LEMAITRE VASCULAR INC
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN THE REGISTRANT AND DAVID ROBERTS
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<DESCRIPTION>FIRST AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN THE REGISTRANT AND DAVID ROBERTS
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.38 </B></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>FIRST AMENDMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>EXECUTIVE RETENTION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AND SEVERANCE AGREEMENT </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">This First Amendment to Executive Retention and Severance Agreement (&#147;Amendment&#148;) dated as of December&nbsp;19, 2008 is made and entered into
by and between LeMaitre Vascular, Inc., a Delaware corporation (the &#147;Company&#148;), and David B. Roberts (the &#147;Executive&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">WHEREAS, the Company and the Executive are parties to an Executive Retention and Severance Agreement dated as of June&nbsp;20, 2006 (the &#147;Agreement&#148;); and </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, the parties hereto desire to amend the Agreement to comply with the requirement of Section&nbsp;409A of the Internal Revenue Code of 1986, as
amended (the &#147;Code&#148;); and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, capitalized terms used herein and not otherwise defined herein shall have the meanings
ascribed to them in the Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW, THEREFORE, in consideration of the mutual covenants contained herein, the Bank and the Executive
agree as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. The definition of &#147;Lump Sum Payment&#148; set forth in Section&nbsp;1 of the Agreement is hereby amended by
deleting said section and by substituting therefore: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:6%"><FONT FACE="Times New Roman" SIZE="2">&#147;&#145;<U>Lump Sum Payment</U>&#146; shall mean a single payment of the
applicable sum hereunder, paid to the Executive on the first regular payroll date of the Company that is thirty (30)&nbsp;days following the date of a Termination.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">2. Section&nbsp;3 of the Agreement is hereby amended by deleting said section in its entirety and substituting the following therefor: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:6%"><FONT
FACE="Times New Roman" SIZE="2">&#147;3. Release of Claims; Resignations. The Company shall condition payment of the Severance Pay and Premium Payments upon (a)&nbsp;the prior delivery by the Executive of a signed non-disparagement agreement and of
an effective Release, (b)&nbsp;the prior resignation by the Executive as an Officer and Director of the Company, and (c)&nbsp;the Executive&#146;s prior delivery to the Company of all property of the Company which may be in the Executive&#146;s
possession, custody or control, all of which shall occur within thirty (30)&nbsp;days following a Termination, otherwise the Executive shall forfeit his right to the Severance Pay&#148; </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. The Agreement is hereby amended by adding the following as a new Section&nbsp;6 to the Agreement and
renumbering the subsequent sections of the Agreement accordingly: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">&#147;6. Section&nbsp;409A. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) Notwithstanding anything in this Agreement to the contrary: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(i) to the extent that any payment or benefit described in this Agreement constitutes &#145;non-qualified deferred compensation&#146;
under Section&nbsp;409A of the Code, and to the extent that such payment or benefit is payable upon a Termination, then such payments or benefits shall only be payable upon the Executive&#146;s &#145;Separation from Service.&#146; The term
&#145;Separation from Service&#146; shall mean the Executive&#146;s &#145;separation from service&#146; from the Company, an affiliate of the Company or a successor entity within the meaning set forth in Section&nbsp;409A of the Code, determined in
accordance with the presumptions set forth in Treasury Regulation Section&nbsp;1.409A-1(h); and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(ii) if at the time of the
Executive&#146;s Separation from Service within the meaning of Section&nbsp;409A of the Code, the Company determines that the Executive is a &#145;specified employee&#146; within the meaning of Section&nbsp;409A(a)(2)(B)(i) of the Code, then to the
extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive&#146;s Separation from Service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant
to Section&nbsp;409A(a) of the Code as a result of the application of Section&nbsp;409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A)&nbsp;six months and
one day after the Executive&#146;s Separation from Service, or (B)&nbsp;the Executive&#146;s death. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) The parties intend
that this Agreement will be administered in accordance with Section&nbsp;409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section&nbsp;409A of the Code, the provision shall be read in such a
manner so that all payments hereunder comply with Section&nbsp;409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section&nbsp;409A of the
Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. The Company makes no representation or warranty and shall have no liability to the Executive or any
other person if any provisions of this agreement are determined to constitute deferred compensation subject to Section&nbsp;409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) All in-kind benefits provided and expenses eligible for reimbursement under this
Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid
after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided
or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.&#148; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. All other provisions of the Agreement shall remain in full force and effect according to their respective terms, and nothing contained herein shall be
deemed a waiver of any right or abrogation of any obligation otherwise existing under the Agreement except to the extent specifically provided for herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">5. The validity, interpretation, construction and performance of this Amendment shall be governed by the laws of the Commonwealth of Massachusetts. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6. This Amendment may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one
and the same instrument. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, the Company has caused this First Amendment to Executive Retention and Severance Agreement to
be duly executed by its officer thereunto authorized, and the Executive has hereunto set his hand, all on the day and year first above written. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">LEMAITRE VASCULAR, INC.</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;George W. LeMaitre Vascular, Inc.</FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Name: George W. LeMaitre</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Title: Chairman and CEO</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">EXECUTIVE</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;David Roberts</FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">David B. Roberts</FONT></TD></TR>
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