<PAGE>   1
                                                                   Exhibit 10.34

                              EMPLOYMENT AGREEMENT


                 EMPLOYMENT AGREEMENT dated as of January 1, 1997, by and
between LINCARE HOLDINGS INC., a Delaware corporation (the "Company"), and JOHN
P. BYRNES (the "Employee").

                              W I T N E S S E T H:

                 WHEREAS, prior to the date hereof, the Employee has been an
employee of the Company; and

                 WHEREAS, the Company desires to induce the Employee to
continue in the employ of the Company for the period provided in this
Agreement, and the Employee is willing to accept such employment with the
Company on a full-time basis, all in accordance with the terms and conditions
set forth below;

                 NOW, THEREFORE, for and in consideration of the premises
hereof and the mutual covenants contained herein, the parties hereto do hereby
covenant and agree as follows:

                 1.       Employment.  (a)  The Company hereby employs the
Employee, and the Employee hereby accepts such employment with the Company, for
the period set forth in Section 2 hereof, all upon the terms and conditions
hereinafter set forth.

                 (b)      The Employee affirms and represents that he is under
no obligation to any former employer or other party which is in any way
inconsistent with, or which imposes any restriction upon, the Employee's
acceptance of employment hereunder with the Company, the employment of the
Employee by the Company, or the Employee's undertakings under this Agreement.

                 2.       Term of Employment.  Unless earlier terminated
as hereinafter provided, the initial term of the Employee's employment under
this Agreement shall be for a period beginning on the date hereof and ending on
December 31, 2001 (such period from the date hereof until December 31, 2001 or,
if the Employee's employment hereunder is earlier terminated, such shorter
period, being hereinafter called the "Initial Employment Term").  In the event
that the Employee continues in the full-time employ of the Company after the
end of the Initial Employment Term (it being expressly understood and agreed
that the Company does not now, nor hereafter shall, have any obligation to
continue the Employee in its employ, whether or not 





<PAGE>   2

on a full-time basis), then, unless otherwise expressly agreed to by the
Employee and the Company in writing, the Employee's continued employment with
the Company shall, notwithstanding anything to the contrary expressed or
implied herein, continue to be subject to the terms and conditions of this
Agreement.  As used in this Agreement, the term "Employment Term" shall mean
the period beginning on the date hereof and ending on the date of the
Employee's cessation of employment with the Company, whether such date is
before, on or after the expiration of the Initial Employment Term.

                 3.       Duties.  The Employee shall be employed as the Chief
Executive Officer of the Company, shall faithfully and competently perform such
duties as are specified in the By-laws of the Company and shall also perform
and discharge such other reasonable employment duties and responsibilities as
the Board of Directors of the Company may from time to time prescribe.  The
Employee shall perform his duties at such places and times as the Board of
Directors of the Company may reasonably prescribe.  Except as may otherwise be
approved in advance by the Company, and except during vacation periods and
reasonable periods of absence due to sickness, personal injury or other
disability, the Employee shall devote his full time throughout the Employment
Term to the services required of him hereunder.  Except as may otherwise be
approved in advance by the Company, the Employee shall render his services
exclusively to the Company during the Employment Term and shall use his best
efforts, judgment and energy to improve and advance the business and interests
of the Company in a manner consistent with the duties of his position.

                 4.       Salary and Bonus.  (a)  Salary.  As compensation for
the complete and satisfactory performance by the Employee of the services to be
performed by the Employee hereunder during the Employment Term, the Company
shall pay the Employee a base salary at the annual rate of THREE HUNDRED FIFTY
THOUSAND DOLLARS ($350,000) (said amount, together with any increases thereto
during the Employment Term, being hereinafter referred to as the "Salary").
Any Salary payable hereunder shall be paid in regular intervals in accordance
with the Company's payroll practices.  The Salary payable to the Employee
pursuant to this Section 4(a) shall be increased annually as of January 1, 1998
and each January 1 thereafter for the twelve (12) month period then commencing,
by an amount equal to: (i) the annual percentage increase in the Consumer Price
Index for All Urban Consumers, All Items, for the most recent twelve (12) month
period for which such figures are then available as reported in the Monthly
Labor 



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Review published by the Bureau of Labor Statistics of the U.S. Department
of Labor or (ii) such higher amount as may be determined from time to time by
the Board of Directors of the Company in its sole discretion.

