a Participant shall be taken into account
in determining a Participant’s entitlement, if any, under any retirement benefit or pension plan operated by or on behalf of any member of the Group. 

  
 14 

	11.4.	Rights of Company 

 The existence of any Option or Options shall not affect in any way
the right or power of the Company or its shareholders to carry on its business in any particular way or to make or authorise any or all adjustments, recapitalisations, reorganisations, reductions of capital, purchase or redemption of its own shares
pursuant to the Companies Act 1985 or other changes in the Company’s capital structure or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stock ahead of or convertible into, or
otherwise affecting the Shares or the rights thereof, or the 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 which mayor may not lead to a disqualifying event as defined in sections 533 to 539 inclusive of ITEPA. 
  

	12.	Costs of this Plan 

 The costs of introducing and administering this Plan shall be borne
by the Company. 
  

	13.	Proper Law 

 The rules of this Plan shall be governed by and construed in accordance with
English law. 

  
 15Exhibit 10.5

 Exhibit 10.5 

Confidential Information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to this omitted information. Double Asterisks denote omissions. 
 PATENT LICENSE AGREEMENT 

THIS PATENT LICENSE AGREEMENT (this “Agreement”) is made and entered into as of October     , 2013,
(“Effective Date”) by and between Lombard Medical, Ltd., a company incorporated under the laws of England and Wales (Registered number 02998639) with its registered office address at Lombard Medical House, 4 Trident Park, Didcot,
Oxfordshire OX11 7HJ (as defined in the definitions section below, “Lombard”) and Medtronic, Inc., a Minnesota corporation with an address at an address at 710 Medtronic Parkway NE, Minneapolis, MN 55432-5604. 

WITNESSETH: 
 WHEREAS,
Medtronic represents that it has rights to a certain Jervis Patent (as defined below); 
 WHEREAS, Medtronic has alleged that Lombard is in
the process of commercializing certain products that would infringe the Jervis Patent; 
 WHEREAS, Lombard denies that any of its products
infringe the Jervis Patent or that the Jervis Patent is valid and enforceable; and, 
 WHEREAS, Medtronic and Lombard wish to amicably
resolve this dispute by entering into this Agreement 
 NOW THEREFORE, in consideration of the representations, warranties, covenants and
agreements contained herein, and for other valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties mutually agree as follows: 

ARTICLE 1 

DEFINITIONS 
 1.1
Specific Definitions. As used in this Agreement, the following definitions and terms shall have the designated meanings: 

“Affiliate” of a specified person means a person that directly, or indirectly through one or more intermediate, controls, or is controlled
by, or is under common control with, the person specified. For the purposes of determining whether a person is an Affiliate, “control” shall mean ownership of at least 50% of the shares of stock entitled to vote for the election of
directors in the case of a corporation, and at least 50% of the voting power in the case of a business entity other than a corporation. 
 “Appeal
Period” has the meaning as set forth in Section 7.1. 
 “Approved Transfer” has the meaning set forth in Section 3.7.

  
 1 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 “Approved Transferee” has the meaning set forth in Section 3.7. 

“Change of Control” of a party means:(a) a sale of all or substantially all of the assets of such party in a single transaction or in a
series of related transactions; or (b) a merger or consolidation involving such party after the completion of which: (i) in the case of a merger (other than a triangular merger) or a consolidation, the shareholders immediately prior to the
completion of such merger or consolidation beneficially own, directly or indirectly, outstanding voting securities representing less than fifty percent (50%) of the combined voting power of the surviving entity in such merger or consolidation,
and (ii) in the case of a triangular merger, the shareholders immediately prior to the completion of such merger beneficially own, directly or indirectly, outstanding voting securities representing less than fifty percent (50%) of the
combined voting power of the parent of the surviving entity in such merger, or (c) an acquisition by any person, entity or group (other than an existing shareholder of such party), including in a merger or consolidation of the type referred to
in clause “(b)” of this definition, of beneficial ownership of outstanding voting securities representing more than fifty percent (500.4) or more of the combined voting power (in a single transaction or series of transactions). 

“Half Year” means from January 1 to June 30 and from July 1 to December 31, respectively. 

