Document:

Confidential Separation Agreement

 Exhibit 10.45 
  
 ****CONFIDENTIAL**** 
 William J. Post Separation Agreement and Complete Release 
  
 CONFIDENTIAL SEPARATION AGREEMENT 
 AND COMPLETE RELEASE 
  
 WHEREAS, RESPIRONICS, INC. (hereinafter referred to as “RI”)
employs William J. Post (hereinafter referred to as “Separating Employee”) pursuant to an Employment Agreement dated October 8, 2001, as amended effective October 21, 2002 (the “Employment Agreement”); 
  
 AND WHEREAS, RI and Separating Employee wish to resolve any and all
matters between them relating to Separating Employee’s employment with RI, or with any affiliates of RI, and the termination thereof. 
  
 NOW THEREFORE, Separating Employee and RI, each intending to be legally bound by, and in consideration of, the following mutual promises and
covenants, do agree as follows: 
  
 I. Separating
Employee will remain employed pursuant to the Employment Agreement until November 1, 2005, which shall be his last day of employment. Thereafter, Separating Employee will cease accruing time or credit (vesting or otherwise) with respect to any type
of RI-related benefit including, but not limited to, vacation, retirement savings plans, long or short term disability plans, supplemental executive retirement plans, stock option plans, etc., and Separating Employee hereby waives any claim to the
contrary. It is understood and agreed that Separating Employee has ceased to be an executive officer of RI for purposes of Section 16(b) of the Securities Exchange Act of 1934, and that effective on November 1, 2005, Separating Employee will cease
to be an “Inside Person” as such term is defined in RI’s “Policy With Respect to Trading in Respironics Common Stock.” 
  
 II. Future Payments and Benefits: 
  
 A. Consistent with Section 2.05 of the Employment Agreement, RI will pay Separating Employee his Base Salary from the date of the
termination of his employment through October 7, 2007. This sum will be paid to Separating Employee by payment of a lump sum of $157,039.75 on May 5, 2006 and payment of $11,807.54 on normal Respironics bi-weekly paydays, beginning on May 19, 2006.
These payments represent separation pay, and any unused vacation. RI will withhold appropriate federal and state income taxes from these payments. RI will not withhold any amounts for any other benefit or program, except as expressly provided
herein. 
  
 B. Separating Employee’s company
medical and dental insurance coverage ceases on November 30, 2005. Separating Employee will have the right to continue medical and/or dental insurance beginning December 1, 2005 under COBRA. Through the earlier to occur of May 31, 2007 or Separating
Employee obtaining company-sponsored health and/or dental coverage from a future employer, RI will contribute to Separating Employee’s premiums for medical and dental coverage in the same amounts as it did while Separating Employee was employed
by RI in October 2005. Thus, during this period of up to eighteen (18) months only, Separating Employee will only be responsible for the portion of the premiums for such insurance coverage as he paid in October 2005. Such premium will be paid by
Separating Employee on a monthly basis. Starting in June 2007, Separating Employee will be responsible for the full cost of obtaining and paying for his own medical and/or dental insurance. If Separating Employee still has not acquired employment
with employer-sponsored medical and/or dental coverage by this point in time, RI will pay to Separating Employee $939.23 per month during the months of June, July, August, September and October, 2007, and nothing thereafter. 
  
 Separating Employee’s Basic Life and Dependent Life
insurance will cease on November 1, 2005. Separating Employee will receive a Hartford Life Insurance Conversion and Portability Form to 

  

					
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 ****CONFIDENTIAL**** 
 William J. Post Separation Agreement and Complete Release 
  

 
convert/port his group life benefits to a personal policy with The Hartford Life Insurance Company. Conversion must be requested by Separating Employee
within 31 days from November 1, 2005. 
  
 Separating Employee’s Flexible Spending Accounts contributions will stop effective November 1, 2005. Separating Employee will have until March 31, 2006 to submit a claim requesting reimbursement on these accounts for eligible expenses
incurred on or before November 1, 2005. 
  
 C.
Separating Employee understands and acknowledges that any stock options granted to him under the Respironics, Inc. Stock Incentive Plans will cease vesting on November 1, 2005 and that vested options are exercisable only for the periods following
the termination of employment specified in such plan and any related stock option agreements with the Separating Employee. For avoidance of doubt, Separating Employee’s incentive stock options shall remain exercisable for a period of three
months following November 1, 2005, and his nonstatutory stock options shall remain exercisable for a period of one year following November 1, 2005. 
  
 D. By reason of his continued employment through November 1, 2005, Separating Employee will be eligible to receive a full share of any FY
2005 bonus paid that would have been paid to him had he remained President of the Homecare Division. He shall be paid any such bonus at the same time that it is paid to other Homecare Division employees, during his employment. 
  
