Document:

Korea Distribution Agreement

  
 [ * ] = CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT
TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  
 EXHIBIT 10.32 
  
 Korea Distribution Agreement 
  
 This Distributor Agreement (“Agreement”) is made effective as of this 19th day of
November, 2004 between Conor Medsystems Ireland, Ltd. (“Supplier”), an Irish corporation, having offices at 30 Herbert Street, Dublin 2, Ireland and St. Jude Medical (Hong Kong) Limited (“Distributor”), a Hong Kong,
SAR corporation, located at 2708 China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road, Central, Hong Kong, SAR, People’s Republic of China. 
  
 Intending to be legally bound, Supplier and Distributor agree as follows: 
  

	1.	Definitions: As used in this Agreement, 

  
 (a) “Technology” means Supplier’s proprietary ductile hinge technology and reservoirs for the delivery of pacliataxel, or paclitaxel with
additional drugs. 
  
 (b) “Products” means the BMS and
DES. 
  
 (c) “Territory” means Korea. 
  
 (d) “Affiliate” shall mean, with respect to a party, any company,
natural person, partnership or other business entity that controls, is controlled by, or is under common control with such party, where the term “controls” denotes the ownership, directly or indirectly, of more than fifty percent (50%) of
the voting securities or other ownership interest of an entity, or the possession, directly or indirectly, of the power to direct the management or policies of an entity, whether through the ownership of voting securities, by contract, or otherwise
(with correlative definitions for the terms “controlled by” and “common control”). 
  
 (e) “BMS” means Supplier’s bare metal stent for coronary or peripheral procedures (i.e. a stent with no drug associated with it.)

  
 (f) “DES” means Supplier’s drug eluting stent
for coronary or peripheral procedures that uses paclitaxel or paclitaxel and at least one other drug including, but not limited to, the COSTAR. DES excludes [ * ] stents of Supplier that use technology owned by and/or licensed from [ *
] or its Affiliates. 
  
 (g) “Initial BMS” means
the Supplier’s bare metal stent known as the UNISTAR. 
  

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 (h) “Initial DES” means Supplier’s drug-eluting stent known as the COSTAR. 
  

	2.	Appointment and Authority of Distributor: 

  
 (a) Appointment: Subject to the terms and conditions of this Agreement, Supplier hereby appoints Distributor, and Distributor accepts that
appointment, as (i) Supplier’s exclusive distributor of BMS in the Territory, and (ii) Supplier’s exclusive distributor of DES in the Territory. In the event Supplier provides BMS or DES products other than the Initial BMS products or
Initial DES products, such products shall be offered to Distributor. In the event such additional products require clinical testing, the Distributor shall have no duty to accept such additional products. In the event Distributor declines to carry
such additional products, the Supplier may directly sell such products in the Territory or sell such products in the Territory through another distributor. 
  
 (b) Loss of Exclusivity: 
  
 (i) Distributor shall not import or sell a bare metal stent or a drug-eluting stent product for coronary use from another manufacturer or supplier in the
Territory. In the event Supplier provides a BMS or DES for peripheral use to Distributor, then Distributor shall not import or sell a bare metal stent or a drug-eluting stent product for peripheral use from another manufacturer or supplier in the
Territory. In the event Distributor imports or sells a bare metal stent or a drug-eluting stent product for coronary use or peripheral use, if applicable, from another manufacturer or supplier in the Territory, then, notwithstanding Section 2(a),
Supplier shall have the right, in its sole discretion and in addition to any other remedies available to Supplier, to convert this Agreement with respect to BMS (in the case of a competing bare metal stent product), or DES (in the case of a
competing drug-eluting stent product) to co-exclusive in the Territory (i.e., Supplier could sell in the Territory directly, or through one other distributor) by written notice to Distributor.  
  
 (ii) In the event Supplier so elects to convert this Agreement to
co-exclusive, the Supplier shall pay Distributor a conversion fee equal to [ * ], and Distributor will transfer all import, regulatory, and reimbursement registrations and approvals relating to BMS or DES in the Territory to Supplier provided
that Supplier shall provide Distributor with all necessary licenses and permits for Distributor to distribute BMS or DES in the Territory in accordance with the terms of this Agreement. 
  
 (c) Independent Contractors: Distributor and Supplier are independent
contractors and are engaged in the operation of their own businesses. Neither party is to be considered the agent of the other party for any purpose whatsoever, and neither party has any authority to enter into any contracts or assume any 

  

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 obligations for the other party or make any warranties or representations on behalf or the other party
unless agreed to in writing by the other party. 
  
 (d) Rights
of the Parties with Respect to Products: Distributor shall have the exclusive right to sell Products in the Territory. Supplier shall have the right to sell all products other than Products directly or through a different distributor or
distributors in the Territory. 
  

	3.	Obligations of Distributor: 

  
 (a) Registration and Marketing of Products: Distributor agrees to use its reasonable efforts to promote and distribute the Products in the
Territory as soon as regulatory and reimbursement permits are obtained in the Territory, using generally the same channels and methods, exercising the same diligence and adhering to the same standards which it employs for other coronary intervention
products sold by Distributor. Distributor shall be responsible for obtaining all import, regulatory and reimbursement registrations and approvals that are necessary or advisable for sales of the Products in the Territory and for the performance of
its duties hereunder (collectively, “Regulatory Approvals”); provided, however, that Supplier shall be responsible for obtaining CE Mark and FDA approvals with respect to the Products. All data necessary to obtain CE Mark and FDA approvals
will be the responsibility of Supplier and Supplier shall make such data available to Distributor for use in obtaining regulatory approvals in the Territory at no charge. Distributor shall be responsible for paying all direct and Distributor’s
indirect costs required for or associated with obtaining Regulatory Approvals including clinical Products and the costs associated with clinical studies necessary for obtaining the Regulatory Approvals (collectively, the “Regulatory
Costs”), except that Supplier will provide material and information in accordance with Section 4(b) at Supplier’s cost. Distributor shall keep Supplier apprised of the progress of all Regulatory Approvals. All clinical trial protocols and
procedures required for or associated with obtaining Regulatory Approvals, and all data collection methods associated therewith, shall be subject to the advance written approval of Supplier, and all data obtained by or on behalf of Distributor under
this Agreement shall be made available to Supplier in a timely manner at no charge for any and all purposes. Distributor shall have no duty to provide translation into English. 
  
