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EXHIBIT 10.15    
    

 
 

FORM OF
  INDEMNIFICATION AGREEMENT    
    

        INDEMNIFICATION AGREEMENT, made and executed this            day
of                        , 2005, by and between
ev3 Inc., a Delaware corporation (the "Company"), and                        , an individual resident of the State
of                        (the "Indemnitee").
 

        WHEREAS,
the Company is aware that, in order to induce highly competent persons to serve the Company as directors or officers or in other capacities, the Company must provide such
persons with adequate protection through insurance and indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the
Company; 

        WHEREAS,
the Company recognizes that the increasing difficulty in obtaining directors' and officers' liability insurance, the increases in the cost of such insurance and the general
reductions in the coverage of such insurance have increased the difficulty of attracting and retaining such persons; 

        WHEREAS,
the Board of Directors of the Company has determined that it is essential to the best interests of the Company's stockholders that the Company act to assure such persons that
there will be increased certainty of such protection in the future; 

        WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify such persons to the fullest extent permitted by applicable law so that they
will continue to serve the Company free from undue concern that they will not be so indemnified; and 

        WHEREAS,
the Indemnitee is willing to serve, continue to serve, and take on additional service for or on behalf of the Company or any of its direct or indirect subsidiaries on the
condition that he/she be so indemnified. 

        NOW,
THEREFORE, in consideration of the premises and the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and the Indemnitee do hereby agree as follows: 

        1.    Service by the Indemnitee.    The Indemnitee agrees to serve and/or continue to serve as a director or officer
of the Company faithfully and will discharge his/her duties and responsibilities to the best of his/her ability so long as the Indemnitee is duly elected or qualified in accordance with the provisions
of the Amended and Restated Certificate of Incorporation, as amended (the "Certificate"), and Amended and Restated By-laws, as amended (the "By-laws") of the Company and the
General Corporation Law of the State of Delaware, as amended (the "DGCL"), or until his/her earlier death, resignation or removal. The Indemnitee may at any time and for any reason
resign from such position (subject to any other contractual obligation or other obligation imposed by operation by law), in which event the Company shall have no obligation under this Agreement to
continue the Indemnitee in any such position. Nothing in this Agreement shall confer upon the Indemnitee the right to continue in the employ of the Company or as a director of the Company or affect
the right of the Company to terminate the Indemnitee's employment at any time in the sole discretion of the Company, with or without cause, subject to any contract rights of the Indemnitee created or
existing otherwise than under this Agreement. 

        2.    Indemnification.    The Company shall indemnify the Indemnitee against all Expenses (as defined below),
judgments, fines and amounts paid in settlement actually and reasonably incurred by the Indemnitee as provided in this Agreement to the fullest extent permitted by the Certificate, By-laws
and DGCL or other applicable law in effect on the date of this Agreement and to any greater extent that applicable law may in the future from time to time permit. Without diminishing the scope of the
indemnification provided by this Section 2, the rights of indemnification of the Indemnitee provided 

 

hereunder
shall include, but shall not be limited to, those rights hereinafter set forth, except that no indemnification shall be paid to the Indemnitee: 

        (a)   on
account of any action, suit or proceeding in which judgment is rendered against the Indemnitee for disgorgement of profits made from the purchase or sale by the
Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Act"), or similar provisions of any federal, state
or local statutory law; 

        (b)   on
account of conduct of the Indemnitee which is finally adjudged by a court of competent jurisdiction to have been knowingly fraudulent or to constitute willful
misconduct; 

        (c)   in
any circumstance where such indemnification is expressly prohibited by applicable law; 

        (d)   with
respect to liability for which payment is actually made to the Indemnitee under a valid and collectible insurance policy or under a valid and enforceable indemnity
clause, By-law or agreement (other than this Agreement), except in respect of any liability in excess of payment under such insurance, clause, By-law or agreement; 

        (e)   if
a final decision by a court having jurisdiction in the matter shall determine that such indemnification is not lawful (and, in this respect, both the Company and the
Indemnitee have been advised that it is the position of the Securities and Exchange Commission that indemnification for liabilities arising under the federal securities laws is against public policy
and is, therefore, unenforceable, and that claims for indemnification should be submitted to the appropriate court for adjudication); or 

        (f)    in
connection with any action, suit or proceeding by the Indemnitee against the Company or any of its direct or indirect subsidiaries or the directors, officers,
employees or other Indemnitees of the Company or any of its direct or indirect subsidiaries, (i) unless such indemnification is expressly required to be made by law, (ii) unless the
proceeding was authorized by the Board of Directors of the Company, (iii) unless such indemnification is provided by the Company, in its sole discretion, pursuant to the powers vested in the
Company under applicable law, or (iv) except as provided in Sections 11 and 13 hereof. 

        3.    Actions or Proceedings Other Than an Action by or in the Right of the Company.    The Indemnitee shall be
entitled to the indemnification rights provided in this Section 3 if the Indemnitee was or is a party or witness or is threatened to be a party or witness to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or investigative in nature, other than an action by or in the right of the Company, by reason of the fact that the
Indemnitee is or was a director, officer, employee, agent or fiduciary of the Company, or any of its direct or indirect subsidiaries, or is or was serving at the request of the Company, or any of its
direct or indirect subsidiaries, as a director, officer, employee, agent or fiduciary of any other entity, including, but not limited to, another corporation, partnership, limited liability company,
employee benefit plan, joint venture, trust or other enterprise, or by reason of any act or omission by him/her in such capacity. Pursuant to this Section 3, the Indemnitee shall be indemnified
against all Expenses, judgments, penalties (including excise and similar taxes), fines and amounts paid in settlement which were actually and reasonably incurred by the Indemnitee in connection with
such action, suit or proceeding (including, but not limited to, the investigation, defense or appeal thereof), if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his/her conduct was unlawful. 

        4.    Actions by or in the Right of the Company.    The Indemnitee shall be entitled to the indemnification rights
provided in this Section 4 if the Indemnitee was or is a party or witness or is threatened to be made a party or witness to any threatened, pending or completed action, suit or 

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proceeding
brought by or in the right of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was a director, officer, employee, agent or fiduciary of the
Company, or any of its direct or indirect subsidiaries, or is or was serving at the request of the Company, or any of its direct or indirect subsidiaries, as a director, officer, employee, agent or
fiduciary of another entity, including, but not limited to, another corporation, partnership, limited liability company, employee benefit plan, joint venture, trust or other enterprise, or by reason
of any act or omission by him/her in any such capacity. Pursuant to this Section 4, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him/her in
connection with the defense or settlement of such action, suit or proceeding (including, but not limited to the investigation, defense or appeal thereof), if the Indemnitee acted in good faith and in
a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; provided however, that no such indemnification shall be made in respect of any claim, issue,
or matter as to which the Indemnitee shall have been adjudged to be liable to the Company, unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such
action, suit or proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and
reasonably entitled to be indemnified against such Expenses actually and reasonably incurred by him/her which such court shall deem proper. 

        5.    Good Faith Definition.    For purposes of this Agreement, the Indemnitee shall be deemed to have acted in good
faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or, with respect to any criminal action or proceeding to have had no reasonable
cause to believe the Indemnitee's conduct was unlawful, if such action was based on (i) the records or books of the account of the Company or other enterprise, including financial statements;
(ii) information supplied to the Indemnitee by the officers of the Company or other enterprise in the course of their duties; (iii) the advice of legal counsel for the Company or other
enterprise; or (iv) information or records given in reports made to the Company or other enterprise by an independent certified public accountant or by an appraiser or other expert selected
with reasonable care by the Company or other enterprise. 

        6.    Indemnification for Expenses of Successful Party.    Notwithstanding the other provisions of this Agreement, to
the extent that the Indemnitee has served on behalf of the Company, or any of its direct or indirect subsidiaries, as a witness or other participant in any class action or proceeding, or has been
successful, on the merits or otherwise, in defense of any action, suit or proceeding referred to in Section 3 and 4 hereof, or in defense of any claim, issue or matter therein, including, but
not limited to, the dismissal of any action without prejudice, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith,
regardless of whether or not the Indemnitee has met the applicable standards of Section 3 or 4 and without any determination pursuant to Section 8. 

        7.    Partial Indemnification.    If the Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for some or a portion of the Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by the Indemnitee in connection with the
investigation, defense, appeal or settlement of such suit, action, investigation or proceeding described in Section 3 or 4 hereof, but is not entitled to indemnification for the total amount
thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by the
Indemnitee to which the Indemnitee is entitled. 

        8.    Procedure for Determination of Entitlement to Indemnification.    (a) To obtain indemnification under
this Agreement, the Indemnitee shall submit to the Company a written request, including documentation and information which is reasonably available to the Indemnitee and is reasonably necessary to
determine whether and to what extent the Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of a request for indemnification, advise the 

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Board
of Directors in writing that the Indemnitee has requested indemnification. Any Expenses incurred by the Indemnitee in connection with the Indemnitee's request for indemnification hereunder shall
be borne by the Company. The Company hereby indemnifies and agrees to hold the Indemnitee harmless for any Expenses incurred by the Indemnitee under the immediately preceding sentence irrespective of
the outcome of the determination of the Indemnitee's entitlement to indemnification. 

