Document:

FIRST AMENDMENT
                                TO LOAN AGREEMENT

     This  First  Amendment  to Loan  Agreement  (the  "Amendment")  is made and
entered  into  among  Merit  Medical  Systems,  Inc.  ("Merit  Medical"),  Merit
Holdings, Inc. ("Merit Holdings"), Sentir Semiconductor,  Inc. ("Sentir") (Merit
Medical,  Merit Holdings and Sentir are  collectively  called  "Borrowers")  and
Zions First National Bank ("Lender").

                                    Recitals
                                    --------

         1.       Borrowers  and Lender have  entered in an Amended and Restated
Loan Agreement dated August 11, 1999 (the "Agreement").

         2.       Borrowers  and Lender desire to modify and amend the Agreement
as provided herein.

                                    Amendment
                                    ---------

         For good and valuable  consideration,  the receipt and  sufficiency  of
which are hereby  acknowledged,  Borrowers and Lender hereby agree and amend and
modify the Agreement as follows:

         1.       Definitions.  Except as otherwise  expressly  provided herein,
terms  assigned  defined  meanings in the Agreement  shall have the same defined
meanings in this Amendment.

         2.       Amended  Definitions.  The definitions of "Borrowing  Base"and
"Facility  Amount" in Section 1.1 of the Agreement are amended in their entirety
to read as follows:

                  "Borrowing  Base"  means  the sum of (a)  75% of the net  book
         value, as determined by Lender, of all accounts receivable of Borrowers
         in  which  Lender  has  a  first  priority,  fully  perfected  security
         interest,  (b) 45% of the net book value,  as determined by Lender,  of
         all inventory of Borrowers in which Lender has a first priority,  fully
         perfected  security  interest to the extent that (x) the net book value
         of inventory of  Borrowers as of the fiscal month most  recently  ended
         divided by (y)(a)(i) the cost of goods sold of Borrowers for the fiscal
         quarter most recently ended (and in the case of any  acquisition by any
         Borrower,  the cost of goods sold for such  acquired  property for such
         fiscal  quarter  as  reasonably  determined  by Lender)  multiplied  by
         (ii)four (4) divided by (b) 365, does not exceed 175,  provided that if
         such  calculation  exceeds 175,  such  inventory  is excluded  from the
         Borrowing  Base  to the  extent  and  only  to  the  extent  that  such
         calculation exceeds 175, (c) 70% of the appraised value,  acceptable to
         Lender,  of all real  property of Borrowers in which Lender has a first
         priority,  fully  perfected  lien,  (d)  70%  of the  appraised  value,
         acceptable to Lender, of all equipment of Borrowers in which Lender has
         a first priority, fully perfected security interest, and (e) (i) 65% of
         the net book  value,  as  determined  by Lender,  of all  equipment  of
         Borrowers for which there is not an appraisal  acceptable to Lender and
         in which Lender has a fully perfected  security interest minus (ii) the

                                        1

<PAGE>

         outstanding  principal amount owing by Borrowers in respect of all such
         equipment  which is  subject  to a security  interest  superior  to the
         security interest of Lender in such equipment.

                  "Facility   Amount"   means   thirty-five    million   dollars
         ($35,000,000.00)   as  such   amount  is  reduced   by  three   hundred
         seventy-five  thousand  dollars  ($375,000.00)  on the last day of each
         quarter commencing with the quarter ending March 31, 2001.

         3.       Section 3.1 Section  3.1 of the Loan  Agreement  is amended by
adding a new subsection c. to read as follows:

                  c. A deed of trust upon real property of Merit Medical located
in Brazoria County, Texas.

         4.       Section 6.6 a. Section 6.6 a. of the Loan Agreement is amended
in its entirety to read as follows:

                  a. Annual  audited  financial  statements  with an unqualified
         opinion  for each  fiscal  year of each  Borrower  from an  independent
         accounting firm and in a form acceptable to Lender,  to be delivered to
         Lender within ninety-five (95) days of the end of the fiscal year. Each
         Borrower shall also submit to Lender copies of any  management  letters
         or other reports  submitted to such Borrower by  independent  certified
         public  accountants  in connection  with  examination  of the financial
         statements of such Borrower made by such accountants.

