Document:

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                                                                  EXHIBIT 10.22

SPECTRANETICS
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                                            BRILLIANCE IN INTERVENTIONAL THERAPY

                                 June 17, 1999

Mr. James P. McCluskey
6130 W. Julie Drive
Glendale, Arizona 85308

Dear Mr. McCluskey:

                  This letter confirms the terms of the separation package
offered to you by The Spectranetics Corporation ("Spectranetics").

                  On June 15, 1999, you tendered your resignation as Director,
Secretary-Treasurer, Chief Financial Officer and General Manager of Polymicro
Technologies, Inc. (the "Company"), effective as of the effective time of the
merger of the Company with and into Polymicro Technologies, LLC (the "Buyer")
pursuant to the Merger Agreement dated as of May 24, 1999, by and among
Spectranetics, the Company, the Buyer and PMT Holdings, LLC ("PMT Holdings"),
and Spectranetics and the Company accepted your resignation. By your signature
below you acknowledge that:

1.       You have returned to Company all property of Company in your
         possession.

2.       You will return when requested by Spectranetics all property of
         Spectranetics in your possession.

3.       You shall not disclose any confidential or proprietary information
         that you acquired while an employee of the Company or Spectranetics to
         any other person or use such information in any manner that is
         detrimental to Company's or Spectranetics' interests.

4.       Upon receipt of your signature on this letter agreement, Spectranetics
         will place you on its payroll for a 12-month period from the date you
         sign this letter agreement (the "Severance Period") and will pay you
         $110,000 over the Severance Period in equal biweekly installments (less
         withholding for state and federal taxes, social security and benefits
         deductions) and during the Severance Period will provide medical,
         dental, LTD, STD, participation in the 401(k) and Employee Stock
         Purchase Plan.

                         THE SPECTRANETICS CORPORATION
           96 TALAMINE COURT - COLORADO SPRINGS, COLORADO 80907-5186
               TEL 719.633.8333 - 800.633.0960 - FAX 719.633.2248
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5.       Your termination date with the Spectranetic Corporation will be June
         17, 2000 (the "Severance Period Termination Date"). Should you accept
         employment during the Severance Period with another organization and be
         provided with benefits, your benefits, medical, dental, LTD, STD,
         participation in the 401(k) and the Employee Stock Purchase Plan, with
         Spectranetics will cease.

6.       During the Severance Period you will not accrue vacation, but you will
         be paid for your accrued vacation of 200 hours as of the date of your
         Severance Period Termination from Spectranetics.

7.       You will receive a performance bonus of $27,500 for the work performed
         at the Company during the period of January 1, 1999 through June 17,
         1999. This bonus will be paid at the time that management bonuses are
         generally paid to Spectranetics employees in the Year 2000.

8.       As of the Severance Period Termination Date, all of your unvested stock
         options will become vested and you will be able the exercise such stock
         options per the terms of the Stock Option Agreements.

9.       You will receive a bonus for assisting in the sale of the Company of
         $75,000 to be paid within 5 working days of the close of the
         transaction.

10.      You agree to work on specific projects as requested by Joseph A. Largey
         President/CEO or his designee during the severance period.

11.      On behalf of yourself and your heirs and assigns, you hereby release
         Spectranetics, the Company, the Buyer, PMT Holdings and their
         respective owners, stockholders, parent corporations, affiliates,
         divisions, subsidiaries, predecessors, officers, managers, employees,
         insurers, representatives and agents from all claims based upon
         contract, tort or statute arising out of, based upon, or relating to
         your hire, employment, remuneration or termination from the Company,
         including any claims arising under Title VII of the Civil Rights Act of
         1964, as amended; the Equal Pay Act, as amended; the Age Discrimination
         in Employment Act, as amended; the Employee Retirement Income Security
         Act, as amended; the Older Workers Benefit Protection Act of 1990;
         and/or any other local, state, or federal law governing discrimination
         in employment and/or the payment of wages and benefits.

12.      IN ACCORDANCE WITH THE OLDER WORKERS BENEFIT PROTECTION ACT OF 1990,
         YOU ACKNOWLEDGE THAT YOU ARE AWARE OF THE FOLLOWING:

         (a)      YOU HAVE A RIGHT TO CONSULT WITH AN ATTORNEY BEFORE ACCEPTING
                  THIS OFFER;

         (b)      YOU HAVE 21 DAYS FROM THE DATE SET FORTH ABOVE TO CONSIDER
                  THIS OFFER; AND

                                 SPECTRANETICS
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     (c)  YOU HAVE SEVEN DAYS AFTER ACCEPTING THIS OFFER TO REVOKE YOUR
          ACCEPTANCE, AND YOUR ACCEPTANCE WILL NOT BE EFFECTIVE UNTIL THAT
          REVOCATION PERIOD HAS EXPIRED.