 (b) Diligence Obligations. Distributor shall use diligent efforts to obtain regulatory approval of the Product in the
Territory. In fulfilling this diligence obligation, Distributor shall use at least the same level of effort to obtain regulatory approval as Distributor uses to obtain regulatory approvals for other products Distributor distributes, including those
manufactured by its Affiliate. Supplier’s sole remedy for such a breach shall be to terminate this Agreement under Section 10(b). 
  

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 (c) Sales of Products. Distributor shall use its reasonable efforts to develop, promote and expand
sales of the Products in the Territory. Distributor shall provide to Supplier on a quarterly basis a forecast of orders on a [ * ] and [ * ] basis for the [ * ] month period commencing on the first day of such calendar quarter.
Such forecast shall be non-binding, except for the quantities indicated for the [ * ] of each [ * ] month forecast, which shall be a firm obligation to purchase such quantities of Products in such [ * ]. 
  
 (d) Ordering. Distributor shall order Products from Supplier by
submitting a written purchase order identifying the Products ordered, requested delivery date(s) and any export/import information required to enable Supplier to fill the order. All orders for Products are subject to acceptance by Supplier. Supplier
will not unreasonably reject any purchase order for Products that meets the requirements of this Section 3(d) and that does not request a quantity of Products greater than [ * ] of the most recently forecasted quantities. Supplier shall have
no liability to Distributor with respect to purchase orders which are not accepted. 
  
 (e) Minimum Purchase Requirements. Distributor shall make the minimum annual purchase of Products established in Exhibit B, unless the Agreement has become coexclusive. In the period within the fixed term and
extension, if applicable, of the Agreement under Section 10(a) subsequent to [ * ], the parties shall meet in San Francisco at least [ * ] prior to the beginning of each of respective year to discuss market conditions and appropriate
minimum purchases for such year. In the event that the parties fail to agree on an appropriate minimum any year subsequent to [ * ], the minimum annual purchase requirement for such year shall be calculated increasing or decreasing (as the
case may be) the minimum purchase requirement for the preceding year in proportion to the increase or decrease in the [ * ] (based on data from mutually acceptable data provider) of the applicable product in the Territory. In the event
Supplier is unable to deliver Products ordered by Distributor in an amount consistent with the most recent forecast, then the minimum annual purchase requirement shall be reduced by the quantity of Products that Supplier is unable to deliver when
requested. In the event Distributor fails in any year (a “Shortfall Year”) to make the annual minimum purchase of Agreement Products required by Exhibit B, Supplier shall have the right to give Distributor written notice of default, and if
such failure to make the minimum purchase is not cured (through the purchase of an amount of Agreement Product equal to the entire shortfall in the Shortfall Year, which amount shall not be counted towards any minimum purchase requirements for the
year of purchase) within [ * ] of receipt of the notice, then Supplier shall have the right, in Supplier’s sole discretion and as Supplier’s sole remedy for Distributor’s failure to meet the minimum purchase requirements
hereunder, either to convert the appointment of Distributor from exclusive to non-exclusive or to terminate this Agreement. In the event of either conversion to non-exclusive or termination of this Agreement pursuant to this Section 3(e), the
Supplier shall pay Distributor a 

  

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conversion fee equal to [ * ], and Distributor shall transfer all Regulatory Approvals relating to BMS or DES in the Territory to Supplier.

  
 (f) Reports: Distributor agrees to submit regular
reports to Supplier on a quarterly basis, unless otherwise agreed. Such reports shall include sales reports, business trends, market forecasts and other reports reasonably requested by Supplier. Distributor shall have no obligation to provide
translations to Supplier, provided however that Distributor shall provide such reasonably requested reports which are also translated for an Affiliate of Distributor. 
  
 (g) Product Complaints. Distributor agrees to use its reasonable efforts to promptly report to Supplier all available
information concerning any product complaints not related to death or serious injury that it is aware of. This information will be reported to assist Supplier in monitoring the quality and safety of its Products, and to allow Supplier to meet its
reporting obligations under the United States Medical Device Reporting regulations (21 CFR 803.1 et seq.) and Medical Device Vigilance Guidelines, if applicable. Information concerning such product complaints may be reported to the Supplier
either verbally or in writing. A “product complaint’ is any written or oral expression of dissatisfaction as to the identity, quality, durability, reliability, safety, effectiveness, or performance of a Product. Product complaints
associated with a death or serious injury, or a malfunction that could reasonably be expected to result in a death or serious injury if the malfunction recurs, or any adverse event relating to a Product, will be reported to Supplier immediately upon
Distributor’s knowledge of that information. 
  
 (h)
Prohibited Sales: Distributor agrees not to, and agrees to use reasonable efforts to ensure that Distributor’s subdistributors, agents and customers do not sell or use any of the Products outside the Territory. If Distributor receives
any order from a prospective purchaser whose principal place of business is located outside the Territory, Distributor shall immediately refer that order to Supplier, and Distributor shall not accept any such orders. Distributor may not deliver or
tender (or cause to be delivered or tendered) any Product outside of the Territory. 
  
 (i) Product Presentation: Distributor agrees to present the Products fairly to potential customers, not to disparage the Products, any Product trademarks or Supplier, and to do all things reasonable to promote
the reputation of the Products and the value of any Product trademarks. 
  
 (j) Additional Distributor Covenants: Distributor hereby covenants that Distributor (a) shall store the Products in accordance with the storage specifications that Supplier will provide in writing, and in
accordance with all applicable laws, rules and regulations in the Territory, (b) shall distribute and ship the Products within the Territory in accordance with Supplier’s packaging, shipping and distribution specifications for the Products that
Supplier will provide 

  

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in writing, and in accordance with all laws, rules and regulations in the Territory, (c) shall not sell any Product with an expired shelf life, and shall
dispose of any such expired Product in the manner required by Supplier, and in accordance with all laws, rules and regulations in the Territory, (d) shall not adulterate or misbrand Products, or engage in any activity that could or does render
Products adulterated or misbranded, and (e) shall maintain all necessary records for compliance with all laws, rules and regulations in the Territory. 
  

	4.	Obligations of Supplier: 

  
 (a) Requirements of Distributor: Supplier agrees to supply Distributor’s requirements for the Products in the Territory consistent with
Distributor’s forecasts of its expected requirements for the Products (as described in Section 3 above). If Supplier believes it will not be able to satisfy Distributor’s requirements for the Products, it must promptly notify Distributor,
specifying the reasons for and duration of the expected delay and its duration at the time Product order is placed. Supplier may not discontinue any Product in the Territory; provided, however that Supplier may discontinue Product (i) as provided in
Section 8(b), (ii) as required by applicable law or regulation, (iii) as necessary to comply with an order of a court, regulatory body, or other government agency, or (iv) as the Parties may mutually agree. 
  
