EX-10.16





 Exhibit 10.16 

VONTIER 
 EXECUTIVE
DEFERRED INCENTIVE PLAN 
 EFFECTIVE OCTOBER 9, 2020 












 VONTIER 

EXECUTIVE DEFERRED INCENTIVE PLAN 

WHEREAS, Fortive Corporation (“Fortive”) sponsors the Fortive Executive Deferred Incentive Program (the “Fortive EDIP”) by
offering deferred compensation to a select group of management and highly compensated employees of Fortive Corporation and its subsidiaries; 

WHEREAS, the Fortive EDIP was previously spun-off from the Danaher Corporation & Subsidiaries
Executive Deferred Incentive Program, effective as of close of the New York Stock Exchange on May 31, 2016, in connection with the spin-off of FTV Employment Services LLC and certain other subsidiaries
from Danaher Corporation; and 
 WHEREAS, Vontier Corporation and certain other subsidiaries of Fortive are intended to spin-off into a separate, unrelated company; 
 WHEREAS, this Vontier Executive Deferred Incentive Plan
(the “Plan”) is established to offer deferred compensation to a select group of management and highly compensated employees of Vontier Corporation and those other companies that are intended to
spin-off into a separate unrelated company (the “Vontier Employees”); 
 WHEREAS, this
Plan is intended to be established as of the close of the New York Stock Exchange on October 9, 2020, at which time the Vontier Employees are intended to transfer participation into this Plan from the Fortive EDIP, and any such deferral
election and distribution election under the Fortive EDIP for the transferred participants will continue in effect immediately prior to the transfer will also apply to the Plan; and 

WHEREAS, the benefits due to Vontier Employees under the Fortive EDIP will transfer to the Plan as of the close of the New York Stock Exchange
on October 9, 2020, and become an obligation under the Plan, and no further obligation would be due under the Fortive EDIP. 
 NOW,
THEREFORE, in order to accomplish such purpose, the Plan Sponsor has adopted, by appropriate resolutions, this Plan effective as of the close of the New York Stock Exchange on October 9, 2020. It is intended that this Plan, together with any
Trust Agreement, shall be unfunded for purposes of the Code and shall constitute an unfunded pension plan maintained for a select group of management and highly compensated employees for purposes of Title I of ERISA, and shall comply with Code
Section 409A (except for such amounts which are grandfathered from the requirements of Code Section 409A) and all formal regulations, rulings, and guidance issued thereunder. 












 ARTICLE I 

DEFINITIONS 
 As used in
this Plan, each of the following terms shall have the respective meaning set forth below unless a different meaning is plainly required by the content. 

1.1 Administrator. The individual or committee appointed by the Plan Sponsor to administer the Plan pursuant to Article V. 

1.2 Applicable Percentage. With respect to a Participant for a Performance Cycle, the applicable percentage determined from the table in
Appendix A depending on the Participant’s Years of Participation as of the Cycle Beginning Date. 
 1.3 Beneficiary. An
individual or entity entitled to receive any benefits under this Plan that are payable upon a Participant’s death. 
 1.4 Benefit
Account. With respect to a Participant, the account maintained on behalf of the Participant to record any Benefit Amounts and Performance Shares credited thereto or forfeited therefrom, any earnings credited thereto and any losses debited
therefrom in accordance with the terms of this Plan. Amounts credited to this account on a Participant’s behalf and any earnings credited thereto and any losses deducted therefrom in accordance with the terms of the Plan, shall be recorded by
Class Year pursuant to Section 9.4. 
 1.5 Benefit Amount. With respect to a Participant for a Performance Cycle, the
Performance Shares credited pursuant to Section 3.3 and any dollar amounts calculated and credited pursuant to Section 3.3. 
 1.6
Bonus. With respect to a Participant for a Plan Year, the amount (if any) of the Participant’s Target Bonus for the Plan Year that shall be determined to have been earned by the Participant in accordance with the Employer’s bonus
program. 
 1.7 Bonus Deferral Amount. With respect to a Participant for a Plan Year, an amount of the Participant’s Target Bonus
or Bonus for the last preceding Plan Year that the Participant has elected to defer pursuant to Section 3.2. 
 1.8
Class Year. Each period commencing on January 1st and ending on December 31st shall be considered a separate “Class Year;” the first Class Year commencing on January 1, 2020 and ending on
December 31, 2020 shall be referred to as the “Class Year 2020;” the second Class Year commencing on January 1, 2021 and ending on December 31, 2021 shall be referred to as the “Class Year 2021;” and
continuing thereafter each January 1st. 
 1.9 Code. The Internal Revenue Code of 1986, as it may be amended from time to time. 

1.10 Common Stock. For the period prior to the Spin-off Date, Common Stock shall refer to the
common stock of Fortive Corporation. For the period on and after the Spin-off Date, Common Stock shall refer to the common stock of Vontier Corporation. 

  
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 1.11 Common Stock Price. With respect to a specified date as of which the price of
shares of Common Stock shall be determined, the closing price on the New York Stock Exchange of one (1) share of Common Stock on the business day last preceding the specified date. Solely for purposes of documenting administrative practice
under the terms of the Plan, in determining the Common Stock Price under this Section 1.11 of the Plan, the terms “closing price on the New York Stock Exchange” and “most recent closing price on the New York Stock Exchange”
shall not be construed to mean the adjusted closing price on the New York Stock Exchange. For purposes of determining the Common Stock Price immediately after the Spin-off Date, the terms in Appendix C shall
apply. 
 1.12 Cycle Beginning Date. With respect to a Performance Cycle, the first (1st) day of the Performance Cycle. 