        (b)   Upon
written request by the Indemnitee for indemnification pursuant to Section 3 or 4 hereof, the entitlement of the Indemnitee to indemnification pursuant to the
terms of this Agreement shall be determined by the following person or persons, who shall be empowered to make such determination: (i) if a Change in Control (as hereinafter defined) shall have
occurred, by Independent Counsel (as hereinafter defined) (unless the Indemnitee shall request in writing that such determination be made by the Board of Directors (or a committee thereof) in the
manner provided for in clause (ii) of this Section 8(b)) in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; or (ii) if a Change
in Control shall not have occurred, (A)(1) by the Board of Directors of the Company, by a majority vote of Disinterested Directors (as hereinafter defined) even though less than a quorum, or
(2) by a committee of Disinterested Directors designated by majority vote of Disinterested Directors, even though less than a quorum, or (B) if there are no such Disinterested Directors
or, even if there are such Disinterested Directors, if the Board of Directors, by the majority vote of Disinterested Directors, so directs, by Independent Counsel in a written opinion to the Board of
Directors, a copy of which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved by the Indemnitee. Upon failure of the Board of
Directors to so select, or upon failure of the Indemnitee to so approve, such Independent Counsel shall be selected by the Chancellor of the State of Delaware or such other person as the Chancellor
shall designate to make such selection. Such determination of entitlement to indemnification shall be made not later than 45 days after receipt by the Company of a written request for
indemnification. If the person making such determination shall determine that the Indemnitee is entitled to indemnification as to part (but not all) of the application for indemnification, such person
shall reasonably prorate such part of indemnification among such claims, issues or matters. If it is so determined that the Indemnitee is entitled to indemnification, payment to the Indemnitee shall
be made within ten days after such determination. 

        9.    Presumptions and Effect of Certain Proceedings.    (a) In making a determination with respect to
entitlement to indemnification, the Indemnitee shall be presumed to be entitled to indemnification hereunder and the Company shall have the burden of proof in the making of any determination contrary
to such presumption. 

        (b)   If
the Board of Directors, or such other person or persons empowered pursuant to Section 8 to make the determination of whether the Indemnitee is entitled to
indemnification, shall have failed to make a determination as to entitlement to indemnification within 45 days after receipt by the Company of such request, the requisite determination of
entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely entitled to such indemnification, absent actual and material fraud in the request for
indemnification or a prohibition of indemnification under applicable law. The termination of any action, suit, investigation or proceeding described in Section 3 or 4 hereof by judgment, order,
settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself: (a) create a presumption that the
Indemnitee did not act in good faith and in a manner which he/she reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or
proceeding, that the Indemnitee has reasonable cause to believe that the Indemnitee's conduct was unlawful; or (b) otherwise adversely affect the rights of the Indemnitee to indemnification,
except as may be provided herein. 

        10.    Advancement of Expenses.    All reasonable Expenses actually incurred by the Indemnitee in connection with any
threatened or pending action, suit or proceeding shall be paid by the Company in advance of the final disposition of such action, suit or proceeding, if so requested by the Indemnitee, 

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within
20 days after the receipt by the Company of a statement or statements from the Indemnitee requesting such advance or advances. The Indemnitee may submit such statements from time to
time. The Indemnitee's entitlement to such Expenses shall include those incurred in connection with any proceeding by the Indemnitee seeking an adjudication or award in arbitration pursuant to this
Agreement. Such statement or statements shall reasonably evidence the Expenses incurred by the Indemnitee in connection therewith and shall include or be accompanied by a written affirmation by the
Indemnitee of the Indemnitee's good faith belief that the Indemnitee has met the standard of conduct necessary for indemnification under this Agreement and 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 against such Expenses by the Company pursuant to this Agreement or otherwise. Each
written undertaking to pay amounts advanced must be an unlimited general obligation but need not be secured, and shall be accepted without reference to financial ability to make repayment. 

        11.    Remedies of the Indemnitee in Cases of Determination not to Indemnify or to Advance Expenses.    In the event
that a determination is made that the Indemnitee is not entitled to indemnification hereunder or if the payment has not been timely made following a determination of entitlement to indemnification
pursuant to Sections 8 and 9, or if Expenses are not advanced pursuant to Section 10, the Indemnitee shall be entitled to a final adjudication in an appropriate court of the State of Delaware
or any other court of competent jurisdiction of the Indemnitee's entitlement to such
indemnification or advance. Alternatively, the Indemnitee may, at the Indemnitee's option, seek an award in arbitration to be conducted by a single arbitrator pursuant to the rules of the American
Arbitration Association, such award to be made within 60 days following the filing of the demand for arbitration. The Company shall not oppose the Indemnitee's right to seek any such
adjudication or award in arbitration or any other claim. Such judicial proceeding or arbitration shall be made de novo, and the Indemnitee shall not be
prejudiced by reason of a determination (if so made) that the Indemnitee is not entitled to indemnification. If a determination is made or deemed to have been made pursuant to the terms of
Section 8 or Section 9 hereof that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination and shall be precluded from asserting that such
determination has not been made or that the procedure by which such determination was made is not valid, binding and enforceable. The Company further agrees to stipulate in any such court or before
any such arbitrator that the Company is bound by all the provisions of this Agreement and is precluded from making any assertions to the contrary. If the court or arbitrator shall determine that the
Indemnitee is entitled to any indemnification hereunder, the Company shall pay all reasonable Expenses actually incurred by the Indemnitee in connection with such adjudication or award in arbitration
(including, but not limited to, any appellate proceedings). 

        12.    Notification and Defense of Claim.    Promptly after receipt by the Indemnitee of notice of the commencement of
any action, suit or proceeding, the Indemnitee will, if a claim in respect thereof is to be made against the Company under this Agreement, notify the Company in writing of the commencement thereof;
but the omission to so notify the Company will not relieve the Company from any liability that it may have to the Indemnitee otherwise than under this Agreement or otherwise, except to the extent that
the Company may suffer material prejudice by reason of such failure. Notwithstanding any other provision of this Agreement, with respect to any such action, suit or proceeding as to which the
Indemnitee gives notice to the Company of the commencement thereof: 

        (a)   The
Company will be entitled to participate therein at its own expense. 

        (b)   Except
as otherwise provided in this Section 12(b), to the extent that it may wish, the Company, jointly with any other indemnifying party similarly notified,
shall be entitled to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election to so assume the defense
thereof, the Company shall not be liable to the Indemnitee under this Agreement for any legal or other Expenses subsequently incurred by the Indemnitee in connection with the defense thereof other
than reasonable costs of 

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investigation
or as otherwise provided below. The Indemnitee shall have the right to employ the Indemnitee's own counsel in such action or lawsuit, but the fees and Expenses of such counsel incurred
after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless (i) the employment of counsel by the Indemnitee has been authorized by
the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of such action and
such determination by the Indemnitee shall be supported by an opinion of counsel, which opinion shall be reasonably acceptable to the Company, or (iii) the Company shall not in fact have
employed counsel to assume the defense of the action, in each of which cases the fees and Expenses of counsel shall be at the expense of the Company. The Company shall not be entitled to assume the
defense of any action, suit or proceeding brought by or on behalf of the Company or as to which the Indemnitee shall have reached the conclusion provided for in clause (ii) above. 

        (c)   The
Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any action, suit or proceeding effected without
its written consent, which consent shall not be unreasonably withheld. The Company shall not be required to obtain the consent of the Indemnitee to settle any action, suit or proceeding which the
Company has undertaken to defend if the Company assumes full and sole responsibility for such settlement and such settlement grants the Indemnitee a complete and unqualified release in respect of any
potential liability. 

        (d)   If,
at the time of the receipt of a notice of a claim pursuant to this Section 12, the Company has director and officer liability insurance in effect, the Company
shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary
or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of the policies. 

        13.    Other Right to Indemnification.    The indemnification and advancement of Expenses provided by this Agreement
are cumulative, and not exclusive, and are in addition to any other rights to which the Indemnitee may now or in the future be entitled under any provision of the By-laws or Certificate of
the Company, any vote of stockholders or Disinterested Directors, any provision of law or otherwise. Except as required by applicable law, the Company shall not adopt any amendment to its
By-laws or Certificate the effect of which would be to deny, diminish or encumber the Indemnitee's right to indemnification under this Agreement. 

        14.    Director and Officer Liability Insurance.    The Company shall maintain directors' and officers' liability
insurance for so long as the Indemnitee's services are covered hereunder, provided and to the extent that such insurance is available on a commercially reasonable basis. In the event the Company
maintains directors' and officers' liability insurance, the Indemnitee shall be named as an insured in such manner as to provide the Indemnitee the same rights and benefits as are accorded to the most
favorably insured of the Company's officers or directors. However, the Company agrees that the provisions hereof shall remain in effect regardless of whether liability or other insurance coverage is
at any time obtained or retained by the Company, except that any payments made to, or on behalf of, the Indemnitee under an insurance policy shall reduce the obligations of the Company hereunder. 

