Document:

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                                                                   Exhibit 10.15

                              EMPLOYMENT AGREEMENT

                                 March 23, 2004

      AGREEMENT made by and between Jeff Smith (the "Executive") and Insulet
Corporation, a Delaware corporation with a principal place of business at 100
Cummings Center, Suite 239G, Beverly, Massachusetts 01915 ("Insulet" or the
"Company").

      WHEREAS, the Executive's position under this Agreement requires that he be
trusted with extensive confidential information and trade secrets of the Company
and that he develop a thorough and comprehensive knowledge of all details of the
Company's business, including, but not limited to, information relating to
research, development, inventions, financial and strategic planning, research,
marketing, distribution and licensing of the Company's products and services;

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and in consideration of the mutual
covenants and obligations herein contained, the parties hereto agree as follows:

      1. Position and Responsibilities. During the term of this Agreement, the
Executive agrees to serve as Vice President, Sales and Marketing or in such
other positions and with such other title as may be assigned from time to time
by the Chief Executive Officer. The Executive shall exercise such powers and
comply with and perform, faithfully and to the best of his ability, such
directions and duties in relation to the business and affairs of the Company as
may from time to time be vested in or requested of him. The Executive shall
devote substantially all of his business time, attention and energies to the
Company's business and shall not engage in any other business activity without
the Chief Executive Officer's approval. The Executive shall perform his services
under this Agreement at such locations as may be required by the Company, but he
initially will be located at the Company's facilities in Beverly, Massachusetts.

      2. Compensation: Salary, Bonuses and Other Benefits. During the term of
this Agreement, the Company shall pay the Executive, as consideration for the
Executive's satisfactory performance of his duties, the following compensation:

            (A) Salary. In consideration of the services to be rendered by the
            Executive to the Company, the Company will pay to the Executive a
            bi-weekly salary of $7692.30 (annualized, $200,000) (the Executive's
            "Base Salary"). Such Base Salary shall be payable in conformity with
            the Company's customary practices for executive compensation, as
            such practices shall be established or modified from time to time.
            Executive's performance and salary will be reviewed by the Chief
            Executive Officer annually on or about the anniversary of this
            Agreement.

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            (B) Fringe Benefits. The Executive will be eligible to participate
            on the same general basis and subject to the same rules and
            regulations as other Company executives in the Company's standard
            benefit plans as such benefits or plans may be modified or amended
            from time to time. The Company may alter, add to, modify or delete
            its benefit plans at any time it determines in its sole judgment to
            be appropriate.

            (C) Life Insurance. The Company shall provide Executive with life
            insurance in an amount equal to twice Executive's annual salary, the
            proceeds of which are to be payable to the Executive's designated
            beneficiary.

            (D) Vacation. During the term hereof, the Executive shall be
            eligible to accrue three weeks of paid vacation per calendar year,
            to be taken at such times and intervals as shall be agreed to by the
            Company and the Executive in their reasonable discretion.

            (E) Equity. Executive will be greatened the opportunity to purchase
            360,000 shares of Company common stock, $0.001 par value, at a
            purchase price equal to the fair market value as of the date of the
            grant. The shares will be subject to and governed by the terms and
            conditions of a Stock Restriction Agreement between Executive and
            the Company and the Company's Stock Option and Incentive Plan, which
            will include, among other things, a vesting schedule.

            (F) Business Expenses. The Company shall pay or reimburse the
            Executive for all reasonable business expenses incurred or paid by
            the Executive in the performance of his responsibilities hereunder
            in accordance with the Company's prevailing policy and practice
            relating to reimbursements as established, modified or amended from
            time to time. The Executive must provide substantiation and
            documentation of these expenses to the Company in order to receive
            reimbursement.

            (G) Tax Withholding. All payments in this Section 2 shall be subject
            to all applicable federal, state and local withholding, payroll and
            other taxes.

      3. Term. Subject to the earlier termination as hereafter provided in
Section 4 he term of this Agreement shall commence on June 14, 2004, and shall
continue until three years therefrom. At the end of the term, the Agreement will
expire and, if the parties mutually desire for the Executive to remain employed,
such employment will continue solely on an "at-will" basis, which means that
either the Company or the Executive can terminate the Executive's employment at
any time, for any or no reason, and with or without cause or prior notice, and
without obligation of salary continuation, severance or other benefits upon such
termination.