 (b) Registration and Marketing Support: To assist Distributor in
registering and marketing the Products in the Territory, Supplier agrees to: 
  
 (i) Provide Distributor, at no charge, with materials and information necessary to obtain import, regulatory and reimbursement registrations and approvals, including available pre-clinical and clinical data relating
to the Products from trials and marketing studies conducted by or on behalf of Supplier. 
  
 (ii) Provide Distributor with information on marketing and promotional plans of Supplier for the Products as well as copies of marketing advertising, sales, technical training manuals, and available audiovisual
teaching and marketing aides and promotional literature concerning the Products (collectively, the “Promotional Materials”). Distributor shall use the Promotional Materials solely for the purpose of marketing and selling Products in
accordance with the terms of this Agreement. 
  
 (iii) Provide
Distributor with certain certificates of analysis concerning the Products purchased by Distributor, certificates of free sale, trademark authorizations and any other documents which Distributor may require for registration purposes. 
  

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 (iv) Provide Distributor with demonstration and clinical Products at transfer prices equal to
Supplier’s standard manufacturing cost used for its financial reporting purposes. Distributor shall pay shipping cost of clinical units from Supplier’s facilities in Ireland. 
  
 (c) Recalls: If either Party believes that a recall of any Products in the Territory is desirable or required by law
in the Territory or elsewhere, it shall immediately notify the other Party. The Parties shall then discuss reasonably and in good faith whether such recall is appropriate or required and the manner in which such recall should be handled. Supplier
shall be solely responsible for the direct and indirect costs of any Product recall, whether required or recommended by any government or other authority or organization, or otherwise deemed appropriate by Supplier and Distributor, except to the
extent such recall arises out of Distributor’s breach of its obligations under this Agreement. 
  
 (d) Shelf Life: Supplier shall provide Products with a shelf life that will be the longer of: (i) [ * ] or (ii) [ * ]. 
  

	5.	Trademark License: Supplier grants to Distributor the right and license to use Supplier’s trademarks and any trademark registrations which Supplier obtains and
designates for the Products in the Territory, but only in connection with sales of the Products purchased from Supplier for sale in the Territory. This trademark license shall continue in effect in the Territory only while Distributor retains its
distribution rights. Distributor agrees not to remove, alter, or obscure any Product label affixed by Supplier, unless necessary to comply with local legal requirements relating to labeling. Distributor shall, upon Supplier’s request, cooperate
with Supplier in any action necessary or desirable to register with the appropriate governmental agencies any of the Supplier’s trademarks used or proposed to be used hereunder, and to protect any of the Supplier’s trademarks used or
proposed to be used. Distributor shall not at any time do or permit any act to be done which may in any way impair the rights of Supplier in the Supplier’s trademarks or the value of the Supplier’s trademarks. In addition, Distributor
shall: (i) use the Supplier’s trademarks in compliance with all relevant laws and regulations; (ii) accord Supplier the right to inspect during normal business hours, with reasonable advance notice, Distributor’s facilities used in
connection with efforts to store or sell the Products in order to confirm that Distributor’s use of the Supplier’s trademarks is in compliance with this provision; and (iii) not modify any of the Supplier’s trademarks in any way and
not use any of the Supplier’s trademarks on or in connection with any goods or services other than the Products. 

  

	6.	Terms and Conditions of Sale: 

  
 (a) Terms of Orders: All purchases of the Products by Distributor from Supplier during the term of this Agreement will be subject to the terms and
conditions of this Agreement. In the event of any inconsistency between the terms 

  

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 of this Agreement and the terms of any purchase order, the terms of this Agreement shall control. Any
terms of any purchase order in conflict with the terms of this Agreement are expressly rejected. 
  
 (b) Packaging: All quantities of the Products purchased from Supplier by Distributor will be in the form of labeled, standard unit packages and in
a form and formulation consistent with the Products sold by Supplier for use in Europe, unless otherwise agreed by Supplier and Distributor in writing. 
  
 (c) Price and Payment: The prices for the Products to Distributor are set forth in Exhibit A attached hereto. 
  
 (d) Resale Price: Distributor may resell Products at any price that
Distributor in its sole discretion determines. 
  
 (e)
Expenses: Except as provided for expressly in other provisions, all expenses for importation, promotion, sales and distribution, as well as Distributor’s administrative and overhead expenses, will be borne solely by Distributor.

  
 (f) Credit: Distributor assumes all credit and other
risks involved in its sales under this Agreement. All collection expenses on sales made by Distributor will be at Distributor’s expenses. 
  
 (g) Payment Terms: Payment terms are net 30 days. 
  
 (h) Shipping Terms: FCA (Incoterms 2000) Hong Kong, SAR, People’s Republic of China. Notwithstanding the foregoing, Distributor shall pay for
all shipping costs and transportation insurance expenses incurred in shipping Product from Supplier’s facility except as provided in Section 7 for replacement Products. 
  
 (i) Acceptance of Product: Distributor shall inspect each shipment of Products and give Supplier written
notice of any defects or damages to any Product or non-conformity with the product specifications or the purchase order within [ * ] business days following the day of receipt of the Products. Any claims relating to defects or damages or
non-conformity, that are discoverable without breaking the sterile seal and opening the package, that are not submitted to Supplier in writing within such period shall be deemed to be waived and released, subject to Article 8. If Supplier disagrees
with Distributor’s claim that Product delivered to Distributor is non-conforming, the Parties shall first use good faith efforts to settle such dispute within [ * ] days following Supplier’s receipt of notice of non-conformity under
this Section 6(i). If they are unable to do so within such time period, the dispute will be resolved by a mutually acceptable independent thirty party laboratory, which will analyze the allegedly non-conforming Product and determine whether such
Product conforms with the product specifications and 

  

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the purchase order. The Parties agree that such laboratory’s determination regarding conformance with the product specification and the purchase order
will be final and binding. The Party against whom the third party laboratory finds shall bear all costs of this analysis. 
  

