Exhibit 10.14

# ZOLL Medical
Corporation

# Employee Code of
Conduct

ZOLL is committed to producing the
highest quality medical devices and to maintaining its reputation for excellence through
customer-focused quality. We believe that long-term, trusting business relationships are
built upon honesty, openness and fairness. ZOLL employees are expected to uphold the
highest professional and ethical standards and utilize good judgment at all times. ZOLL is
committed to providing a safe and productive work environment which values teamwork,
diversity, and open communication.

These guidelines are meant to provide
a general framework for the Companys expectations with respect to the conduct of its
employees and Directors. ZOLL employees will adhere to the Code of Conduct as well as
relevant laws and regulations in countries in which ZOLL operates.

# Quality

| | ZOLL
employees demonstrate the Companys commitment to excellence by delivering the
highest quality products and services to our customers. Quality is defined by our
customers expectations and needs. ZOLL is committed to meet or exceed all quality
standards set forth by the Food and Drug Administration and other regulatory bodies. To
ensure the highest quality, ZOLL has implemented guidelines for quality control and
testing procedures.
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| | ZOLL
employees are responsible for reporting all concerns relating to a compromise of quality
to their Supervisor, Manager or the Director of Quality/Regulatory Affairs.
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| | ZOLL
is dedicated to measuring customer satisfaction, which enables us to think like our
customers and work on their behalf. ZOLL regularly monitors our suppliers and vendors to
ensure that they are providing us with the highest quality products. ZOLL is dedicated to
enhancing our value to customers by developing new, safe and effective products for our
customers.
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# Integrity

Interaction
with Customers

| | Customers
are a focal point of ZOLLs business. ZOLL believes that customer service is the key
to ensuring business success. ZOLL customers should be acquired through superior service
and products, never through unethical or questionable conduct or relationships. Similarly,
ZOLL customers will be acquired via professional sales interaction which highlights the
benefits of ZOLL products.
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| | ZOLL
customers will not be offered or receive an unlawful payment or kickback with an explicit
or implicit expectation to purchase ZOLL products or services. Employees of customers will
not be directly or indirectly offered or solicited by any kind of payment, contributions
or material gifts from a ZOLL employee for the purpose of influencing or rewarding a
favorable result in a business transaction. These requirements are not intended to
prohibit the giving or receiving of social amenities within the bounds of good taste and
consistent with generally accepted business practices.
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Supplier
Responsibility

| | ZOLL
considers its suppliers, distributors and consultants to be an integral part of our
company and as such we expect them to adhere to the principles of ZOLLs Code of
Conduct in the course of their work on behalf of ZOLL. Suppliers, distributors and
consultants wishing to transact business with ZOLL must have a good reputation for quality
and honesty in the business community. Suppliers, distributors and consultants will be
given a chance to compete fairly for ZOLLs business, removing any conflict of
interest.
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| | All
information developed or shared with a supplier, distributor or consultant as a result of
the business process should be considered proprietary and confidential to ZOLL and may not
be disclosed to a third party without express written consent from ZOLL.
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| | ZOLLs
suppliers, distributors or consultants should be aware that illegal or unethical activity
will not be tolerated and may result in termination of the business relationship.
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Employee
Responsibility

| | ZOLL
employees must understand that their job performance directly affects patient lives and
livelihoods. Superior work is always expected. Employees are accountable and responsible
for the quality of the work he/she produces.
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| | ZOLL
employees, being bound by the policy of integrity, are prohibited from signing off on a
process or product without inspecting it, or from representing the work of another
employee as his/her own.
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| | ZOLL
employees should act responsibly and ethically in all dealings with customers, suppliers,
distributors, consultants and other ZOLL employees.
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| | ZOLL
employees are viewed as having a conflict of interest when a personal interest or activity
may or have the potential to influence or interfere with that employees performance
of duties, responsibilities or loyalties to ZOLL. In such instances the employee is
expected to bring the potential conflict to the attention of their immediate supervisor
and refrain from participation in the affected activity.
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| | ZOLL
employees should be especially careful not to inadvertently disclose confidential or
proprietary information through sources such as e-mail, telephone, voice mail or internet
chat rooms and are expected to uphold ZOLLs good name both on and off of company
property.
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| | ZOLL
employees who become aware of illegal or unethical activity by one of ZOLLs
employees, suppliers, distributors or consultants should report that information
immediately to their immediate supervisor or the Director of Human Resources.
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# Safe & Respectful
Environment

