Document:

Exhibit
4.3

 

This Security is a
Global Note within the meaning of the Indenture hereinafter referred to and is
registered in the name of The Depository Trust Company or a nominee thereof.
This Security may not be exchanged in whole or in part for a Security
registered, and no transfer of this Security in whole or in part may be
registered, in the name of any Person other than The Depository Trust Company
or a nominee thereof, except in the limited circumstances described in the
Indenture.

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company to
the issuer or its agent for registration of transfer, exchange or payment and
such certificate issued in exchange for this certificate is registered in the
name of Cede & Co., or such other name as requested by an authorized
representative of The Depository Trust Company, any transfer, pledge or other
use hereof for value or otherwise by or to any person is wrongful, as the
registered owner hereof, Cede & Co., has an interest herein.

 

Ares Capital
Corporation

 

	
  No. 1

  	
   

  	
  $200,000,000

  
	
   

  	
   

  	
  CUSIP No. 04010L202  

  
	
   

  	
   

  	
  ISIN No. US04010L2025

  

 

7.75% Senior Notes due 2040

 

Ares Capital Corporation, a
corporation duly organized and existing under the laws of Maryland (herein
called the “Company”, which term includes any successor Person under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co., or registered assigns, the principal sum of Two Hundred
Million Dollars (U.S. $200,000,000) on October 15, 2040, and to pay
interest thereon from October 21, 2010 or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, quarterly on
January 15, April 15, July 15 and October 15 in each year,
commencing January 15, 2011, at the rate of 7.75% per annum, until the
principal hereof is paid or made available for payment. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in such Indenture, be paid to the Person in whose name this
Security is registered at the close of business on the Regular Record Date for
such interest, which shall be January 1, April 1, July 1 and October 1
(whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Securities of this series not less than 10 days prior
to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. This
Security may be issued as part of a series, and up to $230,000,000 aggregate
principal amount may be initially issued if the underwriters’ overallotment
option is exercised in full.

 

Payment of the principal of (and
premium, if any) and any such interest on this Security will be made at the
Corporate Trust Office of the Trustee in Boston, Massachusetts in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however,
that at the option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register.

 

Reference is hereby made to the
further provisions of this Security set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth
at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this Security shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

 

 

IN WITNESS WHEREOF, the Company has
caused this instrument to be duly executed.

 

 

Dated: October 21, 2010

 

 

	
   

  	
  ARES CAPITAL CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard S. Davis

  
	
   

  	
  Name:

  	
  Richard
  S Davis

  
	
   

  	
  Title:

  	
  Chief
  Financial Officer

  

 

 

This is one of the Securities of the
series designated therein referred to in the within-mentioned Indenture.

 

	
  Dated: October 21, 2010

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL ASSOCIATION,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Karen R. Beard

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 

Ares Capital
Corporation

7.75% Senior Notes due 2040

 

This Security is one of a duly
authorized issue of securities of the Company (herein called the “Securities”),
issued and to be issued in one or more series under an Indenture, dated as of October 21,
2010 (herein called the “Base Indenture”, which term shall have the meaning
assigned to it in such instrument), between the Company and U.S. Bank National
Association, as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Base Indenture), and reference is hereby made to
the Base Indenture for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities
and of the terms upon which the Securities are, and are to be, authenticated
and delivered, as supplemented by the First Supplemental Indenture relating to
the Securities, dated October 21, 2010, by and between the Company and the
Trustee (herein called the “First Supplemental Indenture”, the First
Supplemental Indenture and the Base Indenture collectively are herein called
the “Indenture”). In the event of any conflict between the Base Indenture and
the First Supplemental Indenture, the First Supplemental Indenture shall govern
and control.

