Document:

Exhibit 10.14 to 2005 Form 10-K

    EXHIBIT
      10.14

    

    EMPLOYMENT
      AGREEMENT

    

    

    This
      EMPLOYMENT AGREEMENT (the “Agreement”) is made as of August
      8, 2005,
      by and
      between CRITICARE SYSTEMS, INC., a Delaware corporation (the “Company”), and
      Joel D. Knudson (‘Employee”).

    

    RECITALS

    

    
      	 	
              A.

            	
              Employee
                is currently employed by the Company as its Vice President -
                Finance.

            

    

    

    
      	 	
              B.

            	
              The
                Company desires to make certain agreements with Employee in order
                to
                induce Employee to remain in such employ and in exchange for Employee’s
                covenants herein.

            

    

    

    
      	 	
              C.

            	
              The
                parties desire to evidence their agreement as to the terms of the
                Company’s employment of Employee.

            

    

    

    AGREEMENT

    

    In
      consideration of the foregoing recitals and mutual covenants contained herein,
      the parties hereby agree as follows:

    

    
      	 	
              1.

            	
              Employment.
                The Company hereby continues its employment of Employee as the Company’s
                Vice President - Finance, and Employee hereby accepts such employment,
                subject to the provisions of this
                agreement.

            

    

    

    
      	 	
              2.

            	
              Duties
                and Authority.
                Employee shall be employed as the Company’s Vice President - Finance.
                Employee shall have such duties and authority as are customary for
                the
                Vice President - Finance of a publicly held corporation with similar
                authority as the Company’s Board of Directors or President may from time
                to time reasonably assign Employee consistent with the foregoing
                and the
                other provisions of this Agreement. Employee agrees to devote his
                entire
                business time, energy and skills to such employment. However, it
                is
                understood that Employee shall not be required to devote more than
                the
                usual and customary hours per calendar week to such employment as
                are
                generally expected of similarly situated employees of publicly held
                companies. At all times, Employee shall be subject to the direction
                of the
                Company’s Board of Directors and its
                President.

            

    

    

    
      	 	
              3.

            	
              Compensation
                and Benefits.
                Employee shall be entitled to the following compensation and benefits
                for
                services rendered to the Company:

            

    

    

    
      	 	
              (a)

            	
              Compensation.
                Employee shall receive an annual base salary payable in equal installments
                not less frequently than monthly. Employee’s base salary shall be reviewed
                annually within 30 days prior to the end of each fiscal year (but
                such
                annual base salary shall not be reduced to less than the prior year’s
                annual base salary without Employee’s written
                consent).

            

    

    

    
      	 	
              (b)

            	
              Bonus
                Plan.
                Employee shall be eligible to receive a bonus annually, based on
                Employee’s and the Company’s financial performance, in the discretion of
                the Board of Directors.

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	 	
              (c)

            	
              Expense
                Reimbursements. The
                Company shall reimburse Employee for actual out-of-pocket costs incurred
                for reasonable business expenses, other than automobile expenses
                (which
                are covered in Section 3(d)) in accordance with the policies and
                procedures of the Company in effect from time to
                time.

            

    

    

    
      	 	
              (d)

            	
              Automobile
                Allowance.
                Employee shall receive a Company car or car allowance subject to
                Company
                policies in effect from time to time with respect to reimbursement
                for
                personal use.

            

    

    

    
      	 	
              (e)

            	
              Vacations.
                Employee
                shall be entitled to paid vacations of not more than four weeks each
                calendar year, which may be taken at Employee’s discretion; provided,
                however, that such vacation shall not unreasonably interfere with
                the
                Company’s needs at such time. Unused vacation time for a calendar year
                shall not be carried over form one year to the
                next.

            

    

    

    
      	 	
              (f)

            	
              Health
                Insurance.
                Employee shall be entitled to family health insurance coverage under
                the
                Company’s group plan on a premium-sharing basis then in
                effect.

            

    

    

    
      	 	
              (g)

            	
              Life
                and Disability Insurance.
                Employee shall be entitled to participate in the Company’s group life
                insurance and disability insurance in effect from time to
                time.

