Document:

<PAGE>

                                                                   Exhibit 10.44

                                                                    CONFIDENTIAL

                       AMENDMENT TO EMPLOYMENT AGREEMENT
                       ---------------------------------

          This Amendment to Employment Agreement (the "Amendment") is made and
entered into as of the 16th day of August, 2000 between Craig B. Reynolds, an
individual residing at 1046 Middlebrook Way, Kennesaw, Georgia  30152 (the
"Executive"), and Respironics, Inc., a Delaware corporation with its principal
place of business at 1501 Ardmore Boulevard, Pittsburgh, Pennsylvania  15221
(the "Company").

                                   RECITALS
                                   --------

          A.  The Company and Executive are parties to that certain Employment
Agreement made as of November 11, 1997 (as amended by that certain Amendment No.
1 to the Employment Agreements between Respironics, Inc. and Craig B. Reynolds
dated as of February 11, 1998 and that certain Amendment to Employment Agreement
dated as of June 29, 2000 and that certain Amendment to Employment Agreement
dated August 8, 2000, the "Employment Agreement").

          B.  The Company and Executive desire to further amend the Employment
Agreement, as set forth herein.

          C.  As part of the amendments to be made to the Employment Agreement
pursuant to this Amendment, Executive has agreed to forego the exercise of
certain rights set forth in Section 2.04(b) of the Employment Agreement and
remain in the employ of the Company in accordance with the terms and conditions
of the Employment Agreement (as amended hereby).

          D.  As partial consideration for Executive's agreement to forego the
exercise of certain rights set forth in Section 2.04(b) of the Employment
Agreement and remain in the employ of the Company in accordance with the terms
and conditions of the Employment Agreement (as amended hereby), the Company has
agreed (i) to pay to Executive certain additional amounts upon termination or
expiration of the Employment Agreement (as amended hereby), (ii) to provide for
the continued employment of Executive by the Company for a period following
termination or expiration of Executive's employment under the Employment
Agreement (as amended hereby) and (iii) to guaranty a $300,000 loan obtained by
Executive, to reimburse Executive for interest payable on such loan and to
gross-up one time Executive's income to account for any additional federal and
state income tax payable by Executive as a result of the Company's reimbursement
of Executive for interest payable on such loan.

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

          1.  Section 1.01.  The parties hereby acknowledge and agree that,
              ------------
notwithstanding the first sentence of Section 1.01 or the first sentence of
Section 4.05 of the Employment Agreement, Executive's current title and position
is Executive Vice President and Chief Operating Officer of the Company.  The
parties agree that this change in title and position were agreed upon and that
it did not and does not trigger any termination or other compensation
<PAGE>

provision in the Employment Agreement, including without limitation any right
for Executive to terminate the Employment Agreement pursuant to Section 2.04(a)
thereof and receive the payments contemplated thereby.

          2.  Clause (b) of Section 2.03(a).  Clause (b) of Section 2.03(a) of
              -----------------------------
the Employment Agreement is hereby amended to read in its entirety as follows:

              "(b) been convicted of a crime involving moral turpitude which
          affects Executive's ability to perform his duties under this Agreement
          or which materially adversely affects the Company".

          3.  Section 2.04(b).  Section 2.04(b) of the Employment Agreement is
              ---------------
hereby deleted in its entirety, it being the intention of the parties that
Executive shall have foregone the right to terminate the Employment Agreement
between the 18th month and the 31st month and 5th day after the Closing Date and
receive the benefits under Section 2.04(b).

          4.  New Section 2.08.  A new Section 2.08 is hereby added to the
              ----------------
Employment Agreement, such Section 2.08 to read in its entirety as follows:

              "2.08.  Extended Employment Period and Additional Payments Upon
                      -------------------------------------------------------
          Termination or Expiration of Agreement.  (a)  Commencing
          --------------------------------------
          simultaneously upon expiration of this Agreement or upon termination
          of this Agreement by the Company or Executive for any reason (other
          than termination due to the death of Executive in accordance with
          Section 2.02 hereof), Executive shall remain in the employ of the
          Company for the Extended Employment Period (as defined below) in
          accordance with the terms of this Section 2.08.

              (b)  As used herein, the "Extended Employment Period" shall mean
          (x) if this Agreement expires or if Executive terminates this
          Agreement for reasons other than pursuant to Section 2.04(a)(i) -
          (viii) or 2.06 or if the Company terminates this Agreement for cause
          pursuant to Section 2.03(a), two (2) years from the date of
          termination or expiration; or (y) if Executive terminates this
          Agreement pursuant to Section 2.04(a)(i) - (viii) or 2.06 or the
          Company terminates this Agreement for any reason other than for cause
          pursuant to Section 2.03(a) or due to the death of Executive in
          accordance with Section 2.02 hereof, the later of (A) two (2) years
          from the date of termination or (B) November 30, 2005.