 III. Separating Employee understands and agrees that neither
RI nor any successor or affiliate of RI will be obligated in any way to provide him with future employment, compensation, and/or benefits, other than those provided herein, in any amount or for any reason. The above payments include an agreed-upon
resolution of any and all payments due Separating Employee pursuant to all employment- or separation-related agreements and/or programs. This provision does not take away the rights of Separating Employee, as a former employee, under the provisions
of RI’s Retirement Savings Plan, Supplemental Executive Retirement Plans or Incentive Stock Option Plans as they relate to terminated employees. 
  
 IV. It is expressly understood and agreed that by entering into this Separation Agreement and Complete Release RI in no way admits that it
has treated Separating Employee unlawfully or wrongfully in any way. Neither this Separation Agreement and Complete Release, nor the implementation thereof, shall be construed to be, or shall be admissible in any proceedings as, evidence of an
admission by RI of any violation of, or failure to comply with, any federal, state or local law, ordinance, agreement, rule, regulation, or order. However, Separating Employee agrees that this section does not preclude introduction of this
Separation Agreement and Complete Release by RI to establish that all of Separating Employee’s claims were settled, compromised, and released according to the terms of this Agreement. 
  
 V. In consideration for the items described in sections I
through II, above, Separating Employee, on behalf of himself, his heirs, representatives, estates, successors and assigns, does hereby irrevocably and unconditionally remise, release and forever discharge RI, RI’s parents, subsidiaries,
affiliates, benefit plans, and their past, present and future officers, directors, trustees, fiduciaries, administrators, agents and employees, as well as the heirs, successors and assigns of any of such persons or such entities, hereinafter
separately and collectively called “Releasees”, from all manner of suits, actions, causes of action, damages and claims (including, but not limited to, claims for attorneys fees and expenses), known and unknown, that he has, or may have,
on behalf of himself or any entity, against any of the Releasees for any actions up to and including the date hereof and the continuing effects thereof. Except for the performance of the provisions of this Separation Agreement and Complete Release,
it is the intention of Separating Employee to effect a general release of all such claims. 
  
 This release includes, but is not limited to, claims which were asserted, could have been asserted, or could be asserted by Separating
Employee, or on his behalf, arising out of his employment with RI or the 

  

					
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 ****CONFIDENTIAL**** 
 William J. Post Separation Agreement and Complete Release 
  

 
termination thereof, including but not limited to, claims under the federal Age Discrimination In Employment Act of 1967, as amended, Title VII of the
federal Civil Rights Act of 1964, as amended, the Pennsylvania equal employment rights statutes, and other federal, state, and local statutes, ordinances, executive orders and regulations prohibiting age, race, sex, non-job-related disability and
other types of discrimination, the Employee Retirement Income Security Act of 1974, as amended, and federal, state or local law claims of any kind. 
  
 VI. Separating Employee acknowledges that as part of his duties, he had access to confidential and proprietary information and trade
secrets, such as sources of supply, information regarding information technology and strategies associated therewith, products, designs, pricing and marketing strategies, processes, business plans and strategies, and know-how of RI. Separating
Employee agrees that he has continuing obligations pursuant to the terms of Articles III, IV, V and VI of the Employment Agreement that will survive the termination of his employment with RI. Separating Employee agrees to honor all obligations under
this Agreement. Separating Employee also agrees to return all Respironics property, including but not limited to the pricing lists, customers lists, sales leads, selling and/or marketing strategies, Company credit cards, other sales and marketing
materials, demo units and any other Respironics property, provided, however, Separating Employee may retain the personal computer that he used while an employee of RI (after the computer has been cleared of all RI information) and the home printer
that he used while an employee of RI. 
  
 VII.
Separating Employee agrees that, except as required by law, the terms and conditions of this Separation Agreement and Complete Release will be kept completely confidential and will not be discussed, disclosed, or revealed, directly or indirectly, to
any person, corporation, or other entity other than to Separating Employee’s family and professional advisors consulted by Separating Employee to understand the interpretation, application, and legal effect of this Separation Agreement and
Complete Release. The parties recognize that, after this Separation Agreement and Complete Release is executed, RI may be required to file it with the SEC as a material agreement, thereby making it public, provided that if RI makes such filing,
Separating Employee may discuss the terms of the Separation Agreement and Complete Release which would then be public. 
  
 VIII. Separating Employee agrees to refrain from making any claims, allegations or assertions against RI or its employees regarding the
matters covered by this Separation Agreement and Complete Release. 
  
 IX. Separating Employee acknowledges that he has been given the opportunity to consider this Separation Agreement and Complete Release for at least twenty-one (21) days, which is a reasonable period of time, and that
he has been advised to consult with an attorney in relation thereto, prior to executing this Separation Agreement and Complete Release. Separating Employee further acknowledges that he has had a full and fair opportunity to consult with an attorney
and that he has carefully read and fully understands all of the provisions of this Separation Agreement and Complete Release and is voluntarily executing and entering into this Separation Agreement and Complete Release, intending to be legally bound
thereby. 
  
