Document:

Exhibit 10.18

  ICU Medical, Inc.

EMPLOYMENT
AGREEMENT

THIS EMPLOYMENT AGREEMENT is
made and entered into as of this first day of January 2007, by and between ICU
Medical, Inc., a Delaware corporation (“Employer”), and                    (“Employee”).

RECITALS

A.            Employer is engaged in the business of developing and
manufacturing safe medical connectors.

B.            Employer desires to continue to employ Employee, and
Employee desires to continue to be employed, on the terms and conditions set
forth in this Agreement.

C.            Prior to or contemporaneously with the date of this
Agreement, Employee and the Company have entered into an Indemnification
Agreement and a Confidentiality and Inventions Agreement.

AGREEMENT

Accordingly,
in consideration of the mutual covenants contained herein, the parties agree as
follows:

1.             TERMS
OF AGREEMENT

1.1          Initial
Term   The initial
term of this agreement shall begin on January 1, 2007 and shall continue until
June 30, 2007 unless it is terminated earlier pursuant to Section 5.

1.2          Renewal
Terms    Notwithstanding
Section 1.1, this Agreement shall be extended and continue in effect, subject
to Section 5, until the earlier of (i) the execution by Employer and Employee
of an amendment extending this Agreement or a new employment agreement or (ii) September
30, 2007 if, but only if, at June 30, 2007 each of the following is true:

a.  This Agreement has not been terminated
pursuant to Section 5 and Employer has not notified Employee 

of a termination pursuant to Section 5;

b.  Neither Employer nor Employee has notified
the other of its or his intention not to extend or renew this 

Agreement; and

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c.  The parties have not yet executed an
amendment extending this Agreement or a new employment 

agreement.

Neither this Agreement nor the employment of Employee will in any event
continue beyond September 30, 2007 unless Employer and Employee execute an
amendment extending this Agreement or a new employment agreement by such date.

2.             EMPLOYMENT

2.1          Employment
of Employee. 
Employer hereby hires Employee as (position).  Employee hereby accepts such employment on
the terms and conditions of this Agreement.

2.2          Position
and Duties.   
Employee shall serve as (position) of Employer and shall have the
general powers and duties of management usually vested in that office in a
corporation and such other powers and duties as may be prescribed by the Board
of Directors or the Bylaws of Employer. 
In this position, Employee will report directly to, and be subject to
the supervision of the President and Chief Executive Officer.

2.3          Standard
of Performance. 
Employee agrees that s/he will at all times faithfully and industriously
and to the best of his/her ability, experience and talents perform all of the
duties that may be required of and from him/her pursuant to the terms of this
Agreement.  Such duties shall be
performed at such place or places as the interests, needs, business and
opportunities of Employer shall require or render advisable.

2.4          Exclusive
Service.  Employee
shall devote all of his/her business energies and abilities and all of his/her
productive time to the performance of his/her duties under this Agreement
(reasonable absences during holidays and vacations excepted), and shall not,
without the prior written consent of Employer, render to others any service of
any kind (whether or not for compensation) that, in the opinion of Employer,
would materially interfere with the performance of his/her duties under this
Agreement.

Employee
shall not, without the prior written consent of Employer, maintain any affiliation
with, whether as an agent, consultant, employee, officer, director, trustee or
otherwise, nor shall s/he directly or indirectly render any services of an
advisory nature or otherwise to, or participate or engage in, any other
business activity.

3.             COMPENSATION

3.1          Compensation.  During the term of this Agreement, Employer
shall pay the amounts and provide the benefits described in this Section 3, and
Employee agrees to accept such amounts and benefits in full payment for
Employee’s services under this Agreement.

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3.2          Base
Salary.  Employer
shall pay to Employee a base salary of

$                   
semi-annually in equal installments payable no less frequently than
semi-monthly.

3.3          Incentive Bonus Compensation. Employee
shall be eligible to receive a bonus equal to $                  
(which is equal to           (     %)
         ) of the base salary, as
set forth in section 3.2 at the sole discretion of the Chief Executive Officer.

3.4          Fringe
Benefits.  Subject
to Section 3.6 and upon satisfaction of the applicable eligibility
requirements, Employee shall be entitled to all fringe benefits which Employer
may make generally available from time to time for its executive
employees.  Such benefits shall include
without limitation those available, if any, under any group insurance, profit
sharing, pension or retirement plans or sick leave policy.