         5. Conditions to Effectiveness  of Amendment.  The amendments set forth
above shall become  effective,  as of the date and year set forth below, on such
date (the "First Amendment Effective Date") when the following  conditions shall
have been satisfied in a form and substance acceptable to Lender:

                  a. This Amendment, the Replacement Promissory Note in the form
         of Exhibit A hereto (the "Replacement  Promissory Note"), and all other
         documents  contemplated  by this  Amendment  to be  delivered to Lender
         prior to funding have been fully executed and delivered to Lender.

                  b. All of the documents  contemplated  by this Amendment which
         require  filing or recording  have been properly  filed and recorded so
         that all of the  liens  and  security  interests  granted  to Lender in
         connection  with this Amendment will be properly  created and perfected
         and will have a priority acceptable to Lender.

                  c. All other conditions  precedent provided in or contemplated
         by the Agreement,  the Security  Documents,  or any other  agreement or
         document have been performed.

                  d. As of the First  Amendment  Effective  Date,  the following
         shall be true and correct:  (1) all representations and warranties made
         by  Borrowers  in the  Agreement  are true and  correct as of the First

                                        2

<PAGE>

         Amendment  Effective  Date;  and (2) no Event of Default  has  occurred
         under the Agreement and no conditions  exist and no event has occurred,
         which, with the passage of time or the giving of notice, or both, would
         constitute an Event of Default under the Agreement.

         All  conditions  precedent  set forth in the  Agreement,  the  Security
Documents, or in any other document relating thereto are for the sole benefit of
Lender and may be waived unilaterally by Lender.

         6.  Collateral.  The  Loan  and the  Replacement  Promissory  Note  are
secured by the  collateral  identified  in, and  contemplated  by the Agreement,
including, without limitation, the various Security Agreements, dated August 11,
1999, executed by the Borrowers,  and by the Collateral described in Section 3.1
Collateral of the Agreement.

         7.  Representations  and  Warranties.  Each Borrower hereby affirms and
again  makes  the   representations  and  warranties  set  forth  in  Article  5
Representations  and Warranties as of the First  Amendment  Effective Date. Each
Borrower  represents  and  warrants  that  there  have  been no  changes  to the
Organizational Documents of such Borrower since August 11, 1999.

         8. Authorization.  Borrower represents and warrants that the execution,
delivery,  and  performance  by Borrowers  of this  Amendment,  the  Replacement
Promissory Note, and all agreements,  documents,  obligations,  and transactions
herein  contemplated  have been duly  authorized by all necessary  action on the
part  of  such  Borrower  and  are  not   inconsistent   with  such   Borrower's
Organizational  Documents  or any  resolution  of the Board of Directors of such
Borrower,  do not and will not  contravene  any  provision  of, or  constitute a
default under, any indenture,  mortgage,  contract, or other instrument to which
such  Borrower is a party or by which it is bound,  and that upon  execution and
delivery hereof and thereof, this Amendment and the Replacement  Promissory Note
will constitute  legal,  valid,  and binding  agreements and obligations of each
Borrower, enforceable in accordance with their respective terms.

         9. Payment of Expenses and  Attorney's  Fees.  Borrowers  shall pay all
reasonable  expenses  of  Lender  relating  to  the  negotiation,   drafting  of
documents, and documentation of this Amendment,  including,  without limitation,
title insurance, recording fees, filing fees, and reasonable attorney's fees and
legal expenses. If such expenses are not promptly paid, Lender is authorized and
directed,  upon  execution of this  Amendment and  fulfillment of all conditions
precedent hereunder, to disburse a sufficient amount of the Loan proceeds to pay
in full these expenses.

         10. Agreement  Remains in Full Force and  Effect.  Except as  expressly
amended or modified by this Amendment,  the Agreement  remains in full force and
effect.

         11. Counterpart  Execution.  This  Amendment may be executed in several
counterparts,  without the requirement  that all parties sign each  counterpart.
Each of such counterparts  shall be an original,  but all counterparts  together
shall constitute one and the same instrument.

         12. Integrated Agreement;  Amendment. This Amendment, together with the
Agreement,  Replacement  Promissory  Note,  Security  Documents,  and the  other
agreements,   documents,  obligations,  and  transactions  contemplated  by  the
Agreement and the Amendment, constitute the entire agreements and understandings

                                        3

<PAGE>

between the parties and supersede all other prior and contemporaneous agreements
and may not be  altered or amended  except by  written  agreement  signed by the
parties. This Amendment and the Agreement shall be read and interpreted together
as one  agreement.  PURSUANT TO UTAH CODE SECTION  25-5-4,  BORROWER IS NOTIFIED
THAT THESE AGREEMENTS ARE A FINAL EXPRESSION OF THE AGREEMENT BETWEEN LENDER AND
BORROWERS  AND THESE  AGREEMENTS  MAY NOT BE  CONTRADICTED  BY  EVIDENCE  OF ANY
ALLEGED  ORAL  AGREEMENT.  All  other  prior  and  contemporaneous   agreements,
arrangements  and  understandings  between the parties  hereto as to the subject
matter hereof are, except as otherwise expressly provided herein, rescinded.