 X. For a period of seven (7) days
following the execution of this Separation Agreement and Complete Release, Separating Employee may revoke this Separation Agreement and Complete Release by delivery of a written notice revoking the same, within that seven-day period, to the
attention of Bill Wilson at RI. This Separation Agreement and Complete Release shall not become effective or enforceable until that seven-day revocation period has expired. Once that (7) day period has expired, this Separation Agreement and Complete
Release will be forever enforceable. 
  
 XI. The
parties hereto further understand, covenant, and agree that the terms and conditions of this Separation Agreement and Complete Release constitute the full and complete understandings, agreements, and arrangements of the parties and that there are no
agreements, covenants, promises or arrangements other 

  

					
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 ****CONFIDENTIAL**** 
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than those set forth or expressly referenced herein. Any subsequent alteration in, or variance from, any term or condition of this Separation Agreement and
Complete Release shall be effective only if executed in writing and signed by Separating Employee and an authorized representative of RI. 
  
 XII. This Separation Agreement and Complete Release shall be governed by Pennsylvania law, without regard to choice of law principles.

  
 IN WITNESS WHEREOF, the aforesaid parties, having read this Separation
Agreement and Complete Release and intending to be legally bound hereby, have caused this Separation Agreement and Complete Release to be executed as of this 25th day of July, 2005. 
  

									
	RESPIRONICS, INC.	 	 	 	 	 	SEPARATING EMPLOYEE
					
	 By:
	 	/S/    WILLIAM R. WILSON	 	 	 	 	 	 
	 	 	(signature)	 	 	 	 	 	 
					
	 Its:
	 	VICE PRESIDENT, HUMAN RESOURCES	 	 	 	 	 	/s/    WILLIAM J. POST        
	 	 	 	 	 	 	 	 	William J. Post
					
	 	 	 	 	 	 	 	 	 STATE OF
OHIO                    )
                                        
           ) SS:
 COUNTY OF
DELAWARE    )

					
	 	 	 	 	 	 	 	 	The foregoing instrument was acknowledged before me this 25th day of July, 2005 by William J. Post
					
	 	 	 	 	 	 	 	 	/s/    WILLIAM J. KELLY,
JR.        
	 	 	 	 	 	 	 	 	NOTARY PUBLIC
	 	 	 	 	 	 	 	 	WILLIAM J. KELLY, JR.
	 	 	 	 	 	 	 	 	ATTORNEY AT LAW
	 	 	 	 	 	 	 	 	NOTARY PUBLIC - STATE OF OHIO
	 	 	 	 	 	 	 	 	LIFETIME COMMISSION

  

					
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	 	 	 	 	WRWEmployment Agreement

 Exhibit 10.46 
  
 EMPLOYMENT AGREEMENT 
  
 Derek Smith 
  
 THIS AGREEMENT, made as of August 1, 2005 by and between RESPIRONICS, INC., a Delaware corporation (the “Company”), and Derek Smith
(“Executive”). 
  
 W I T N
E S S E T H: 
  
 WHEREAS, the Company is engaged in the business of the design, development, manufacture, marketing and sale principally of respiratory, sleep and other medical equipment and services; 
  
 WHEREAS, Executive possesses valuable knowledge and skills that will
contribute to the successful operation of the Company’s business; 
  
 WHEREAS, the Company and Executive have agreed to execute and deliver this Agreement in consideration, among other things, of (i) the access Executive will have to confidential or proprietary information of the Company, (ii) the access
Executive will have to confidential or proprietary information to be acquired hereafter by the Company, (iii) the willingness of the Company to make valuable benefits available hereafter to Executive, and (iv) Executive’s receipt of
compensation from time to time by the Company; and 
  
 WHEREAS,
the Company desires to retain the services of Executive, and Executive is willing to accept employment with the Company, upon the terms and subject to the conditions hereinafter set forth. 
  
 NOW, THEREFORE, intending to be legally bound, the Company agrees to employ
Executive, and Executive hereby agrees to be employed by the Company, upon the following terms and conditions: 
  
 ARTICLE I 
 EMPLOYMENT 
  
 1.01. Office. Executive is hereby employed as President, Hospital
Group, of the Company and in such other executive and managerial capacities as the Board of Directors, the President or the Chief Operating Officer of the Company may from time to time determine, and in such capacity or capacities shall use his best
energies or abilities in the performance of his duties hereunder and as prescribed in the By-Laws of the Company. 
  
 1.02. Term. Subject to the terms and provisions of Article II hereof, Executive shall be employed by the Company for a period of one year (the
“Term”), commencing on August 1, 2005 (the first date of employment) and ending one (1) year thereafter. Subject to the terms and provisions of Article II hereof, the Term shall automatically be extended for an additional year (i.e.,
a rolling one-year Term) unless, not less than ninety (90) days prior to the expiration of the then-current year of the Term, either Executive or the Company shall advise the other that the Term will not be further extended. 
  
