Document:

Unsecured Promissory Note, dated January 8, 2003

 EXHIBIT 10.1 
  
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE
FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS
IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
  
 MICRO THERAPEUTICS, INC. 
 (A Delaware Corporation) 
  
 Note No. N2 
  
 
	 Amount: $4,000,000
 	 	 January 8, 2003
 

 
  
 UNSECURED PROMISSORY NOTE 
  
 For value received, Micro Therapeutics, Inc., a Delaware corporation (the “Borrower”), unconditionally promises to pay to
Micro Investment, LLC, a Delaware limited liability company, or its assigns (the “Lender”), the principal sum of FOUR MILLION DOLLARS ($4,000,000) with simple interest on the outstanding principal amount. The outstanding principal
amount, together with all accrued and unpaid interest, shall be due and payable on the earlier of (i) demand of the Lender or (ii) July 8, 2003 (the “Maturity Date”). 
  
 1.    Interest.    The outstanding principal amount on this Unsecured Promissory Note (this “Note”) shall
bear interest at the rate of ten percent (10%) per annum and shall commence with the date hereof and shall continue on the outstanding principal until this Note is paid in full, in accordance with the terms hereof. Notwithstanding the foregoing, any
amount outstanding under this Note shall bear interest from and after the Maturity Date at the rate of twelve percent (12%) per annum. Any interest on this Note accruing after the Maturity Date shall accrue and be compounded monthly until the
obligation of the Borrower with respect to the payment of such interest has been discharged (whether before or after judgment). 
  
 2.    Payments.    The Borrower may prepay all or any portion of this Note at any time without penalty. All payments shall be made to the Lender at its offices at c/o Warburg, Pincus
Equity Partners, L.P., 466 Lexington Avenue, New York, NY 10017, or at such other address as the Lender may specify in writing. All payments received from the Borrower hereunder shall be applied first, to the payment of any expenses due to the
Lender pursuant to the terms of this Note, second, to the payment of interest accrued and unpaid on this Note, and third, to reduce the 

 principal balance hereunder. Any payments of expenses, principal or interest shall be made in U.S. dollars. 
  
 3.    No Voting Rights.    This Note shall not entitle the Lender to any voting rights or
other rights as a stockholder of the Borrower. 
  
 4.    Transfers.    This Note may be transferred only in compliance with applicable federal and state securities laws and only upon surrender of the original Note for registration of
transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Borrower. Thereupon, a new promissory note for like principal amount and interest will be issued to, and registered in the name of,
the transferee. Interest and principal are payable only to the registered holder of this Note. The Lender agrees to provide a form W-9 to the Borrower on request. 
  
 5.    Amendment; Waiver.    Any amendment hereto or waiver of any provision hereof may be made only with the written consent
of the Borrower and the Lender. This Note shall inure to the benefit of and bind the successors, permitted assigns, heirs, executors, and administrators of the Borrower and the Lender. Failure of the Lender to assert any right herein shall not be
deemed to be a waiver thereof. 
  
 6.    Event of Default.    This
Note shall become immediately due and payable upon the occurrence of an Event of Default (as defined below), whereupon (i) this Note and all such interest shall become and be immediately due and payable, without presentment, demand, protest or
further notice of any kind, all of which are hereby expressly waived by the Borrower; and (ii) the Lender, at its option, may proceed to enforce all other rights and remedies available to the Lender under applicable law. For purposes hereof, the
occurrence of any of the following shall constitute an “Event of Default” under this Note: 
  
 (a)  the failure to make any payment of principal or any other amount payable hereunder when due under this Note or the breach of any other condition or obligation under this Note; or 
  
 (b)  the filing of a petition by or against the Borrower under any provision of applicable bankruptcy or similar
law; or appointment of a receiver, trustee, custodian or liquidator of or for all or any part of the assets or property of the Borrower; or the insolvency of the Borrower; or the making of a general assignment for the benefit of creditors by the
Borrower. 
  
 7.    Usury Savings Clause.    Each of the Borrower and
the Lender intends to comply at all times with applicable usury laws. If at any time such laws would render usurious any amounts due under this Note under applicable law, then it is each of the Borrower’s and the Lender’s express intention
that the Borrower not be required to pay interest on this Note at a rate in excess of the maximum lawful rate, that the provisions of this Section 7 shall control over all other provisions of this Note which may be in apparent conflict hereunder,
that such excess amount shall be immediately credited to the principal balance of this Note, and the provisions hereof shall immediately be reformed and the amounts thereafter decreased, so as to comply with the then applicable usury law, but so as
to permit the recovery of the fullest amount otherwise due under this Note. 

  
 8.    Costs.    The Borrower
agrees to pay all reasonable costs of collection of any amounts due hereunder arising as a result of any default hereunder, including without limitation, attorneys’ fees and expenses. 
  
 9.    Governing Law.    This Note is made in accordance with and shall be construed under the laws of the State of New York,
other than the conflicts of law principles thereof. 
  
 10.    Waiver.    The Borrower hereby expressly waives presentment, demand for payment, dishonor, notice of dishonor, protest, notice of protest and any other formality. 

 
 
	 MICRO THERAPEUTICS, INC.
 