            

    

    

    
      	 	
              (h)

            	
              Severance
                Pay. 

            

    

    

    
      	 	
              (i)

            	
              This
                Agreement may be terminated by the Company at any time for Cause
                (as
                hereinafter defined), and in such event Employee shall not be entitled
                to
                receive any further compensation. For purposes of this Agreement,
                the term
                “Cause” shall mean acts of fraud, repeated material misconduct, or
                intentional dishonesty by Employee in the course of Employee’s employment
                with the Company, or the commission of a
                felony.

            

    

    

    
      	 	
              (ii)

            	
              In
                the event that Employee voluntarily terminates Employee’s employment by
                the Company, Employee shall not be entitled to receive any further
                compensation; provided, however, that if such voluntary termination
                occurs
                at any time after Employee has completed three (3) months of employment
                by
                the Company after the occurrence of a “Change in Control” (as hereinafter
                defined), Employee shall be entitled to receive severance benefits
                for a
                period of 12 months after the date of termination or until Employee
                secures new employment, whichever is shorter, consisting of the following:
                

            

    

    

    
      	 	
              A.

            	
              Employee’s
                base salary, and

            

    

    

    
      	 	
              B.

            	
              The
                amount which the Company pays for group heath insurance benefits
                with
                respect to such employee and Employee’s family and the continuation of
                Employee’s company provided group term life and disability insurance or
                equivalent coverage, and 

            

    

    

    
      	 	
              C.

            	
              Continuation
                of use of the company car or an equivalent car
                allowance.

            

    

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      	 	
              (iii)

            	
              Notwithstanding
                anything to the contrary herein, Employee’s employment hereunder may be
                terminated by the Company at any time prior to or after a “Change in
                Control” (as hereinafter defined), however, in such event, Company shall
                pay Employee for a period of 12 months after the date of termination
                as
                severance benefits consisting of the
                following;

            

    

    

    
      	 	
              A.

            	
              Employee’s
                base salary, and

            

    

    

    
      	 	
              B.

            	
              The
                amount which the Company pays for group heath insurance benefits
                with
                respect to such Employee and Employee’s family and the continuation of
                Employee’s company provided group term life and disability insurance or
                equivalent coverage, and 

            

    

    

    
      	 	
              C.

            	
              Continuation
                of use of the company car or an equivalent car
                allowance.

            

    

    

    A
      termination without cause shall be deemed to have occurred if Company, without
      Employee’s consent, materially reduces Employee’s responsibilities, reduces
      Employee’s salary or requires Employee to relocate or transfer to a site further
      than 30 miles from Employee’s current place of employment.

    

    The
      term
“Change in Control” shall mean a sale, assignment or exchange of more than 51%
      of the voting stock outstanding immediately after such sale or the sale,
      assignment or exchange of substantially all of the assets of the Company. The
      date of the Change in Control shall mean the date upon which a sale is closed,
      or in a series of transactions, the date upon which beneficial ownership of
      the
      voting stock or assets is transferred.

    

    All
      amounts payable to Employee under this Section 3 shall be paid in normal payroll
      installments on normal payroll dates less all applicable withholding. Except
      as
      otherwise provided in this Section 3, as of the effective date of termination,
      all obligations of the Company to pay Employee compensation shall terminate
      and
      the Company shall have no further obligation to Employee after the date of
      termination.

    

    Upon
      termination of employment for any reason, Employee will deliver to the Company
      all data, records and information, including without limitation, all documents,
      correspondence, files, notebooks, reports, computer programs, software, manuals,
      customer information, samples and all other materials and copies thereof
      relating to the Company’s business which Employee may possess or which are under
      Employee’s control.

    

    
      	 	
              4.