         Dated: March 14, 2000

                                            Lender:

                                            Zions First National Bank

                                            By:
                                               ---------------------------
                                            Title:
                                                  ------------------------

                                            Borrowers:

                                            Merit Medical Systems, Inc.

                                            By:
                                               ---------------------------

                                            Title:
                                                  ------------------------

                                            Merit Holdings, Inc.

                                            By:
                                               ---------------------------

                                            Title:

                                            Sentir Semiconductor, Inc.

                                            By:
                                               ---------------------------

                                            Title:
                                                  ------------------------

                                                     EXHIBIT A

                                                         4

<PAGE>MERIT MEDICAL SYSTEMS, INC.
                  HIGHLY COMPENSATED DEFERRED COMPENSATION PLAN

        THIS  MERIT  MEDICAL   SYSTEMS,   INC.   HIGHLY   COMPENSATED   DEFERRED
COMPENSATION  PLAN (the "Plan") is established  effective as of January 1, 2001,
by Merit Medical  Systems,  Inc.,  (the "Company") a Utah  corporation  with its
principal office in Salt Lake City, Utah.

                                    RECITALS
                                    --------

        1. The  Company  desires  to  establish  and  maintain  a  nonqualified,
unfunded plan for the purpose of providing  deferred  compensation to Executives
who are members of a select group of management or highly compensated  employees
of the  Company.  It is the intent of the Company that the Plan be deemed a "top
hat" plan under  ERISA and the Plan  should be  construed  consistent  with this
purpose.

        2. Each  Executive  who  executes a Deferral  Agreement  adopts the Plan
becomes a party  hereto,  and agrees to deferral of his or her  Compensation  as
more particularly described hereafter.

        NOW,  THEREFORE,  FOR  AND IN  CONSIDERATION  of the  mutual  covenants,
promises and  conditions  herein  contained,  the Company and each Executive who
executes a Deferral Agreement agree:

        1.     Definitions.  For purposes of the Plan the following  definitions
               shall apply:

               a.  Beneficiary  shall  mean  individual(s),  trust(s)  or  other
entity(ies) designated by the Executive in writing to the Company. The Executive
may designate primary,  contingent or multiple  Beneficiaries and may revoke any
prior designation.  Upon the death of the Executive, the most recent designation
shall control. If no Beneficiary is designated,  or if no designated Beneficiary

<PAGE>

survives the  Executive,  the payments  payable to the Executive  under the Plan
shall be  payable  to the  Executive's  surviving  spouse,  and if no  surviving
spouse,  to the Executive"s  estate. A named Beneficiary (or spouse, if no other
named  Beneficiary)  must survive the Executive by a minimum of thirty (30) days
in  order  to be  treated  as a  Beneficiary  or  surviving  spouse  under  this
provision.

               b. Code shall mean the Internal Revenue Code of 1986, as amended.
References  to a Code  section  shall be deemed to be to that  section as it now
exists and to any successor provision.

               c.  Compensation  shall mean all amounts paid to the Executive by
the Company for services  rendered  that are included in the  Executive's  gross
income. Compensation shall be taken into account at its present value.

               d.  Deferral  Agreement  shall mean the document  executed by the
Executive and the Company in the form attached hereto as Exhibit "A."

               e.  Deferred  Amount shall mean the amount that is to be deferred
from the Executive's Compensation as designated in the Deferral Agreement.

               f. Deferred  Compensation  Account shall mean a liability account
on the books of the Company,  maintained for  bookkeeping  purposes only,  which
shall reflect the total of all Deferred Amounts, together with Income attributed
to the Account in accordance  with the  Investment  Model  selected from time to
time by the  Executive.  The right of the  Executive to receive from the Company
any amount in the Deferred  Compensation Account shall be determined strictly in
accordance with the terms of the Plan.

               g.  Executive  shall  mean  an  Employee  of the  Company  who is
selected by the Company to participate in the Plan and who has Compensation for
                                      -2-
<PAGE>

the Look Back Year at least equal to $85,000,  but less than that  required  for
the Company"s Select Highly Compensated  Deferred  Compensation Plan.  Look-back
Year"  means the Plan  Year  immediately  preceding  the Plan Year for which the
determination is being made. Further, the Company and the Executive  acknowledge
that the  Executive  is a member  of a select  group of  management  or a highly
compensated employees.  The minimum dollar Compensation amount set forth in this
paragraph  shall be  adjusted  at the same  time and in the same  amount  as the
dollar amount under Internal Revenue Code "414(q).

               h.  Income  shall mean with  respect  to a Deferred  Compensation
Account all increases or decreases that result in applying the Investment  Model
selected by the Executive to a Deferred Compensation Account.

               i.  Investment   Model  shall  mean  the   performance   model(s)
established  by the Company  that may be selected by the  Executive to determine
the amount of Income attributed to the Executive's Deferred Compensation Account
in accordance with Section 6 of the Plan.

               j. Plan Year  shall  mean the  twelve  consecutive  month  period
commencing each January 1 and ending each December 31 thereafter.