        15.    Spousal Indemnification.    The Company will indemnify the Indemnitee's spouse to whom the Indemnitee is
legally married at any time the Indemnitee is covered under the indemnification provided in this Agreement (even if the Indemnitee did not remain married to him or her during the entire period of
coverage) against any pending or threatened action, suit, proceeding or investigation for the same period, to the same extent and subject to the same standards, limitations, obligations and conditions
under which the Indemnitee is provided indemnification herein, if the Indemnitee's spouse 

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(or
former spouse) becomes involved in a pending or threatened action, suit, proceeding or investigation solely by reason of his or her status as the Indemnitee's spouse, including, without
limitation, any pending or threatened action, suit, proceeding or investigation that seeks damages recoverable from marital community property, jointly-owned property or property purported to have
been transferred from the Indemnitee to his/her spouse (or former spouse). The Indemnitee's spouse or former spouse also may be entitled to advancement of Expenses to the same extent that the
Indemnitee is entitled to advancement of Expenses herein. The Company may maintain insurance to cover its obligation hereunder with respect to the Indemnitee's spouse (or former spouse) or set aside
assets in a trust or escrow fund for that purpose. 

        16.    Intent.    This Agreement is intended to be broader than any statutory indemnification rights applicable in the
State of Delaware and shall be in addition to any other rights the Indemnitee may have under the Company's Certificate, By-laws, applicable law or otherwise. To the extent that a change in
applicable law (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under the Company's Certificate, By-laws, applicable
law or this Agreement, it is the intent of the parties that the Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. In the event of any change in applicable law,
statute or rule which narrows the right of a Delaware corporation to indemnify a member of its Board of Directors or an officer, employee, agent or fiduciary, such change, to the extent not otherwise
required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties' rights and obligations hereunder. 

        17.    Attorney's Fees and Other Expenses to Enforce Agreement.    In the event that the Indemnitee is subject to or
intervenes in any action, suit or proceeding in which the validity or enforceability of this Agreement is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee's rights
under, or to recover damages for breach of, this Agreement the Indemnitee, if he/she prevails in
whole or in part in such action, shall be entitled to recover from the Company and shall be indemnified by the Company against any actual expenses for attorneys' fees and disbursements reasonably
incurred by the Indemnitee. 

        18.    Effective Date.    The provisions of this Agreement shall cover claims, actions, suits or proceedings whether
now pending or hereafter commenced and shall be retroactive to cover acts or omissions or alleged acts or omissions which heretofore have taken place. The Company shall be liable under this Agreement,
pursuant to Sections 3 and 4 hereof, for all acts of the Indemnitee while serving as a director and/or officer, notwithstanding the termination of the Indemnitee's service, if such act was performed
or omitted to be performed during the term of the Indemnitee's service to the Company. 

        19.    Duration of Agreement.    This Agreement shall survive and continue even though the Indemnitee may have
terminated his/her service as a director, officer, employee, agent or fiduciary of the Company or as a director, officer, employee, agent or fiduciary of any other entity, including, but not limited
to another corporation, partnership, limited liability company, employee benefit plan, joint venture, trust or other enterprise or by reason of any act or omission by the Indemnitee in any such
capacity. This Agreement shall be binding upon the Company and its successors and assigns, including, without limitation, any corporation or other entity which may have acquired all or substantially
all of the Company's assets or business or into which the Company may be consolidated or merged, and shall inure to the benefit of the Indemnitee and his/her spouse, successors, assigns, heirs,
devisees, executors, administrators or other legal representations. The Company shall require any successor or assignee (whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business and/or assets of the Company, by written agreement in form and substance reasonably satisfactory to the Company and 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 or assignment had taken place. 

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        20.    Disclosure of Payments.    Except as expressly required by any Federal or state securities laws or other
Federal or state law, neither party shall disclose any payments under this Agreement unless prior approval of the other party is obtained. 

        21.    Severability.    If any provision or provisions of this Agreement shall be held invalid, illegal or
unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, but not limited to, all portions of any Sections
of this Agreement containing any such provision held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent possible, the
provisions of this Agreement (including, but not limited to, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not
themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifest by the provision held invalid, illegal or unenforceable. 

        22.    Counterparts.    This Agreement may be executed by one or more counterparts, each of which shall for all
purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought shall be
required to be produced to evidence the existence of this Agreement. 

        23.    Captions.    The captions and headings used in this Agreement are inserted for convenience only and shall not
be deemed to constitute part of this Agreement or to affect the construction thereof. 

        24.    Definitions.    For purposes of this Agreement: 

        (a)   "Change
in Control" shall mean a change in control of the Company occurring after the date hereof of a nature that would be required to be reported in response to Item
6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Act, whether or not the Company is then subject to such
reporting requirement; provided, however, that, without limitation, a Change in Control shall include:
(i) the acquisition (other than from the Company) after the date hereof by any person, entity or "group" within the meaning of Section 13(d)(3) or 14(d)(2) of the Act (excluding, for
this purpose, the Company or its subsidiaries, any employee benefit plan of the Company or its subsidiaries which acquires beneficial ownership of voting securities of the Company, any qualified
institutional investor who meets the requirements of Rule 13d-1(b)(1) promulgated under the Act, Warburg Pincus LLC and its affiliates, and The Vertical Group, L.P. and its
affiliates) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Act) of 20% or more of either the then-outstanding shares of common stock or
the combined voting power of the Company's then-outstanding capital stock entitled to vote generally in the election of directors; (ii) individuals who, as of the date hereof,
constitute the Board of Directors (the "Incumbent Board") ceasing for any reason to constitute at least a majority of the Board of Directors, provided that any person becoming a director subsequent to
the date hereof whose election, or nomination for election by the Company's stockholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board (other than
an election or nomination of an individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the directors of the Company)
shall be, for purposes of this Agreement, considered as though such person were a member of the Incumbent Board; or (iii) approval by the stockholders of the Company of (A) a
reorganization, merger, or consolidation, in each case, with respect to which persons who were the stockholders of the Company immediately prior to such reorganization, merger, or consolidation do
not, immediately thereafter, own more than 50% of the combined voting power entitled to vote generally in the election of directors of the reorganized, merged, consolidated or other surviving
corporation's then-outstanding voting securities, (B) a liquidation or dissolution of the Company, or (C) the sale of all or substantially all of the assets of the Company. 

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        (b)   "Disinterested
Director" shall mean a director of the Company who is not or was not a party to the action, suit, investigation or proceeding in respect of which
indemnification is being sought by the Indemnitee. 

        (c)   "Expenses"
shall include all attorneys' fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and
binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend,
investigating or being or preparing to be a witness in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative in nature. 

        (d)   "Independent
Counsel" shall mean a law firm or a member of a law firm that neither is presently nor in the past five years has been retained to represent (i) the
Company or the Indemnitee in any matter material to either such party or (ii) any other party to the action, suit, investigation or proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term "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 right to indemnification under this Agreement. 

        25.    Entire Agreement, Modification and Waiver.    This Agreement constitutes the entire agreement and understanding
of the parties hereto regarding the subject matter hereof, and no supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both 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. No
supplement, modification or amendment of this Agreement shall limit or restrict any right of the Indemnitee under this Agreement in respect of any act or omission of the Indemnitee prior to the
effective date of such supplement, modification or amendment unless expressly provided therein. 

        26.    Notices.    All notices, requests, demands or other communications hereunder shall be in writing and shall be
deemed to have been duly given if (i) delivered by hand with receipt acknowledged by the party to whom said notice or other communication shall have been directed, (ii) mailed by
certified or registered mail, return receipt requested with postage prepaid, on the date shown on the return receipt or (iii) delivered by facsimile transmission on the date shown on the
facsimile machine report: 

	(a)
	If
to the Indemnitee to:

                                         
         

                                         
         

                                         
         

	(b)
	If
to the Company, to:

ev3 Inc.

4600 Nathan Lane North

Plymouth, Minnesota 55442

Attention: Chief Legal Officer

Facsimile: (753) 398-7240

with
a copy to:

King &
Spalding LLP

Attn: Tracy Kimmel

1185 Avenue of the Americas

New York, NY 10036 

or
to such other address as may be furnished to the Indemnitee by the Company or to the Company by the Indemnitee, as the case may be. 

9

 

        27.    Governing Law.    The parties hereto agree that this Agreement shall be governed by, and construed and enforced
in accordance with, the laws of the State of Delaware, applied without giving effect to any conflicts-of-law principles. 

        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written. 

	 	 	ev3 Inc.
	