 

This Security is one of the series
designated on the face hereof, initially
limited in aggregate principal amount to $200,000,000 (or up to
$230,000,000 aggregate principal amount if the underwriters’ overallotment
option is exercised in full).  Under a
Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an
indenture supplement, the Company may from time to time, without the consent of
the Holders of Securities, issue additional Securities of this series (in any
such case “Additional Securities”) having the same ranking and the same
interest rate, maturity and other terms as the Securities. Any Additional
Securities and the existing Securities will constitute a single series under
the Indenture and all references to the relevant Securities herein shall
include the Additional Securities unless the context otherwise requires. The
aggregate amount of outstanding Securities represented hereby may from time to
time be reduced or increased, as appropriate, to reflect exchanges and
redemptions.

 

The Securities of this series are
subject to redemption in whole or in part at any time or from time to time, at
the option of the Company, on or after October 15, 2015, at a redemption
price of $25 per security plus accrued and unpaid interest payments otherwise
payable for the then-current quarterly interest period accrued to the date
fixed for redemption.

 

Notice of redemption shall be given
in writing and mailed, first-class postage prepaid or by overnight courier
guaranteeing next-day delivery, to each Holder of the Securities to be
redeemed, not less than thirty (30) nor more than sixty (60) days prior to the
Redemption Date, at the Holder’s address appearing in the Security Register.
All notices of redemption shall contain the information set forth in Section 11.04
of the Base Indenture.

 

Any exercise of the Company’s option
to redeem the Securities will be done in compliance with the Investment Company
Act, and the rules, regulations and interpretations promulgated thereunder, to
the extent applicable.

 

If the Company elects to redeem only
a portion of the Securities, the Trustee will determine the method for
selecting the particular Securities to be redeemed, in accordance with the
Investment Company Act, and the rules and regulations promulgated
thereunder, to the extent applicable. In the event of redemption of this
Security in part only, a new Security or Securities of this series and of like
tenor for the unredeemed portion hereof will be issued in the name of the
Holder hereof upon the cancellation hereof.

 

Unless the Company defaults in
payment of the Redemption Price, on and after the Redemption Date, interest
will cease to accrue on the Notes called for redemption.

 

Holders of Securities do not have
the option to have the Securities repaid prior to October 15, 2040.

 

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness of this Security or
certain restrictive covenants and Events of Default with respect to this
Security, in each case upon compliance with certain conditions set forth in the
Indenture.

 

If an Event of Default with respect
to Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and
with the effect provided in the Indenture.

 

The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of
the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of not less than a
majority in principal amount of the Securities at the time Outstanding of each
series to be affected. The Indenture also contains provisions permitting the
Holders of specified percentages in principal amount of the Securities of each
series at the time Outstanding, on behalf of the Holders of all Securities of
such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and
of any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security.

 

As provided in and subject to the
provisions of the Indenture, the Holder of this Security shall not have the
right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless
such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the
Holders of not less than 25% in principal amount of the Securities of this
series at the time Outstanding shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default as Trustee and
offered the Trustee reasonable indemnity against the costs, expenses and
liabilities to be incurred in compliance with such request, and the Trustee
shall not have received from the Holders of a majority in principal amount of
Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for sixty
(60)  days after receipt of such notice, request and offer of indemnity.
The foregoing shall not apply to any suit instituted by the Holder of this
Security for the enforcement of any payment of principal hereof or any premium
or interest hereon on or after the respective due dates expressed herein.

 

No reference herein to the Indenture
and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the
principal of and any premium and interest on this Security at the times, place
and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and
subject to certain limitations therein set forth, the transfer of this Security
is registrable in the Security Register, upon surrender of this Security for
registration of transfer at the office or agency of the Company in any place
where the principal of and any premium and interest on this Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed
by, the Holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.

 

The Securities of this series are
issuable only in registered form without coupons in denominations of $25 and
any integral multiples of $25 in excess thereof. As provided in the Indenture
and subject to certain limitations therein set forth, Securities of this series
are exchangeable for a like aggregate principal amount of Securities of this
series and of like tenor of a different authorized denomination, as requested
by the Holder surrendering the same.

 

No service charge shall be made for
any such registration of transfer or exchange, but the Company or Trustee may
require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

 

Prior to due presentment of this
Security for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Security
is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent
shall be affected by notice to the contrary.