              (c)  During the Extended Employment Period, the Company shall pay
          to Executive an aggregate amount equal to one hundred and fifty
          percent (150%) of his Base Salary in effect immediately prior to
          termination or expiration of this Agreement and commencement of the
          Extended Employment Period, payable in equal bi-weekly installments
          during the Extended Employment Period (the "Additional Employment
          Payments").  In addition, during the Extended Employment Period,
          Executive will be entitled to full benefits (e.g., health, dental,
          car, disability, life and other benefit plans and programs) as were in
          effect with respect to Executive immediately prior to termination or
          expiration of this

                                      -2-
<PAGE>

          Agreement and commencement of the Extended Employment Period, subject
          to changes made by the Company in such benefits from time to time
          during the Extended Employment Period for all employees similarly
          situated to Executive immediately prior to termination or expiration
          of this Agreement and commencement of the Extended Employment Period.
          The Company shall withhold all amounts required with respect to the
          Additional Employment Payments.

               (d)  During the Extended Employment Period, Executive shall
          perform general advisory duties for the Company for a minimum of one
          (1) eight (8) hour day per calendar month or as mutually agreed upon
          by Executive and the Company.  It is acknowledged and agreed that
          Executive shall not be an executive officer of the Company during the
          Extended Employment Period, and shall not be subject to the Company's
          policy restricting the sale of securities by the Company's officers
          and employees; provided, however, that Executive shall comply with all
          trading restrictions as may be applicable under federal and state
          securities laws.  During the Extended Employment Period, Executive
          will not be required to travel from his place of employment in
          Marietta, Georgia (or such other location as Executive may designate
          in writing from time to time) on Company business without Executive's
          consent.  Executive shall receive the Additional Employment Payments
          and the benefits provided for in this Section 2.08 during the Extended
          Employment Period regardless of whether the Company requests Executive
          to perform advisory services.  Executive shall voluntarily resign from
          the Board of Directors of the Company effective as of the commencement
          of the Extended Employment Period.

               (e)  It is the intention of the parties that Executive shall
          remain an employee of the Company during the Extended Employment
          Period and that, accordingly, the Company represents and warrants that
          any and all stock options or awards granted to Executive
          (collectively, "Options") under any stock option plan, stock incentive
          plan or similar plan or program maintained by the Company or any of
          its predecessors (collectively, "Option Plans") which were outstanding
          immediately prior to termination or expiration of this Agreement and
          commencement of the Extended Employment Period shall remain in full
          force and effect during the Extended Employment Period and shall
          continue to vest and become exercisable during the Extended Employment
          Period, and that the Options shall be exercisable after the expiration
          of the Extended Employment Period in accordance with the terms of the
          respective Option Plans.  The Company further represents and warrants
          that the number of shares of Common Stock covered by the Options and
          the exercise price thereof shall not be affected by any change in tax
          treatment of such Options and that such Options shall remain in full
          force and effect notwithstanding any change in tax treatment of such
          Options.  The Company makes no representation and warranty with
          respect to the tax treatment of the Options upon the exercise of such
          Options by Executive; however, the Company agrees that it will at all
          times recognize and treat Executive as an employee during the term of
          the Extended Employment Period.  The Company agrees that it will take
          any and all actions necessary to insure that

                                      -3-
<PAGE>

          the Option Plans are consistent with the Company's obligations under
          this Section 2.08, and the Company agrees that no provision of the
          Option Plans will preclude the Company from meeting its obligations
          hereunder.

               (f)  If this Agreement is terminated pursuant to Section 2.02 as
          a result of the death of Executive, or if Executive dies during the
          Extended Employment Period, then the Company shall pay or continue to
          pay the Additional Employment Payments to Executive's estate in equal
          bi-weekly installments for the remainder of the Extended Employment
          Period.  In addition, all Options outstanding on the date of
          Executive's death shall immediately vest and shall be exercisable by
          his estate for a period of one (1) year from the date of his death.

               (g)  The parties agree and acknowledge that a breach by the
          Company of its obligations under this Section 2.08 will result in
          significant damages to Executive that will be difficult to quantify.
          Accordingly, in order to provide certainty with respect to Executive's
          ability to receive the benefit of his bargain by entering into the
          Amendment to this Agreement dated August 16, 2000, Executive, in the
          event of a breach by the Company of its covenants, representations and
          warranties in this Section 2.08, shall either, at Executive's sole
          option, be entitled to (i) specific performance of the covenants,
          representations and warranties of this Section 2.08, or (ii)
          liquidated damages in the amount of One Million Seven Hundred Thousand
          Dollars ($1,700,000) less (A) all Additional Employment Payments paid
                               ----
          by the Company and (B) the Value (as defined below) of those Options
          which were granted to Executive on or after February 12, 1998 and
          which were unvested as of August 16, 2000 (the "Applicable Options");

          provided that for purposes clause (B) above, the Value of the
          --------
          Applicable Options shall not exceed One Million Two Hundred Thousand
          Dollars ($1,200,000).  As used herein, the "Value" of the Applicable
          Options shall mean the difference (if positive) between (x) the fair
          market value of the Company's Common Stock on the date of the breach
          of this Section 2.08 by the Company giving rise to Executive's claim
          for liquidated damages or the sale price of such Common Stock if sold
          prior to such breach and (y) the exercise price of the Applicable
          Options.  The parties agree and acknowledge that the liquidated
          damages set forth above are a good faith estimate of the damages that
          Executive would incur and not a penalty.

