Document:

Severance Agreement

  
 EXHIBIT 10.21 
  
 SEVERANCE AGREEMENT AND RELEASE 
  
 RECITALS 
  
 This Severance Agreement and Release (“Agreement”) is made by
and between Lucille A. Ferus (“Employee”) and Natus Medical, Inc. (“Company”) (collectively referred to as the “Parties”): 
  
 WHEREAS, Employee was employed by the Company; 
  
 WHEREAS, the
Company and Employee entered into a Employee Confidential Information and Invention Assignment Agreement (the “Confidentiality Agreement”); 
  
 WHEREAS, the Company and Employee have entered into Stock Option Agreements dated November 6, 1996, December 17, 1997, March 4, 1998, October 23, 1998, July 6, 1999 and May 9, 2000 granting Employee
the option to purchase shares of the Company’s common stock subject to the terms and conditions of the Company’s 1991 Stock Option Plan and the Stock Option Agreement (the “Stock Agreements”); 
  
 WHEREAS, the Company has terminated the Employee’s employment due to business necessity as part of a reduction in force on September
30, 2002 (the “Termination Date”); 
  
 WHEREAS, the Parties, and each of them, wish to resolve any and all
disputes, claims, complaints, grievances, charges, actions, petitions and demands that the Employee may have against the Company as defined herein, including, but not limited to, any and all claims arising or in any way related to Employee’s
employment with, or separation from, the Company; 
  
 NOW THEREFORE, in consideration of the promises made herein,
the Parties hereby agree as follows: 
  
 COVENANTS 
  
 1.    Consideration. 
  
 (a)    The Company agrees to pay Employee a lump sum equivalent to six (6) months of Employee’s base salary, less applicable withholding. This payment will be made to employee within ten (10) business days
after the Effective Date. 
  
 (b)    Stock.    The Parties agree that
for purposes of determining the number of shares of the Company’s common stock that Employee is entitled to purchase from the Company, pursuant to the exercise of outstanding options, the Employee will be considered to have vested only up to
the Termination Date. Employee acknowledges that as of the Termination Date, he/she will have vested in 68,301 options and no more. The exercise of any stock options shall continue to be subject to the terms and conditions of the Stock Agreements.

  
 (c)    Benefits.    Employee’s health insurance benefits will
cease January 31, 2003, subject to Employee’s right to continue his/her health insurance under COBRA. Employee’s participation in all other benefits and incidents of employment ceased on the Termination Date. Employee ceased accruing
employee benefits, including, but not limited to, vacation time and paid time off, as of the Termination Date. 
  
 (d)    Business Equipment.    The Company agrees to allow Employee to retain possession of the following Company-provided equipment: 

  
 (i)      Laptop computer (to be
provided) 
  
 (ii)     Computer at Employee’s home 

 
 (iii)    Personal Data Assistant (PDA) 
 Employee agrees to provide the Company with copies of work data contained on this equipment. 
  
 (e)    Outplacement Services.    Company will provide $5,000.00 for outplacement services directly billed to the Company. 
  
 2.    Confidential Information.    Employee shall continue to maintain the confidentiality
of all confidential and proprietary information of the Company and shall continue to comply with the terms and conditions of the Confidentiality Agreement between Employee and the Company. Employee shall return all of the Company’s property and
confidential and proprietary information in his/her possession to the Company on the Effective Date of this Agreement. 
  
 3.    Payment of Salary.    Employee acknowledges and represents that the Company has paid all salary, wages, bonuses, accrued vacation, commissions and any and all other benefits due to
Employee once the above noted payments and benefits are received. In addition, any outstanding expense reports will be paid within seven (7) days of receipt by the Company. 
  