 	
 	
By	

 
	 	 	 	

	 	 	Name:	 
	 	 	 	

	 	 	Title:	 
	 	 	 	

	

 	
 	
INDEMNITEE:
	

 	
 	
By	

 
	 	 	 	

	 	 	Name:	 
	 	 	 	

10

QuickLinks

EXHIBIT 10.15

FORM OF INDEMNIFICATION AGREEMENTQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.17    
    

 
 

ev3 Inc.    
    
    2005 INCENTIVE STOCK PLAN    
    

 
 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	 
	 	Page

	§ 1. BACKGROUND AND PURPOSE	 	1
	§ 2. DEFINITIONS	 	1
	 	 	2.1	 	Affiliate	 	1
	 	 	2.2	 	Board	 	1
	 	 	2.3	 	Change Effective Date	 	1
	 	 	2.4	 	Change in Control	 	1
	 	 	2.5	 	Code	 	2
	 	 	2.6	 	Committee	 	2
	 	 	2.7	 	Company	 	2
	 	 	2.8	 	Director	 	2
	 	 	2.9	 	Eligible Employee	 	2
	 	 	2.10	 	Fair Market Value	 	2
	 	 	2.11	 	ISO	 	2
	 	 	2.12	 	1933 Act	 	2
	 	 	2.13	 	1934 Act	 	2
	 	 	2.14	 	Non-ISO	 	2
	 	 	2.15	 	Option	 	2
	 	 	2.16	 	Option Certificate	 	2
	 	 	2.17	 	Option Price	 	2
	 	 	2.18	 	Parent	 	2
	 	 	2.19	 	Plan	 	2
	 	 	2.20	 	Rule 16b-3	 	2
	 	 	2.21	 	SAR Value	 	2
	 	 	2.22	 	Stock	 	3
	 	 	2.23	 	Stock Appreciation Right	 	3
	 	 	2.24	 	Stock Appreciation Right Certificate	 	3
	 	 	2.25	 	Stock Grant	 	3
	 	 	2.26	 	Stock Grant Certificate	 	3
	 	 	2.27	 	Stock Unit Grant	 	3
	 	 	2.28	 	Subsidiary	 	3
	 	 	2.29	 	Ten Percent Shareholder	 	3
	§ 3. SHARES AND GRANT LIMITS	 	3
	 	 	3.1	 	Shares Reserved	 	3
	 	 	3.2	 	Source of Shares	 	3
	 	 	3.3	 	Use of Proceeds	 	3
	 	 	3.4	 	Grant Limits	 	3
	§ 4. EFFECTIVE DATE	 	4
	§ 5. COMMITTEE	 	4
	§ 6. ELIGIBILITY	 	4
	§ 7. OPTIONS	 	4
	 	 	7.1	 	Committee Action	 	4
	 	 	 	 	 	 	 

i

 

	 	 	7.2	 	$100,000 Limit	 	5
	 	 	7.3	 	Option Price	 	5
	 	 	7.4	 	Payment	 	5
	 	 	7.5	 	Exercise	 	5
	§ 8. STOCK APPRECIATION RIGHTS	 	5
	 	 	8.1	 	Committee Action	 	5
	 	 	8.2	 	Terms and Conditions	 	5
	 	 	8.3	 	Exercise	 	7
	§ 9. STOCK GRANTS	 	7
	 	 	9.1	 	Committee Action	 	7
	 	 	9.2	 	Conditions	 	7
	 	 	9.3	 	Dividends, Voting Rights and Creditor Status	 	8
	 	 	9.4	 	Satisfaction of Forfeiture Conditions	 	8
	 	 	9.5	 	Income Tax Deduction	 	8
	§ 10. NON-TRANSFERABILITY	 	9
	 	 	10.1	 	General Rule	 	9
	 	 	10.2	 	Transfers to Family Members	 	9
	§ 11. SECURITIES REGISTRATION	 	10
	§ 12. LIFE OF PLAN	 	10
	§ 13. ADJUSTMENT	 	10
	 	 	13.1	 	Capital Structure	 	10
	 	 	13.2	 	Available Shares	 	11
	 	 	13.3	 	Transactions Described in § 424 of the Code	 	11
	 	 	13.4	 	Fractional Shares	 	11
	§ 14. CHANGE IN CONTROL	 	11
	§ 15. AMENDMENT OR TERMINATION	 	12
	§ 16. MISCELLANEOUS	 	12
	 	 	16.1	 	Shareholder Rights	 	12
	 	 	16.2	 	No Contract of Employment	 	12
	 	 	16.3	 	Withholding	 	12
	 	 	16.4	 	Construction	 	13
	 	 	16.5	 	Other Conditions	 	13
	 	 	16.6	 	Rule 16b-3	 	13
	 	 	16.7	 	Coordination with Employment Agreements and Other Agreements	 	13

ii

 
 

§ 1.    
    
    BACKGROUND AND PURPOSE    
    

        The purpose of this Plan is to promote the interest of the Company by authorizing the Committee to grant Options and Stock Appreciation Rights and to make Stock
Grants and Stock Unit Grants to Eligible Employees and Directors or consultants in order (1) to attract and retain Eligible Employees, Directors or consultants, (2) to provide an
additional incentive to each Eligible Employee, Director or consultant to work to increase the value of Stock and (3) to provide each Eligible Employee, Director or consultant with a stake in
the future of the Company which corresponds to the stake of each of the Company's shareholders. 

 
 

§ 2.    
    
    DEFINITIONS    
    

        2.1    Affiliate    —    means any organization (other than a Subsidiary) that would be treated
as under common control with the Company under § 414(c) of the Code if "50 percent" were substituted for "80 percent" in the income tax regulations under
§ 414(c) of the Code. 

        2.2    Board    —    means the Board of Directors of the Company. 

        2.3    Change Effective Date    —    means either the date which includes the "closing" of the
transaction which makes a Change in Control effective if the Change in Control is made effective through a transaction which has a "closing" or the date a Change in Control is reported in accordance
with applicable law as effective to the Securities and Exchange Commission if the Change in Control is made effective other than through a transaction which has a "closing". 

        2.4    Change in Control    —    means a change in control of the Company occurring after the
effective date of this Plan of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any
similar schedule or form) promulgated under the 1934 Act, whether or not the Company is then subject to such reporting requirement; provided,  however, that,
 without limitation, a Change in Control shall include: (i) the acquisition (other than from the Company) after the date hereof by
any person, entity or "group" within the meaning of Section 13(d)(3) or 14(d)(2) of the 1934 Act (excluding, for this purpose, the Company or its subsidiaries, any employee benefit plan of the
Company or its subsidiaries which acquires beneficial ownership of voting securities of the Company, any qualified institutional investor who meets the requirements of
Rule 13d-1(b)(1) promulgated under the 1934 Act, Warburg Pincus LLC and its affiliates, and The Vertical Group, L.P. and its affiliates) of beneficial ownership (within the meaning
of Rule 13d-3 promulgated under the 1934 Act) of 20% or more of either the then-outstanding shares of common stock or the combined voting power of the Company's
then-outstanding capital stock entitled to vote generally in the election of directors; (ii) individuals who, as of the date hereof, constitute the Board (the "Incumbent Board")
ceasing for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the
Company's stockholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board (other than an election or nomination of an individual whose initial
assumption of office is in connection with an actual or threatened election contest relating to the election of the directors of the Company) shall be, for purposes of this Agreement, considered as
though such person were a member of the Incumbent Board; or (iii) approval by the stockholders of the Company of (A) a reorganization, merger, or consolidation, in each case, with
respect to which persons who were the stockholders of the Company immediately prior to such reorganization, merger, or consolidation do not, immediately thereafter, own more than 50% of the combined
voting power entitled to vote generally in the election of directors of the reorganized, merged, consolidated or other surviving corporation's then-outstanding voting securities,
(B) a liquidation or dissolution of the Company, or (C) the sale of all or substantially all of the assets of the Company. 

 

        2.5    Code    —    means the Internal Revenue Code of 1986, as amended. 

        2.6    Committee    —    means a committee of the Board which shall have at least 2 members,
each of whom shall be appointed by and shall serve at the pleasure of the Board and shall come within the definition of a "non-employee director" under Rule 16b-3 and an
"outside director" under § 162(m) of the Code, or if no such committee of the Board has been appointed, the Board as a whole. 

        2.7    Company    —    means ev3 Inc. and any successor to ev3 Inc. 

        2.8    Director    —    means any member of the Board who is not an employee of the Company or a
Parent or Subsidiary or affiliate (as such term is defined in Rule 405 of the 1933 Act) of the Company. 

        2.9    Eligible Employee    —    means an employee of the Company or any Subsidiary or Parent or
Affiliate to whom the Committee decides for reasons sufficient to the Committee to make a grant under this Plan. 

        2.10    Fair Market Value    —    means either (a) the closing price on any date for a
share of Stock as reported by The Wall Street Journal or, if The Wall Street Journal no longer reports
such closing price, such closing price as reported by a newspaper or trade journal selected by the Committee or, if no such closing price is available on such date, (b) such closing price as so
reported in accordance with § 2.10(a) for the immediately preceding business day, or, if no newspaper or trade journal reports such closing price or if no such price quotation is
available, (c) the price which the Committee acting in good faith determines through any reasonable valuation method that a share of Stock might change hands between a willing buyer and a
willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of the relevant facts. 

