Document:

Addendum to Managing Director Agreement

 Exhibit 10.11 
 ADDENDUM TO THE MANAGING DIRECTOR AGREEMENT OF MARCH 20, 2006. 
 WHEREAS

  

	1.	The Volcano Group has decided to structure the responsibilities of Mr. Lussier in separate agreements; 

 

	2.	With reference to clause 1.3 of the Agreement of March 20, 2006 (hereafter the Agreement) the scope of the Agreement is being modified.

  

	3.	The Agreement remains valid and applicable in all its aspects, except where modified by in this Addendum. 

Modified clauses and new clauses 
  

	5.1.	This Addendum is entered into for an indefinite duration and shall commence on February 4, 2011. 

 

	5.2.	The Manager can terminate the Agreement at any time with a notice period of three (3) months. In case the Agreement is terminated without notice or with an
insufficient notice, the Manager shall pay an indemnity of 19,242.19 Euro to Volcano Europe or a pro rata thereof if part of the notice period has already been performed. 

Volcano Europe can terminate the Agreement at any time with a notice period of three (3) months. In case the agreement is terminated
without notice or with an insufficient notice Volcano Europe shall pay to the Manager an indemnity of 19,242.19 Euro or a pro rata thereof if part of the notice period has already been performed. 

 

	1.1	The termination of the Agreement by means of a notice period, an indemnity or in case of serious breach must be notified to the other Party according to Clause
15. 

  

	6.1	In consideration of the Services rendered by the Manager, and based on the volume of performance of 67 days per calendar year, the Manager will receive an annual fee of
67,575.00€. The Manager shall issue a monthly fee note to Volcano Europe for an amount of 5,631.25€. 

The compensation is subject to review whenever appropriate. 

 

	6.6.	In addition to the aforesaid monthly fee (see article 6.1.), Volcano Europe will also reimburse the following costs to the Manager on a monthly basis:

  

	 	•	 	 representation expenses for an amount of 250 €; 

	 	•	 	 travel indemnity for an amount of 195€ (fluctuating on a monthly basis depending on the Manager’s actual travel schedule);

  

	 	•	 	 allocation for homework for an amount of 0€. 

 The amount of reimbursement of costs incurred by the Manager is subject to review by mutual consent whenever appropriate. 
  

	1.2	6.7 Premiums in connection to Health Insurance (total budget of 1,655.24€ per month, insurance tax included) and a Pension Plan (0€ per month,
insurance tax included) will be paid to an insurance company and a pension fund or group insurance by Volcano Europe for the account of the Manager. 

  

	1.3	6.9 A new detailed summary of fees to Mr. Lussier is included to the Addendum as “New Addendum B”. 

 

	8.4	In view of respecting the obligations set out under 8.1 to 8.3 above, Volcano Europe, at the occasion of the termination of the Agreement, will pay an indemnity of
19,242€ to the Manager, in compensation of the above-mentioned undertaking, unless Volcano Europe would decide to renounce to the application of the non compete clause. 

15. Notices : 

For the purpose of the Agreement and the Addendum, notices and all other communications provided for in the Agreement or the Addendum will
be in writing and will be deemed to have been duly given when delivered or mailed by Belgian / United States certified mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below, or to such other address
as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address will be effective only upon actual receipt: 
 To Volcano Europe 
 HR Manager 

Excelsiorlaan 41 
 1930 Zaventem – Belgium 
 To Volcano Corporation 

Senior Vice President and General Counsel 
 3661 Valley Centre Drive, Suite 200 
 San Diego, CA 92130 – USA 

To the Executive: 
 Mr. Michel Lussier 
 At the address most recently on file with Volcano Europe

 IN WITNESS WHEREOF this
Addendum has been signed on behalf of the Parties hereto on February 4, 2011 in two originals, each party acknowledging receipt of one duly signed copy. 
  