	7.	Product Warranty: Supplier warrants to Distributor that all Products, at the time of shipment: (a) will conform with all written specifications provided from time to time by
Supplier prior to or concurrently with the shipment of Products, (b) will be free of defects in material, workmanship, and design, and (c) will comply with all applicable laws and regulations. Supplier will have the right to exchange, or accept the
return by Distributor of existing inventory and issue credit at the price paid by Distributor, plus any shipping costs or transportation insurance incurred by Distributor in connection with the purchase of such Product, if Products do not meet
requirements (a) through (c). Distributor will use its best efforts to afford the Supplier the reasonable opportunity at Supplier’s cost to inspect the allegedly defective Product at the location of its use or storage. Distributor will, or will
cause, upon request and in accordance with Supplier’s instruction, return of any defective Product to Supplier at Supplier’s cost. Except as set forth in Section 8, Supplier’s sole liability, and Distributor’s sole remedy, for
any breach of the foregoing warranties is replacement of the allegedly defective Product at no cost to Distributor. Any replacement of Products may be made by substitution upon mutual agreement. 

  
 THE PROVISIONS OF THE FOREGOING WARRANTIES ARE IN LIEU OF ANY OTHER
WARRANTY, WHETHER EXPRESS OR IMPLIED, WRITTEN OR ORAL (INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE). 
  
 Supplier will maintain a product and general liability policy not less than [ * ] U.S. dollars per occurrence/aggregate. Distributor will maintain
a product and general liability policy not less than [ * ] U.S. dollars per occurrence/aggregate (or a program of self-insurance offering a substantially equivalent level of protection). 
  

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	8.	Indemnification: 

  
 (a) Supplier agrees to indemnify, defend, and hold Distributor, and its directors, officers, employees, agents, representatives, and subdistributors
harmless from and against, and to assume all direct and indirect costs and expenses (including attorney’s fees) for: 
  
 (i) claims or suits by third parties for bodily injury (including, but not limited to, death) or property damage arising out of the manufacture, testing,
design, qualifying, preparing for shipping, or packaging of any Product; 
  
 (ii) any recalls or replacements of a Product, whether required or recommended by any government authority or government body, or otherwise deemed appropriate by Supplier and Distributor; and 
  
 (iii) any damage caused by a breach of this Agreement by Supplier.

  
 except to the extent that such injury, damage, cost, or
expense falls into the categories set forth in Sections 8(c)(i)-(ii). 
  
 (b) Supplier agrees to further indemnify, defend, and hold Distributor, and its directors, officers, employees, agents, representatives, and subdistributors, harmless from and against, and shall assume all direct and
indirect costs and expenses (including attorney’s fees) for any claim that any Product infringes or violates any patent, copyright, trademark, trade name, trade secret, or other intellectual property right of a third party, except to the extent
that such claim arises from Distributor’s use of material or procedures not approved by Supplier in writing. If a Product becomes, or in the Supplier’s opinion is likely to become, the subject of such a claim, Supplier may, at its option
and expense, either (i) procure for Distributor a license under such third party intellectual property right; (ii) replace or modify such Product so that it no longer infringes or violates such third party intellectual property right; or (iii)
discontinue its supply of such Product and terminate this Agreement with respect to such Product, subject to Section 10; provided however, if Supplier discontinues its supply of such Product pursuant to (b)(iii) above after the date of a Change in
Control of Supplier (as defined in Section 10), Supplier shall pay [ * ]. 
  
 (c) Distributor agrees to indemnify, defend, and hold Supplier, and its directors, officers, employees, and agents harmless from and against, and to assume all direct and indirect costs and expenses (including
attorney’s fees) for: 
  
 (i) claims or suits by third
parties for bodily injury (including, but not limited to, death) or property damage arising out of Distributor’s 

  

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negligence, gross negligence, or willful misconduct in the performance of services under this Agreement; and 
  
 (ii) any damage caused by a breach of this Agreement by Distributor.

  
 except to the extent that such claim, suit, or damage falls
into the categories set forth in Sections 8(a)(i)-(iii). 
  

	9.	Confidential Information: Each party agrees to keep confidential and not to publish or otherwise divulge or use for its own benefit or for the benefit of any third party any
information of a proprietary or confidential nature that is furnished to it by the other party (“Confidential Information”), except as required by law or court order or as necessary for the marketing of the Products or as expressly
permitted by the other Party in writing prior to such disclosure. Confidential Information includes (but is not limited to) information concerning Products, proposed products, marketing plans, methods of manufacture, customers and any other
information or materials in whatever form. This obligation does not extend to information which: (i) is already known by recipient at the time of its disclosure to recipient, as evidenced by the recipient’s written records; (ii) is publicly
available or later becomes publicly available through no fault of the recipient; or (iii) is disclosed to recipient, without any restrictions on further disclosure, by a third party having no similar confidentiality obligation. This obligation shall
terminate [ * ] years after termination of this Agreement. 

  

	10.	Term and Termination: 

  
 (a) Term and Renewal: This Agreement commences on the date first set forth above and will, unless terminated in accordance with this Agreement,
continue in force for a fixed term of four (4) years after the date that the necessary regulatory authorities approve reimbursement for the first DES in Japan, and following the end of such fixed term, this Agreement shall be automatically extended
for a period of three (3) years, provided that Distributor has met its obligations under Section 3(e). 
  
 (b) Termination for Breach: Either party may at its option, terminate this Agreement by giving to the other party not less than sixty (60) days
prior written notice, if the other party at any time commits a material breach of any of its obligations hereunder and fails to correct any breach during such 60-day notice period. 
  
 (c) Termination Due to Bankruptcy: This Agreement also may be
terminated by either party if the other party becomes insolvent, makes or seeks to make an arrangement with or an assignment for the benefit of creditors, or if proceedings in voluntary or involuntary bankruptcy are instituted by, on behalf of or
against such other party, or if a receiver or trustee of the other party’s property is appointed. 
  

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 (d) Effect of Termination: Upon termination except on account of Distributor’s breach of this
Agreement, Supplier may, in Supplier’s sole discretion, elect to either permit Distributor to sell all inventory on hand in the Territory in the normal course of business, or to re-purchase all inventory by paying Distributor the amount paid by
Distributor for all such inventory, plus any shipping costs or transportation insurance expenses incurred by Distributor in connection with the purchase of such inventory, within thirty (30) days upon receipt. In addition, Distributor agrees to
deliver to Supplier or destroy, upon request, all Product materials supplied by Supplier and all Product marketing materials of any kind. For all types of termination the obligations of Supplier and Distributor pursuant to Sections 7 (Product
Warranty), 8 (Indemnification), 9 (Confidential Information), 10 (Term and Termination) and 11 (General Provisions) of this Agreement will survive any termination of this Agreement. Nothing in this Section will limit any remedies which a party may
have for the other’s default, except as expressly provided in this Section or another Section of this Agreement. A party which properly terminates this Agreement under this Section 10 (without breaching the Agreement) shall not be liable to the
other party for damages as a result of such proper termination. 
  