3.5          Vacation
and Holiday. 
Employee shall be entitled to vacations and holidays in accordance with
Employer’s policies in effect from time to time and published in the Employer’s
Employee Handbook.

3.6          Deduction
from Compensation. 
Employer shall deduct and withhold from all compensation payable to
Employee all amounts required to be deducted or withheld pursuant to any
present or future law, ordinance, regulation, order, writ, judgment, or decree
requiring such deduction and withholding.

3.7          Disability
Severance Benefits. 
Should Employee’s employment hereunder be terminated by reason of
his/her total disability, Employer shall pay Employee, within 30 days of termination,
a lump sum severance payment equal to 50% of the base salary in Section 3.2, in
addition to accrued vacation and regularly accrued salary for any pay periods
worked by the employee, but not paid. 
Total disability means Employee is unable to perform his/her duties for
a consecutive period of six months due to bodily injury or sickness, including
mental or nervous disorder, as determined by a physician selected by Employer,
and while disabled s/he does not engage in any employment for wage or profit.

Employer’s
obligation to pay disability severance benefits shall be reduced by any
payments for which s/he and his/her dependents are eligible under the Federal
Social Security Act, and any payment to which s/he is eligible under the Worker’s
Compensation Law, Unemployment Insurance Code or other similar legislation, or
under any other plan or insurance maintained and paid for by Employer providing
benefits for loss of time from disability or unemployment.

4.             REIMBURSEMENT
OF EXPENSES

Employer
shall pay to or reimburse Employee for those travel, promotional and similar
expenditures incurred by Employee which Employer determines are reasonably
necessary for the proper discharge of Employee’s duties under this Agreement
and for which Employee submits appropriate receipts and indicates the amount,
date, location and business character, provided that the nature and general
amount of such expenditures is either in accordance with the Company’s policies
announced from time to time or approved in advance.

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5.             TERMINATION

5.1          Termination
Date.  The date on
which this Agreement terminates shall be the “Termination Date.”  After the Termination Date, Employee shall
not be employed by Employer, Employer shall promptly pay to Employee any
compensation under this Agreement accrued but unpaid as of that date, and
Employee shall not be entitled to any compensation from Employer for the
performance by Employee after that date of any obligations of Employee to
Employer under this Agreement.

5.2          Termination
Without Cause.  Without
cause, Employer may terminate this Agreement at any time for any reason, or no
reason (including without limitation the Employee’s disability as a result of
any physical or mental condition that Employer determines will prevent Employee
from performing the essential functions of the job, with or without reasonable
accommodation) by giving Employee 60 days written notice.  If requested by Employer to do so, Employee
shall continue to perform his/her duties under this Agreement during such 60
day period.  This Agreement shall
automatically and without further action of Employer terminate on the death of
Employee.

5.3          Termination
For Cause. 
Employer may terminate this Agreement at any time without prior notice
for “cause” or in the event that Employee does not cure a breach of any
provision of this Agreement within five days after Employer delivers demand to
Employee to cure such breach.  For this
purpose, “cause” shall include, without limitation, (i) Employee’s
insubordination, meaning the willful failure to conform to or conduct
himself/herself in accordance with the policies and standards of Employer or
the refusal to perform the duties assigned pursuant to Section 2 or assigned by
the Board of Directors; (ii) the dishonesty of Employee; (iii) Employee’s
conviction for a felony or for fraud, embezzlement or any other act of moral
turpitude; (iv) any willful violation by Employee of laws or regulations
applicable to Employer’s business; or (v) Employee’s gross negligence or
willful misconduct in the performance of his/her duties under this Agreement
which would adversely affect the business or reputation of Employer.  A termination by Employee at any time after
the occurrence of an event which would constitute cause for termination by
Employer shall be considered a termination by Employer for cause.

5.4          Return
of Employer Property. 
Within five days after the Termination Date, Employee shall return to
Employer all products, books, records, forms, specifications, formulae, data
processes, designs, papers and writings relating to the business of Employer,
including without limitation proprietary or licensed computer programs,
customer lists and customer data, and/or copies or duplicates thereof in
Employee’s possession or under Employee’s control.  Employee shall not retain any copies or
duplicates of such property and all licenses granted to him/her by Employer to
use computer programs or software shall be revoked on the Termination Date.

