Document:

Monitoring Fee Agreement, dated as of July 3, 2006

 Exhibit 10.32 
 EXECUTION COPY 
 THIS MONITORING FEE AGREEMENT is dated as of July 3, 2006 (this
“Agreement”) and is between Intelsat (Bermuda), Ltd., a Bermuda company (“Intelsat Bermuda”), Apax Europe V GP Co. Limited and Apax Partners, L.P. (collectively, “Apax”), Apollo
Management V, L.P. (“Apollo”), MDP Global Investors Limited (“MDP”) and Permira Advisers, LLC (“Permira”) (each of Apax, Apollo, MDP and Permira, a
“Sponsor”). 
 RECITALS 
 WHEREAS, Intelsat Bermuda and Proton Acquisition Corporation, a Delaware corporation and wholly owned subsidiary of Intelsat Bermuda (“Proton”), have entered into that certain Merger Agreement,
by and among Intelsat Bermuda, PanAmSat Holding Corporation (“PanAmSat”) and Proton, dated as of August 28, 2005 (the “Merger Agreement”); 
 WHEREAS, on the terms and subject to the conditions of the Merger Agreement, Proton will merge with and into PanAmSat (the
“Merger”), with PanAmSat continuing as the surviving corporation. All references to PanAmSat from and after the Merger are references to the company continuing as a result of the Merger. 
 WHEREAS, funds advised or represented by the Sponsors (each such fund, an “Investor”) are shareholders of Intelsat
Holdings, Ltd. (“Parent”), the ultimate parent of Intelsat Bermuda, and have entered into that certain Shareholders Agreement dated January 27, 2005 (as amended, the “Shareholders Agreement”);

 WHEREAS, the Sponsors have expertise in the areas of finance, strategy, investment, acquisitions and other matters relating to
Intelsat Bermuda, PanAmSat and their respective businesses. 
 WHEREAS, Intelsat Bermuda desires to avail for itself and its
subsidiaries, for the term of this Agreement, of the Sponsors’ expertise in providing financial and structural analysis, due diligence investigations, corporate strategy, other advice and negotiation assistance with respect to Intelsat Bermuda
and its subsidiaries, which Intelsat Bermuda believes will be beneficial to it and its subsidiaries, and the Sponsors wish to provide the services to Intelsat Bermuda and its subsidiaries as set forth in this Agreement in consideration of the
payment of the fees described below. 
 NOW, THEREFORE, in consideration of the premises and agreements contained herein and of other
good and valuable consideration, the sufficiency of which are hereby acknowledged, the parties agree as follows: 
 AGREEMENT

 SECTION 1. Appointment. Intelsat Bermuda hereby engages the Sponsors to provide the services described in Section 2
(the “Services”) for the term of this Agreement on the terms and subject to the conditions of this Agreement. 
 SECTION 2. Services. The Sponsors agree that during the term of this Agreement, they will provide to Intelsat Bermuda and its subsidiaries, by and through 

 
themselves, their affiliates and such respective officers, employees, representatives and third parties (collectively hereinafter referred to as the
“Sponsor Designees”) as the Sponsors in their sole discretion may designate from time to time, monitoring, advisory and consulting services in relation to the affairs of Intelsat Bermuda and its subsidiaries, including, without
limitation, (a) advice regarding the structure, terms, conditions and other provisions, distribution and timing of debt and equity offerings and advice regarding relationships with Intelsat Bermuda’s and its subsidiaries’ lenders and
bankers, (b) advice regarding the strategy of Intelsat Bermuda and its subsidiaries, (c) advice regarding dispositions and/or acquisitions and (d) such other advice directly related or ancillary to the above financial advisory
services as may be reasonably requested by Intelsat Bermuda or its subsidiaries; provided that the responsibilities of any Sponsor shall not be substantially disproportionate to the responsibilities of the other Sponsors. It is expressly
agreed that the services to be performed hereunder will not include investment banking or other financial advisory services which may be provided by the Sponsors or any of their affiliates or Sponsor Designees to Intelsat Bermuda and its
subsidiaries in connection with any specific acquisition, divestiture, refinancing or recapitalization by Intelsat Bermuda or any of its subsidiaries. The Sponsors or their Sponsor Designees may be entitled to receive additional compensation for
providing services of the type specified in the preceding sentence by mutual agreement of Intelsat Bermuda or such subsidiary, on the one hand, and one or more of the Sponsors or their relevant affiliates or Sponsor Designees, on the other hand.

 SECTION 3. Fees. 
 (a) Monitoring Fee. In consideration of the Services being provided by the Sponsors and their Sponsor Designees, Intelsat Bermuda will pay to the Sponsors (other than a Sponsor affiliated with a Non-Eligible Investor Group, as such
term is defined in the Shareholders Agreement) an annual monitoring fee in respect of each fiscal year from and including fiscal 2006 in an amount equal to the greater of $6.25 million or 1.25% of Adjusted EBITDA for such fiscal year (the
“Monitoring Fee”). A payment of $6.25 million in respect of the Monitoring Fee for fiscal 2006 shall be paid on July 3, 2006 at or prior to the time of the Merger, and Intelsat Bermuda will pay the Sponsors (other than a
Sponsor affiliated with a Non-Eligible Investor Group) an amount equal to the excess, if any, of 1.25% of Adjusted EBITDA for fiscal 2006 over $6.25 million, such amount to be paid promptly upon the determination of Adjusted EBITDA for fiscal 2006.
On the first business day on or after January 1 of each fiscal year, commencing on January 2, 2007, Intelsat Bermuda will make a payment of $6.25 million in respect of the Monitoring Fees in respect of such fiscal year, and will promptly
upon the earlier of March 31 of such fiscal year or the determination of Adjusted EBITDA for the immediately preceding fiscal year pay the Sponsors (other than a Sponsor affiliated with a Non-Eligible Investor Group) the excess, if any, of
1.25% of Adjusted EBITDA for the immediately preceding fiscal year over $6.25 million. In the event the Termination Date occurs prior to the last day of any fiscal year, the Monitoring Fee with respect to such fiscal year shall be payable on the
Termination Date, such Monitoring Fee shall be calculated for purposes of this sentence based upon the greater of (i) the highest Adjusted EBITDA attained in any of the three most recent fiscal years or (ii) if the Termination Date occurs
subsequent to the 180th day of any fiscal year, the extrapolated Adjusted EBITDA based upon the completed portion of such fiscal year. Except as set forth in paragraph (c), any amounts payable by Intelsat Bermuda to the Sponsors pursuant to this
Section 3 shall be divided equally among and paid to each respective Sponsor that is not a Sponsor affiliated with a Non-Eligible Investor Group (as defined in the Shareholders Agreement). All amounts paid by Intelsat Bermuda to the Sponsors
pursuant to 