“IPR Petition” has the meaning set forth in section 4.5. 

“Jervis Patent” means U.S. Patent No. 6,306,141 (Jervis). 

“Licensed Products” means [**]. 

“Lombard” means Lombard Medical, Ltd. and, except where specifically indicated to the contrary, its Affiliates and Subsidiaries, but only
while such Affiliates and Subsidiaries remain Affiliates and Subsidiaries. 
 “Losses” means demands, claims, actions or causes of action,
assessments, losses, damages, liabilities, interest and penalties, costs and expenses (including. without limitation, reasonable legal fees and disbursements incurred in connection therewith and in seeking indemnification therefore, and any amounts
or expenses requited to be paid or incurred in connection with any action, suit, proceeding, claim, appeal, demand, assessment or judgment). 
 “Net
Sales” has the meaning set forth in Section 3.3. 
 “OEM Basis” has the meaning set forth in Section 2.2 

“Royalty” or “Royalties” has the meaning set forth in Section 3.2. 

“Subsidiary” means a person that directly or indirectly through one or more intermediaries, is controlled by the person specified. For the
purposes of determining whether a person is a Subsidiary, “control” shall mean ownership of more than 50% of the shares of stock entitled to vote for the election of directors in the case of a corporation, and more than 50% of the voting
power in the case of a business entity other than a corporation. 
 “Territory” means the United States of America and its territories and
possessions. 

  
 2 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 “Term” has the meaning set forth in Section 7.1. 

“Third Party” means any entity other than Medtronic or Lombard. 

“Transfer Payment” has the meaning set forth in Section 3.7(b). 

1.2 Other Terms. Other terms may be defined elsewhere in the text of this Agreement and shall have the meaning indicated. 

1.3 Definitional Provisions. 

(a) The words “hereof,” “herein,” and “hereunder” and words of similar import, when used in this Agreement,
shall refer to this Agreement as a whole and not to any particular provision of this Agreement 
 (b) The terms defined in the singular
shall have a comparable meaning when used in the plural, and vice versa. 
 (c) References to an “Article” or a
“Section” are, unless otherwise specified, to one of the Articles or Sections of this Agreement 
 (d) The term “person”
includes any individual, partnership, joint venture, corporation, trust, unincorporated organization or government or any department or agency thereof. 

(e) The term “dollars” or “$” shall refer to the currency of the United States of America. 

ARTICLE 2 
 LICENSE

 2.1 License Grant. Subject to the terms and conditions of this Agreement Medtronic hereby grants a non-exclusive license
to Lombard under the Jervis Patent to make, have made, use, have used, import, have imported, export, have exported, offer to sell, sell and have sold Licensed Products covered by the Jervis Patent, to practice methods covered by the Jervis Patent
and to contribute to and induce others to use Licensed Products and practice methods covered by the Jervis Patent solely in the Territory. Lombard and Medtronic agree that no license, in addition to the license granted under the Jervis Patent, is to
be implied or imputed. The license granted herein does not grant the right to sublicense any of the foregoing rights. 
 2.2 Restrictions
on OEM Sales. The license granted pursuant to this Agreement shall not be used in such a way as to manufacture Licensed Products on an original equipment manufacturer basis (“OEM Basis”) for or by any Third Party who is not an
Affiliate of Lombard. The term OEM Basis includes, without limitation, the manufacture and sale of any Licensed Product to any Third Party for (i) incorporation into or sale as such Third Party’s product, or (ii) the resale of such
Licensed Product, as the case may be, by such Third Party under trademarks owned by the Third Party. It is the intent of the parties that the license granted herein shall be used for the sole and exclusive benefit of Lombard, including with respect
to sales of its products through distributors, agents and other third parties. 

  
 3 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 2.3 Covenant Regarding Claims. 