               (h)  In the event that Executive is entitled to receive monetary
          benefits upon termination of this Agreement in accordance with
          Sections 2.01, 2.03(b), 2.04(a), 2.05, 2.06 and/or 2.07 hereof (if
          applicable), such monetary benefits shall be paid in full as if
          Executive's employment had not been continued for the Extended
          Employment Period in accordance with this Section 2.08.  If Executive
          is entitled to continuation of health insurance and other benefits as
          a result of the termination of this Agreement (e.g, benefits are
          continued in accordance with Sections 2.04, 2.05 and/or 2.06 hereof),
          such continuation shall commence at the end of the Extended Employment
          Period, it being the intention of the parties that Executive shall
          receive full COBRA benefits commencing upon the later of

                                      -4-
<PAGE>

          termination of the benefits provided to Executive (i) under this
          Agreement or (ii) the Extended Employment Period, as the case may be.

               (i)  This Section 2.08 shall survive termination or expiration of
          this Agreement for any reason.  Executive may terminate his employment
          during the Extended Employment Period by giving the Company at least
          ninety (90) days prior written notice of his intent to terminate the
          Extended Employment Period; provided that if Executive terminates his
                                      --------
          employment during the Extended Employment Period, all obligations of
          the Company under this Section 2.08 shall terminate effective as of
          the date of termination.  The Company may not terminate Executive
          during the Extended Employment Period for any reason whatsoever other
          than upon the death of Executive.  In the event of any conflict
          between the provisions of this Section 2.08 and the other provisions
          of this Agreement, the provisions of Section 2.08 shall prevail."

          5.   Guaranty of PNC Loan and Related Provisions.  (a)  The parties
               -------------------------------------------
hereby acknowledge and agree that, pursuant to that certain Guaranty Agreement
dated May 31, 2000 from the Company to PNC Bank, National Association (the
"Guaranty"), the Company has agreed to guaranty the $300,000 loan made by PNC
Bank, National Association to Executive (the "PNC Loan").  The Company will keep
the Guaranty in place until the earlier of (i) expiration of the Extended
Employment Period, (ii) termination of the Extended Employment Period by the
Executive or (iii) repayment of the PNC Loan.  Executive shall notify the
Company promptly upon repayment of the PNC Loan.

          (b)  The Company shall reimburse Executive on a monthly basis for, or
advance to Executive, an amount equal to the interest payable by Executive on
the PNC Loan.

          (c)  For each calendar year during the Term of Employment Agreement
and the Extended Employment Period, the Company shall gross-up one time
Executive's income to account for any additional federal and state income tax
payable by Executive as a result of the Company's reimbursement of Executive for
interest payable on the PNC Loan.  Such gross-up shall be paid at the maximum
applicable rate on an annual basis at such time as Executive has determined his
tax liability with respect to such interest reimbursement for the prior year.

          (d)  As security for the Guaranty, Executive shall execute and deliver
to the Company, simultaneously with the execution and delivery of this
Amendment, a Security Agreement pursuant to which Executive shall grant to the
Company a security interest in and pledge of 30,159 shares of the Company's
Common Stock, together with stock powers and certificates representing such
shares of the Company's Common Stock.  The Company shall cooperate with
Executive to permit Executive to sell the shares of Common Stock and use the
proceeds thereof to repay the PNC Loan, including, but not limited to,
forwarding the pledged shares to the broker involved in the sale of the shares
of Common Stock within three (3) business days of notice of the sale of such
shares, provided Executive provides instructions and the broker agrees to
forward the proceeds of the transaction to PNC to repay the loan.  In addition,
the Company will forward the pledged shares of Common Stock to a broker
designated by Executive within three (3) business days of notice (confirmed by
PNC Bank or other satisfactory evidence) of repayment of the PNC Loan.

                                      -5-
<PAGE>

          6.  Extension of Term of Employment Agreement.  The Company hereby
              -----------------------------------------
irrevocably waives its right to advise Executive pursuant to Section 1.02 of the
Employment Agreement that the Term of the Employment Agreement shall not be
extended effective February 11, 2001, it being the intent of the parties that,
unless the Employment Agreement is further extended or is otherwise terminated
in accordance with its terms, Executive's Term of employment shall continue
until February 11, 2004.  The Company further agrees it shall take any and all
actions necessary to effect such extension.

          7.  Miscellaneous.  Except as amended hereby, the Employment Agreement
              -------------
is hereby ratified and confirmed in all respects, including without limitation
the obligations of Executive under Article IV of the Employment Agreement.  The
parties agree and acknowledge that the provisions contained in Article VI of the
Employment Agreement shall also be applicable to this Amendment and during the
Extended Employment Agreement.  Executive also ratifies and confirms his
obligations under the Supplemental Employment Agreement dated as of November 11,
1997.

               [Remainder of this page left intentionally blank]

                                      -6-
<PAGE>

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

WITNESS:                                     CRAIG B. REYNOLDS

By: /s/ James C. Woll                        /s/ Craig B. Reynolds
   ------------------------------            ----------------------------------
Title: VP & CONTROLLER
       --------------------------

ATTEST:                                      RESPIRONICS, INC.

