Exhibit 10.25

VIASYS HEALTHCARE INC.  EMPLOYMENT AGREEMENT

THIS AGREEMENT, is made and entered into as of June 9, 2003, by and among Viasys Healthcare Inc., a Delaware corporation (together with its
successors and assigns permitted under this Agreement, the "Company") and William Murray (the "Executive").

W
I T N E S S E T H:

WHEREAS,
the Company and the Executive desire to enter into an employment agreement as set forth herein to embody the terms and provisions of the Executive's employment (the
"Agreement");

NOW,
THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is mutually
acknowledged, the Company and the Executive hereby agree as follows:

1.     DEFINITIONS.

(a)   "Affiliate"
means a person or other entity that directly or indirectly controls, is controlled by, or is under common control with the person or other entity specified.

(b)   "Base
Salary" means the salary provided for in Section 4 or any increased salary granted to the Executive pursuant thereto.

(c)   "Board"
means the Board of Directors of the Company.

(d)   "Cause"
means the occurrence of any one or more of the following events:



(e)   "Change
in Control" means an event or occurrence set forth in any one or more of subsections (i) through (iv) below (including an event or occurrence that
constitutes a Change in Control under one of such subsections but is specifically exempted from another such subsection):





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(f)    "Code"
means the Internal Revenue Code of 1986, as amended.

(g)   "Disability"
or "disabled" means a disability which results in the Executive's entitlement to long-term disability benefits under the Company's applicable
long-term disability plan.

(h)   "Effective
Date" means July 7, 2003.

(i)    "Notice
of Termination" means a written notice from one party to the other party hereto given in accordance with Section 24, terminating the Executive's
employment hereunder. Any Notice of Termination shall (i) indicate the specific termination provision hereunder relied on by the party giving such notice and (ii) to the extent
applicable, set forth in reasonable detail the facts and circumstances providing a basis for termination of the Executive's employment under the provision so indicated. The failure by the Company to
set forth any fact or circumstance that contributes to a showing of Cause shall not waive any right of the Company hereunder or preclude the Company from asserting any such fact or circumstance in
enforcing its rights hereunder.

(j)    "Stock"
means the common stock, $0.01 par value per share, of the Company.

(k)   "Termination
Date" means, with respect to any termination of the Executive's employment hereunder, the effective date of such termination pursuant to Section 10.

2.     TERM OF EMPLOYMENT.

This Agreement, and all rights and obligations of the parties hereunder, shall take effect upon the Effective Date and shall continue until the date that is two
years from the Effective Date (the "Term"). If the Company elects not to extend the Term of the Agreement on terms and conditions substantially similar to those set forth in this Agreement, the
Company shall provide the Executive with written notice at least six months prior to the end of the then current term.

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3.     POSITION, DUTIES AND RESPONSIBILITIES.

(a)   Commencing
on the Effective Date, the Executive is employed as Group President, Respiratory Technology of the Company and the Executive has been assigned and shall be
assigned such duties and responsibilities as are reasonably consistent with such positions and such other duties and responsibilities as the CEO or the Executive's direct supervisor from time to time
deem appropriate.

(b)   During
the Term of Employment, the Executive shall devote his entire business time, attention and energies to the business and interest of the Company in performing his
duties and responsibilities under this Agreement, and to that end, the Executive shall not serve on the board of directors of other corporations or entities without the prior approval of the Board.

(c)   Notwithstanding
anything contained in Section 3(b) to the contrary, nothing herein shall preclude the Executive from (i) serving on the boards of directors
of a reasonable number of trade associations and/or charitable organizations, (ii) engaging in charitable activities and community affairs, and (iii) managing his personal investments
and affairs, provided, that such activities do not materially interfere with the proper performance of his duties and responsibilities as set forth in this Section 3.

4.     BASE SALARY.

The Executive shall be paid an annualized base salary, payable in accordance with the regular payroll practices of the Company, of $300,000, which amount may be
increased from time to time in the discretion of the Board.

5.     ANNUAL CASH INCENTIVE AWARD.

During the Employment Term, the Executive shall participate in (a) the Viasys Healthcare Inc. Management Incentive Plan with a target bonus of 50% ,
or such other amount as may be determined by Board or the appropriate committee or individual and (b) any other incentive programs established by the Company for its senior level executives
generally.

6.     EMPLOYEE BENEFIT PROGRAMS.

During the Employment Term, the Executive shall be entitled to participate in all employee pension and welfare benefit plans and programs made available to the
Company's senior level executives.