 4.    Release of Claims.    Employee agrees that the foregoing consideration represents settlement in full of all outstanding
obligations owed to Employee by the Company and its officers, managers, supervisors, agents and employees. Employee, on his/her own behalf, and on behalf of his/her respective heirs, family members, executors, agents, and assigns, hereby fully and
forever releases the Company and its officers, directors, employees, agents, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations, and assigns, from, and agree not to sue concerning,
any claim, duty, obligation or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Employee may possess arising from any omissions, acts or facts that have occurred up until and
including the Effective Date of this Agreement including, without limitation: 
  
 (a)    any and
all claims relating to or arising from Employee’s employment relationship with the Company and the termination of that relationship; 
  
 (b)    any and all claims relating to, or arising from, Employee’s right to purchase, or actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud,
misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law; 
  
 (c)    any and all claims under the law of any jurisdiction including, but not limited to, wrongful discharge of employment; constructive discharge from employment; termination in
violation of public policy; discrimination; breach of contract, both express and implied; breach of a covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress;
negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of
privacy; false imprisonment; and conversion; 
  
 (d)    any and all claims for violation of any
federal, state or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, the Fair
Labor Standards Act, the Employee Retirement Income Security Act of 1974, The Worker Adjustment and Retraining Notification Act, Older Workers Benefit Protection Act; the California Fair Employment and Housing Act, and the California Labor Code.;

  
 (e)    any and all claims for violation of the federal, or any state, constitution;

 
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 (f)    any and all claims arising out of any other laws and
regulations relating to employment or employment discrimination; 
  
 (g)    any claim for any
loss, cost, damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds received by Employee as a result of this Agreement; and 
  
 (h)    any and all claims for attorneys’ fees and costs. 
  
 The Company and Employee agree that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters released. This release does not
extend to any obligations incurred under this Agreement. 
  
 Employee acknowledges and agrees that any breach of any
provision of this Agreement shall constitute a material breach of this Agreement and shall entitle the Company immediately to recover the severance benefits provided to Employee under this Agreement. 
  
 5.    Acknowledgement of Waiver of Claims Under ADEA.    Employee acknowledges that he/she
is waiving and releasing any rights he/she may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and that this waiver and release is knowing and voluntary. Employee and the Company agree that this waiver and release does
not apply to any rights or claims that may arise under ADEA after the Effective Date of this Agreement. Employee acknowledges that the consideration given for this waiver and release Agreement is in addition to anything of value to which Employee
was already entitled. Employee further acknowledges that he/she has been advised by this writing that 
  
 (a)    he/she should consult with an attorney prior to executing this Agreement; 
  
 (b)    he/she has up to forty-five (45) days within which to consider this Agreement; 
  
 (c)    he/she has been advised in writing by the Company of the class, unit, or group of individuals affected by the reduction in force, and the job titles and ages of all individuals who were and were not
affected; 
  
 (d)    he/she has seven (7) days following his/her execution of this Agreement to
revoke the Agreement; 
  
 (e)    this ADEA waiver shall not be effective until the revocation
period has expired; and 
  
 (f)    nothing in this Agreement prevents or precludes Employee from
challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized by federal law. 
  
 6.    Civil Code Section 1542.    The Parties represent that they are not aware of any
claim by either of them other than the claims that are released by this Agreement. Employee acknowledges that he/she has the opportunity to seek the advice of legal counsel and is familiar with the provisions of California Civil Code Section 1542,
which provides as follows: 
  
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR. 
  
 Employee, being aware of said code section, agrees to expressly waive any rights he/she may have thereunder, as well as under any other statute or common law principles of similar effect. 

 
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 7.    No Pending or Future
Lawsuits.    Employee represents that he/she has no lawsuits, claims, or actions pending in his/her name, or on behalf of any other person or entity, against the Company or any other person or entity referred to herein.
Employee also represents that he/she does not intend to bring any claims on his/her own behalf or on behalf of any other person or entity against the Company or any other person or entity referred to herein. 
  
