Document:

Post Employment Agreement

 
Exhibit 10.46

 
EMPLOYMENT AGREEMENT 
 
(William J. Post) 
 
THIS AGREEMENT, made as of October 8, 2001 by and between
RESPIRONICS, INC., a Delaware corporation (the “Company”), and WILLIAM J. POST, of Ohio (“Executive”). 
 
W I T N E S S E T H:

 
WHEREAS, the Company is engaged in the business
of the design, development, manufacture, marketing and sale principally of respiratory and other medical equipment and services; 
 
WHEREAS, Executive possesses valuable knowledge and skills that will contribute to the successful operation of the Company’s
business; 
 
WHEREAS, the Company and Executive
have agreed to execute and deliver this Agreement in consideration, among other things, of (i) the access Executive will have to confidential or proprietary information of the Company, (ii) the access Executive will have to confidential or
proprietary information to be acquired hereafter by the Company, (iii) the willingness of the Company to make valuable benefits available hereafter to Executive, and (iv) Executive’s receipt of compensation from time to time by the Company; and

 
WHEREAS, the Company desires to retain the
services of Executive, and Executive is willing to accept employment with the Company, upon the terms and subject to the conditions hereinafter set forth. 
 
NOW, THEREFORE, intending to be legally bound, the Company agrees to employ Executive, and Executive hereby agrees to be employed by the
Company, upon the following terms and conditions: 
 
ARTICLE I 
EMPLOYMENT 
 
1.01. Office. Executive is hereby employed as Senior Vice President, Home Care Division of the Company
and in such other executive and managerial capacities as the Board of Directors or the President of the Company may from time to 

time determine, and in such capacity or capacities shall use his best energies or abilities in the
performance of his duties hereunder and as prescribed in the By-Laws of the Company. 
 
1.02. Term. Subject to the terms and provisions of Article II hereof, Executive shall be employed by the Company for a period of two years (the “Term”), commencing on October 8, 2001
(the first date of employment) and ending two (2) years thereafter. Subject to the terms and provisions of Article II hereof, the Term shall automatically be extended for an additional year (i.e., a rolling two-year Term) unless, not less
than ninety (90) days prior to the expiration of the then-current first year of the Term, either Executive or the Company shall advise the other that the Term will not be further extended. 
 
1.03. Base Salary. During the Term, compensation shall be paid to Executive by the Company at the rate
of $260,000 per annum (the “Base Salary”), payable every other week. The Base Salary to be paid to Executive may be adjusted upward or downward (but not below the amount specified in the preceding sentence) by the Board of Directors of the
Company at any time (but not less frequently than annually) based upon Executive’s contribution to the success of the Company and on such other factors as the Board of Directors of the Company shall deem appropriate. 
 
1.04. Executive Benefits. At all times during the Term,
Executive shall have the right to participate in and receive benefits under and in accordance with the then-current provisions of all incentive, profit sharing, retirement, stock option or purchase plans, life, health and accident insurance,
hospitalization and other incentive and benefit plans or programs (except for any such plan in which Executive may not participate pursuant to the terms of such plan or Executive’s geographic location) which the Company may at any time or from
time to time have in effect for executive employees of the Company or its subsidiaries, Executive’s participation to be on a basis commensurate with other executive employees considering their respective responsibilities and compensation.
Executive shall also be entitled to be reimbursed for all reasonable expenses incurred by him in the performance of his duties hereunder. 
 
1.05. Principal Place of Business. The headquarters and principal place of business of the Company is located in Pittsburgh,
Pennsylvania. Executive’s principal place of business will be in Pittsburgh, Pennsylvania, and he will reside within a reasonable distance thereof. 
 
ARTICLE II 
TERMINATION 
 
2.01.
Illness, Incapacity. If, during the Term of Executive’s employment hereunder, the Board of Directors of the Company shall determine that Executive shall 
 

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be prevented from effectively performing all his duties hereunder by reason of illness or disability and
such failure so to perform shall have continued for a period of not less than three months, then the Company may, by written notice to Executive, terminate Executive’s employment hereunder effective at any time after such three month period.
Upon delivery to Executive of such notice, together with payment of any salary accrued and unpaid under Section 1.03 hereof, Executive’s employment and all obligations of the Company under Article I hereof shall forthwith terminate. The
obligations of Executive under Article IV hereof shall continue notwithstanding termination of Executive’s employment pursuant to this Section 2.01. 
 
2.02. Death. If Executive dies during the Term of his employment hereunder, Executive’s employment hereunder shall terminate
and all obligations of the Company hereunder, other than any obligations with respect to the payment of accrued and unpaid salary, shall terminate. 
 
2.03. Company Termination. (a) For Cause. In the event that, in the reasonable judgment of the Board of Directors of the Company,
Executive shall have (a) been guilty of any act of dishonesty material with respect to the Company, (b) been convicted of a crime involving moral turpitude, (c) intentionally disregarded the provisions of this Agreement or d) intentionally
disregarded express instructions of the Board of Directors of the Company with respect to matters of policy continuing (in the case of clause (d)) for a period of not less than thirty (30) days after notice of such disregard, the Company may
terminate this Agreement effective at such date as it shall specify in a written notice to Executive. Any such termination by the Company shall be deemed to be termination “for cause”. Upon delivery to Executive of such notice of
termination, together with payment of any salary accrued and unpaid under Section 1.03 hereof, Executive’s employment and all obligations of the Company under Articles I and II hereof shall forthwith terminate. The obligations of Executive
under Article IV hereof shall continue notwithstanding termination of Executive’s employment pursuant to this Section 2.03(a). 
 
(b) Without Cause. Executive’s employment hereunder may be terminated at any time by the Company without cause if the Board of
Directors of the Company, by resolution duly adopted by the Board, so determines. Except as set forth in Section 2.05 hereof, all obligations of the Company under Article I cease upon termination. The obligations of Executive under Article IV hereof
shall continue notwithstanding termination of Executive’s employment pursuant to this Section 2.03(b). 
 