        2. Term of Plan. The Plan is effective as of the date established by the
Company.  With respect to a the Executive,  it shall be effective as of the date
the Executive's Deferral Agreement is effective and shall remain in effect until
the entire amount in the Deferred  Compensation  Account has been distributed to
the Executive or his or her designated Beneficiary.

        3. Effect on  Employment  of  Executive.  The Plan does not supersede or
revoke any written  employment  contract which may exist between the Company and
the Executive.  In the event of a conflict between the terms of the Plan and any
employment contract, the terms of the employment contract shall control. Nothing
contained  herein shall be construed as conferring  upon the Executive the right
to continue in the employ of the Company in any capacity.

                                      -3-
<PAGE>

        4. Deferred  Compensation.  The Company  shall pay to the  Executive  or
his/her  Beneficiary  deferred  compensation  in the amount of his/her  Deferred
Compensation  Account  established by the Company  according to the terms of the
Plan and the Deferral Agreement.

        5. Deferred Amount.  Upon execution and delivery of a Deferral Agreement
the Company shall withhold from the Executive's Compensation the Deferred Amount
set forth in the Deferral  Agreement.  The right of the Executive to receive the
Deferred Amount shall be governed by the terms of the Deferral Agreement and the
Plan. The Deferral Agreement must be properly completed, signed and delivered to
the Company prior to the first day of the Plan Year for which Compensation is to
be earned.  The Deferral  Agreement shall remain in effect for the Plan Year and
for all  subsequent  Plan years  until  amended or revoked by the  Executive  as
provided in this Section.  The Agreement shall define the amount of Compensation
that shall be deferred for the Plan Year, and for all subsequent Plan Years. The
Deferral  Agreement shall be applicable  only to  Compensation  earned after the
date on which the Deferral  Agreement is  effective.  The  Executive  may modify
(increase,  decrease or revoke) the  Deferred  Amount  effective as of the first
practical  payroll  that begins at least two weeks after the  execution of a new
Deferral  Agreement.  Requests for  reinstatement of the Deferred Amount will be
effective on the first payroll after the first of the month.  Modification shall
be  accomplished  by  the  Executive  executing  a  new  Deferral  Agreement  in
accordance with rules adopted by the Company.  Any  modification of the Deferred
Amount  shall  have  prospective  effect  only and  shall not apply to any bonus
and/or  comissions not yet paid, but already earned and irrevocably  owed by the
Company to the  Executive.  The Company  shall have no  obligation to accept any
modification  of the Deferred  Amount  unless the  Executive  complies  with the
requirements  of the Plan and the rules  adopted  by  Company  to carry out this
provision. If the Executive fails to modify or terminate deferrals in accordance
with the Plan or the Company rules, then deferrals will continue at the existing
rate.

                                      -4-
<PAGE>

        6. Investment Model. The Company, at its sole discretion, shall identify
one or more investment  options which may be made available for selection by the
Executive. The investment options selected by the Executive shall constitute the
Investment  Model for that  Executive  under this Plan.  Investment  options may
include all investments and funds available in the marketplace for self-directed
accounts in retirement  plans,  and in the Company"s sole discretion may include
securities  of the Company.  At any time and from time to time the Company shall
have the right,  in its sole  discretion,  to change,  modify or discontinue the
availability of any investment option it has selected for possible  inclusion in
the Executive"s  Investment Model. Pursuant to rules adopted by the Company, the
Executive  shall be entitled to select and change the investment  options in his
or her Investment Model. At all times the Executive"s  Investment Model shall be
basis by which Income attributable to his/her Deferred  Compensation  Account is
measured.  The Executive shall be provided from time to time with the investment
"results" of his or her selected  Investment  Model. The Company's  liability to
the Executive for amounts in the Deferred  Compensation  Account includes Income
attributed to the Investment Models selected by the Executive.