                 (b)      Bonus.  During the Employment Term, in addition to
Salary, the Company shall also pay bonus compensation to the Employee in
respect of each calendar year (or applicable portion thereof) during the
Employment Term, such bonus compensation ("Bonus") to be an amount equal to the
Bonus Amount (as hereinafter defined) for such calendar year (or applicable
portion thereof).

                 For the purposes of this Agreement, the following terms shall
have the meanings set forth below:

                 "Bonus Amount" for any full calendar year shall mean an amount
         equal to: (a) the Employee's Salary for such calendar year; MULTIPLIED
         BY (b) the percentage set forth on the table below which corresponds
         to the increase in the Company's fully diluted earnings per share in
         respect of such calendar year over the fully diluted earnings per
         share of the Company during the immediately preceding calendar year.

<TABLE>
<CAPTION>
                 FULLY DILUTED                           BONUS AS % OF
                  EPS GROWTH                              BASE SALARY
                  ----------                              -----------
        <S>                                                <C>     
         Less than 20%                                       0%
         20% or more but less than 21%                      40%
         21% or more but less than 22%                      46%
         22% or more but less than 23%                      52%
         23% or more but less than 24%                      58%
         24% or more but less than 25%                      64%
         25% or more but less than 26%                      70%
         26% or more but less than 27%                      76%
         27% or more but less than 28%                      82%
         28% or more but less than 29%                      88%
         29% or more but less than 30%                      94%
         30%                                               100%*
</TABLE>

         * If the fully diluted EPS growth is greater than 30%, then the
Employee shall receive an additional 6% of his Base Salary for each full
percentage point of EPS growth achieved.

                 In the event that the Employment Term ends at any time other
than the conclusion of a full calendar year, the Employee's 




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<PAGE>   4

Bonus Amount in respect of such calendar year shall be prorated, and shall be an
amount equal to: (a) the Employee's Salary for such calendar year; MULTIPLIED BY
(b) the percentage set forth on the table above which corresponds to the
increase in the Company's year-to-date fully diluted earnings per share (as
determined by the then-most recently announced fully diluted earnings per share
of the Company) over the fully diluted earnings per share of the Company during
the comparable period in the immediately preceding calendar year; MULTIPLIED BY
(c) a percentage equal to the number of full calendar months included in the
Employment Term for the current calendar year divided by twelve.

                 The Company's Board of Directors (or an authorized committee
thereof) shall have the discretion to adjust upward or downward the Bonus
Amount for any applicable period to account equitably for: (a) any
extraordinary charges; (b) any unusual non-recurring items; or (c) changes
after the date hereof in accounting principles required under generally
accepted accounting principles; which events impacted the Company's fully
diluted earnings per share in respect of any such applicable period or
comparable prior year period.

                 Nothing contained herein and no action taken in respect of any
Bonus (or otherwise in respect of this Section 4(b)) shall create or be
construed to create a trust of any kind.  The Employee's right to receive any
Bonus pursuant to this Section 4(b) shall be no greater than the right of an
unsecured general creditor of the Company to receive payment from the Company.
All Bonuses under this Section 4(b) shall be paid from the general funds of the
Company, and no special or separate fund shall be established, and no
segregation of assets shall be made, to assure payment of any Bonuses
hereunder.

                 (c)      Withholding.  The payment of any Salary and Bonus
hereunder shall be subject to applicable withholding and payroll taxes, and
such other deductions as may be required under the Company's employee benefit
plans.