 
this Section 3 shall be made by wire transfer in same-day funds to the respective bank accounts designated by the Sponsors. At the election of the
Sponsors, the payment of any amount due to the Sponsors hereunder may be deferred for one year, in which case Intelsat Bermuda shall pay such deferred amount, taking into account the accrual of interest at the Discount Rate, in the following year,
in addition to the Monitoring Fee and any other fees payable hereunder to the Sponsors in such following year. The Monitoring Fee shall be payable regardless of the level of Services provided during any fiscal year and shall not be refundable under
any circumstances. For purposes of this Agreement, “Termination Date” means the earliest of (i) the twelfth anniversary of the date hereof, (ii) such time as the Sponsors and their affiliates then owning beneficial
economic interests in the Parent own less in the aggregate than 5% of the beneficial economic interest of the Parent and (iii) such earlier date as Intelsat Bermuda and the Sponsors may mutually agree upon. For purposes of this Section 3,
“Adjusted EBITDA” shall mean Adjusted EBITDA of PanAmSat Corporation, a Delaware corporation, as such term is defined in the indenture, dated July 3, 2006, among PanAmSat Corporation, the Guarantors named therein and
Wells Fargo Bank, National Association, as trustee. 
 (b) Transaction Fee. In consideration of the Services provided by the Sponsors
or their Sponsor Designees in connection with the transactions contemplated by the Merger Agreement, on July 3, 2006 at or prior to the time of the Merger, Intelsat Bermuda will pay the Sponsors an aggregate transaction fee in the amount of
$40,000,000 (the “Transaction Fee”), with each Sponsor or its designee, as the case may be, receiving the portion thereof of the Transaction Fee equal to the amount of the Transaction Fee multiplied by a quotient where the numerator
is the Value of shares held by the Investor Group affiliated with such Sponsor, and the denominator is the Value of all shares held by all Investor Groups. 
 (c) Change of Control or Initial Public Offering. The parties acknowledge and agree that an objective of Intelsat Bermuda is to maximize value for its direct and indirect shareholders which may include
consummating (or participating in the consummation of) (i) a Change of Control (as defined below) or (ii) a Qualified IPO (as defined below). The Services provided to Intelsat Bermuda by the Sponsors will help to facilitate the
consummation of a Change of Control or Qualified IPO, should Intelsat Bermuda decide to pursue such a transaction. In consideration of the agreements contained herein, following the provision of notice to the Sponsors by Intelsat Bermuda of Intelsat
Bermuda’s intent to enter into, or cause, a Change of Control or Qualified IPO, the Sponsors may elect at any time in connection with or in anticipation of such Change of Control or Qualified IPO (or at any time thereafter) (which election can
be made by decision of any three of the Sponsors by the delivery of written notice to Intelsat Bermuda (such notice, the “Notice” and the date on which such Notice is delivered to Intelsat Bermuda, the “Notice
Date”)) to receive the Lump Sum Payment (as defined below), in consideration of the termination of Services and for any remaining Monitoring Fees payable by Intelsat Bermuda under this Agreement, such amount to be paid, unless
prohibited by and subject to the terms of any agreement or indenture governing indebtedness of Intelsat Bermuda or any of its subsidiaries, on the date on which the Change of Control or Qualified IPO is consummated, or, if the Notice occurs
subsequent to such date, as soon as practicable, but in no event, unless prohibited by and subject to the terms of any agreement or indenture governing indebtedness of Intelsat Bermuda or any of its subsidiaries, later than 30 days subsequent to the
Notice Date. The “Lump Sum Payment” shall be a single lump sum cash payment equal to the then present value of all then current and future Monitoring Fees payable under this Monitoring Fee Agreement, assuming the Termination
Date to be the twelfth anniversary hereof (using a 

 
discount rate equal to the yield to maturity on the Notice Date of the class of outstanding U.S. government bonds having a final maturity closest to the
twelfth anniversary of the date hereof (the “Discount Rate”)), and assuming further that each future annual Monitoring Fee would equal the greater of the (i) highest annual Monitoring Fee earned over the three fiscal
years immediately preceding the fiscal year in which Notice is delivered, provided if the Notice is delivered during the first fiscal year of this agreement this clause (i) shall refer to the annual Monitoring Fee earned for such fiscal year or
(ii) if the Notice Date occurs subsequent to the 180th day of any fiscal year, the Monitoring Fee payable with respect to such fiscal year calculated with reference to the extrapolated Adjusted EBITDA based upon the completed portion of such
fiscal year; provided, that no portion of the Lump Sum Payment shall be payable to any Sponsor if on the Notice Date the Investors affiliated with such Sponsor do not collectively own any beneficial economic interest in the Parent. Each
Sponsor, other than a Sponsor affiliated with an Investor Group which at the time of payment of the Lump Sum Payment is a Non-Eligible Investor Group, will be paid a portion of the Lump Sum Payment equal to the amount of the Lump Sum Payment
multiplied by a quotient where the numerator is the Value of shares held at the time of such payment by the Investor Group affiliated with such Sponsor, and the denominator is the Value of all shares held by all Investor Groups that at such time are
not Non-Eligible Investor Groups. The Lump Sum Payment will be payable to the Sponsors by wire transfer in same-day funds to the respective bank account designated by the Sponsors. For purposes of this Agreement, a “Qualified IPO”
means a public offering and sale of equity securities of PanAmSat, Parent, Intelsat, Ltd. or Intelsat Bermuda (or any other entity or entities created through any merger, consolidation, recapitalization, transfer or sale of shares or assets, or
contribution of assets and/or liabilities, or any liquidation, exchange of securities, conversion of entity, migration of entity, formation of new entity, or any other transaction or group of related transactions (in each case other than to or with
an unaffiliated third party) for purposes of conducting a public offering and sale of an interest in the business conducted by or assets of PanAmSat, Parent, Intelsat, Ltd. or Intelsat Bermuda (each an “IPO Reorganization”)),
in any transaction or series of related transactions, pursuant to an effective registration statement (other than on Form S-4, S-8 or their equivalents) filed under the United States Securities Act of 1933, as amended which yield net proceeds to
PanAmSat, Parent, Intelsat, Ltd. or Intelsat Bermuda (or any other entity or entities created through an IPO Reorganization) in excess of $150 million or which results in least 10% of the total outstanding shares of common stock (or other
securities) being sold to the public in a primary offering. For purposes of this Agreement, a “Change of Control” means a transaction (including, without limitation, any merger, consolidation or sale of assets or equity
interests) the result of which is that any person other than an Investor or a Permitted Transferee (as defined in the Shareholders Agreement) of an Investor becomes the beneficial owner, directly or indirectly, of more than 50% of the voting stock,
or all or substantially all of the assets of Parent, Intelsat, Ltd., Intelsat Bermuda, PanAmSat or PanAmSat Corporation. 
 (d)
Non-Payment. To the extent Intelsat Bermuda does not pay any portion of the Lump Sum Payment or the Monitoring Fee by reason of any prohibition on such payment pursuant to the terms of any agreement or indenture governing indebtedness of
Intelsat Bermuda or its subsidiaries, any unpaid portion of the Lump Sum Payment or the Monitoring Fee shall be paid to the Sponsors on the first date on which the payment of such unpaid amount is permitted under such agreement or indenture, to the
extent permitted by such agreement or indenture. Any portion of the Lump Sum Payment or the Monitoring Fee not paid by Intelsat Bermuda on the scheduled due date shall bear interest at an annual rate equal to the Discount Rate, compounded 