7.     PERQUISITES.

During the Term of Employment, the Executive shall be entitled to participate in all of the Company's executive perquisites in accordance with the terms and
conditions of such arrangements as are in effect from time to time for the Company's senior-level executives.

8.     REIMBURSEMENT OF BUSINESS AND OTHER EXPENSES.

The Executive is authorized to incur reasonable expenses in carrying out his duties and responsibilities under this Agreement and the Company shall promptly
reimburse him for such expenses, subject to documentation in accordance with the Company's policy.

9.     TERMINATION OF EMPLOYMENT.

The Executive's employment hereunder shall terminate effective immediately upon the earlier to occur of the following events:

(a)   death
of the Executive;

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(b)   receipt
by either party of a Notice of Termination for Disability from the other party, but in any event not until the Executive is determined to be disabled in
accordance with Section 1(g);

(c)   the
day the Executive receives a Notice of Termination for Cause from the Company.

(d)   the
30th day following receipt by the Executive of a Notice of Termination Without Cause from the Company; and

(e)   the
31st day following receipt by the Company of a Notice of Termination of Employment from the Executive.

10.   RIGHTS AND REMEDIES UPON TERMINATION OF EMPLOYMENT.

(a)   TERMINATION
DUE TO DEATH. In the event that the Executive's employment is terminated due to his death, his estate or his beneficiaries, as the case may be, shall be
entitled to the following benefits:



(b)   TERMINATION
DUE TO DISABILITY. In the event that the Executive's employment is terminated by either party due to his Disability, he shall be entitled to the following
benefits:



(c)   TERMINATION
BY THE COMPANY FOR CAUSE. In the event that the Company terminates the Executive's employment for Cause:



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(d)   TERMINATION
BY THE EXECUTIVE. In the event of a termination of employment by the Executive on his own initiative, other than due to (A) death,
(B) Disability, (C) the expiration of the then current Term of Employment, or (D) a notice from one party to the other of its intent not to extend the Employment Term



(e)   TERMINATION
WITHOUT CAUSE. In the event of a termination of the Executive's employment by the Company, other than due to (A) death, (B) Disability,
(C) Cause, (D) a notice from one party to the other of its intent not to extend the Employment Term, the Executive shall be entitled to the following benefits:



(f)    OTHER
TERMINATION BENEFITS. In the case of any of the foregoing terminations, to the extent not previously paid or provided or otherwise contrary to the terms and
conditions of this Agreement, the Executive or his estate or beneficiaries, as the case may be, shall also be entitled to the balance of any incentive awards due the Executive but not yet paid
(including awards due for performance periods that have been completed, but have not yet been paid), any expense reimbursements due the Executive, and other benefits, if any, in accordance with
applicable plans or programs of or contracts or agreements of the Executive with the Company. In addition, unless indicated otherwise in this Agreement, the treatment of any options granted to the
Executive in the case of any of the foregoing terminations, shall be governed by the terms of the VIASYS Equity Incentive Plan or other relevant equity compensation plan or any associated stock option
agreement.

(g)   TERMINATION
FOLLOWING A CHANGE IN CONTROL. Notwithstanding anything to the contrary in this Agreement, in the event the Executive's employment with the Company is
terminated within twelve (12) months following a Change in Control, the Executive shall be entitled to benefits equal to the greater of: (i) the benefits due and payable to him under the
change of control plan sponsored by the Company, if any, (the "Change of Control Plan"), or (ii) the benefits due and payable to him under Section 10 of this Employment Agreement as a
result of such termination. In furtherance thereof, it is the parties' understanding that in the event of a termination under such circumstances, the Executive shall only be entitled to receive
benefits payable under either the Change of Control Plan or this Employment Agreement (but not both).

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(h)   NATURE
OF PAYMENTS. Any amounts due under this Section 11 are in the nature of severance payments considered to be reasonable by the Company and are not in the
nature of a penalty.

(i)    NO
MITIGATION; NO OFFSET. The Executive shall not be required to mitigate the amount of any payment or benefit provided in this Section 10 by seeking other
employment or otherwise. Further, except as provided in Section 10, the amount of any payment or benefits provided for in this Section 10 shall not be reduced by any compensation earned
by the Executive as a result of employment by another employer.

11.   CONFIDENTIALITY & ASSIGNMENT OF INVENTIONS.

(a)   The
Executive shall execute and deliver to the Company on the Effective Date the Company's standard employee Confidentiality and Assignment of Inventions Agreement,
substantially in the form attached hereto as EXHIBIT A.