 

All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in
the Indenture.

 

The Indenture and this Security
shall be governed by and construed in accordance with the laws of the State of
New York, without regard to principles of conflicts of laws.Exhibit 10.1

 

INDEMNIFICATION AGREEMENT

 

This
INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into
this 15th day of October, 2010 (the “Effective Date”) by and between ICU
Medical, Inc., a Delaware corporation (the “Company”), and                           .

 

WHEREAS,
the Company believes it is essential to retain and attract qualified directors
and officers;

 

WHEREAS,
the Indemnitee is a director and/or officer of the Company;

 

WHEREAS,
both the Company and the Indemnitee recognize the increased risk of litigation
and other claims being asserted against directors and officers of public
companies;

 

WHEREAS,
the Company’s Bylaws (the “Bylaws”) require the Company to indemnify its
directors and officers to the extent permitted by the DGCL (as hereinafter
defined);

 

[WHEREAS,
the Indemnitee has been serving and intends to continue serving as a director
and/or officer of the Company in part in reliance on the Bylaws](1); [and]

 

WHEREAS,
in recognition of the Indemnitee’s need for (i) substantial protection
against personal liability  based on the
Indemnitee’s reliance on the Bylaws, (ii) specific contractual assurance
that the protection promised by the Bylaws will be available to the Indemnitee,
regardless of, among other things, any amendment to or revocation of the Bylaws
or any change in the composition of the Company’s Board of Directors (the “Board”)
or acquisition transaction relating to the Company, and (iii) an
inducement to continue to provide effective services to the Company as a
director and/or officer thereof, the Company wishes to provide for the
indemnification of the Indemnitee and to advance expenses to the Indemnitee to
the fullest extent permitted by law and as set forth in this Agreement, and, to
the extent insurance is maintained by the Company, to provide for the continued
coverage of the Indemnitee under the Company’s directors’ and officers’
liability insurance policies; [and]

 

[WHEREAS,
the Indemnitee is relying upon the rights
afforded under this Agreement in accepting Indemnitee’s position as a director,
officer or employee of the Company;](2)

 

NOW,
THEREFORE, in consideration of the premises contained herein and of the
Indemnitee continuing to serve the Company directly or, at its request, with
another enterprise, and intending to be legally bound hereby, the parties
hereto agree as follows:

 

1.                                      Certain
Definitions.

 

(a)                                 A “Change in Control”
shall be deemed to have occurred if:

 

(i)                                     any “person,” as such term
is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended, and the rules and regulations thereunder (the 

 

1

 

“Exchange
Act”), other than (a) a trustee or other fiduciary holding securities
under an employee benefit plan of the Company; (b) a corporation owned,
directly or indirectly, by the stockholders of the Company in substantially the
same proportions as their ownership of stock of the Company; or (c) any
current beneficial stockholder or group, as defined by Rule 13d-5 of the
Exchange Act, including the heirs, assigns and successors thereof, of
beneficial ownership, within the meaning of Rule 13d-3 of the Exchange
Act, of securities possessing more than 50% of the total combined voting power
of the Company’s outstanding securities; hereafter becomes the “beneficial
owner,” as defined in Rule 13d-3 of the Exchange Act, directly or
indirectly, of securities of the Company representing 20% or more of the total
combined voting power represented by the Company’s then outstanding Voting
Securities;

 

(ii)                                  during any period of two
consecutive years, individuals who at the beginning of such period constitute
the Board and any new director whose election by the Board or nomination for
election by the Company’s stockholders was approved by a vote of at least
two-thirds of the directors then in office who either were directors at the
beginning of the period or whose election or nomination for election was
previously so approved, cease for any reason to constitute a majority thereof;
or

 

(iii)                               the stockholders of the
Company approve a merger or consolidation of the Company with any other
corporation, other than a merger or consolidation which would result in the
Voting Securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into Voting Securities of the surviving entity) at least 80% of the total
voting power represented by the Voting Securities of the Company or such
surviving entity outstanding immediately after such merger or consolidation, or
the stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company, in one
transaction or a series of transactions, of all or substantially all of the
Company’s assets.