        7.     The Deferred  Compensation  Account.  The balance of the Deferred
Compensation  Account,  including all Deferred Amounts and all Income attributed
to the  Deferred  Compensation  Account,  shall  be  subject  to  the  following
conditions:

               a. Unsecured  liability.  A Deferred  Compensation  Account shall
represent an unsecured liability of the Company.

               b. Prohibition against set aside. The Company shall not permit or
cause any amount equal to the balance of a Deferred  Compensation  Account to be
set aside or placed in a trust account or escrow  account for the benefit of the
Executive.   Title  to  and  beneficial  ownership  of  any  assets  and  income
                                      -5-
<PAGE>

attributable thereto that the Company may, for its own purposes,  earmark to pay
the balance of a Deferred Compensation Account, shall at all times remain in the
name of the Company and shall be subject to the claims of the general  creditors
of the  Company.  However,  the  Company  may,  at its  option,  and in its sole
discretion  establish  a Trust for the  purpose of  holding  assets set aside to
satisfy its  liabilities  pursuant to a Deferred  Compensation  Account.  If the
Company establishes a Trust, the Company may also determine the amounts it deems
necessary or  appropriate  to fund the Company"s  obligation to pay the Deferred
Compensation  Account and forward  such amounts to be held in Trust by a trustee
selected by the  Company.  All amounts in the Trust  shall be  earmarked  to pay
benefits  under the terms of the Plan.  The  Company  will direct the trustee to
make periodic  distributions from the Trust at such times and in such amounts as
the Company deems appropriate.

               If a Trust is established, Trust assets cannot be diverted to, or
used for, any purpose except payments to Participants  and  Beneficiaries  under
the terms of the Plan or, if the Company is insolvent (as defined in the Trust),
to pay the Company's  creditors.  Participants  and  Beneficiaries  will have no
right  against  the  Company  with  respect to the payment of any portion of the
Participant's  Deferred  Compensation  Account,  except as a  general  unsecured
creditor of the Company.

               c. Property interest of Executive.  Neither the Executive nor his
or her Beneficiaries  shall have or acquire any property interest  whatsoever in
any specific assets or income of the Company pursuant to the Plan, except to the
extent necessary to enforce payment of a Deferred  Compensation Account pursuant
to Section 9 of the Plan.

                                      -6-
<PAGE>

               d.  Prohibition  against use as  collateral  or  assignment.  The
Executive  shall  have no right,  power or  privilege  to use any  portion  of a
Deferred  Compensation  Account as  security or  collateral  for a loan from the
Company or any other person, nor may the Executive assign or pledge the right to
receive any future payments from a Deferred Compensation Account.  Moreover, the
Executive shall have no right to transfer,  modify,  anticipate, or encumber any
benefits or rights hereunder,  and neither the Deferred Compensation Account nor
any payment that may be due and owing the Executive  hereunder  shall be subject
to  execution,  attachment or other court  process or shall be  transferable  by
operation of law in the event the Executive becomes insolvent or bankrupt or for
any other reason.

               e.  Status  of  Deferred   Compensation   Account.  The  Deferred
Compensation Account and Income shall remain the sole, exclusive property of the
Company (until  payable to the Executive)  under the terms and conditions of the
Plan without any  restriction  or limitation on its use by the Company,  subject
only to the  claims  of the  Company's  general  creditors  and to  restrictions
contained in any Trust Agreement that the Company may establish.

        8. Company  Match.  The Company may, at its sole option and  discretion,
announce a prospective match for amounts deferred by an Executive. The match may
based on any formula the Company in its sole discretion chooses.  The match will
be deemed  contributed  to the  Executive"s  Deferred  Compensation  Account and
treated as additional Income to the Deferred Compensation Account. The match and
any Income attributable thereto under the Executive"s  Investment Model shall be
deemed "Match  Funds." Any Match Funds shall be subject to the other  provisions
of the Plan including the non-competition provisions of Section 15.

        9. Events  Triggering  Payment of Deferred  Compensation.  The Executive
shall not  receive,  nor be  entitled to  receive,  any payment  from his or her
Deferred  Compensation  Account as long as the Executive remains employed by the
                                      -7-
<PAGE>

Company or a subsidiary  of the Company,  unless  specifically  provided in this
Section.  The Executive  shall be deemed to be employed so long as the Executive
continues to provide  personal  services to the Company or a subsidiary  under a
current  employment  arrangement and no separation from service with the Company
(whether due to the  voluntary or  involuntary  resignation  or discharge of the
Executive from his/her  position with the Company or his/her death,  retirement,
failure to return to active work at the end of an authorized leave of absence or
the  authorized  extension(s)  thereof,  or the  happening of any other event or
circumstance  which, under the then current policy of the Company results in the
cessation of the employer-employee  relationship) has occurred. Termination from
employment shall not be deemed to occur merely because of a transfer between the
Company and any subsidiary thereof.

