Document:

EX-10.50

EXHIBIT 10.50

AMENDMENT TO EMPLOYMENT AGREEMENT

(Paul L. Woodring)

This Amendment to Employment Agreement (the “Amendment”) is made and entered into effective as
of the 13th day of December, 2005 between Paul L. Woodring, an individual residing at 4910 Rancho
Grande, Del Mar, California 92014 (the “Executive”), and Respironics, Inc., a Delaware corporation
with its principal place of business at 1010 Murry Ridge Lane, Murrysville, Pennsylvania 15668 (the
“Company”).

RECITALS

A. The Company and Executive are parties to that certain Employment Agreement made as of March
15, 2002 (the “Employment Agreement”).

B. The Company and Executive desire to amend certain provisions of the Employment Agreement to
reflect Executive’s new position and reduced work schedule, as set forth herein.

NOW THEREFORE, intended to be legally bound, the Company and Executive agree as follows:

1. Amendment to Section 1.01. Section 1.01 of the Employment Agreement is deleted in
its entirety and replaced with the following:

“Effective as of December 13, 2005, Executive is hereby employed as Chief Technology Officer,
Critical Care Business Unit. This position is not an Executive Officer of the Company.”

2. Amendment to Section 1.02. Section 1.02 of the Employment Agreement is deleted in
its entirety and replaced with the following:

“Subject to the terms and provisions of Article II hereof, Executive shall be employed by the
Company for a period of one year (the “Term”), commencing on the date of this Employment Agreement
and ending one year 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 one-year Term) unless, not
less than thirty (30) days prior to the expiration of the current year of the Term, either
Executive or the Company shall advise the other that the Term will not be further extended. In any
event, Executive’s employment with the Company will be terminated, and this Agreement will expire,
no later than December 31, 2008.”

3. Amendment to Section 1.03. Section 1.03 of the Employment Agreement is deleted in
its entirety and replaced with the following:

“During the Term, compensation shall be paid to Executive by the Company at the rate of
$90,000 per annum (the “Base Salary”), payable in equal payments 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 Company at any time based upon Executive’s contribution to the
success of the Company and on such other factors as the Company shall deem appropriate. The current
position is a part-time position and is expected to involve six to eight days of work per month.”

4. Amendment to Section 1.04. Section 1.04 of the Employment Agreement is deleted in
its entirety and replaced with the following:

“In his new part time position, Executive will not be eligible for any bonuses, stock option
grants, SERP deferrals and contributions, car allowance, short-term or long-term disability
insurance, life insurance or AD&D, business travel and accident insurance or any other benefits
from the Company except as expressly set forth herein. Executive will be eligible for the
following benefits, according to the terms of the applicable plans, as they apply to part-time
employees: medical insurance (employee pays the entire cost), flexible spending account, 401(k)
plan, vacation, employee stock purchase plan and employee assistance program. Nothing herein will
affect Executive’s rights as an employee under The Respironics, Inc. 1992 and 2000 Stock Incentive
Plans and the 1993 and 1996 Healthdyne Technologies, Inc. Stock Plans. Additionally, the Company’s
Director and Officer Insurance coverage will continue to cover Executive, to the extent it has in
the past, for his actions taken while he was an executive officer on Respironics, Inc., prior to
September 12, 2005.”

5. Amendment to Section 2.03(b). The second sentence of Section 2.03(b) is deleted in
its entirety and replaced with the following:

“All obligations of the Company under Article I cease upon termination.”

6. Amendment to Section 2.04. Section 2.04 is deleted in its entirety and replaced
with the following:

“Executive agrees to give the Company thirty (30) 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. 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 and
any accrued, unused vacation. The obligations of Executive under Article IV hereof shall continue
notwithstanding termination of Executive’s employment pursuant to this Section 2.04.”

7. Amendment to Sections 2.05 and 2.06. Sections 2.05 and 2.06 are deleted in their
entirety.

8. Amendment to Section 4.03. Section 4.03 is amended by deleting the words “full
time”.

9. Amendment to Section 6.08. Section 6.08 is deleted in its entirety and replaced
with the following:

“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, 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.”