(b)   Upon
the termination of the Executive's employment, the Executive (or in the event of his death, the Executive's personal representative) shall promptly surrender to the
Company the original and all copies of any materials containing confidential information of the Company which are then in the Executive's possession or control; provided, however, that the Executive
shall not be required to surrender his rolodexes, personal diaries and other items of a personal nature.

12.   NON-COMPETITION; NON-SOLICITATION.

(a)   The
Executive acknowledges (i) that in the course of his employment with the Company he will become familiar with trade secrets and customer lists of, and other
confidential information concerning, the Company and its Affiliates, customers, and clients and (ii) that his services will be of special, unique and extraordinary value to the Company.

(b)   The
Executive agrees that during the Term of Employment and for a period of one year following his termination of employment for any reason he shall not in any manner,
directly or indirectly, through any person, firm, corporation or enterprise, alone or as a member of a partnership or as an officer, director, stockholder, investor or employee of or advisor or
consultant to any person, firm, corporation or enterprise or otherwise, engage or be engaged, or assist any other person, firm, corporation or enterprise in engaging or being engaged (collectively,
the "Restricted Activity"), in any Competitive Activity (as defined below). For the purposes of this Section 12, a "Competitive Activity" shall mean, unless otherwise determined by the Board, a
business that (i) is being conducted by the Company or any Affiliate at the time in question and (ii) was being conducted, or was under active consideration to be conducted, by the
Company or any Affiliate, at the date of the termination of the Executive's employment. It is agreed and understood that the prohibitions provided for in this Section 12(b) shall not restrict
the Executive from engaging in Restricted Activity for any subsidiary, division or Affiliate or unit of a company (collectively a "Related Entity") if that Related Entity is not engaged in a
Competitive Activity, irrespective of whether some other Related Entity of that company engages in what would otherwise be considered to be a Competitive Activity (as long as Executive does not engage
in Restricted Activity for such other Related Entity).

(c)   The
Executive further agrees that during the Non-Competition Period he shall not (i) in any manner, directly or indirectly, hire or cause to be hired
any employee of or advisor or consultant to the Company or any of its Affiliates for any purpose or in any capacity whatsoever, or (ii) in connection with any business to which
Section 12(b) applies, call on, service, solicit or otherwise do business with any customer of the Company or any of its Affiliates; provided, however, that the restriction contained in
clause (i) of this Section 12(c) shall not apply to, or interfere with, the proper performance by the Executive of his duties and responsibilities under Section 3 of this
Agreement.

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(d)   Nothing
in this Section 12 shall prohibit the Executive from being a passive owner of not more than two percent (2%) of the outstanding common stock, capital
stock and equity of any firm, corporation or enterprise so long as the Executive has no active participation in the management or business of such firm, corporation or enterprise.

(e)   If
the restrictions stated herein are found by a court to be unreasonable, the parties hereto agree that the maximum period, scope or geographical area reasonable under
such circumstances shall be substituted for the stated period, scope or area and that the court shall revise the restrictions contained herein to cover the maximum period, scope and area permitted by
law.

13.   REMEDIES.

Each of the parties to this Agreement shall be entitled to enforce its rights under this Agreement specifically, to recover damages and costs (including
reasonable attorney's fees) caused by any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages
would not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without
posting any bond or deposit) for specific performance and/or other injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. Nothing in this
Section 13 is intended to prevent the parties from raising any and all defenses with respect to the necessity for, and scope of, such injunctive or equitable relief.

14.   RESOLUTION OF DISPUTES.

Subject to the provisions of Section 13 regarding specific performance and/or injunctive relief, any disputes arising under or in connection with this
Agreement shall be resolved by binding arbitration, to be held in Philadelphia, Pennsylvania, in each case in accordance with the rules and procedures of the American Arbitration Association. Judgment
upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

15.   EXPENSES.

(a)   Subject
to the provisions of Sections 13 and 14, in the event any party hereto (for the purposes of this Section 15, the "Aggrieved Party") seeks a judicial
adjudication of, or an award in arbitration to enforce, the Aggrieved Party's rights under, or to recover damages for the breach of, this Agreement, the Aggrieved Party shall be entitled to recover
from the other party or parties, as the case may be, and shall be indemnified by the other party or parties, as the case may be, against, any and all costs actually and reasonably incurred by the
Aggrieved Party in such judicial adjudication or arbitration, including, without limitation, reasonable attorney's fees, but only if the Aggrieved Party prevails in such proceeding.