 1.03. Base Salary. During the Term, compensation shall be paid to
Executive by the Company at the rate of $295,000 per annum (the “Base Salary”), payable every other week. The Base Salary to be paid to Executive may be adjusted upward or downward (but not below the amount specified in the preceding
sentence) by the Board of Directors of the Company at any time (but not less frequently than annually) based upon Executive’s contribution to the success of the Company and on such other factors as the Board of Directors of the Company shall
deem appropriate. 
  
 1.04. Executive Benefits. At all
times during the Term, Executive shall have the right to participate in and receive benefits under and in accordance with the then-current provisions of all incentive, profit sharing, retirement, stock option or purchase plans, life, health and
accident insurance, hospitalization and other incentive 

 
and benefit plans or programs (except for any such plan in which Executive may not participate pursuant to the terms of such plan or Executive’s
geographic location) which the Company may at any time or from time to time have in effect for executive employees of the Company or its subsidiaries, Executive’s participation to be on a basis commensurate with other executive employees
considering their respective responsibilities and compensation. Executive shall also be entitled to be reimbursed for all reasonable expenses incurred by him in the performance of his duties hereunder. 
  
 1.05. Principal Place of Business. The headquarters and principal
place of business of the Company is located in Murrysville, Pennsylvania. Executive’s principal place of business will be in Murrysville, Pennsylvania, and he will reside within a reasonable distance thereof. Notwithstanding the prior sentence,
it is agreed that Executive may continue to reside at his current residence in Broomfield, Colorado until May 1, 2006 and thereafter relocate with the assistance of the Company per the Company’s relocation policy. 
  
 ARTICLE II 
 TERMINATION 
  
 2.01. Illness, Incapacity. If, during the Term of Executive’s employment hereunder, the Board of Directors of the Company shall determine that Executive shall be prevented from effectively performing all his duties hereunder by
reason of illness or disability and such failure so to perform shall have continued for a period of not less than three months, then the Company may, by written notice to Executive, terminate Executive’s employment hereunder effective at any
time after such three month period. Upon delivery to Executive of such notice, together with payment of any salary accrued and unpaid under Section 1.03 hereof, Executive’s employment and all obligations of the Company under Article I hereof
shall forthwith terminate. The obligations of Executive under Article IV hereof shall continue notwithstanding termination of Executive’s employment pursuant to this Section 2.01. 
  
 2.02. Death. If Executive dies during the Term of his employment hereunder, Executive’s employment hereunder
shall terminate and all obligations of the Company hereunder, other than any obligations with respect to the payment of accrued and unpaid salary, shall terminate. 
  
 2.03. Company Termination. (a) For Cause. In the event that, in the reasonable judgment of the Board of Directors of
the Company, Executive shall have (a) been guilty of any act of dishonesty material with respect to the Company, (b) been convicted of a crime involving moral turpitude, (c) intentionally disregarded the provisions of this Agreement or d)
intentionally disregarded express instructions of the Board of Directors or President of the Company with respect to matters of policy continuing (in the case of clause (d)) for a period of not less than thirty (30) days after notice of such
disregard, the Company may terminate this Agreement effective at such date as it shall specify in a written notice to Executive. Any such termination by the Company shall be deemed to be termination “for cause”. Upon delivery to Executive
of such notice of termination, together with payment of any salary accrued and unpaid under Section 1.03 hereof, Executive’s employment and all obligations of the Company under Articles I and II hereof shall forthwith terminate. The obligations
of Executive under Article IV hereof shall continue notwithstanding termination of Executive’s employment pursuant to this Section 2.03(a). 
  
 (b) Without Cause. Executive’s employment hereunder may be terminated at any time by the Company without cause if the Board of Directors or
President of the Company so determines. Except as set forth in Section 2.05 hereof, all obligations of the Company under Article I cease upon termination. The obligations of Executive under Article IV hereof shall continue notwithstanding
termination of Executive’s employment pursuant to this Section 2.03(b). 
  
 2.04. Executive Termination. Executive agrees to give the Company ninety (90) days prior written notice of the termination of his employment with the Company. Simultaneously with such notice, Executive shall
inform the Company in writing as to his employment/consulting plan following the termination of his employment with 

  

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the Company. In the event Executive has terminated his employment with the Company because there has been: (a) a material downgrading in Executive’s
duties, titles or responsibilities or a reduction in his base salary of 20% or more, (b) a change in Executive’s principal place of business to a location not within 30 miles of its present location, (c) any significant and prolonged increase
in the traveling requirements applicable to the discharge of Executive’s responsibilities or (d) any other significant material adverse change in working conditions, responsibilities or prestige (including a notice under Section 1.02 hereof
that the Term will not be further extended), Executive shall be entitled to the compensation provided for in Section 2.05 upon such termination; provided that Executive must provide notice of termination within ninety (90) days of the
occurrence of a change Executive believes to be covered by clause (a), (b) or (d) herein in order to claim that the termination is because of such change. Otherwise, all obligations of the Company under Article I cease upon termination, except for
the payment of any salary accrued and unpaid under Section 1.03 hereof. The obligations of Executive under Article IV hereof shall continue notwithstanding termination of Executive’s employment pursuant to this Section 2.04. 
  