13.  Except as may be required by law, neither you nor any member of your family
     will disclose to any individual or entity (other than your legal or tax
     advisors) the terms of this agreement without the prior written consent of
     Spectranetics. In the event that such disclosure is made, any outstanding
     obligations of Company under this agreement shall immediately terminate,
     and any payments previously made under this agreement shall be returned to
     Company.

14.  The provisions of this agreement are severable. If any provision is held
     to be invalid or unenforceable, it shall not affect the validity or the
     enforceability of any other provision.

15.  You represent that you have thoroughly read and considered all aspects of
     this agreement, that you understand all of its provisions, and that you are
     voluntarily entering into this agreement.

16.  This agreement sets forth the entire agreement between you and Company and
     supersedes any and all prior oral or written agreements or understandings
     between you and Company concerning the termination of your employment.

17.  This agreement may not be altered, amended, or modified except by a further
     written document signed by you and an authorized representative of Company.

     If the above terms are agreeable to you, please date and sign the original
of this letter in the places indicated below and return it to me.

                         Very truly yours,

                         THE SPECTRANETICS CORPORATION

                         /s/ DALE T. MUTH
                         -------------------------------------
                         By:
                         Title: Vice President Human Resources

Accepted and agreed to on this
17th day of June, 1999.

/s/ JAMES P. MCCLUSKEY
-------------------------------
James P. McCluskey

                                 SPECTRANETICS<PAGE>   1
                                                                   EXHIBIT 10.23

                             TERMINATION AGREEMENT

This Termination Agreement (the "Agreement") is entered into as of this
fifteenth day of February 2000 by and between:

The Spectranetics Corporation, a corporation organized under the laws of the
State of Colorado and with its registered address at 96 Talamine Court,
Colorado Springs, Colorado, U.S.A. and Spectranetics International B.V., a
company organized under the laws of The Netherlands and with its registered
address at Plesmanstraat 6, 3833 LA Leusden, The Netherlands (the "Employer"),
represented collectively by Mr. Dale T. Muth, on the one side;

and

Hendricus Kos, domiciled at Naarderstraat 45, 1272 NG Huizen, The Netherlands,
(the "Employee"), on the other side.

                                    RECITALS

         WHEREAS as of January 11, 1993, the Employee entered into an
Employment Agreement with Spectranetics International B.V. pursuant to which
the Employee agreed to perform the duties of Managing Director ("statutair
directeur") for Spectranetics International B.V. (the "1993 Agreement"); and

         WHEREAS subsequent to such date, but without terminating the 1993
Agreement, Employee entered into an Employment Agreement with The Spectranetics
Corporation whereby the Employee agreed to perform the duties of Vice President,
Sales & Marketing of Employer as from January 1, 1997 (the "1997 Agreement");
and

         WHEREAS Employee has been performing his duties under the 1993
Agreement and the 1997 Agreement and Employer has fulfilled its obligations
under the 1993 Agreement and the 1997 Agreement; and

         WHEREAS Employer and Employee have mutually determined that the choice
of forum provisions in the 1993 Agreement and the choice of law and forum
provisions in the 1997 Agreement shall be modified such that the laws of The
Netherlands shall be applicable to the 1993 Agreement and the 1997 Agreement
prior to their termination; and

         WHEREAS Employer and Employee have mutually determined that the 1993
Agreement and the 1997 Agreement shall be terminated for the mutual benefit of
both the parties;

         WHEREAS Employer and Employee have mutually determined that the 1993
Agreement and the 1997 Agreement shall be terminated as soon as reasonably
possible after execution of this agreement; and

         WHEREAS Employer and Employee desire that the 1993 Agreement and the
1997 Agreement shall be terminated simultaneously and in a manner other than
that provided for under the 1993 Agreement or the 1997 Agreement, and thus are
entering into this present Agreement.