 
quarterly, from the date due until paid. For these purposes, determination of which Sponsors are entitled to receive payment in accordance with this
Section 3 shall be made as of the scheduled due date, as opposed to the actual date of payment. 
 SECTION
4. Reimbursements. In addition to the fees payable pursuant to this Agreement, on the date this Agreement first takes effect or on the date on which the closing of the Merger occurs, and thereafter as proper invoices are
presented, Intelsat Bermuda will pay directly or reimburse the Sponsors and each of their respective Sponsor Designees for their respective Out-of-Pocket Expenses (as defined below). For the purposes of this Agreement, the term
“Out-of-Pocket Expenses” means the reasonable out-of-pocket costs and expenses incurred by a Sponsor and its respective Sponsor Designees in connection with the Services provided under this Agreement (including prior to the
Effective Date), including, without limitation, (a) fees and disbursements of any independent professionals and organizations, including independent accountants, financial advisors, outside legal counsel, advisors or consultants, retained by
such Sponsor or any of their Sponsor Designees, (b) costs of any outside services or independent contractors such as couriers, business publications, on-line financial services or similar services, retained or used by such Sponsor or any of
their respective Sponsor Designees, (c) transportation, per diem costs, word processing expenses or any similar expense not associated with their or their Sponsor Designees’ ordinary operations, (d) all fees, costs and expenses
incurred by the Sponsors or their Sponsor Designees (including those set forth in clauses (a) through (c) above) in connection with the investigation, consideration, entering into or consummation of the Merger Agreement and the
transactions contemplated thereby or incurred by it or its Sponsor Designees for the benefit of the Investors collectively in connection with the Merger Agreement and the transactions contemplated thereby. All payments or reimbursements for
Out-of-Pocket Expenses will be made by wire transfer in same-day funds to the bank account designated by such Sponsor or its relevant Sponsor Designee (if such Out-of-Pocket Expenses were incurred by such Sponsor or their or their Sponsor Designees)
promptly upon or as soon as practicable following request for reimbursement in accordance with this Agreement, or at such Sponsor’s election to the account indicated to Intelsat Bermuda by the relevant payee. 
 SECTION 5. Indemnification. Intelsat Bermuda will indemnify and hold harmless the Sponsors, their Sponsor Designees and their
respective partners (both general and limited), members (both managing and otherwise), officers, directors, employees, agents and representatives (each such person being an “Indemnified Party”) from and against any and all
losses, claims, damages and liabilities, including in connection with seeking indemnification, whether joint or several (the “Liabilities”), related to, arising out of or in connection with the Services contemplated by this
Agreement or the engagement of the Sponsors or their Sponsor Designees pursuant to, and the performance by the Sponsors and their Sponsor Designees of the Services contemplated by, this Agreement, whether or not pending or threatened, whether or not
an Indemnified Party is a party, whether or not resulting in any liability and whether or not such action, claim, suit, investigation or proceeding is initiated or brought by Intelsat Bermuda or any of its subsidiaries. Intelsat Bermuda will
reimburse any Indemnified Party for all reasonable costs and expenses (including reasonable attorneys’ fees and expenses) as they are incurred in connection with investigating, preparing, pursuing, defending or assisting in the defense of any
action, claim, suit, investigation or proceeding for which the Indemnified Party would be entitled to indemnification under the terms of the previous sentence, or any action or proceeding arising therefrom, whether or not such Indemnified Party is a
party thereto. Intelsat Bermuda will not be 

 
liable under the foregoing indemnification provision with respect to any particular loss, claim, damage, liability, cost or expense of an Indemnified Party
to the extent that such is determined by a court, in a final judgment from which no further appeal may be taken, to have resulted primarily from the gross negligence or willful misconduct of such Indemnified Party. The attorneys’ fees and other
expenses of an Indemnified Party shall be paid by Intelsat Bermuda as they are incurred upon receipt, in each case, of an undertaking by or on behalf of the Indemnified Party to repay such amounts if it is finally judicially determined that the
Liabilities in question resulted primarily from the gross negligence or willful misconduct of such Indemnified Party. 
 SECTION
6. Accuracy of Information. Intelsat Bermuda shall furnish or cause to be furnished to the Sponsors such information as the Sponsors or their Sponsor Designees believe reasonably appropriate to their monitoring, advisory and
consulting services hereunder and to comply with Securities and Exchange Commission or other legal requirements relating to the beneficial ownership by the Investors of equity securities of Parent (all such information so furnished, the
“Information”). Intelsat Bermuda recognizes and confirms that the Sponsors (a) will use and rely primarily on the Information and on information available from generally recognized public sources in performing the
Services contemplated by this Agreement without having independently verified the same, (b) do not assume responsibility for the accuracy or completeness of the Information and such other information and (c) are entitled to rely upon the
Information without independent verification. 
 SECTION 7. Effective Date. This Agreement will become effective as
of the effective time of the Merger. 
 SECTION 8. Term. The obligation to provide Services shall commence upon the
effective time of the Merger and continue through and until the earlier of (i) the Termination Date or (ii) a transaction (including, without limitation, any merger, consolidation or sale of assets or equity interests) the result of which
is the termination of the Shareholders Agreement; provided, however that Intelsat Bermuda’s obligations pursuant to Sections 3, 4, and 5 shall survive any such termination. 
 SECTION 9. Permissible Activities. Nothing herein will in any way preclude the Sponsors or their Sponsor Designees (other than
PanAmSat or its subsidiaries and their respective employees) or their respective partners (both general and limited), members (both managing and otherwise), officers, directors, employees, agents or representatives from engaging in any business
activities or from performing services for its or their own account or for the account of others, including for companies that may be or are in competition with the (or any) business conducted by Intelsat Bermuda or any of its subsidiaries.