 

(b)                                 “DGCL” shall mean the
General Corporation Law of the State of Delaware, as the same exists or may
hereafter be amended or interpreted; provided, however, that in the case of any
such amendment or interpretation, only to the extent that such amendment or
interpretation permits the Company to provide broader indemnification rights
than were permitted prior thereto.

 

(c)                                  “Expense” shall mean
attorneys’ fees and all other costs, expenses and obligations paid or incurred
in connection with investigating, defending, being a witness in or
participating in (including on appeal), or preparing for any of the foregoing,
any Proceeding relating to any Indemnifiable Event.

 

(d)                                 “Indemnifiable Event”
shall mean any event or occurrence that takes place either prior to or after
the execution of this Agreement, related to the fact that the Indemnitee is or
was a director or officer of the Company, or is or was serving at the request
of the Company as a director, officer, employee, or agent of another
corporation or of a partnership, joint venture, trust or other enterprise,
including service with respect to employee benefit plans, or by reason of
anything done or not done by the Indemnitee in any such capacity.

 

2

 

(e)                                  “Proceeding” shall
mean any threatened, pending or completed action, suit, investigation or
proceeding, and any appeal thereof, whether civil, criminal, administrative or
investigative and/or any inquiry or investigation, whether conducted by the
Company or any other party, that the Indemnitee in good faith believes might
lead to the institution of any such action.

 

(f)                                   “Reviewing Party”
shall mean any appropriate person or body consisting of a member or members of
the Company’s Board or any other person or body appointed by the Board
(including the special independent counsel referred to in Section 6) who
is not a party to the particular Proceeding with respect to which the
Indemnitee is seeking indemnification.

 

(g)                                  “Voting Securities”
shall mean any securities of the Company which vote generally in the election
of directors.

 

2.                                      Indemnification.  In the event the Indemnitee
was or is a party to or is involved (as a party, witness, or otherwise) in any
Proceeding by reason of (or arising in part out of) an Indemnifiable Event,
whether the basis of the Proceeding is the Indemnitee’s alleged action in an
official capacity as a director or officer or in any other capacity while
serving as a director or officer, the Company shall indemnify the Indemnitee to
the fullest extent permitted by the DGCL against any and all Expenses,
liability, and loss (including judgments, fines, ERISA excise taxes or
penalties, and amounts paid or to be paid in settlement, and any interest,
assessments, or other charges imposed thereon, and any federal, state, local,
or foreign taxes imposed on any director or officer as a result of the actual
or deemed receipt of any payments under this Agreement) (collectively, “Liabilities”)
reasonably incurred or suffered by such person in connection with such
Proceeding.  The Company shall provide
indemnification pursuant to this Section 2 as soon as practicable, but in
no event later than 30 days after it receives written demand from the
Indemnitee.  Notwithstanding anything in
this Agreement to the contrary and except as provided in Section 5 below,
the Indemnitee shall not be entitled to indemnification pursuant to this
Agreement (i) in connection with any Proceeding initiated by the
Indemnitee against the Company or any director or officer of the Company unless
the Company has joined in or consented to the initiation of such Proceeding or
(ii) on account of any suit in which judgment is rendered against the
Indemnitee pursuant to Section 16(b) of the Exchange Act for an
accounting of profits made from the purchase or sale by the Indemnitee of
securities of the Company.

 

3.                                      Advancement
of Expenses.  The Company
shall advance Expenses to the Indemnitee within 30 business days of such
request (an “Expense Advance”); provided, however, that if required by
applicable corporate laws such Expenses shall be advanced only upon delivery to
the Company of an undertaking by or on behalf of the Indemnitee to repay such
amount if it is ultimately determined that the Indemnitee is not entitled to be
indemnified by the Company; and provided further, that the Company shall make
such advances only to the extent permitted by law.  Expenses incurred by the Indemnitee while not
acting in his/her capacity as a director or officer, including service with
respect to employee benefit plans, may be advanced upon such terms and conditions
as the Board, in its sole discretion, deems appropriate.