 8.    Confidentiality.    The Parties acknowledge that Employee’s agreement to keep
the terms and conditions of this Agreement confidential was a material factor on which all parties relied in entering into this Agreement. Employee hereto agrees to use his/her best efforts to maintain in confidence: (i) the existence of this
Agreement, (ii) the contents and terms of this Agreement, (iii) the consideration for this Agreement, and (iv) any allegations relating to the Company or its officers or employees with respect to Employee’s employment with the Company, except
as otherwise provided for in this Agreement (hereinafter collectively referred to as “Settlement Information”). Employee agrees to take every reasonable precaution to prevent disclosure of any Settlement Information to third parties, and
agrees that there will be no publicity, directly or indirectly, concerning any Settlement Information. Employee agrees to take every precaution to disclose Settlement Information only to those attorneys, accountants, governmental entities, and
family members who have a reasonable need to know of such Settlement Information. The Parties agree that if Company proves that Employee breached this Confidentiality provision, it shall be entitled to an award of its costs spent enforcing this
provision, including all reasonable attorneys’ fees associated with the enforcement action, without regard to whether the Company can establish actual damages from the breach by Employee. 
  

9.    No Cooperation.    Employee agrees he/she will not act in any manner that might damage the business of the
Company. Employee agrees that he/she will not counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the Company and/or
any officer, director, employee, agent, representative, shareholder or attorney of the Company, unless under a subpoena or other court order to do so. Employee further agrees both to immediately notify the Company upon receipt of any court order,
subpoena, or any legal discovery device that seeks or might require the disclosure or production of the existence or terms of this Agreement, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or legal discovery
device to the Company. 
  
 10.    Non-Disparagement.    Employee
agrees to refrain from any defamation, libel or slander of the Company or tortious interference with the contracts and relationships of the Company. All inquiries by potential future employers of Employee will be directed to Human Resources. Upon
inquiry, the Company shall only state the following: Employee’s last position and dates of employment. 
  
 11.    Non-Solicitation.    Employee agrees that for a period of twelve (12) months immediately following the Effective Date of this Agreement, Employee shall not either directly or
indirectly solicit, induce, recruit or encourage any of the Company’s employees to leave their employment, or take away such employees, or attempt to solicit, induce, recruit, encourage, take away or hire employees of the Company, either for
him/herself or any other person or entity. 
  
 12.    No Admission of
Liability.    The Parties understand and acknowledge that this Agreement constitutes a compromise and settlement of disputed claims. No action taken by the Parties hereto, or either of them, either previously or in connection
with this Agreement shall be deemed or construed to be: (a) an admission of the truth or falsity of any claims heretofore made or (b) an acknowledgment or admission by either party of any fault or liability whatsoever to the other party or to any
third party. 
  
 13.    No Knowledge of Wrongdoing.    Employee
represents that he/she has no knowledge of any wrongdoing involving improper or false claims against a federal or state governmental agency, or any other wrongdoing that involves Employee or other present or former Company employees. 

 
 14.    Costs.    The Parties shall each bear their own costs, expert fees,
attorneys’ fees and other fees incurred in connection with this Agreement. 
  
 15.    Indemnification.    Employee agrees to indemnify and hold harmless the Company from and against any and all loss, costs, damages or expenses, including, without limitation,
attorneys’ fees or expenses incurred by the Company arising out of the breach of this Agreement by Employee, or from any false representation made herein by 

 
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 Employee, or from any action or proceeding which may be commenced, prosecuted or threatened by Employee or for Employee’s benefit, upon
Employee’s initiative, or with Employee’s aid or approval, contrary to the provisions of this Agreement. Employee further agrees that in any such action or proceeding, this Agreement may be pled by the Company as a complete defense, or may
be asserted by way of counterclaim or cross-claim. 
  
 16.    Arbitration.    The Parties agree that any and all disputes arising out of, or relating to, the terms of this Agreement, their interpretation, and any of the matters herein
released, shall be subject to binding arbitration in San Mateo County before the American Arbitration Association under its National Rules for the Resolution of Employment Disputes. The Parties agree that the prevailing party in any arbitration
shall be entitled to injunctive relief in any court of competent jurisdiction to enforce the arbitration award. The Parties agree that the prevailing party in any arbitration shall be awarded its reasonable attorneys’ fees and costs. The
Parties hereby agree to waive their right to have any dispute between them resolved in a court of law by a judge or jury. This section will not prevent either party from seeking injunctive relief (or any other provisional remedy) from any court
having jurisdiction over the Parties and the subject matter of their dispute relating to Employee’s obligations under this Agreement and the agreements incorporated herein by reference. 
  