 2.05. Termination Payments - Discharge Without Cause. If the Company
terminates Executive’s employment without cause pursuant to Section 2.03(b), Executive shall be paid for the greater of one (1) year or the balance of the Term the Base Salary then in effect; provided that if Executive’s notice of
termination occurs within ninety (90) days of a reduction in Executive’s Base Salary, the Base Salary prior to the reduction shall be used for purposes of the Section 2.05. In addition to these termination payments, for the greater of one (1)
one year or the balance of the Term, the Company will provide Executive with health and dental insurance coverage as though Executive remained an employee. Executive will be required to pay the same portion of the premium for such insurance coverage
as if Executive remained an employee. Executive agrees to inform the Company of his employment/ consulting jobs during the period of time which Executive is receiving money under the Section. 
  
 2.06. Termination Payments - After Change of Control. 
  
 (a) Change of Control shall mean the occurrence of any of
the following events: 
  
 (i) Individuals who on
December 1,1999 constitute the Board of Directors (“Board”) of the Company (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent
to December 1, 1999, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such
person is named as a nominee for director, without written objection by such Incumbent Directors to such nomination) shall be deemed to be an Incumbent Director. 
  
 (ii) Any “person” (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”) and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing a majority of the combined voting power of the Company’s then outstanding securities eligible to vote for the election of the Board (“Company Voting Securities”); provided, however, that the
event described in this paragraph (ii) shall not be deemed to be a Change of Control by virtue of any of the following acquisitions: (A) by the Company or any subsidiary, (B) by any employee benefit plan sponsored or maintained by the Company or any
subsidiary, or by any employee stock benefit trust created by the Company or any subsidiary or (C) by any underwriter temporarily holding securities pursuant to an offering of such securities. 
  
 (iii) Consummation of any merger, consolidation,
stock-for-stock exchange or similar transaction (collectively, “Business Combination”) involving the Company or any of its subsidiaries that requires the approval of the Company’s shareholders (whether for such transaction or the
issuance of securities in the transaction), in which the holders of Company Voting Securities immediately prior to consummation of the Business Combination own, as a group, immediately after consummation of the Business Combination, voting
securities of the Company (or, if the Company does not survive the Business Combination, voting securities of the corporation surviving the Business Combination) 

  

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having less than 50% of the total voting power in an election of directors of the Company (or such other surviving corporation), excluding securities
received by any holders of Company Voting Securities in the Business Combination which represent disproportionate percentage increases in their shareholdings in comparison to other holders of Company Voting Securities. 
  
 (iv) Consummation of any sale, lease, exchange or other
transfer (in one transaction or a series of related transactions, excluding any Business Combination) of all or substantially all of the assets of the Company to a person or entity which is not controlled by or under common control with the Company.

  
 (b) If Executive is terminated without cause
upon or within eighteen (18) months after a Change of Control, or if Executive provides notice (as provided for in Section 2.04) to the Company upon or within eighteen (18) months after the occurrence of a Change of Control that he is terminating
employment with the Company because there has been: (i) a material downgrading in Executive’s duties, titles or responsibilities, (ii) a change in Executive’s principal place of business to a location not within 30 miles of its present
location, (iii) any significant and prolonged increase in the traveling requirements applicable to the discharge of Executive’s responsibilities or (iv) any other significant material adverse change in working conditions, responsibilities or
prestige, Executive shall be entitled to the payments and other benefits provided for in Section 2.05 upon such termination; provided that in this Change of Control circumstance, notwithstanding Section 2.05, the termination payments shall be
in an amount equal to (i) 1.5 times Executive’s base salary if the Change in Control occurs before April 18, 2007 and, instead, (ii) one (1) full year of Executive’s base salary (regardless of the remaining Term) plus the average
“year end” bonus paid to Executive over the prior two (2) years if the Change in Control occurs thereafter. Such payment shall be made to Executive in a lump sum to be paid to Executive within five (5) business days after the termination
of employment. Otherwise, all obligations of the Company under Article I cease upon termination, except for the payment of any salary accrued and unpaid under Section 1.03 hereof. The obligations of Executive under Article IV hereof shall continue
notwithstanding termination of Executive’s employment pursuant to this Section 2.06. 
  
 (c) After a Change of Control, Executive has the option to terminate his employment with the Company for any reason by providing notice
(as provided for in Section 2.04) of termination to the Company, such notice to be provided to the Company at any time within six (6) months after the Change of Control. Within five (5) business days after a termination of employment governed by
this provision, Executive shall receive from the Company a lump sum payment equal to (i) one (1) full year of Executive’s base salary if the Change in Control occurs before April 18, 2007 and, instead, (ii) six months of Executive’s base
salary plus one half of the average of the “year end” bonuses paid to Executive over the prior two (2) years if the Change in Control occurs thereafter. Additionally, for one year after the termination, the Company will provide Executive
with health and dental insurance coverage as though Executive remained an employee. Executive will be required to pay the same portion of the premium for such insurance coverage as if Executive remained an employee. Otherwise, all obligations of the
Company under Article I cease upon termination, except for the payment of any salary accrued and unpaid under Section 1.03 hereof. The obligations of Executive under Article IV hereof shall continue notwithstanding termination of Executive’s
employment pursuant to this Section 2.06. 
  