2.04. Executive Termination. Executive agrees to give the Company ninety (90) days prior written notice of the termination of his
employment with the Company. Simultaneously with such notice, Executive shall inform the Company in writing as to his employment/consulting plans following the termination of his employment with the Company. In the event Executive has terminated his
employment with the Company because, in his reasonable judgment, there has been: (a) a material 
 

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downgrading in Executive’s duties, titles or responsibilities, (b) a change in Executive’s
principal place of business to a location not within 30 miles of its present location, (c) any significant and prolonged increase in the traveling requirements applicable to the discharge of Executive’s responsibilities or (d) any other
significant material adverse change in working conditions, responsibilities or prestige (including a notice under Section 1.02 hereof that the Term will not be further extended), Executive shall be entitled to the compensation provided for in
Section 2.05 upon such termination; provided that Executive must provide notice of termination within ninety (90) days of the occurrence of a change Executive believes to be covered by clause (a), (b) or (d) herein in order to claim that the
termination is because of such change. Otherwise, all obligations of the Company under Article I cease upon termination, except for the payment of any salary accrued and unpaid under Section 1.03 hereof. The obligations of Executive under Article IV
hereof shall continue notwithstanding termination of Executive’s employment pursuant to this Section 2.04. 
 
2.04A. Additional Executive Termination. If Executive (a) is terminated without cause or provided with notice of nonrenewal under
Section 1.02 prior to October 31, 2002 or (b) has not been made an Executive Officer of the Company (e.g., the head of a division) by October 31, 2002, Executive may terminate his employment with the Company and, under this circumstance, be
entitled to the compensation provided for in Section 2.05 upon such termination; provided that for purposes of this Section 2.04A only, notwithstanding Section 2.05, the balance of the “Term” under Section 2.05 shall be considered
to be exactly two (2) years; provided further that Executive must provide notice of termination by December 31, 2002 in order to exercise his rights under this Section 2.04A. The obligations of Executive under Article IV hereof shall continue
notwithstanding termination of Executive’s employment pursuant to this Section 2.04A. 
 
2.05. Termination Payments—Discharge Without Cause. If the Company terminates Executive’s employment without cause pursuant to Section 2.03(b), Executive shall be paid for the balance
of the Term the Base Salary then in effect; provided that if Executive’s notice of termination occurs within ninety (90) days of a reduction in Executive’s Base Salary, the Base Salary prior to the reduction shall be used for
purposes of this Section 2.05. In addition to these termination payments, for the balance of the Term, the Company will provide Executive with health and dental insurance coverage as though Executive remained an employee. Executive will be required
to pay the same portion of the premium for such insurance coverage as if Executive remained an employee. Executive agrees to inform the Company of his employment/consulting jobs during the period of time which Executive is receiving money under this
Section. 
 
2.06. Termination
Payments—After Change of Control. 
 

	  	 (a)	  	 Change of Control shall mean the occurrence of any of the following events: 

 

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	  	 (i)	  	 Individuals who on December 1, 1999 constitute the Board of Directors (“Board”) of the Company (the “Incumbent Directors”) cease for any reason
to constitute at least a majority of the Board, provided that any person becoming a director subsequent to December 1, 1999, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on
the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection by such Incumbent Directors to such nomination) shall be deemed to be an
Incumbent Director. 

 

	  	 (ii)	  	 Any “person” (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and as used in
Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing a majority of the combined voting
power of the Company’s then outstanding securities eligible to vote for the election of the Board (“Company Voting Securities”); provided, however, that the event described in this paragraph (ii) shall not be deemed to
be a Change of Control by virtue of any of the following acquisitions: (A) by the Company or any subsidiary, (B) by any employee benefit plan sponsored or maintained by the Company or any subsidiary, or by any employee stock benefit trust created by
the Company or any subsidiary or (C) by any underwriter temporarily holding securities pursuant to an offering of such securities. 

 

	  	 (iii)	  	 Consummation of any merger, consolidation, stock-for-stock exchange or similar transaction (collectively, “Business Combination”) involving the Company or
any of its subsidiaries that requires the approval of the Company’s shareholders (whether for such transaction or the issuance of securities in the transaction), in which the holders of Company Voting Securities immediately prior to
consummation of the Business Combination own, as a group, immediately after consummation of the Business Combination, voting securities of the Company (or, if the Company does not survive the Business Combination, voting securities of the
corporation surviving the Business 

 

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Combination)
having less than 50% of the total voting power in an election of directors of the Company (or such other surviving corporation), excluding securities received by any holders of Company Voting Securities in the Business Combination which represent
disproportionate percentage increases in their shareholdings in comparison to other holders of Company Voting Securities. 
 

	  	 (iv)	  	 Consummation of any sale, lease, exchange or other transfer (in one transaction or a series of related transactions, excluding any Business Combination) of all or
substantially all of the assets of the Company to a person or entity which is not controlled by or under common control with the Company. 

 

	  	 (b)	  	 If Executive is terminated without cause upon or within eighteen (18) months after a Change of Control, or if Executive provides notice (as provided for in Section
2.04) to the Company upon or within eighteen (18) months after the occurrence of a Change of Control that he is terminating employment with the Company because, in his reasonable judgment, there has been: (i) a material downgrading in
Executive’s duties, titles or responsibilities, (ii) a change in Executive’s principal place of business to a location not within 30 miles of its present location, (iii) any significant and prolonged increase in the traveling requirements
applicable to the discharge of Executive’s responsibilities or (iv) any other significant material adverse change in working conditions, responsibilities or prestige, Executive shall be entitled to the payments and other benefits provided for
in Section 2.05 upon such termination; provided that in this Change of Control circumstance, notwithstanding Section 2.05, the termination payments shall be in an amount equal to (i) two (2) full years of Executive’s base salary (regardless of
the remaining Term) and (ii) two (2) times the average “year end” bonus paid to Executive over the prior two (2) years, and such payment shall be made to Executive in a lump sum to be paid to Executive within five (5) business days after
the termination of employment. Otherwise, all obligations of the Company under Article I cease upon termination, except for the payment of any salary accrued and unpaid under Section 1.03 hereof. The obligations of Executive under Article IV hereof
shall continue notwithstanding termination of Executive’s employment pursuant to this Section 2.06. 