Secretary: /s/ Dorita A. Pishko              By: /s/ James W. Liken
          -----------------------               -------------------------------
Corporate Seal:                              Title: PRESIDENT & CEO
                                                   ----------------------------

                                      -7-<PAGE>

                                                                   Exhibit 10.45

                      THIRD AMENDMENT TO CREDIT AGREEMENT

     This THIRD AMENDMENT TO CREDIT AGREEMENT, dated as of July 7, 2000 (this
"Third Amendment"), is entered into by and among RESPIRONICS, INC., a
corporation organized and existing under the laws of the State of Delaware (the
"Borrower"), the financial institutions listed on the signature pages hereto,
and each other financial institution which from time to time becomes a party
hereto in accordance with Subsection 9.6a of the Original Credit Agreement, as
defined below (individually a "Lender" and collectively the "Lenders"), PNC
BANK, NATIONAL ASSOCIATION as the issuer of Letters of Credit (in such capacity,
the "Issuing Bank") PNC BANK, NATIONAL ASSOCIATION as the administrative agent
(in such capacities, the "Administrative Agent"), BANK OF AMERICA, N.A.
(formerly known as "Bank of America National Trust and Savings Association") as
the syndication agent (in such capacity, the "Syndication Agent") and FIRST
UNION NATIONAL BANK as the documentation agent (in such capacity, the
"Documentation Agent") (the Administrative Agent, the Syndication Agent and the
Documentation Agent are herein collectively referred as the "Agents") and amends
that certain Credit Agreement dated as of May 8, 1998, as previously amended by
the First Amendment to Credit Agreement dated as of August 19, 1998, and the
Second Amendment to Credit Agreement dated as of December 9, 1998 (the Credit
Agreement, as amended by the First Amendment and the Second Amendment, together
with the exhibits and schedules thereto and all amendments, supplements,
extensions, renewals, modifications or replacements thereto or thereof, is
hereinafter referred to as the "Original Credit Agreement") entered into by and
among the Borrower, the Lenders, the Issuing Bank, the Administrative Agent, PNC
Bank, National Association as the syndication agent and Bank of America National
Trust and Savings Association as the documentation agent.

                                  WITNESSETH:

     WHEREAS, the BOrrower has requested that the Lenders agree to certain
modifications to the Original Credit Agreement.

     NOW THEREFORE, in consideration of the foregoing recitals (each of which is
incorporated herein and made a material part hereof), the mutual covenants and
agreements contained herein and other valuable consideration, the receipt and
adequacy of which are hereby acknowledged, and with the intent to be legally
bound hereby, the parties hereto agree as follows:

                                   ARTICLE 1

                    AMENDMENTS TO ORIGINAL CREDIT AGREEMENT
                    ---------------------------------------

     Section 1.01. Amendments to Section 1.1 of the Original Credit Agreement.
                   ----------------------------------------------------------
The following defined terms and the definitions therefor are hereby added to
Section 1.1 of the Original Credit Agreement and are inserted in correct
alphabetical order:

          Third Amendment.  The Third Amendment to Credit Agreement dated as of
          ---------------
     July 7, 2000.

<PAGE>

               Third Amendment Effective Date. The date on which the
               ------------------------------
          Administrative Agent shall have determined that each of the conditions
          set forth in Article III of the Third Amendment have either been
          satisfied by the Borrower or waived by the Lenders.

          Section 1.02. Amendment to Section 5.1 of the Original Credit
                        -----------------------------------------------
Agreement. Section 5.1 of the Original Credit Agreement is hereby amended in its
---------
entirety to read as follows:

               Indebtedness. The Borrower shall not and shall not permit its
               ------------
          Subsidiaries to create, incur, assume or permit to exist or remain
          outstanding any Indebtedness, except for:

                    (i)   The Indebtedness owed by the Borrower to the Lenders
          or the issuing Bank hereunder;

                    (ii)  Consolidated Indebtedness of the Borrower and its
          Subsidiaries existing on the Closing Date (exclusive of obligations
          under Recourse Repurchase Agreements) to remain outstanding and unpaid
          after the Closing Date and listed on Schedule 5.1 and any extensions,
                                               ------------
          renewals or refinancings thereof, in outstanding principal amounts not
          greater than those shown on Schedule 5.1;
                                      ------------

                    (iii) Consolidated Indebtedness represented by obligations,
          whether contingent or actual, under Recourse Repurchase Agreements not
          to exceed $40,000,000 at any one time outstanding;

                    (iv)  Guarantees of the Borrower, guaranteeing the
          Indebtedness of its Subsidiaries permitted pursuant to this Section
          5.1; and

                    (v)   Additional Consolidated Indebtedness, including
          without limitation purchase money indebtedness and Capitalized Lease
          Obligations, of the Borrower and its Subsidiaries in an amount not to
          exceed $12,500,000 at any one time outstanding.