(a) Lombard agrees that during the Term it will not challenge or cause to be challenged, directly or indirectly, the validity of the Jervis
Patent in any court, tribunal or administrative body, including but not limited to the U.S. Patent and Trademark Office, an arbitration proceeding, or the like, and that Lombard will not voluntarily assist any party with any such challenge unless
(i) the Jervis Patent is asserted in any proceeding against Lombard its Affiliates, customers, distributors, assignees, transferees or successors-in-interest, or any Third Party to which this Agreement may be transferred or assigned, or
(ii) the Licensed Products are accused of infringing the Jervis Patent in a proceeding. 
 (b) Lombard agrees that during the Term it
will not challenge or cause to be challenged, directly or indirectly, the enforceability of the Jervis Patent in any court, tribunal or administrative body, including but not limited to the U.S. Patent and Trademark Office, an arbitration
proceeding, or the like, and that Lombard will not assist any party with any such challenge unless (i) the Jervis Patent is asserted in any proceeding against Lombard its Affiliates, customers, assignees, transferees or successors-in-interest,
or any Third Party, to which this Agreement may be transferred or assigned, or (ii) the Licensed Products are accused of infringing the Jervis Patent. 

ARTICLE 3 

CONSIDERATION 
 3.1
Upfront License Fee. Lombard shall pay to Medtronic a non-refundable license fee of two million US Dollars ($2,000,000 USD) upon execution of this Agreement by wire transfer in accordance with Medtronic’s instructions. 

3.2 Royalties. Lombard shall pay to Medtronic a royalty equal to the indicated percentage of annual Net Sales of Licensed Products sold
in or from the Territory to a Third Party, including the Licensed Products listed on Exhibit A and any Licensed Product covered by the Jervis Patent, from and after the Effective Date of the Agreement, in the manner set forth below, and at the times
set forth in Sections 3.3 and 3.4 (“Royalties”). The payment of Royalties on any Licensed Product is not an admission that the Licensed Product is in fact covered by the Jervis Patent. 

 

					
	 On the portion of Net Sales less than $[**] in a calendar year
	  	 	[**	]% 
		
	 On the portion of Net Sales equal to or greater than $[**] in a calendar year
	  	 	[**	]% 

 3.3 Royalty Calculations. (a) For purposes of this Agreement, “Net Sales” of
Licensed Products with respect to a particular period means the amounts that Lombard collects against invoices to Third Parties for sales of Licensed Products listed on Exhibit A and Licensed 

  
 4 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 
Products covered by the Jervis Patent, less sales discounts, deductions, transactions costs or adjustments. Without limitation of the foregoing, Net Sales shall include all transfers of Licensed
Products to Third Parties that Lombard records as a sale pursuant to generally accepted accounting principles consistently applied. The sales that are denominated in currencies other than U.S. Dollars shall be converted into U.S. Dollars based on
the daily exchange rates listed in the Wall Street Journal for the last day of the Half Year period in which such sales occurred, or on such other basis to which the parties may hereafter mutually agree in writing. 

3.4 Reports and Payments. 

(a) Within sixty (60) days after the end of each Half Year, Lombard shall provide Medtronic with a written report, signed and certified
to be correct by an officer of Lombard, indicating (i) a list of the Licensed Products sold during that Half Year (ii) Net Sales of Licensed Products during such Half Year by Lombard, and (iii) the amount of the Royalties due for such Half
Year from Lombard. Simultaneously with providing the report, Lombard shall pay to Medtronic the amount of Royalties indicated as being then due in the report. This report shall not include specific end customer detail 

(b) For the purposes of this Agreement, the date on which a sale is made is the date the monies are collected for such Licensed Product. 

3.5 Records. Lombard agrees to keep accurate written records of the sales of Licensed Products used to generate the information
contained in the reports described in Section 3.4. Such records for a particular Half Year shall be retained by Lombard for a period of not less than four (4) years after the end of such Half Year. 

3.6 Audit of Records. Upon reasonable notice and during regular business hours, Lombard shall from time to time make available the
records referred to in Section 3.5 for audit by an independent accounting firm selected by Medtronic for the sole purpose of verifying the accuracy of the royalty reports provided to Medtronic. Such representatives shall execute a suitable
confidentiality agreement prior to conducting such audit which shall include a clause that precludes the disclosure of the contents of the records made available for inspection to Medtronic. Such audits shall be at Medtronic’s cost and expense;
provided that if any such audit reveals underpayment of Royalties by [**] percent ([**]%) or more for any Half Year, then Lombard shall reimburse Medtronic for reasonable fees and expenses of Medtronic’s independent auditors
incurred by Medtronic in connection with such audit. If the audit results in a finding that Lombard has underpaid any Royalties, it shall remit the additional amounts due within thirty (30) days’ following receipt of the auditor’s
findings. 
 3.7 Assignment and Change of Control. 