            	
              Options.
                In
                the event of a Change in Control of the Company as those terms are
                defined
                in the Agreement, stock options held by Employee shall become immediately
                exercisable without regard to vesting and/or applicable benchmarks
                unless
                the agreement governing the exercise of such options contains provisions
                expressly to the contrary. In the event of a sale or exchange of
                assets or
                stock anticipated to constitute a Change in Control, the Company
                agrees
                that it shall make provisions for the conversion or exchange of shares
                to
                be received upon the exercise of such options for the consideration
                to be
                received by stockholders of the Company generally; provided, however,
                that
                Employee may be required to provide to the Company an irrevocable
                notice
                of exercise a reasonable period of time prior to the actual closing
                date
                to facilitate such exchange.

            

    

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      	 	
              5.

            	
              Confidentiality.
                Employee covenants that Employee shall at all times keep confidential
                the
                Company’s financial statements and other financial information, except to
                the extent (a) disclosure of financial information (but not financial
                statements) is incidental to the performance of Employee’s duties for the
                Company, (b) disclosure is required by applicable law, or (c) the
                Company’s Board of Directors authorizes
                disclosure.

            

    

    

    
      	 	
              6.

            	
              Other
                Company Employees.
                For a period of one year from the date Employee’s employment by the
                Company terminates, Employee shall not (a) solicit another Company
                employee to leave the Company’s employ and work for the Employee or
                another person or entity, or (b) participate in the hiring of another
                Company employee by another person or entity away form the
                Company.

            

    

    

    
      	 	
              7.

            	
              Arbitration.
                Any controversy or claims arising out of or relating to this Agreement
                shall be submitted to binding arbitration in accordance with the
                Commercial Arbitration Rules of the American Arbitration Association
                in
                Waukesha County, Wisconsin, and judgment upon the award rendered
                by the
                arbitrator may be entered in any court having jurisdiction thereof.
                If the
                parties cannot agree on the choice of a single arbitrator within
                15 days
                after receipt of a notice of arbitration, then the parties shall
                contact
                the chairperson of the Alternative Dispute Resolution section of
                the
                Wisconsin Bar, who shall select an independent arbitrator, and the
                arbitration shall be decided by such independent arbitrator. Each
                of the
                parties reserves the right to file with a court of competent jurisdiction
                an application for temporary or preliminary injunctive relief or
                a
                temporary protective order on the grounds that the arbitration award
                to
                which the applicant may be entitled may be rendered ineffective in
                the
                absence of such relief. The arbitration award shall be in writing,
                and
                shall specify the factual and legal basis for the award. The losing
                party
                shall pay all costs and expenses of the
                arbitrator.

            

    

    

    
      	 	
              8.

            	
              Notices.
                Any notice, request, approval, consent, demand, permission or other
                communication required or permitted by this Agreement shall be effective
                only if it is in writing signed by the party giving same and shall
                be
                deemed to have been sent, given and received only either (a) when
                personally received by the intended recipient, or (b) three days
                after
                depositing in the United States Mail, registered or certified mail,
                return
                receipt requested, with first-class postage prepaid, addressed as
                follows:

            

    

    

    If
      to the
      Employee:

    

    Joel
      D.
      Knudson

    W170
      N10762 Aspen Court

    Germantown,
      WI 53022

    

    If
      to the
      Company:

    

    Criticare
      Systems, Inc.

    20925
      Crossroads Circle

    Waukesha,
      WI 53186

    Attn:
      President

    

    or
      to
      such other address as the intended recipient may have theretofore specified
      by
      notice given to the sender as provided in this section.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      	 	
              9.

            	
              Assignability.
                This Agreement requires the personal services of Employee, and Employee’s
                rights or obligations hereunder may not be assigned or delegated
                except as
                set forth in this Agreement. In the event of a sale of the stock
                of the
                Company, or consolidation or merger of the Company with or into another
                company or entity, or the sale of all or any substantial part of
                the
                assets of the Company to another corporation, entity or individual,
                the
                Company may assign this Agreement to any successor in interest and
                upon
                such assignment, Company shall have no further liability hereunder
                and the
                successor in interest shall be subject to all obligations and be
                entitled
                to enforce all rights of the Company under this Agreement. Subject
                to the
                foregoing, this Agreement shall bind and inure to the benefit of
                the
                parties and their respective successors and
                assigns.