 

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	  	 (c)	  	 After a Change of Control, Executive has the option to terminate his employment with the Company for any reason by providing notice (as provided for in Section
2.04) of termination to the Company, such notice to be provided to the Company at any time within six (6) months after the Change of Control. Within five (5) business days after a termination of employment governed by this provision, Executive shall
receive from the Company a lump sum payment equal to (i) one (1) year of Executive’s base salary and (ii) the average of the “year end” bonuses paid to Executive over the prior three (3) years. Additionally, for one year after the
termination, the Company will provide Executive with health and dental insurance coverage as though Executive remained an employee. Executive will be required to pay the same portion of the premium for such insurance coverage as if Executive
remained an employee. Otherwise, all obligations of the Company under Article I cease upon termination, except for the payment of any salary accrued and unpaid under Section 1.03 hereof. The obligations of Executive under Article IV hereof shall
continue notwithstanding termination of Executive’s employment pursuant to this Section 2.06. 

 
ARTICLE III 
EXECUTIVE’S ACKNOWLEDGMENTS

 
Executive recognizes and acknowledges that: (a)
in the course of Executive’s employment by the Company it will be necessary for Executive to acquire information including, without limitation, information concerning the Company’s sales, sales volume, sales methods, sales proposals,
customers and prospective customers, identity of customers and prospective customers, identity of key purchasing personnel in the employ of customers and prospective customers, amount or kind of customer’s purchases from the Company, the
Company’s sources of supply, the Company’s computer programs, system documentation, special hardware, product hardware, related software development, the Company’s manuals, formulae, processes, methods, machines, compositions, ideas,
improvements, inventions or other confidential or proprietary information belonging to the Company or relating to the Company’s affairs (collectively referred to herein as the “Confidential Information”); (b) for purposes of this
Employment Agreement, confidential information of an affiliate of the Company or of a person or entity with which the Company explores or conducts business is considered to be Confidential Information; (c) the Confidential Information is the
property of the Company; (d) the use, misappropriation or disclosure of the Confidential Information would constitute a breach of trust and could cause irreparable injury to the Company; and (e) it is essential to the protection of the
Company’s good will and to the maintenance of the Company’s competitive position that the Confidential Information be kept secret and that Executive not disclose the Confidential 
 

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Information to others or use
the Confidential Information to Executive’s own advantage or the advantage of others. For purposes of this Agreement, Confidential Information shall not include any information that is in the public domain, so long as such information is not in
the public domain as a result of any action or inaction by Executive which would constitute a violation of this Agreement or the Company’s policies with respect to such information. 
 
Executive further recognizes and acknowledges that it is essential for the proper protection of the business
of the Company that Executive be restrained, but only to the extent hereinafter provided (a) from soliciting or inducing any employee of the Company to leave the employ of the Company, (b) from hiring or attempting to hire any employee of the
Company, (c) from soliciting the trade of or trading with the customers and suppliers of the Company, and (d) from competing against the Company for a reasonable period following the termination of Executive’s employment with the Company.

 
Executive further recognizes and understands
that his duties at the Company may include the preparation of materials, including written or graphic materials, and that any such materials conceived or written by him shall be done as “work made for hire” as defined and used in the
Copyright Act of 1976, 17 USC § 1 et seq. In the event of publication of such materials, Executive understands that the Company will solely retain and own all rights in said materials, including right of copyright, and that the
Company may, at its discretion, on a case-by-case basis, grant Executive by-line credit on such materials as the Company may deem appropriate. 
 
For purposes of interpreting Article III and Article IV hereof, the acknowledgments, covenants and obligations of Executive with respect
to the Company apply equally with respect to its affiliates. 
 
ARTICLE IV 
EXECUTIVE’S COVENANTS AND AGREEMENTS 
 
4.01. Non-Disclosure of Confidential Information.
Executive agrees to hold and safeguard the Confidential Information in trust for the Company, its successors and assigns and agrees that he shall not, without the prior written consent of the Company, misappropriate or disclose or make available to
anyone for use outside the Company’s organization at any time, either during his employment with the Company or subsequent to the termination of his employment with the Company for any reason, including without limitation termination by the
Company for cause or without cause, any of the Confidential Information, whether or not developed by Executive, except as required in the performance of Executive’s duties to the Company. 
 

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4.02.
Disclosure of Works and Inventions/Assignment of Patents and Other Rights. (a) Executive shall disclose promptly to the Company or its nominee any and all works, inventions, discoveries and improvements authored, conceived or made by
Executive during the period of employment and related to the business, prospective business or activities of the Company, and hereby assigns and agrees to assign all his interest therein to the Company or its nominee. Whenever requested to do so by
the Company, Executive shall execute any and all applications, assignments or other instruments, and otherwise cooperate with the Company at no expense to Executive, to assist the Company in applying for and obtaining Letters Patent or Copyrights of
the United States or any foreign country or to otherwise protect the Company’s interest therein. Such obligations shall continue beyond the termination of employment with respect to works, inventions, discoveries and improvements authored,
conceived or made by Executive during the period of employment, and shall be binding upon Executive’s assigns, executors, administrators and other legal representatives. 
 
(b) Executive agrees that in the event of publication by Executive of written or graphic materials the
Company will retain and own all rights in said materials, including right of copyright. 
 
4.03. Duties. Executive agrees to be a loyal employee of the Company. Executive agrees to devote his best efforts full time to the performance of his duties for the Company, to give proper time
and attention to furthering the Company’s business, and to comply with all rules, regulations and instruments established or issued by the Company. Executive further agrees that during the term of this Agreement, Executive shall not, directly
or indirectly, engage in any business which would detract from Executive’s ability to apply his best efforts to the performance of his duties hereunder. Executive also agrees that he shall not usurp any corporate opportunities of the Company.