(a) Lombard, its Affiliates, Subsidiaries, transferees, assignees and successors-in- interest may assign or transfer in any manner all of
their rights and obligations under this Agreement to a Third Party-in the event of a Change in Control of Lombard or any Affiliate in which such Third Party gains control of Lombard or such Affiliate, provided the Third Party agrees to be bound by
all of the terms of the Agreement (“Approved Transfer”). The acquirer in an Approved Transfer is hereinafter referred to as the “Approved Transferee.” Upon and after the effective date of the Approved Transfer, Lombard and its
Affiliates shall have no further rights or obligations except for any unpaid and already accrued royalties hereunder. 

  
 5 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 (b) Except as set forth in Section 3.7(e), within ten (10) days following the
effective date of an Approved Transfer, Lombard or the Approved Transferee shall pay to Medtronic a transfer payment of [**] US dollars ($[**]USD) (“Transfer Payment”). In addition, the royalty rate set forth in
Section 3.2 shall automatically increase to [**]% on all Net Sales from and after the effective date of the Approved Transfer. 

(c) An Approved Transferee’s rights shall include the right to make further assignments of all of its rights and obligations under this
Agreement in the event of a subsequent Change in Control involving such Approved Transferee. Any such subsequent assignment shall be on the terms set forth in Sections 3.7(a)- (b), including but not limited to any subsequent Approved Transferee
agreeing to be bound by the terms of the Agreement, paying Royalties at [**]%, and making an additional payment to Medtronic of [**] US dollars ($[**]USD) within thirty (30) days of the effective date of such subsequent
Approved Transfer. For clarity, Medtronic shall be entitled to receive a Transfer Payment for each Approved Transfer during the Term. 
 (d)
Medtronic may assign or otherwise transfer its rights and obligations under this Agreement to any Affiliate of Medtronic or to any successor in interest (by merger, share exchange, combination, consolidation, operation of law, purchase or otherwise)
to Medtronic or any of its Affiliates, provided that such assignee or successor agrees to be bound by all the terms and conditions of the Agreement. 

(e) Lombard and any Approved Transferee may assign or transfer all of their rights and obligations under this Agreement to a Subsidiary,
provided that such Subsidiary agrees to be bound by the terms of the Agreement. For clarity, an assignment to a Subsidiary shall not trigger the obligation to make a Transfer Payment or cause the royalty rate increase set forth in
Section 3.7(b) above. 
 ARTICLE 4 

INTELLECTUAL PROPERTY 

4.1 Control of Jervis Patent. As between Medtronic and Lombard, Medtronic shall have the sole and exclusive right, in Medtronic’s
sole discretion, to exercise complete control over the Jervis Patent, including, but not limited to, the right to apply for, prosecute, or cause the issuance, amendment, abandonment, maintenance, re-examination or reissue of the Jervis Patent. 

4.2 Infringement. As between Medtronic and Lombard, Medtronic shall have the sole and exclusive right, in Medtronic’s absolute
discretion, to exercise complete control over any rights to prosecute any alleged infringement, misappropriation or misuse of the Jervis Patent 

4.3 Covenant Not to Sue (CNS). Medtronic, on behalf of its self and any of its assignees, transferees, Affiliates or successors in
interest (including any Affiliates that become Affiliates during the Term, but in all cases solely while such Affiliates remain Affiliates), hereby 

  
 6 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 
covenants that it will not at any time during the Term seek damages nor bring a lawsuit or cause of action against Lombard in any venue or in any manner, based on patent infringement, relating to
any making, having made, selling, offering to sell, using, exporting, or importing any Licensed Products, or against any Lombard customer or distributor but solely as it relates to Licensed Products sold by Lombard to such customer or distributor.
The parties agree that this CNS is transferable to Lombard’s Subsidiaries if the Agreement is pursuant to Section 3.7(e), but is non-transferable to any other Approved Transferee, and the agreement not to bring a lawsuit or cause of action
against Lombard shall terminate with respect to any activities occurring prior to the effective date of any Approved Transfer to a Third Party. 