        2.11    ISO    —    means an option granted under this Plan to purchase Stock which is intended
to satisfy the requirements of § 422 of the Code. 

        2.12    1933 Act    —    means the Securities Act of 1933, as amended. 

        2.13    1934 Act    —    means the Securities Exchange Act of 1934, as amended. 

        2.14    Non-ISO    —    means an option granted under this Plan to purchase Stock
which is intended to fail to satisfy the requirements of § 422 of the Code. 

        2.15    Option    —    means an ISO or a Non-ISO which is granted under
§ 7. 

        2.16    Option Certificate    —    means the certificate (whether in electronic or written form)
which sets forth the terms and conditions of an Option granted under this Plan. 

        2.17    Option Price    —    means the price which shall be paid to purchase one share of Stock
upon the exercise of an Option granted under this Plan. 

        2.18    Parent    —    means any corporation which is a parent corporation (within the meaning
of § 424(e) of the Code) of the Company. 

        2.19    Plan    —    means this ev3 Inc. 2005 Incentive Stock Plan as effective as of the
date approved by the shareholders of the Company and as amended from time to time thereafter. For each grant of an Option to an Eligible Employee, Director or consultant who is a resident of France,
the Plan shall include the terms of the addendum titled, "Terms and Conditions for French Option Grants", which shall supercede the terms of the Plan to the extent that the terms of such addendum
conflict with the terms of the Plan. 

        2.20    Rule 16b-3    —    means the exemption under
Rule 16b-3 to Section 16(b) of the 1934 Act or any successor to such rule. 

        2.21    SAR Value    —    means the value assigned by the Committee to a share of Stock in
connection with the grant of a Stock Appreciation Right under § 8. 

2

 

        2.22    Stock    —    means the common stock of the Company. 

        2.23    Stock Appreciation Right    —    means a right which is granted under
§ 8 to receive the appreciation in a share of Stock. 

        2.24    Stock Appreciation Right Certificate    —    means the certificate (whether in
electronic or written form) which sets forth the terms and conditions of a Stock Appreciation Right which is not granted as part of an Option. 

        2.25    Stock Grant    —    means a grant under § 9 which is designed to
result in the issuance of the number of shares of Stock described in such grant rather than a payment in cash based on the Fair Market Value of such shares of Stock. 

        2.26    Stock Grant Certificate    —    means the certificate (whether in electronic or written
form) which sets forth the terms and conditions of a Stock Grant or a Stock Unit Grant. 

        2.27    Stock Unit Grant    —    means a grant under § 9 which is designed to
result in the payment of cash based on the Fair Market Value of the number of shares of Stock described in such grant rather than the issuance of the number of shares of Stock described in such grant. 

        2.28    Subsidiary    —    means a corporation which is a subsidiary corporation (within the
meaning of § 424(f) of the Code) of the Company. 

        2.29    Ten Percent Shareholder    —    means a person who owns (after taking into account the
attribution rules of § 424(d) of the Code) more than ten percent of the total combined voting power of all classes of stock of either the Company, a Subsidiary or Parent. 

 
 

§ 3.    
    
    SHARES AND GRANT LIMITS    
    

        3.1    Shares Reserved.    There shall (subject to § 13) be reserved for issuance under this
Plan 2,000,000 shares of Stock; provided, however that no more than 2,000,000 shares of Stock may be issued in connection with the exercise of ISOs. 

        3.2    Source of Shares.    The shares of Stock described in § 3.1 shall be reserved to the extent
that the Company deems appropriate from authorized but unissued shares of Stock and from shares of Stock which have been reacquired by the Company. All shares of Stock described in
§ 3.1 shall remain available for issuance under this Plan until issued pursuant to the exercise of an Option or a Stock Appreciation Right or issued pursuant to a Stock Grant, and
any such shares of stock which are issued pursuant to an Option, a Stock Appreciation Right or a Stock Grant which are forfeited thereafter shall again become available for issuance under this Plan.
Finally, if the Option Price under an Option is paid in whole or in part in shares of Stock or if shares of Stock are tendered to the Company in satisfaction of any condition to a Stock Grant, such
shares thereafter shall become available for issuance under this Plan and shall be treated the same as any other shares available for issuance under this Plan. 

        3.3    Use of Proceeds.    The proceeds which the Company receives from the sale of any shares of Stock under this
Plan shall be used for general corporate purposes and shall be added to the general funds of the Company. 

        3.4    Grant Limits.    No Eligible Employee, Director or consultant in any calendar year shall be granted an Option
to purchase (subject to § 13) more than 250,000 shares of Stock or a Stock Appreciation Right based on the appreciation with respect to (subject to
§ 13) more than 250,000 shares of Stock, and no Stock Grant or Stock Unit Grant shall be made to any Eligible Employee, Director or consultant in any calendar year where the
Fair Market Value of the Stock subject to such 

3

 

grant
on the date of the grant exceeds $10,000,000. No more than 500,000 non-forfeitable shares of Stock shall (subject to § 13) be issued pursuant to Stock
Grants under § 9. 

 
 

§ 4.    
    
    EFFECTIVE DATE    
    

        The effective date of this Plan shall be the date the shareholders of the Company (acting at a duly called meeting of such shareholders) approve the adoption of
this Plan. 

 
 

§ 5.    
    
    COMMITTEE    
    

        This Plan shall be administered by the Committee. The Committee acting in its absolute discretion shall exercise such powers and take such action as expressly
called for under this Plan and, further, the Committee shall have the power to interpret this Plan and (subject to § 14 and § 15 and
Rule 16b-3) to take such other action in the administration and operation of this Plan as the Committee deems equitable under the circumstances, which action shall be binding on the
Company, on each affected Eligible Employee, Director or consultant and on each other person directly or indirectly affected by such action. Furthermore, the Committee as a condition
to making any grant under this Plan to any Eligible Employee, Director or consultant shall have the right to require him or her to execute an agreement which makes the Eligible Employee, Director or
consultant subject to non-competition provisions and other restrictive covenants which run in favor of the Company. 

 
 

§ 6.    
    
    ELIGIBILITY    
    

        Only Eligible Employees who are employed by the Company or a Subsidiary or Parent shall be eligible for the grant of ISOs under this Plan. All Eligible Employees,
Directors and consultants shall be eligible for the grant of Non-ISOs and Stock Appreciation Rights and for Stock Grants and Stock Unit Grants under this Plan. 

 
 

§ 7.    
    
    OPTIONS    
    

        7.1    Committee Action.    The Committee acting in its absolute discretion shall have the right to grant Options to
Eligible Employees, Directors and consultants under this Plan from time to time to purchase shares of Stock, but the Committee shall not (subject to § 13) take any action,
whether through amendment, cancellation, replacement grants, or any other means, to reduce the Option Price of any outstanding Options absent the approval of the Company's shareholders. Each grant of
an Option to an Eligible Employee, Director or consultant shall be evidenced by an Option Certificate, and each Option Certificate shall set forth whether the Option is an ISO or a Non-ISO
and shall set forth such other terms and conditions of such grant as the Committee acting in its absolute discretion deems consistent with the terms of this Plan; however, (a) if the Committee
grants an ISO and a Non-ISO to an Eligible Employee on the same date, the right of the Eligible Employee to exercise the ISO shall not be conditioned on his or her failure to exercise the
Non-ISO and (b) if the only condition to exercise of the Option is the completion of a period of service, such period of service shall be no less than the one (1) year period
which starts on the date as of which the Option is granted unless the Committee determines that a shorter period of service (or no period of service) better serves the Company's interest. 

4

 

        7.2    $100,000 Limit.    No Option shall be treated as an ISO to the extent that the aggregate Fair Market Value of
the Stock subject to the Option which would first become exercisable in any calendar year exceeds $100,000. Any such excess shall instead automatically be treated as a Non-ISO. The
Committee shall interpret and administer the ISO limitation set forth in this § 7.2 in accordance with § 422(d) of the Code, and the Committee shall treat this
§ 7.2 as in effect only for those periods for which § 422(d) of the Code is in effect. 

        7.3    Option Price.    The Option Price for each share of Stock subject to an Option shall be no less than the Fair
Market Value of a share of Stock on the date the Option is granted; provided, however, if the Option is an ISO granted to an Eligible Employee who is a Ten Percent Shareholder, the Option Price for
each share of Stock subject to such ISO shall be no less than 110% of the Fair Market Value of a share of Stock on the date such ISO is granted. 