            

    

    

    
      	 	
              10.

            	
              Other
                Agreements. This
                Agreement contains the entire agreement between the Company and Employee
                with respect to the subject matter hereof, and merges and supersedes
                all
                prior agreements, understandings or negotiations whatsoever with
                respect
                to the subject matter hereof.

            

    

    

    
      	 	
              11.

            	
              Amendments
                and Waivers.
                No
                amendments to this Agreement or any waiver of any of its provisions
                shall
                be effective unless expressly stated in writing signed by both parties.
                No
                delay or omission in the exercise of any right, power or remedy under
                or
                for this Agreement shall impair this right, power or remedy or be
                construed as a waiver of any breach. Any waiver of a breach of any
                provision of this Agreement shall not be treated as a waiver of any
                other
                provision of this Agreement or of any subsequent breach of the same
                or any
                other provision of this Agreement.

            

    

    

    
      	 	
              12.

            	
              Severability.
                If
                any provision of the Agreement shall be held illegal, invalid or
                otherwise
                unenforceable under controlling law, the remaining provisions of
                this
                Agreement shall not be affected thereby but shall continue in
                effect.

            

    

    

    
      	 	
              13.

            	
              Governing
                Law.
                This Agreement shall be governed by and construed and enforced in
                accordance with the laws of the State of
                Wisconsin.

            

    

    

    

    CRITICARE
      SYSTEMS, INC.

    

    

    By:
      /s/
      Emil H.
      Soika                        
              

              
      Its:  PRES/CEO           
      

    

    EMPLOYEE:

    

    

    /s/
      Joel D. Knudson_______________

                                                                                                                   
      Joel
      D.
      Knudson

    

     

     

    
      5Exhibit 10.15 to 2005 Form 10-K

    EXHIBIT
      10.15

    

    EMPLOYMENT
      AGREEMENT

    

     

    This
      EMPLOYMENT AGREEMENT (the "Agreement") is made as of October 20th, 2004, by
      and
      between CRITICARE SYSTEMS, INC., a Delaware corporation and Mike Larsen
      ("Employee").

    

    RECITALS

    

    A.    Employee
      is currently employed by the Company as its VP of Quality and Regulatory
      Affairs.

    

    B.    The
      Company desires to make certain agreements with Employee in order to induce
      Employee to remain in such employ and in exchange for Employee's covenants
      herein.

    

    C.    The
      parties desire to evidence their agreement as to the terms of the Company's
      employment of Employee.

    

    AGREEMENT

    

    In
      consideration of the foregoing recitals and mutual covenants contained herein,
      the parties hereby agree as follows:

    

    1.    Employment.
      The
      Company hereby continues its employment of Employee as the Company's VP of
      Quality and Regulatory Affairs, and Employee hereby accepts such employment,
      subject to the provisions of this Agreement.

    

    2.    Duties
      and Authority.
      Employee shall be employed as the Company's VP of Quality and
      Regulatory Affairs. Employee shall have such duties and authority as are
      customary for the VP of Quality and Regulatory Affairs of a publicly-held
      corporation with similar authority and as the Company's Board of Directors
      may
      from time to time reasonably assign Employee consistent with the foregoing
      and
      the other provisions of this Agreement. Employee agrees to devote employee's
      entire business time, energy and skills to such employment. However, it is
      understood that Employee shall not be required to devote more than the usual
      and
      customary hours per calendar week to such employment as are generally expected
      of similarly situated Employees of publicly-held companies. At all times,
      Employee shall be subject to the direction of the Company's Board of Directors
      and its President.

    

    3.    Compensation
      and Benefits.
      Employee shall be entitled to the following compensation and benefits for
      services rendered to the Company:

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (a)    Compensation.
      Employee shall receive an annual base salary payable in equal installments
      not
      less frequently than month.

    

    (b) \    Expense
      Reimbursements.
      The
      Company shall reimburse Employee for actual out-of-pocket costs incurred for
      reasonable business expenses, other than automobile expenses (which are covered
      in Section 3 (d)) in accordance with the policies and procedures of the Company
      in effect from time to time.