 

4.                                      Review
Procedure for Indemnification.  Notwithstanding
the foregoing, (i) the obligations of the Company under Sections 2
and 3 above shall be subject to the condition that the Reviewing Party shall
not have determined (in a written opinion, in any case in which the 

 

3

 

special independent counsel referred to in
Section 6 hereof is involved) that the Indemnitee would not be permitted
to be indemnified under applicable law, and (ii) the obligation of the
Company to make an Expense Advance pursuant to Section 3 above shall be
subject to the condition that, if, when and to the extent that the Reviewing
Party determines that the Indemnitee would not be permitted to be so
indemnified under applicable law, the Company shall be entitled to be
reimbursed by the Indemnitee (who hereby agrees to reimburse the Company) for
all such amounts theretofore paid; provided, however, that if the Indemnitee has
commenced legal proceedings in a court of competent jurisdiction pursuant to
Section 5 below to secure a determination that the Indemnitee should be
indemnified under applicable law, any determination made by the Reviewing Party
that the Indemnitee would not be permitted to be indemnified under applicable
law shall not be binding and the Indemnitee shall not be required to reimburse
the Company for any Expense Advance until a final judicial determination is
made with respect thereto (as to which all rights of appeal therefrom have been
exhausted or have lapsed).  The
Indemnitee’s obligation to reimburse the Company for Expense Advances pursuant
to this Section 4 shall be unsecured and no interest shall be charged
thereon.  The Reviewing Party shall be
selected by the Board, unless there has been a Change in Control, other than a
Change in Control which has been approved by a majority of the Company’s Board
who were directors immediately prior to such Change in Control, in which case
the Reviewing Party shall be the special independent counsel referred to in
Section 6 hereof.

 

5.                                      Enforcement
of Indemnification Rights.  If the Reviewing Party determines that the
Indemnitee substantively would not be permitted to be indemnified in whole or
in part under applicable law, or if the Indemnitee has not otherwise been paid
in full pursuant to Sections 2 and 3 above within 30 days after a
written demand has been received by the Company, the Indemnitee shall have the
right to commence litigation in any court in the State of Delaware having
subject matter jurisdiction thereof and in which venue is proper to recover the
unpaid amount of the demand (an “Enforcement Proceeding”) and, if
successful in whole or in part, the Indemnitee shall be entitled to be paid any
and all Expenses in connection with such Enforcement Proceeding.  The Company hereby consents to service of
process for such Enforcement Proceeding and to appear in any such Enforcement
Proceeding.  Any determination by the
Reviewing Party otherwise shall be conclusive and binding on the Company and
the Indemnitee.

 

6.                                      Change
in Control.  The Company
agrees that if there is a Change in Control of the Company, other than a Change
in Control which has been approved by a majority of the Company’s Board who
were directors immediately prior to such Change in Control, then with respect
to all matters thereafter arising concerning the rights of the Indemnitee to
indemnity payments and Expense Advances under this Agreement or any other
agreement or under applicable law or the Company’s Certificate of Incorporation
or Bylaws now or hereafter in effect relating to indemnification for
Indemnifiable Events, the Company shall seek legal advice only from special
independent counsel selected by the Indemnitee and approved by the Company,
which approval shall not be unreasonably withheld.  Such special independent counsel shall not
have otherwise performed services for the Company or the Indemnitee, other than
in connection with such matters, within the last five years.  Such independent counsel shall not include
any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the
Company or the Indemnitee in an action to determine the Indemnitee’s rights under
this Agreement.  Such counsel, among
other 

 

4

 

things, shall render its written opinion to the
Company and the Indemnitee as to whether and to what extent the Indemnitee
would be permitted to be indemnified under applicable law.  The Company agrees to pay the reasonable fees
of the special independent counsel referred to above and to indemnify fully
such counsel against any and all expenses (including attorneys’ fees), claims,
liabilities and damages arising out of or relating to this Agreement or the
engagement of special independent counsel pursuant to this Agreement.