        7.4    Payment.    The Option Price shall be payable in full upon the exercise of any Option and, at the discretion of
the Committee, an Option Certificate can provide for the payment of the Option Price either in cash, by check or in Stock which has been held for at least 6 months and which is acceptable to
the Committee, or through any cashless exercise procedure which is effected by an unrelated broker through a sale of Stock in the open market and which is acceptable to the Committee, or in any
combination of such forms of payment. Any payment made in Stock shall be treated as equal to the Fair Market Value of such Stock on the date the certificate for such Stock (or proper evidence of such
certificate) is presented to the Committee or its delegate in such form as acceptable to the Committee. 

        7.5    Exercise.    

	(a)
	Exercise Period.    Each Option granted under this Plan shall be exercisable in whole or in part at such time or times as set
forth in the related Option Certificate, but no Option Certificate shall make an Option exercisable on or after the earlier of

	(1)
	the
date which is the fifth anniversary of the date the Option is granted, if the Option is an ISO and the Eligible Employee is a Ten Percent Shareholder on the date the Option is
granted, or

	(2)
	the
date which is the tenth anniversary of the date the Option is granted, if the Option is (a) a Non-ISO or (b) an ISO which is granted to an Eligible
Employee who is not a Ten Percent Shareholder on the date the Option is granted.

	(b)
	Termination of Status as Eligible Employee or Director.    Subject to § 7.5(a), an Option Certificate may
provide for the exercise of an Option after an Eligible Employee's, Director's or consultant's status as such has terminated for any reason whatsoever, including death or disability. 

 
 

§ 8.    
    
    STOCK APPRECIATION RIGHTS    
    

        8.1    Committee Action.    The Committee acting in its absolute discretion shall have the right to grant Stock
Appreciation Rights to Eligible Employees, Directors and consultants under this Plan from time to time, and each Stock Appreciation Right grant shall be evidenced by a Stock Appreciation Right
Certificate or, if such Stock Appreciation Right is granted as part of an Option, shall be evidenced by the Option Certificate for the related Option. 

        8.2    Terms and Conditions.    

	(a)
	Stock Appreciation Right Certificate.    If a Stock Appreciation Right is granted independent of an Option, such Stock
Appreciation Right shall be evidenced by a Stock Appreciation Right Certificate, and such certificate shall set forth the number of shares of Stock on which the Eligible Employee's, Director's or
consultant's right to appreciation shall be based and the 

5

 

SAR
Value of each share of Stock. Such SAR Value shall be no less than the Fair Market Value of a share of Stock on the date that the Stock Appreciation Right is granted. The Stock Appreciation Right
Certificate shall set forth such other terms and conditions for the exercise of the Stock Appreciation Right as the Committee deems appropriate under the circumstances, but no Stock Appreciation Right
Certificate shall make a Stock Appreciation Right exercisable on or after the date which is the tenth anniversary of the date such Stock Appreciation Right is granted. 

	(b)
	Option Certificate.    If a Stock Appreciation Right is granted together with an Option, such Stock Appreciation Right shall
be evidenced by an Option Certificate, the number of shares of Stock on which the Eligible Employee's, Director's or consultant's right to appreciation shall be based shall be the same as the number
of shares of Stock subject to the related Option, and the SAR Value for each such share of Stock shall be no less than the Option Price under the related Option. Each such Option Certificate shall
provide that the exercise of the Stock Appreciation Right with respect to any share of Stock shall cancel the Eligible Employee's, Director's or consultant's right to exercise his or her Option with
respect to such share and, conversely, that the exercise of the Option with respect to any share of Stock shall cancel the Eligible Employee's, Director's or consultant's right to exercise his or her
Stock Appreciation Right with respect to such share. A Stock Appreciation Right which is granted as part of an Option shall be exercisable only while the related Option is exercisable. The Option
Certificate shall set forth such other terms and conditions for the exercise of the Stock Appreciation Right as the Committee deems appropriate under the circumstances. 

6

  

	(c)
	Minimum Period of Service.    If the only condition to exercise of a Stock Appreciation Right is the completion of a period
of service, such period of service shall be no less than the one (1) year period which starts on the date as of which the Stock Appreciation Right is granted unless the Committee determines
that a shorter period of service (or no period of service) better serves the Company's interest. 

        8.3    Exercise.    A Stock Appreciation Right shall be exercisable only when the Fair Market Value of a share of
Stock on which the right to appreciation is based exceeds the SAR Value for such share, and the payment due on exercise shall be based on such excess with respect to the number of shares of Stock to
which the exercise relates. An Eligible Employee, Director or consultant upon the exercise of his or her Stock Appreciation Right shall receive a payment from the Company in cash or in Stock issued
under this Plan, or in a combination of cash and Stock, and the number of shares of Stock issued shall be based on the Fair Market Value of a share of Stock on the date the Stock Appreciation Right is
exercised. The Committee acting in its absolute discretion shall have the right to determine the form and time of any payment under this § 8.3. 

 
 

§ 9.    
    
    STOCK GRANTS    
    

        9.1    Committee Action.    The Committee acting in its absolute discretion shall have the right to make Stock Grants
and Stock Unit Grants to Eligible Employees, Directors or consultants. Each Stock Grant and each Stock Unit Grant shall be evidenced by a Stock Grant Certificate, and each Stock Grant Certificate
shall set forth the conditions, if any, under which Stock will be issued under the Stock Grant or cash will be paid under the Stock Unit Grant and the conditions under which the Eligible Employee's,
Director's or consultant's interest in any Stock which has been issued will become non-forfeitable. 

        9.2    Conditions.    

	(a)
	Conditions to Issuance of Stock.    The Committee acting in its absolute discretion may make the issuance of Stock under a
Stock Grant subject to the satisfaction of one, or more than one, condition which the Committee deems appropriate under the circumstances for Eligible Employees, Directors or consultants generally or
for an Eligible Employee, a Director or a consultant in particular, and the related Stock Grant Certificate shall set forth each such condition and the deadline for satisfying each such condition.
Stock subject to a Stock Grant shall be issued in the name of an Eligible Employee, Director or consultant only after each such condition, if any, has been timely satisfied, and any Stock which is so
issued shall be held by the Company pending the satisfaction of the forfeiture conditions, if any, under § 9.2(b) for the related Stock Grant.

	(b)
	Conditions on Forfeiture of Stock or Cash Payment.    The Committee acting in its absolute discretion may make any cash
payment due under a Stock Unit Grant or Stock issued in the name of an Eligible Employee, Director or consultant under a Stock Grant non-forfeitable subject to the satisfaction of one, or
more than one, objective employment, performance or other condition that the Committee acting in its absolute discretion deems appropriate under the circumstances for Eligible Employees, Directors or
consultants generally or for an Eligible Employee, a Director or a consultant in particular, and the related Stock Grant Certificate shall set forth each such condition, if any, and the deadline, if
any, for satisfying each such condition. An Eligible Employee's, Director's or consultant's non-forfeitable interest in the shares of Stock underlying a Stock Grant or the cash payable
under a Stock Unit Grant shall depend on the extent to which he or she timely satisfies each such condition. If a share of Stock is issued under this § 9.2(b) before an Eligible
Employee's, Director's or consultant's interest in such share of Stock is non-forfeitable, (1) such share of Stock shall not be available 

7

 

for
re-issuance under § 3 until such time, if any, as such share of Stock thereafter is forfeited as a result of a failure to timely satisfy a forfeiture condition and
(2) the Company shall have the right to condition any such issuance on the Eligible Employee, Director or consultant first signing an irrevocable stock power in favor of the Company with
respect to the forfeitable shares of Stock issued to such Eligible Employee, Director or consultant in order for the Company to effect any forfeiture called for under the related Stock Grant
Certificate. 

	(c)
	Minimum Period of Service.    If the only condition to the forfeiture of a Stock Grant or a Stock Unit Grant is the
completion of a period of service, such period of service shall be no less than the three (3) year period which starts on the date as of which the Stock Grant or Stock Unit Grant is made unless
the Committee determines that a shorter period of service (or no period of service) better serves the Company's interest. 

        9.3    Dividends, Voting Rights and Creditor Status.    

	(a)
	Cash Dividends.    Except as otherwise set forth in a Stock Grant Certificate, if a dividend is paid in cash on a share of
Stock after such Stock has been issued under a Stock Grant but before the first date that an Eligible Employee's, Director's or consultant's interest in such Stock (1) is forfeited completely
or (2) becomes completely non-forfeitable, the Company shall pay such cash dividend directly to such Eligible Employee, Director or consultant.

	(b)
	Stock Dividends.    If a dividend is paid on a share of Stock in Stock after such Stock has been issued under a Stock Grant
but before the first date that an Eligible Employee's, Director's or consultant's interest in such Stock (1) is forfeited completely or (2) becomes completely
non-forfeitable, the Company shall hold such dividend Stock subject to the same conditions under § 9.2(b) as the related Stock Grant.

	(c)
	Other.    If a dividend (other than a dividend described in § 9.3(a) or § 9.3(b)) is
paid with respect to a share of Stock after such Stock has been issued under a Stock Grant but before the first date that an Eligible Employee's, Director's or consultant's interest in such Stock
(1) is forfeited completely or (2) becomes completely non-forfeitable, the Company shall distribute or hold such dividend in accordance with such rules as the Committee shall
adopt with respect to each such dividend.