1.13 Cycle Ending Date. With respect to a Performance Cycle, the last day of the Performance Cycle or, if earlier, the date during the
Performance Cycle as of which this Plan shall terminate. 
 1.14 Danaher EDIP. The Danaher Corporation & Subsidiaries
Executive Deferred Incentive Program. Certain benefits of Participants were transferred from the Danaher EDIP to the Fortive EDIP effective as of close of the New York Stock Exchange on May 31, 2016. 

1.15 Deferral Account. With respect to a Participant, the account (if any) maintained on behalf of the Participant to record the Salary
Deferral Amounts (if any) and Bonus Deferral Amounts (if any) that have been credited on the Participant’s behalf and any earnings credited thereto in accordance with the terms of this Plan. Amounts credited to this account on a
Participant’s behalf and any earnings credited thereto and any losses deducted therefrom in accordance with the terms of the Plan, shall be recorded by Class Year pursuant to Section 9.4. 

1.16 Distributable Amount. With respect to any specified date coincident with or subsequent to the Eligibility Termination Date of a
Participant or a deceased Participant, the balance (if any) as of the specified date in the Participant’s Distribution Account (subsequent to any crediting thereof pursuant to Section 3.5 as of such Eligibility Termination Date). 

1.17 Distribution Account. With respect to a Participant, the account (if any) maintained on behalf of the Participant to record the
amounts to be distributed to the Participant or his or her Beneficiary or Beneficiaries and any earnings credited thereto in accordance with the terms of this Plan. Amounts credited to this account on a Participant’s behalf and any earnings
credited thereto and any losses deducted therefrom in accordance with the terms of the Plan, shall be recorded by Class Year pursuant to Section 9.4. 

1.18 Distribution Date. With respect to a Participant or a deceased Participant whose Employment Termination Date has occurred, the date
as of which the Distributable shall be paid to the Participant or the deceased Participant’s Beneficiary or Beneficiaries, as applicable, or the date as of which the first (1st) installment of the Distributable Amount shall be paid to the
Participant. 
 1.19 ERISA. The Employee Retirement Income Security Act of 1974, as it may be amended from time to time. 

  
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 1.20 Earnings Credit. With respect to a Participant, a nominal amount determined
pursuant to Sections 3.2(f), 3.3(d), 3.4(b), and 3.5(b) of this Plan for crediting to or deducting from the Participant’s Deferral Account, Benefit Account, Rollover Account, and Distribution Account pursuant to Sections 3.2(f), 3.3(d), 3.4(b),
and 3.5(b) respectively, of this Plan; provided, however, that, notwithstanding the foregoing, the Plan Sponsor acknowledges that increases and decreases in the value of the Notional Shares and other amounts credited to any of the aforementioned
Accounts that are invested in the Common Stock investment option shall arise from increases and decreases in the value of Common Stock rather than from the crediting of earnings. Notwithstanding any provision of the Plan to the contrary and pursuant
to Section 9.4, notional amounts described in this Section shall be recorded by Class Year under each of a Participant’s Deferral Account, Benefit Account, Rollover Account, and Distribution Account. 

1.21 Earnings Crediting Rate. With respect to a Participant, the rate at which nominal earnings shall be credited to, or nominal losses
shall be deducted from, all or a designated portion of the Participant’s Deferral Account, Benefit Account, Rollover Account and Distribution Account, as determined pursuant to Sections 3.2, 3.3, 3.4, and 3.5 respectively, of this Plan;
provided, however, that, notwithstanding the foregoing, the Plan Sponsor acknowledges that increases and decreases in the value of the Notional Shares and other amounts credited to any of the aforementioned Accounts that are invested in the Common
Stock investment option shall arise from increases and decreases in the value of Common Stock rather than from the crediting of earnings. Notwithstanding any provision of the Plan to the contrary and pursuant to Section 9.4, the rate at which
nominal earnings shall be credited to, or nominal losses shall be deducted from, all or a designated portion of the Participant’s Deferral Account, Benefit Account, Rollover Account and Distribution Account shall be administered on the basis of
Class Year. 
 1.22 Effective Date. The close of the New York Stock Exchange on October 9, 2020. 

1.23 Eligible Compensation. 

(a) Eligible Employee on Cycle Beginning Date. If the Participant’s Participation Date occurs on or before the Cycle Beginning Date
of the Performance Cycle and the Participant is an Eligible Employee on such Cycle Beginning Date, the product (rounded to two (2) decimal places) of (I) the Applicable Percentage and (II) the Participant’s Target Compensation. 

(b) Eligible Employee After Cycle Beginning Date. If the Participant’s Participation Date occurs after the Cycle Beginning Date but
during the Performance Cycle, the product (rounded to two (2) decimal places) of (I) the Applicable Percentage, (II) the Participant’s Target Compensation, and (III) the Months Factor for the month in which the
Participant’s Participation Date occurs. 
 1.24 Eligible Employee. (a) An Employee who was hired on or before
October 9, 2020 and who is an Initial Participant, (b) an Employee who was hired after October 9, 2020 and whose employment position is listed in the records prepared and maintained by the Administrator, or (c) effective on and after
October 9, 2020, an Employee who is a Rollover Participant. Notwithstanding the foregoing sentence, the Administrator, in his or her sole discretion, may determine that an Employee who was hired on or before October 9, 2020, and who is not
an Initial Participant shall become an Eligible Employee under such circumstances as the Administrator, in his or her sole discretion, may deem appropriate so long as the Employee has an employment position that is listed in the records prepared and
maintained by the Administrator. 

  
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 1.25 Eligibility Termination Date. With respect to a Participant who is an Eligible
Employee, the earliest of (a) the Participant’s Employment Termination Date, or (b) the date that the Participant is no longer an Eligible Employee as defined in Section 1.24(b). 

1.26 Employee. An Employee is an individual who performs services for an Employer. 

1.27 Employer. (a) The Plan Sponsor or (b) an employer that is a member of the Plan Sponsor’s “controlled group of
corporations, trades, or businesses,” as such term shall be defined in Code Sections 414(b) and 414(c), and that has adopted this Plan with the approval of the Plan Sponsor. 