6.             NONCOMPETITION

6.1          Noncompetition
During Employment. 
During the term of this Agreement, Employee shall not, without the prior
written consent of Employer, directly or indirectly render services of a
business, professional, or commercial nature to any person or firm,

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whether for
compensation or otherwise, or engage in any activity directly or indirectly or
as an officer, director, employee, consultant, or holder of more than one (1%)
percent of the capital stock of any other corporation.  Otherwise, Employee may make personal investments
in any other business so long as these investments do not require him/her to
participate in the operation of the companies in which s/he invests.

6.2          Non-solicitation­.  Employee acknowledges that s/he will have
access at the highest level to, and the opportunity to acquire knowledge of, valuable,
confidential and proprietary information relating to the business of the
Company and, accordingly, in order to preserve the value of such information
for the Company, Employee covenants and agrees as follows:

(a)           Employee shall not, during the term
of this Agreement and for a period of one year following the termination of
this Agreement for any reason, without the prior written consent of the
Company, directly or indirectly offer employment to, or engage the services of,
persons who were employed in the Company during the 12 month period preceding
such termination date.

(b)           The Employee shall not, during the
term of this Agreement and for a period of one year following termination of
this Agreement for any reason, solicit, for himself or others, any person or
entity which was a customer of the Company on such termination date.

7.             OTHER PROVISIONS

7.1          Compliance
With Other Agreements. 
Employee represents and warrants to Employer that the execution,
delivery and performance of this Agreement will not conflict with or result in
the violation or breach of any term or provision of any order, judgment,
injunction, contract, agreement, commitment or other arrangement to which
Employee is a party or by which s/he is bound, including without limitation any
agreement restricting the sale of products similar to Employer’s products in
any geographic location or otherwise. 
Employee acknowledges that Employer is relying on his/her representation
and warranty in entering into this Agreement, and agrees to indemnify Employer
from and against all claims, demands, causes of actions, damages, costs or
expenses (including attorneys’ fees) arising from any breach thereof.

7.2          Injunctive
Relief.  Employee
acknowledges that the services to be rendered under this Agreement and the
items described in Sections 5.4, 6 and 7 are of a special, unique and
extraordinary character, that it would be difficult or impossible to replace
such services or to compensate Employer in money damages for a breach of this
Agreement.  Accordingly, Employee agrees
and consents that if s/he violates any of the provisions of this Agreement,
Employer, in addition to any other rights and remedies available under this
Agreement or otherwise, shall be entitled to temporary and permanent injunctive
relief, without the necessity of proving actual damages and without the
necessity of posting any bond or other undertaking in connection therewith.

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7.3          Attorneys’
Fees.  The
prevailing party in any suit or other proceeding brought to enforce any
provisions of this Agreement, shall be entitled to recover all costs and
expenses of the proceeding and investigation (not limited to court costs),
including attorneys’ fees at the hourly rates usually charged by that party’s
attorneys.

7.4          Nondelegable
Duties.  This is a
contract for Employee’s personal services. 
The duties of Employee under this Agreement are personal and may not be
delegated or transferred in any manner whatsoever, and shall not be subject to
involuntary alienation, assignment or transfer by Employee during his/her life.

7.5          Entire
Agreement. No discussions or comments made by the
Employer’s agents, personnel, staff, officers or attorneys concerning the
subject matter of this Agreement evidence or imply any agreement other than the
terms specifically included herein. No provision can be waived or modified by
conduct or oral agreement either before or after execution of this Agreement. No representation, understanding, promise or
condition shall be enforceable against any party unless it is contained in this
Agreement, except as set forth in the Indemnification Agreement and
Confidentiality and Inventions Agreement. If there is any conflict between the
terms, conditions and provisions of this Agreement and those of any other
agreement or instrument, the terms, conditions and provisions of  this Agreement shall prevail.  This Agreement is the only agreement
and understanding between the parties pertaining to the subject matter of this
Agreement, and supersedes all prior agreements, summaries of agreements,
descriptions of compensation packages, discussions, negotiations,
understandings, representations or warranties, whether verbal or written,
between the parties pertaining to such subject matter.  Notwithstanding the foregoing, the parties
intend to be bound by the terms of the Indemnification Agreement and the
Confidentiality and Inventions Agreement, and the Long-Term Retention Plan, which
govern the relationship of the parties with respect to subject matter of those
respective agreements.

7.6          Governing
Law.  The validity,
construction and performance of this Agreement shall be governed by the laws,
without regard to the laws as to choice or conflict of laws, of the State of
California.

7.7          Severability.  The invalidity or unenforceability of any
particular provision of this Agreement shall not affect the other provisions,
and this Agreement shall be construed in all respects as if any invalid or
unenforceable provision were omitted.