4.4 Inter Partes Review. The parties agree that within 5 days after the Effective Date: 

(a) If the US PTAB has not yet acted on the Inter Partes Review (IPR) petition filed by Lombard on May 6, 2013 related to the Jervis
Patent (the “IPR Petition”), Lombard will notify the US PTAB that Lombard does not wish to proceed with the IPR Petition and shall request that the proceedings involving the IPR Petition be terminated and 

(b) If the US PTAB has acted on the IPR Petition, the parties shall prepare and file a written statement under 37 CFR 42.74 indicating that a
settlement has been reached, that the settlement be treated as business confidential information under 35 U.S.C.§ 327(b) and 37 C.P.R.§ 42.74(c) and request that the proceedings involving the IPR Petition be terminated. 

ARTICLE 5 

REPRESENTATIONS & WARRANTIES 

5.1 Representations of Medtronic. Medtronic represents, warrants and covenants to Lombard that 

(a) Medtronic is the owner of the Jervis Patent and has all the rights required to grant Lombard the license rights provided under this
Agreement, and there are no encumbrances or liens on the Jervis Patent that would impair Lombard’s licensed rights provided hereunder; 

(b) Medtronic has not previously granted, and further covenants not to grant, any rights to any Third Party that are inconsistent with the
rights granted to Lombard under this Agreement; 
 (c) The execution and delivery of this License Agreement and the performance of its
obligations do not conflict with, or constitute a default under, any contractual obligation of Medtronic; 
 (d) Medtronic is a corporation
duly organized, validly existing, and in good standing under the laws of the State of Minnesota and has full corporate power to conduct the business in which it is presently engaged and to enter into and perform its obligations under this Agreement;
and 

  
 7 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 (e) Medtronic has taken all necessary corporate action under the laws of the state of its
incorporation and its certificate of incorporation and bylaws to authorize the execution and consummation of this Agreement and, when executed and delivered by Medtronic, this Agreement shall constitute the valid and legally binding agreement of
Medtronic enforceable against Medtronic in accordance with the terms hereof, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights
and to general equity principles. 
 (f) EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN SECTION 5.l(A)- (E), MEDTRONIC DOES NOT MAKE ANY OTHER
REPRESENTATION OR WARRANTY OF ANY KIND EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, OR VALIDITY OF THE JERVIS PATENT. 

5.2 Representations of Lombard. Lombard represents, warrants and covenants to Medtronic that 

(a) Lombard is a corporation duly organized, validly existing, and in good standing under the laws of England and Wales and bas full corporate
power to enter into and perform its obligations under this Agreement; 
 (b) The execution and delivery of this License Agreement and the
performance of its obligations do not conflict with, or constitute a default under, any contractual obligation of Lombard; and, 
 (c)
Lombard has taken all necessary corporate action under the laws of the state of its incorporation and its articles of incorporation and bylaws to authorize the execution and consummation of this Agreement and, when executed and delivered by Lombard,
this Agreement shall constitute the valid and legally binding agreement of Lombard enforceable against Lombard in accordance with the terms hereof, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws
of general applicability relating to or affecting creditors’ rights and to general equity principles. 
 (d) EXCEPT AS OTHERWISE
EXPRESSLY SET FORTH IN SECTION 5.2(A)- (C), LOMBARD DOES NOT MAKE ANY OTHER REPRESENTATION OR WARRANTY OF ANY KIND EITHER EXPRESS OR IMPLIED. 

ARTICLE 6 

INDEMNIFICATION 

6.1 Indemnification by Medtronic. Subject to Section 6.4 below, Medtronic agrees to defend, indemnify and hold harmless Lombard
and its Affiliates, and their respective officers, directors, employees, shareholders, agents and representatives, from and against and in respect of any and all Losses resulting from, arising out of, or imposed upon or incurred by any person to be
indemnified hereunder by reason of any breach of representation, warranty, or agreement on the part of Medtronic under this Agreement except to the extent such claims are based on a breach by Lombard of its warranties or representations. 

