Respironics, Inc.

Corporate Services

1010 Murry Ridge Lane

Murrysville, Pennsylvania 15668-8525

Phone: 724-387-5200

Fax: 724-387-5010

   Exhibit 10.48

 

May 23, 2003

 

Gerald E. McGinnis

1031 Petit Court

Marco Island, FL 34145

 

Re:   Clarification of Benefits Under Agreement Regarding Supplemental
Retirement Benefits

 

Dear Gerry:

 

Reference is made to that certain Agreement Regarding Supplemental Retirement
Benefits dated as of September 1, 1992 (the “SRB Agreement”) between you and
Respironics, Inc. (the “Company”). Capitalized terms used herein and not defined
are used as defined in the SRB Agreement.

 

Contributions to Lincoln Annuity Plan. Pursuant to Section 1.01(a) of the SRB
Agreement, the Company’s obligation to make contributions to the Lincoln Annuity
Plan was to terminate on the earlier of (i) the date on which you retire from
the Company or (ii) the date you reached age 65. You reached age 65 on March 17,
1999. Notwithstanding the foregoing, however, the Company has continued to make
contributions to the Lincoln Annuity Plan. These payments have been fully
disclosed in the Compensation Table of the Company’s Proxy Statement in those
years in which your total compensation has resulted in you being included in the
Compensation Table.

 

The purpose of this letter is to acknowledge that the foregoing payments have
been made and to confirm that the Company will continue to make contributions to
the Lincoln Annuity Plan in accordance with Section 1.01 of the SRB Agreement or
a comparable successor investment vehicle until the date on which your
employment with the Company is terminated in accordance with the terms of the
Amended and Restated Employment Agreement dated as of April 1, 1999 (the
“Employment Agreement”) between you and the Company.

 

Except as amended hereby, the SRB Agreement shall remain in full force and
effect in accordance with the terms thereof. Please sign below to acknowledge
your agreement with the foregoing.

 

Very truly yours,

RESPIRONICS, INC.

By:

 

/s/    JAMES W. LIKEN

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Title:

 

President & Chief Executive Officer

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Acknowledged and agreed this 7th day of June, 2003

 

/s/    GERALD E. MCGINNIS

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GERALD E. McGINNIS