 

7.                                      Partial
Indemnity.  If the
Indemnitee is entitled under any provision of this Agreement to indemnification
by the Company for some or a portion of the Expenses and Liabilities, but not,
however, for all of the total amount thereof, the Company shall nevertheless
indemnify the Indemnitee for the portion thereof to which the Indemnitee is
entitled.  Moreover, notwithstanding any
other provision of this Agreement, to the extent that the Indemnitee has been
successful on the merits or otherwise in defense of any or all Proceedings
relating in whole or in part to an Indemnifiable Event or in defense of any
issue or matter therein, including dismissal without prejudice, the Indemnitee
shall be indemnified against all Expenses incurred in connection
therewith.  In connection with any
determination by the Reviewing Party or otherwise as to whether the Indemnitee
is entitled to be indemnified hereunder, the burden of proof shall be on the
Company to establish that the Indemnitee is not so entitled.

 

8.                                      Non-exclusivity.  The rights of the Indemnitee hereunder shall
be in addition to any other rights the Indemnitee may have under any statute,
provision of the Company’s Certificate of Incorporation or Bylaws, vote of
stockholders or disinterested directors or otherwise, both as to action in an
official capacity and as to action in another capacity while holding such
office.  To the extent that a change in
the DGCL permits greater indemnification by agreement than would be afforded
currently under the Company’s Certificate of Incorporation and Bylaws and this
Agreement, it is the intent of the parties hereto that the Indemnitee shall
enjoy by this Agreement the greater benefits so afforded by such change.

 

9.                                      Liability
Insurance.  To the
extent the Company maintains an insurance policy or policies providing
directors’ and officers’ liability insurance, the Indemnitee shall be covered
by such policy or policies, in accordance with its or their terms, to the
maximum extent of the coverage available for any director or officer of the
Company.

 

10.                               Settlement of Claims.  The Company shall not be liable to indemnify
the Indemnitee under this Agreement (a) for any amounts paid in settlement
of any action or claim effected without the Company’s written consent, which
consent shall not be unreasonably withheld; or (b) for any judicial award
if the Company was not given a reasonable and timely opportunity, at its expense,
to participate in the defense of such action.

 

11.                               No Presumption.  For purposes of this Agreement, to the
fullest extent permitted by law, the termination of any Proceeding, action,
suit or claim, by judgment, order, settlement (whether with or without court
approval) or conviction, or upon a plea of nolo contendere, or its equivalent,
shall not create a presumption that the Indemnitee did not meet any particular
standard of conduct or have any particular belief or that a court has
determined that indemnification is not permitted by applicable law.

 

5

 

12.                               Period of Limitations.  No legal action shall be brought and no cause
of action shall be asserted by or on behalf of the Company or any affiliate of
the Company against the Indemnitee, the Indemnitee’s spouse, heirs, executors
or personal or legal representatives after the expiration of two years from the
date of accrual of such cause of action, or such longer period as may be
required by state law under the circumstances, and any claim or cause of action
of the Company or its affiliate shall be extinguished and deemed released
unless asserted by the timely filing of a legal action within such period;
provided, however, that if any shorter period of limitations is otherwise
applicable to any such cause of action, such shorter period shall govern.

 

13.                               Amendment of this Agreement.  No supplement, modification or amendment of
this Agreement shall be binding unless executed in writing by both of the
parties hereto.  No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provisions hereof (whether or not similar), nor shall such waiver
constitute a continuing waiver.  Except
as specifically provided herein, no failure to exercise or any delay in
exercising any right or remedy hereunder shall constitute a waiver thereof.