                 5.       Benefits.  During the Employment Term, the Employee
shall:

                 (a)      be eligible to participate in all employee fringe
         benefits and any pension and/or profit sharing plans that may be
         provided by the Company for its key executive employees in accordance
         with the provisions of any such 



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<PAGE>   5

         plans, as same may be in effect on and after the date hereof;

                 (b)      be eligible to participate in any medical and health
         plans or other employee welfare benefit plans that may be provided by
         the Company for its key executive employees in accordance with the
         provisions of any such plans, as same may be in effect on and after
         the date hereof;

                 (c)      be entitled to annual paid vacation in accordance
         with the Company policy that may be applicable on and after the date
         hereof to key executive employees;

                 (d)      be entitled to sick leave, sick pay and disability
         benefits in accordance with any Company policy that may be applicable
         on and after the date hereof to key executive employees; and

                 (e)      be entitled to reimbursement for all reasonable and
         necessary out-of-pocket living and travel expenses incurred by the
         Employee while away from his usual place of business in the
         performance of his duties hereunder in accordance with the Company's
         policies applicable on and after the date hereof in respect thereto.

                 6.       Inventions and Confidential Information.  The
Employee hereby covenants, agrees and acknowledges as follows:

                 (a)      The Company is engaged in a continuous program of
         research, design, development, production, marketing and servicing
         with respect to its business and that as part of the Employee's
         employment by the Company the Employee is (or may be) expected to make
         new contributions and inventions of value to the Company.

                 (b)      The Employee's employment hereunder creates a
         relationship of confidence and trust between the Employee and the
         Company with respect to certain information pertaining to the business
         of the Company and its Affiliates (as hereinafter defined) or
         pertaining to the business of any client or customer of the Company or
         its Affiliates which may be made known to the Employee by the Company
         or any of its Affiliates or by any client or customer of the Company
         or any of its Affiliates or learned by the Employee during the period
         of his employment.

         





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                 (c)      The Company possesses and will continue to possess
         information that has been created, discovered or developed by, or
         otherwise become known to it (including, without limitation,
         information created, discovered, developed or made known by the
         Employee during the period of or arising out of his employment
         hereunder) or in which property rights have been or may be assigned or
         otherwise conveyed to the Company, which information has commercial
         value in the business in which the Company is engaged and is treated
         by the Company as confidential.

                 (d)      Any and all inventions, products, discoveries,
         improvements, processes, manufacturing, marketing and service methods
         or techniques, formulae, designs, styles, specifications, data bases,
         computer programs (whether in source code or object code), know-how,
         strategies and data, whether or not patentable or registrable under
         copyright or similar statutes, made, developed or created by the
         Employee (whether at the request or suggestion of the Company, any of
         its Affiliates, or otherwise, whether alone or in conjunction with
         others, and whether during regular hours of work or otherwise) during
         the period of his employment by the Company (collectively, hereinafter
         referred to as "Inventions"), which may pertain to the business,
         products, or processes of the Company or any of its Affiliates, will
         be promptly and fully disclosed by the Employee to an appropriate
         executive officer of the Company (other than the Employee) and shall
         be the Company's exclusive property, and the Employee will promptly
         execute and/or deliver to an appropriate executive officer of the
         Company (other than the Employee) without any additional compensation
         therefor, all papers, drawings, models, data, documents and other
         material pertaining to or in any way relating to any Inventions made,
         developed or created by him as aforesaid.  For the purposes of this
         Agreement, the term "Affiliate" or "Affiliates" of the Company shall
         mean any corporation or other entity which is controlled, directly or
         indirectly, by the Company.  As used in the preceding sentence, the
         word "control" shall mean, with respect to any entity, the power to
         vote or direct the voting of more than 50% of the voting equity
         interests in such entity.

                 (e)      The Employee will keep confidential and will hold for
         the Company's sole benefit any Invention which is to be the exclusive
         property of the Company under this Section 6 





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<PAGE>   7

         for which no patent, copyright, trademark or other right or protection
         is issued.

