Exhibit 10.1

FORM OF NOTE HEDGE UNWIND AGREEMENT

BETWEEN

SONOSITE, INC.

AND

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

THIS NOTE HEDGE UNWIND AGREEMENT (this “Unwind Agreement”) is made as of December 16, 2011, between SonoSite, Inc. (“Counterparty”), and JPMorgan Chase Bank, National Association, London Branch (“Dealer”).

WITNESSETH:

WHEREAS, Counterparty initially issued $200,000,000 principal amount of 3.75% Convertible Senior Notes due 2014 (the “Convertible Notes”) pursuant to an Indenture dated July 16, 2007, as supplemented by the First Supplemental Indenture dated July 16, 2007, each between Counterparty and Wells Fargo Bank, National Association, as trustee;

WHEREAS, concurrently with the pricing of the Convertible Notes, Counterparty and Dealer entered into a call option transaction (the “Note Hedge Transaction”) pursuant to an ISDA confirmation dated as of July 11, 2007, which supplements, forms a part of, and is subject to an agreement in the form of the 2002 ISDA Master Agreement, pursuant to which Counterparty purchased from Dealer 200,000 call options (as amended, modified, terminated or unwound, the “Note Hedge Confirmation”);

WHEREAS, on July 11, 2007 Counterparty and Dealer entered into a warrants transaction (the “Warrants Transaction”) pursuant to an ISDA confirmation dated as of July 11, 2007, which supplements, forms a part of, and is subject to an agreement in the form of the 2002 ISDA Master Agreement, pursuant to which Dealer purchased from Counterparty 2,500,000 warrants (as amended, modified, terminated or unwound, the “Warrants Confirmation”) and, concurrently with this Unwind Agreement, Counterparty and Dealer entered into a Warrants Unwind Agreement (the “Warrants Unwind Agreement”) pursuant to which Counterparty and Dealer agreed to terminate, cancel and extinguish the Warrants Transaction and Warrants Confirmation upon the terms and conditions set forth therein;

WHEREAS, Counterparty and FUJIFILM Holdings Corporation (“Purchaser”) entered into an Agreement and Plan of Merger (without giving effect to any subsequent modifications, amendments or waivers, other than any modifications, amendments or waivers that do not adversely affect the rights of Dealer under this Unwind Agreement or the Warrants Unwind Agreement, the “Merger Agreement”) dated as of December 15, 2011, pursuant to which, and upon the terms and subject to the conditions thereof, Salmon Acquisition Corporation, a Delaware corporation and an indirect wholly owned subsidiary of Purchaser (“Merger Sub”) will commence a cash tender offer (the “Tender Offer”) for all of the outstanding shares of Counterparty common stock and following consummation of the Tender Offer, Merger Sub will merge with Counterparty and each outstanding share of Counterparty common stock will thereupon be cancelled and converted into the right to receive $54.00 per share, net to the seller in cash, less any applicable withholding taxes; and

WHEREAS, the Merger (as such term is defined in the Merger Agreement) is conditioned upon the completion of the Tender Offer by Purchaser to purchase at least 50.1% of the outstanding shares of the common stock, $0.01 par value per share, of Counterparty (the “Shares”) at a price of $54.00 per Share pursuant to an Offer to Purchase filed concurrently with the commencement of the Tender Offer.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, Counterparty and Dealer, intending to be legally bound, mutually covenant and agree as follows:

Section 1. Definitions. Capitalized terms used herein but not otherwise defined shall have the meanings assigned to them in the Note Hedge Confirmation.

Section 2. Unwind of the Note Hedge Transaction.

Section 3. Representations and Warranties.

Section 4. No Reliance, etc. Each of Counterparty and Dealer hereby confirms that it has relied on the advice of its own counsel and other advisors (to the extent it deems appropriate) with respect to any legal, tax, accounting, or regulatory consequences of this Unwind Agreement, that it has not relied on the other party or such other party’s affiliates in any respect in connection therewith, and that it will not hold the other party or such other party’s affiliates accountable for any such consequences.

Section 5. Waiver of Trial by Jury. EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS UNWIND AGREEMENT OR THE ACTIONS OF COUNTERPARTY OR ITS AFFILIATES OR DEALER OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

Section 6. Governing Law. This Unwind Agreement and any dispute arising hereunder shall be governed by and construed in accordance with the laws of the State of New York (without reference to choice of law doctrine).

2

Section 7. Counterparts. This Unwind Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if all of the signatures thereto and hereto were upon the same instrument.

Section 8. Role of Agent. Each party agrees and acknowledges that (i) J.P. Morgan Securities LLC, an affiliate of Dealer (“JPMS”), has acted solely as agent and not as principal with respect to the transactions contemplated by this Unwind Agreement and (ii) JPMS has no obligation or liability, by way of guaranty, endorsement or otherwise, in any manner in respect of this Unwind Agreement. Each party agrees it will look solely to the other party (or any guarantor in respect thereof) for performance of such other party’s obligations under the transactions contemplated by this Unwind Agreement.

3

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