| | ZOLL
is committed to providing a safe and secure work environment for its employees, suppliers,
and customers. Safety is critical in manufacturing environments, but is not restricted to
those areas. Each employee must recognize their individual responsibility to maintain a
workplace free from hazards. Employees should be alert to any safety risks associated with
ZOLLs materials, products and/or procedures as they perform their jobs and report
any hazards or concerns to their supervisor or manager promptly.
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| | Respect
for ZOLL property should be observed at all times. In addition, employees are responsible
for not endangering themselves or those around them.
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| | A
safe work environment is also an environment free from harassment and discrimination.
Harassment can take many forms  verbal or physical  and usually results in a
hostile work environment. Each employee is responsible for familiarizing him/herself with
ZOLLs anti-harassment policy, and observing this policy in all dealings with fellow
employees, suppliers, and customers.
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| | An
environment that respects each persons privacy and dignity is one that fosters
trust; without trust, the organization cannot operate effectively. Employees are expected
to treat each other fairly and with respect. Each employee should consider the impact of
his/her behavior and decisions on those around them, and act accordingly. Valuing each
others diversity and differences of opinion creates excitement for employees, and is
the key to creating a more productive work environment.
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# Legal Compliance

| | ZOLL
expects honesty and openness in dealings with others from each of its employees. Employees
are expected to raise ethical concerns and report any actual or suspected ethical
misconduct to supervisors and senior management. Honesty also requires that employees
refuse to participate either actively or passively in any cover up of such misconduct.
Each employee is expected to cooperate fully in any investigation of ethical matters by
ZOLL and its outside counsel. Looking the other way on a potential violation
is in direct contradiction to ZOLLs commitment to honesty and integrity.
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FDA
and Government Regulatory Affairs

| | Governmental
agencies, health ministries, and other regulatory authorities worldwide regulate ZOLL
products. Every employee is responsible for compliance with worldwide product regulation
requirements, including marketing approvals, conduct of clinical studies, good
manufacturing practice requirements and standards, design controls, labeling and
advertising controls, and any other product regulations and controls set forth by
government agencies. Each employee is responsible for reporting any significant issues to
management and the Director of Quality/Regulatory Affairs.
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| | ZOLL
is committed to maintaining an open and professional relationship with regulators on
matters of regulatory policy, submissions, compliance and product performance.
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Antitrust/Insider
Trading

| | Antitrust
laws in the U.S. and competition laws outside the U.S. exist to ensure free and open
competition in the market place, a principle that ZOLL fully supports. Violation of these
laws can result in civil liabilities and criminal penalties for ZOLL and its directors,
officers and employees. These laws are complex; therefore, no collaborative action with a
competitor or any action that could have an improper anti-competitive effect shall be
undertaken without review by ZOLLs legal counsel.
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| | No
employee or Director shall use any non-public information obtained in his or her capacity
as an employee for his or her own personal gain or to the detriment of the Corporation. To
this end, ZOLL has instituted a blackout period related to the sale of its stock for the
period beginning three weeks prior to each quarter-end and ending three business days
after release of quarterly earnings. The policy and blackout periods also apply to ZOLL
stock held by employees in the Companys 401(k) plan.
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Record
keeping/Disclosure

| | All
officers and employees are responsible for ensuring the accuracy and reliability of the
Companys records. By maintaining accurate records, the Company can seek to assure
legal and ethical business practices are being followed and prevent fraudulent activities.
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| | All
transactions must be accurately documented and accounted for on the books and records of
the Company in conformance with the Corporations written accounting policies and
procedures. No undisclosed or unrecorded funds, assets or liabilities of ZOLL may be
maintained for any purpose. No employee should enter into any transaction that is other
than as described in the supporting documentation.
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| | Finance
managers for ZOLL businesses, including foreign subsidiaries, have the responsibility to
express their independent views to, and raise any significant issues with, the Chief
Financial Officer.
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| | The
Company is committed to providing full, fair, accurate, timely and understandable
disclosure in all reports it is required to file with the Securities and Exchange
Commission.
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| | All
Directors of ZOLL are bound by their fiduciary duties to the stockholders of the Company
as well as their obligations under ZOLLs charter and by-laws and applicable law. The
Directors will strive at all times to act in the best interests of ZOLLs
stockholders and in accordance with these requirements.
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# Resolution of Conflict

| | Any
employee that is witness to a violation of this Code of Conduct, or has questions about
whether a violation is occurring, should report such violation to their immediate
supervisor or the Director of Human Resources.
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| | The
Company will take appropriate action in response to any violation of this Code of Conduct
so as to ensure its prompt and consistent enforcement. Any such action will be taken only
after a fair process has been utilized to determine whether a violation of the Code has
occurred. The Company will not retaliate against any employee on account of his/her
reporting any violation of this Code. All waivers from this Code relating to any executive
officer or Director must be approved by the Board and disclosed as required by applicable
laws.
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