	(d)
	Voting.    Except as otherwise set forth in a Stock Grant Certificate, an Eligible Employee, Director or consultant shall
have the right to vote the Stock issued under his or her Stock Grant during the period which comes after such Stock has been issued under a Stock Grant but before the first date that an Eligible
Employee's, Director's or consultant's interest in such Stock (1) is forfeited completely or (2) becomes completely non-forfeitable.

	(e)
	General Creditor Status.    Each Eligible Employee and each Director and each consultant to whom a Stock Unit grant is made
shall be no more than a general and unsecured creditor of the Company with respect to any cash payable under such Stock Unit Grant. 

        9.4    Satisfaction of Forfeiture Conditions.    A share of Stock shall cease to be subject to a Stock Grant at such
time as an Eligible Employee's, Director's or consultant's interest in such Stock becomes non-forfeitable under this Plan, and the certificate or other evidence of ownership representing
such share shall be transferred to the Eligible Employee, Director or consultant as soon as practicable thereafter. 

        9.5    Income Tax Deduction.    

	(a)
	General.    The Committee shall (where the Committee under the circumstances deems in the Company's best interest) either
(1) make Stock Grants and Stock Unit Grants to Eligible Employees subject to at least one condition related to one, or more than one, performance goal based on the performance goals described
in § 9.5(b) which seems likely to result in the 

8

 

Stock
Grant or Stock Unit Grant qualifying as "performance-based compensation" under § 162(m) of the Code or (2) make Stock Grants and Stock Unit Grants to Eligible Employees
under such other circumstances as the Committee deems likely to result in an income tax deduction for the Company with respect such Stock Grant or Stock Unit Grant. A performance goal may be set in
any manner determined by the Committee, including looking to achievement on an absolute or relative basis in relation to peer groups or indexes. 

	(b)
	Performance Goals.    A performance goal is described in this § 9.5(b) if such goal relates to
(1) the Company's return over capital costs or increases in return over capital costs, (2) the Company's total earnings or the growth in such earnings, (3) the Company's
consolidated earnings or the growth in such earnings, (4) the Company's earnings per share or the growth in such earnings, (5) the Company's net earnings or the growth in such earnings,
(6) the Company's earnings before interest expense, taxes, depreciation, amortization and other non-cash items or the growth in such earnings, (7) the Company's earnings
before interest and taxes or the growth in such earnings, (8) the Company's consolidated net income or the growth in such income, (9) the value of the Company's common stock or the
growth in such value, (10) the Company's stock price or the growth in such price, (11) the Company's return on assets or the growth on such return, (12) the Company's cash flow or
the growth in such cash flow, (13) the Company's total shareholder return or the growth in such return, (14) the Company's expenses or the reduction of such expenses, (15) the
Company's sales growth, (16) the Company's overhead ratios or changes in such ratios, (17) the Company's expense-to-sales ratios or the changes in such ratios, or
(18) the Company's economic value added or changes in such value added.

	(c)
	Adjustments.    When the Committee determines whether a performance goal has been satisfied for any period, the Committee may
exclude any or all "extraordinary items" as determined under U.S. generally accepted accounting principles and any other unusual or non-recurring items, including, without limitation, the
charges or costs associated with restructurings of the Company, discontinued operations, and the cumulative effects of accounting changes. The Committee may also adjust any performance goal for a
period as it deems equitable in recognition of unusual or non-recurring events affecting the Company, changes in applicable tax laws or accounting principles, or such other factors as the
Committee may determine (including, without limitation, any adjustments that would result in the Company's paying non-deductible compensation to an Eligible Employee). 

 
 

§ 10.    
    
    NON-TRANSFERABILITY    
    

        10.1    General Rule.    Except as provided in § 10.2, no Option, Stock Grant, Stock Unit Grant or
Stock Appreciation Right shall be transferable by an Eligible Employee, Director or consultant other than by will or by the laws of descent and distribution, and any Option or Stock Appreciation Right
shall be exercisable during an Eligible Employee's, Director's or consultant's lifetime only by the Eligible Employee, Director or consultant. The person or persons to whom an Option or Stock Grant or
Stock Unit Grant or Stock Appreciation Right is transferred by will or by the laws of descent and distribution or pursuant to § 10.2, thereafter shall be treated as the Eligible Employee,
Director or consultant. 

        10.2    Transfers to Family Members.    An Option or Stock Grant, Stock Unit Grant or Stock Appreciation Right may be
transferred by an Eligible Employee, Director or consultant to a "family member" (as defined for purposes of Form S-8 under the 1933 Act) of such Eligible Employee, Director or
consultant or to a trust exclusively for the benefit of one or more of such family members 

9

 

of
such Eligible Employee, Director or consultant; provided such transfer is made as a gift without consideration, and such transfer complies with applicable securities laws. 

 
 

§ 11.    
    
    SECURITIES REGISTRATION    
    

        As a condition to the receipt of shares of Stock under this Plan, the Eligible Employee, Director or consultant shall, if so requested by the Company, agree to
hold such shares of Stock for investment and not with a view of resale or distribution to the public and, if so requested by the Company, shall deliver to the Company a written statement satisfactory
to the Company to that effect. Furthermore, if so requested by the Company, the Eligible Employee, Director or consultant shall make a written representation to the Company that he or she will not
sell or offer for sale any of such Stock unless a
registration statement shall be in effect with respect to such Stock under the 1933 Act and any applicable state securities law or he or she shall have furnished to the Company an opinion in form and
substance satisfactory to the Company of legal counsel satisfactory to the Company that such registration is not required. Certificates or other evidence of ownership representing the Stock
transferred upon the exercise of an Option or Stock Appreciation Right or upon the lapse of the forfeiture conditions, if any, on any Stock Grant may at the discretion of the Company bear a legend to
the effect that such Stock has not been registered under the 1933 Act or any applicable state securities law and that such Stock cannot be sold or offered for sale in the absence of an effective
registration statement as to such Stock under the 1933 Act and any applicable state securities law or an opinion in form and substance satisfactory to the Company of legal counsel satisfactory to the
Company that such registration is not required. 

 
 

§ 12.    
    
    LIFE OF PLAN    
    

        No Option or Stock Appreciation Right shall be granted or Stock Grant or Stock Unit Grant made under this Plan on or after the earlier of: 

	(1)
	the
tenth anniversary of the effective date of this Plan (as determined under § 4), in which event this Plan otherwise thereafter shall continue in effect until all
outstanding Options and Stock Appreciation Rights have been exercised in full or no longer are exercisable and all Stock issued under any Stock Grants under this Plan have been forfeited or have
become non-forfeitable, or

	(2)
	the
date on which all of the Stock reserved under § 3 has (as a result of the exercise of Options or Stock Appreciation Rights granted under this Plan or the
satisfaction of the forfeiture conditions, if any, on Stock Grants) been issued or no longer is available for use under this Plan, in which event this Plan also shall terminate on such date. 

 
 

§ 13.    
    
    ADJUSTMENT    
    

        13.1    Capital Structure.    The grant caps described in § 3.4, the number, kind or class (or any
combination thereof) of shares of Stock subject to outstanding Options and Stock Appreciation Rights granted under this Plan and the Option Price of such Options and the SAR Value of such Stock
Appreciation Rights as well as the number, kind or class (or any combination thereof) of shares of Stock subject to outstanding Stock Grants and Stock Unit Grants made under this Plan shall be
adjusted by the Committee in a reasonable and equitable manner to preserve immediately after 

10

 

	(a)
	any
equity restructuring or change in the capitalization of the Company, including, but not limited to, spin offs, stock dividends, large non-reoccurring dividends, rights
offerings or stock splits, or

	(b)
	any
other transaction described in § 424(a) of the Code which does not constitute a Change in Control of the Company 

the
aggregate intrinsic value of each such outstanding Option, Stock Appreciation Right, Stock Grant and Stock Unit Grant immediately before such restructuring or recapitalization or other
transaction. 

        13.2    Available Shares.    If any adjustment is made with respect to any outstanding Option, Stock Appreciation
Right, Stock Grant or Stock Unit Grant under § 13.1, then the Committee shall adjust the number, kind or class (or any combination thereof) of shares of Stock reserved under
§ 3.1 so that there is a sufficient number, kind and class of shares of Stock available for issuance pursuant to each such Option, Stock Appreciation Right, Stock Grant and Stock
Unit Grant as adjusted under § 13.1 without seeking the approval of the Company's shareholders for such adjustment unless such approval is required under applicable law or the rules
of the stock exchange on which shares of Stock are traded. Furthermore, the Committee shall have the absolute
discretion to further adjust such number, kind or class (or any combination thereof) of shares of Stock reserved under § 3.1 in light of any of the events described in
§ 13.1(a) and § 13.1(b) to the extent the Committee acting in good faith determines that a further adjustment would be appropriate and proper under the
circumstances and in keeping with the purposes of this Plan without seeking the approval of the Company's shareholders for such adjustment unless such approval is required under applicable law or the
rules of the stock exchange on which shares of Stock are traded. 