          Section 1.03. No Other Amendments. The amendments to the Original
                        -------------------
Credit Agreement set forth in Sections 1.01 and 1.02 above do not either
implicitly or explicitly waive, alter or amend, except as expressly provided in
this Third Amendment, the provisions of the Original Credit Agreement. The
amendments set forth in Sections 1.01 and 1.02 hereof do not waive, now or in
the future, compliance with any other covenant, term or condition to be
performed or complied with nor do they impair any rights or remedies of the
Lenders and the Agents under the Original Credit Agreement with respect to any
such violation.

                                       2
<PAGE>

                                  ARTICLE II

                    BORROWER'S SUPPLEMENTAL REPRESENTATIONS
                    ---------------------------------------

          Section 2.01. Incorporation by Reference. As an inducement to the
                        --------------------------
Lenders and the Agents to enter into this Third Amendment, except as previously
disclosed in writing by the Borrower to the Lenders and the Agents, the Borrower
hereby repeats herein for the benefit of the Lenders and the Agents the
representations and warranties made by the Borrower in Article 3 of the Original
Credit Agreement, except that for purposes hereof such representations and
warranties shall be deemed to extend to and cover this Third Amendment.

          Section 2.02. Supplemental Representations. As a further inducement to
                        ----------------------------
the Lenders and the Agents to enter into this Third Amendment, the Borrower
hereby represents and warrants as follows:

               (A)  no petition by or against the Borrower or any Subsidiary
has, at any time since the date of the Original Credit Agreement, been filed
under the United States Bankruptcy Code or under any similar act;

               (B)  except those matters which have previously been disclosed to
the Lenders in writing, no Material Adverse Change in the properties, business,
operations, financial condition or prospects of the Borrower or any Subsidiary
has occurred; and

               (C)  the Borrower and each Restricted Subsidiary has in all
material respects performed all agreements, covenants and conditions required
to be performed on or prior to the date hereof under the Original Credit
Agreement and the other Loan Documents, except to the extent waived by the
Lenders on or before the Third Amendment Effective Date.

                                  ARTICLE III

                             CONDITIONS PRECEDENT
                             --------------------

          Section 3.01. Conditions Precedent. Each of the following shall be a
                        --------------------
condition precedent to the effectiveness of this Third Amendment:

          The Lenders and the Agents shall have received, on or before the Third
Amendment Effective Date, the following items, each, unless otherwise indicated,
dated on or before the Third Amendment Effective Date and in form and substance
satisfactory to the Lenders, the Agents and the Administrative Agent's special
counsel, Tucker Arensberg, P.C..

               (A)  Duly executed counterpart originals of this Third Amendment,
executed by the Borrower, the Agents, and all of the Lenders;

               (B)  A certification from the Borrower that its certificate of
incorporation and its by-laws which were delivered to the Administrative Agent
on May 8, 1998 continue to remain complete and correct and in full force and
effect and have not been amended, supplemented or otherwise modified on or after
such date (except as set forth in such certificate), which certification states
the names of the Persons authorized to sign this Third Amendment and all other
documents, instruments and certificates delivered hereunder, together with the
true signatures of such Persons;

                                       3
<PAGE>

          (C) Consents from each Guarantor existing as of the Third Amendment
Effective Date to the execution by the Borrower of the Third Amendment; and

          (D) Such other instruments, documents and opinions of counsel as the
Lenders and the Agents shall reasonably require, all of which shall be
satisfactory in form and substance to the Lenders and Agents and the
Administrative Agent's special counsel.

                                  ARTICLE IV

                              GENERAL PROVISIONS
                              ------------------

     Section 4.01.  Ratification of Terms. Except as expressly amended by this
                    ---------------------
Third Amendment, the Original Credit Agreement and each and every
representation, warranty, covenant, term and condition contained therein is
specifically ratified and confirmed. The Lenders are not obligated to make
further amendments, supplements, extensions or renewals thereto or thereof.

     Section 4.02.  References. All notices, communications, agreements,
                    ----------
certificates, documents or other instruments executed and delivered after the
execution and delivery of this Third Amendment in connection with the Original
Credit Agreement, any other Loan Document or the transactions contemplated
thereby may refer to the Original Credit Agreement without making specific
reference to this Third Amendment, but nevertheless all such references shall
include this Third Amendment unless the context requires otherwise. From and
after the Third Amendment Effective Date, all references in the Original Credit
Agreement and each of the other Loan Documents to the "Agreement" shall be
deemed to be references to the Original Credit Agreement, as amended hereby.

     Section 4.03.  Counterparts. This Third Amendment may be executed in
                    ------------
different counterparts, each of which when executed by the Borrower and the
Lenders shall be regarded as an original, and all such counterparts shall
constitute one Third Amendment.

     Section 4.04.  Capitalized Terms. Except for proper nouns and as otherwise
                    -----------------
defined herein, capitalized terms used herein as defined terms shall have the
meanings ascribed to them in the Original Credit Agreement, as amended hereby.

     Section 4.05.  Taxes. The Borrower shall pay any and all stamp and other
                    -----
taxes and fees payable or determined to be payable in connection with the
execution, delivery, filing and recording of this Third Amendment and such other
documents and instruments as are delivered in connection herewith and agrees to
save the Lenders harmless from and against any and all liabilities with respect
to or resulting from any delay in paying or omission to pay such taxes and fees.