               a.     Distribution  Following  Termination  of  Employment.  The
Executive or his or her  Beneficiary  shall be entitled to payment of his or her
Deferred  Compensation  Account in the manner  selected  by the  Executive  upon
termination of employment with the Company, including a termination which occurs
because of:

                      1.     the Executive's  disability (as defined  hereafter)
                             or death; or

                      2.     retirement of the Executive  after having  attained
                             age 65.

               b.     Distribution  Prior  to  Termination  of  Employment.  The
Executive  shall be  entitled  to  payment of his or her  Deferred  Compensation
Account  in the  manner  selected  by the  Executive  prior  to  termination  of
employment with the Company upon the occurrence of any of the following:

                      1.     attainment  of an  "elected  age," which is the age
selected by the Executive in his or her most recent Deferral  Agreement to begin
receiving the amounts in the Deferred  Compensation  Account.  The "elected age"
must have  been  selected  by the  Executive  at the time  he/she  executed  the
                                      -8-
<PAGE>

Deferral Agreement,  which must be at least twelve (12) months prior to the time
he/she  would be  otherwise  entitled to any  payment  under this  Section.  The
election must be pursuant to rules adopted by the Company.

                      2.     occurrence  of a  "hardship,"  as  defined  in this
Section.  All  deferrals  by the  Executive  for the twelve  (12)  month  period
following a hardship  distribution shall cease in the event the Company approves
a request of the Executive for a hardship distribution.

                      3.     an  early   distribution   election   made  by  the
Executive and approved by the Company. An Executive shall be entitled to receive
an early  distribution  from from his/her Deferred  Compensation  Account at any
time (an "Unscheduled Distribution"),  subject to all of the following rules and
limitations:

                             A.        An Executive may receive no more than one
                      (1) Unscheduled Distribution in any calendar year.

                             B.        The Unscheduled Distribution amount shall
                      not include any amounts  deferred by the Executive  during
                      the  same   calendar   year  in  which   the   Unscheduled
                      Distribution occurs.

                             C.        The Unscheduled Distribution amount shall
                      equal ninety percent (90%) of the amount  requested by the
                      Executive.  The  remaining ten percent (10%) of the amount
                      requested   shall  be   permanently   forfeited  from  the
                      Executive"s Deferred  Compensation Account at the time the
                      Unscheduled  Distribution  is made and  shall no longer be
                      available for distribution to the Executive from the Plan.

                             D. The  Executive  shall not be  permitted  to make
                      further  deferrals to the Plan prior to the  expiration of
                                      -9-
<PAGE>

                      twelve  (12)  months  from  the  date  of the  Unscheduled
                      Distribution.   Following  the  twelve  month  period  the
                      Executive  shall be  treated as newly  eligible  under the
                      Plan and may execute a new Deferral Agreement.

               c.  Disability.  The  Executive  shall be deemed  to have  become
disabled for purposes of Section  9.a.1.  above if the Company shall find on the
basis of medical  evidence  satisfactory  to the Company  that the  Executive is
physically  or  mentally  impaired;  that as a  result  of such  impairment  the
Executive is unable to discharge  his/her assigned duties with the Company;  and
that such impairment is expected to result in death or to continue for a lengthy
and  indefinite  period.  The Company,  in its sole  discretion,  shall make the
determination of disability.  Notwithstanding the foregoing,  a Executive who is
eligible to receive Social  Security  disability  payments shall be deemed to be
disabled without further proof.

               d.  Hardship.  The  Executive  shall  incur  a  hardship  if  the
Executive suffers an unforeseeable  and unanticipated  emergency which is caused
by an event beyond the control of the Executive and which would result in severe
financial  hardship  to the  Executive  if a  distribution  or  revocation  of a
deferral election were not permitted.  Hardship  conditions will be evaluated in
accordance with the terms of Treasury  Regulations  "1.457-2(h)(4).  The Company
will have sole discretion to determine  whether a Hardship  condition exists and
the Company"s determination will be final.