 
4.04. Return of Materials. Upon the
termination of Executive’s employment with the Company for any reason, including without limitation termination by the Company for cause or without cause, Executive shall promptly deliver to the Company all correspondence, drawings, blueprints,
manuals, letters, notes, notebooks, reports, flow-charts, programs, proposals and any documents concerning the Company’s customers or concerning products or processes used by the Company and, without limiting the foregoing, will promptly
deliver to the Company any and all other documents or materials containing or constituting Confidential Information. 
 
4.05. Restrictions on Competition. Executive covenants and agrees that during the period of Executive’s employment hereunder
plus a period of two years (or such longer period, not in excess of three years, in respect of which base salary is paid to Executive pursuant to § 2.04 or 2.05) following the termination of Executive’s employment, including without
limitation termination by the Company for cause or 
 

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without cause, Executive shall
not, in the United States of America or in any other country of the world in which the Company has done business at any time during the last three years prior to termination of Executive’s employment with the Company, engage, directly or
indirectly, whether as principal or as agent, officer, director, employee, consultant, shareholder, or otherwise, alone or in association with any other person, corporation or other entity, in any Competing Business. For purposes of this Agreement,
the term “Competing Business” shall mean and include any person, corporation or other entity which develops, manufactures, sells, markets or attempts to develop, manufacture, sell or market any product or services which are the same as,
similar to or compete with the Products and services (i) sold by the Company at any time and from time to time during the last three years prior to the termination of Executive’s employment hereunder or (ii) which are active research and
development projects of the Company of which Executive is aware at the time of termination; provided, however, that for purposes of determining what constitutes a Competing Business there shall not be included (x) any product or service of any
entity which product or service Executive determines is not material to the business or prospects of the Company and which product or service the Company’s Board, having been requested to do so by Executive, also so determines; or (y) any
product or service of any entity so long as the Executive and such entity can demonstrate to the reasonable satisfaction of the Company that Executive is and will continue to be effectively isolated from and not participate in the development,
manufacture, sale or marketing of such product or service, but only so long as Executive is effectively so isolated and does not so participate (i.e., Executive can work for an entity that has products that compete with the Company if he is
appropriately isolated from the portions of that entity that compete). In the event the employment of Executive terminates at the conclusion of the Term before Executive obtains the age of 65 and because the Company has elected not to further extend
the Term pursuant to § 1.02, then the provisions of this § 4.05 and §’s 4.06 and 4.07 shall not be applicable after the conclusion of the Term unless the Company advises Executive at least six months prior to conclusion of the
Term that it will continue to pay the Base Salary in effect at conclusion of the Term for such two-year period or such shorter portion thereof as the Company may specify (which specification shall foreshorten such two-year period accordingly) and
the Company pays such amounts during such two-year or shorter period. 
 
4.06. Non-Solicitation of Customers and Suppliers. Executive agrees that during his employment with the Company he shall not, directly or indirectly, solicit the trade of, or trade with, any customer, prospective
customer, supplier, or prospective supplier of the Company for any business purpose other than for the benefit of the Company, with respect to any products competitive with those of the Company. Executive further agrees that for two years following
termination of his employment with the Company, including without limitation termination by the Company for cause or without cause, Executive shall not, directly or indirectly, solicit the trade of, or trade with, any customers or suppliers, or
prospective customers or suppliers, of the Company with respect to any products competitive with those of the Company. 
 

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4.07. Non-Solicitation of Employees. Executive agrees that, during his employment
with the Company and for two years following termination of Executive’s employment with the Company, including without limitation termination by the Company for cause or without cause, Executive shall not, directly or indirectly, solicit or
induce, or attempt to solicit or induce, any employee of the Company to leave the Company for any reason whatsoever, or hire any employee of the Company. 
 
ARTICLE V 
EXECUTIVE’S REPRESENTATIONS AND WARRANTIES 
 
5.01. No Prior Agreements. Executive represents and warrants that he is not a party to or otherwise subject to or bound by the terms of any contract, agreement or understanding which in any manner would limit or
otherwise affect his ability perform his obligations hereunder, including without limitation any contract, agreement or understanding containing terms and provisions similar in any manner to those contained in Article IV hereof. Executive further
represents and warrants that his employment with the Company will not require him to disclose or use any confidential information belonging to prior employers or other persons or entities. 
 
5.02. Executive’s Abilities. Executive represents that his experience and capabilities are such
that the provisions of Article IV will not prevent him from earning his livelihood, and acknowledges that it would cause the Company serious and irreparable injury and cost if Executive were to use his ability and knowledge in competition with the
Company or to otherwise breach the obligations contained in Article IV. 
 
5.03. Remedies. In the event of a breach by Executive of the terms of this Agreement, the Company shall be entitled, if it shall so elect, to institute legal proceedings to obtain damages for any such breach, or to
enforce the specific performance of this Agreement by Executive and to enjoin Executive from any further violation of this Agreement and to exercise such remedies cumulatively or in conjunction with all other rights and remedies provided by law.
Executive acknowledges, however, that the remedies at law for any breach by him of the provisions of this Agreement may be inadequate and that the Company shall be entitled to injunctive relief against him in the event of any breach. 
 
ARTICLE VI 
MISCELLANEOUS 
 
6.01. Authorization to Modify Restrictions. It is the intention of the parties that the provisions of Article IV hereof shall be
enforceable to the fullest extent 
 

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permissible under applicable law, but that the unenforceability (or modification to conform to such law)
of any provision or provisions hereof shall not render unenforceable, or impair, the remainder thereof. If any provision or provisions hereof shall be deemed invalid or unenforceable, either in whole or in part, this Agreement shall be deemed
amended to modify, as necessary, the offending provision or provisions and to alter the bounds thereof in order to render it valid and enforceable or, if necessary, to delete the offending provision. 
 
6.02. Tolling Period. The non-competition,
non-disclosure and non-solicitation obligations contained in Article IV hereof shall be extended by the length of time during which Executive shall have been in breach of any of the provisions of such Article IV. 
 
6.03. Entire Agreement. This Agreement, together with
the offer letter dated August 20, 2001, represents the entire agreement of the parties with respect to the employment of Executive by the Company and may be amended only by a writing signed by each of them. 
 