        13.3    Transactions Described in § 424 of the Code.    If there is a corporate transaction
described in § 424(a) of the Code which does not constitute a Change in Control of the Company, the Committee as part of any such transaction shall have the right to make Stock Grants,
Stock Unit Grants and Option and Stock Appreciation Right grants (without regard to any limitations set forth under 3.4 of this Plan) to effect the assumption of, or the substitution for, outstanding
stock grants, stock unit grants and option and stock appreciation right grants previously made by any other corporation to the extent that such corporate transaction calls for such substitution or
assumption of such outstanding stock grants, stock unit grants and stock option and stock appreciation right grants. Furthermore, if the Committee makes any such grants as part of any such
transaction, the Committee shall have the right to increase the number of shares of Stock available for issuance under § 3.1 by the number of shares of Stock subject to such grants
without seeking the approval of the Company's shareholders for such adjustment unless such approval is required under applicable law or the rules of the stock exchange on which shares of Stock are
traded. 

        13.4    Fractional Shares.    If any adjustment under this § 13 would create a fractional share of
Stock or a right to acquire a fractional share of Stock under any Option, Stock Appreciation Right or Stock Grant, such fractional share shall be disregarded and the number of shares of Stock reserved
under this Plan and the number subject to any Options or Stock Appreciation Right grants and Stock Grants shall be the next lower number of shares of Stock, rounding all fractions downward. An
adjustment made under this § 13 by the Committee shall be conclusive and binding on all affected persons. 

 
 

§ 14.    
    
    CHANGE IN CONTROL    
    

        If there is a Change in Control of the Company, then as of the Change Effective Date for such Change in Control any and all conditions to the exercise of all
outstanding Options and Stock Appreciation Rights on such date and any and all outstanding issuance and forfeiture conditions on any 

11

 

Stock
Grants and Stock Unit Grants on such date automatically shall be deemed 100% satisfied as of such Change Effective Date, and the Board shall have the right (to the extent expressly required as
part of such transaction) to cancel such Options, Stock Appreciation Rights, Stock Grants and Stock Unit Grants after providing each Eligible Employee, Director and consultant a reasonable period to
exercise his or her Options and Stock Appreciation Rights and to take such other action as necessary or appropriate to receive the Stock subject to any Stock Grants and the cash payable under any
Stock Unit Grants; provided, if any issuance or forfeiture condition described in this § 14 relates to satisfying any performance goal and there is a target for such goal, such
issuance or forfeiture condition shall be deemed satisfied under this § 14 only to the extent of such target unless such target has been exceeded before the Change Effective Date,
in which event such issuance or forfeiture condition shall be deemed satisfied to the extent such target had been so exceeded. A Change in Control shall affect a Stock Appreciation Right or a Stock
Unit Grant which is subject to § 409A of the Code only if the Change in Control meets the requirements for a Change in Control under § 409A of the Code. 

 
 

§ 15.    
    
    AMENDMENT OR TERMINATION    
    

        This Plan may be amended by the Board from time to time to the extent that the Board deems necessary or appropriate; provided, however, (a) no amendment
shall be made absent the approval of the shareholders of the Company to the extent such approval is required under applicable law or the rules of the stock exchange on which shares of Stock are listed
and (b) no amendment shall be made to § 14 on or after the date of any Change in Control which might adversely affect any rights which otherwise would vest on the related Change
Effective Date. The Board also may suspend granting Options or Stock Appreciation Rights or making Stock Grants or Stock Unit Grants under this Plan at any time and may terminate this Plan at any
time; provided, however, the Board shall not have the right unilaterally to modify, amend or cancel any Option or Stock Appreciation Right granted or Stock Grant made before such suspension or
termination unless (1) the Eligible Employee, Director
or consultant consents in writing to such modification, amendment or cancellation or (2) there is a dissolution or liquidation of the Company or a transaction described in
§ 13.1 or § 14. 

 
 

§ 16.    
    
    MISCELLANEOUS    
    

        16.1    Shareholder Rights.    No Eligible Employee, Director or consultant shall have any rights as a shareholder of
the Company as a result of the grant of an Option or a Stock Appreciation Right pending the actual delivery of the Stock subject to such Option or Stock Appreciation Right to such Eligible Employee,
Director or consultant. An Eligible Employee's, Director's or consultant's rights as a shareholder in the shares of Stock which remain subject to forfeiture under § 9.2(b) shall be
set forth in the related Stock Grant Certificate. 

        16.2    No Contract of Employment.    The grant of an Option or a Stock Appreciation Right or a Stock Grant or Stock
Unit Grant to an Eligible Employee, Director or consultant under this Plan shall not constitute a contract of employment or a right to continue to serve on the Board and shall not confer on an
Eligible Employee, Director or consultant any rights upon his or her termination of employment or service in addition to those rights, if any, expressly set forth in this Plan or the related Option
Certificate, Stock Appreciation Right Certificate, or Stock Grant Certificate. 

        16.3    Withholding.    Each Option, Stock Appreciation Right, Stock Grant and Stock Unit Grant shall be made subject
to the condition that the Eligible Employee, Director or consultant consents to whatever action the Committee directs to satisfy the minimum statutory federal and state tax withholding requirements,
if any, which the Company determines are applicable to the exercise of such Option or Stock Appreciation Right or to the satisfaction of any forfeiture conditions with respect to 

12

 

Stock
subject to a Stock Grant or Stock Unit Grant issued in the name of the Eligible Employee, Director or consultant. No withholding shall be effected under this Plan which exceeds the minimum
statutory federal and state withholding requirements. 

        16.4    Construction.    All references to sections (§) are to sections (§) of this Plan
unless otherwise indicated. This Plan shall be construed under the laws of the State of Delaware.
Each term set forth in § 2 shall, unless otherwise stated, have the meaning set forth opposite such term for purposes of this Plan and, for purposes of such definitions, the
singular shall include the plural and the plural shall include the singular. Finally, if there is any conflict between the terms of this Plan and the terms of any Option Certificate, Stock
Appreciation Right Certificate or Stock Grant Certificate, the terms of this Plan shall control. 

        16.5    Other Conditions.    Each Option Certificate, Stock Appreciation Right Certificate or Stock Grant Certificate
may require that an Eligible Employee, Director or consultant (as a condition to the exercise of an Option or a Stock Appreciation Right or the issuance of Stock subject to a Stock Grant) enter into
any agreement or make such representations prepared by the Company, including (without limitation) any agreement which restricts the transfer of Stock acquired pursuant to the exercise of an Option or
a Stock Appreciation Right or a Stock Grant or provides for the repurchase of such Stock by the Company. 

        16.6    Rule 16b-3.    The Committee shall have the right to amend any Option, Stock Grant or Stock
Appreciation Right to withhold or otherwise restrict the transfer of any Stock or cash under this Plan to an Eligible Employee, Director or consultant as the Committee deems appropriate in order to
satisfy any condition or requirement under Rule 16b-3 to the extent Rule 16 of the 1934 Act might be applicable to such grant or transfer. 

        16.7    Coordination with Employment Agreements and Other Agreements.    If the Company enters into an employment
agreement or other agreement with an Eligible Employee, Director or consultant which expressly provides for the acceleration in vesting of an outstanding Option, Stock Appreciation Right, Stock Grant
or Stock Unit Grant or for the extension of the deadline to exercise any rights under an outstanding Option, Stock Appreciation Right, Stock Grant or Stock Unit Grant, any such acceleration or
extension shall be deemed effected pursuant to, and in accordance with, the terms of such outstanding Option, Stock Appreciation Right, Stock Grant or Stock Unit Grant and this Plan even if such
employment agreement or other agreement is first effective after the date the outstanding Option or Stock Appreciation Right was granted or the Stock Grant or Stock Unit Grant was made. 

        IN
WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this Plan to evidence its adoption of this Plan. 

	 	 	ev3 Inc.
	

 	
 	

By:	

 
	 	 	 	

	 	 	Date:	 
	 	 	 	

13

QuickLinks

Exhibit 10.17

ev3 Inc. 2005 INCENTIVE STOCK PLAN

TABLE OF CONTENTS

§ 1. BACKGROUND AND PURPOSE

§ 2. DEFINITIONS

§ 3. SHARES AND GRANT LIMITS

§ 4. EFFECTIVE DATE

§ 5. COMMITTEE

§ 6. ELIGIBILITY

§ 7. OPTIONS

§ 8. STOCK APPRECIATION RIGHTS

§ 9. STOCK GRANTS

§ 10. NON-TRANSFERABILITY

§ 11. SECURITIES REGISTRATION

§ 12. LIFE OF PLAN

§ 13. ADJUSTMENT

§ 14. CHANGE IN CONTROL

§ 15. AMENDMENT OR TERMINATION

§ 16. MISCELLANEOUS

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