 17.    Authority.    The Company represents and warrants that the undersigned has the authority to act on behalf of the
Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement. Employee represents and warrants that he/she has the capacity to act on his/her own behalf and on behalf of all who might claim through
him/her to bind them to the terms and conditions of this Agreement. Each party warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action
released herein. 
  
 18.    No Representations.    Each party
represents that it has had the opportunity to consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. Neither party has relied upon any representations or statements made by the
other party hereto which are not specifically set forth in this Agreement. 
  
 19.    Severability.    In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall
continue in full force and effect without said provision so long as the remaining provisions remain intelligible and continue to reflect the original intent of the Parties. 
  
 20.    Entire Agreement.    This Agreement represents the entire agreement and understanding between the Company and Employee
concerning the subject matter of this Agreement and Employee’s relationship with the Company, and supersedes and replaces any and all prior agreements and understandings between the Parties concerning the subject matter of this Agreement and
Employee’s relationship with the Company, with the exception of the Confidentiality Agreement. 
  
 21.    No Waiver.    The failure of any party to insist upon the performance of any of the terms and conditions in this Agreement, or the failure to prosecute any breach of any of the
terms and conditions of this Agreement, shall not be construed thereafter as a waiver of any such terms or conditions. This entire Agreement shall remain in full force and effect as if no such forbearance or failure of performance had occurred.

  
 22.    No Oral Modification.    Any modification or amendment of
this Agreement, or additional obligation assumed by either party in connection with this Agreement, shall be effective only if placed in writing and signed by both Parties or by authorized representatives of each party. 
  
 23.    Governing Law.    This Agreement shall be deemed to have been executed and delivered
within the State of California, and it shall be construed, interpreted, governed, and enforced in accordance with the laws of the State of California, without regard to conflict of law principles. To the extent that either party seeks injunctive
relief in any court having jurisdiction for any claim relating to the alleged misuse or misappropriation of trade secrets or confidential or proprietary information, each party hereby consents to personal and exclusive jurisdiction and venue in the
state and federal courts of the State of California. 

 
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 24.    Attorneys’ Fees.    In the event that either Party brings an
action to enforce or effect its rights under this Agreement, the prevailing party shall be entitled to recover its costs and expenses, including the costs of mediation, arbitration, litigation, court fees, plus reasonable attorneys’ fees,
incurred in connection with such an action. 
  
 25.    Effective
Date.    This Agreement is effective after it has been signed by both parties and after eight (8) days have passed since Employee has signed the Agreement (the “Effective Date”), unless revoked by Employee within
seven (7) days after the date the Agreement was signed by Employee. 
  
 26.    Counterparts.    This Agreement may be executed in counterparts, and each counterpart shall have the same force and effect as an original and shall constitute an effective,
binding agreement on the part of each of the undersigned. 
  
 27.    Voluntary Execution of
Agreement.    This Agreement is executed voluntarily and without any duress or undue influence on the part or behalf of the Parties hereto, with the full intent of releasing all claims. The Parties acknowledge that:

  
 (a)    They have read this Agreement; 
  

(b)    They have been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of their own choice or that
they have voluntarily declined to seek such counsel; 
  
 (c)    They understand the terms and
consequences of this Agreement and of the releases it contains; and 
  
 (d)    They are fully
aware of the legal and binding effect of this Agreement. 
  
 IN WITNESS WHEREOF, the Parties have executed this
Agreement on the respective dates set forth below. 
  
 
	  	 	  	 	 Natus Medical Inc.
 
	 
	 Dated   October 7, 2002
  
 	 	  	 	 By  /s/  Tim C.
Johnson                
 

	  	 	  	 	  	 	 Tim C. Johnson
 President and CEO
 
	 
	  	 	  	 	 LUCILLE A. FERUS, an individual
 
	 
	 Dated:  October 7, 2002
  
 	 	  	 	 /s/  Lucille A. Ferus        
 

	  	 	  	 	  	 	 Lucille A. Ferus
 

 
  
  

 
 6Severance Agreement

  
 EXHIBIT 10.22 
  
 SEVERANCE AGREEMENT AND RELEASE 
  
 RECITALS 
  
 This Severance Agreement and Release (“Agreement”) is made by
and between Thomas M. Waugh (“Employee”) and Natus Medical Inc. (“Company”) (collectively referred to as the “Parties”): 
  