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         NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency being hereby acknowledged, the parties hereby agree as follows:

1.       TERMINATION OF EMPLOYMENT

Employer and Employee agree that Employer shall seek in the District Court and
the Cantonal Court, both located in the District ("Arrondissement") of Utrecht,
the Netherlands, a court order under Section 7:685 of the Dutch Civil Code, for
the termination of the 1993 Agreement and the 1997 Agreement respectively.
Employer and Employee agree that Employer shall simultaneously request said
District Court to terminate the 1993 Agreement and said Cantonal Court to
terminate the 1997 Agreement. The requested termination date shall be February
15, 2000, or such date thereafter as said District Court and said Cantonal court
may reasonably determine (the "Termination Date"). In furtherance of the
foregoing, Employer agrees to file in said District Court and Cantonal Court,
within seven (7) calendar days following the date of the execution of this
Agreement, a request for termination in substantially the same form as Annex 1
to this Agreement (the "Request"). In response, Employee agrees to file, within
seven (7) calendar days following the day on which Employer's Request is filed,
a "formal reply" in substantially the same form as Annex 2 to this Agreement. In
the event the Cantonal Court shall not terminate the 1997 Agreement, such
agreement shall by operation of law terminate on the date of termination of the
1993 Agreement. The Employee shall receive his salary and all other benefits
from the 1993 Agreement and the 1997 Agreement respectively until the date of
termination of the 1993 Agreement and the 1997 Agreement respectively.

2.       MODIFICATION OF 1997 AGREEMENT; MODIFICATION OF 1993 AGREEMENT;
         TERMINATION OF PRIOR AGREEMENTS

The clauses concerning choice of law (Article 18 - Applicable Law) and choice of
forum (Article 19 - Competent Court, first sentence) of the 1997 Agreement are
hereby modified by the parties thereto; the law applicable to the 1997 Agreement
shall be the laws of The Netherlands and the competent court with exclusive
jurisdiction of all disputes relating to the 1997 Agreement shall be the
Cantonal Court in the District of Utrecht.

The clauses concerning choice of forum (Article 18 - Competent Court) of the
1993 Agreement are hereby modified by the parties thereto; the competent court
with exclusive jurisdiction of all disputes relating to the 1993 Agreement shall
be the District Court in the District of Utrecht.

The 1993 Agreement and the 1997 Agreement shall terminate as set forth above
under 1., with the exception of: (a) Articles 10 (Company Property), 11
(Confidentiality), 12 (Non-Competition), 13 (Special Achievements), and 14
(Penalty Clause) of the 1993 Agreement; and (b) Articles 10 (Company Property),
11 (Confidentiality), 12 (Non-Competition), 14 (Special Achievements), and (15
(Liquidated Damages) of the 1997 Agreement. The parties hereby specifically
waive any rights or obligations that either may have under Article 2.2 of the
1993 Agreement and Article 2.2 of the 1997 Agreement concerning Notice.

3.       SEVERANCE COMPENSATION; LETTER OF REFERENCE; SEPARATION ANNOUNCEMENT

In connection with the termination of Employee's employment relationship with
the Employer, the parties hereby agree to the following:

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a.       Severance Pay

Employer agrees to pay the Employee an amount equivalent to USD 335,418 (three
hundred thirty-five thousand four hundred eighteen United States dollars)
("Severance Pay"). Of this amount, Spectranetics International B.V. agrees to
pay Employee an amount of NLG 171,902 (one hundred seventy-one thousand nine
hundred two Dutch Guilders) (the "1933 Severance") without withholding taxes or
premiums ("ten titel van stamrecht") through transfer into bank account number
45.18.04.902 with ABN AMRO Bank N.V. of Kove Beheer B.V. within eight (8)
calendar days after the date of termination of the 1993 Agreement. The
Spectranetics Corporation agrees to pay to Employee an amount of USD 251,564
(two hundred fifty-one thousand five hundred sixty-four United States dollars)
(the "1997 Severance") within (8) calendar days after the date of termination of
the 1997 Agreement by transfer into bank account number 505 514 9079 with
Norwest bank of Employee. As from the date of execution of this Agreement the
Employee shall be released from his obligation to perform his functions as
described in Article 1.1, 1.2, and 3.1 of the 1997 Agreement. The Employee shall
be responsible and liable for any taxes or duties levied in relation with
payment of the Severance Pay.

The parties agree that the 1997 Severance and the Employer's obligation to pay
the 1997 Severance shall be reduced with any amount of gross salary paid out to
Employee by Employer as from January 1, 2000.

b.       Miscellaneous

         (i)      Automobile

         As of January 1, 2000, Employee will no longer be entitled to
         reimbursement of the lease of a car.