1.28 Employment Termination Date. With respect to a Participant, the earlier of the date that the Participant ceases being an Employee
or the date as of which this Plan is terminated. Notwithstanding the foregoing, with respect to any Section 409A Amount of a Participant, the Participant’s “Employment Termination Date” shall be the date that the Participant
separates from service with all Employers, whether by death, retirement, or other termination of employment, in a manner consistent with the definition in Treas. Reg. Section 1.409A-1(h). 

1.29 Fortive EDIP. The Fortive Executive Deferred Incentive Program. In connection with the prior
spin-off of FTV Employment Services LLC and certain other subsidiaries from Danaher Corporation on May 31, 2016, certain benefits of Participants were transferred from the Danaher EDIP to the Fortive
EDIP. Certain benefits of Participants were transferred from the Fortive EDIP to this Plan, and are subject to those terms as provided in Appendix C. 

1.30 Grandfathered Amount. With respect to a Participant, any portion of the following account balances that was vested as of
December 31, 2004: the Performance Shares Account, the Benefit Account, the Deferral Account, the Rollover Account, and the Distribution Account; and any earnings credited thereto and any losses deducted therefrom on or after January 1,
2005, in accordance with the terms of the Plan. 
 1.31 Identification Date. December 31 of each calendar year thereafter. 

1.32 Initial Participant. An Employee who was a participant in the Fortive EDIP and who became a Participant as of the close of the New
York Stock Exchange on October 9, 2020, and is designated as an initial participant in the records prepared and maintained by the Administrator. 

1.33 Long-term Rate. With respect to a Performance Cycle, the closing price of the ten (10)-year Treasury bond rate on the business day
last preceding the Cycle Beginning Date of the Performance Cycle or such other long-term interest rate as shall be determined for the remainder of the Performance Cycle by the Administrator in his or her sole discretion. 

1.34 Months Factor. With respect to a Performance Cycle and a Participant whose Participation Date occurs after the Cycle Beginning Date
of the Performance Cycle but during the Performance Cycle, the number of months between the Participant’s Participation Date and the last day of the Plan Year during such Performance Cycle in which his or her Participation Date occurred as
provided in Appendix B. 

  
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 1.35 Notional Share. One (1) notional share equivalent in value to one
(1) share of Common Stock. 
 1.36 Participant. A Participant is an Eligible Employee or former Eligible Employee who is
participating in this Plan pursuant to Article II. 
 1.37 Participation Date. With respect to an Eligible Employee, the date (if any)
as of which the Eligible Employee shall become a Participant as determined pursuant to Section 2.1. 
 1.38 Payroll Period. With
respect to an Eligible Employee, a period with respect to which the Eligible Employee receives a pay check or otherwise is paid for services that he or she performs during the period for an Employer. 

1.39 Performance Cycle. A period of one (1) Plan Year. 

1.40 Performance Share. One (1) Notional Share. 

1.41 Performance Shares Account. With respect to a Participant, the account maintained on behalf of the Participant to record the
Performance Shares (if any) that have been credited on the Participant’s behalf for a Performance Cycle. Amounts credited to this account on a Participant’s behalf and any earnings credited thereto and any losses deducted therefrom in
accordance with the terms of the Plan, shall be recorded by Class Year pursuant to Section 9.4. 
 1.42 Plan. Vontier
Executive Deferred Incentive Plan, as it is set forth herein and as it may be amended from time to time. 
 1.43 Plan Sponsor. The
Plan Sponsor is Vontier Corporation, and its successors or assigns. 
 1.44 Plan Year. The Plan Year is the calendar year. For 2020,
the initial Plan Year shall be from the close of the New York Stock Exchange on October 9 through December 31. 
 1.45 Rollover
Account. With respect to a Rollover Participant, the account (if any) maintained on behalf of the Rollover Participant to record the Rollover Amount (if any) that has been credited on the Rollover Participant’s behalf and any earnings
credited thereto in accordance with the terms of this Plan. Amounts credited to this account on a Participant’s behalf and any earnings credited thereto and any losses deducted therefrom in accordance with the terms of the Plan, shall be
recorded by Class Year pursuant to Section 9.4. 
 1.46 Rollover Amount. With respect to a Rollover Participant, the
nonforfeitable dollar amount as of a specified date that the Administrator has permitted to be credited under this Plan pursuant to Section 3.4 of this Plan. 

  
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 1.47 Rollover Participant. An Employee who elects to transfer to this Plan a
nonforfeitable dollar amount previously granted to the Employee under another arrangement maintained by an employer as permitted by the Administrator in his or her sole discretion. 

1.48 Salary. With respect to a Participant for a Payroll Period, the total cash compensation (if any) that is payable to the Participant
by any Employer during the Payroll Period and that would be reportable on the Participant’s federal income tax withholding statement (Form W-2), including, but not limited to, salary and overtime pay, but
excluding any Bonus that is payable to the Participant during the Payroll Period, plus remuneration as defined in Code Section 3401(a)(8)(A) to the extent not otherwise reported on the Participant’s Form
W-2 (excluding housing, COLA, tax equalization, hardship and special allowances). Solely for purposes of documenting administrative practice under the terms of the Plan, under this Section 1.51 of the
Plan, any hiring bonus paid to a Participant for a Payroll Period may be considered to be part of the Salary that is payable to the Participant by any Employer for the Payroll Period. 

1.49 Salary Deferral Amount. With respect to a Participant for a Plan Year, an amount of the Participant’s Salary for a Payroll
Period during the Plan Year that the Participant has elected to defer pursuant to Section 3.2. 
 1.50 Salary Deferral
Contribution. The term “Salary Deferral Contribution” shall be defined in this Plan as it shall be defined in the 401(k) Plan. 

