EX-10.1



 Exhibit 10.1 

FORM OF CHANGE OF CONTROL/SEVERANCE AGREEMENT 

This CHANGE OF CONTROL/SEVERANCE AGREEMENT (this “Agreement”), dated as of [•], is made by and between Waters Corporation
(together with all subsidiaries or affiliates hereinafter referred to as the “Company”) and [•] (the “Executive”)[, and, as of the date hereof, supersedes in its entirety the Change of Control/Severance Agreement, dated as
of [•] by and between the Company and the Executive (the “Prior Agreement”)]1. 

WHEREAS, the Executive has been hired as [•] of the Company and is expected to make major contributions to the Company; and 

WHEREAS, the Company desires continuity of management; and 

WHEREAS, the Executive is willing to render services to the Company subject to the conditions set forth in this Agreement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the
Executive agree as follows: 
 1. Termination prior to a Change of Control. If, within nine (9) months prior to a Change
of Control (as such term is defined in Section 3(c) below) and subsequent to the commencement of substantive discussions that ultimately result in the Change of Control, but prior to such Change of Control, the Company terminates the
Executive’s employment with the Company for a reason other than Cause (as such term is defined in Section 3(d) below), death or Disability (as such term is defined in Section 3(e) below), the Company shall, subject to the
Executive’s satisfaction of the Release Condition (as such term is defined in Section 3 below): 
 (a) Cash Payment. Pay to
the Executive a lump sum amount, following the Change of Control in the time period set forth in Section 3, equal to the sum of (i) twenty-four (24) times his or her monthly base salary (at the highest monthly base salary rate in
effect for the Executive in the twelve (12) –month period prior to the termination of his or her employment) and (ii) an amount equal to the amount payable pursuant to the immediately preceding clause (i) times the greater of
(x) his or her target bonus percentage under the Company’s Management Incentive Plan or any successor plan for the year in which the termination of the Executive’s employment occurs or (y) his or her bonus percentage theretofore
accrued thereunder for that year (based on actual performance, as determined in good faith by the Compensation Committee of the Board of Directors of the Company (or its successor) (the “Committee”)); and 

 

	1 	Bracketed language to be included for executives who have existing Change of Control/Severance Agreements. 








 (b) Benefits. Pay to the Executive a lump sum amount, following a Change of Control in the
time period set forth in Section 3, equal to the amount the Company would have paid in premiums under the life, accident, health and dental insurance plans of the Company in which the Executive and his or her dependents were participating
immediately prior to the termination of his or her employment for the twenty-four (24) –month period following the date of the Change of Control, with such lump sum amount payable pursuant to this Section 1(b) to be determined based
on the premium rates in effect at the time of the termination of the Executive’s employment; and 
 (c) Equity Arrangements. In
the event of a termination of employment described in this Section 1, and notwithstanding any contrary provisions of the 2012 Equity Incentive Plan (or any predecessor plans or plans that may become the successors to such plan) and any equity
incentive agreements (other than performance stock units or any other performance-based awards, as provided for below) entered into between the Company and the Executive pursuant to such plan or plans or otherwise, cause any such outstanding equity
awards that are unvested or unexercisable and held by the Executive on the date of such termination of employment to remain outstanding (but not beyond the original expiration dates of such awards that are stock options or stock appreciation rights
and such awards shall not otherwise vest or become exercisable except as provided herein) and, subject to a Change of Control occurring within nine (9) months following such date of such termination, to vest or become exercisable, as
applicable, upon such Change of Control. To the extent a Change of Control does not occur within such nine (9) -month period, all such equity awards shall terminate at the end of such period. The performance stock units or other
performance-based awards that the Executive holds, if any, shall be governed by the applicable award agreement and the 2012 Equity Incentive Plan (or any predecessor plans or plans that may become the successors to such plan); and 

(d) Qualified Plan Arrangements. On the Change of Control, cause any unvested portion of any qualified or non-qualified capital
accumulation benefits granted to the Executive under the Waters Investment Plan, Waters Retirement Plan, Waters 401(k) Restoration Plan, the Waters Retirement Restoration Plan, and the Waters Health Care Reimbursement Plan for Retirees (or any plans
that may become the successors to such plans), as applicable, to become immediately vested (subject to applicable law); 
 provided, however, that
any amounts and benefits set forth in this Section 1 shall be reduced by any and all other severance or other amounts or benefits paid or payable to the Executive as a result of the termination of his or her employment under any plan, program
or agreement entered into with, or sponsored or maintained by, the Company. 
 2. Termination Following a Change of Control.