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      4. Termination. The Executive's employment under this Agreement may be
terminated as follows:

            (A) By Expiration of the Agreement: If this Agreement expires as set
            forth in Section 3 hereof, the Executive's employment shall
            terminate and the Executive shall be entitled to no payments, salary
            continuation, severance or other benefits after the expiration date
            of the Agreement, except for Base Salary and vacation to the extent
            accrued through the date of such expiration; provided, however, that
            at the expiration of this Agreement, the parties may agree to
            continue the Executive's employment solely on an "at-will" basis, as
            described in Section 3 above.

            (B) At the Executive's Option. The Executive may terminate his
            employment under this Agreement, at any time by giving at least
            forty-five (45) days' advance written notice to the Company. In the
            event of a termination at the Executive's option, the Company may
            accelerate Executive's departure date and will have no obligation to
            pay Executive after his actual departure date. In the event of
            termination at the Executive's option, the Executive shall be
            entitled to no payments, salary continuation, severance or other
            benefits, except for earned but unpaid Base Salary and vacation to
            the extent accrued through the Executive's departure date.

            (C) At the Election of the Company for Cause. The Company may,
            immediately and unilaterally, terminate the Executive's employment
            under this Agreement for "Cause" at any time during the term of this
            Agreement without any prior written notice to the Executive.
            Termination by the Company shall constitute a termination for Cause
            under this Section 4(C) if such termination is for one or more of
            the following causes:

                  (i) the failure or refusal of the Executive to render services
                  to the Company in accordance with his obligations under this
                  Agreement or a determination by the Company that the Executive
                  has failed to perform the duties of his employment;

                  (ii) disloyalty, gross negligence, dishonesty, breach of
                  fiduciary duty or breach of the terms of this Agreement or the
                  other agreements executed in connection herewith;

                  (iii) the commission by the Executive of an act of fraud,
                  embezzlement or disregard of the rules or policies of the
                  Company or the commission by the Executive of any other action
                  which injures the Company;

                  (iv)  acts which, in the judgment of the Board of
                  Directors, would tend to generate adverse publicity toward
                  the Company;

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                  (v)   the commission, or plea of nolo contendere, by the
                  Executive of a felony;

                  (vi) the commission of an act which constitutes unfair
                  competition with the Company or which induces any customer of
                  the Company to breach a contract with the Company; or

                  (vii) a breach by the Executive of the terms of the
                  Non-Competition and Non-Solicitation Agreement or the Employee
                  Nondisclosure and Developments Agreement.

                  In the event of a termination for Cause pursuant to the
                  provisions of clauses (i) through (vii) above, inclusive, the
                  Executive shall be entitled to no payments, salary
                  continuation, severance or other benefits, except for earned
                  but unpaid Base Salary and vacation to the extent accrued
                  through the Executive's termination date.

            (D) At the Election of the Company for Reasons Other than for Cause.
            The Company may, immediately and unilaterally, terminate the
            Executive's employment under this Agreement at any time during the
            term of this Agreement without Cause by giving ten (10) days'
            advance written notice to the Executive of the Company's election to
            terminate. During such ten-day period, the Executive will be
            available on a full-time basis for the benefit of the Company to
            assist the Company in making the transition to a successor. The
            Company, at its option, may pay the Executive his prorated Base
            Salary rate for ten (10) days in lieu of such notice. In the event
            the Company exercises its right to terminate the Executive under
            this Section 4(D), Executive may be eligible for severance payments
            as set forth in 4(F).

            (E) Benefits if Agreement Terminated Due to Death or Disability.
            Executive's employment will terminate if Executive dies or suffers
            physical incapacity or mental incompetence. For the purposes of this
            Agreement, the Executive shall be deemed to have suffered physical
            incapacity or mental incompetence if the Executive is unable to
            perform the essential functions of his job with reasonable
            accommodation for a period of 120 consecutive or cumulative days in
            any one year period. Any accommodation will not be deemed reasonable
            if it imposes an undue hardship on the Company. If this Agreement
            terminates due to the death or disability of Executive, Executive
            (or in the case of death, Executive's designated beneficiary, or if
            no beneficiary has been designated by you, your estate) shall be
            entitled to no payments, salary continuation, severance or other
            benefits, except for earned but unpaid Base Salary, vacation and
            benefits to the extent accrued or vested through the Executive's
            termination date.