 ARTICLE III

 EXECUTIVE’S ACKNOWLEDGMENTS 
  
 Executive recognizes and acknowledges that: (a) in the course of Executive’s employment by the Company it will be necessary for Executive to acquire
information including, without limitation, information concerning the Company’s sales, sales volume, sales methods, sales proposals, customers and prospective customers, identity of customers and prospective customers, identity of key
purchasing personnel in the employ of customers and prospective customers, amount or kind of customer’s purchases from the Company, the Company’s sources of supply, the Company’s computer programs, system documentation, special
hardware, product hardware, related software development, the Company’s manuals, formulae, processes, methods, 

  

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machines, compositions, ideas, improvements, inventions or other confidential or proprietary information belonging to the Company or relating to the
Company’s affairs (collectively referred to herein as the “Confidential Information”); (b) for purposes of this Employment Agreement, confidential information of an affiliate of the Company or of a person or entity with which the
Company explores or conducts business is considered to be Confidential Information; (c) the Confidential Information is the property of the Company or third party that provided it to the Company, and not Executive; (d) the use, misappropriation or
disclosure of the Confidential Information would constitute a breach of trust and could cause irreparable injury to the Company; and (e) it is essential to the protection of the Company’s good will and to the maintenance of the Company’s
competitive position that the Confidential Information be kept secret and that Executive not disclose the Confidential Information to others or use the Confidential Information to Executive’s own advantage or the advantage of others. For
purposes of this Agreement, Confidential Information shall not include any information that is in the public domain, so long as such information is not in the public domain as a result of any action or inaction by Executive which would constitute a
violation of this Agreement or the Company’s policies with respect to such information. 
  
 Executive further recognizes and acknowledges that it is essential for the proper protection of the business of the Company that Executive be restrained, but only to the extent hereinafter provided (a) from soliciting
or inducing any employee of the Company to leave the employ of the Company, (b) from hiring or attempting to hire any employee of the Company, (c) from soliciting the trade of or trading with the customers and suppliers of the Company with regard to
any products or services that are competitive with those of the Company, and (d) from competing against the Company for a reasonable period following the termination of Executive’s employment with the Company. 
  
 Executive further recognizes and understands that his duties at the Company
may include the preparation of materials, including written or graphic materials, and that any such materials conceived or written by him shall be done as “work made for hire” as defined and used in the Copyright Act of 1976, 17 USC §
1 et seq. In the event of publication of such materials, Executive understands that the Company will solely retain and own all rights in said materials, including right of copyright, and that the Company may, at its discretion, on a
case-by-case basis, grant Executive by-line credit on such materials as the Company may deem appropriate. 
  
 For purposes of interpreting Article III and Article IV hereof, the acknowledgments, covenants and obligations of Executive with respect to the Company
apply equally with respect to its affiliates. 
  
 ARTICLE IV

 EXECUTIVE’S COVENANTS AND AGREEMENTS 
  
 4.01. Non-Disclosure of Confidential Information. Executive agrees to hold and safeguard the Confidential Information in trust for the Company, its
successors and assigns and agrees that he shall not, without the prior written consent of the Company, misappropriate or disclose or make available to anyone for use outside the Company’s organization at any time, either during his employment
with the Company or subsequent to the termination of his employment with the Company for any reason, including without limitation termination by the Company for cause or without cause, any of the Confidential Information, whether or not developed by
Executive, except as required in the performance of Executive’s duties to the Company. 
  
 4.02. Disclosure of Works and Inventions /Assignment of Patents and Other Rights. (a) Executive shall disclose promptly to the Company or its nominee any and all works, inventions, discoveries and improvements
authored, conceived or made by Executive during the period of employment and related to the business, prospective business or activities of the Company, and hereby assign and agrees to assign all his interest therein to the Company or its nominee.
Whenever requested to do so by the Company, Executive shall execute any and all applications, assignments or other instruments, and otherwise cooperate with the Company at no expense to Executive, to assist the Company in applying for and obtaining
Letters Patent or Copyrights of the United States or any foreign country or to otherwise protect the Company’s interest therein. Such obligations shall continue 

  

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beyond the termination of employment with respect to works, inventions, discoveries and improvements authored, conceived or made by Executive during the
period of employment, and shall be binding upon Executive’s assign, executors, administrators and other legal representatives. 
  
 (b) Executive agrees that in the event of publication by Executive of written or graphic materials the Company will retain and own all rights in said
materials, including right of copyright. 
  