 

14.                               Primacy of Indemnification.  Notwithstanding that the Indemnitee may have
certain rights to indemnification, advancement of expenses and/or insurance
provided by other persons (collectively, the “Other Indemnitors”), the
Company:  (i) shall be the
indemnitor of first resort (i.e., its obligations to the Indemnitee are primary
and any obligation of the Other Indemnitors to advance expenses or to provide
indemnification for the same expenses or liabilities incurred by the Indemnitee
are secondary); and (ii) shall be required to advance the full amount of
expenses incurred by the Indemnitee and shall be liable for the full amount of
all Expenses, without regard to any rights the Indemnitee may have against any
of the Other Indemnitors.  No advancement
or payment by the Other Indemnitors on behalf of the Indemnitee with respect to
any claim for which the Indemnitee has sought indemnification from the
corporation shall affect the immediately preceding sentence, and the Other
Indemnitors shall have a right of contribution and/or be subrogated to the
extent of such advancement or payment to all of the rights of recovery of the
Indemnitee against the Company.  The
Company and the Indemnitee agree that the Other Indemnitors are express third
party beneficiaries of the terms of this Section 14.

 

15.                               Subrogation.  In the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of the Indemnitee (other than against the Other
Indemnitors), who shall execute all papers required and shall do everything
that may be necessary to secure such rights, including the execution of such documents
necessary to enable the Company effectively to bring suit to enforce such
rights.

 

16.                               No Duplication of Payments.  Except as otherwise set forth in
Section 14 above, the Company shall not be liable under this Agreement to
make any payment in connection with any claim made against Indemnitee to the
extent the Indemnitee has otherwise actually received payment (under any
insurance policy, Bylaw, vote, agreement or otherwise) of the amounts otherwise
indemnifiable hereunder.

 

17.                               Binding Effect.  This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their
respective successors, assigns, including any direct or indirect successor by
purchase, merger, consolidation or otherwise to all or substantially all of the
business and/or assets of the Company, spouses, heirs, and personal and legal
representatives.  

 

6

 

The Company shall require and cause any successor
(whether direct or indirect by purchase, merger, consolidation or otherwise) to
all, substantially all, or a substantial part, of the business and/or assets of
the Company, by written agreement in form and substance satisfactory to the
Indemnitee, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform if
no such succession had taken place.  This
Agreement shall continue in effect regardless of whether the Indemnitee continues
to serve as a director or officer of the Company or of any other enterprise at
the Company’s request.

 

18.                               Severability.  The provisions of this Agreement shall be
severable in the event that any of the provisions hereof (including any
provision within a single section, paragraph or sentence) is held by a court of
competent jurisdiction to be invalid, void or otherwise unenforceable, and the
remaining provisions shall remain enforceable to the fullest extent permitted
by law.  Furthermore, to the fullest
extent possible, the provisions of this Agreement (including, without
limitation, each portion of this Agreement containing any provision held to be
invalid, void or otherwise unenforceable, that is not itself invalid, void or
unenforceable) shall be construed so as to give effect to the intent manifested
by the provision held invalid, illegal or unenforceable.

 

19.                               Governing Law.  This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Delaware
applicable to contracts made and to be performed in such State without giving
effect to the principles of conflicts of laws.

 

20.                               Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

21.                               Notices.  All notices, demands, and other
communications required or permitted hereunder shall be made in writing and
shall be deemed to have been duly given if delivered by hand, against receipt,
or mailed, postage prepaid, certified or registered mail, return receipt
requested, and addressed to the Company at:

 

ICU Medical, Inc.

Attention:                           

951 Calle Amanecer

San Clemente, CA 92673

 

and
to the Indemnitee at:

                                            

                                            

                                            

                                            

 

Notice
of change of address shall be effective only when done in accordance with this
Section.  All notices complying with this
Section shall be deemed to have been received on the date of delivery or
on the third business day after mailing.

 

7

 

IN
WITNESS WHEREOF, the parties hereto have duly executed and delivered this
Agreement as of the day first set forth above.

 

	
   

  	
  THE
  COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
  ICU
  MEDICAL, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  INDEMNITEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Print
  Name:

  	
   

  
				

 

8

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