                 (f)      The Employee also agrees that he will not without the
         prior written consent of an appropriate executive officer of the
         Company (other than the Employee) use for his benefit or disclose at
         any time during his employment by the Company, or thereafter, except
         to the extent required by the performance by him of his duties as an
         employee of the Company, any information obtained or developed by him
         while in the employ of the Company with respect to any Inventions or
         with respect to any customers, clients, suppliers, products,
         employees, financial affairs, or methods of design, distribution,
         marketing, service, procurement or manufacture of the Company or any
         of its Affiliates, or any confidential matter, except information
         which at the time is generally known to the public other than as a
         result of disclosure by him not permitted hereunder, or if such
         information is required to be disclosed under court order or other
         applicable law.

                 (g)      The Employee acknowledges and agrees that a remedy at
         law for any breach or threatened breach of the provisions of this
         Section 6 would be inadequate and, therefore, agrees that the Company
         and its Affiliates shall be entitled to injunctive relief in addition
         to any other available rights and remedies in case of any such breach
         or threatened breach; provided, however, that nothing contained herein
         shall be construed as prohibiting the Company or any of its Affiliates
         from pursuing any other rights and remedies available for any such
         breach or threatened breach.

                 (h)      The Employee agrees that upon termination of his
         employment hereunder for any reason, the Employee shall forthwith
         return to the Company all documents and other property in his
         possession belonging to the Company or any of its Affiliates.

                 (i)      Without limiting the generality of Section 10 hereof,
         the Employee hereby expressly agrees that the foregoing provisions of
         this Section 6 shall be binding upon the Employee's heirs, successors
         and legal representatives.





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<PAGE>   8

                 7.       Termination.  (a)  The Employment Term shall end
and the Employee's employment hereunder shall be terminated upon the occurrence
of any of the following:

              (i)  the death of the Employee;

             (ii)  termination of the Employee's employment hereunder by the
         Company based upon the inability of the Employee to perform his duties
         on account of disability or incapacity for a period of one hundred
         eighty (180) or more days, whether or not consecutive, occurring
         within any period of twelve (12) consecutive months; provided,
         however, that such employment shall not be terminated by the Company
         if it can reasonably accommodate the Employee's disability or
         incapacity;

            (iii)  the termination of the Employee's employment hereunder by
         the Employee at any time for any reason whatsoever (including, without
         limitation, resignation or retirement);

             (iv)  termination of the Employee's employment hereunder by the
         Company at any time for "cause", such termination to take effect
         immediately upon written notice from the Company to the Employee;

              (v)  termination of the Employee's employment hereunder by
         the Company at any time other than for "cause", such termination to
         take effect immediately upon written notice from the Company to the
         Employee; or

             (vi)  upon a Change of Control of the Company.

                 The following actions, failures or events by or affecting the
Employee shall constitute "cause" for termination within the meaning of clause
(iv) above: (1) conviction of having committed a felony; (2) determination by
at least two-thirds of the members of the Board of Directors that the Employee
has committed acts of dishonesty or moral turpitude; (3) failure to follow
reasonable and lawful directives of the Board of Directors of the Company; or
(4) gross negligence or willful misconduct by the Employee in the performance
of his obligations hereunder.  The term "willful" shall mean any act or failure
to act taken or omitted to be taken by the Employee not in good faith and
without reasonable belief that the act or omission was in the best interest of
the Company.






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<PAGE>   9

                 As used herein the term "Change of Control of the Company"
shall mean any of the following:

                           (i)    sale or other disposition (or the last such
sale or other disposition) resulting in the transfer of more than 50% of the
outstanding common stock of the Company to an unrelated and unaffiliated third
party purchaser; or

                           (ii)    the consolidation or merger of the Company
with or into any other entity (other than a merger in which the Company is the
surviving corporation and which does not result in more than 50% of the capital
stock of the Company outstanding immediately after the effective date of such
merger being owned of record or beneficially by persons other than the holders
of its capital stock immediately prior to such merger); or

                           (iii)   a sale of substantially all of the properties
and assets of the Company as an entirety to an unrelated and unaffiliated third
party purchaser; or