1.51 Section 409A Amount. With respect to a Participant, any of the following amounts: (1) the portion of the
Participant’s Benefit Account that is unvested as of December 31, 2004 (if any), determined as the product of (I) the balance in the Participant’s Benefit Account as of December 31, 2004 and (II) the difference between
one hundred percent (100%) and the applicable Vesting Percentage attributable to the Participant’s Benefit Amounts as of December 31, 2004, determined in accordance with Section 3.3(e)(iii) of the Plan, and any earnings credited
thereto and any losses deducted therefrom on or after January 1, 2005 in accordance with the terms of the Plan; and (2) any and all Benefit Amounts, Bonus Deferral Amounts, Salary Deferral Amounts, Performance Shares, and Rollover Amounts
that in accordance with the terms of the Plan are credited on the Participant’s behalf on and after January 1, 2005, and any earnings credited thereto and any losses deducted therefrom in accordance with the terms of the Plan (as well as
any Distribution Amounts attributable to the amounts described in this subsection (2)). Any Rollover Amount credited on behalf of a Rollover Participant on or after January 1, 2005 shall be not deemed to be a Section 409A Amount to the
extent expressly provided in connection with any merger or consolidation of a nonqualified deferred compensation plan (as defined in Code Section 409A) with and into this Plan. A Participant’s Section 409A Amounts shall be determined
on the basis of Class Year, and with respect to each Class Year, the aggregate of his or her Salary Deferral Amount (if any), Bonus Deferral Amount (if any), and Benefit Amount (if any) for each Class Year, and any earnings credited
thereto and any losses deducted therefrom in accordance with the terms of the Plan, shall be deemed a separate Section 409A Amount for purposes of this Plan. 

  
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 1.52 Specified Employee. An Employee who is a “key employee” as such term
is defined in Code Section 416(i) without regard to Code Section 416(i)(5). For purposes of determining which Employees are key employees, an Employee is a key employee if the Employee meets the requirements of Code
Section 416(i)(A)(i), (ii) or (iii) (applied in accordance with the regulations thereunder and disregarding Code Section 416(i)(5)) at any time during the 12-month period ending on an Identification
Date; provided, however, that all Employees who are nonresident aliens during the entire 12-month period ending with the relevant Identification Date shall be excluded in any such determination. 

1.53 Spin-off Date. The date that the Employers leave the Fortive Corporation controlled group.

 1.54 Target Bonus. With respect to a Participant for a Plan Year, the target bonus (if any) that may be earned by the Participant
for the Plan Year as determined in accordance with the Employer’s bonus program applicable to such Participant as from time to time in effect. 

1.55 Target Compensation. With respect to a Participant for a Performance Cycle, the sum of (a) the Participant’s annual base
salary for the Performance Cycle and (b) the Participant’s Target Bonus for the same such Performance Cycle. 
 1.56 Trust
Agreement. Trust Agreement for the Vontier Executive Deferred Incentive Plan, if any, as it may be amended from time to time. 
 1.57
Valuation Date. The monthly or other more frequent periodic date selected by the Administrator to value Benefit Accounts, Deferral Accounts, Rollover Accounts, and Distribution Accounts. With respect to a Participant whose Eligibility
Termination Date does not coincide with a Valuation Date defined in the preceding sentence, the Participant’s Eligibility Termination Date shall be deemed a Valuation Date solely with respect to that Participant. 

1.58 Valuation Period. A period beginning on a Valuation Date and ending on the day before the next succeeding Valuation Date. 

1.59 Vesting Percentage. With respect to a Benefit Amount and Performance Shares credited to a Participant’s Benefit Account, the
percentage to be applied to such Benefit Amount and Performance Shares to determine the amount thereof to which the Participant shall have a nonforfeitable right, subject to any provision to the contrary in Section 3.3 or 5.9 or the Trust
Agreement. 
 1.60 Vesting Year of Participation. With respect to a Participant other than a Rollover Participant, a twelve
(12)-consecutive month period beginning on (A) the January 1st commencing with or next following the Participant’s Participation Date, or (B) an anniversary thereof during which the
Participant remains an Eligible Employee, where the term “Eligible Employee” shall be defined only as in Sections 1.24(a) and (b) of this Plan; provided, however, that, in the case of a Participant who shall be absent from employment
with an Employer for any reason for more than six (6) consecutive weeks, unless otherwise determined by the Administrator in his or her sole discretion, the Participant shall not be deemed to have remained an Eligible Employee for purposes of
this Section and the date as of which any future Years of Participation shall be determined for the Participant shall begin on the date of his or her return (if any) from such absence. 

  
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 1.61 Year of Participation. With respect to a Participant other than a Rollover
Participant, a twelve (12)-consecutive month period beginning on (A) the Participant’s Participation Date, or (B) an anniversary thereof during which the Participant remains an Eligible Employee, where the term “Eligible
Employee” shall be defined only as in Sections 1.24(a) and (b) of this Plan; provided, however, that, in the case of a Participant who shall be absent from employment with an Employer for any reason for more than six (6) consecutive weeks,
unless otherwise determined by the Administrator in his or her sole discretion, the Participant shall not be deemed to have remained an Eligible Employee for purposes of this Section and the date as of which any future Years of Participation shall
be determined for the Participant shall begin on the date of his or her return (if any) from such absence. 
 1.62 Year of Service.
With respect to a Participant, a twelve (12)-consecutive month period beginning on the Participant’s employment date with an Employer or an anniversary thereof during which the Participant remains an Employee; provided, however, that, in the
case of a Participant who shall be absent from employment with an Employer for any reason for more than six (6) consecutive weeks, unless otherwise determined by the Administrator in his or her sole discretion, the Participant shall not be
deemed to have remained an Employee for purposes of this Section and the date as of which any future Years of Service shall be determined for the Participant shall begin on the date of his or her return (if any) from such absence. 