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            (F) Severance. In the event the Company terminates Executive's
            employment under Section 4(D) (For Reasons Other Than For Cause) and
            the Executive signs a comprehensive release in the form, and of a
            scope, acceptable to the Company, the Company agrees to pay the
            Executive severance payments at the Executive's then current Base
            Salary rate for six (6) months. Such severance payments shall be
            payable on a monthly basis in conformity with the Company's
            customary practices for executive compensation as such practices may
            be modified from time to time and shall be subject to all applicable
            federal, state and local withholding, payroll and other taxes.
            Except as expressly set forth in this Section 4(F), Executive
            acknowledges that the Company shall not have any further obligations
            to the Executive in the event of Executive's termination under
            Section 4(D), except such further obligations as may be imposed by
            law and except for earned but unpaid Base Salary and vacation to the
            extent accrued through the Executive's termination date.

            If Executive breaches his post-employment obligations under the
            Non-Competition and Non-Solicitation Agreement or the Employee
            Nondisclosure and Developments Agreement, to be executed herewith,
            or any other restrictive covenants or agreements executed by
            Executive, the Company may immediately cease payment of all
            severance and/or benefits described in this Agreement. This
            cessation of severance and/or benefits shall be in addition to, and
            not as an alternative to, any other remedies in law or in equity
            available to the Company, including the right to seek specific
            performance or an injunction.

      5. Execution of Other Agreements; Survival of Certain Provisions. As a
condition of his employment by the Company pursuant to the terms of this
Agreement, Executive acknowledges that he will execute herewith the
Non-Competition and Non-Solicitation Agreement and the Employee Nondisclosure
and Developments Agreement. Executive's post employment obligations under these
agreements and any other restrictive covenants or agreements executed by
Executive shall survive any termination of employment or termination or
expiration of this Agreement. The obligation of the Company to make payments to
or on behalf of the Executive under Section 4(F) hereof is expressly conditioned
upon Executive's continued full performance of the Non-Competition and
Non-Solicitation Agreement and the Employee Nondisclosure and Developments
Agreement and any other obligations under any restrictive covenants or
agreements.

      6. Consent and Waiver by Third Parties. The Executive hereby represents
and warrants that he has obtained all waivers and/or consents from third parties
which are necessary to enable him to enjoy employment with the Company on the
terms and conditions set forth herein and to execute and perform this Agreement
without being in conflict with any other agreement, obligation or understanding
with any such third party. The Executive represents that he is not bound by any
agreement or any other existing or previous business relationship which
conflicts with, or may conflict with, the

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performance of his obligations hereunder or prevent the full performance of his
duties and obligations hereunder.

      7. Governing Law. This Agreement, the employment relationship contemplated
herein and any claim arising from such relationship, whether or not arising
under this Agreement, shall be governed by and construed in accordance with the
internal laws of Massachusetts, without giving effect to the principles of
choice of law or conflicts of law of Massachusetts and this Agreement shall be
deemed to be performable in Massachusetts. Any claims or legal actions by one
party against the other arising out of the relationship between the parties
contemplated herein (whether or not arising under this Agreement) shall be
commenced or maintained in any state or federal court located in Massachusetts,
and Executive hereby submits to the jurisdiction and venue of any such court.

      8. Severability. In case any one or more of the provisions contained in
this Agreement or the other agreements executed in connection with the
transactions contemplated hereby for any reason shall be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provision of this Agreement or such
other agreements, but this Agreement or such other agreements, as the case may
be, shall be construed and reformed to the maximum extent permitted by law.

      9. Waivers and Modifications. This Agreement may be modified, and the
rights, remedies and obligations contained in any provision hereof may be
waived, only in accordance with this Section 9. No waiver by either party of any
breach by the other or any provision hereof shall be deemed to be a waiver of
any later or other breach thereof or as a waiver of any other provision of this
Agreement. This Agreement and its terms may not be waived, changed, discharged
or terminated orally or by any course of dealing between the parties, but only
by an instrument in writing signed by the party against whom any waiver, change,
discharge or termination is sought. No modification or waiver by the Company
shall be effective without the consent of the Board of Directors then in office
at the time of such modification or waiver.