 If, at any time during a period commencing with a Change of Control and ending eighteen (18) months after such Change of Control,
the Company terminates the Executive’s employment for a reason other than Cause, death, or Disability or the Executive terminates employment with the Company for “Good Reason”, the Company shall, subject to the Executive’s
satisfaction of the Release Condition (as such term is defined in Section 3 below): 

  
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 (a) Cash Payment. Pay to the Executive a lump sum amount, within the time period set forth
in Section 3, equal to the sum of (i) twenty-four (24) times his or her monthly base salary (at the highest monthly base salary rate in effect for the Executive in the twelve (12) –month period prior to the termination of
his or her employment) and (ii) an amount equal to the amount payable pursuant to the immediately preceding clause (i) times the greater of (x) his or her target bonus percentage under the Company’s Management Incentive Plan or
any successor plan for the year in which the termination of the Executive’s employment occurs or (y) his or her bonus percentage theretofore accrued thereunder for that year (based on actual performance, as determined in good faith by the
Committee); and 
 (b) Benefits. Pay to the Executive a lump sum amount, following the Executive’s termination of employment in
the time period set forth in Section 3, equal to the amount the Company would have paid in premiums under the life, accident, health and dental insurance plans of the Company in which the Executive and his or her dependents were participating
immediately prior to the termination of his or her employment for the twenty-four (24) –month period following the date of the termination of the Executive’s employment, with such lump sum amount payable pursuant to this
Section 2(b) to be determined based on the premium rates in effect at the time of the termination of the Executive’s employment; and 

(c) Equity Arrangements. In the event of a termination of employment described in this Section 2 and notwithstanding any contrary
provisions of the 2012 Equity Incentive Plan (or any predecessor plans or plans that may become the successors to such plan) and any equity incentive agreements (other than performance stock units or any other performance-based awards, as provided
for below) entered into between the Company and the Executive pursuant to such plan or plans or otherwise, cause any such outstanding equity awards that are unvested or unexercisable and held by the Executive on the date of such termination of
employment to vest or become exercisable, as applicable, upon such termination. For the avoidance of doubt, the provisions of Sections 9(a), (b) and (c) of the 2012 Equity Incentive Plan (or any similar provisions of any predecessor plan
or successor plan) shall not apply to Executive’s equity awards [granted on or after December 9, 2016]. The performance stock units or other performance-based awards that the Executive holds, if any, shall be governed by the applicable
award agreement and the 2012 Equity Incentive Plan (or any plans that may become the successors to such plan); and 
 (d) Qualified Plan
Arrangements. Cause any unvested portion of any qualified and non-qualified capital accumulation benefits granted to the Executive under the Waters Investment Plan, Waters Retirement Plan, Waters 401(k) Restoration Plan, the Waters Retirement
Restoration Plan, and the Waters Health Care Reimbursement Plan for Retirees (or any plans that may become the successors to such plans), as applicable, to become immediately vested (subject to applicable law); 

provided, however, that any amounts and benefits set forth in this Section 2 shall be reduced by any and all other severance or other amounts or
benefits paid or payable to the Executive as a result of the termination of his or her employment under any plan, program or agreement entered into with, or sponsored or maintained by, the Company. 

  
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 (e) Definition of Good Reason. For purposes of this Section 2, “Good
Reason” shall mean the occurrence (without the Executive’s express written consent) of one or more of the following events following a Change of Control, as the case may be: 

(i) A material diminution in the Executive’s authority, duties or responsibilities from his or her authority, duties and responsibilities
immediately prior to the Change in Control; or 
 (ii) A material reduction in the Executive’s base salary (except for salary
reductions similarly affecting all senior executives of the Company); or 
 (iii) A material change in the Executive’s place of
business (provided, however, that travel for business purposes consistent with past practices shall not be considered a change in the place of business for the purpose of this clause (iii)); or 

(iv) A material breach by the Company of any agreement under which the Executive provides services to the Company, including without
limitation Section 3(h) of this Agreement or any plan of incentive compensation; 
 provided, that the occurrence of any of the events listed in
clauses (i) through (iv) shall not constitute “Good Reason” unless (x) the Executive shall have given notice of the event to the Company within ninety (90) days after it first existed, (y) the Company shall have
failed to remedy the condition within thirty (30) days after the notice, and (z) the Executive actually terminates his or her employment within thirty (30) days after the expiration of the cure period. 