  
 8 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 6.2 Indemnification by Lombard. Subject to Section 6.4 below, Lombard shall
indemnify, defend and hold harmless Medtronic and its Affiliates, and their respective officers, directors, employees, shareholders, agents and representatives, from and against and in respect of any and all Losses resulting from, arising out of, or
imposed upon or incurred by any person to be indemnified hereunder by reason of any breach of representation, warranty, or agreement on the part of Lombard under this Agreement except to the extent such claims are based on a breach by Medtronic of
its warranties or representations. 
 6.3 Third Party Claims. If a claim by a Third Party is made against any indemnified party, and
if the indemnified party intends to seek indemnity with respect thereto under this Article 6, such indemnified party shall promptly notify the indemnifying party of such claim; provided, however, that failure to give timely notice shall not affect
the rights of the indemnified party so long as the failure to give timely notice does not adversely affect the indemnifying party’s ability to defend such claim against a Third Party. The indemnifying party shall be entitled to settle or assume
the defense of such claim, including the employment of counsel reasonably satisfactory to the indemnified party. If the indemnifying party elects to settle or defend such claim, the indemnifying party shall notify the indemnified party within thirty
(30) days (but in no event less than twenty (20) days before any pleading, filing or response on behalf of the indemnified party is due) of the indemnifying party’s intent to do so. If the indemnifying party elects not to settle or
defend such claim or fails to notify the indemnified party of the election within thirty (30) days (or such shorter period provided above) after receipt of the indemnified party’s notice of a claim of indemnity hereunder, the indemnified
party shall have the right to contest, settle or compromise the claim without prejudice to any rights to indemnification hereunder. Regardless of which party is controlling the settlement of defense of any claim: (a) both the indemnified party
and indemnifying party shall act in good faith; (b) the indemnifying party shall not thereby permit to exist any lien, encumbrance or other adverse charge upon any asset of any indemnified party or of its subsidiaries; (c) the indemnifying
party shall permit the indemnified party to participate in such settlement or defense through counsel chosen by the indemnified party, with all fees, costs and expenses of such counsel borne by the indemnified party. So long as the indemnifying
party is reasonably contesting any such Third Party claim in good faith and the foregoing clause (b) is being complied with, the indemnified party shall not pay or settle any such claim; (d) no entry of judgment or settlement of a claim
may be agreed to without the written consent of the indemnified party; and (e) the indemnifying party shall promptly reimburse the indemnified party for the full amount of such claim and the related as incurred by the indemnified party pursuant
to this Article 6. The controlling party shall upon request deliver, or cause to be delivered, to the other party copies of all correspondence, pleadings, motions, briefs, appeals or other written statements relating to or submitted in connection
with the settlement or defense of any such claim, and timely notices of any hearing or other court proceeding relating to such claim. 

ARTICLE 7 
 TERM AND
TERMINATION 
 7.1 Term of License. (a) Unless otherwise terminated in accordance with the terms hereof, this Agreement
and the license granted under Section 2.1 shall become effective on the Effective Date of the Agreement and shall terminate when the Jervis Patent expires or is found invalid or unenforceable by a court or other governmental agency of competent
jurisdiction from which no further appeal has been or can be taken (“Term”). 