 (e) Effect of a Change In Control of Supplier: Notwithstanding any other provision of this Agreement, in the event over fifty percent (50%) of the outstanding equity securities of the Supplier is, directly or indirectly, acquired by
one person or entity (a “Change In Control”), then Supplier shall have the right, in its sole discretion, to select either of the following courses of action, so long as that action is the same as that selected for Japan at the same time:

  
 (i) Supplier may convert Distributor’s rights under this
Agreement from exclusive to co-exclusive (permitting Supplier to sell either directly in the Territory or through one other distributor), which conversion shall be effective [ * ] months after Supplier notifies Distributor of its election to
make such conversion. Following such conversion, Distributor shall transfer all Regulatory Approvals to Supplier upon payment by Supplier of [ * ]. 
  
 (ii) Supplier may terminate this Agreement its entirety, which termination shall be effective upon payment to Distributor of [ * ] U.S. dollars.
Following such termination, Distributor shall transfer all Regulatory Approvals to Supplier upon payment by Supplier of an fee equal to [ * ]. 
  
 Neither the conversion to a co-exclusive appointment set forth in subsection (i) above nor the termination set forth in (ii) above shall be effective
prior to [ * ] after reimbursement approval in Japan. 
  

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 (f) Change in Control of Distributor: In the event Distributor is no longer owned by an affiliate
of St. Jude Medical, Inc., or St. Jude Medical, Inc., then within [ * ] of such a change, Supplier can terminate this Agreement by giving [ * ] written notice to Distributor of termination and paying to Distributor the same amount as
in Section 10(e)(ii). 
  
 In the event of a Change in Control of
St. Jude Medical, Inc., then within [ * ] of such an acquisition Supplier can terminate this Agreement by giving [ * ] written notice to Distributor of termination and paying to Distributor the same amount as in Section 10(e)(ii).

  
 (g) Termination: In the event that the Distribution
Agreement of November 19, 2004 between Supplier and Distributor’s Affiliate Getz Bros. Co., Ltd., for Japan is terminated for any reason other than for Supplier’s breach, this Agreement shall also terminate, provided Supplier repurchase
inventory from Distributor in the manner provided in Section 4(c) and provided further that Supplier reimburse Distributor [ * ]. 
  

	11.	General Provisions: 

  
 (a) Governing Law: This Agreement is to be governed by and interpreted in accordance with the laws of the state of New York, without regard to its
rules on conflicts of laws, and excluding the United Nations Convention on Contracts for the International Sale of Goods. 
  
 (b) Entire Agreement: This Agreement represents the entire agreement and understanding of Supplier and Distributor with respect to distribution of
the Products, and supersedes all previous agreements and understandings related thereto including the Non-Disclosure Agreement dated [ * ]. All information protected from unauthorized use and/or disclosure under this Non-Disclosure Agreement
as of the Effective Date shall be deemed to be “Confidential Information” hereunder and the obligations of Article 9 of this Agreement shall apply to such information in accordance with its terms. 
  
 (c) Amendments: This Agreement may only be amended or modified in a
writing signed by authorized representatives of Distributor and Supplier. 
  
 (d) Severability: In the event that any provision of this Agreement is held to be unenforceable, this Agreement will continue in full force and effect without said provision and will be interpreted to reflect
the original intent of the parties. 
  
 (e) Construction
Against Waiver: Waiver by either party of a breach of any provision of this Agreement or the failure by either party to exercise any right hereunder will not operate or be construed as a waiver of any subsequent breach of that right or as a
waiver of any other right. 
  

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 (f) Counterparts: This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original and all of which together shall constitute one instrument. 
  
 (g) English Language: This Agreement is in the English language only, which language shall be controlling in all respects, and all versions hereof in any other language shall not be binding on the parties. All
communications and notices to be made or give pursuant to this Agreement shall be in the English language. 
  
 (h) Assignment: Distributor shall have the right to assign this Agreement only with the prior written consent of Supplier, which consent shall not
be unreasonably withheld. Supplier shall have the right to assign this Agreement to an Affiliate of Supplier. In addition, Supplier shall have the right to assign this Agreement to Supplier’s successor in interest in connection with a merger,
consolidation, acquisition, or sale of all or substantially all of Supplier’s assets relating to the Products; provided that any such assignee agrees to by bound by all of Supplier’s obligations and duties under this Agreement. Any
prohibited assignment shall be null and void. 
  

 - 14 - 

 (i) Notices: All notices under this Agreement must be in writing and will be deemed given
if sent by facsimile (except for legal process), certified or registered mail or commercial courier (return receipt or confirmation or delivery requested), or by personal delivery to the party to receive the notice or other communications called for
by this Agreement at the following addresses (or at another address for a party as specified by a party by like notice): 
  

			
	 Supplier

	 	 Distributor

	 Conor Medsystems Ireland, Ltd.
 30 Herbert Street
 Dublin 2
 Ireland
 Facsimile: {353} 906-420-747
 Attn: President
	 	 St. Jude Medical
 (Hong Kong) Limited
 2708 China Merchants Tower
 Shun Tak Center
 168-200 Connaught Road
 Central, Hong Kong, SAR
 People’s Republic of China
 Facsimile: {852} 2956-0622
 Attn: Managing Director

		
	And	 	And
	 Conor Medsystems, Inc.
 1003 Hamilton Court
 Menlo Park, CA 94025
 U.S.A
 Facsimile: {1}650-614-4125
 Attn: Chief Executive Officer
	 	 St. Jude Medical, Inc.
 One Lillehei Plaza
 St. Paul, MN 55117
 U.S.A.
 Facsimile: {1}651-481-7690
 Attn: General Counsel

  
 (j) Non-Hire:
Without the prior written consent of the other Party, neither Party shall, during the term of this agreement or for [ * ] thereafter, either directly or indirectly, hire or otherwise engage in the Territory, or cause, aid or assist
any other person or entity (including its subsidiaries, parents or other affiliates) to hire or otherwise engage in the Territory, any current or former employee of the other Party for a period of [ * ] after the termination of such
individual’s employment relationship with such other Party. 
  
 (k) Limitations on Damages. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY OR ANY OTHER PERSON OR ENTITY FOR SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, LOSS OF PROFITS, LOSS OF DATA OR
LOSS OF USE DAMAGES) ARISING OUT OF THE MANUFACTURE, SALE OR SUPPLY OF THE PRODUCTS, EVEN IF SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES. THIS PROVISION SHALL NOT LIMIT DAMAGES AVAILABLE FOR BREACH OF SECTION 9 OR EITHER
PARTY’S INDEMNIFICATION OBLIGATIONS UNDER SECTION 8. 
  
