Amendment to Employment Agreement between Craig B. Reynolds and Respironics, Inc.

Summary

This amendment updates the original employment agreement between Craig B. Reynolds and Respironics, Inc. by extending the period for Mr. Reynolds to notify the company of his intent to terminate the agreement and receive certain benefits from 30 months to 31 months, with a new deadline of August 11, 2000. All other terms of the original agreement remain unchanged. The amendment is governed by Pennsylvania law and any disputes will be resolved through arbitration as specified in the original agreement.

EX-10.24 3 0003.txt AMENDMENT TO EMPLOYEE AGREEMENT Exhibit 10.24 AMENDMENT TO EMPLOYMENT AGREEMENT --------------------------------- This Amendment to Employment Agreement (the "Amendment") is made and entered into as of the 29th day of June, 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 (the "Employment Agreement"). B. The Company and Executive desire to amend certain provisions of the Employment Agreement, as set forth herein. NOW THEREFORE, intended to be legally bound, the Company and Executive agree as follows: 1. Amendment to Section 2.04(b). Section 2.04(b) of the Employment ---------------------------- Agreement is hereby amended by deleting the term "30 months" in each of the first and second sentences thereof and replacing it with "31 months", it being the intention of the parties that Executive shall have until on or before August 11, 2000 to give notice to the Company pursuant to Section 2.04(b) of the Employment Agreement of Executive's intent to terminate the Employment Agreement and receive the benefits set forth in Section 2.04(b). 2. Miscellaneous. Except as amended hereby, the Employment Agreement ------------- is hereby ratified and confirmed in all respects. This Amendment shall be governed by and construed in accordance with laws of the Commonwealth of Pennsylvania. Any dispute concerning this Amendment shall be subject to the arbitration provisions set forth in Section 6.05 of the Employment Agreement. 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/ Daniel J. Bevevino /s/ Craig B. Reynolds ------------------------------ ------------------------------ Title: V.P. & CFO --------------------------- ATTEST: RESPIRONICS, INC. Secretary: /s/ Dorita A. Pishko By: /s/ James W. Liken ----------------------- --------------------------- Corporate Seal: Title: PRESIDENT & CEO ------------------------