6.04. Governing Law. This Agreement shall be governed
by and construed in accordance with the laws of the Commonwealth of Pennsylvania. 
 
6.05. Consent to Jurisdiction; Venue. Executive hereby irrevocably submits to the personal jurisdiction of the United States District Court for the Western District of Pennsylvania or the Court
of Common Pleas of Allegheny County, Pennsylvania in any action or proceeding arising out of or relating to this Agreement, and Executive hereby irrevocably agrees that all claims in respect of any such action or proceeding may be heard and
determined in either such court. Executive hereby irrevocably waives any objection which he now eafter may have to the laying of venue of any action or proceeding arising out of or relating to this Agreement brought in the United States District
Court for the Western District of Pennsylvania or the Court of Common Pleas of Allegheny County, Pennsylvania and any objection on the ground that any such action or proceeding in either of such Courts has been brought in an inconvenient forum.
Nothing in this Section 6.05 shall affect the right of the Company to bring any action or proceeding against Executive or his property in the courts of other jurisdictions where the Executive resides or has his principal place of business or where
such property is located. 
 
6.06. Service of
Process. Executive hereby irrevocably consents to the service of any summons and complaint and any other process which may be served in any action or proceeding arising out of or related to this Agreement brought in the United States District
Court for the Western District of Pennsylvania or the Court of Common Pleas of Allegheny County by the mailing by certified or registered mail of copies of such process to Executive at his address as set forth on the signature page hereof.

 

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6.07. Agreement Binding. The obligations of Executive under this Agreement shall
continue after the termination of his employment with the Company for any reason, with or without cause, and shall be binding on, and inure to the benefit of, his heirs, executors, legal representatives and assigns. If the Executive should die while
any amounts are still payable to him hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee, or designee or, if there be no such designee,
to the Executive’s estate. This Agreement also shall be binding upon, and inure to the benefit of, any successors and assigns of the Company. 
 
6.08. Successor to the Company. The Company will require any successor or assign (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by agreement in form and substance satisfactory to the Executive, to expressly, absolutely and unconditionally to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place. Any failure of the Company to obtain such agreement prior to the effectiveness of any such
succession or assignment shall be a material breach of this Agreement and shall entitle the Executive to terminate the Executive’s employment and to receive the payments and other benefits set forth in Section 2.06(b) as if Executive had been
terminated without cause upon a Change of Control. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor or assign to its business and/or assets as aforesaid. 
 
6.09. Counterparts, Section Headings. This Agreement
may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. The section headings of this Agreement are for convenience of reference only and
shall not affect the construction or interpretation of any of the provisions hereof. 
 
6.10. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (a) hand delivered, (b) mailed, registered
mail, first class postage paid, return receipt requested, (c) sent via overnight delivery service or courier, delivery acknowledgment requested, or (d) sent via any other delivery service with proof of delivery: 
 
if to the Company: 
 
1501 Ardmore Boulevard 
Pittsburgh, PA 15221-4401 
Attn: General Counsel 
 
 

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if to Executive, at the address set forth on the signature page hereof or to such other
address or to such other person as either party hereto shall have last designated by notice to the other party. 
 
Executive acknowledges that he has read and understands the foregoing provisions and that such provisions are reasonable and enforceable.

 
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement or caused this Agreement to be executed the day and year first above written. 
 

	  Witness:
  Dorita A. Pishko
   
	  	  	  	  /s/ William J. Post

  William J. Post
   
   

	  Attest:
	  	  	  	  RESPIRONICS, INC.

	  /s/ Dorita Pishko

  Secretary
	  	  	  	  By:
	  	  /s/ James W. Liken

	  	  	  	  	  President and Chief Executive Officer

 
AMENDMENT NO. 1 TO THE EMPLOYMENT AGREEMENT 
BETWEEN RESPIRONICS, INC. AND WILLIAM J. POST

 
This Amendment No. 1, effective October 21,
2002, by and between Respironics, Inc. and William J. Post (“Executive”). 
 
WHEREAS, the parties hereto are parties to an Employment Agreement dated on or about October 8, 2001 (the “Employment Agreement”), and 
 
WHEREAS, the parties hereto, without creating any precedential
effect, wish to amend the Employment Agreement in the manner hereinafter specified in order to recognize an agreed upon change in title and responsibility; 
 
NOW THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements herein contained, and intending to be legally
bound hereby, covenant and agree as follows: 
 
1.
The parties hereby acknowledge and agree that, notwithstanding the first sentence of Section 1.01 of the Employment Agreement, as amended, Executive’s current title and position is President—Homecare Division of the Company. The parties
hereby agree that this change in title and position were agreed upon and that it did not and does not trigger any termination or other compensation provision in the Employment Agreement, including without limitation any right for Executive to
terminate the Employment Agreement pursuant to Section 2.04 or 2.04.A thereof and receive the payments contemplated thereby. 
 
2. Section 1.02 shall be deleted and replaced with the following: 
 

-14- 

1.02. Term. Subject to the terms and provisions of Article II hereof, Executive
shall be employed by the Company for a period of three years (the “Term”), commencing on October 8, 2001 (the first date of employment) and ending three (3) years thereafter. Subject to the terms and provisions of Article II hereof, the
Term shall automatically be extended for an additional year (i.e., a rolling three-year Term) unless, not less than ninety (90) days prior to the expiration of the then-current first year of the Term, either Executive or the Company shall
advise the other that the Term will not be further extended. 
 
3. Except as amended hereby, the Employment Agreement shall continue in full force and effect as originally entered into. 
 
IN WITNESS WHEREOF, the parties hereto have executed this Amendment or caused this Amendment to be executed the day and year first above
written. 
 

	  Witness:
  Dorita A. Pishko
   
	  	  	  	  /s/ William J. Post

  William J. Post
   
   

	  Attest:
	  	  	  	  RESPIRONICS, INC.