	 
	  	 	 /s/    HAROLD A.
HURWITZ        
 

	 By:
 Title:
 	 	 Harold A. Hurwitz
 Chief Financial
Officer<PAGE>

Exhibit 10.1

Proposal for MIV Therapeutics

This letter of understanding will serve to outline the consulting relationship,
effective November 1, 2002, between MIV Therapeutics and Craig Scott and Karen
Ard. Scott/Ard will perform investment banking and IR services for MIV that will
include, but not be limited to, the following:

Exposure to brokers (existing relationships):
---------------------------------------------

AG Edwards                                   Paulson Investment Company, Inc.
IJL/Wachovia Securities                      American Investment Services, Inc.
First Union Securities                       Harrison, Douglas, Inc.
Scott & Stringfellow                         Presidential Brokerage
Josepthal                                    National Securities, Inc.
Patterson, Travis Inc.                       Bathgate, McColley Capital Group,
Spencer Edwards                              Basic Investors
Capital West Securities, Inc.                J.P. Turner
Schneider Securities                         Travis, Morgan
J.W. Genesis Securities                      Sterling Enterprises Group
Salomon Grey Financial                       Brookstreet Securities
Frederick & Company, Inc.                    Oak Tree Securities, Inc.
Grant Bettingen, Inc.                        Raymond James Financial
Heritage West Securities, Inc.               Morgan, Stanley
Keating Investments, LLC                     IFG Securities
Neidiger, Tucker, Bruner, Inc.               JC Bradford

These B/Ds represent approximately 200 brokers we have direct relationships with
and several hundred more that we have access to through those relationships.
Firms in BOLD indicate relationships with Principals, Branch Managers, etc.
Although concentrated primarily in the Southeast, Midwest and Rocky Mountains,
we also maintain strong relationships with brokers in New York that have
extensive networks in the East and Northeast. We also have relationships with a
number of other brokers with small, independent B/Ds or individual brokers where
there is only one with the firm (approximately 50).

Development of new brokers:
---------------------------

         o    Establish communications mechanism for brokers
         o    Expand influence in current brokers' offices
         o    Identify and develop brokers of current and future shareholders
         o    Broker prospecting mailings with follow up calls and/or personal
              visit
         o    Due diligence meetings
         o    Broker conferences (FSX, NIBA, NFN)

<PAGE>

Communication with current shareholders:
----------------------------------------

         o    Solidify and increase s/h retention through communication
         o    Establish shareholder database
         o    Establish communications mechanism for s/h (telecon, fax, email,
              newsletter)
         o    Develop and write shareholder newsletter; coordinate mailing
              through transfer agent and ADP; handle inquiries, referrals
         o    Solicit and develop broker referrals from s/h

Increase shareholder base through direct marketing:
---------------------------------------------------

         o    Referrals of new s/h from current
         o    Investor conferences
         o    Direct mail - alternative databases
         o    Potential Internet exposure - mostly outsourced and executed
              CAREFULLY

Media exposure:
---------------

         o    Print media - industry publications, local newspapers, lifestyle
              publications, news magazines and investment publications and
              newsletters
         o    Radio and television exposure
         o    Editing or writing press releases and distribution to wires, trade
              publications, etc.

Investment banking services:
----------------------------

         o    Introduction to Broker/Dealers through personal contacts,
              referrals and investment banking conferences
         o    Identification of merger/acquisition candidates and potential
              sources of investment capital
         o    Advice on trading issues such as market maker or specialist
              relationships, evaluation of market maker activity, short-selling,
              etc.
         o    Analysis of trading activity through correlation of transfer agent
              certificate activity reports, DTC sheets and shareholder and NOBO
              lists
         o    Coordination with transfer agent and securities counsel with
              regards to marketing activities and shareholder needs
         o    Providing other benefits of an extensive network and industry
              expertise as needed

Preparation of marketing/presentation materials:
------------------------------------------------

         o    Input in, or development of, marketing pieces, website design,
              presentation materials, etc.

Compensation (for services of both Karen and Craig):
----------------------------------------------------

Twelve month contract with 30-day termination notice required.

<PAGE>

$10,000/month base consulting fee, paid in advance - $6,000/month payable in
cash, balance to be deferred until such time as MIV's financial situation
improves. At that time, or at anytime prior, Scott/Ard may elect to convert the
deferred amount into shares of MIV common stock. If conversion is elected, the
accrued amount will be converted into restricted MIV common shares at 50% of the
average closing price of the stock for the ten-day period prior to conversion.
Converted shares will have registration rights as described below.

Stock and incentive warrants (both with piggy-back registration rights,
reasonable selling agreement acceptable) as follows:

         o    50M shares of common stock, vest immediately
         o    50M shares of common stock, vest at 60 days
         o    100M warrants at $1.00, 3 yrs, vest at 30 days
         o    100M warrants at $2.00, 4 yrs, vest at 90 days
         o    100M warrants at $3.00, 5 yrs, vest at 180 days
         o    Bonus for raising significant capital ($1MM or more) - 1%
         o    $10,000 for development of marketing package, to be converted into
              restricted shares of MIV common shares at 50% of the average
              closing price of the stock for the ten-day period prior to
              November 1, 2002. Marketing package will consist of a corporate
              profile, executive summary, broker fact sheet, industry articles,
              etc.

MIV will be responsible for all expenses directly related to services including
travel, printing, mailing costs, conference fees and outsource vendor expenses.
All expenses except travel will be billed directly between MIV and vendor with
no additional markup/commission. Expenses in excess of $100 will be pre-approved
by MIV and paid immediately upon receipt of invoice.

Agreed to November 6, 2002, by:

/s/ Alan Linday
Alan Lindsay
MIV Therapeutics

Craig Scott                                 Karen Ard
3252 E. Phillips Drive
Littleton, CO 80122
(303) 843-6191 office
(303) 721-8441 office
(303) 898-4945 cell (Craig)
(303) 324-9790 cell (Karen)
(303) 843-6192 fax
craigscott@sprynet.com
karenkard@yahoo.com

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