      10. Assignment. The Executive acknowledges that the services to be
rendered by him hereunder are unique and personal in nature. Accordingly, the
Executive may not assign any of his rights or delegate any of his duties or
obligations under this Agreement. The rights and obligations of the Company
under this Agreement may be assigned by the Company and shall inure to the
benefit of, and shall be binding upon, the successors and assigns of the
Company.

      11. Entire Agreement. This Agreement constitutes the entire understanding
of the parties relating to the subject matter hereof and supersedes and cancels
all agreements relating to the subject matter hereof, whether written or oral,
made prior to the date hereof between the Executive and the Company or any of
its affiliates or predecessors except that Non-Competition and Non-Solicitation
Agreement and the Employee Nondisclosure and Developments Agreement, executed
herewith, shall remain in full force and effect.

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      12. Notices. All notices hereunder shall be in writing and shall be
delivered in person or mailed by certified or registered mail, return receipt
requested, addressed as follows:

            If to the Company, to:

                        Chief Executive Officer
                        Insulet Corporation
                        100 Cummings Center, Suite 239G
                        Beverly, MA 01915

            with a copy to:

                        Lawrence S. Wittenberg, Esq.
                        Testa, Hurwitz & Thibeault, LLP
                        125 High Street Boston, MA 02110

      If to the Executive, at the Executive's address set forth on the signature
      page hereto.

      13. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument.

      14. Section Headings. The descriptive section headings herein have been
inserted for convenience only and shall not be deemed to define, limit, or
otherwise affect the construction of any provision hereof.

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     IN WITNESS WHEREOF, the parties hereto have executed this Employment
Agreement as of the date first above written as an instrument under seal.

INSULET CORPORATION                           JEFF SMITH

By:  /s/ Duane DeSisto                        /s/ Jeff Smith
     -----------------------------            ----------------------------------
     Duane DeSisto                            Signature of Jeff Smith
     President and Chief Executive Officer    9 Porter Road
                                              Andover, MA  01810

Date:                                         Date:  March 28, 2004
     -----------------------------                   ---------------------------

                                       8<PAGE>
                                                                   Exhibit 10.16

                              EMPLOYMENT AGREEMENT

                                February 8, 2006

        AGREEMENT made by and between Ruthann DePietro (the "Executive") and
Insulet Corporation, a Delaware corporation with a principal place of business
at 9 Oak Park Drive, Bedford, MA. 01730 ("Insulet" or the "Company").

        WHEREAS, the Executive's position under this Agreement requires that she
be trusted with extensive confidential information and trade secrets of the
Company and that she develop a thorough and comprehensive knowledge of all
details of the Company's business, including, but not limited to, information
relating to research, development, inventions, financial and strategic planning,
research, marketing, distribution and licensing of the Company's products and
services;

        NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and in consideration of the mutual
covenants and obligations herein contained, the parties hereto agree as follows:

        1. Position and Responsibilities. During the term of this Agreement, the
Executive agrees to serve as Vice President, Quality and Regulatory Affairs or
in such other positions and with such other title as may be assigned from time
to time by the Chief Executive Officer. The Executive shall exercise such powers
and comply with and perform, faithfully and to the best of his/her ability, such
directions and duties in relation to the business and affairs of the Company as
may from time to time be vested in or requested of her. The Executive shall
devote substantially all off his/her business time, attention and energies to
the Company's business and shall not engage in any other business activity
without the Chief Executive Officer's approval. The Executive shall perform
his/her services under this Agreement at such locations as may be required by
the Company, but she initially will be located at the Company's facilities in
Bedford, Massachusetts.

        2. Compensation: Salary, Bonuses and Other Benefits. During the term of
this Agreement, the Company shall pay the Executive, as consideration for the
Executive's satisfactory performance of his/her duties, the following
compensation:

               (A) Salary. In consideration of the services to be rendered by
        the Executive to the Company, the Company will pay to the Executive a
        bi-weekly salary of $6346.15 (annualized, $165,000) (the Executive's
        "Base Salary"). Such Base Salary shall be payable in conformity with the
        Company's customary practices for executive compensation, as such
        practices shall be established or modified from time to time.
        Executive's performance and salary will be reviewed by the Chief
        Executive Officer annually on or about the anniversary of this
        Agreement.