			
	 For Volcano Europe
  
	  	 For the Manager
  

		
	  
 /s/ Scott Huennekens

Scott Huennekens, Director Volcano Europe,
	  	  
 /s/ Michel Lussier

Mr. Michel Lussier

		
	And	  	
		
		  	
		
	  
 /s/ John Dahldorf

John Dahldorf, Director Volcano Europe
	  	

 New ADDENDUM B 

SALARY DETAIL – MICHEL LUSSIER 

 

									
	 1. Gross-to-Net Calculation
	  	 	ANNUALLY	  	 	 	MONTHLY	  
			
	 (A) Gross Fee
	  	 	67,575.00 	€ 	 	 	5,631.25 	€ 
	 (B) Benefit in Kind – Car Allowance
	  	 	17,335.00 	€ 	 	 	1,444.58 	€ 
	 (C) Taxable Income = A+B
	  	 	84,910.00 	€ 	 	 	7,075.83 	€ 
	 (D) Social Security contributions paid by ML
	  	 	0.00 	  	 	 	0.00 	  
	 (E) Taxes on income (approximated) = 46%
	  	 	-39,058.60 	€ 	 	 	-3,254.88 	€ 
	 (F) Deduction for Benefit in Kind – Car Allowance
	  	 	-17,335.00 	€ 	 	 	-1,444.58 	€ 
	 (G) Net Fee for ML
	  	 	28,516.40 	€ 	 	 	2,376.37 	€ 
			
	 2. Lump Sum Reimbursements
	  				 			
			
	 (H) Representation Expenses
	  	 	3,000.00 	€ 	 	 	250.00 	€ 
	 (I) Travel Indemnity (average)
	  	 	2,340.00 	€ 	 	 	195.00 	€ 
	 (J) Allocation for homework
	  	 	0 	€ 	 	 	0 	€ 
	                     (K)
SUBTOTAL
	  	 	5,340.00 	€ 	 	 	445.00 	€ 
			
	 3. Additional Costs to Volcano Europe
	  				 			
			
	 (L) Pension Plan contribution
	  	 	0.00 	€ 	 	 	0.00 	€ 
	 (M) Health Insurance
	  	 	31,013.56 	€ 	 	 	2,584.46 	€ 
	                     (N)
SUBTOTAL
	  	 	31,013.56 	€ 	 	 	2,584.46 	€ 
			
	 4. TOTAL COSTS TO VOLCANO EUROPE (C+K+N)
	  	 	121,263.56 	€ 	 	 	10,105.29 	€Employment Agreement

 Exhibit 10.12 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT
AGREEMENT (this “Agreement”) is entered into by VOLCANO CORPORATION (the “Company”) and MICHEL LUSSIER (the
“Executive”), effective as of February 4, 2011 (the “Effective Date”). 
 1.
DEFINITIONS. For purposes of this Agreement, the following terms will have the meanings set forth below: 
 (a) “Annual Base Salary” will mean the Executive’s rate of regular base annual compensation from the Company prior to any reduction under (i) a salary reduction
agreement pursuant to Section 401(k) or Section 125 of the Code or (ii) any plan or arrangement deferring any base salary. 
 (b) “Board” will mean the Board of Directors of the Company. The Board may delegate its authority to a committee of the Board (the “Committee”). Unless otherwise
specified in the Agreement, the term “Board” will include any Committee (or sub-committee) to which the Board’s authority has been delegated. 
 2. DUTIES; SCOPE OF EMPLOYMENT; COMPENSATION AND BENEFITS. 