 SECTION 10. Miscellaneous. 
 (a) No amendment or waiver of any provision of this Agreement, or consent to any departure by any party hereto from any such provision, will be effective unless it is in writing and signed by the parties hereto. Any
amendment, waiver or consent will be effective only in the specific instance and for the specific purpose for which given. The waiver by any party of any breach of this Agreement will not operate as or be construed to be a waiver by such party of
any subsequent breach. 

 (b) Any notices or other communications required or permitted hereunder will be sufficiently given if
delivered personally or by overnight courier, addressed as follows or to such other address of which the parties may have given written notice: 
  

					
	To Intelsat Bermuda:	    	 Intelsat (Bermuda), Ltd.
 Wellesley House
North, 2nd Floor
 90 Pitts Bay Road,
 Pembroke,
Bermuda

		
	To Apax:	    	 Apax Partners Worldwide, LLP
 15 Portland
Place
 London W1B 1PT
 United Kingdom

			
		    	Attn:	 	Andrew Sillitoe
		
		    	 With copy to:
  
 Apax Partners, L.P.
 445 Park Avenue
 11th Floor
 New York, NY 10022
  

			
		    	Attn:	 	Alan Peyrat
		
	To Apollo:	    	 Apollo Management V, L.P.
 9 West 57th
Street
 43rd Floor
 New York, NY 10019
  
 Attn: Andrew D. Africk

		
	To MDP:	    	 MDP Global Investors Limited
 Three First
National Plaza
 Suite 3800
 Chicago, IL
60602

			
		    	Attn:	 	James Perry
		
	To Permira:	    	 Permira Advisers LLC
 320 Park
Avenue
 33rd Floor
 New York, NY 10022
  
 Attention: Allen Haight

		
	With a copy to, in the case of
correspondence with any Sponsor:	    	 Wachtell, Lipton, Rosen & Katz
 51 West
52nd Street
 New York,
NY 10019

			
		    	Attn:	 	 David M. Silk
 Mark Gordon

 Unless otherwise specified herein, such notices or other communications will be deemed received (i) on the date
delivered, if delivered personally, and (ii) one business day after being sent by overnight courier. 
 (c) This Agreement and the
Shareholders Agreement will constitute the entire agreement between the parties with respect to the subject matter hereof, and will supersede all previous oral and written (and all contemporaneous oral) negotiations, commitments, agreements and
understandings relating hereto. 
 (d) This Agreement will be governed by, and construed in accordance with, the laws of the State of New
York. 
 (e) The provisions of this Agreement will be binding upon and inure to the benefit of the parties hereto and their respective
successors. Subject to the next sentence, no Person other than the parties hereto and their respective successors is intended to be a beneficiary of this Agreement. The parties acknowledge and agree that the Sponsor Designees and the respective
partners (both general and limited), members (both managing and otherwise), officers, directors, employees, agents and representatives of the Sponsors are third-party beneficiaries under Section 5 of this Agreement. 
 (f) This Agreement may be executed by one or more parties to this Agreement on any number of separate counterparts (including by facsimile), and all of
said counterparts taken together will be deemed to constitute one and the same instrument. 
 (g) Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in
any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction. 

 IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this Monitoring
Fee Agreement on the date first written above. 
  

					
	 INTELSAT (BERMUDA), LTD.

		
	 By:
	 	 /s/ Conny Kullman

		 	 Name:
	 	 Conny Kullman

		 	 Title:
	 	 Chairman and Chief Executive Officer

	
	 APAX EUROPE V GP CO. LIMITED

	
	 APAX EUROPE V GP CO. LIMITED
 in its capacity as General Partner of Apax Europe V GP, L.P., the General Partners of Apax Europe V

		
	 By:
	 	 /s/ Denise Fallaize

		 	 Name:
	 	 Denise Fallaize

		 	 Title:
	 	 Director

	
	APAX PARTNERS, L.P.
		
	 By:
	 	 Apax Partners, LLC

		
	 By:
	 	 /s/ Christopher Reilly

		 	 Name:
	 	 Christopher Reilly

		 	 Title:
	 	 Vice President

	
	APOLLO MANAGEMENT V, L.P.
		
	 By:
	 	 APOLLO CAPITAL MANAGEMENT V, INC.
 Its General Partner

		
	 By:
	 	 /s/ Andrew Africk

		 	 Name:
	 	 Andrew Africk

		 	 Title:
	 	

 [Signature Page to PanAmSat Monitoring Fee Agreement] 