               (B) Fringe Benefits. The Executive will be eligible to
        participate on the same general basis and subject to the same rules and
        regulations as other Company executives in the Company's standard
        benefit plans as such benefits or plans may be modified or

<PAGE>

        amended from time to time. The Company may alter, add to, modify or
        delete its benefit plans at any time it determines in its sole judgment
        to be appropriate.

               (C) Life Insurance. The Company shall provide Executive with life
        insurance in an amount equal to twice Executive's annual salary, the
        proceeds of which are to be payable to the Executive's designated
        beneficiary.

               (D) Vacation. During the term hereof, the Executive shall be
        eligible to accrue three weeks of paid vacation per calendar year, to be
        taken at such times and intervals as shall be agreed to by the Company
        and the Executive in their reasonable discretion.

               (E) Equity. Executive will be greatened the opportunity to
        purchase 200,000 shares of Company common stock, $0.001 par value, at a
        purchase price equal to the fair market value as of the date of the
        grant. The shares will be subject to and governed by the terms and
        conditions of a Stock Restriction Agreement between Executive and the
        Company and the Company's Stock Option and Incentive Plan, which will
        include, among other things, a vesting schedule.

               (F) Business Expenses. The Company shall pay or reimburse the
        Executive for all reasonable business expenses incurred or paid by the
        Executive in the performance of his/her responsibilities hereunder in
        accordance with the Company's prevailing policy and practice relating to
        reimbursements as established, modified or amended from time to time.
        The Executive must provide substantiation and documentation of these
        expenses, to the Company in order to receive reimbursement.

               (G) Tax Withholding. All payments in this Section 2 shall be
        subject to all applicable federal, state and local withholding, payroll
        and other taxes.

        3. Term. Subject to the earlier termination as hereafter provided in
Section 4, the term of this Agreement shall commence on March 6, 2006, and shall
continue until two (2) years therefrom. At the end of the term, the Agreement
will expire and, if the parties mutually desire for the Executive to remain
employed, such employment will continue solely on an "at-will" basis, which
means that either the Company or the Executive can terminate the Executive's
employment at any time, for any or no reason, and with or without cause or prior
notice, and without obligation of salary continuation, severance or other
benefits upon such termination.

        4. Termination. The Executive's employment under this Agreement may be
terminated as follows:

               (A) By Expiration of the Agreement. If this Agreement expires as
        set forth in Section 3 hereof, the Executive's employment shall
        terminate and the Executive shall be entitled to no payments, salary
        continuation, severance or other benefits after the expiration date of
        the Agreement, except for Base Salary and vacation to the extent accrued
        through the date of such expiration; provided, however, that at the
        expiration of this Agreement, the parties may agree to continue the
        Executive's employment solely on an "at-will" basis, as described in
        Section 3 above.

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               (B) At the Executive's Option. The Executive may terminate
        his/her employment under this Agreement, at any time by giving at least
        forty-five (45) days' advance written notice to the Company. In the
        event of a termination at the Executive's option, the Company may
        accelerate Executive's departure date and will have no obligation to pay
        Executive after his/her actual departure date. In the event of
        termination at the Executive's option, the Executive shall be entitled
        to no payments, salary continuation, severance or other benefits, except
        for earned but unpaid Base Salary and vacation to the extent accrued
        through the Executive's departure date.

               (C) At the Election of the Company for Cause. The Company may,
        immediately and unilaterally, terminate the Executive's employment under
        this Agreement for "Cause" at any time during the term of this Agreement
        without any prior written notice to the Executive. Termination by the
        Company shall constitute a termination for Cause under this Section 4(C)
        if such termination is for one or more of the following causes:

                        (i) the failure or refusal of the Executive to render
                services to the Company in accordance with his/her obligations
                under this Agreement or a determination by the Company that the
                Executive has failed to perform the duties of his/her
                employment;

                        (ii) disloyalty, gross negligence, dishonesty, breach of
                fiduciary duty or breach of the terms of this Agreement or the
                other agreements executed in connection herewith;

                        (iii) the commission by the Executive of an act of
                fraud, embezzlement or disregard of the rules or policies of the
                Company or the commission by the Executive of any other action
                which injures the Company;

                        (iv) acts which, in the judgment of the Board of
                Directors, would tend to generate adverse publicity toward the
                Company;

                        (v) the commission, or plea of nolo contendere, by the
                Executive of a felony;

                        (vi) the commission of an act which constitutes unfair
                competition with the Company or which induces any customer of
                the Company to breach a contract with the Company; or

                        (vii) a breach by the Executive of the terms of the
                Non-Competition and Non-Solicitation Agreement or the Employee
                Nondisclosure and Developments Agreement.