 WHEREAS, Employee is employed by the Company; 
  
 WHEREAS, the
Company and Employee entered into a Employment, Confidential Information and Invention Assignment Agreement (the “Confidentiality Agreement”); 
  
 WHEREAS, the Employee has resigned his employment with the Company effective December 11, 2002 (the “Termination Date”); 
  
 WHEREAS, the Company and Employee have entered into Stock Option Agreements dated January 1, 2000, February 15, 2000 and October 23, 2001 granting Employee the option to
purchase 100,000 total shares of the Company’s common stock subject to the terms and conditions of the Company’s 1991 and 2000 Stock Option Plan and the Stock Option Agreements (the “Stock Agreements”); 
  
 WHEREAS, the Parties, and each of them, wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions
and demands that the Employee may have against the Company as defined herein, including, but not limited to, any and all claims arising or in any way related to Employee’s employment with, or separation from, the Company; 

 
 NOW THEREFORE, in consideration of the promises made herein, the Parties hereby agree as follows: 
  
 COVENANTS 
  
 1.    Transition Position.    Employee agrees that, from October 11, 2002 through December 11, 2002, he will remain employed with the Company in a transitional role. During this period,
Employee shall provide services as directed by the President and CEO. Employee agrees to officially resign from his Officer status effective October 11, 2002. Employee agrees that from October 11, 2002, Employee shall be placed on a paid leave of
absence through November 11, 2002. Employee agrees that he will use any accrued but unused PTO beginning on November 11, 2002, and continuing through December 11, 2002. As of this date, Employee’s employment with the Company will terminate (the
“Termination Date”). From November 11, 2002 through the Termination Date, Employee’s PTO will be paid out at his most recent base salary amount. 
  
 2.    Consideration. 
  
 (a)    Severance.    The Company agrees to pay Employee a lump sum equivalent to one (1) month of Employee’s base sala1ry. Fourteen Thousand, Five Hundred Eighty-Three Dollars and
Thirty-Three Cents ($14,583.33), less applicable withholdings. This payment will be made to employee within ten (10) business days after the Termination Date. 
  
 (b)    Benefits.    Employee’s health insurance benefits will continue on through December 2002 and cease at the end of that month, subject to
Employee’s right to continue his health insurance under COBRA. Employee’s participation in all other benefits and incidents of employment will cease on the Termination Date. Employee will cease accruing employee benefits as of the
Termination Date, except as otherwise specified herein, including, but not limited to, vacation time and paid time off. 
  
 (c)    Stock.    The Parties agree that for purposes of determining the number of shares of the 

 Company’s common stock which Employee is entitled to purchase from the Company, pursuant to the exercise of outstanding options, as of the
Effective Date the Company shall accelerate the vesting of Employee’s options, so that Employee shall have vested in 100,000 options. The exercise of the options shall continue to be subject to the applicable Stock Agreements. 

 
 (d)    Outplacement Services.    Employee will receive Five Thousand Dollars
($5,000) to be utilized towards Executive Outplacement Services. 
  
 (e)    Executive
Coaching.    The Company will offer continued Executive Coaching through the end of December, 2002, services provided by Ric Giardina. 
  
 3.    Confidential Information.    Employee shall continue to maintain the confidentiality of all confidential and proprietary information of the Company
and shall continue to comply with the terms and conditions of the Confidentiality Agreement between Employee and the Company. Employee shall return all of the Company’s property and confidential and proprietary information in his/her possession
to the Company on the Termination Date 
  
 4.    Payment of
Salary.    Employee acknowledges and represents that the Company has paid all salary, wages, bonuses, personal time off (PTO), commissions and any and all other benefits due to Employee as of the Termination Date.