    

    (c)    Automobile
      Allowance.
      Employee shall receive a Company car or car allowance subject to Company
      policies in effect from time to time with respect to reimbursement for personal
      use.

    

    (d)    Vacations.
      Employee shall be entitled to normal vacation allowance per company policies,
      which may be taken in Employee's discretion; provided, however, that such
      vacation shall not unreasonably interfere with the Company's needs at such
      time.
      Unused vacation time for a calendar year shall not be carried over from one
      year
      to the next.

    

    (e)    Health
      Insurance.
      Employee shall be entitled to family health insurance coverage under the
      Company's group plan on a premium-sharing basis then in effect.

    

    (f)    Disability
      Insurance.
      Employee shall be entitled to participate in the Company's group life insurance
      and disability insurance in effect from time to time.

    

    (g)    Severance
      Pay.

    

    (i)    This
      Agreement may be terminated by the Company at any time for Cause (as hereinafter
      defined), and in such event Employee shall not be entitled to receive any
      further compensation. For purposes of this Agreement, the term "Cause" shall
      mean acts of fraud, repeated material misconduct, or intentional dishonesty
      by
      Employee in the course of Employee's employment with the Company, or the
      commission of a felony.

    

    (ii)    The
      severance provision is activated upon a change of control (as hereinafter
      defined). Should an employee be terminated after the occurrence of a change
      of
      control without cause, Employee shall be entitled to receive severance benefits
      for a period of twelve months after the date of termination or until employee
      secures new employment, whichever is shorter, consisting of the
      following:

    

    A. 
      Employee's
      base salary, and 

    

    B. 
      The
      amount which the Company pays for group health insurance benefits with respect
      to such Employee and Employee's family and the continuation of Employee's
      company provided life insurance or equivalent coverage, and

    

    C. 
      Continuation
      of use of the company car or an equivalent car allowance.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    A
      termination without Cause shall be deemed to have occurred if Company, without
      Employee's consent, materially reduces Employee's responsibilities, reduces
      Employee's salary or requires Employee to relocate or transfer to a site further
      than 30 miles from Employee's current place of employment.

    

    The
      term
      "Change in Control" shall mean a sale, assignment or exchange of more than
      51%
      of the voting stock outstanding immediately after such sale or the sale,
      assignment or exchange of substantially all of the assets of the Company. The
      date of the Change in Control shall mean the date upon which a sale is closed,
      or in a series of transactions, the date upon which beneficial ownership of
      the
      voting stock or assets is transferred.

    

    All
      amounts payable to Employee under this Section 3 shall be paid in normal payroll
      installments on normal payroll dates less all applicable withholding. Except
      as
      otherwise provided in this Section 3, as of the effective date of termination,
      all obligations of the Company to pay Employee compensation shall terminate
      and
      the Company shall have no further obligation to Employee after the date of
      termination.

    

    Upon
      termination of employment for any reason, Employee will deliver to the Company
      all data, records and information, including without limitation, all documents,
      correspondence, files, notebooks, reports, computer programs, software, manuals,
      customer information, samples and all other materials and copies thereof
      relating to the Company's business which Employee may possess or which are
      under
      Employee's control.

    

    4.    Options.
      In the
      event of a Change in Control of the Company as those terms are defined in the
      Agreement, stock options held by Employee shall become immediately exercisable
      without regard to vesting and/or applicable benchmarks unless the agreement
      governing the exercise of such options contains provisions expressly to the
      contrary. In the event of a sale or exchange of assets or stock anticipated
      to
      constitute a Change in Control, the Company agrees that it shall make provisions
      for the conversion or exchange of shares to be received upon the exercise of
      such options for the consideration to be received by stockholders of the Company
      generally; provided, however, that Employee may be required to provide to the
      Company an irrevocable notice of exercise a reasonable period of time prior
      to
      the actual closing date to facilitate such exchange.