1.63 401(k) Plan. The Vontier Retirement Savings Plan or any successor thereto, as it may be amended from time to time. 

  
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 ARTICLE II 

PARTICIPATION 
 2.1
Commencement of Participation. An Eligible Employee who is an Initial Participant may become a Participant as of October 9, 2020, and any other Eligible Employee may become a Participant as of the date that is the first (1st) day of a
month and that coincides with or follows the later of October 9, 2020, or the date that the individual became an Eligible Employee; provided that the Eligible Employee completes an enrollment form (in electronic or paper form as determined by
the Administrator) and files it with the Administrator within the time period specified by the Administrator. For Initial Participants, applicable elections from the Fortive EDIP will continue to apply to such Participant’s compensation in 2020
and accounts as provided in Appendix C. 
 2.2 Termination of Participation. 

(a) Participant Ceases Being an Eligible Employee. A Participant who ceases being an Eligible Employee but remains an Employee shall
cease being a Participant as of his or her Eligibility Termination Date if the Participant’s Distributable Amount as of such date (as determined subsequent to any crediting of his or her Distribution Account pursuant to Section 3.5 as of
such date) equals zero (0). 
 (b) Participant Ceases Being an Employee. A Participant who ceases being an Employee shall cease being
a Participant as of the earlier of the Participant’s date of death or the date as of which the Participant’s Distributable Amount (as determined subsequent to any crediting of his or her Distribution Account pursuant to Section 3.5 as
of his or her Eligibility Termination Date) equals zero (0). 

  
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 ARTICLE III 

ACCOUNTS AND VESTING 

3.1 Performance Share Accounts. 

(a) Award of Performance Shares. With respect to each Performance Cycle, the Administrator shall credit Participants’ Performance
Shares Accounts with Performance Shares in accordance with the following: 
 (i) Eligible Employee on Cycle Beginning Date. With
respect to each Participant whose Participation Date occurred on or before the Cycle Beginning Date of the Performance Cycle, if the Participant shall be an Eligible Employee on the Cycle Beginning Date, the Administrator shall credit the
Participant’s Performance Shares Account as of the Cycle Beginning Date (but subsequent to any zeroing of such account pursuant to Section 3.3) with a number of Performance Shares equal to the quotient (rounded to the nearer whole number)
of (A) the Participant’s Eligible Compensation and (B) the Common Stock Price as of the Cycle Beginning Date. 
 (ii) Eligible
Employee After Cycle Beginning Date. With respect to each Participant whose Participation Date occurs after the Cycle Beginning Date of the Performance Cycle but during the Performance Cycle, the Administrator shall credit the Participant’s
Performance Shares Account as of his or her Participation Date with a number of Performance Shares equal to the quotient (rounded to the nearer whole number) of (A) the Participant’s Eligible Compensation and (B) the Common Stock
Price as of the Participant’s Participation Date. 
 (b) Limitations With Respect To Performance Shares. 

(i) No Shareholder Rights. A Performance Share has no legal relation to a share of Common Stock and, accordingly, no Participant who
has a balance in his or her Performance Shares Account shall be entitled to any dividend, voting, or other rights of a shareholder of Common Stock with respect to the Performance Shares in his or her Performance Shares Account. 

(ii) No Right to Payment. No payment shall be made for any one (1) or more of the Performance Shares in a Participant’s
Performance Shares Account except as provided in Section 4.2. 
 (iii) Cancellation of Performance Shares. The Administrator may
cancel all or any number of the Performance Shares in a Participant’s Performance Shares Account with the written consent of the Participant. 

  
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 3.2 Deferral Accounts. 

(a) Election to Defer. Subject to this Section: 

(i) Bonus Deferral Amounts. A Participant who is an Eligible Employee may elect to have an amount of his or her Target Bonus for a Plan
Year, a percentage of his or her Bonus for a Plan Year, or any amount (in whole dollars) of his or her Bonus as exceeds a specified amount deferred as a Bonus Deferral Amount for the next succeeding Plan Year; provided that (A) the actual
amount deferred shall not exceed the Participant’s Bonus and (B) any election by a Participant to defer of a whole percentage of his or her Bonus for a Plan Year shall not exceed eighty-five percent (85%) of such Bonus for the Plan Year.

 (ii) Salary Deferral Amounts. A Participant who is an Eligible Employee may elect to have a whole percentage not to exceed
eighty-five percent (85%) of his or her Salary for each Payroll Period in a Plan Year during which he or she shall be an Eligible Employee deferred as a Salary Deferral Amount. 

(b) Election Procedures. Subject to any further procedures established by the Administrator pursuant to Article V, and Appendix C, any
election made by a Participant pursuant to Subsection (a) above shall be subject to the procedures described in Paragraphs (i) through (iv) below: 

(i) Initial Opportunity to Defer. 

(A) Bonus Deferral Amounts. The Participant may elect to have a Bonus Deferral Amount deferred on his or her behalf with respect to the
Participant’s Target Bonus or Bonus for the Plan Year in which the Participant’s Participation Date occurs by so indicating on the enrollment form required pursuant to Section 2.1. 

(B) Salary Deferral Amounts. The Participant may elect to have Salary Deferral Amounts deferred on his or her behalf with respect to
the Participant’s Salary for the Plan Year in which the Participant’s Participation Date occurs by so indicating on the enrollment form required pursuant to Section 2.1. Such election shall be effective for Payroll Periods during such
Plan Year or the remainder of such Plan Year, as applicable, beginning as soon as administratively possible on or after the latest of (I) the Participant’s Participation Date, or (II) the date that the Participant files the properly
completed enrollment form with the Administrator. 
 (ii) Subsequent Opportunities to Defer. 