16.   ASSIGNABILITY; BINDING NATURE.

This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, heirs (in the case of the Executive) and assigns.
Rights or obligations of the Company under this Agreement may be assigned or transferred by the Company pursuant to a merger or consolidation in which the Company is not the continuing entity, or the
sale or liquidation of all or substantially all of the assets of the Company, provided that the assignee or transferee is the successor to all or substantially all of the assets of the Company and
such assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law. The Company further agrees that,
in the event of a sale of assets or liquidation as described in the preceding sentence, it shall take whatever action it reasonably can in order to cause such assignee or transferee to expressly
assume the liabilities, obligations and duties of the Company

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hereunder.
No rights or obligations of the Executive under this Agreement may be assigned or transferred by the Executive other than his rights to compensation and benefits, which may be transferred
only by will or operation of law.

17.   REPRESENTATIONS AND WARRANTIES.

(a)   The
Company represents and warrants that it has all requisite corporate power and authority to enter into this Agreement and that the performance by the Company of its
obligations under this Agreement will not violate any agreement to which it is a party.

(b)   The
Executive represents that the execution of this Agreement by the Executive and the performance by him of his obligations hereunder will not violate any agreement to
which he is a party.

(c)   The
Executive hereby represents and warrants that he is not bound by the terms of any agreement with any previous employer or other party to refrain from competing,
directly or indirectly, with the business of such previous employer or any other party. The Executive further represents and warrants that Executive's performance of all the terms of this Agreement
and as an employee of the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by the Executive in confidence or in trust prior
to Executive's employment with the Company. The Executive will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any
previous employer or others. The Executive will not hereafter grant anyone any rights inconsistent with the terms of this Agreement.

18.   ENTIRE AGREEMENT.

This Agreement and Exhibits A & B attached hereto and incorporated herein by reference contain the entire understanding and agreement between the parties
concerning the subject matter hereof and thereof and supersede all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with
respect thereto. This is an integrated document.

19.   AMENDMENT OR WAIVER.

No provision in this Agreement may be amended unless such amendment is agreed to in writing and signed by the Executive and an authorized officer of the Company,
other than the Executive. No waiver by either party of any breach by the other party of any condition or provision contained in this Agreement to be performed by such other party shall be deemed a
waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time. Any such waiver must be in writing and signed by the Executive or an authorized officer of the
Company, other than the Executive, as the case may be.

20.   SEVERABILITY.

In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, in whole or in part, the remaining
provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law so as to achieve the purposes of this Agreement.

21.   SURVIVORSHIP.

Except as otherwise expressly set forth in this Agreement, the respective rights and obligations of the parties hereunder shall survive any termination of the
Executive's employment. This Agreement itself (as distinguished from the Executive's employment) may not be terminated by either party without the written consent of the other party.

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22.   REFERENCES.

In the event of the Executive's death or a judicial determination of his incompetence, reference in this Agreement to the Executive shall be deemed, where
appropriate, to refer to his beneficiary, estate or other legal representative.

23.   GOVERNING LAW/JURISDICTION.

This Agreement shall be governed in accordance with the laws of the State of Delaware without reference to principles of conflict of laws.

24.   NOTICES.

All notices and other communications required or permitted hereunder shall be in writing and shall be deemed given when (a) delivered personally,
(b) sent by certified or registered mail, postage prepaid, return receipt requested or (c) delivered by overnight courier (provided that a written acknowledgment of receipt is obtained
by the overnight courier) to the party concerned at the address indicated below or to such changed address as such party may subsequently give such notice of:

|If to the Company: |  | Viasys Healthcare Inc.
227 Washington Street, Suite 200
Conshohocken, PA 19428
|------------------ |  | ------------------------------------------------------------------------------
|Copy to:           |  |                                                                               
|If to Executive:   |  | William Murray                                                                

25.   HEADINGS.

The headings of the sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any
provision of this Agreement.

26.   COUNTERPARTS.

This Agreement may be executed in counterparts.

[Remainder
of Page Intentionally Left Blank]

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IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the restatement set forth above.

| |  | VIASYS HEALTHCARE INC.         
| |  | -------------------------------
| |  | By:                            
| |  | /s/Randy Thurman               
| |  | Name:                          
| |  | Title:                         
| |  | /s/William MurrayWilliam Murray

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