7.8          Amendment
and Waiver. This Agreement may not be modified or amended
except by a written agreement signed by the President/CEO of Employer, and
Employee.  Either party may in writing
waive any provision of this Agreement to the extent such provision is for the
benefit of the waiving party.  No waiver
by either party of a breach of any provision of this Agreement shall be
construed as a waiver of any subsequent or different breach, and no forbearance
by a party to seek a remedy for noncompliance or breach by the other party
shall be construed as a waiver of any right or remedy with respect to such
noncompliance or breach.

7.9          Binding
Effect.  The
provisions of this Agreement shall bind and inure to the benefit of the parties
and their respective successors and permitted assigns.

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7.10        Notice.  Any notices or communications required or
permitted by this Agreement shall be deemed sufficiently given if in writing
and when delivered personally or 48 hours after deposit with the United State
Postal Service as registered or certified mail, postage prepaid and addressed
as follows:

(a)           If to Employer, to the principal
office of Employer in the State of California, marked “Attention:  President”; or

(b)           If to Employee, to the most recent
address for Employee appearing in Employer’s records.

7.11        Headings.  The sections and other headings contained in
this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement.

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the day and year first above written.

	
   

  	
   

  	
   

  	
  EMPLOYER

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ICU
  MEDICAL, INC.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  George A. Lopez, M.D.

  	
   

  	
  date

  	
   

  
	
   

  	
   

  	
   

  	
  President and C.E.O.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  EMPLOYEE

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (employee)

  	
   

  	
  date

  	
   

  
								

 

 7Exhibit 10.21

SETTLEMENT AND RELEASE AGREEMENT

This Settlement and
Release Agreement (the “Agreement”) is made and entered into by and among the
following parties: (1) ICU Medical, Inc. (“ICU Medical”) and (2) Fulwider
Patton Lee & Utecht LLP (“Fulwider”). (ICU Medical and Fulwider are collectively
referred to in this Agreement as “the Parties” and more fully described in Section 1, below).

RECITALS

This Agreement is made by
and among the Parties with reference to the following facts:

A.            ICU
Medical named Fulwider as a defendant in an action filed in the Superior Court
of the
State of California, County of Orange, Case No. 040009340, (the “Action”),
seeking, among other things,
damages arising from acts and omissions relating to Fulwider’s representation
of ICU Medical. The operative pleading is the
“Third Amended Complaint [Etc.]” filed on or about February 21, 2006, by
ICU Medical (the “Third Amended Complaint”).

B.            ICU Medical has also
named Cardinal Health 303, Inc. (formerly known as IVAC Medical Systems, Inc., IVAC Corporation, and
Alaris Medical Systems, Inc.) (“Alaris”) as a defendant in the Third Amended Complaint. The Parties acknowledge that they are
not, through this Agreement, directly or indirectly, settling or
releasing any of ICU Medical’s claims against Alaris.

C.             Without admitting any liability or
wrongdoing, ICU Medical and Fulwider desire, by entering into this Agreement and consummating the transactions
contemplated in this Agreement, to resolve, compromise and settle, amongst
themselves alone, the Action and all disputes, claims, and controversies between or among them which are based
upon, arise out of, relate to, or have any connection with: (1) the
Action; and (2) the filing or maintenance of the Action.

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing
recitals and for good and valuable consideration, the receipt of sufficiency of which is acknowledged, the
Parties, and each of them, warrant, represent, acknowledge, covenant and agree
as follows:

1.             DEFINITIONS

Unless
otherwise defined herein, all capitalized terms used herein shall have the
meanings given such terms in this Agreement. In addition, for the purposes of this
Agreement only, the following
specially defined terms shall have the following meanings:

1.1           Person.
Person shall mean
and include a natural person or person, a group of natural persons acting as individuals, a group of natural
persons acting in a collegial capacity (e.g., as a committee, board of directors, etc.), a
corporation, partnership, limited liability company, joint-venturers, trust, or any other unincorporated
association, business, organization, or enterprise, any government agency, and
any successor-in-interest, heir, executor, administrator, trustee, trustee in bankruptcy,
or receiver of any person or entity.

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1.2          ICU Medical. ICU Medical shall mean
ICU Medical, Inc., a Delaware corporation, and each of its past, present, and future
employees, agents, officers, affiliates, representatives, attorneys, predecessors, successors,
beneficiaries, grantees, transferees and assigns.