         (ii)     Mobile Telephone

         Employee shall be entitled to buy the mobile telephone currently owned
         by Employer but in use with Employee, for an amount of NLG 432.70,
         which amount shall be payable as of Termination Date and which amount
         may be deducted by Employer from the Severance Pay.

         (iii)    Stock Options

         The stock options relating to shares in the capital of The
         Spectranetics Corporation (the "Stock Options") which have vested and
         are owned and exercisable by Employee as per Termination Date, as
         mentioned in employee's Personal Option Status as per Termination Date,
         may be exercised during a period of three (3) months from Termination
         Date and in accordance with the terms and conditions of the Stock
         Option Plan. A copy of the Employee's Personal Option Status as per
         February 15, 2000 is attached to this Agreement. Employee will not earn
         any new Stock Options as from January 1, 2000.

         (iv)     Computer

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         Employee must return the computer Gateway Solo provided by Employer
         to Employee at the office address of Employer at Leusden no later than
         the calendar day immediately following Termination Date.

         No later than the Termination Date, Employee shall return to the
         Employer the following items:

                  o All keys to the Employer's premises situated at Leusden, as
                    well as any and all other keys in the possession or control
                    of Employee which would give Employee access to Employer's
                    premises.

                  o KLM Credit Card

                  o Scope card

Employee will also receive a letter of reference from Employer describing his
responsibilities during his employment with Employer. Such letter may be used
by the Employee for the purposes of procuring employment. Notwithstanding the
foregoing, such letter shall be considered as an integral part of this
Agreement and use of such letter shall be governed by Paragraph 4(a) of this
Agreement relating to Confidentiality and Non-Disclosure.

The foregoing contains all compensation, benefits and rights to which Employee
shall be entitled as a result of his separation from Employer. Employee
specifically and irrevocably waives all other compensation, benefits and rights
to which Employee may be entitled to under the 1993 Agreement, 1997 Agreement
or any applicable laws or court decisions.

4. RETURN OF EMPLOYER PROPERTY

Employee agrees to return to Employer no later than 4:00 P.M. on the
Termination Date, without limitation, all correspondence, papers, documents,
files, data, computer software and programs, work in progress, customer lists,
business plans, contracts, business proposals, notes, drawings, calculations,
and any other property belonging to Employer and all subsidiaries/group
companies of Employer, both in The Netherlands and abroad, which may be in
Employee's possession or control, whether or not such materials were addressed
to Employee personally or otherwise ("Employer Property").

Employee further agrees to retain no duplicates or copies of any Employer
Property without the prior express written consent of Employer. To the extent
not covered herein, Employer agrees to comply fully with the provisions of
Articles 10 and 11.3 of the 1993 Agreement and Articles 10, 11.3, 12.4, and
13.5 of the 1997 Agreement.

5. CONFIDENTIALITY

         a. Non-Disclosure of Separation Agreement

         Employee covenants and agrees that Employee will hold the terms and
         conditions of this Agreement in the strictest of confidence and that
         Employee will not disclose to any other employee of the Employer, nor
         any other third party (other than Employee's legal counsel), any of the
         terms or conditions of this Agreement without first obtaining the
         express written consent of the Employer.

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         This Agreement may not be introduced into evidence in the connection
         with any legal or other process, by Employee against Employer, or by
         Employer against Employee, for any reason other than the enforcement of
         its terms.

         b.     Protection of Employer Proprietary Information

         Employee further acknowledges and agrees that during the course of
         employment with Employer, Employee's relationship with Employer was one
         of high trust and confidence and that in the course of such employment
         with Employer, Employee had access and made use of a variety of
         proprietary information of the Employer, including information relating
         to Employer's business, marketing plans, products, software programs,
         manuals, guides, customer lists, business plans, client proposals, and
         confidential documents and communications within or concerning Employer
         and its affiliates which are not freely available to outsiders
         (collectively, "Proprietary Information"). Employee hereby agrees and
         covenants that Employee will not disclose to any third party any
         Proprietary Information in Employee's possession or control without the
         prior express written consent of Employer.

         c.     Survival of Confidentiality

         Employee further agrees that the Confidentiality provisions of Article
         11 of the 1993 Agreement and of Article 11 of the 1997 Agreement
         remain in full force and effect, and are incorporated herein by
         reference. Nothing contained herein limits the terms or effectiveness
         of such provisions, nor limits Employer's rights and/or remedies
         thereunder.