               An  Executive  must  submit  a  written  request  for a  hardship
distribution  to the  Company  on the form and in the manner  prescribed  by the
Company.  The  hardship  request  must:  (i)  describe  and certify the hardship
condition and the severe financial need; and (ii) state the amount the Executive
proposes to withdraw  from  his/her  Deferred  Compensation  Account to meet the
                                      -10-
<PAGE>

severe  financial  need. The Company will have the sole  discretion to determine
whether a hardship  exists and to  determine  the  appropriate  action,  if any,
provided however,  in no event will the Company approve a hardship  distribution
in excess of the amount necessary to satisfy the immediate hardship need.

               e. Payment upon death of the executive.  If the Executive  should
die prior to the time that  payment  of a Deferred  Compensation  Account to the
Executive has  commenced,  then the Company shall pay the amount in the Deferred
Compensation  Account in the manner previously  selected by the Executive to the

Executive's  Beneficiary.  If the  Executive  should die after  payment from the
Deferred  Compensation  Account has  commenced,  payments  will  continue in the
manner  previously   selected  by  the  Executive.   If  the  Executive's  named
Beneficiary is deceased,  then the balance of the Deferred  Compensation Account
shall be paid as provided in Section 1.a.

        10. Method of Payment of Deferred  Compensation Account. At the time the
Executive  executes  his/her Deferral  Agreement,  the Executive shall elect the
method  of  payment  of  the  Executive's  Deferred  Compensation  Account.  The
Executive may select a different method of payment which is permitted under this
Plan by executing a new Deferred  Compensation  Agreement,  or by executing  any
other  form  provided  by the  Company  for  this  purpose.  The new  method  of
distribution  shall  not be valid or  binding  on the  Plan  unless  it has been
selected by the  Executive  at least twelve (12) months prior to the time he/she
would be otherwise entitled to any payment under the Plan.

               a. Method of  Payment.  The  Executive  may choose (1) a lump sum
payment; (2) equal monthly payments for 60 months; (3) a combination of lump sum
and a 60 or 120 equal monthly  payments,  or (4) equal monthly  payments for 120
months.

               b. Default Election. The Executive shall elect and deliver to the
Company his/her  election of method of payment  consistent with this Plan and in
accordance with procedures adopted by Company. An election will not be effective
                                      -11-
<PAGE>

until  received  by the  Company.  In the event the  Executive  fails to make an
election or no valid election exists at the time payment is to commence, his/her
Deferred  Compensation  Account  will be paid in equal  monthly  payments for 60
months.

               c. Income. In the event the Executive selects a method of payment
other than lump sum,  the amounts  remaining  in his/her  Deferred  Compensation
Account shall be adjusted for Income attributed to the Investment Model selected
by the Executive.  In the event of the Executive's  death or inability to select
an Investment Model during the period in which payments are being made, the last
Investment Model selected by the Executive shall control.

        11. Payments to Other Persons. The Company shall only be required to pay
amounts  due  under  the  Plan to the  Executive,  Beneficiary  or  other  legal
representative of the foregoing (custodian,  personal representative,  guardian,
trustee etc.)

        12. Other Benefits Determined by Compensation. Deferred Amounts credited
to the Deferred  Compensation  Account  under the Plan shall not be deemed to be
part of the Executive's regular annual compensation for the purpose of computing
benefits to which he or she may be entitled under any qualified pension,  profit
sharing or 401(k) plan, or other  arrangement  of the Company for the benefit of
its employees.

        13. References  to the  Company.  The Company  shall have full power and
authority  to  interpret,  construe  and  administer  the Plan and the  Deferral
Agreement.  The Company's  interpretations  and construction of these agreements
and  actions  under these  agreements  shall be binding  and  conclusive  on all
persons for all purposes.  No employee,  representative  or agent of the Company
shall be liable to any person for any action taken or omitted in connection with
the  interpretation  or  administration  of the Plan or the  Deferral  Agreement
unless attributable to his or her own willful misconduct or lack of good faith.

                                      -12-
<PAGE>

        14.    Claims Procedure.

               a. Initial Claim. Should the Executive or any Beneficiary fail to
receive any amount to which the Executive or Beneficiary  ("claimant")  believes
he/she is entitled, a claim may be filed. A claim for benefits shall be filed by
the  claimant  by  written  communication  that is made by the  claimant  or the
claimant's authorized  representative that is reasonably calculated to bring the
claim to the attention of the Company.

        If a claim is  wholly  or  partially  denied,  a  written  notice of the
decision  shall be  furnished  to the claimant by the Company or its designee no
more than  ninety  (90) days  after  receipt of the claim,  which  notice  shall
include the following information:

                      1.     The specific reason or reasons for the denial;

                      2.     Specific  reference to the pertinent  provisions of
               the Plan upon which the denial is based;

                      3.     A  description  of  any   additional   material  or
               information  necessary  for the claimant to perfect the claim and
               an  explanation of why such material or information is necessary;
               and

                      4.     An  explanation  of the claim review  procedures as
               outlined in the Plan.

               b.     Claim Appeal. In order that a claimant may appeal a denial
of a claim, a claimant or his duly authorized representative:

                      1.     may   request  a  review  by  written   application
               submitted  to the Company or its  designee not later than 60 days
               after receipt by the claimant of written  notification  of denial
               of a claim;

                      2.     may review pertinent documents; and

                      3.     may submit issues and comments in writing.