1.3          Alaris. Alaris shall mean
Cardinal Health 303, Inc., formerly known as IVAC Medical Systems, Inc., IVAC
Corporation, and Alaris Medical Systems, Inc., and each of its past, present
and future affiliates,
predecessors, successors, beneficiaries, grantees, transferees and assigns.

1.4          Fulwider. Fulwider shall mean
Fulwider Patton Lee & Utecht LLP, a California limited liability
partnership, and each of its past, present, and future partners, employees,
attorneys, insurers, predecessors, successors (including Fulwider Patton LLP),
beneficiaries, grantees, transferees and assigns. The Parties agree that, as used in
this Agreement, the term Fulwider does not include Alaris.

1.5          Fees. Fees shall mean and
include all the fees for professional services rendered by all attorneys,
paralegals, expert consultants and accountants and all expert witness fees, of
any kind whatsoever, inclusive.

1.6          Costs. Costs shall mean and
include all: (1) recoverable costs, including without limitation, disbursements
and invoices of counsel, accountants and experts; and (2) costs as may be
charged by any attorneys, expert consultants, accountants, and expert witness
for photocopying, telephone usage, word processing time, computer research
time, the preparation of demonstrative evidence, the video recording of depositions, postage, travel and
meals, or for any other costs.

1.7          Claim. Claim shall mean any
claims, causes of action, cross-claims, liabilities, obligations, rights,
demands, damages, requests, suits, lawsuits, Fees, Costs, actions,
administrative proceedings, or orders, whether in law or equity, and whether
sounding in tort, contract, nuisance, trespass, negligence, strict liability, or any Federal or State
statutory or common law claim or remedy of any type.

1.8          Effective Date Of This Agreement. The Effective Date of
this Agreement shall be the last
date as of which all Parties have signed this Agreement.

1.9          Conventions. As used in this
Agreement, the singular and masculine gender shall mean also the plural and
feminine or neuter, as may be appropriate; the conjunctive includes the disjunctive and the disjunctive includes the
conjunctive; and “each” and “all” includes each and every.

2. SETTLEMENT PAYMENT

2.1            Amount Of Settlement
Sum. Fulwider shall pay ICU Medical the sum equivalent to the remaining policy limits under the Policy
as of December 22, 2006, which amount is Eight Million Dollars ($8,000,000.00)
(the “Settlement Sum”).

2.2            Payment
Of Settlement Sum. Within
thirty (30) days of the Effective Date of this Agreement, payment shall be wire
transferred to ICU Medical, Inc. in accordance with instructions from ICU Medical. In the event that the full
amount of the Settlement Sum is not transferred on or before the time and date specified in this paragraph
2.2, this Agreement shall be void and the Action re-set for trial.

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3.              DISMISSAL
OF FULWIDER FROM THE THIRD AMENDED COMPLAINT

3.1            Execution, Delivery, and Filing of Request For
Dismissal. Upon confirmation of transfer of the Settlement Sum to ICU Medical, ICU Medical shall cause
its attorneys in the Action, Kohut &
Kohut LLP (the “Kohut firm”), to execute and deliver to the counsel for
Fulwider, George M. Lindahl, of
Lindahl & Beck (“Lindahl & Beck”), the original of that certain “Request
for Dismissal with Prejudice” with
respect to Fulwider only, a copy of which is attached to this Agreement as
Exhibit “A”. Upon receipt of the
Request for Dismissal, Lindahl & Beck is hereby authorized to and shall forthwith cause the Request for Dismissal to be filed
with the Clerk of the Orange County Superior Court.

4.              CONTINUING
EFFECT OF COURT ORDERS

4.1            Court Orders. The Parties agree that
the “Stipulation and Amended Protective Order” (attached as Exhibit “B” to the “Stipulation and
Order re Amendments to the Protective Order Entered by the Court May 27, 2005”
and entered on February 10, 2006 in the Action) (the “Amended Protective Order”) shall
remain in effect as contractual obligations between the Parties, and shall be specifically enforceable
by the Parties. Additionally, Fulwider agrees that, subject to the Amended Protective Order, ICU
Medical is entitled to use, for the purposes of this Action and any subsequent action involving Alaris,
any documents, discovery responses, materials and testimony produced and/or given in the Action.

4.2            Execution, Delivery, and Filing of Stipulation Re:
Return of Injunction Bond. Upon confirmation of transfer of the Settlement
Sum to ICU Medical, Fulwider shall cause Lindahl & Beck to execute and
deliver to the Kohut firm, the original of the “Stipulation Re: Return of
Injunction Bond” with respect to
the Action, a copy of which is attached to this Agreement as Exhibit “B”. The Kohut firm is hereby authorized to cause the
Stipulation Re: Return of Injunction Bond to be filed with the Clerk of
the Orange County Superior Court.

