Item 5.02          Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 15, 2010, Angeion Corporation (“Angeion” or the “Company”) announced that Rodney A. Young, President and Chief Executive Officer of Angeion since 2004, is stepping down as President and Chief Executive Officer, but will continue as an Angeion director and a consultant to the Company. Angeion also announced that its Board of Directors had implemented a succession plan, naming medical industry executive and Angeion board member, Philip I. Smith, 43, as President and Chief Executive Officer to succeed Mr. Young. Mr. Young will remain with Angeion in a transition period through December 31, 2010, and Mr. Smith will assume the President and Chief Executive Officer positions on January 1, 2011.

Mr. Smith has served as director of Angeion since 2006 and, during that time period has chaired the Angeion Strategy Committee and served on other Angeion committees, including the Compensation Committee. Mr. Smith became President and CEO of DGIMed Ortho, an early-stage medical device company in December of 2008. Prior to that, Mr. Smith served as Executive Vice President – Corporate Development for Vital Images, Inc. from September 2005 until August 2008. He served as Vital Images, Inc. Vice President-Marketing and Corporate Development from January 2004 until September 2005 and its Vice President-Corporate Development from February 2003 until January 2004. From April 2002 to November 2002, Mr. Smith served as President and Chief Executive Officer of Thermonix, a medical technology company. From April 2000 until April 2002, Mr. Smith was Vice President, Marketing and Corporate Development of Image-Guided Neurologics, Inc., a medical technology company. From August 1997 to February 2000, Mr. Smith was an investment banker with the medical technology group at US Bancorp Piper Jaffray. Before August 1997, Mr. Smith held senior sales positions at GE Medical Systems. Mr. Smith holds a bachelor of science in electrical engineering from the University of Florida, and a master of business administration from the Wharton School of the University of Pennsylvania.

Letter Agreement with Philip A. Smith

The Company has entered into an letter agreement with Mr. Smith. Under the terms of this letter agreement, Mr. Smith will receive base salary of $260,000. The Board has agreed to increase Mr. Smith’s salary by $10,000 at the end of six months and twelve months, assuming satisfactory performance by Mr. Smith. Mr. Smith will also have a bonus opportunity with target at 50% of his salary and a maximum of 100% of his salary, to be a combination of performance based corporate goals and personal goals developed by Mr. Smith together with the Angeion Compensation Committee and Board of Directors. Mr. Smith will also receive a one-time initial award of 25,000 shares of common stock vesting over a three-year period and an annual grant of performance-based stock up to 30,000 shares based upon satisfaction of performance criteria that will be established by the Compensation Committee and Board of Directors. A copy of the letter agreement is attached as Exhibit 10.1.

The Company also intends to enter into a change in control agreement with Mr. Smith to be effective when he commences employment with the Company. Under the terms of the change in control agreement, if Mr. Smith’s employment is terminated by Angeion without cause or by Mr. Smith for good reason within twelve months of a change in control, Mr. Smith would be entitled to twelve months of base salary, plus any unpaid but earned bonuses and additional medical and outplacement payments.