  
 5.    Release of Claims.    Employee agrees that the foregoing
consideration represents settlement in full of all outstanding obligations owed to Employee by the Company and its officers, managers, supervisors, agents and employees. Employee, on his/her own behalf, and on behalf of his/her respective heirs,
family members, executors, agents, and assigns, hereby fully and forever releases the Company and its officers, directors, employees, agents, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor
corporations, and assigns, from, and agree not to sue concerning, any claim, duty, obligation or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Employee may possess arising
from any omissions, acts or facts that have occurred up until and including the Effective Date of this Agreement including, without limitation: 
  
 (a)    any and all claims relating to or arising from Employee’s employment relationship with the Company and the termination of that relationship; 
  
 (b)    any and all claims relating to, or arising from, Employee’s right to purchase, or actual purchase of
shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law; 

 
 (c)    any and all claims under the law of any jurisdiction including, but not limited to, wrongful
discharge of employment; constructive discharge from employment; termination in violation of public policy; discrimination; breach of contract, both express and implied; breach of a covenant of good faith and fair dealing, both express and implied;
promissory estoppel; negligent or intentional infliction of emotional distress; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation;
libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; and conversion; 
  
 (d)    any and all claims for violation of any federal, state or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in
Employment Act of 1967, the Americans with Disabilities Act of 1990, the Fair Labor Standards Act, the Employee Retirement Income Security Act of 1974, The Worker Adjustment and Retraining Notification Act, Older Workers Benefit Protection Act; the
California Fair Employment and Housing Act, and the California Labor Code.; 
  
 (e)    any and
all claims for violation of the federal, or any state, constitution; 
  
 (f)    any and all
claims arising out of any other laws and regulations relating to employment or employment discrimination; 

 
 2 

  
 (g)    any claim for any loss, cost, damage, or expense
arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds received by Employee as a result of this Agreement; and 
  
 (h)    any and all claims for attorneys’ fees and costs. 
  
 The Company and Employee agree that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters released. This release does not extend to any obligations
incurred under this Agreement. 
  
 Employee acknowledges and agrees that any breach of any provision of this
Agreement shall constitute a material breach of this Agreement and shall entitle the Company immediately to recover the severance benefits provided to Employee under this Agreement. 
  
 6.    Acknowledgement of Waiver of Claims Under ADEA.    Employee acknowledges that he/she is waiving and releasing any
rights he/she may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and that this waiver and release is knowing and voluntary. Employee and the Company agree that this waiver and release does not apply to any rights or
claims that may arise under ADEA after the Effective Date of this Agreement. Employee acknowledges that the consideration given for this waiver and release Agreement is in addition to anything of value to which Employee was already entitled.
Employee further acknowledges that he/she has been advised by this writing that 
  
 (a)    he/she
should consult with an attorney prior to executing this Agreement; 
  
 (b)    he/she has up to
twenty-one (21) days within which to consider this Agreement; 
  
 (c)    he/she has seven (7)
days following his/her execution of this Agreement to revoke the Agreement; 
  
 (d)    this ADEA
waiver shall not be effective until the revocation period has expired; and 
  
 (e)    nothing in
this Agreement prevents or precludes Employee from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically
authorized by federal law. 
  
 7.    Civil Code Section 1542.    The
Parties represent that they are not aware of any claim by either of them other than the claims that are released by this Agreement. Employee acknowledges that he has been advised by legal counsel and is familiar with the provisions of California
Civil Code Section 1542, which provides as follows: 
  
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE
CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR. 
  
 Employee, being aware of said code section, agrees to expressly waive any rights he may have thereunder, as well as under any other statute or common law principles of
similar effect. 
  
 8.    No Pending or Future Lawsuits.    Employee
represents that he/she has no lawsuits, claims, or actions pending in his/her name, or on behalf of any other person or entity, against the Company or any other person or entity referred to herein. Employee also represents that she does not intend
to bring any claims on his/her own behalf or on behalf of any other person or entity against the Company or any other person or entity referred to herein. 
  
 9.    Application for Employment.    Employee understands and agrees that, as a condition of this Agreement, he/she shall not be entitled to any
employment with the Company, its subsidiaries, or any successor, and she hereby waives any right, or alleged right, of employment or re-employment with the Company, its subsidiaries or related 

 
 3 

 companies, or any successor. 
  