 (l)
Force Majeure: Each of the parties hereto will be excused from its performance of its obligations hereunder if the performance is prevented by force majeure, and that excuse will continue so long as the condition constituting that force
majeure continues plus thirty (30) days after the termination of the condition. For the purposes of this Agreement, “force majeure” is defined to include causes beyond 

  

 - 15 - 

 
the control of Distributor or Supplier, including without limitation acts of God, acts, regulations or laws of any government, war, civil commotion,
destruction of production facilities or materials by fire, flood, earthquake or storm, labor disturbances, or medical epidemics. 
  
 (m) Currency: All payments required under this Agreement shall be due in lawful currency of the United States of America. 
  
 (n) Performance by Affiliates: The Parties recognize that Supplier
may perform some or all of its obligations, or exercise some of all of its rights, under this Agreement through one or more of its Affiliates. Any reference to Supplier in this Agreement shall be deemed to include any such Affiliates of Supplier so
engaged by Supplier as it deems appropriate in light of the particular facts and circumstances. 
  

									
	CONOR MEDSYSTEMS IRELAND, LTD.	 	 	 	ST JUDE MEDICAL (HONG KONG) LIMITED
					
	By:	 	 /s/ Jeff Tillack
	 	 	 	By:	 	 /s/ Paul J. Gam

	 	 	 Jeff Tillack
	 	 	 	 	 	 Paul J. Gam

	 Title:
	 	 President
	 	 	 	 Title:
	 	 Chairman

  
 Agreed as to Section 8 only

  

			
	CONOR MEDSYSTEMS, INC.
		
	By:	 	 /s/ Michael Boennighausen

	 	 	 Michael Boennighausen

	 Title:
	 	 Chief Financial Officer

  

 - 16 - 

  
 EXHIBIT A 
  
 Initial Products 
  

					
	 1.
	 	 BMS
	 	 Initial Price
 See Section A below.

			
	 	 	 	 	 Transfer Price
 See Section B below.

			
	 2.
	 	 DES
	 	 Initial Price
 See Section A below.

			
	 	 	 	 	 Transfer Price
 See Section B below.

  
 A. Unit Price for Period through the
[ * ] after [ * ] in Korea (“Initial Price”) 
  
 The
Initial Price shall be [ * ] for BMS. 
 The Initial Price shall be [ * ] for DES. 
  
 B. Unit Price for Period Beginning after [ * ] after [ * ] in Korea (“Transfer Price”) 
  
 Transfer Price of each Product supplied by Supplier to Distributor hereunder and accepted by
shall be equal to [ * ] times the average Net Sales per unit of Product for the immediately previous calendar quarter in which such Product is supplied to Distributor, which average shall be calculated by dividing the Net Sales of such
Product for such calendar quarter by the number of units of such Product actually sold by Distributor during such calendar quarter and included in such Net Sales 
  
 No later than [ * ] after to the end of each calendar quarter, the parties shall agree on the Transfer Price per unit for each
Product for the following calendar quarter. Said Transfer Price shall be retroactively adjusted to the beginning of the same calendar quarter referred to above as “the following calendar quarter” in the event it is found to be in error
when compared to the written report described in the following paragraph. 
  
 Within [ * ] following the end of each calendar quarter, Distributor shall provide Supplier with a written report setting forth on a Product-by-Product basis: (i) the Net Sales of Product during such period; (ii) the number of units
of Product sold during such period; 
  

 - 17 - 

 (iii) a calculation of the Transfer Price per unit of Product for such period in accordance with this section. Net Sales
shall first be calculated in local currency and then converted to U.S. dollars on the basis of the exchange rate used by Distributor for financial reporting. 
  
 For purposes of this section, the term “Net Sales” shall mean the gross amount invoiced by Distributor or by any of its Affiliates to third parties for sales of
a Product, less the following items, as allocable to such Product: (i) discounts, rebates, credits or allowances, if not previously deducted from the amount invoiced; (ii) freight, shipping and insurance charges, provided such amounts are included
in the gross amount invoiced above; and (iii) taxes, duties or other governmental tariffs (other than income taxes), provided such amounts are included in the gross amount invoiced above. Net Sales shall be calculated on a country-by-country and
Product-by-Product basis. 
  
 [ * ] = CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT
TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 - 18 - 

  
 EXHIBIT B 
  
 MINIMUM PURCHASE REQUIREMENT TO RETAIN EXCLUSIVITY 
  
 [ * ] 
  
 [ * ] = CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406
OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 - 19 -Convertible Loan Agreement

  
 EXHIBIT
10.33 
  
 CONVERTIBLE LOAN AGREEMENT 
  
 This Agreement is made effective the 22nd day of November, 2004 by and
between St. Jude Medical, Inc., a Minnesota corporation whose principal offices are located at One Lillehei Plaza, St. Paul, MN 55117 (“Lender”) and Conor Medsystems, Inc., a Delaware corporation whose principal offices are
located at 1003 Hamilton Court, Menlo Park, CA 94025 (“Borrower”). 
  
 The parties, intending to be legally bound, agree as follows: 
  
 Article 1 Definitions 
  

	 	1.1	Conversion Right. “Conversion Right” means the right for the Borrower to cause the conversion of the Loan into shares under Article 5. The Conversion Right will
automatically expire at 5:00 p.m. Pacific Time on the business day prior to the Maturity Date. 

  

	 	1.2	GAAP. “GAAP” means generally accepted accounting principles. 

  
 Article 2 The Loan 
  

	 	2.1	Loan. The Lender shall loan to the Borrower five million U.S. dollars ($5,000,000.00) (the “Principal”). 

  

	 	2.2	Repayment. The Borrower shall repay the Principal on or before November 22, 2007 (the “Maturity Date”). 

  
 Article 3 Interest and Payment of Interest 
  
 The Borrower shall owe the Lender interest at the rate of five percent (5%) per annum
compounded monthly on the Principal and outstanding interest. Interest payments shall equal all outstanding interest accrued on the date of payment. The first payment of interest shall be due on January 1, 2006. Thereafter, interest payments shall
be made semi-annually. 
  
 Article 4 Repayment at Maturity 
  
 If the Conversion Right has not been exercised by 5:00 p.m. Pacific Time on the business day
prior to the Maturity Date, then the Borrower shall repay the Lender on the Maturity Date all Principal and accrued interest of the Loan then outstanding. 
  