(a) Position and Duties. The Company will employ the Executive to the position of Group President, Advanced Imaging Systems,
Clinical & Scientific Affairs, and Europe, Africa, and Middle East Operations. The Executive will devote approximately seventy percent (70%) of the Executive’s business efforts and time to the Company, it being understood that the
balance of his business efforts and time will be devoted to his duties to Volcano Europe NV under Executive’s management agreement with Volcano Europe NV (the “NV Agreement”). The Executive’s official work location
for his duties to the Company will be the Company’s offices in Billerica, Massachusetts. The Executive agrees not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the
prior approval of the Chief Executive Officer; provided, however, that the Executive may engage in the following as long as such activities do not materially interfere with the Executive’s duties and responsibilities with the Company:
(i) serve on the board of one (1) unaffiliated corporation or the board of a trade association or charitable organization; (ii) engage in charitable activities and community affairs; or (iii) manage the Executive’s personal
investments and affairs; provided, however, that service on the board on an unaffiliated corporation, association or organization will be subject to the reasonable prior approval of the Chief Executive Officer, which will not be unreasonably
withheld or delayed. 
 (b) Annual Base Salary. As of the Effective Date, the Executive’s Annual Base Salary from
the Company is $351,256. 
 (c) Bonus. As of the Effective Date, the Executive’s target bonus opportunity is forty
percent (40%) of the Executive’s Annual Base Salary, with a range of 0-80% for maximum performance. The Executive’s actual bonus earned will be determined based on the Executive’s performance and achievement of corporate
objectives of the Company and such other terms as determined by the Board or the Chief Executive Officer, as applicable. In order to earn any 

  
 1. 

 
bonus, the Executive must remain an employee in good standing through the actual payment date. Unless the Company decides upon another method for exemption from or compliance with
Section 409A of the Code, any earned bonus will be paid no later than March 15 of the year following the year of performance so as to qualify as a short term deferral under Treasury Regulation 1.409A-1(b)(4). 

(d) Employee Benefits. Except as expressly set forth in this Section 2(d), the Executive and the Executive’s dependents,
if applicable, will be eligible to participate in all employee benefit plans, practices, policies and programs sponsored by the Company, on the same terms and conditions as generally applicable to employees of the Company – including any
minimum average rate of service. For clarity, at the time of this Agreement, due to the expectation that the Executive will be working for the Company at an average rate of services of twenty-eight (28) hours per week, the Executive will not be
eligible to participate in the Company’s medical, dental, vision, life and disability insurance programs. The Executive and the Company agree that the Executive will accrue a pro-rated amount of paid time off, vacation pay and sick days during
his employment with the Company based on his expected average rate of service – that is, 70% of full time accrual – with the use of such time subject to the applicable policies as in effect from time to time. 

(e) Equity Plans. In the future, the Executive may be eligible for equity awards granted pursuant to the Company’s equity
incentive plans, upon such terms as the Board may determine in its sole discretion. 
 3. TERMINATION. The
Executive’s employment relationship with the Company is at-will. Accordingly, either the Executive or the Company may terminate the employment relationship at any time, with or without cause, and with or without advance notice. 

4. SECTION 409A COMPLIANCE. It is intended that all of the benefits and payments payable under this Agreement
or otherwise to the Executive satisfy, to the greatest extent possible, the exemptions from the application of Internal Revenue Code Section 409A provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), and this
Agreement and all other arrangements with the Executive that are taxable in the United States will be construed to the greatest extent possible as consistent with those provisions. For purposes of Section 409A (including, without limitation,
for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), the Executive’s right to receive any installment payments under this Agreement (whether severance payments, reimbursements or otherwise) and any other agreement or
arrangement with the Company will be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder will at all times be considered a separate and distinct payment. Notwithstanding any provision to
the contrary in this Agreement, if the Executive is deemed by the Company at the time of his “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h) without regard to any alternative definition thereunder,
a “Separation from Service”) to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i), and if any of the payments upon Separation from Service set forth herein and/or under any other agreement with
the Company are deemed to be “deferred compensation,” then to the extent delayed commencement of any portion of such payments is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) and the related
adverse taxation under Section 409A, such payments will not be provided to the 

  
 2. 