 10.    Confidentiality.    The Parties acknowledge that Employee’s agreement to keep the terms and conditions of this Agreement confidential was a material factor on which
all parties relied in entering into this Agreement. Employee hereto agrees to use his/her best efforts to maintain in confidence: (i) the existence of this Agreement, (ii) the contents and terms of this Agreement, (iii) the consideration for this
Agreement, and (iv) any allegations relating to the Company or its officers or employees with respect to Employee’s employment with the Company, except as otherwise provided for in this Agreement (hereinafter collectively referred to as
“Settlement Information”). Employee agrees to take every reasonable precaution to prevent disclosure of any Settlement Information to third parties, and agrees that there will be no publicity, directly or indirectly, concerning any
Settlement Information. Employee agrees to take every precaution to disclose Settlement Information only to those attorneys, accountants, governmental entities, and family members who have a reasonable need to know of such Settlement Information.
The Parties agree that if Company proves that Employee breached this Confidentiality provision, it shall be entitled to an award of its costs spent enforcing this provision, including all reasonable attorneys’ fees associated with the
enforcement action, without regard to whether the Company can establish actual damages from the breach by Employee. 
  
 11.    No Cooperation.    Employee agrees he/she will not act in any manner that might damage the business of the Company. Employee agrees that she will not counsel or assist any
attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the Company and/or any officer, director, employee, agent, representative, shareholder
or attorney of the Company, unless under a subpoena or other court order to do so. Employee further agrees both to immediately notify the Company upon receipt of any court order, subpoena, or any legal discovery device that seeks or might require
the disclosure or production of the existence or terms of this Agreement, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or legal discovery device to the Company. 
  
 12.    Non-Disparagement.    Employee and Company agrees to refrain from any defamation,
libel or slander of the Company or tortious interference with the contracts and relationships of the Company or Employee. All inquiries by potential future employers of Employee will be directed to Human Resources. Upon inquiry, the Company shall
only state the following: Employee ‘s last position and dates of employment. 
  
 13.    Non-Solicitation.    Employee agrees that for a period of twelve (12) months immediately following the Effective Date of this Agreement, Employee shall not either directly or
indirectly solicit, induce, recruit or encourage any of the Company’s employees to leave their employment, or take away such employees, or attempt to solicit, induce, recruit, encourage, take away or hire employees of the Company, either for
him/herself or any other person or entity. 
  
 14.    No Admission of
Liability.    The Parties understand and acknowledge that this Agreement constitutes a compromise and settlement of disputed claims. No action taken by the Parties hereto, or either of them, either previously or in connection
with this Agreement shall be deemed or construed to be: (a) an admission of the truth or falsity of any claims heretofore made or (b) an acknowledgment or admission by either party of any fault or liability whatsoever to the other party or to any
third party. 
  
 15.    No Knowledge of Wrongdoing.    Employee
represents that he/she has no knowledge of any wrongdoing involving improper or false claims against a federal or state governmental agency, or any other wrongdoing that involves Employee or other present or former Company employees. 

 
 16.    Costs.    The Parties shall each bear their own costs, expert fees,
attorneys’ fees and other fees incurred in connection with this Agreement. 
  
 17.    Indemnification.    Employee agreed to indemnify and hold harmless the Company from and against any and all loss, costs, damages or expenses, including, without limitation,
attorneys’ fees or expenses incurred by the Company arising out of the breach of this Agreement by Employee, or from any false representation made herein by Employee, or from any action or proceeding which may be commenced, prosecuted or
threatened by Employee or for Employee’s benefit, upon Employee’s initiative, or with Employee’s aid or approval, contrary to the provisions of this Agreement. Employee further agrees that in any such action or proceeding, this
Agreement may be pled by the Company as a complete defense, or may be asserted by way of counterclaim or cross-claim. 
  