 4.03. Duties.
Executive agrees to be a loyal employee of the Company. Executive agrees to devote his best efforts full time to the performance of his duties for the Company, to give proper time and attention to furthering the Company’s business, and to
comply with all rules, regulations and instruments established or issued by the Company. Executive further agrees that during the Term of this Agreement, Executive shall not, directly or indirectly, engage in any business which would detract from
Executive’s ability to apply his best efforts to the performance of his duties hereunder. Executive also agrees that he shall not usurp any corporate opportunities of the Company. 
  
 4.04. Return of Materials. Upon the termination of Executive’s employment with the Company for any reason,
including without limitation termination by the Company for cause or without cause, Executive shall promptly deliver to the Company all correspondence, drawings, blueprints, manuals, letters, notes, notebooks, reports, flow-charts, programs,
proposals and any documents concerning the Company’s customers or concerning products or processes used by the Company and, without limiting the foregoing, will promptly deliver to the Company any and all other documents or materials containing
or constituting Confidential Information. 
  
 4.05.
Restrictions on Competition. Executive covenants and agrees that during the period of Executive’s employment hereunder plus a period of one (1) year following the termination of Executive’s employment, including without limitation
termination by the Company for cause or without cause, Executive shall not, in the United States of America or in any other country of the world in which the Company has done business at any time during the last three years prior to termination of
Executive’s employment with the Company, engage, directly or indirectly, whether as principal or as agent, officer, director, employee, consultant, shareholder, or otherwise, alone or in association with any other person, corporation or other
entity, in any Competing Business. For purposes of the Agreement, the term “Competing Business” shall mean and include any person, corporation or other entity which develops, manufactures, sells, markets or attempts to develop,
manufacture, sell or market any product or services which are the same as, similar to or compete with the Products and services (i) sold by the Company at any time and from time to time during the last three years prior to the termination of
Executive’s employment hereunder or (ii) which are active research and development projects of the Company of which Executive is aware at the time of termination; provided, however, that for purposes of determining what constitutes a Competing
Business there shall not be included (x) any product or service of any entity which product or service Executive determines is not important to the business or prospects of the Company and which product or service the Company’s Board, having
been requested to do so by Executive, also so determines; or (y) any product or service of any entity so long as the Executive and such entity can demonstrate to the reasonable satisfaction of the Company that Executive is and will continue to be
effectively isolated from and not participate in the development, manufacture, sale or marketing of a competing product or service, but only so long as Executive is effectively so isolated and does not so participate (i.e., Executive can work
for an entity that has products that compete with the Company if he is appropriately isolated from the portions of that entity that compete). 
  
 4.06. Non-Solicitation of Customers and Suppliers. Executive agrees that during his employment with the Company he shall not, directly or
indirectly, solicit the trade of, or trade with, any customer, prospective customer, supplier, or prospective supplier of the Company for any business purpose other than for the benefit of the Company, with respect to any products competitive with
those of the Company. Executive further agrees that for one year following termination of his employment with the Company, including without limitation termination by the Company for cause or without cause, Executive shall not, directly or
indirectly, solicit the trade of, or trade with, any customers or suppliers, or prospective customers or suppliers, of the Company with respect to any products competitive with those of the Company. 
  

 6 

 4.07. Non-Solicitation of Employees. Executive agrees that, during his employment with the Company
and for two years following termination of Executive’s employment with the Company, including without limitation termination by the Company for cause or without cause, Executive shall not, directly or indirectly, solicit or induce, or attempt
to solicit or induce, any employee of the Company to leave the Company for any reason whatsoever, or hire any employee of the Company. 
  
 ARTICLE V 
 EXECUTIVE’S REPRESENTATIONS
AND WARRANTIES 
  
 5.01. No Prior Agreements. Executive
represents and warrants that he is not a party to or otherwise subject to or bound by the terms of any contract, agreement or understanding which in any manner would limit or otherwise affect his ability perform his obligations hereunder, including
without limitation any contract, agreement or understanding containing term and provisions similar in any manner to those contained in Article IV hereof. Executive further represents and warrants that his employment with the Company will not require
him to disclose or use any confidential information belonging to prior employers or other persons or entities. 
  
 5.02. Executive’s Abilities. Executive represents that his experience and capabilities are such that the provisions of Article IV will not
prevent him from earning his livelihood, and acknowledges that it would cause the Company serious and irreparable injury and cost if Executive were to use his ability and knowledge in competition with the Company or to otherwise breach the
obligations contained in Article IV. 
  
 5.03. Remedies. In
the event of a breach by Executive of the term of this Agreement, the Company shall be entitled, if it shall so elect, to institute legal proceedings to obtain damages for any such breach, or to enforce the specific performance of this Agreement by
Executive and to enjoin Executive from any further violation of this Agreement and to exercise such remedies cumulatively or in conjunction with all other rights and remedies provided by law. Executive acknowledges, however, that the remedies at law
for any breach by him of the provisions of this Agreement may be inadequate and that the Company shall be entitled to injunctive relief against him in the event of any breach. 
  