					
	 MDP GLOBAL INVESTORS LIMITED

		
	 By:
	 	 /s/ Mark B. Tresnowski

		 	 Name:
	 	 Mark B. Tresnowski

		 	 Title:
	 	 Managing Director and General Counsel

	
	 PERMIRA ADVISERS, LLC

		
	 By:
	 	 /s/ Richard A. Haight

		 	 Name:
	 	 Richard A. Haight

		 	 Title:
	 	 Managing Director

 [Signature Page to PanAmSat Monitoring Fee Agreement]Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and
entered into as of July 25, 2006 (“Effective Date”) by and between OSI Systems, Inc., a California corporation (the “Company”), and Alan Edrick (“Executive”). 
 1. ENGAGEMENT AND DUTIES. 
 1.1 Commencing upon the Effective Date, and upon the terms and subject to the conditions set forth in this Agreement, the Company hereby engages and employs Executive with the title and designation of Executive Vice
President—Finance of the Company. The first business day following the filing of the Company’s Form 10-K for the fiscal year ended June 30, 2006, Executive will be employed as an officer of the Company, with the title and designation
of Executive Vice President and Chief Financial Officer. Executive hereby accepts such engagement and employment. Executive’s duties and responsibilities shall be those normally and customarily vested by such title. Executive shall report
directly to the Company’s Chief Executive Officer. 
 1.2 Executive agrees to devote his primary business time, energies,
skills, efforts and attention to his duties hereunder and will not, without the prior consent of the Company, which consent will not be unreasonably withheld, render any material services to any other business concern. Reasonable bases for the
Company to withhold consent include, without limitation, unreasonable interference with, or other incompatibility with, Executive’s duties to the Company, so long as such bases are stated in writing by the Company. 
 1.3 Except for routine travel incident to the business of the Company or the performance of his duties, Executive shall perform services
hereunder primarily at the Company’s offices in Hawthorne, California, or at such other place as Executive and the Company may from time to time agree. 
 2. TERM. This Agreement shall commence as of the Effective Date and shall continue for one year, unless sooner terminated or renewed in accordance with the provisions herein. This Agreement shall
automatically renew for one successive one-year period upon the same terms and conditions set forth herein (provided, however, that the parties may agree to revise any of the terms of the Agreement at any time) unless either party provides notice of
non-renewal to the other no less than 60 days prior to the first anniversary of the Effective Date. Following renewal, provided the parties mutually so desire, no later than sixty (60) days prior to the second anniversary of the Effective Date,
the parties shall enter into negotiations for a successive multi-year employment agreement. Each year of the Agreement from the Effective Date or its anniversary until the anniversary date of the Effective Date in the following calendar year shall
be deemed a “Contract Year.” The “Term” of this Agreement shall be the period from the Effective Date until the date on which this Agreement concludes, whether by action of the parties or by expiration of any Contract Year in
which notice of non-renewal is provided by either party. For purposes of this Agreement, the “Completion Date” shall be defined as the final date of the Term. 
 3. COMPENSATION. 
 3.1 Base Salary. The Company shall pay
Executive a base salary at the rate of two hundred eighty-five thousand dollars ($285,000) per year during the first six months after the Effective Date, and at the rate of three hundred thousand dollars ($300,000) per year commencing six months
after the Effective Date (“Base Salary”). The Base Salary shall be payable at such times and in such manner as the Company customarily pays other similarly situated executives but in no event less frequently than 

 
twice per month. Executive’s Base Salary shall be reviewed annually, and shall be subject to upward adjustment on the basis of such review but shall not
in any event be reduced. 
 3.2 Stock Options. 
 3.2.1 To the extent that the Company or its Affiliates maintain one or more stock option plans, Executive shall be eligible to participate
in such stock option plans; provided, however, that, except for the stock options set forth in this Section, Executive’s participation in such stock option plans, and the extent of any such participation, shall be at the Company’s sole
discretion. 
 3.2.2 Executive shall be granted the following stock options, subject to the terms and conditions of the stock
option plan indicated: (a) a stock option for 50,000 shares of the Company under the Company’s 1997 Stock Option Plan; (b) a stock option for 100,000 shares of Spacelabs Healthcare, Inc., under its 2005 Equity Participation Plan; and
(c) a stock option for 200,000 shares of Rapiscan Systems Holdings, Inc. under its 2006 Equity Participation Plan. The options will be presented to the compensation committees of the respective corporations for formal approval and shall be
priced as of the date of that approval in accordance with the terms of the applicable stock option plan and applicable law, and shall vest as to 25% of the optioned shares on the first anniversary of the date of grant, 50% of such shares on the
second anniversary, and 100% of such shares on the third anniversary. The options will expire on the fifth anniversary of the date of grant. 
 3.2.3 Notwithstanding anything to the contrary herein, all stock options and equity awards granted to Executive by the Company pursuant to this Agreement or under any other equity incentive plan maintained by the
Company or its Affiliates shall become fully vested and nonforfeitable upon a Change in Control (as defined herein). 
 3.3
Bonuses. Executive shall participate in the Company’s bonus pool and Executive’s bonus (if any) shall be determined on the same basis as the bonuses of other similarly-situated executives. Within three months of the Effective
Date, the Company shall establish a bonus plan for executives by which the basis for determining executive bonuses shall be described. Each bonus payment shall be distributed to Executive in a lump sum cash payment made no later than
December 31st of the calendar year that contains the last day of the fiscal year or performance year to which the bonus payment is attributable. 
 3.4 Fringe Benefits. Executive shall be entitled to participate in and receive benefits under any plan of the Company made available from time to time to any other similarly situated executive, provided
he is otherwise eligible to participate. Such benefits may include, without limitation, life insurance, disability insurance, medical/dental/vision insurance, and retirement benefits. 
 3.5 Business Expenses/Car Allowance. Company shall advance to or reimburse Executive for all reasonable, ordinary and
necessary business expenses incurred by Executive as a result of Executive’s services hereunder, in accordance with Company policy as established from time to time. Company shall pay to Executive a monthly car allowance in the amount of one
thousand dollars ($1,000). 
 3.6 Vacation and PTO. Executive shall be entitled to vacation and paid time off in
accordance with the Company’s policy applying to other similarly-situated executives, but in no event less than two (2) weeks vacation and one week paid time off in each Contract Year. 
 3.7 Relocation Package. In the event of relocation, during the Term, of Executive’s principal office location more than
50 miles from its location as of the Effective Date, the Company shall offer Executive a reasonable relocation package; provided, however, that Executive may decline such 

 
relocation package and resign pursuant to Section 4.3.2 herein; provided further, however, that Executive may provide notice pursuant to
Section 4.3.2 at the time of the decision by the Company to relocate and shall not be required to wait until the Company’s actual relocation. 
 4. TERMINATION OF EMPLOYMENT. 
 4.1 By the Company For Cause. The
Company may terminate Executive’s employment under this Agreement “for cause” at any time upon notice to Executive. “Cause” is defined as: (a) Executive’s admission or conviction of, or entering of a plea of
nolo contendere as to any felony, or any lesser crime involving fraud, embezzlement or theft; (b) Executive’s failure to substantially perform his duties, which failure cannot be cured or is not cured within ten (10) business
days after written notice from the Company, as long as Executive is not prevented from performing or curing by actions outside his control; or (c) Executive’s material breach of any provision of this Agreement, which breach cannot be cured
or is not cured within ten (10) business days after written notice from the Company, as long as Executive is not prevented from performing or curing by actions outside his control. 
 4.2 By the Company Other Than For Cause. The Company may terminate this Agreement at any time other than for cause, for the
following additional reasons: 
 4.2.1 Death. In the event of Executive’s death, this Agreement shall
automatically terminate and all rights of Executive and his heirs, executors and administrators to compensation and other benefits under this Agreement shall cease; provided, however, that Executive’s participation in the Company’s
employee benefit plans or programs shall cease in accordance with the terms of such plans or programs as then in effect. 
 4.2.2 Disability. The Company may, at its option, terminate this Agreement upon written notice to Executive if Executive, because of physical or mental incapacity or disability, fails to perform the essential functions of his
position required of him hereunder for an aggregate period of 60 days within any six month period. Upon such termination, all obligations of the Company hereunder shall cease; provided, however, that Executive’s participation in the
Company’s employee benefit plans or programs shall cease in accordance with the terms of such plans or programs as then in effect. 
 4.2.3 Without Cause. The Company may terminate Executive’s employment without cause upon 60 days’ written notice (“Notice Period”) to Executive. The Company may elect whether or not
Executive shall perform duties under this Agreement during the Notice Period but shall be required to pay Executive all wages and other compensation as provided for in Section 3 until the end of the Notice Period (“Notice Period
Compensation”). 
 4.3 Termination By Executive. Executive may terminate this Agreement at any time upon
sixty (60) days’ notice (“Executive Notice Period”) to the Company; provided, however, that if Executive provides notice of termination during the Company’s fiscal fourth quarter, then the Executive Notice Period shall
conclude on the first business day after the filing of the Company’s Form 10-K for that fiscal year. 
 4.3.1 Good
Reason. Executive may terminate this Agreement for “Good Reason,” which shall mean the occurrence of any of the following events unless the Executive specifically agrees in writing that such event is not Good Reason: 
 (1) Change in Title. Any change in Executive’s title as Executive Vice President and Chief Financial Officer, other than as
provided in Section 1.1; 