(A) Bonus Deferral Amounts. The Participant may elect to have a Bonus Deferral Amount deferred on his or her behalf with respect to the
Participant’s Target Bonus or Bonus for a Plan Year subsequent to the Plan Year in which the Participant’s Participation Date occurs by properly completing an election form and filing the form with the Administrator prior to the first
(1st) day of such subsequent Plan Year. 
 (B) Salary Deferral Amounts. The Participant may elect to have Salary Deferral Amounts
deferred on his or her behalf with respect to the Participant’s Salary for a Plan Year subsequent to the Plan Year in which the Participant’s Participation Date occurs by properly completing an election form and filing the form with the
Administrator prior to the first (1st) day of such subsequent Plan Year. Such election shall be effective for Payroll Periods during the respective Plan Year beginning as soon as administratively possible on or after the first (1st) day of the Plan
Year. 

  
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 (iii) No Revocations. A Participant may not, at any time, revoke a previous election
with respect to a Bonus Deferral Amount or Salary Deferral Amounts. 
 (iv) Termination of Election. A Participant’s election
concerning a Bonus Deferral Amount or Salary Deferral Amounts shall terminate on the earlier of (A) the date as of which the last amount or the only amount, as applicable, designated to be withheld under such election shall be withheld or
(B) the Participant’s Eligibility Termination Date. 
 (c) Withholding by Employer. 

(i) Bonus Deferral Amounts. The Employer of a Participant who has in effect an election with respect to a Bonus Deferral Amount
pursuant to Subsection (b) above shall withhold the designated Bonus Deferral Amount from the Participant’s Bonus and shall notify the Administrator that such amount was withheld as soon as administratively possible after the withholding
thereof. 
 (ii) Salary Deferral Amounts. The Employer of a Participant who has in effect an election with respect to Salary Deferral
Amounts pursuant to Subsection (b) above for a Payroll Period shall withhold the designated Salary Deferral Amount from the Participant’s Salary for the Payroll Period and shall notify the Administrator that such amount was withheld as
soon as administratively possible after the withholding thereof; provided, however, that, after the first such notice by the Employer to the Administrator, the Employer shall only notify the Administrator of any change in the withholding of Salary
Deferral Amounts. 
 (d) Crediting of Deferral Amounts. As soon as administratively possible after the Administrator shall have
received notice (or shall be deemed to have received notice pursuant to Subsection (c)(ii) above) that a Bonus Deferral Amount or a Salary Deferral Amount has been withheld on behalf of a Participant, the Administrator shall credit the
Participant’s Deferral Account by such amount. 
 (e) Crediting of Additional Amounts. 

(i) In General. For each Plan Year and as soon as administratively possible thereafter, the Administrator shall credit to the Deferral
Account of each Participant with respect to whom the requirements in Paragraph (ii) below shall be met an amount (if any) that shall be determined by the Administrator in his or her sole discretion and that shall be intended to compensate for
employer contributions that may have been foregone by the Participant under the 401(k) Plan or any other qualified plan maintained by an Employer due to the fact that a Bonus Deferral Amount and/or Salary Deferral Amounts were credited to the
Participant’s Salary Deferral Account for the Plan Year. 

  
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 (ii) Requirements for Additional Amount. A Participant shall be eligible to have an
amount credited to his or her Deferral Account for a Plan Year in accordance with Paragraph (i) above if the following requirements are met with respect to the Participant: 

(A) A Bonus Deferral Amount and/or Salary Deferral Amounts were credited to the Participant’s Salary Deferral Account for the Plan Year;

 (B) The Participant had completed at least one (1) One Year of Service uninterrupted by a
One-year Break in Service as of July 1 of the Plan Year; 
 (C) The Participant’s
Eligibility Termination Date had not occurred as of the last day of the Plan Year; and 
 (D) The Participant’s Basic Compensation for
the Plan Year does not exceed the Compensation Limitation for the Plan Year; 
 where, for purposes of this Paragraph, the terms “One Year of
Service,” “One-year Break in Service,” “Basic Compensation” and “Compensation Limitation” shall be as defined in the 401(k) Plan or other qualified plan maintained by an
Employer, as applicable. 
 (f) Crediting of Earnings. 

(i) Elections. A Participant may elect as the Earnings Crediting Rate that shall apply to all or a designated portion of the
Participant’s Deferral Account the earnings rate on one (1) of the investment options that the Administrator shall from time to time designate. A Participant makes his or her initial election of the Earnings Crediting Rate(s) that shall
apply to the Participant’s Deferral Account by properly completing an investment option election and filing it with the Administrator. A Participant who has filed an investment option election with the Administrator may elect to change his or
her investment election with respect to either the investment of future amounts credited to the Participant’s Deferral Account and/or the investment of all or a designated portion of the current balance of the Participant’s Deferral
Account by so designating on a new investment option election and filing the election with the Administrator or, in accordance with procedures adopted by the Administrator, by so notifying the Administrator in any manner acceptable to the
Administrator; provided, however, that a Participant may not change his or her investment election with respect to Common Stock and any such election of the Common Stock as an investment option shall be irrevocable and remain in effect until the
Participant’s Distributable Amount is distributed pursuant to Section 4.2 of this Plan. Except as otherwise provided by the Administrator with respect to one (1) or more investment options, any initial investment election made
pursuant to this Paragraph shall be effective as soon as administratively possible after October 9, 2020, and any subsequent investment election made pursuant to this Paragraph shall be effective as soon as administratively possible after the
date that the Participant files the investment option election with the Administrator or otherwise notifies the Administrator of his or her election, and each investment election shall continue in effect until the effective date of a subsequent
investment election properly made. Notwithstanding the foregoing, with respect to any Participant who is required to file reports with the Securities and Exchange Commission under Section 16 of the Securities Exchange Act of 1934, and the rules
promulgated thereunder, if the Participant has elected Common Stock as an investment option that shall apply to all or a portion of his or her Deferred Account, such investment option and Earnings Crediting Rate shall not become effective with
respect to any amounts deferred until the earlier of the April 30, July 31, October 31, or January 31 immediately following the date such amounts were deferred, and during the period from the date of deferral until such
April 30, July 31, October 31, or January 31, as applicable, the investment options and Earnings Crediting Rate that shall apply to such deferred amounts shall be the fixed income fund investment option, or such other investment
option as the Administrator shall determine. 