    

    5.    Confidentiality.
      Employee covenants that Employee shall at all times keep confidential the
      Company's financial statements and other financial information, except to the
      extent (a) disclosure of financial information (but not financial statements)
      is
      incidental to the performance of Employee's duties for the Company, (b)
      disclosure is required by applicable law, or (c) the Company's Board of
      Directors authorizes disclosure.

    

    6.    Other
      Company Employees.
      For a
      period of one year from the date Employee's employment by the Company
      terminates, Employee shall not (a) solicit another Company employee to leave
      the
      Company's employ and work for the Employee or another person or entity, or
      (b)
      participate in the hiring of another Company employee by another person or
      entity away from the Company.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    7.    Restrictive
      Covenant.

    

    (a)    As
      used
      in this Section 7, the following definitions apply:

    

    "Products"
      mean vital signs medical monitoring equipment primarily marketed for use in
      hospital and alternate care medical facilities.

    

    "Protected
      Territory" means the United States of America and all countries outside of
      the
      United States of America.

    

    (b)    The
      Employee expressly acknowledges that:

    

    (i) 
      Important
      and essential assets of the Company's business are the identity of the Company's
      customers for its Products in the Protected Territory and the identity of
      relationships in its distribution network for its Products in the Protected
      Territory and their goodwill toward the Company relating to the marketing and
      distribution of the Company's Products in the Protected Territory,
      and

    

    (ii) 
      The
      Company through Employee has expended substantial time, money and effort in
      acquiring its customers and distribution network for its Products in the
      Protected Territory, and the business and goodwill which the Company enjoys
      are
      dependent to a high degree upon their personal relationships with
      Employee;

    

    (iii)  
      Selling
      and servicing the Company's Products in the Protected Territory requires special
      skills and knowledge which are valuable assets of the Company.

    

    (c)    Employee
      expressly agrees that during the term of this Agreement and for the period
      of 12
      months after Employee's voluntary termination of employment or for the period
      of
      12 months after the Company's termination of Employee's employment with or
      without Cause (the running of said 12 month periods being tolled during any
      breach of the provisions of this section):

    

    (i)    The
      Employee will not, either directly or indirectly, for Employee or on behalf
      of
      or in conjunction with any other person, firm, partnership, corporation,
      association or other entity, contact in the Protected Territory any customer
      of
      the Company to whom the Company has sold any of its Products within the 12
      months immediately preceding Employee's termination or to whom the Company
      or
      any member of its distribution network has made a proposal in the Protected
      Territory for the sale of the Company's Products within the six months preceding
      Employee's termination or to whom Employee or Company's distribution network
      called upon in the Protected Territory during the periods described above for
      the primary purpose of soliciting such customer in the Protected Territory
      with
      respect to purchasing or obtaining services with respect to Products for use
      in
      the Protected Territory which compete with Products manufactured and sold by
      the
      Company, and

    

    (ii)    Employee
      will not directly or indirectly solicit or communicate with members of the
      Company's distribution network in the Protected Territory at the time Employee's
      employment is terminated or who were members of such distribution network in
      the
      Protected Territory within 12 months immediately preceding such termination
      date
      (y) for the purpose of encouraging such persons to leave or terminate their
      relationship with the Company, or (z) for the primary purpose of encouraging
      such members to represent any other person, firm, partnership, corporation,
      association or other entity with respect to the sale, lease or servicing of
      Products in the Protected Territory which compete with Products manufactured
      and
      sold by the Company.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    (d)    Employee
      further expressly agrees that at no time during the term of this Agreement
      will
      Employer engage in or have a financial interest in any business which is
      offering, selling, supplying, manufacturing, or servicing Products which are
      competitive with any Products offered, sold or supplied by the Company to any
      person, firm, partnership, corporation, or other entity.

    

    (e)    Employee
      further agrees that the remedy at law for any breach for any of the provisions
      of this section will be inadequate and that the Company, its successors or
      assigns shall be entitled to injunctive relief in addition to any other rights
      or remedies which the Company may have for any such breach.