  
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Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 (b) The payment of Royalties will be suspended from the date of the entry of an appealable
judgment or finding of invalidity or unenforceability until the date on which there is a final determination from which no appeal can be taken (the “Appeal Period”). If the Jervis Patent is found invalid or unenforceable under an order
that is appealable and is timely appealed, then during the Appeal Period, Lombard shall deposit into escrow the Royalties which would be otherwise payable to Medtronic, to be held pending outcome of the appeal (“Escrow Royalties”).
If Medtronic is successful in the appeal, the escrow agent will deliver Escrow Royalties to Medtronic, otherwise to Lombard. If the final determination is that the Jervis Patent is invalid or unenforceable, then the escrow agent shall deliver the
Escrow Royalties to Lombard and no Royalties will be due thereafter. 
 7.2 Termination of License. This Agreement may be terminated
as follows: 
 (a) If Medtronic believes that Lombard is in breach of any of the material terms of this Agreement, including but not limited
to the obligations to make payments under Sections 3.1, 3.2 or 7.1, then Medtronic may send a written notice of termination, at its option and without prejudice to any of its other legal and equitable rights and remedies, particularly specifying the
alleged breach. Lombard shall have thirty (30) days to cure the alleged breach or dispute Medtronic’s allegations, explaining in detail in writing why there has been no breach. Such notice of termination shall not be effective if Lombard
cures the specified breach or disputes the allegations within such thirty (30) day period. In the event of a dispute the Agreement shall remain in full force and effect until the dispute is finally resolved. In addition, if Lombard challenges
or causes to be challenged, directly or indirectly, the validity or enforceability of the Jervis Patent other than for the reasons allowed for in Sections 2.3(a) and (b) in any proceeding, then Medtronic may terminate this Agreement
immediately, at its option and without prejudice to any of its other legal and equitable rights and remedies, upon giving Licensee thirty (30) days’ notice in writing. 

(b) Either party may, by written notice to the other party (which notice shall be effective upon dispatch), terminate this Agreement in the
event that such other party becomes insolvent, makes an assignment for the benefit of creditors, or goes into liquidation or receivership. 

7.3 Effect of Termination of License. Upon termination of this Agreement, in addition to any other rights or remedies at law: 

(a) Lombard shall not be released from the obligation to make payment of all Royalties on Licensed Products that accrued prior to the
effective date of the termination. 
 (b) The rights and obligations of the parties under Articles and Sections 5, 6, 7.3 and 8 shall
survive termination of this Agreement. 

  
 10 

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Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 ARTICLE 8 

MISCELLANEOUS 
 8.1
Limitation of Remedies. NEITHER MEDTRONIC NOR LOMBARD SHALL HAVE ANY LIABILITY TO ANY PERSON FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR SPECIAL DAMAGES OF ANY DESCRIPTION, WHETHER ARISING OUT OF WARRANTY OR CONTRACT, NEGLIGENCE OR
OTHER TORT, OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, ANY DAMAGES RESULTING FROM LOST PROFITS OR LOST BUSINESS OPPORTUNITY, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE LICENSES GRANTED HEREIN. 

8.2 Complete Agreement. This Agreement and the Exhibit(s) attached hereto constitute the entire agreement between the parties hereto
with respect to the subject matter hereof and supersede all prior agreements whether written or oral relating hereto. 
 8.3 Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota without reference of the choice of law principles thereof. 

8.4 Consents; Waivers. Any approval, authorization, waiver or consent required by this Agreement must be in writing, duly signed by an
authorized representative of the granting party. The failure of either party to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision, nor in any way to affect the validity of
this Agreement or any part of it or the right of either party after any such failure to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to be a waiver of any other or subsequent breach. 

8.5 Notices. All notices or other communications to a party required or permitted hereunder shall be in writing and shall be delivered
personally to such party or shall be sent by a reputable express delivery service or by certified mail, postage prepaid with return receipt. 
  

			
	 if to Medtronic, to:
  

Medtronic Vascular Therapies, Inc.
 3576 Unocal Place

Santa Rosa, CA 95403
 Attention: Chief Patent Counsel
	  	 if to Lombard, to:
  

Lombard Medical Limited
 Lombard Medical House, 4 Trident Park

Didcot, Oxfordshire, OX11 7HJ
 Attention: Company
Secretary

		
	 With copies to:
  

Medtronic, Inc.
 World Headquarters

Mail Stop LC400
 710 Medtronic Parkway

Minneapolis, MN 55432
 Attention: General Counsel
	  	 With copies to:
  

Steven D. Hemminger
 Alston & Bird, LLP

275 Middlefield Rd
 Suite 150

Menlo Park, CA 94025

  
 11 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

	
	 and
  

Medtronic, Inc.