  
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 The Administrator shall adopt and may amend procedures to be followed by Participants in
electing Earnings Crediting Rate(s) and, pursuant thereto, the Administrator may, among other actions, format investment option forms and establish deadlines for elections. 

(ii) No Election. The Administrator shall from time to time designate a fixed income fund or other investment option that shall be used
to establish the Earnings Crediting Rate that shall apply to the Deferral Account of any Participant who has not made an investment option election pursuant to Subparagraph (i) above. 

(iii) Earnings Credits. As of each Valuation Date, the Administrator shall determine the Earnings Credit applicable to the Deferral
Account of each Participant for the Valuation Period ending on the Valuation Date (or the portion thereof during which the Deferral Account was maintained): (i) if only one (1) Earnings Crediting Rate shall have applied to the Deferral Account
pursuant to Subsection (i) above, the Earnings Credit shall equal (A) the Earnings Crediting Rate (on an annual basis) times (B) the balance in the Deferral Account as of the later of the last preceding Valuation Date or the date as
of which the Deferral Account was established times (C) the days in the Valuation Period (or portion thereof) divided by (D) 365; and (ii) if more than one (1) Earnings Crediting Rate shall have applied to the Deferral Account pursuant to
Subsection (i) above, as applicable, the Earnings Credit shall equal the sum of each amount determined as (A) the Earnings Crediting Rate (on an annual basis) times (B) the portion of the balance in the Deferral Account as of the
later of the last preceding Valuation Date or the date as of which the Deferral Account was established to which such rate applied times (C) the days in the Valuation Period (or portion thereof) divided by (D) 365. 

(iv) Accounting. As of each Valuation Date, the balance in each Deferral Account maintained as of the Valuation Date shall be
determined as the amount calculated in accordance with the following: 
 (A) The balance (if any) in the Deferral Account as of the later of
the last preceding Valuation Date or the date as of which the Deferral Account was established; plus 
 (B) Any amounts credited to the
Deferral Account pursuant to Sections 3.2(d) and 3.2(e) of this Plan during the Valuation Period ending on the Valuation Date; plus 
 (C)
Any positive Earnings Credit determined for the Deferral Account pursuant to Section 3.2(f)(iii) of this Plan during the Valuation Period ending on the Valuation Date; less 

(D) Any negative Earnings Credit determined for the Deferral Account pursuant to Section 3.2(f)(iii) during the Valuation Period ending
on the Valuation Date. 

  
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 (g) Vesting of Deferral Accounts. With respect to a Participant, the
Participant’s Deferral Account shall be at all times nonforfeitable. 
 3.3 Benefit Accounts. 

(a) Cyclical Accounting for Performance Cycles. As of each Cycle Beginning Date of a Performance Cycle, or Participation Date, that the
Participant’s Performance Shares Account is credited with Performance Shares pursuant Section 3.1(a), the Administrator shall credit each Participant’s Benefit Account with the number of Performance Shares in the Participant’s
Performance Share Account as of such date and then the Administrator shall reduce the number of Performance Shares in the Participant’s Performance Share Account to zero (0). 

(b) Earnings Credits. 

(i) Performance Shares. The investment option and Earnings Crediting Rate applicable to the Performance Shares in the Benefit Account
of each Participant shall be Common Stock. As of each Valuation Date, the Administrator shall determine the Earnings Credit applicable to the Performance Shares in the Benefit Account of each Participant for the Valuation Period ending on the
Valuation Date (or the portion thereof during which the Deferral Account was maintained): the Earnings Credit for the Common Stock investment option shall equal (A) the Earnings Crediting Rate (on an annual basis) times (B) the balance in
the Benefit Account as of the later of the last preceding Valuation Date or the date as of which the Benefit Account was established times (C) the days in the Valuation Period (or portion thereof) divided by (D) 365. 

(ii) Benefit Amounts. As of the last day of each Plan Year, with respect to each Benefit Amount (if any) in a Participant’s
Benefit Account as of the first (1st) day of such Plan Year other than Benefit Amounts consisting of Performance Shares, the Administrator shall credit earnings on such Benefit Amount to the Participant’s Benefit Account, where the amount of
such earnings shall equal the product (rounded to two (2) decimal places) of (i) the Long-term Rate for the Performance Cycle in which the Plan Year occurs and (ii) the sum of (A) such Benefit Amount and (B) the aggregate
amount (if any) of earnings thereon previously credited to the Participant’s Benefit Account. 
 (iii) Accounting. As of each
Valuation Date, the balance in each Benefit Account maintained as of the Valuation Date shall be determined as the amount calculated in accordance with the following: 

(A) The balance (if any) in the Benefit Account as of the later of the last preceding Valuation Date or the date as of which the Benefit
Account was established; plus 
 (B) Any amounts credited to the Benefit Account pursuant to Section 3.3(c) of this Plan during the
Valuation Period ending on the Valuation Date; plus 
 (C) Any amounts credited to the Benefit Account pursuant to Section 3.3(e) of
this Plan during the Valuation Period ending on the Valuation Date; plus 

  
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 (D) Any positive Earnings Credit determined for the Benefit Account pursuant to
Section 3.3(d)(i) and 3.3(d)(ii) of this Plan during the Valuation Period ending on the Valuation Date; less 
 (E) Any negative
Earnings Credit determined for the Benefit Account pursuant to Section 3.3(d)(i) during the Valuation Period ending on the Valuation Date. 