    

    8.    Arbitration.
      Any
      controversy or claims arising out of or relating to this Agreement shall be
      submitted to binding arbitration in accordance with the Commercial Arbitration
      Rules of the American Arbitration Association in Waukesha County, Wisconsin,
      and
      judgment upon the award rendered by the arbitrator may be entered in any court
      having jurisdiction thereof. If the parties cannot agree on the choice of a
      single arbitrator within 15 days after receipt of a notice of arbitration,
      then
      the parties shall contact the chairperson of the Alternative Dispute Resolution
      section of the Wisconsin Bar, who shall select an independent arbitrator, and
      the arbitration shall be decided by such independent arbitrator. Each of the
      parties reserves the right to file with a court of competent jurisdiction an
      application for temporary or preliminary injunctive relief or a temporary
      protective order on the grounds that the arbitration award to which the
      applicant may be entitled may be rendered ineffective in the absence of such
      relief. The arbitration award shall be in writing, and shall specify the factual
      and legal bases for the award. The losing party shall pay all costs and expenses
      of the arbitrator.

    

    9.    Notices.
      Any
      notice, request, approval, consent, demand, permission or other communication
      required or permitted by this Agreement shall be effective only if it is in
      a
      writing signed by the party giving same and shall be deemed to have been sent,
      given and received only either (a) when personally received by the intended
      recipient, or (b) three days after depositing in the United States Mail,
      registered or certified mail, return receipt requested, with first-class postage
      prepaid, addressed as follows:

    

    If
      the
      Employee:

    

    Mike
      Larsen

    

    If
      to the
      Company:

    

    Criticare
      Systems, Inc.

    20925
      Crossroads Circle 

    Waukesha,
      WI 53186 

    Attn:
      President

    

    or
      to
      such other address as the intended recipient may have theretofore specified
      by
      notice given to the sender as provided in this section.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    10.    Assignability.
      This
      Agreement requires the personal services of employee, and Employee's rights
      or
      obligations hereunder may not be assigned or delegated except as set forth
      in
      this Agreement. In the event of a sale of the stock of the Company, or
      consolidation or merger of

    the
      Company with or into another company or entity, or the sale of all or any
      substantial part of the assets of the Company to another corporation, entity
      or
      individual, the Company may assign this Agreement to any successor in interest
      and upon such assignment, Company shall have no further liability hereunder
      and
      the successor in interest shall be subject to all obligations and be entitled
      to
      enforce all rights of the Company under this Agreement. Subject to the
      foregoing, this Agreement shall bind and inure to the benefit of the parties
      and
      their respective successors and assigns.

    

    11.    Other
      Agreements.
      This
      Agreement contains the entire agreement between the Company and Employee with
      respect to the subject matter hereof, and merges and supersedes all prior
      agreements, understandings or negotiations whatsoever with respect to the
      subject matter hereof.

    

    12.    Amendments
      and Waivers.
      No
      amendment to this Agreement or any waiver of any of its provisions shall be
      effective unless expressly stated in a writing signed by both parties. No delay
      or omission in the exercise of any right, power or remedy under or for this
      Agreement shall impair such right, power or remedy or be construed as a waiver
      of any breach. Any waiver of a breach of any provision of this Agreement shall
      not be treated as a waiver of any other provision of this Agreement or of any
      subsequent breach of the same or any other provision of this
      Agreement.

    

    13.    Severability.
      If any
      provision of this Agreement shall be held illegal, invalid or otherwise
      unenforceable under controlling law, the remaining provisions of this Agreement
      shall not be affected thereby but shall continue in effect.

    

    14.    Governing
      Law.
      This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of Wisconsin.

    

    CRITICARE
      SYSTEMS, INC.

    

    BY: 
      

     

    /s/
      Emil
      Soika                                              12-06-04             
       

    Emil
      Soika, President & CEO                Date

    

    

    EMPLOYEE:
      

    

    /s/
      Mike
      Larsen                                          12-05-04           
       

    Mike
      Larsen                                           
      Date

     

     

    
      6

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