                           (iv)    the time at which any person (including a
person's affiliates and associates) or group (as that term is understood under
Section 13(d) of the Exchange Act and the rules and regulations thereunder),
files a Schedule 13-D or 14D-1 (or any successor schedule, form or report under
the Exchange Act) disclosing that such person or group has become the
beneficial owner (as defined under Rule 13d-3 or any successor rule or
regulation promulgated under the Exchange Act) of shares of capital stock of
the Company giving such person or group a majority of the voting power of all
outstanding capital stock of the Company with the right to vote generally in an
election for directors or other capital stock of the Company into which the
common stock or other voting stock is reclassified or changed.

                 (b)      (i)     If the Initial Employment Term ends by reason
of Employee being terminated by the Company other than for "cause", then the
Company shall pay to the Employee, as severance pay or liquidated damages or
both, an amount equal to his then-current annual Salary in effect immediately
prior to such termination.

                          (ii)    If the Initial Employment Term ends by reason
of the occurrence of an event described in Section 7(a)(vi) hereof, then the
Company shall pay to the Employee, as severance pay or liquidated damages or
both, an amount equal to his then-current annual Salary in effect immediately
prior to the 





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occurrence of such event plus an amount equal to his bonus compensation in
respect of the immediately preceding calendar year.

                          (iii) If, after the expiration of the Initial
Employment Term, the Employment Term ends by reason of the Employee being
terminated by the Company other than for "cause", the occurrence of an event
described in Section 7(a)(vi) hereof, or the Employee voluntarily terminating
his employment with the Company for any reason whatsoever (including, without
limitation, resignation or retirement), then the Company shall pay to the
Employee, as severance pay or liquidated damages or both, an amount equal to
his then-current annual Salary in effect immediately prior to such termination
plus an amount equal to his bonus compensation in respect of the immediately
preceding calendar year.

                          (iv)  If the Employee's employment is terminated by
the Company other than for "cause", or if the Employee voluntarily terminates
his employment with the Company, then any such payable amounts shall be paid in
twelve (12) equal monthly installments commencing on the first day of the
calendar month immediately following the termination of the Employment Term.
In the event the Employment Term ends by reason of the occurrence of an event
described in Section 7(a)(vi) hereof, then such amounts shall be payable no
later than ten (10) business days after the end of the Employment Term.  It is
understood and agreed that this Section 7(b) shall survive the expiration or
termination of this Agreement and the provisions hereof shall be binding upon
any successor in interest of the Company.  It is expressly acknowledged and
agreed that the provisions of this Section 7(b) shall supersede any and all
payment obligations of Lincare Inc., a wholly-owned subsidiary of the Company,
to the Employee under the provisions of Section 3 of that certain Agreement by
and between the Employee and Lincare Inc., dated December 28, 1990.

                 (c)  Notwithstanding anything to the contrary expressed or
implied herein, and except as set forth in Section 7(b) hereof, the Company
(and its Affiliates) shall not be obligated to make any payments to the
Employee or on his behalf of whatever kind or nature by reason of the
Employee's cessation of employment other than: (A) such amounts, if any, of his
Salary and bonus compensation as shall have accrued and remained unpaid as of
the date of said cessation (including, but not limited to, the amount of any
bonus compensation payable in respect of the then-current calendar year); and
(B) such other amounts which may be 





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otherwise payable to the Employee from the Company's retirement plans or other
benefit plans on account of such cessation of employment (including, but not
limited to, payment for any vested but unused vacation); and (C) Company shall
cover the Employee under its medical and dental plan, and life insurance through
the end of the last calendar day of the month during which the Employment Term
ends, thereafter, the Employee shall be given COBRA conversion rights for the
Company's medical and dental plan. Nothing in this Section 7(c) shall limit the
Employee's right to contest any termination of the Employee's employment
hereunder by appropriate legal proceedings.  It is understood and agreed that
this Section 7(c) shall survive the expiration or termination of this Agreement
and the provisions hereof shall be binding upon any successor in interest of the
Company.