 (2) Change in Reporting Relationship. Any change in Executive’s reporting
relationship, such that Executive no longer reports to the Company’s Chief Executive Officer; 
 (3) Change in
Role. In the event that, for whatever reason, the Company is no longer the parent entity in its organizational framework, such that Executive is no longer the Executive Vice President and Chief Financial Officer of the parent; 
 (4) Removal of Core CFO Functions. Removal of any of the essential functions of a Chief Financial Officer; 
 (5) Relocation. Following a Change of Control, the relocation of Executive’s principal office location more than 50 miles
from its location as of the Effective Date; 
 (6) Reduction in Salary. Executive’s Base Salary is reduced from
any prior year; or 
 (7) Material Breach. Any material breach of the Agreement by the Company that is not cured
within 10 business days after written notice from Executive. 
 4.3.2 No Good Reason. Executive may terminate
this Agreement without Good Reason as defined herein. 
 4.4 Completion Date. “Completion Date” shall
mean the earliest of (i) the anniversary of the Effective Date, if the Agreement is not renewed as provided in Section 2; (ii) the second anniversary of the Effective Date, if the Agreement is renewed as provided in Section 2;
(iii) if Executive’s employment is terminated because of his death, the date of death; (iv) if Executive’s employment is terminated pursuant to Section 4.1 or 4.2.2 , the effective date of such notice pursuant to
Section 9.4; (v) if Executive’s employment is terminated pursuant to 4.2.3, the final day of the Notice Period; and (vi) if Executive’s employment is terminated pursuant to 4.3.1 or 4.3.2, the final day of the Executive
Notice Period. 
 4.5 Payments Upon Termination. Upon expiration by non-renewal or termination of this
Agreement for any reason by either party, Executive shall be entitled to receive payment of (a) Base Salary through the Completion Date; (b) any unused vacation and paid time off accrued through the Completion Date; and (c) applicable
employee benefits to which Executive is entitled upon the cessation of employment with the Company, in accordance with the terms of the plans or programs of the Company then in effect. 
 4.5.1 Absent or prior to a Change of Control (as defined below), in the event of termination of Executive’s employment by the
Company without cause pursuant to Section 4.2.3 or by Executive for Good Reason pursuant to Section 4.3.1, Executive shall also be entitled to (A) an amount equal to twelve (12) months’ salary at Executive’s
then-current Base Salary; and (B) an amount equal to 50% of the bonus paid to Executive in the previous year; provided, however, that if such termination occurs prior to the payment to Executive of any bonus, Executive shall be entitled to an
amount equal to 50% of the bonus to which Executive would be entitled under the current year’s bonus program; and (C) any unvested stock options and other equity awards subject to a vesting schedule and previously granted to Executive, to
the extent that such options and awards would have vested within 90 days after the Completion Date but for Executive’s termination of his employment by Company , shall become fully vested as of the Completion Date. Payment of (A) shall be
made in a single lump-sum cash payment, less appropriate deductions and withholding, on the Completion Date. Payment of (B) shall be made in a single lump-sum cash payment as soon as the amount is ascertainable and in no event later than

 
December 31st of
the calendar year that contains the last day of the fiscal year or performance year to which the bonus payment is attributable. Notwithstanding the foregoing, if Executive is a “specified employee” (as defined under Section 409A of
the Internal Revenue Code; “Section 409A”) and to the extent the “short-term deferral” exception under Section 409A does not apply, then any payments to which Executive is entitled under this Section shall be paid to
Executive by the Company in cash and in full, as soon as practicable following six (6) months after Executive’s “separation from service” with the Company (as such phrase is defined in Section 409A). If Executive dies before
all severance payments have been paid, such unpaid amounts shall be paid as soon as practicable following Executive’s death to the personal representative of Executive’s estate. Within five (5) days of Executive’s request, the
Company shall provide Executive with a written detailed explanation of the Company’s analysis supporting its determination that Executive constitutes a “specified employee” (as defined under Section 409A) and that any payment is
covered by Section 409A. 
 4.5.2 In the event of either (A) a termination of this Agreement by the Company without
cause pursuant to Section 4.2.3 within 180 days prior to or twelve (12) months following a Change of Control, or (B) a termination of this Agreement by Executive for Good Reason pursuant to 4.3.1 within twelve (12) months after a
Change of Control, Executive shall also be entitled to (i) an amount equal to twenty-four (24) months’ Base Salary at Executive’s then-current level; (ii) an amount equal to 50% of the bonus to which Executive would be
entitled under the current year’s bonus program; and (iii) any unvested stock options and other equity awards subject to a vesting schedule and previously granted to Executive shall become fully vested as of the Completion Date. Payment of
(i) shall be made in a single lump-sum cash payment, less appropriate deductions and withholding, on the Completion Date. Payment of (ii) shall be made in a single lump-sum cash payment as soon as the amount is ascertainable and in no
event later than December 31st of the calendar year that contains the last day of the fiscal year or
performance year to which the bonus payment is attributable. Notwithstanding the foregoing, if Executive is a “specified employee” (as defined under Section 409A) and to the extent the “short-term deferral” exception under
Section 409A does not apply, then any payments to which Executive is entitled under this Section shall be paid to Executive by the Company in cash and in full, as soon as practicable following six (6) months after Executive’s
“separation from service” with the Company (as such phrase is defined in Section 409A). If Executive dies before all severance payments have been paid, such unpaid amounts shall be paid as soon as practicable following
Executive’s death to the personal representative of Executive’s estate. Within five (5) days of Executive’s request, the Company shall provide Executive with a written detailed explanation of the Company’s analysis
supporting its determination that Executive constitutes a “specified employee” (as defined under Section 409A) and that any payment is covered by Section 409A. In no event shall Executive be entitled to both the payments provided
for in Section 4.5.1 and 4.5.2. 
 5. Change of Control Defined. “Change in Control” means the occurrence of any
of the following events during the Term of the Agreement: (i) any sale, lease, license, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the business and/or assets of the
Company; (ii) a merger or consolidation of the Company and the Company is not the surviving entity; (iii) a reorganization or liquidation of the Company; (iv) a merger, consolidation, tender offer or any other transaction involving
the Company if the equity holders of the Company immediately before such merger, consolidation, tender offer or other transaction do not own, directly or indirectly, immediately following such merger, consolidation, tender offer or other
transaction, more than thirty percent (30%) of the combined voting power of the outstanding voting securities of the entity resulting from such merger, consolidation, tender offer or other transaction; (v) Deepak Chopra ceases to be Chief
Executive Officer of the Company, unless his termination from employment with the Company is by reason of a voluntary termination; or (vi) a change in the composition of the Board of the Company as a result of which fewer than a majority of the
directors are Incumbent Directors. The term “Incumbent Directors” shall mean directors who either: (A) are directors of the Company as of the Effective Date 