 
Executive prior to the earliest of (i) the expiration of the six (6)-month period measured from the date of the Separation from Service with the Company, (ii) the date of the
Executive’s death or (iii) such earlier date as permitted under Section 409A without the imposition of adverse taxation. Upon the first business day following the expiration of such applicable Section 409A(a)(2)(B)(i) period, all
payments deferred pursuant to this paragraph will be paid in a lump sum to the Executive, and any remaining payments due will be paid as otherwise provided herein or in the applicable agreement. 

5. PROPRIETARY INFORMATION AND INVENTIONS. The Executive agrees to
continue to be bound and abide by the terms of his Employee Proprietary Information and Inventions Agreement with Volcano Corporation (the “Proprietary Agreement”). Executive acknowledges that nothing in this Agreement or the
NV Agreement relieves the Executive of his obligations under the Proprietary Agreement. 
 6.
MISCELLANEOUS. 
 (a) Arbitration. In the event of any dispute under the provisions of
this Agreement, other than a dispute in which the primary relief sought is an equitable remedy such as an injunction, the parties will be required to have the dispute, controversy or claim settled by arbitration in San Diego, California in
accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association, before a panel of three arbitrators, two of whom will be selected by the Company and the Executive, respectively,
and the third of whom will be selected by the other two arbitrators. Any award entered by the arbitrators will be final, binding and nonappealable and judgment may be entered thereon by either party in accordance with applicable law in any court of
competent jurisdiction. This arbitration provision will be specifically enforceable. The arbitrators will have no authority to modify any provision of this Agreement or to award a remedy for a dispute involving this Agreement other than a benefit
specifically provided under or by virtue of the Agreement. 
 (b) Notices. For the purpose of this Agreement, notices and
all other communications provided for in this Agreement will be in writing and will be deemed to have been duly given when delivered or mailed by United States certified mail, return receipt requested, postage prepaid, addressed to the respective
addresses set forth below, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address will be effective only upon actual receipt: 

To the Company: 

Chief Executive Officer 
 Volcano Corporation 
 3661 Valley Centre Drive, Suite 200 

San Diego, CA 92130 
 To the Executive: 
 Mr. Michel Lussier 

At the address most recently on file with the Company 

  
 3. 

 With a copy to: 
 General Counsel 
 Volcano Corporation 

3661 Valley Center Drive, Suite 200 
 San Diego, CA 92130 
 (c) Amendments. No provision of this Agreement may be
adversely modified, waived or discharged unless such waiver, adverse modification or discharge is agreed to in writing and signed by the Executive and such officer as may be specifically designated by the Company. No waiver by either party hereto at
any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time. 
 (d) Entire Agreement. This Agreement contains the entire agreement between the parties
concerning the subject matter hereof and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, express or implied, between the parties with respect thereto. Nothing in this Agreement
amends the NV Agreement or the Proprietary Agreement. 
 (e) Applicable Law. The validity, interpretation, construction
and performance of this Agreement will be governed by the laws of the State of California without regard to the principles of conflict of laws thereof. 
 (f) Withholding. Any payments provided for hereunder will be paid net of any applicable withholding required under federal, state or local law and any additional withholding to which the Executive
has agreed. 
 (g) Mutual Intent. All parties participated in the drafting of the Agreement, and the language used in
this Agreement is the language chosen by the Executive and the Company to express their mutual intent. The parties agree that in the event that any language, section, clause, phrase or word used in the Agreement is determined to be ambiguous, no
presumption will arise against or in favor of either party and no rule of strict construction will be applied against either party with respect to such ambiguity. 
 (h) Validity. The invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other provision of this Agreement, which will remain in
full force and effect. 
 (i) Counterparts. This Agreement may be executed in several counterparts, each of which will be
deemed to be an original but all of which together will constitute one and the same instrument. 

  
 4. 

 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the date first written above. 
  

					
		  	VOLCANO CORPORATION
			
		  	By:	  	 /s/ Scott Huennekens

			
		  	Name:	  	Scott Huennekens
			
		  	Title:	  	Chief Executive Officer
		
		  	EXECUTIVE
		
		  	Michel Lussier: /s/ Michel Lussier

  
 5.

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