	
	 World Headquarters
 Mail Stop LC300

710 Medtronic Parkway
 Minneapolis, MN 55432-5604

Attention: Vice-President, Corporate
 Development

 Any party may change the above specified recipient and/or mailing address by notice to all other parties given in the manner
herein prescribed. All notices shall be deemed given on the day when actually delivered as provided above (if delivered personally) or on the day shown on the return receipt (if delivered by mail or delivery service). 

8.6 Expenses. Except as expressly provided herein, Medtronic and Lombard shall each pay their own expenses incident to this Agreement
and the preparation for, and consummation of, the transactions provided for herein. 
 8.7 Titles and Headings; Construction. The
titles and headings to Sections and Articles herein are inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. This Agreement shall be construed without
regard to any presumption or other rule requiring construction hereof against the party causing this Agreement to be drafted. 
 8.8
Severability. If any provision of this Agreement is held invalid by a court of competent jurisdiction, the remaining provisions shall nonetheless be enforceable according to their terms so long as the invalidity of any provision does not
materially alter the original intended scope of the Agreement or alter the legal substance of the transactions contemplated by this Agreement in any manner materially adverse to any party. Further, if any provision is held to be overbroad as
written, such provision shall be deemed amended to narrow its application to the extent necessary to make the provision enforceable according to applicable law and shall be enforced as mended to long as the narrowing of any provision does not
materially alter the original intended scope of the Agreement. 
 8.9 No Joint Venture. Nothing contained in this Agreement will be
deemed to create a joint venture, partnership, agency or similar endeavor between the parties hereto. Each party will act solely as an independent contractor and neither part will have any power or authority to directly or indirectly bind or act on
behalf of the other. 
 8.10 Benefit. Nothing in this Agreement, expressed or implied, is intended to confer on any person other than
the parties to this Agreement or their respective successors or permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as set forth in Article 6 (Indemnification) and Section 8.13. 

  
 12 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 8.11 Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed as original and all of which together shall constitute one instrument. For purposes hereof, an electronic or facsimile copy of this Agreement, including the signature pages hereto, shall be deemed to be an original.
Notwithstanding the foregoing, the parties shall each deliver original execution copies of this Agreement to one another as soon as practicable following execution. 

8.12 Confidentiality; Public Announcement. Neither party will publicly disclose or divulge any provisions of this Agreement or the
transactions contemplated hereby without the other parties’ written consent, except as may be required by applicable law (including applicable SEC rules and regulations) or stock exchange regulation; provided that, prior to disclosure of any
provision of this Agreement to any governmental agency or stock exchange, disclosing party shall provide written notice to the non-disclosing party to allow the non-disclosing party to take whatever action it deems appropriate to seek confidential
treatment or other applicable limitations on the public availability of any information that the non-disclosing party considers sensitive or confidential. 

8.13 Release. In exchange for the consideration granted herein, Medtronic hereby unconditionally releases acquits and forever
discharges Lombard, its employees, officers, directors, successors, assignees and its customers from any and all liabilities, actions, causes of actions, claims, debts, accounts, demands, damages, claims for indemnification or contribution, costs,
expenses or fees whatsoever, whether known or unknown, certain or speculative, asserted or unasserted, arising from or related to the alleged infringement of the Jervis Patent by Lombard prior to the Effective Date of the Agreement. It giving such
release, Medtronic acknowledge that it is familiar with and expressly waives all rights and benefits under Section 1542 of the California Civil Code and any other similar laws of any state or territory of the United States and other
jurisdictions. Section 1542 of the California Civil Code provides: 
 “A general release does not extend to claims which the
creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” 

[Remainder of the page intentionally left blank] 

  
 13 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed in the manner appropriate to
each, effective as of the date first above written. 
  

			
	LOMBARD MEDICAL Ltd.
		
	By:	 	 /s/ Simon Hubbert

	Its:	 	 CEO

	Date:	 	 14 October 2013

	
	MEDTRONIC, INC.
		
	By:	 	 /s/ Doug Hoekstra

	Its:	 	 V.P. and Controller

	Date:	 	 14 October 2013

  
 14 

 Confidential Information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to this omitted information. Double Asterisks denotes omissions. 
  

 Exhibit A 

[**] 

  
 15

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