 
hereof; or (B) are nominated for election to the Board of the Company with the affirmative votes of at least a majority of the directors of the Company
who are Incumbent Directors (“Approved Successors”) described in (A) above at the time of such nomination; or (C) are nominated for election to the Board of the Company with the affirmative votes of at least a majority of the
directors of the Company who are Incumbent Directors or their Approved Successors. Notwithstanding the foregoing, “Incumbent Directors” shall not include an individual whose election or nomination is in connection with an actual or
threatened proxy contest relating to the election of directors to the Company. 
 6. PROTECTION OF CONFIDENTIAL INFORMATION;
NON-SOLICIT. 
 6.1 Executive acknowledges that his work for the Company will bring him into close contact with many
confidential affairs of the Company not readily available to the public, and hereby agrees that he will not at any time (both during the Term and thereafter) disclose to any person, including any legal entity (except the Company and its Affiliates),
any Confidential Information, and will only use Confidential Information for the Company’s benefit; provided, however, that Executive may use and disclose Confidential Information to the extent necessary to assert any right or defend against
any claim arising under this Agreement or pertaining to Confidential Information or its use, to the extent necessary to comply with any applicable statute, constitution, treaty, rule, regulation, ordinance or order, or if Executive receives a
request to disclose all or any part of the information contained in the Confidential Information under the terms of a subpoena, order, civil investigative demand or similar process issued by a court of competent jurisdiction or by a governmental
body or agency after giving prior notice to the Company. “Confidential Information” means information or documents Executive has access to during the Term which relate to the Company’s operations, marketing, sales, or product
development including, without limitation, records that are identified as, or that can reasonably be characterized as, confidential; employee names, duties and contact information; customer identities and lists, customer contacts, information about
customer requirements and preferences; forecasts, budgets, and other financial information; plans, strategic, tactical or otherwise; data, computer programs, manuals, formulae, specifications, processes, methods, intangible rights and other similar
items; provided that “Confidential Information” does not include information that at the time of disclosure has previously been made generally available to the public by any authorized action of the Company or is otherwise available to the
public. “Affiliate” is a person or entity that directly, or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the Company. 
 6.2 Upon termination of this Agreement for any reason, Executive shall return to the Company all Confidential Information in his
possession, custody or control. 
 6.3 Executive agrees that he will not, during the Term and for a period of two years
thereafter, solicit, directly or indirectly, any individual who was an employee of the Company as of the Completion Date, or within 60 days prior to the Completion Date, to terminate his/her employment with the Company, or personally employ any such
employee. Nothing herein shall prevent Executive from, at some point in the future, working for an entity which may also employ former employees of the Company. 
 7. GRANT OF RIGHTS. 
 7.1 Executive hereby grants, transfers, conveys and
assigns to the Company, its successors and assigns, all right, title, and interest in and to all work, materials and intellectual property of any and all forms constituting or otherwise relating to his performance of his duties hereunder, including
the copyright, patent, trade secret rights, and all other right, title, and interest therein, and consisting of all source code, object code, documentation, flow charts, design documents, and record and file layouts relating thereto, and all
trademarks, service marks, logos and trade dress associated therewith, and any 

 
discovery, concept or idea, whether or not patentable, made during such performance including, but not limited to, processes, methods, formulae and
techniques, improvements thereof and know-how relating thereto (collectively, the “Property”). This exclusive conveyance shall include, but is not limited to, all rights to publish, reproduce, transmit, adapt, prepare derivative works,
sell, or otherwise make use of the Property (including all subsequent additions, revisions, supplements to, and versions of the Property and derivatives, regardless of nature) throughout the world, in any form or medium and in any language, and to
license or otherwise transfer to others the rights commensurate herewith in connection with the Property, to file copyright and patent applications in the United States and throughout the world for the Property in the name of the Company, its
successors and assigns. Executive hereby agrees that the Company, it successors and assigns may act as attorney-in-fact to execute any document that the Company, its successors or assigns deem necessary to record this grant with the United States
Copyright Office, the United States Patent and Trademark Office, or elsewhere. If requested, Executive agrees to execute any and all copyright, patent, or trade secret assignments, certificates, applications or documents requested by the Company,
its successors and assigns related to the Property. Executive’s grant of rights in this Agreement is irrevocable and without right of rescission by Executive. 
 7.2 In furtherance of, and not in contravention, limitation and/or in place of, the provisions of Section 7.1 above, Company hereby
notifies Executive of California Labor Code Section 2870, which provides: 
 “(a) Any provision in an employment
agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the
employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either: (1) Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or
demonstrably anticipated research or development of the employer; or (2) Result from any work performed by the employee for the employer. 
 (b) To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the
public policy of this state and is unenforceable.” 
 Executive acknowledges that he has been notified by the Company of
this law, and understands that this Agreement does not apply to Property which is otherwise fully protected under the provisions of said Labor Code Section 2870. Therefore, Executive agrees to promptly disclose in writing to the Company all
Property, whether or not Executive personally considers it patentable, which Executive alone, or with others, conceives or makes during his employment with Company or as is otherwise required and set forth under this Section 7.2. Company shall
hold said information in strict confidence to determine the applicability of California Labor Code Section 2870 to said Property and, to the extent said Section 2870 does not apply, Executive hereby assigns and agrees to assign all his
right, title and interest in and to the Property which relates to business of the Company and Executive agrees not to disclose any of such Property to others without the prior written express consent of Company. Executive agrees to notify Company in
writing prior to making any disclosure or performing any work during the term of his employment with Company which may conflict with any proprietary rights or technical know-how claimed by Executive as his property. In the event Executive fails to
give Company notice of such conflict, Executive agrees that Executive shall have no further right or claim with respect to any such conflicting proprietary rights or technical know-how. 