 Article 5 Early Conversion and Prepayment 
  

	 	5.1	The Borrower shall have the right to prepay the entire Loan at any time, after giving the Lender ten (10) days prior notice of intent to prepay. 

  

	 	5.2	The entire Loan, including all Principal and interest, shall be immediately due and payable upon the closing of a transaction or series of related transactions resulting in the
acquisition by a third party of at least 75% of the then outstanding shares of capital stock of the Borrower (directly or as a result of a merger or similar transaction) or all or substantially all of the assets of the Borrower.

  

	 	5.3	In the event that the Borrower completes an initial public offering (“IPO”), the outstanding Principal plus accrued interest will automatically convert upon the closing of
the IPO into shares of the Borrower’s common stock (“Conversion Shares”) at the public offering price. 

  

	 	5.4	Conversion Process. The Lender shall not receive any fractional shares and the Borrower will remain liable for repayment of any balance of Principal or accrued interest not
converted to shares pursuant to Section 5.3. 

  
 Article 6
Representations and Warranties 
  
 A. Borrower represents and warrants
that: 
  

	 	6.1	Organization and Corporate Power. The Borrower is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. The Borrower
has the corporate power and authority to own and operate its properties and to carry on the business as now conducted. The Borrower is not in violation of any provisions of its Amended and Restated Certificate of Incorporation or Bylaws. 

  

	 	6.2	Execution, Delivery; Valid and Binding Agreement. The Borrower has the requisite corporate power and authority to execute and deliver this Agreement, and to perform its
obligations hereunder. The execution, delivery and performance by the Borrower of this Agreement have been duly and validly authorized by the board of directors (“Board”) and no other corporate proceedings on the Borrower’s
part or its stockholder’s part are necessary to authorize the execution, delivery and performance by the Borrower or its stockholders of this Agreement. This Agreement has been duly executed and delivered by the Borrower and constitutes the
valid and binding obligation of the Borrower enforceable in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights
generally and rules of specific performance, injunctive relief and other equitable remedies. 

  

	 	6.3	No Breach. The execution, delivery and performance by the Borrower of this Agreement does not conflict with or result in any breach of any of the provisions of, constitute a
default under, result in a violation of, result in the creation of a right of termination or acceleration or any encumbrance upon any assets of the Borrower, or require any authorization, consent, approval, exemption or other action by or notice to
any governmental entity, under the provisions of the Amended and Restated Certificate of Incorporation or Bylaws of the Borrower or any indenture, mortgage, lease, loan agreement or other agreement or instrument by which the Borrower is a party, or
any applicable laws to which the Borrower is subject. 

  

	 	6.4	Financial Statements. The Borrower has delivered to Lender copies of (a) the audited balance sheet as of December 31, 2003 of the Borrower (the “Latest Balance
Sheet”) and the audited income statement for the twelve months ended December 31, 2003 (such statement and the Latest Balance Sheet are referred to herein as the “Latest Financial Statements”) and (b) the unaudited balance
sheet, as of September 30, 2004 of the Borrower (the “Quarterly Balance Sheet”) and the unaudited statements of earnings, shareholders’ equity and cash flows of the Borrower for the quarter ended September 30, 2004
(collectively, the “Quarterly Financial Statements”). The Latest Financial Statements and the Quarterly Financial Statements are based upon the information contained in the books and records of the Borrower and fairly presented the
financial condition of the Borrower as of the dates thereof and results of operations for the periods referred to therein (except as may be indicated in the notes thereto). The Latest Financial Statements have been prepared in accordance with GAAP.
The Quarterly Financial Statements have been prepared in accordance with GAAP applicable to unaudited interim financial statements (and thus may not contain all notes and may not contain prior period comparative data that are required to be prepared
in accordance with GAAP), applied in a manner consistent with the Quarterly Financial Statements, and reflect all adjustments necessary to a fair statement of the results for the interim period(s) presented. 

  

	 	6.5	 Absence of Undisclosed Liabilities. The Borrower has no liabilities of a type that would be required under GAAP to be reflected on a balance sheet arising
out of transactions or events heretofore entered into, or any action or inaction, or any state of facts existing, with respect to or based upon transactions or events heretofore occurring, except for (a) liabilities reflected in the Quarterly
Balance Sheet, (b) liabilities that have arisen after the date of the Quarterly Balance Sheet in the ordinary course of business consistent with past practice (with respect to quantity and frequency) and (c) immaterial liabilities or contingencies
(none of which is an uninsured 

  

	 	 
liability for breach of contract, breach of warranty, tort, infringement, claim or lawsuit). 

  
 B. Lender represents and warrants that: 
  

	 	6.6	Organization and Corporate Power. The Lender is a corporation duly organized, validly existing and in good standing under the laws of the State of Minnesota. The Lender has
the corporate power and authority to own and operate its properties and to carry on the business as now conducted. The Lender is not in violation of any provisions of its Articles of Incorporation or Bylaws.  

  

	 	6.7	Execution, Delivery; Valid and Binding Agreement. The Lender has the requisite corporate power and authority to execute and deliver this Agreement, and to perform its
obligations hereunder. This Agreement has been duly executed and delivered by the Lender and constitutes the valid and binding obligation of the Lender enforceable in accordance with its terms, subject to laws of general application relating to
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and rules of specific performance, injunctive relief and other equitable remedies. 

  

	 	6.8	Purchase Entirely for Own Account. The Conversion Shares that may be acquired by the Lender will be acquired for investment for the Lender’s own account, not as a
nominee or agent, and not with a view to the immediate resale or distribution of any part thereof, and the Lender has no present intention of selling, granting any participation in, or otherwise distributing the Conversion Shares.

  

	 	6.9	Disclosure of Information. The Lender has received all the information it has requested in deciding whether to acquire the Conversion Shares. 

  

	 	6.10	Investment Experience. The Lender is an investor in the securities of development stage companies and it can bear the economic risk of its investment, and has such knowledge
and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Conversion Shares. The Lender also represents that it has not been organized for the purpose of acquiring the Conversion
Shares. 

  

	 	6.11	Accredited Investor. The Lender is an “accredited investor” within the meaning of SEC Rule 501 of Regulation D, as presently in effect. 