3. General. 
 (a)
Release. Notwithstanding any other provision of this Agreement to the contrary, benefits shall be payable under this Agreement only if the Executive enters into a release of claims (the “Release”) substantially in the form attached
hereto as Exhibit A, with such changes only as may be necessary to comply with applicable law at the time of termination of the Executive’s employment, within a period of time not to exceed forty-five (45) days from the date of termination
of the Executive’s employment and the Executive does not revoke such Release (the “Release Condition”). Except as otherwise provided in Section 3(i) of this Agreement, any payment under this Agreement to be made in a lump sum
shall be paid as soon as administratively practicable following the date the Release becomes effective, but not later than the date that is sixty (60) days following the date the Executive’s employment terminates. Notwithstanding the
foregoing, if the date the Executive’s employment terminates occurs in one taxable year and the date that is sixty (60) days following such termination date occurs in a second taxable year, to the extent required by Section 409A of
the Internal Revenue Code, as amended (“Section 409A”), such lump sum payment shall not be made prior to the first day of the second taxable year. For the avoidance of doubt, if the Executive does not execute the Release within the period
specified in this Section 3(a) or if the Executive revokes the executed Release within the time period permitted by law, the Executive will not be entitled to any payments or benefits (including the accelerated vesting of equity and
equity-based 

  
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awards) set forth in this Agreement, any equity and equity-based awards that vested on account of such termination as provided for in this Agreement shall be cancelled with no consideration due
to the Executive, and neither the Company nor any of its affiliates will have any further obligations to the Executive under this Agreement or otherwise.

(b) Termination for Cause. In the event the Executive’s employment with the Company is terminated by the Company for
“Cause”, the Executive’s employment terminates due to death or Disability, or the Executive terminates his or her employment with the Company other than during the specific time periods set forth in Section 2 or for any reason
other than Good Reason, the Executive shall not be entitled to the severance benefits or other considerations described herein by virtue of this Agreement. 

(c) Definition of Change of Control. For purposes of this Agreement, “Change of Control” shall mean the occurrence of any of
the following, provided such occurrence is also a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, in each case as those terms are defined in Treasury
Regulation Section 1.409A-3(i)(5)(v), (i) the closing of a merger, consolidation, liquidation or reorganization of the Company into or with another company or other legal person, after which merger, consolidation, liquidation or
reorganization the capital stock of the Company outstanding prior to consummation of the transaction is not converted into or exchanged for or does not represent more than 50% of the aggregate voting power of the surviving or resulting entity;
(ii) the direct or indirect acquisition by any person (as the term “person” is used in Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended) of more than 50% of the voting capital stock of the Company,
in a single or series of related transactions; or (iii) the sale, exchange, or transfer of all or substantially all of the Company’s assets (other than a sale, exchange, or transfer to one or more entities where the stockholders of the
Company immediately before such sale, exchange or transfer retain, directly or indirectly, at least a majority of the beneficial interest in the voting stock of the entities to which the assets were transferred). 

(d) Definition of Cause. For purposes of this Agreement, “Cause” shall mean: (i) the conviction of the Executive by a
court of competent jurisdiction of, or the pleading of guilty or nolo contendere to, any felony or any crime involving moral turpitude; (ii) gross negligence, breach of fiduciary duty or material breach of any confidentiality, non-competition
or developments agreement or covenant in favor of the Company; (iii) the Executive shall have willfully and continually failed to substantially perform the Executive’s duties with the Company after a written demand for substantial
performance is delivered by the Company, which demand specifically identifies the manner in which the Company believes that the Executive has not substantially performed the Executive’s duties pursuant to the disciplinary procedures of the
Company, and such failure of substantial performance shall have continued for a period of thirty (30) days after such written demand; (iv) the Executive has been chronically absent from work (excluding vacations, illnesses or leaves of
absences); (v) the commission by the Executive of an act of fraud, embezzlement or misappropriation against the Company; or (vi) the Executive shall have refused, after explicit notice, to obey any lawful resolution or direction by the
Board which is consistent with his or her duties as an officer of the Company. 

  
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 (e) Definition of Disability. For purposes of this Agreement, “Disability” means
an independent medical doctor (selected by the Company’s health or disability insurer) has certified that the Executive has, for six (6) months consecutive or nonconsecutive in any twelve (12) –month period, been disabled in a
manner that seriously interferes with his or her ability to perform his or her responsibilities as an employee of the Company. Any refusal by the Executive to submit to a medical examination for the purpose of certifying disability shall be deemed
to constitute conclusive evidence of the Executive’s Disability. 
 (f) No Mitigation or Offset. The Executive shall not
be required, as a condition of receiving any payments or benefits under this Agreement, to seek or obtain any other employment after termination of employment hereunder or to take any steps to reduce the amount of any payment or benefit described in
this Agreement. Further, the amount of any payment or benefit provided in this Agreement shall not be reduced by any compensation earned by the Executive as a result of any employment by another employer. 

(g) Timing of Payments and Section 409A.  

(i) Notwithstanding anything to the contrary in this Agreement, if at the time the Executive’s employment terminates, the Executive is a
“specified employee,” as defined below, any and all amounts payable under this Agreement on account of such separation from service that would (but for this provision) be payable within six (6) months following the date of
termination, shall instead be paid on the next business day following the expiration of such six (6) -month period or, if earlier, upon the Executive’s death; except (A) to the extent of amounts that do not constitute a deferral of
compensation within the meaning of Treasury regulation Section 1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined by the Company in its reasonable good faith
discretion); (B) benefits which qualify as excepted welfare benefits pursuant to Treasury regulation Section 1.409A-1(a)(5); or (C) other amounts or benefits that are not subject to the requirements of Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), and the regulations and guidance promulgated thereunder (collectively, “Section 409A”). 