	  /s/ Dorita Pishko

  Secretary
	  	  	  	  By:
	  	  /s/ William Wilson

	  	  	  	  	  Vice President, Human Resources

 

-15-The Blockbuster Excess Investment Plan

 
Exhibit 4.1

 
BLOCKBUSTER INC. 
EXCESS INVESTMENT PLAN 
 
EFFECTIVE MAY 1, 1999 
AMENDED EFFECTIVE JANUARY 1, 2002 
 
Section
1.    Establishment and Purpose of the Plan. 
 
1.1    Establishment.  There is hereby established for the benefit of Participants an unfunded plan of voluntarily deferred compensation known as “The
Blockbuster Excess Investment Plan.” 
 
1.2    Purpose.  The purpose of this Plan is to provide a means by which an Eligible Employee may, in certain circumstances, elect to defer receipt of a portion of his Compensation. The Plan also
provides that the Company will, in certain instances, credit the Account of a Participant with an Employer Match. 
 
Section 2.    Definitions. 
 
         The following words and phrases as used in this Plan have the following meanings:

 
2.1    Account.  The term “Account” shall mean a Participant’s individual account, as described in Section 5 of the Plan. 
 
2.2    Board of
Directors.  The term “Board of Directors,” unless expressly indicated otherwise, means the Board of Directors of the Company. 
 
2.3    Bonus.  Any cash performance bonus paid under the Company’s or Viacom Inc.’s
Short-Term Incentive Plan and certain other comparable cash bonus plans sponsored by the Company or any Employer. 
 
2.4    Committee.  The term “Committee” means the Retirement Committee of the Board of
Directors of Viacom Inc. The Committee may act on its own behalf or through the actions of its duly authorized delegate. 
 
2.5    Company.  The term “Company” means Blockbuster Inc., a Delaware corporation.

 
2.6    Compensation.  The term “Compensation” means an Eligible Employee’s annual compensation as defined in the Blockbuster Investment Plan with the following modifications: (i)
the limitations imposed by Internal Revenue Code §401(a)(17) shall not be taken into account, and (ii) Bonuses shall not be excluded. 

 
2.7    Eligible Employee.  The term “Eligible Employee” means an employee of an Employer who (i) has annual base salary payable at a rate equal to or greater than $170,000 (as adjusted
from time to time by the Committee), and (ii) is designated by the Committee as an employee who is eligible to participate in the Plan. If an employee becomes an Eligible Employee in any Plan Year, such employee shall remain an Eligible Employee for
all future Plan Years; provided, however, that the Committee may terminate such employee’s eligibility for the Plan if his annual base salary as of January 1 of any Plan Year is less than the amount in clause (i) in effect for the Plan Year in
which such employer initially became an Eligible Employee. 
 
2.8    Employer.  The term “Employer” means the Company and any affiliate or subsidiary that participates in the Plan. 
 
2.9    Employer Match.  The term “Employer Match” means the
amounts credited to a Participant’s Account with respect to a Participant’s Excess Salary Reduction Contributions and Excess Bonus Deferral Contributions according to the rate of matching contributions contributed by the Participant’s
Employer under the Blockbuster Investment Plan. 
 
2.10    Excess Bonus Deferral Contributions.  The term “Excess Bonus Deferral Contributions” means the portion of the Participant’s Compensation attributable to a Bonus that he
elects to defer under the terms of this Plan. 
 
2.11    Excess Salary Reduction Contributions.  The term “Excess Salary Reduction Contributions” means the portion of a Participant’s Compensation, excluding any Bonus, earned
during a Plan Year after such Participant has reached any Limitation that he elects to defer under the terms of this Plan. 
 
2.12    Investment Options.  The term “Investment Options” means the investment funds
available to participants in the Blockbuster Investment Plan. 
 
2.13    Limitation.  The term “Limitation” means the limitation on contributions to defined contribution plans under Section 415(c), on compensation taken into account under Section
401(a)(17), or on elective deferrals under Section 401(k)(3) and Section 402(g) of the Internal Revenue Code of 1986. 
 
2.14    Participant.  The term “Participant” means an Eligible Employee who elects to have
Excess Salary Reduction Contributions or Excess Bonus Deferral Contributions made to the Plan. Notwithstanding any other provision of the Plan to the contrary, but subject to any election by the individual employee to the contrary, any
employee of an Employer on May 1, 1999 who was a Participant in the Viacom Excess Investment Plan on April 30, 1999 shall become a Participant in this Plan on May 1, 1999. 
 
2.15    Payment Option.  The term “Payment Option” means the
payment option election made by a Participant with respect to the distribution of amounts credited to his Account upon his termination of employment. 
 
2.16    Plan.  The term “Plan” means “The Blockbuster Inc. Excess Investment
Plan” as set forth herein, as amended from time to time. 

 
2.17    Plan Year.  The term “Plan Year’ shall mean (i) for the initial Plan Year, the eight month period beginning on May 1, 1999 and ending on December 31, 1999, and (ii) for each
subsequent Plan Year, the twelve month period that begins on each January 1. 
 
Section 3.    Participation. 
 
3.1    Designation of Eligible Employees. 
 
(a)    Subject to (b) below, the Committee will determine all Eligible Employees as of May 1, 1999. Each month
thereafter, the Committee will designate in its sole discretion those employees who satisfy the terms of paragraph 2.7 as eligible to participate in the Plan. 
 
(b)    Any employee of an Employer on May 1, 1999 who was an Eligible Employee under the Viacom Excess Investment Plan
on April 30, 1999 shall become an Eligible Employee under this Plan on May 1, 1999. 
 