10. Miscellaneous: The parties agree that the execution of this Amendment and the
matters contemplated hereby were mutually agreed upon and do not and did not trigger any
termination rights or compensation provision in the Employment Agreement, including without
limitation any right for Executive to terminate the Employment Agreement pursuant to Section 2.04
thereof and receive the payments contemplated thereby. Except as amended hereby, the Employment
Agreement is hereby ratified and confirmed in all respects. This Amendment shall be governed by
and construed in accordance with the laws of the Commonwealth of Pennsylvania.

1

Any dispute concerning this Amendment shall be subject to the provisions set forth in Section 6.05
of the Employment Agreement.

IN WITNESS WHEREOF, the parties hereto executed this Amendment or caused this Amendment to be
duly executed as of the day and year first written above.

/S/ PAUL L. WOODRING

Address: 4910 RANCHO GRANDE

     DEL MAR, CA 92014

WITNESS:

/S/ Mark Coy

RESPIRONICS, INC.

By: /S/ RANDALL L. WHITFIELD

Print Name: RANDALL L. WHITFIELD

Title: PRESIDENT, CRITICAL CARE GROUP

ATTEST:

/S/ DORITA A. PISHKO

Secretary

2Common Stock Certificate

NUMBER:
C-_______                                                                                           SHARES 

 

 

NEWPORT
ENTERTAINMENT GROUP, INC

INCORPORATED
UNDER THE LAWS OF THE STATE OF NEVADA

COMMON
STOCK

SEE
REVERSE FOR

CERTAIN
DEFINITIONS

THIS
CERTIFIES
THAT                                                                                                                                                                                                                                                             
CUSIP

IS THE
OWNER OF

FULLY
PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF

$.001
EACH OF THE COMMON STOCK OF

NEWPORT
ENTERTAINMENT GROUP, INC

transferable
on the books of the Corporation in person or by duly authorized

attorney
upon surrender of this certificate properly endorsed. This

certificate
is not valid unless countersigned by the Transfer

Agent and
registered by the Registrar. Witness the seal of

the
Corporation and the facsimile signatures of

its duly
authorized officers.

Dated:

------------------------------------                                                                                                                                                                                                                                    ------------------------------------

             CHAIRMAN                                                                                            SECRETARY

NEWPORT
ENTERTAINMENT GROUP

CORPORATE

SEAL
2005

NEVADA

The
following abbreviations, when used in the inscription on the face of
this
certificate, shall be construed as though they were 

written
out in full according
to applicable laws or regulations:

TEN COM -
as tenants in common

TEN ENT -
as tenants by the entireties

JT TEN -
as joint tenants with right of survivorship

and not
as tenants in common

UNIF GIFT
MIN ACT -
_____             
Custodian ______

                                                                                                           
(Cust)                                (Minor)

under
Uniform Gifts to Minors

Act
______________

(State)

Additional
Abbreviations may also be used though not in the above list.

NEWPORT
ENTERTAINMENT GROUP, INC

The
Corporation will furnish without charge to each stockholder who so requests
the powers, designations, preferences and relative, participating,

optional
or other special rights of each class of stock or series thereof of the
Corporation
and the qualifications, limitations, or restrictions of such

preferences
and/or rights. This certificate and the shares represented thereby are
issued and shall be held subject to all the provisions of the Certificate
of

Incorporation
and all amendments thereto and resolutions of the Board of Directors
providing for the issue of shares of Preferred Stock (copies of
which

may be
obtained from the secretary of the Corporation), to all of which the
holder of
this certificate by acceptance hereof assents.

For value
received, ___________________________ hereby sell, assign and transfer
unto

PLEASE
INSERT SOCIAL SECURITY OR OTHER

     
IDENTIFYING NUMBER OF ASSIGNEE

 

        
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(PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
ASSIGNEE)

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_________________________________________________________________________
shares of the
capital stock represented by the within Certificate, and do hereby

irrevocably
constitute and appoint

_______________________________________________________________________
Attorney to
transfer the said stock on the books of the within named Corporation
will

full
power of substitution in the premises.

Dated
______________

--------------------------------------------------

NOTICE:
The signature to this assignment must correspond
with the name as written upon

the face
of the certificate in every particular,
without alteration or enlargement
or any change whatever.

Signature(s)
Guaranteed:

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THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION

(BANKS,
STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH

MEMBERSHIP
IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO

S.E.C.
RULE 17Ad-15).

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