4.3            Additional
Steps Necessary to Return Injunction Bond. Fulwider shall do all other things including, but not limited to, the
execution of additional documents, necessary to cause the release and
return of the Injunction Bond monies to ICU Medical.

5.              DESTRUCTION
OF DOCUMENTS BY FULWIDER

5.1            Destruction
/ Return of Documents. Within thirty (30) days of the payment of the
Settlement Sum, Fulwider shall destroy or
return to ICU Medical all copies of (a) all documents obtained by Fulwider from ICU Medical in
connection with its representation of ICU Medical, (b) all ICU Medical documents obtained by Fulwider in
connection with this Action, and (c) the transcripts (and videotape, if any) of the depositions of Dr.
George Lopez, Frank O’Brien, Rich Costello, Alison Burcar, Evelyn Foss, and Steve Nataupsky taken in
this action. Lindahl & Beck shall provide the Kohut firm with a written declaration from a
partner at Lindahl & Beck confirming that all copies of all such
documents have been recovered from Fulwider and destroyed.

6.              CONFIDENTIALITY

6.1            Confidentiality.
ICU Medical
agrees that neither it nor any of its attorneys or other representatives will hold any press conference or
issue any press release or statement to the media or via the internet
concerning the terms of this Agreement, except as consistent with their
obligations

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under securities laws, rules and regulations and rules
and regulations of any stock exchange or national stock market on which its securities are
listed.

7.             RELEASES

7.1            Releases By
ICU Medical. ICU Medical, for and on behalf of itself and all others, fully and forever
irrevocably releases, acquits, and discharges Fulwider of and from any and all
Claims whether
actual or alleged, known or unknown, suspected or unsuspected, or foreseen or
unforeseen, which
ICU Medical has or asserts against Fulwider by reason of any matter, cause or
thing in any way relating to any
contract (express, oral, written, implied in fact, or implied in law), order,
judgment, liability, matter, cause, fact,
thing, or act or omission on the part of Fulwider occurring or existing at any time prior to the Effective Date arising out
of, relating to, or having any connection with: (1) the Action; and (2) the
filing and maintenance of the Action (collectively, the “Claims Released by ICU
Medical”).

7.2            Releases
By Fulwider. Fulwider, for and on behalf of itself and all
others, fully and forever irrevocably
releases, acquits, and discharges ICU Medical of and from any and all Claims whether actual or alleged, known or unknown,
suspected or unsuspected, or foreseen or unforeseen, which Fulwider has or asserts against ICU Medical
by reason of any matter, cause or thing in any way relating to any
contract (express, oral, written, implied in fact, or implied in law), order,
judgment, liability, matter, cause, fact, thing, or act or omission on the part
of ICU Medical occurring or existing at any
time prior to the Effective Date arising out of, relating to, or having any
connection with: (1) the Action; and
(2) the filing and maintenance of the Action (collectively, the “Claims
Released by Fulwider”).

7.3            Waiver of
Provisions of California Civil Code Section 1542. The Parties, and each of them, acknowledge,
warrant, and represent that they are aware of and familiar with Section 1542 of
the California Civil Code, 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.”

The
Parties, after consultation with their respective attorneys, hereby expressly
acknowledge that the effective import of California Civil Code Section 1542 has
been fully explained to them by their attorneys and agree that, notwithstanding the
provisions of California Civil Code Section 1542, the Claims Released by the
ICU Medical and the Claims Released by Fulwider include any and all such Claims that are not known
or suspected to exist at the time of the execution of this Agreement, and, to the fullest extent
necessary to make effective such releases by the Parties of such not known or suspected Claims, the
Parties hereby expressly waive and relinquish all rights and benefits which
they may have under California Civil Code Section 1542 or the law of any other
state or jurisdiction, or common
law principle, to the same or similar effect.

8.             ADDITIONAL
PROVISIONS REGARDING ALL RELEASES

8.1            Releases
Do Not Extend To Certain Obligations. The releases set forth in Section 7, above,
are not intended to, and shall not, extend to or otherwise release or discharge
any rights,

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privileges,
benefits, duties, or obligations of any of the Parties by reason of, or
otherwise arising under, this
Agreement.