3.2    Election to Participate.  (a)  An Eligible Employee must elect to participate in the Plan. An Eligible Employee may elect at any time after
becoming eligible to begin participation and to commence making Excess Salary Reduction Contributions during the Plan Year by filing an election with the Committee in accordance with this Section 3 and the rules and regulations established by the
Committee. Such election will be effective on a prospective basis beginning with the payroll period that occurs as soon as administratively practicable following receipt of the election by the Committee. An Eligible Employee may only elect within 30
days of the date he becomes an Eligible Employee to make an Excess Bonus Deferral Contribution with respect to any Bonus scheduled to be paid in the next succeeding calendar year. Prior to December 31 of each Plan Year (or such other date as may be
determined by the Committee), an Eligible Employee may elect to make an Excess Bonus Deferral Contribution with respect to any Bonus scheduled to be paid in the second succeeding calendar year. For example, prior to December 31, 2000 an Eligible
Employee may make an Excess Bonus Deferral Contribution election with respect to any cash bonus scheduled to be paid in 2002 from the Blockbuster Inc. Short-Term Incentive Plan. An Eligible Employee may make an Excess Bonus Deferral Contribution
election whether or not such employee previously has made, or currently has in effect, any Excess Salary Reduction Contribution election. 
 
(b)    Notwithstanding the provisions of (a) above, any Excess Salary Reduction Contribution election and any Excess
Bonus Deferral Contribution made by a Participant under the Viacom Excess Investment Plan shall be treated as if made under this Plan, and the amount credited to the Account of a Participant under the Viacom Excess Investment Plan as of the close of
business on April 30, 1999 shall be credited to the Account of the participant in this Plan effective on May 1, 1999. 
 
3.3    Amendment or Suspension of Election.  Participants may change (including, suspend) their
existing Excess Salary Reduction Contribution election under this Plan during the Plan Year by filing a new election in accordance with the prescribed administrative guidelines. Such new election will be effective on a prospective basis beginning
with the payroll period that occurs as soon as administratively practicable 

following receipt of the election by the Committee. A Participant will not be permitted to make up
suspended Excess Salary Reduction Contributions, and during any period in which a Participant’s Excess Salary Reduction Contributions are suspended, the Employer Match to the Plan will also be suspended. Any Excess Bonus Deferral Contribution
election is irrevocable once made and is invalid if made beyond the dates prescribed in paragraph 3.2. 
 
3.4    Amount of Elections.  Each election filed by an Eligible Employee must specify the amount of
Excess Salary Reduction Contributions in a whole percentage between 1% and 15% of the Participants’ Compensation, excluding any Bonus. Each election filed by an Eligible Employee must specify the amount of Excess Bonus Deferral Contribution in
a whole percentage between 1% and 15% of the Participant’s applicable Bonus. 
 
Section 4.    Employer Match. 
 
An Employer Match will be credited approximately every two weeks to a Participant’s Account with respect to the eligible portion of Excess Salary Reduction Contributions and Excess Bonus Deferral
Contributions of such Participant at the applicable rate of Matching Employer Contributions with respect to Salary Reduction Contributions under the Blockbuster Investment Plan. The eligible portion of a Participant’s Excess Salary Reduction
Contributions and the eligible portion of the Excess Bonus Deferral Contribution shall be limited to five percent (5%) of each contribution. The eligible portion of a Participant’s Excess Salary Reduction Contributions and the eligible portion
of the Excess Bonus Deferral Contribution shall be based on Compensation up to a maximum amount of $750,000. 
 
Section 5.    Individual Account. 
 
5.1    Creation of Accounts.  (a)  The Company will maintain an Account in the name of each
Participant. Each Participant’s Account will be credited with the amount of the Participant’s Excess Salary Reduction Contributions, Excess Bonus Deferral Contributions and Employer Match, if any, made in all Plan Years. 
 
(b)    Any Excess Salary Reduction
Contribution election and any Excess Bonus Deferral Contribution made by a Participant under the Viacom Excess Investment Plan shall be treated as if made under this Plan, and the amount credited to the Account of a Participant under the Viacom
Excess Investment Plan as of the close of business on April 30, 1999 shall credited to the Account of the Participant in this Plan effective on May 1, 1999. 
 
5.2    Payment Account Option Election. 
 
(a)    When an Eligible Employee first becomes a Participant, such Participant shall
elect a Payment Option at the same time that the Participant files his initial election to commence participation in the Plan pursuant to Section 3.2. Such Payment Option election will apply to the total of all amounts credited to the
Participant’s Account as of the Participant’s date of termination. The Payment Option election under the Viacom Excess Investment Plan made by a Participant who was a Participant in the Viacom 

Excess Investment Plan as of April 30, 1999 shall be recognized and remain in effect under this Plan,
subject to (c) below. 
 
(b)    A Participant may elect to receive his entire Account in either (1) a single lump sum; or (2) over a period of two through five years in annual payments on or about January 31 beginning in the calendar year
immediately following the end of the Plan Year in which the Participant terminates employment. If no Payment Option election is made in accordance with the terms of the Plan, a Participant shall be deemed to have elected to receive his Account in a
single lump sum on or about January 31 of the calendar year immediately following the end of the Plan Year in which the Participant terminates employment. In the event a Participant makes a Payment Option election to receive payments in a single
lump sum, such lump sum shall be payable on or about January 31 of the calendar year immediately following the end of the Plan Year in which the Participant terminates employment, unless the Participant elects to be paid on or about January 31 of
the 2nd, 3rd, 4th or 5th calendar year following the year in which the Participant terminated employment. In the event a Participant elects to receive annual installment payments over
a period of two or more years, such annual payments shall be made in substantially equal annual installments, unless the Participant designates at the time of making his Payment Option election a specific percentage of his Account to be distributed
in each year. All specified percentages must be a whole multiple of 10% and the total of all designated percentages must be equal to 100%. 
 
Example 1:    If a Participant elects (or is deemed to elect) a Payment Option that provides for a lump sum payment
and terminates employment in 2002, such lump sum shall be paid on or about January 31 in 2003. A Participant alternatively could designate January 31 of 2004, 2005, 2006 or 2007 in which to receive his lump sum. 
 
Example 2:    If a Participant elects a
Payment Option that provides for annual installments over a period of four years and terminates employment in 2002, each installment paid on or about January 31, 2003 through 2006 will be comprised of approximately 25% of the Participant’s
Account as of the Participant’s date of termination. A Participant alternatively could designate 10% of his Account to be distributed in January, 2003, 20% in January, 2004, 30% in January, 2005 and 40% in January 2006; or, any other
combination of percentages that totals 100%. 
 