6.       ADEQUATE COMPENSATION

Employee covenants and agrees that the Severance Pay, taking into consideration
all relevant facts and circumstances, including but not limited to Employee's
knowledge and experience and his position on the relevant employment market,
constitutes adequate and sufficient compensation for Employee's obligations
described in article 2 and article       of this Agreement.

7.       RELEASE

Employee covenants and agrees that this Agreement constitutes the full and
final resolution of all claims and demands that Employee has or may have
against Employer arising out of Employee's employment relationship with
Employer, Employee's termination of employment with Employer, or for any other
reason whatsoever. Employee further waives any and all rights that Employee has
or may have against Employer to make and claim or demand for damages, injury or
loss of whatever kind or natures, and/or to commence, continue, prosecute,
cause or permit to be prosecuted any action or proceeding of any type or
description against Employer or its shareholders, officers, directors, agents,
employees, affiliates, associates, successors, assigns, parent or subsidiary
companies or insurers arising out of Employee's employment with Employer,
Employee's termination of employment with Employer, or for any other reason
whatsoever.

8.       REPRESENTATION OF THE COMPANY

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Employee covenants and agrees that as of the Termination Date, Employee shall no
longer be an employee, agent, or representative of Employer in any capacity,
and thus Employee shall not have, nor represent that he has, any power to
represent or to bind Employer.

9.  DISMISSAL AS MANAGING DIRECTOR

Employee covenants and agrees to be dismissed and discharged by The
Spectranetics Corporation in its capacity of sole shareholder of Spectranetics
International B.V., and by Spectranetics International B.V., as Managing
Director ("ontslagen en gedechargeerd als statutair directeur") of Spectranetics
International B.V. as of the Termination Date. To the extent legally required,
Employee waives the right to be heard by the General Meeting of Shareholders of
the Spectranetics International B.V. in connection with a resolution for
dismissal of Employee as Managing Director of that company. Employee further
agrees to assist Employer and take all actions necessary in order to effectuate
such dismissal, including the execution of documents, as necessary, for filing
with the competent Trade Register.

10.  COURT ORDER; NO MODIFICATION

Employee and Employer covenant and agree that the terms of this Agreement
concerning compensation to be paid to employee shall not be superseded or
altered by any court order received as a result of the actions taken pursuant to
paragraph 1 to this Agreement and that this Termination Agreement shall govern
the terms of Employee's termination in all respects. Employee specifically
waives his right to enforce such court order to the extent the indemnity for the
termination of employee's employment exceeds the indemnity agreed to in this
Agreement. Employer specifically waives its right to enforce such court orders
to the extent the indemnity for the termination of Employee's employment is less
than that agreed to herein.

11. SEVERABILITY

In case any one or more of the provisions of this Agreement shall be invalid,
illegal or unenforceable in any respect, the validity, legality, and
enforceability of the remaining provisions contained herein shall not in any way
be affected thereby.

12. BINDING AGREEMENT

The Agreement shall be binding upon and inure to the benefit of the heirs,
executors, administrators, successors, and assigns of Employee and Employer.

13.  GOVERNING LAW; JURISDICTION

This Agreement and all rights of Employee and Employer hereunder shall be
governed, construed, and interpreted in accordance with the laws of The
Netherlands. The courts in the District of Utrecht shall have exclusive
jurisdiction of all disputes arising under or related to this Agreement.

14.  COMPLETE AGREEMENT; AMENDMENT OR MODIFICATION

Employee and Employer do hereby for themselves, their heirs, executors,
administrators, successors, assigns, trustees, and next of kin covenant that no
promise, agreement, statement, or representation not herein expressed has been
made to or relied upon by them and that this Agreement contains the entire
agreement between Employee and Employer.

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No modification or addendum to this Agreement shall be valid unless made in
writing and signed by the parties hereto.

15.  RELATION TO 1993 AGREEMENT AND 1997 AGREEMENT

To the extent any provision contained herein conflicts with any provision of
the 1993 Agreement or the 1997 Agreement, the provisions of this Agreement
shall be controlling and shall supersede those of the 1993 Agreement and the
1997 Agreement.

     IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the date first written above by: on behalf of Employer, its duly
authorized representative; and by Employee, personally.

THE SPECTRANETICS CORPORATION              HENDRICUS KOS

          /s/ DALE T. MUTH                 /s/ HENDRICUS KOS

By:       Dale T. Muth
Position: Vice President Human Resources

SPECTRANETICS INTERNATIONAL B.V.

          /s/ DALE T. MUTH

By:       Dale T. Muth
Position: Directeur

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