8.2         Subsequent
Discovery Of Different Facts. The Parties, and each of
them, acknowledge
that they may hereafter discover facts different from, or in addition to, those
which they now
believe to be true with respect to any and all of the Claims released in this
Agreement. Nevertheless, the Parties, and each of them, agree that each of the
releases set forth in Section 7, above, shall be and remain effective in all
respects, notwithstanding the discovery of different or additional facts. The
Parties, and each of them, hereby waive any mistake of fact or law in any way related to this Agreement.

8.3            No
Assignment Of Claims. Each of the Parties warrants and represents that
none of the
Claims it has released in Section 7, above, has been assigned or transferred,
in whole or in part, by such Party to any Person, and that no other Person
holds any interest in any such Claims. Each of the Parties agrees to
protect, defend, indemnify and hold harmless each of the other Parties from and
against any
such Claims (including, but not limited to, the payment of Fees and Costs
actually incurred,
whether or not litigation is commenced) based on, in connection with, or
arising out of any such
assignment or transfer by such Persons, or purported or claimed assignment or
transfer.

9.             MISCELLANEOUS PROVISIONS

9.1            Amendments. Neither this Agreement,
nor any term set forth in this Agreement, or in the Exhibits to this Agreement, may be changed,
waived, discharged, or terminated, orally or in writing, except that any term of this Agreement may be amended by a
writing signed by the Parties, and the
observance of any such term may be waived (either generally or in a particular
instance either retroactively or prospectively) by a writing signed by the
Parties against whom such waiver is to be asserted.

9.2            Agreement
Voluntarily Entered Into By Each Of The Parties. This Agreement is executed voluntarily by each of the Parties without any duress or undue
influence on the part, or on behalf, of any of them. The Parties represent and
warrant to each other that they have read and fully understand each of
the provisions of this Agreement and have relied on the advice and
representation of competent legal counsel of their own choosing.

9.3            Interpretation. This Agreement shall be
construed according to its fair meaning and not strictly for or against any party. All
references to a document or agreement in this Agreement, shall mean and refer to such document or
agreement as amended to date, even if any such amendment is not referenced
herein. All attached Exhibits are incorporated herein by this reference.

9.4            Reliance
Upon Representations. Each of the Parties acknowledges that, but for the provision of each of the warranties,
representations, and acknowledgements set forth in this Agreement, none
of the other Parties would enter into this Agreement.

9.5            Entire And Integrated Agreement. This Agreement is
intended by the Parties as a final expression of their agreement and is intended to be
a complete and exclusive statement of the agreement and understanding of the
Parties with respect to the subject matters contained in this Agreement. This Agreement supersedes any and
all prior promises, representations, warranties, agreements, understandings, or
undertakings with respect to such subject matters set forth or referred to in
this Agreement.

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9.6           Severability. If any provisions of
this Agreement shall, for any reason or to any extent, be construed by a court
of competent jurisdiction to be invalid or unenforceable, the remainder of this
Agreement shall be interpreted
so as best to reasonably effect the intent of the Parties.

9.7           Time. The time in which an act
under this Agreement is to be done shall be computed by excluding the first
day and including the last day. If the last day of any time period stated
herein shall
fall on a Saturday, Sunday or legal holiday, then the duration of such time
period shall be extended so that it shall end on the next succeeding day which is not a
Saturday, Sunday, or legal holiday. Unless preceded by the word “business” or “Business”,
the word “day” shall mean a calendar day. The phrase “Business Day” shall mean a day on which the Superior
Court of Orange County is open for business.

9.8           Enforcement Of This
Agreement. In the event of any dispute, claim, or litigation based upon, arising out
of, or relating to, the breach, enforcement, or interpretation of any of the provisions of this
Agreement or where any provision of this Agreement is validly asserted as a
defense, the
prevailing party or parties in such dispute, claim, or litigation, shall be
entitled to recover its or their
Fees and Costs which are reasonably incurred from the nonprevailing party or
parties. In addition to the Fees and Costs recoverable under the preceding
sentence, the Parties agree that the prevailing party shall be entitled to recover reasonable Fees and Costs incurred in
connection with the enforcement of a
judgment arising from such action or proceeding. The provisions of the
preceding sentence shall be severable
from the other provisions of this Agreement and shall survive the entry of any
such judgment.

9.9           Governing Law. The Agreement is entered
into and shall be governed, construed, and interpreted in accordance with the substantive and procedural laws and
rules of the State of California.