(ii) For purposes of this Agreement, all references to “termination of employment” and correlative phrases shall be construed to
require a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term “specified employee” means an individual determined
by the Company to be a specified employee under Treasury regulation Section 1.409A-1(i). 
 (iii) Each payment made under this
Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments. 

  
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 (iv) It is the intent of the parties hereto that the payments under this Agreement comply with
(or be exempt from) Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted in accordance therewith. In no event, however, shall the Company have any liability relating to the failure or alleged
failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of Section 409A. 
 (h)
Binding Effect. Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the Company and any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise)
of the Company. The Company shall require any such successor to assume this Agreement expressly and to be bound by the provisions of this Agreement as if such successor were the Company and for purposes of this Agreement, any such successor of the
Company shall be deemed to be the “Company” for all purposes. 
 (i) No Employment Agreement; Effect on Other Agreements.
Nothing in this Agreement shall create any obligation on the part of the Company or any other person to continue the employment of the Executive, and nothing herein shall affect the Executive’s obligations under any non-competition,
confidentiality, option or similar agreement between the Company and the Executive currently in effect or which may be entered into in the future. 

(j) Withholding. All payments required to be made by the Company hereunder to the Executive shall be subject to the withholding
of such amounts, if any, relating to tax and other payroll deductions as the Company may reasonably determine it must withhold pursuant to any applicable law or regulation. 

(k) Arbitration. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled
exclusively by single-arbitrator arbitration in Boston, Massachusetts in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect, and judgment upon the award rendered by the arbitrator may be entered
in any court having jurisdiction thereof. Each party shall bear the cost of its or his or her, respectively, own legal fees in connection with such dispute. 

(m) Governing Law; Miscellaneous. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of
Massachusetts. This Agreement constitutes the entire Agreement between the Executive and the Company concerning the subject matter hereof and supersedes any prior negotiations, understandings, or agreements concerning the subject matter hereof,
whether oral or written, [including the Prior Agreement,] and may be amended or rescinded only upon the written consent of the Company and the Executive. The invalidity or unenforceability of any provision of this Agreement shall not affect the
other provisions of this Agreement and this Agreement shall be construed and reformed to the fullest extent possible. The Executive may not assign any of his or her rights or obligations under this Agreement; the rights and obligations of the
Company under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the
same instrument. 

  
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 (n) Section 280G. 

(i) If any payment or benefit (including payments and benefits pursuant to this Agreement) that Executive would receive from the Company, or
otherwise, contingent on an event covered by Section 280G(b)(2)(A)(i) of the Code (collectively, the “Transaction Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code,
and (ii) but for this Section 3(m), be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Executive shall be entitled to receive, whichever of the following that results in the greater
amount payable to him or her on an after-tax basis: (1) payment in full of the entire amount of the Transaction Payment (a “Full Payment”), or (2) payment of only a part of the Transaction Payment so that the Executive receives
the largest payment possible without the imposition of the Excise Tax (a “Reduced Payment”). 
 For purposes of determining
whether to make a Full Payment or a Reduced Payment, the Company shall cause to be taken into account all applicable federal, state and local income and employment taxes and the Excise Tax. If a Reduced Payment is made, (x) Executive shall have
no rights to any additional payments and/or benefits constituting the Transaction Payment, and (y) reduction in payments and/or benefits shall occur in the manner that results in the greatest economic benefit to Executive as determined in this
paragraph, to the extent permitted by Section 409A. If more than one method of reduction will result in the same economic benefit, the portions of the Payment shall be reduced pro rata, to the extent permitted by Section 409A. 

(ii) The Company shall engage an independent registered public accounting firm to make all determinations required to be made under this
Section 3(m), and shall bear all reasonable expenses with respect thereto. The independent registered public accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting
documentation, to the Company and the Executive. If the independent registered public accounting firm determines that no Excise Tax is payable with respect to the Transaction Payment (whether or not by reason of payment to the Executive of a Reduced
Payment), it shall furnish the Company and Executive with detailed supporting calculations of its determination that no Excise Tax will be imposed with respect to the Transaction Payment. All good faith determinations of the accounting firm made
hereunder shall be final, binding and conclusive upon the Company and the Executive. 
 (o) Counterparts. This Agreement may be
executed in separate counterparts (including by means of telecopied signature pages), and by different parties on separate counterparts each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 

[Signature page follows.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
first written above. 
  

			
	WATERS CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	THE EXECUTIVE
		
	By:	 	 


  
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