                 (d)      No interest shall accrue on or be paid with respect
to any portion of any payments hereunder paid in accordance with the terms of
this Agreement.

                 8.       Non-Assignability.  (a)  Neither this Agreement nor
any right or interest hereunder shall be assignable by the Employee, his
beneficiaries, or legal representatives without the Company's prior written
consent; provided, however, that nothing in this Section 8(a) shall preclude
the Employee from designating a beneficiary to receive any benefit payable
hereunder upon his death.  Neither this Agreement nor any right or interest
hereunder shall be assignable by the Company, nor shall any obligations of the
Company hereunder be delegated.

                 (b)      Except as required by law, no right to receive
payments under this Agreement shall be subject to anticipation, commutation,
alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or
to exclusion, attachment, levy or similar process or assignment by operation of
law, and any attempt, voluntary or involuntary, to effect any such action shall
be null, void and of no effect.

                 9.       Competition.  During the Employee's employment by the
Company and during the twelve (12) month period commencing on the date of
cessation of the Employee's employment for any reason whatsoever:

                 (a)      The Employee will not make any statement or perform
         any act intended to advance an interest of any existing or prospective
         competitor of the Company or any of its Affiliates in any way that
         will or may injure an interest of the Company or any of its Affiliates
         in its relationship and dealings with existing or potential




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<PAGE>   12

         customers or clients, or solicit or encourage any other employee of the
         Company or any of its Affiliates to do any act that is disloyal
         to the Company or any of its Affiliates or inconsistent with the
         interest of the Company or any of its Affiliate's interests or in
         violation of any provision of this Agreement;


                 (b)      The Employee will not discuss with any existing or
         potential customers or clients of the Company or any of its Affiliates
         the present or future availability of services or products by a
         business, if the Employee has or expects to acquire a proprietary
         interest in such business or is or expects to be an employee, officer
         or director of such business, where such services or products are
         competitive with services or products which the Company or any of its
         Affiliates provides during the Employment Term;

                 (c)      The Employee will not make any statement or do any
         act intended to cause any existing or potential customers (with whom
         the Company has made contact) or clients of the Company or any of its
         Affiliates to make use of the services or purchase the products of any
         competitive business in which the Employee has or expects to acquire a
         proprietary interest or in which the Employee is or expects to be made
         an employee, officer or director, if such services or products in any
         way relate to or arise out of the services or products sold or
         provided by the Company or any of its Affiliates to any such existing
         customer or client during the Employment Term;

                 (d)      The Employee will not directly or indirectly (as a
         director, officer, employee, manager, consultant, independent
         contractor, advisor or otherwise) engage in competition with, or own
         any interest in, perform any services for, participate in or be
         connected with (i) any business or organization which engages in
         competition with the Company or any of its Affiliates in any
         geographical area where any business is presently carried on by the
         Company or any of its Affiliates, or (ii) any business or organization
         which engages in competition with the Company or any of its Affiliates
         in any geographical area where any business shall be hereafter, during
         the period of the Employee's employment by the Company, carried on by
         the Company or any of its Affiliates, if such business is then being
         carried on by the Company or any of its Affiliates in such
         geographical area; provided, however, that the provisions of this
         Section 9(d) shall not be deemed to prohibit the Employee's ownership
         of not more than 1% of the 





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<PAGE>   13

         total shares of all classes of stock outstanding of any publicly held 
         company;

                 (e)      The Employee will not directly or indirectly solicit
         for employment, or advise or recommend to any other person that they
         employ or solicit for employment, any employee of the Company or any
         of its Affiliates; and

                 (f)      The Employee will not directly or indirectly hire,
         engage, send any work to, place orders with, or in any manner be
         associated with any supplier, contractor, subcontractor or other
         person or firm which rendered manufacturing or other services, or sold
         any products, to the Company or any of its Affiliates if such action
         by him would have a material adverse effect on the business, assets or
         financial condition of the Company or any of its Affiliates.