 ARTICLE VI 
 MISCELLANEOUS 
  
 6.01. Authorization to Modify
Restrictions. It is the intention of the parties that the provisions of Article IV hereof shall be enforceable to the fullest extent permissible under applicable law, but that the unenforceability (or modification to conform to such law) of any
provision or provisions hereof shall not render unenforceable, or impair, the remainder thereof. If any provision or provisions hereof shall be deemed invalid or unenforceable, either in whole or in part, this Agreement shall be deemed amended to
modify, as necessary, the offending provision or provisions and to alter the bounds thereof in order to render it valid and enforceable or, if necessary, to delete the offending provision. 
  
 6.02. Tolling Period. The non-competition, non-disclosure and
non-solicitation obligations contained in Article IV hereof shall be extended by the length of time during which Executive shall have been in breach of any of the provisions of such Article IV. 
  
 6.03. Entire Agreement. This Agreement, together with the offer letter
dated July 22, 2005, represents the entire agreement of the parties with respect to the employment of Executive by the Company and may be amended only by a writing signed by each of them. 
  
 6.04. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
Commonwealth of Pennsylvania. 
  
 6.05. Consent to
Jurisdiction; Venue. Executive hereby irrevocably submits to the personal jurisdiction of the United States District Court for the Western District of Pennsylvania or the Court of Common Pleas of Allegheny County, Pennsylvania in any action or
proceeding arising out of or relating to this Agreement, and 

  

 7 

 
Executive hereby irrevocably agrees that all claims in respect of any such action or proceeding may be heard and determined in either such court. Executive
hereby irrevocably waives any objection which he now eafter may have to the laying of venue of any action or proceeding arising out of or relating to this Agreement brought in the United States District Court for the Western District of Pennsylvania
or the Court of Common Pleas of Allegheny County, Pennsylvania and any objection on the ground that any such action or proceeding in either of such Courts has been brought in an inconvenient forum. Nothing in this Section 6.05 shall affect the right
of the Company to bring any action or proceeding against Executive or his property in the courts of other jurisdictions where the Executive resides or has his principal place of business or where such property is located. 
  
 6.06. Service of Process. Executive hereby irrevocably consents to the
service of any summons and complaint and any other process which may be served in any action or proceeding arising out of or related to this Agreement brought in the United States District Court for the Western District of Pennsylvania or the Court
of Common Pleas of Allegheny County by the mailing by certified or registered mail of copies of such process to Executive at his then current address. 
  
 6.07. Agreement Binding. The obligations of Executive under this Agreement shall continue after the termination of his employment with the Company
for any reason, with or without cause, and shall be binding on, and inure to the benefit of, his heirs, executors, legal representatives and assign. If the Executive should die while any amounts are still payable to him hereunder, all such amounts,
unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee, or designee or, if there be no such designee, to the Executive’s estate. This Agreement also shall be
binding upon, and inure to the benefit of, any successors and assign of the Company. 
  
 6.08. Successor to the Company. The Company will require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company, by agreement in form and substance satisfactory to the Executive, to expressly, absolutely and unconditionally to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession or assignment had taken place. Any failure of the Company to obtain such agreement prior to the effectiveness of any such succession or assignment shall be a material breach of this Agreement and shall
entitle the Executive to terminate the Executive’s employment and to receive the payments and other benefits set forth in Section 2.06(b) as if Executive had been terminated without cause upon a Change of Control. As used in this Agreement,
“Company” shall mean the Company as hereinbefore defined and any successor or assign to its business and/or assets as aforesaid. 
  
 6.09. Counterparts, Section Headings. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same instrument. The section headings of this Agreement are for convenience of reference only and shall not affect the construction or interpretation of any of the provisions hereof.

  
 6.10. Notices. All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been duly given if (a) hand delivered, (b) mailed, registered mail, first class postage paid, return receipt requested, (c) sent via overnight delivery service or courier,
delivery acknowledgment requested, or (d) sent via any other delivery service with proof of delivery: 
  
 if to the Company: 
  
 1010 Murry Ridge Lane 
 Murrysville, PA 15668

 Attn: General Counsel 
  
 if to Executive, at the address set forth on the signature page hereof or to such other address or to such other person as either party hereto shall have
last designated by notice to the other party. 
  
 Executive
acknowledges that he has read and understands the foregoing provisions and that such provisions are reasonable and enforceable. 
  

 8 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement or caused this Agreement to be executed the day and
year first above written. 
  

									
	 Witness:
	 	 	 	 
				
	 	 	 	 	  	 	D. SMITH.        
					
	 	 	 	 	 	 	 Address:
	 	763 Eldorado Blvd
	 	 	 	 	 	 	 	 	Broomfield, CO
	 	 	 	 	 	 	 	 	80021.
			
	 Attest
	 	 	 	 
			
	 	 	 	 	RESPIRONICS, INC.
				
	DORITA A. PISHKO	 	 	 	 By:
	 	/s/    WILLIAM R. WILSON
	Secretary	 	 	 	 Print Name:
	 	William R. Wilson
	 	 	 	 	 	 	 Title:
	 	VP, Human Resources

  

 9

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