  

	 	6.12	 Restricted Securities. The Lender understands that the Conversion Shares it may acquire are characterized as “restricted securities” under the
Federal securities laws inasmuch as they are being acquired from the Borrower in a transaction not involving a public offering and that under such laws and 

  

	 	 
applicable regulations such securities may be resold without registration under the Securities Act of 1933, as amended (the “Act”), only in certain
limited circumstances. The Lender also represents that it is familiar with SEC Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Act. 

  

	 	6.13	“Market Stand-Off” Agreement. The Lender shall not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or
similar transaction with the same economic effect as a sale of, any of the Conversion Shares held by the Lender for a period specified by the representative of the underwriters of common stock (or other securities) of the Borrower not to exceed 180
days following the date of the closing of the Borrower’s initial public offering. 

  
 Article 7 Covenants 
  

	 	7.1	Financial Statements. The Borrower shall furnish to the Lender, no later than sixty (60) days after the close of a fiscal quarter, Borrower’s unaudited quarterly
financial statements as of the close of the fiscal quarter, and in the case of the fiscal year-end, Borrower shall furnish Lender the audited financial statements for the fiscal year no later than ninety (90) days after the fiscal year end. 

  

	 	7.2	Maintenance of Legal Validity. Borrower shall take all steps necessary to maintain its status as a corporate entity and remain in good standing in all jurisdictions in which
it does business. 

  

	 	7.3	Compliance with Laws. The Borrower shall comply with all laws applicable to it, including, without limitation, obtaining and maintaining all permits required by it under
applicable laws. 

  

	 	7.4	Untrue Representations. The Borrower shall promptly notify the Lender of the occurrence of any event which results in or may reasonably be expected to result in any of the
representations in Article 6 being or becoming materially untrue. 

  

	 	7.5	Notification of Default. The Borrower shall promptly notify the Lender of the occurrence of any event of default (as described in Article 8) of which it becomes aware.

  

	 	7.6	 No Amendments. The Borrower shall not during the term of the Loan amend or modify or agree to any amendment or modification to its Amended and Restated
Certificate of Incorporation or Bylaws which might reasonably be expected to adversely affect the interests of the Lender under this Agreement, it being understood that any amendment of the Amended and Restated Certificate of Incorporation to
provide for: (i) additional series 

  

	 	 
of preferred stock of the Borrower; (ii) amendments to the rights, preferences and restrictions of the existing preferred stock of the Borrower, including
the amendment of dividend provisions, liquidation preferences, conversion provisions, voting rights, protective provisions and redemption provisions; (iii) a classified board of directors; (iv) the elimination of cumulative voting; (v) a change in
the number of shares of authorized capital stock of the Borrower; (vi) a stock split or a reverse stock split or (vii) additional shares of common stock of the Borrower shall be deemed not to adversely affect the interests of the Lender under the
Agreement.  

  

	 	7.7	Use of Proceeds. The Borrower shall use the proceeds of the loan for general business purposes. 

  

	 	7.8	No Dividends. The Borrower shall not, during the term of the Loan, declare or pay any dividends. 

  

	 	7.9	No Share Repurchase. The Borrower shall not, during the term of this Loan, purchase any of its own securities, other than pursuant to the terms of any restricted stock
purchase agreement with an employee or director of or consultant to the Borrower. 

  
 Article 8 Default 
  

	 	8.1	Event of Default. The following shall be considered to be events of default:  

  

	 	a.	Non-Payment of Interest or Principal. The Borrower does not pay in the manner provided in this Agreement any material amount representing Principal or interest when
due. 

  

	 	b.	Material Breach. The Borrower commits a material breach of this Agreement. 

  

	 	c.	Breach of Representation and Warranty. Any representation or warranty by the Borrower in this Agreement is or proves to have been materially incorrect when made.

  

	 	8.2	Material Breach of Covenant. The Borrower materially breaches any covenant in Article 7. 

  
 Article 9 No Set-off 
  
 Borrower is not entitled to set-off against the Loan any amount owed to it by the Lender or in respect of any claims (including claims for breach of this Agreement or any
other agreement) it may have against the Lender. 
  

 Article 10 Non-Assignment 
  
 The Lender may not assign in whole or in part the Loan or transfer all or part of its rights or obligations under this Agreement.

  
 Article 11 Security 
  

	 	11.1	Security. The Borrower shall grant to the Lender a security interest in all of the Borrower’s Japanese, Australian, New Zealand, and South Korean patents and patent
applications including all such patents issued now or during the term of this Loan, all such patent applications existing now or during the term of this Loan, and all regulatory permits such as Shonins and reimbursement permits in Japan, Australia,
New Zealand, and South Korea. Upon Lender’s request, Borrower shall provide appropriate documentation of such security interests. 

  
 Article 12 General 
  

	 	12.1	Governing Law. This Agreement shall be governed by the laws of the State of Minnesota without regard to its conflicts of laws. 

  

	 	12.2	Notices. All notices required under this Agreement shall be given by fax or Federal Express and shall be effective when received by the recipient at the following:

  

			
	Lender:	  	 St. Jude Medical, Inc.
 One Lillehei Plaza

St. Paul, MN 55117
 Attn: Chief Financial Officer
 Facsimile: 651-490-4333

		
	With a copy to:	  	 St. Jude Medical, Inc.
 One Lillehei Plaza

St. Paul, MN 55117
 Attn: General Counsel
 Facsimile: 651-481-7690

		
	Borrower:	  	 Conor Medsystems, Inc.
 1003 Hamilton Court

Menlo Park, CA 94025
 Attn: Chief Financial Officer
 Facsimile: 650-614-4125

  

	 	12.3	 No Waiver. No failure or delay on the part of the Lender in exercising any right under this Agreement shall represent a waiver of any such right. No 

  

	 	 
single or partial exercise of any such right shall preclude any other or further exercise of such right or any other right. No waiver of any right shall be
deemed to be a waiver of any other right. 

  

	 	12.4	Entire Agreement. This Agreement represents the entire agreement between the parties with respect to its subject matter and supercedes all other agreements between the
parties, whether written or oral, with respect to its subject matter. 

  
 To Witness our agreement, the parties have caused this document to be signed by their respective officers. 
  

									
	ST. JUDE MEDICAL, INC.	 	 	 	CONOR MEDSYSTEMS, INC.
					
	 	 	 /s/ John C. Heinmiller
	 	 	 	 	 	 /s/ Michael Boennighausen

	 by:
	 	 John C. Heinmiller
	 	 	 	 by:
	 	 Michael Boennighausen

	 its:
	 	 Executive Vice President
	 	 	 	 its:
	 	 Chief Financial Officer

	 	 	and Chief Financial Officer

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