     Section 4.06.  Costs and Expenses. The Borrower will pay all reasonable
                    ------------------
costs and expenses of the Lenders and the Agents (including, without limitation,
the reasonable fees and the disbursements of special counsel, Tucker Arensberg,
P.C.) in connection with the preparation, execution and delivery of this Third
Amendment and the other documents, instruments and certificates delivered in
connection herewith.

     SECTION 4.07.  GOVERNING LAW. THIS THIRD AMENDMENT AND THE RIGHTS AND
                    -------------
OBLIGATIONS HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
LAWS OF THE COMMONWEALTH OF PENNSYLVANIA WITHOUT REGARD TO THE PROVISIONS
THEREOF REGARDING CONFLICTS OF LAW.

                                       4
<PAGE>

          IN WITNESS WHEREOF, the parties hereto, intending to be legally bound
hereby, have caused this Third Amendment to Credit Agreement to be executed by
their respective duly authorized officers as of the date first written above.

                                 RESPIRONICS, INC.,
                                 a Delaware corporation

                                 By: /s/ James W. Liken                  (SEAL)
                                     ------------------------------------
                                 Name:   James W. Liken
                                 Title:  President and CEO

                                 PNC BANK, NATIONAL ASSOCIATION, as a
                                 Lender and in its capacities as Administrative
                                 Agent and Issuing Bank

                                 By: _____________________________________(SEAL)
                                 Name:
                                 Title:

                                 BANK OF AMERICA, N.A. (formerly known as
                                 "Bank of America National Trust and Savings
                                 Association"), as a Lender and in its capacity
                                 as Syndication Agent

                                 By: _____________________________________(SEAL)
                                 Name:
                                 Title:

                                 FIRST UNION NATIONAL BANK, as a Lender
                                 and in its capacity as Documentation Agent

                                 By: _____________________________________(SEAL)
                                 Name:
                                 Title:

                    [SIGNATURES CONTINUED ON THE NEXT PAGE]

                                       5
<PAGE>

          IN WITNESS WHEREOF, the parties hereto, intending to be legally bound
hereby, have caused this Third Amendment to Credit Agreement to be executed by
their respective duly authorized officers as of the date first written above.

                                 RESPIRONICS, INC.,
                                 a Delaware corporation

                                 By: _____________________________________(SEAL)
                                 Name:
                                 Title:

                                 PNC BANK, NATIONAL ASSOCIATION, as a
                                 Lender and in its capacities as
                                 Administrative Agent and Issuing Bank

                                 By: /s/ Enrico A. Della Corna            (SEAL)
                                     -------------------------------------
                                 Name:   Enrico A. Della Corna
                                 Title:  Vice President

                                 BANK OF AMERICA, N.A. (formerly known as
                                 "Bank of America National Trust and Savings
                                 Association"), as a Lender and in its capacity
                                 as Syndication Agent

                                 By: _____________________________________(SEAL)
                                 Name:
                                 Title:

                                 FIRST UNION NATIONAL BANK, as a Lender
                                 and in its capacity as Documentation Agent

                                 By: _____________________________________(SEAL)
                                 Name:
                                 Title:

                    [SIGNATURES CONTINUED ON THE NEXT PAGE]

                                       5

<PAGE>

          IN WITNESS WHEREOF, the parties hereto, intending to be legally bound
hereby, have caused this Third Amendment to Credit Agreement to be executed by
their respective duly authorized officers as of the date first written above.

                                 RESPIRONICS, INC.,
                                 a Delaware corporation

                                 By: _____________________________________(SEAL)
                                 Name:
                                 Title:

                                 PNC BANK, NATIONAL ASSOCIATION, as a Lender and
                                 in its capacities as Administrative Agent and
                                 Issuing Bank

                                 By: _____________________________________(SEAL)
                                 Name:
                                 Title:

                                 BANK OF AMERICA, N.A. (formerly known as
                                 "Bank of America National Trust and Savings
                                 Association"), as a Lender and in its capacity
                                 as Syndication Agent

                                 By: /s/ William C. Nelson                (SEAL)
                                     -------------------------------------
                                 Name:   William C. Nelson
                                 Title:  Managing Director

                                 FIRST UNION NATIONAL BANK, as a Lender
                                 and in its capacity as Documentation Agent

                                 By: _____________________________________(SEAL)
                                 Name:
                                 Title:

                    [SIGNATURES CONTINUED ON THE NEXT PAGE]

                                       5

<PAGE>

          IN WITNESS WHEREOF, the parties hereto, intending to be legally bound
hereby, have caused this Third Amendment to Credit Agreement to be executed by
their respective duly authorized officers as of the date first written above.