               In the event of a termination for Cause pursuant to the
        provisions of clauses (i) through (vii) above, inclusive, the Executive
        shall be entitled to no payments, salary continuation, severance or
        other benefits, except for earned but unpaid Base Salary and vacation to
        the extent accrued through the Executive's termination date.

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               (D) At the Election of the Company for Reasons Other than for
        Cause. The Company may, immediately and unilaterally, terminate the
        Executive's employment under this Agreement at any time during the term
        of this Agreement without Cause by giving ten (10) days' advance written
        notice to the Executive of the Company's election to terminate. During
        such ten-day period, the Executive will be available on a full-time
        basis for the benefit of the Company to assist the Company in making the
        transition to a successor. The Company, at its option, may pay the
        Executive his/her prorated Base Salary rate for ten (10) days in lieu of
        such notice. In the event the Company exercises its right to terminate
        the Executive under this Section 4(D), Executive may be eligible for
        severance payments as set forth in 4(F).

               (E) Benefits if Agreement Terminated Due to Death or Disability.
        Executive's employment will terminate if Executive dies or suffers
        physical incapacity or mental incompetence. For the purposes of this
        Agreement, the Executive shall be deemed to have suffered physical
        incapacity or mental incompetence if the Executive is unable to perform
        the essential functions of his/her job with reasonable accommodation for
        a period of 120 consecutive or cumulative days in any one year period.
        Any accommodation will not be deemed reasonable if it imposes an undue
        hardship on the Company. If this Agreement terminates due to the death
        or disability of Executive, Executive (or in the case of death,
        Executive's designated beneficiary, or if no beneficiary has been
        designated by you, your estate) shall be entitled to no payments, salary
        continuation, severance or other benefits, except for earned but unpaid
        Base Salary, vacation and benefits to the extent accrued or vested
        through the Executive's termination date.

               (F) Severance. In the event the Company terminates Executive's
        employment under Section 4(D) (For Reasons Other Than For Cause) and the
        Executive signs a comprehensive release in the form, and of a scope,
        acceptable to the Company, the Company agrees to pay the Executive
        severance payments at the Executive's then current Base Salary rate for
        six (6) months. Such severance payments shall be payable on a monthly
        basis in conformity with the Company's customary practices for executive
        compensation as such practices may be modified from time to time and
        shall be subject to all applicable federal, state and local withholding,
        payroll and other taxes. Except as expressly set forth in this Section
        4(F), Executive acknowledges that the Company shall not have any further
        obligations to the Executive in the event of Executive's termination
        under Section 4(D), except such further obligations as may be imposed by
        law and except for earned but unpaid Base Salary and vacation to the
        extent accrued through the Executive's termination date.

               If Executive breaches his/her post-employment obligations under
        the Non-Competition and Non-Solicitation Agreement or the Employee
        Nondisclosure and Developments Agreement, to be executed herewith, or
        any other restrictive covenants or agreements executed by Executive, the
        Company may immediately cease payment of all severance and/or benefits
        described in this Agreement. This cessation of severance and/or benefits
        shall be in addition to, and not as an alternative to, any other
        remedies in law or in equity available to the Company, including the
        right to seek specific performance or an injunction.

                                       4

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        5. Execution of Other Agreements; Survival of Certain Provisions. As a
condition of his/her employment by the Company pursuant to the terms of this
Agreement, Executive acknowledges that she will execute herewith the
Non-Competition and Non-Solicitation Agreement and the Employee Nondisclosure
and Developments Agreement. Executive's post-employment obligations under these
agreements and any other restrictive covenants or agreements executed by
Executive shall survive any termination of employment or termination or
expiration of this Agreement. The obligation of the Company to make payments to
or on behalf of the Executive under Section 4(F) hereof is expressly conditioned
upon Executive's continued full performance of the Non-Competition and
Non-Solicitation Agreement and the Employee Nondisclosure and Developments
Agreement and any other obligations under any restrictive covenants or
agreements.