 8. EQUITABLE REMEDIES. The parties hereto intend that the covenants contained in Sections 6
and 7 shall be enforced to the fullest extent permissible under the laws of the State of California. Executive acknowledges and agrees that his breach of any provision of Sections 6 and 7 will result in irreparable harm and injury to the Company,
and further acknowledges and agrees that in the event of any such breach it would be extremely difficult to fix or assess actual damages resulting therefrom. In addition to any other remedy that may be available to the Company at law or in equity,
the Company shall be entitled, from any court of competent jurisdiction, to a decree of specific performance and to a temporary and permanent injunction enjoining and restricting the breach, or a threatened breach, by Executive of any such provision
of this Agreement. 
 9. MISCELLANEOUS. 
 9.1 Entire Agreement. This Agreement constitutes the entire agreement between the parties pertaining to the subject matter
hereof and supersedes and preempts any prior understandings, agreements or representations by or between the parties, written or oral, which may have related in any manner to the subject matter hereof. No supplement, modification or amendment of
this Agreement shall be binding unless executed in writing by all the parties. The rule that a contract is construed against the party drafting the contract is hereby waived, and shall have no applicability in construing this Agreement or the terms
hereof. 
 9.2 Counterparts. This Agreement may be executed simultaneously in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 9.3
Successors and Assigns. Except as provided herein, this Agreement shall be binding on, and shall inure to the benefit of, the parties to it and their respective heirs, legal representatives, and permitted successors and assigns.

 9.4 Notices. All notices required under this Agreement shall be given in writing and shall be served in
person, by express mail, by certified mail, by overnight delivery, or by facsimile. Delivery shall be deemed conclusively made (i) at the time of service, if personally served, (ii) five days after deposit in the United States mail,
properly addressed and postage prepaid, if delivered by express mail or certified mail, (iii) upon confirmation of delivery by the private overnight deliverer, if served by overnight delivery, and (iv) at the time of electronic
transmission (as confirmed in writing), provided a copy is mailed within 24 hours after such transmission. Notices to the Company shall be delivered to the Company’s then-current principal offices, to the attention of the Chief Executive
Officer. Notices to the Executive shall be delivered to the address (or facsimile number, if any) provided to the Company by the Executive as his principal residence, or such other address or facsimile number as Executive may designate by written
notice. 
 9.5 Governing Law. This Agreement shall be construed in accordance with and governed by the laws of
the State of California. 
 9.6 Venue. The parties hereto agree that all actions or proceedings arising directly
or indirectly from this Agreement shall be arbitrated or litigated by arbitrators or in courts having a situs within Los Angeles, California and hereby consent to the jurisdiction of any local, state or federal court in which such an action is
commenced that is located in Los Angeles, California, agree not to disturb such choice of forum, waive the personal service of any and all process upon them, and consent that all such service of process may be made by certified or registered mail,
return receipt requested, addressed to the respective parties at the address set forth herein. 

 9.7 Severability. If any provision of this Agreement, as applied to any
party or to any circumstance, shall be found by a court of competent jurisdiction to be void, invalid or unenforceable, the same shall in no way affect any other provision of this Agreement, the application of any such provision in any other
circumstance, or the validity or enforceability of this Agreement, and any provision which is found to be void, invalid or unenforceable shall be curtailed and limited only to the extent necessary to bring such provision within the requirements of
the law. 
 9.8 Headings. Titles or captions contained herein are inserted as a matter of convenience and for
reference, and in no way, define, limit, extend or describe the scope of this Agreement or any provision thereof. No provision in this Agreement is to be interpreted for or against either party because that party or its legal representative drafted
such provision. 
 9.9 Further Assurances. Each party agrees to execute and acknowledge such other instruments
as may be reasonably necessary to effect the transactions contemplated herein. 
 9.10 Remedies Cumulative. All
remedies shall be cumulative and pursuit of any one shall not waive any other. 
 9.11 Waiver. No waiver by any
party at any time of any breach by any other party of, or compliance with, any condition or provision of the Agreement to be performed by any other party shall be deemed a waiver of any other provisions or conditions at the same time or at any prior
or subsequent time. 
 9.12 Application of Section 409A. To the extent applicable, it is intended that this
Agreement comply with the provisions of Section 409A of the Internal Revenue Code. This Agreement shall be administered in a manner consistent with this intent, and any provision that would cause the Agreement to fail to satisfy
Section 409A of the Internal Revenue Code shall have no force and effect until amended by the parties to comply with Section 409A (which amendment may be retroactive to the extent permitted by Section 409A). Notwithstanding the
foregoing, if Executive is a “specified employee” (as defined under Section 409A) and to the extent that any payment or portion of a payment under Section 4 of this Agreement is determined by the Company to constitute a
“deferral of compensation” under Section 409A to which the “short-term deferral” exception does not apply, then such payment or portion of a payment shall be paid to the Executive by the Company in cash and in full, as soon
as practicable following six (6) months after Executive’s “separation from service” with the Company (as such phrase is defined in Section 409A). If Executive dies before such payment or portion of a payment has been paid,
such unpaid amounts shall be paid as soon as practicable following Executive’s death to the personal representative of Executive’s estate. Within five (5) days of Executive’s request, the Company shall provide Executive with a
written detailed explanation of the Company’s analysis supporting its determination that Executive constitutes a “specified employee” (as defined under Section 409A) and that any payment is covered by Section 409A.

 IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement to be effective as of the
date first set forth above. 
  

									
		 		 	 EXECUTIVE

				
	Dated: July 25, 2006	 		 		 	  
		 		 		 		 	Alan Edrick

  

									
		 		 	 OSI SYSTEMS, INC.

				
	Dated: July 25, 2006	 		 		 	  
		 		 		 		 	Deepak Chopra, CEO

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