                                 RESPIRONICS, INC.,
                                 a Delaware corporation

                                 By: _____________________________________(SEAL)
                                 Name:
                                 Title:

                                 PNC BANK, NATIONAL ASSOCIATION, as a
                                 Lender and its capacities as Administrative
                                 Agent and Issuing Bank

                                 By: _____________________________________(SEAL)
                                 Name:
                                 Title:

                                 BANK OF AMERICA, N.A. (formerly known as
                                 "Bank of America National Trust and Savings
                                 Association"), as a lender and in its capacity
                                 as Syndication Agent

                                 By: _____________________________________(SEAL)
                                 Name:
                                 Title:

                                 FIRST UNION NATIONAL BANK, as Lender
                                 and in its capacity as Documentation Agent

                                 By: /s/ Keith S. Law                     (SEAL)
                                     -------------------------------------
                                 Name:   Keith S. Law
                                 Title:  Vice President

                    [SIGNATURES CONTINUED ON THE NEXT PAGE]

                                       5

<PAGE>

     [CONTINUATION OF SIGNATURES RE: THIRD AMENDMENT TO CREDIT AGREEMENT]

                                            FLEET NATIONAL BANK

                                            By: /s/ Edward F McKenney     (SEAL)
                                                --------------------------
                                            Name:   EDWARD F. McKENNEY
                                            Title:  V.P.

                                            NORWEST BANK COLORADO, NATIONAL
                                            ASSOCIATION

                                            By: __________________________(SEAL)
                                            Name:
                                            Title:

                                            SUNTRUST BANK, CENTRAL FLORIDA, N.A.

                                            By: __________________________(SEAL)
                                            Name:
                                            Title:

                    [GUARANTOR ACCEPTANCE ON THE NEXT PAGE]

                                       6
<PAGE>

     [CONTINUATION OF SIGNATURES RE: THIRD AMENDMENT TO CREDIT AGREEMENT]

                                            FLEET NATIONAL BANK

                                            By: __________________________(SEAL)
                                            Name:
                                            Title:

                                            NORWEST BANK COLORADO, NATIONAL
                                            ASSOCIATION

                                            By: /s/ Susan K. Petri        (SEAL)
                                                --------------------------
                                            Name:   Susan K. Petri
                                            Title:  Vice President

                                            SUNTRUST BANK, CENTRAL FLORIDA, N.A.

                                            By: __________________________(SEAL)
                                            Name:
                                            Title:

                    [GUARANTOR ACCEPTANCE ON THE NEXT PAGE]

                                       6

<PAGE>

                             GUARANTOR ACCEPTANCE

     The terms of the foregoing Third Amendment to Credit Agreement are hereby
acknowledged, accepted and consented and agreed to by each of the undersigned as
guarantors under those certain Subsidiary Guaranty Agreements, each dated as of
May 8, 1998 and made by each of the undersigned guarantors in favor of PNC Bank,
National Association. All of the terms of each such Subsidiary Guaranty
Agreement shall maintain and persist and all of the rights and liabilities of
the undersigned guarantors and PNC Bank, National Association under each such
Guaranty Agreement shall continue unimpaired notwithstanding any such amendment.
A copy of the foregoing Third Amendment and this Guarantor Acceptance may be
attached to each of the Subsidiary Guaranty Agreements and deemed an amendment
thereto and a confirmation and ratification thereof. This Guarantor Acceptance
shall be deemed delivered by each of the undersigned guarantors as of the date
of their respective signatures below, but effective as of July 7, 2000.

Agreed to and Accepted this                RESPIRONICS COLORADO, INC.:
7th day of July, 2000

                                           By: /s/ James W. Liken
                                              ----------------------------
                                           Name:  James W. Liken
                                           Title: President and CEO

Agreed to and Accepted this                RESPIRONICS GEORGIA, INC.:
7th day of July, 2000

                                           By: /s/ James W. Liken
                                              ----------------------------
                                           Name:  James W. Liken
                                           Title: President and CEO

Agreed to and Accepted this                RIC INVESTMENTS, INC.:
7th day of July, 2000

                                           By: /s/ James C. Woll
                                              ----------------------------
                                           Name:  James C. Woll
                                           Title: President and Treasurer

Agreed to and Accepted this                RESPIRONICS DEUTSCHLAND GmbH & Co. by
____day of ____, 2000                      Respironics Verwaltungsgesellschaft
                                           mbH, its General Partner

                                           By: ___________________________
                                           Name:
                                           Title:

Agreed to and Accepted this                RESPIRONICS (HK) LTD.:
___ day of ____, 2000

                                           By: ___________________________
                                           Name:
                                           Title:

                                       7
<PAGE>

                             GUARANTOR ACCEPTANCE

     The terms of the foregoing Third Amendment to Credit Agreement are hereby
acknowledged, accepted and consented and agreed to by each of the undersigned as
guarantors under those certain Subsidiary Guaranty Agreements, each dated as of
May 8, 1998 and made by each of the undersigned guarantors in favor of PNC Bank,
National Association. All of the terms of each such Subsidiary Guaranty
Agreement shall maintain and persist and all of the rights and liabilities of
the undersigned guarantors and PNC Bank, National Association under each such
Guaranty Agreement shall continue unimpaired notwithstanding any such amendment.
A copy of the foregoing Third Amendment and this Guarantor Acceptance may be
attached to each of the Subsidiary Guaranty Agreements and deemed an amendment
thereto and a confirmation and ratification thereof. This Guarantor Acceptance
shall be deemed delivered by each of the undersigned guarantors as of the date
of their respective signatures below, but effective as of July 7, 2000.