9.10        Headings. The section titles, captions, and headings
contained in this Agreement are inserted only as a matter of convenience and
for reference, and shall in no way be construed to define, limit, or extend the scope of this Agreement
or the intent of any of its provisions.

9.11        Recitals. The Recitals set forth
at the beginning of this Agreement and the other provisions hereof shall not be admissible to
prove the truth of the matters asserted in such Recitals or other provisions
either in the Action or in any action or proceeding involving any of the
Parties (other than an action or proceeding brought to enforce the terms of this
Agreement), nor do any of the Parties intend such Recitals or other provisions to constitute admissions of
fact by any of them.

9.12        Authorization. Each of the Parties represents and warrants that
(a) it is fully authorized to enter into this Agreement, (b) it has read and fully
understands each of the provisions of the Agreement, (c) it has relied on the
advice and representation of legal counsel of its own choosing with respect to the
matters set forth in this Agreement, (d) it has signed the Agreement
voluntarily, without
any duress or undue influence on the part, or on behalf, of any party, and (e)
the terms of this Agreement are contractual and not merely recitals. In
addition, each of the partnership and corporate Parties represents and warrants that (f) it is
duly organized and existing in good standing under the laws of one of the states of the United States,
(g) it has taken all necessary partnership and corporate and internal legal actions to duly approve the
making and performance of this Agreement and that no further partnership,
corporate or internal approval is necessary, and (h) the making and performance
of this Agreement will not violate any provision of law or the Party’s
Partnership Agreement, Articles of Incorporation, Charter, By-Laws, Articles of
Organization, Conditions, Covenants & Restrictions, or Operating
Agreement, as applicable.

 6
 

9.13 Additional Necessary Documents. The Parties, and each of
them, agree to execute such
additional documents as may be reasonably required in order to carry out the
purpose and intent of this Agreement, or to evidence anything contained in this
Agreement.

9.14 Venue; Jurisdiction. Each party hereto (which
includes any assignee, successor, heir or personal representative of a party) consents to
and waives any objection to venue in Orange County, California, and agrees and consents to
personal jurisdiction of the courts of the State of California in any action or proceeding or counterclaim brought by
any party to this Agreement on any matter whatsoever arising out of or in any
way connected with this Agreement. It is the intention of the Parties that these provisions shall be subject to
no exceptions. By execution of this Agreement, the Parties agree that this provision may be filed by
any Party hereto with the clerk or judge before whom any action is instituted. No Party has in any way
agreed with or represented to any other Party that the provisions of
this Section will not be fully enforced in all instances.

9.15 Execution In Counterparts. This Agreement may be
signed by the Parties in counterparts, and the signature pages may be combined to
create a document binding on all of the Parties and together they shall constitute one and
the same instrument. Facsimile signatures shall be effective as original signatures.

9.16 Notice Requirements. Except as otherwise
expressly provided in this Agreement and unless applicable law requires a different method
of giving notice, any and all notices, demands, or other communications
required or desired to be given hereunder by any Party shall be in writing addressed to the Party
to whom such notice, demand, or other communication is to be given at the address set forth
herein and shall be validly given or made to another Party if served personally
or sent via
overnight mail with signature of recipient required. If such notice, demand, or
other communication
is served personally, service shall be conclusively deemed made at the time of
such personal service; if such
notice, demand, or other communication is given by overnight mail, service shall be conclusively deemed made upon confirmation
of delivery by the carrier. Any Party hereto may change its address for the purpose of receiving notices, demands and
other communications as herein provided by a written notice given in the
manner aforesaid to the other Parties hereto:

(a)             Notices
to ICU Medical shall be addressed as follows: ICU Medical, Inc., Chief Financial Officer, 951
Calle Amanecer, San Clemente, California, 92673, with a copy to Laura Kohut, Esq., Kohut & Kohut LLP, 600 Anton Blvd.,
Suite 1075, Costa Mesa, CA 92626.

(b)             Notices to Fulwider
shall be addressed as follows: George M. Lindahl, Esq., Lindahl Beck LLP, 660 South Figueroa Street,
Suite 1500, Los Angeles, CA 90017.

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the dates set
forth opposite their
respective signatures below.

	
  DATED:

  	
  January 2, 2007

  	
   

  	
  Fulwider Patton Lee &
  Utecht LLP

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/John Nagy

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its: Partner

  

 

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  DATED:

  	
  January 2, 2007

  	
   

  	
  ICU
  Medical, Inc.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Francis J. O’Brien

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its: Chief Financial Officer

  

 

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