        6. Consent and Waiver by Third Parties. The Executive hereby represents
and warrants that she has obtained all waivers and/or consents from third
parties which are necessary to enable her to enjoy employment with the Company
on the terms and conditions set forth herein and to execute and perform this
Agreement without being in conflict with any other agreement, obligation or
understanding with any such third party. The Executive represents that she is
not bound by any agreement or any other existing or previous business
relationship which conflicts with, or may conflict with, the performance of
his/her obligations hereunder or prevent the full performance of his/her duties
and obligations hereunder.

        7. Governing Law. This Agreement, the employment relationship
contemplated herein and any claim arising from such relationship, whether or not
arising under this Agreement, shall be governed by and construed in accordance
with the internal laws of Massachusetts, without giving effect to the principles
of choice of law or conflicts of law of Massachusetts and this Agreement shall
be deemed to be performable in Massachusetts. Any claims or legal actions by one
party against the other arising out of the relationship between the parties
contemplated herein (whether or not arising under this Agreement) shall be
commenced or maintained in any state or federal court located in Massachusetts,
and Executive hereby submits to the jurisdiction and venue of any such court.

        8. Severability. In case any one or more of the provisions contained in
this Agreement or the other agreements executed in connection with the
transactions contemplated hereby for any reason shall be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provision of this Agreement or such
other agreements, but this Agreement or such other agreements, as the case may
be, shall be construed and reformed to the maximum extent permitted by law.

        9. Waivers and Modifications. This Agreement may be modified, and the
rights, remedies and obligations contained in any provision hereof may be
waived, only in accordance with this Section 9. No waiver by either party off
any breach by the other or any provision hereof shall be deemed to be a waiver
of any later or other breach thereof or as a waiver of any other provision of
this Agreement. This Agreement and its terms may not be waived, changed,
discharged or terminated orally or by any course of dealing between the parties,
but only by an instrument in writing signed by the party against whom any
waiver, change, discharge or termination is sought. No modification or waiver by
the Company shall be effective without the consent of the Board of Directors
then in office at the time of such modification or waiver.

                                       5

<PAGE>

        10. Assignment. The Executive acknowledges that the services to be
rendered by her hereunder are unique and personal in nature. Accordingly, the
Executive may not assign any of his/her rights or delegate any of his/her duties
or obligations under this Agreement. The rights and obligations of the Company
under this Agreement may be assigned by the Company and shall inure to the
benefit of, and shall be binding upon, the successors and assigns of the
Company.

        11. Entire Agreement. This Agreement constitutes the entire
understanding of the parties relating to the subject matter hereof and
supersedes and cancels all agreements relating to the subject matter hereof,
whether written or oral, made prior to the date hereof between the Executive and
the Company or any of its affiliates or predecessors except that Non-Competition
and Non-Solicitation Agreement and the Employee Nondisclosure and Developments
Agreement, executed herewith, shall remain in full force and effect.

        12. Notices. All notices hereunder shall be in writing and shall be
delivered in person or mailed by certified or registered mail, return receipt
requested, addressed as follows:

               If to the Company, to:

                                Chief Executive Officer
                                Insulet Corporation
                                9 Oak Park Drive
                                Bedford, MA 01730

               with a copy to:  Raymond Zemlin
                                Goodwin Procter
                                Exchange Place
                                Boston, MA 02109

        If to the Executive, at the Executive's address set forth on the
signature page hereto.

        13. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument.

        14. Section Headings. The descriptive section headings herein have been
inserted for convenience only and shall not be deemed to define, limit, or
otherwise affect the construction of any provision hereof.

                                       6

<PAGE>

        IN WITNESS WHEREOF, the parties hereto have executed this Employment
Agreement as of the date first above written as an instrument under seal.

INSULET CORPORATION                            RUTHANN DEPIETRO

By:  /s/ Duane DeSisto                         /s/ R. Depietro
     -------------------------------------     ---------------------------------
     Duane DeSisto                             Signature of Ruthann Depietro
     President and Chief Executive Officer     8 Maple Drive
                                               Atkinson, NH 03811
                                               Date: 2/13/06
                                       7

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