 
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 18.    Arbitration.     The
Parties agree that any and all disputes arising out of the terms of this Agreement, their interpretation, and any of the matters herein released, shall be subject to binding arbitration in San Mateo County before the American Arbitration Association
under its National Rules for the Resolution of Employment Disputes or the California Code of Civil Procedure. The Parties agree that the prevailing party in any arbitration shall be entitled to injunctive relief in any court of competent
jurisdiction to enforce the arbitration award. The Parties agree that the prevailing party in any arbitration shall be awarded its reasonable attorneys’ fees and costs. The Parties hereby agree to waive their right to have any dispute between
them resolved in a court of law by a judge or jury. This section will not prevent either party from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of their
dispute relating to Employee’s obligations under this Agreement and the agreements incorporated herein by reference. 
  
 19.    Authority.    The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company and all who may claim through it
to the terms and conditions of this Agreement. Employee represents and warrants that she has the capacity to act on his/her own behalf and on behalf of all who might claim through him/her to bind them to the terms and conditions of this Agreement.
Each party warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein. 
  
 20.     No Representations.     Each party represents that it has had the opportunity to consult with an attorney, and has
carefully read and understands the scope and effect of the provisions of this Agreement. Neither party has relied upon any representations or statements made by the other party hereto which are not specifically set forth in this Agreement.

  
 21.    Severability.     In the event that any provision hereof
becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision so long as the remaining provisions remain intelligible and continue to
reflect the original intent of the Parties. 
  
 22.    Entire
Agreement.    This Agreement represents the entire agreement and understanding between the Company and Employee concerning the subject matter of this Agreement and Employee’s relationship with the Company, and supersedes
and replaces any and all prior agreements and understandings between the Parties concerning the subject matter of this Agreement and Employee’s relationship with the Company, with the exception of the Confidentiality Agreement and the Stock
Agreements. 
  
 23.    No Waiver.    The failure of any party to
insist upon the performance of any of the terms and conditions in this Agreement, or the failure to prosecute any breach of any of the terms and conditions of this Agreement, shall not be construed thereafter as a waiver of any such terms or
conditions. This entire Agreement shall remain in full force and effect as if no such forbearance or failure of performance had occurred. 
  
 24.    No Oral Modification.    Any modification or amendment of this Agreement, or additional obligation assumed by either party in connection with this Agreement, shall be
effective only if placed in writing and signed by both Parties or by authorized representatives of each party. 
  
 25.    Governing Law.  This Agreement shall be deemed to have been executed and delivered within the State of California, and it shall be construed, interpreted, governed, and enforced in
accordance with the laws of the State of California, without regard to choice of law principles. 
  
 26.    Attorneys’ Fees.    In the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing party shall be entitled to recover
its costs and expenses, including the costs of mediation, arbitration, litigation, court fees, plus reasonable attorneys’ fees, incurred in connection with such an action. 
  
 27.    Effective Date.    This Agreement is effective after it has been signed by both parties and after eight (8) days have
passed since Employee has signed the Agreement (the “Effective Date”), unless revoked by Employee within seven (7) days after the date the Agreement was signed by Employee. 
  
 28.    Counterparts.    This Agreement may be executed in counterparts, and each counterpart shall have the same force and
effect as an original and shall constitute an effective, binding agreement on the part of each of the 

 
 5 

 undersigned. 
  
 29.    Voluntary Execution of Agreement.     This Agreement is executed voluntarily and without any duress or undue influence on the part or behalf of the Parties hereto, with the full
intent of releasing all claims. The Parties acknowledge that: 
  
 (a)     They
have read this Agreement; 
  
 (b)     They have been represented in the preparation, negotiation,
and execution of this Agreement by legal counsel of their own choice or that they have voluntarily declined to seek such counsel; 
  
 (c)     They understand the terms and consequences of this Agreement and of the releases it contains; and 
  
 (d)     They are fully aware of the legal and binding effect of this Agreement. 
  

IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below. 
  
 
	  	 	  	 	 Natus Medical Inc.
 
	 
	 Dated: September 19, 2002
 	 	  	 	 By  /s/  Tim C. Johnson        
 

	  	 	  	 	  	 	 Tim C. Johnson
 Chief Executive Officer
 
	 
	  	 	  	 	 Thomas M. Waugh, an individual
 
	 
	 Dated: September 19, 2002
 	 	  	 	 /s/  Thomas M. Waugh      
 

	  	 	  	 	  	 	 Thomas M. Waugh
 

 

 
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