                                      -13-
<PAGE>

        A decision  on review of a denied  claim shall be made not later than 60
days after receipt of a request for review, unless special circumstances require
an extension of time for processing,  in which case a decision shall be rendered
within a reasonable period of time, but not later than 120 days after receipt of
a request  for  review.  The  decision  on review  shall be in writing and shall
include the specific reason(s) for the decision and the specific reference(s) to
the pertinent provisions of the Plan on which the decision is based.

        15. Non-Competition.  In order to be eligible for payment of any amounts
from an Executive"s  Deferred  Compensation Account of Match Funds, a Terminated
Executive  must  not  compete  or  engage  in  competition   with  the  Company.
"Terminated  Executive" means an Executive who has terminated his/her employment
with the Company for any reason.  If a Terminated  Executive  complies with this
Section,  a  terminated   Executive  shall  be  deemed  to  have  complied  with
non-competition requirements of the Plan.

               a. A  Terminated  Executive  shall not and will use his/her  best
efforts to ensure that agents or others under his/her  control do not,  disclose
the Company's proprietary and confidential  information to any person or entity,
unless the information has been made public or has been made generally available
otherwise  than by such  Terminated  Executive"s  breach of his duties under the
Plan or such  proprietary  or  confidential  information  is otherwise no longer
confidential or proprietary.  Confidential or proprietary information shall mean
confidential aspects of the Company"s  relationship with its customers;  Company
files, records, reports, information systems and other information that it deems
to be proprietary and confidential  including,  but not limited to,  information
concerning  finance,  manufacturing,  business  strategy  and plans,  marketing,
profit margins,  pricing,  management information systems and computer programs,
and trade secrets.

                                      -14-
<PAGE>

               b. The Terminated Executive shall not seek to hire or directly or
indirectly solicit any employee to terminate such employee's employment with the
Company or assist any other person or entity in attempting to hire or hiring any
employee of the Company; or

               c. The  Terminated  Executive  shall not interfere with or impede
Company's   relationships   with  customers,   suppliers  or  vendors,   lending
institutions, lessors and governmental entities; or

               d.  For  a  period  of  two  years   from  the  date  of  his/her
termination,  the Terminated  Executive shall not enter into or join a competing
business,  or endeavor  as an  employee  individual,  partner,  joint  venturer,
independent  contractor,  officer or director that would  directly or indirectly
compete with the Company within 150 miles of the Company  offices in Utah, or in
any other state or country in which the Company has an office.

               e. In the event of litigation of any breach of this Section 15 by
a Terminated Executive, the two year time period shall be tolled, except that if
following  termination,   the  Terminated  Executive  does  not  engage  in  the
activities proscribed in this Section 15, no tolling shall occur.

               f. In the event of breach of the non  competition  provisions  of
this Section 15, then the Terminated Executive shall forfeit all right title and
interest to any Match Funds that he/she may have.

        16. Disclaimer.   The Company  intends that the Plan,  together with the
Deferral  Agreement,  shall establish a plan deferred of compensation.  However,
the Company makes no  representation  or warranty of any nature or kind whatever
relative to the  binding  nature of the Plan  (except as regards  the  Company's
obligations  specified  hereunder)  with  respect  to any  law,  statute,  rule,

                                      -15-
<PAGE>

regulation, decree or like determination and, specifically,  without limitation,
the Company disclaims any warranty or  representation  regarding the validity of
the Plan or the purpose intended hereunder with regard to any section of any tax
code,  law,  regulation,  ruling,  statute or decree of any taxing entity of the
United  States  Government or of any of its  individual  states  (including  the
District of Columbia) or subdivisions thereof.

        17. Binding  Agreement.  The Plan shall be a binding  agreement upon and
inure to the  benefit of the  Company,  its  successors  and assigns  and,  upon
adoption by the Executive  through execution of a Deferral  Agreement,  the Plan
shall be a binding  agreement  upon the  Executive  and  his/her  Beneficiaries,
heirs, executors, administrators and legal representatives.

        18. Applicable  Law. The Plan shall be construed in accordance  with and
governed by applicable federal laws and the laws of Utah.

        IN WITNESS  WHEREOF,  the Company has executed the Plan  effective as of
the date written above.

                                    "COMPANY"

                                      Merit Medical Systems, Inc.

                                      By
                                         ----------------------------------
                                      Title
                                            -------------------------------
                                      -16-
<PAGE>

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