                 For purposes of this Section 9, a person or entity (including,
without limitation, the Employee) shall be deemed to be a competitor of the
Company or any of its Affiliates, or a person or entity (including, without
limitation, the Employee) shall be deemed to be engaging in competition with
the Company or any of its Affiliates, if such person or entity in any way
conducts, operates, carries out or engages (i) in the business of delivering
medical oxygen, respiratory therapy services, or durable medical equipment to
customers in their homes or (ii) in any other business engaged in by the
Company or any of its Affiliates on or prior to the date upon which such
Employee ceases to be employed hereunder.

                 In connection with the foregoing provisions of this Section 9,
the Employee represents that his experience, capabilities and circumstances are
such that such provisions will not prevent him from earning a livelihood.  The
Employee further agrees that the limitations set forth in this Section 9
(including, without limitation, any time or territorial limitations) are
reasonable and properly required for the adequate protection of the business of
the Company (and of its Affiliates).  It is understood and agreed that the
covenants made by the Employee in this Section 9 (and in Section 6 hereof)
shall survive the expiration or termination of this Agreement.






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                 For purposes of this Section 9, proprietary interest in a
business is ownership, whether through direct or indirect stock holdings or
otherwise, of one percent (1%) or more of such business.

                 The Employee acknowledges and agrees that a remedy at law for
any breach or threatened breach of the provisions of this Section 9 would be
inadequate and, therefore, agrees that the Company and any of its Affiliates
shall be entitled to injunctive relief in addition to any other available
rights and remedies in cases of any such breach or threatened breach; provided,
however, that nothing contained herein shall be construed as prohibiting the
Company or any of its Affiliates from pursuing any other rights and remedies
available for any such breach or threatened breach.

                 10.      Binding Effect.  Without limiting or diminishing the
effect of Section 8 hereof, this Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective heirs, successors, legal
representatives and permitted assigns.

                 11.      Notices.  Any notice required or permitted to be
given under this Agreement shall be sufficient if in writing and either
delivered in person or sent by first class certified or registered mail,
postage prepaid, if to the Company, at the Company's principal place of
business, and if to the Employee, at his home address most recently filed with
the Company, or to such other address or addresses as either party shall have
designated in writing to the other party hereto.

                 12.      Law Governing.  This Agreement shall be governed by
and construed in accordance with the laws of the State of Florida.

                 13.      Severability.  If any provision of this Agreement
shall be determined to be invalid, illegal or unenforceable in whole or in
part, neither the validity of the remaining part of such provision nor the
validity of any other provision of this Agreement shall in any way be affected
thereby.

                 14.      Waiver.  Failure to insist upon strict compliance
with any of the terms, covenants or conditions hereof shall not be deemed a
waiver of such term, covenant or condition, nor shall any waiver or
relinquishment of any right or power hereunder at 





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<PAGE>   15

any one or more times be deemed a waiver or relinquishment of such right or
power at any other time or times.

                 15       Entire Agreement; Modifications.  This Agreement
constitutes the entire agreement of the parties with respect to the subject
matter hereof and supersedes all prior agreements, oral and written, between
the parties hereto with respect to the subject matter hereof.  This Agreement
may be modified or amended only by an instrument in writing signed by both
parties hereto.  It is acknowledged and agreed that this Agreement shall
supersede the Employment Agreement between the Employee and Lincare Inc., dated
November 30, 1990, which agreement shall be of no further force or effect from
the date of this Agreement.

                 16       Survival.  The provisions of Sections 6, 7 and 9
hereof shall survive and continue after the expiration or termination of this
Agreement.

                 17       Counterparts.  This Agreement may be executed in two
or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

         IN WITNESS WHEREOF, the Company and the Employee have duly executed
and delivered this Agreement as of the day and year first above written.

                                        LINCARE HOLDINGS INC.


                                        By:__________________________
                             

                                        Title:_______________________



                                        _____________________________
                                                JOHN P. BYRNES





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