(c)    A Participant may change his Payment Option, and at the same time any designated percentages, no more than three times over the course of his employment with the Company or any affiliate. A Participant may
change an existing Payment Option only one time in any calendar year. Any change of a Participant’s existing Payment Option election made less than six months prior to the Participant’s termination of employment for any reason shall be
null and void and the Participant’s last valid Payment Option shall remain in effect. 
 
5.3    Investments.  All Excess Salary Reduction Contributions, Excess Bonus Deferral Contributions and Employer Match, if any, will be credited with an amount
equal to such amount which would have been earned had such contributions been invested in the same Investment Options and in the same proportion as the Participant may elect, from time to time, to have his Salary Reduction Contributions and Matching
Employer Contributions invested under the Blockbuster Investment Plan; or if none, in the fixed income investment fund option available in the Blockbuster Investment Plan. If 

a Participant elects a Payment Option other than a single lump sum payable on or about the January
31st of the calendar year following the calendar year in which the Participant terminates employment, all amounts
credited to the Participant’s Account shall be credited with earnings based on the rate of return in the fixed income investment fund option available under the Blockbuster Investment Plan beginning January 1 of the calendar year following the
year in which the Participant terminates employment. No provision of this Plan shall require the Company or the Employer to actually invest any amounts in any fund or in any other investment vehicle. 
 
5.4    Account
Statements.  Each Participant will be given, at least annually, a statement showing (i) the amount of Excess Salary Reduction Contributions, (ii) the amount of Excess Bonus Deferral Contributions, (iii) the amount of Employer Match, if
any, made with respect to his Annual Account for such Plan Year, and (iv) the balance of the Participant’s Account after crediting investments. 
 
Section 6.    Payment. 
 
A Participant (or a Participant’s beneficiary) shall be paid the balance in his Account following termination of employment in
accordance with the Payment Options elected by the Participant. 
 
Section 7.    Nature of Interest of Participant. 
 
Participation in this Plan will not create, in favor of any Participant, any right or lien on or against any of the assets of the Company
or any Employer, and all amounts of Compensation deferred hereunder shall at all times remain an unrestricted asset of the Company or the Employer. A Participant’s rights to benefits payable under the Plan are not subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, or encumbrance. All payments hereunder shall be paid in cash from the general funds of the Company or applicable Employer and no special or separate fund shall be established and no other
segregation of assets shall be made to assure the payment of benefits hereunder. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship,
between any Employer and a Participant or any other person, and the Company’s and each Employer’s promise to pay benefits hereunder shall at all times remain unfunded as to the Participant. 
 
Section 8.    Hardship Distributions and
Deferral Revocations. 
 
A Participant may
request the Committee to accelerate distribution of all or any part of the value of his Account solely for the purpose of alleviating an immediate financial emergency. For purposes of the Plan, such an immediate financial emergency shall mean an
unanticipated emergency that is caused by an event beyond the control of the Participant and that would result in severe financial hardship to the Participant if early distribution were not permitted. The Committee may request that the Participant
provide certifications and other evidence of qualification for such emergency hardship distribution as it determines appropriate. The decision of the Committee with respect to the grant or denial of all or any part of such request shall be in the
sole discretion of the Committee, whether or not the Participant demonstrates an immediate financial emergency exits, and shall be final and binding and not subject to review. 

 
Section
9.    Beneficiary Designation. 
 
A Participant’s beneficiary designation for this Plan will automatically be the same as such Participant’s beneficiary designation under the Blockbuster Investment Plan unless a separate Designation of Beneficiary Form for
this Plan has been properly filed. 
 
Section
10.    Administration. 
 
10.1    Committee.  This Plan will be administered by the Committee, the members of which will be selected by the Board of Directors of Viacom Inc. 
 
10.2    Powers of the
Committee.  The Committee’s powers will include, but will not be limited to, the power 
 

	  	 (i)	  	 to determine who are Eligible Employees for purposes of participation in the Plan, 

	  	 (ii)	  	 to interpret the terms and provisions of the Plan and to determine any and all questions arising under the Plan, including without limitation, the right to remedy
possible ambiguities, inconsistencies, or omissions by a general rule or particular decision, and 

	  	 (iii)	  	 to adopt rules consistent with the Plan. 

 
10.3    Claims Procedure.  The Committee shall have the exclusive right to interpret the Plan and to
decide any and all matters arising thereunder. In the event of a claim by a Participant as to the amount of any distribution or method of payment under the Plan, within 90 days of the filing of such claim, unless special circumstances require an
extension of such period, such person will be given notice in writing of any denial, which notice will set forth the reason for the denial, the Plan provisions on which the denial is based, an explanation of what other material or information, if
any, is needed to perfect the claim, and an explanation of the claims review procedure. The Participant may request a review of such denial within 60 days of the date of receipt of such denial by filing notice in writing with the Committee. The
Participant will have the right to review pertinent Plan documents and to submit issues and comments in writing. The Committee will respond in writing to a request for review within 60 days of receiving it, unless special circumstances require an
extension of such period. The Committee, at its discretion, may request a meeting to clarify any matters deemed appropriate. 
 
10.4    Finality of Committee Determinations.  Determinations by the Committee and any
interpretation, rule, or decision adopted by the Committee under the Plan or in carrying out or administering the Plan shall be final and binding for all purposes and upon all interested persons, their heirs, and personal representatives.

 
Section 11.    No Employment
Rights. 
 
No provisions of the Plan or any
action taken by the Company, the Board of Directors, or the Committee shall give any person any right to be retained in the employ of any Employer, and the right and power of the Company to dismiss or discharge any Participant is specifically
reserved. 

 
Section
12.    Amendment, Suspension, and Termination. 
 
The Board of Directors shall have the right to amend, suspend, or terminate the Plan at any time. No amendment, modification or termination shall, without the consent of a Participant, adversely affect
such Participant’s rights in his account. In the event the Plan is terminated, the Committee shall continue to administer the Plan in accordance with the relevant provisions thereof.

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