<TABLE>
<S>                                               <C>
Agreed to and Accepted this                       RESPIRONICS COLORADO, INC.:
____ day of ________________, 2000

                                                  By: __________________________________________
                                                  Name:
                                                  Title:

Agreed to and Accepted this                       RESPIRONICS GEORGIA, INC.:
____ day of ________________, 2000

                                                  By: __________________________________________
                                                  Name:
                                                  Title:

Agreed to and Accepted this                       RIC INVESTMENTS, INC.:
____ day of ________________, 2000

                                                  By: __________________________________________
                                                  Name:
                                                  Title:

Agreed to and Accepted this                       RESPIRONICS DEUTSCHLAND GmbH &
7th day of July, 2000                             Co. by Respironics Verwaltungsgesellschaft
                                                  mbH, its General Partner

                                                  By: /s/ Geoffrey C. Waters
                                                      ------------------------------------------
                                                  Name:   Geoffrey C. Waters
                                                  Title:  President, International Division

Agreed to and Accepted this                       RESPIRONICS (HK) LTD.:
____ day of ________________, 2000

                                                  By: __________________________________________
                                                  Name:
                                                  Title:
</TABLE>

                                       7
<PAGE>

                             GUARANTOR ACCEPTANCE

     The terms of the foregoing Third Amendment to Credit Agreement are hereby
acknowledged, accepted and consented and agreed to by each of the undersigned as
guarantors under those certain Subsidiary Guaranty Agreements, each dated as of
May 8, 1998 and made by each of the undersigned guarantors in favor of PNC Bank,
National Association. All of the terms of each such Subsidiary Guaranty
Agreement shall maintain and persist and all of the rights and liabilities of
the undersigned guarantors and PNC Bank, National Association under each such
Guaranty Agreement shall continue unimpaired notwithstanding any such amendment.
A copy of the foregoing Third Amendment and this Guarantor Acceptance may be
attached to each of the Subsidiary Guaranty Agreements and deemed an amendment
thereto and a confirmation and ratification thereof. This Guarantor Acceptance
shall be deemed delivered by each of the undersigned guarantors as of the date
of their respective signatures below, but effective as of July 7, 2000.

Agreed to and Accepted this                RESPIRONICS COLORADO, INC.:
___ day of ____, 2000

                                           By: _____________________________
                                           Name:
                                           Title:

Agreed to and Accepted this                RESPIRONICS GEORGIA, INC.:
___ day of ____, 2000

                                           By: _____________________________
                                           Name:
                                           Title:

Agreed to and Accepted this                RIC INVESTMENTS, INC.:
___ day of ____, 2000

                                           By: _____________________________
                                           Name:
                                           Title:

Agreed to and Accepted this                RESPIRONICS DEUTSCHLAND GmbH & Co. by
____day of ____, 2000                      Respironics Verwaltungsgesellschaft
                                           mbH, its General Partner

                                           By: _____________________________
                                           Name:
                                           Title:

Agreed to and Accepted this                RESPIRONICS (HK) LTD.:
7th day of July, 2000

                                           By: /s/ David Iwinski, Jr.
                                              ------------------------------
                                           Name:  David Iwinski, Jr.
                                           Title: Managing Director

                                       7

<PAGE>

                               RESPIRONICS, INC.
                            SECRETARY'S CERTIFICATE
                            -----------------------

     I, DORITA A. PISHKO, hereby certify that I am the duly elected, qualified
and acting Secretary of Respironics, Inc., a Delaware corporation (the
"Corporation") and that:

1.   The Certificate of Incorporation and all amendments thereto as delivered to
     the Administrative Agent on May 8, 1998 continue to remain complete and
     correct and in full force and effect and have not been amended,
     supplemented or otherwise modified on or after such date;

2.   The By-Laws and all amendments thereto as delivered to the Administrative
     Agent on May 8, 1998 continue to remain complete and correct and in full
     force and effect and have not been amended, supplemented or otherwise
     modified on or after such date; and

3.   The following named persons have been duly elected to and currently hold
     the offices in the Corporation set forth opposite their names, and their
     signatures set forth opposite their names are their genuine signatures:

<TABLE>
<CAPTION>
     Name                     Office                             Signature
     ----                     ------                             ---------
     <S>                      <C>                                <C>
     James W. Liken           President and CEO                  /s/ James W. Liken
                                                                --------------------------

     Daniel J. Bevevino       Vice President and Chief           /s/ Daniel J. Bevevino
                                                                --------------------------
                              Financial Officer

     James C. Woll            Vice President and Corporate       /s/ James C. Woll
                                                                --------------------------
                              Controller and Treasurer

     Dorita A. Pishko         Secretary                          /s/ Dorita A. Pishko
                                                                --------------------------

     Steven P. Fulton         Vice President and General         /s/ Steven P. Fulton
                                                                --------------------------
                              Counsel
</TABLE>

     IN WITNESS WHEREOF, I have hereunder set my hand and the seal of the
Corporation on this 7th day of July, 2000.

                                                  RESPIRONICS, INC.

                                                  By: /s/ Dorita A. Pishko
                                                      --------------------------
                                                  Name:   Dorita A. Pishko
                                                  Title:  Secretary

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