(c) Accounting at Eligibility Termination Date. As of the Eligibility Termination Date of a Participant, the Administrator shall take
consecutively the actions in Paragraphs (i) through (iv) below, as applicable, which such actions shall be taken subsequently to the actions to be taken by the Administrator pursuant to Subsections (c) and (d): 

(i) Discretionary Crediting of Performance Shares. If the Participant’s Eligibility Termination Date precedes the Cycle Ending
Date of a Performance Cycle, the Administrator may, in his or her sole discretion, credit the Participant’s Benefit Account with a number of Performance Shares for the Performance Cycle in which such Eligibility Termination Date occurs equal to
the number of Performance Shares credited to such Benefit Account on the Cycle Beginning Date of such Performance Cycle. 
 (ii) Effect
on Performance Shares Account. Except as otherwise provided in Paragraph (i) above, unless the Participant’s Eligibility Termination Date coincides with the Cycle Ending Date of a Performance Cycle, the Administrator shall reduce the
number of Performance Shares in the Participant’s Benefit Account by the number of Performance Shares credited to such Benefit Account on the Cycle Beginning Date for the Performance Cycle or, if later, the Participant’s Participation
Date. 
 (iii) Determination of Vesting Percentages. The Administrator shall determine the Vesting Percentage applicable to the
Benefit Amounts including Performance Shares and any earnings thereon in the Participant’s Benefit Account, in accordance with the following: 

(A) Age and Service Vesting. 

(1) If the Participant has both attained age fifty-five (55) and completed at least five (5) Years of Service, the
Participant’s Vesting Percentage applicable to the Benefit Amounts including Performance Shares and any earnings thereon shall be one hundred percent (100%). 

  
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 (2) If such Paragraph (A)(1) above does not apply, the Participant’s Vesting
Percentage applicable to the Benefit Amounts including Performance Shares and any earnings thereon shall be determined as follows: 
  

					
	 VESTING YEARS OF

PARTICIPATION
	  	VESTING
PERCENTAGE	 
	 Less than 5 years
	  	 	0	 
	 5 years but less than 6 years
	  	 	10	% 
	 6 years but less than 7 years
	  	 	20	% 
	 7 years but less than 8 years
	  	 	30	% 
	 8 years but less than 9 years
	  	 	40	% 
	 9 years but less than 10 years
	  	 	50	% 
	 10 years but less than 11 years
	  	 	60	% 
	 11 years but less than 12 years
	  	 	70	% 
	 12 years but less than 13 years
	  	 	80	% 
	 13 years but less than 14 years
	  	 	90	% 
	 14 years or more
	  	 	100	% 

 (B) Vesting at Death. If the Participant has died, the Participant’s Vesting Percentage
applicable to the Benefit Amounts including Performance Shares and any earnings thereon shall be one hundred percent (100%). 
 (C)
Partial Vesting for Initial Participants. If the Participant is an Initial Participant and neither Subparagraph (A)(1) nor Subparagraph (B) above applies to the Participant, the Participant’s Vesting Percentage applicable to the
Benefit Amounts including Performance Shares and any earnings thereon that correlate with the Benefit Amounts previously credited for the Performance Cycle shall be sixty-six and
two-thirds percent (66-2/3%); provided, however, that an Initial Participant’s Vesting Percentage may increase based upon his or her Vesting Years of Participation
pursuant to Subparagraph (A)(2) above (e.g., after completion of five (5) Years of Participation and seven (7) Vesting Years of Participation, an Initial Participant’s Vesting Percentage will be seventy percent (70%)). 

(D) No Vesting. Except as otherwise provided in Subparagraph (A), (B), or (C) above, the Participant’s Vesting Percentage
applicable to each such Benefit Amount including Performance Shares plus any such earnings thereon shall be zero percent (0%). 
 (E)
Gross Misconduct Exception to Vesting. Notwithstanding Subparagraph (A), (B) or (C) above, if the Administrator determines, in his or her sole discretion, that the circumstances of and/or surrounding the Participant’s ceasing to be
an Eligible Employee constitute gross misconduct on the part of the Participant, the Administrator may, in his or her sole discretion, determine that the Participant’s Vesting Percentage applicable to the Benefit Amounts and the Performance
Shares and earnings thereon shall be zero percent (0%). 

  
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 (iv) Forfeiture and Reduction of Benefit Account. If the Administrator determines
pursuant to Paragraph (ii) above that the Participant’s Vesting Percentage with respect to the Benefit Amounts including Performance Shares and earnings thereon, is less than one hundred percent (100%), the Administrator shall forfeit all
or a portion of such Benefit Amount including Performance Shares plus any earnings thereon by (A) reducing pro rata the Benefit Amounts and Performance Shares by the product (rounded to two (2) decimals) of (I) the Benefit Amounts and
(II) the difference between one hundred percent (100%) and the applicable Vesting Percentage and (B) reducing any such earnings by the product (rounded to two (2) decimals) of (I) the amount of such earnings and (II) the
difference between one hundred percent (100%) and the applicable Vesting Percentage. 
 (v) Crediting of Earnings and Debiting of
Losses. In the event that a Participant’s Eligibility Termination Date is neither a Valuation Date nor the last day of a Plan Year, such Eligibility Termination Date shall be deemed to be a Valuation Date and the last day of the Plan Year,
and the Administrator shall determine the applicable Earnings Credits (if any) and value the Participant’s Benefit Account in accordance with Section 3.3(d). 

3.4 Rollover Accounts. 

(a) Crediting of Rollover Amount. As soon as administratively possible following the Administrator’s determination of the Rollover
Amount with respect to a Rollover Participant, the Administrator shall credit to the Rollover Account of the Rollover Participant the Rollover Amount (if any) that shall be determined by the Administrator in his or her sole discretion. 

(b) Crediting of Earnings. 

(i) Elections. A Rollover Participant may elect as the Earnings Crediting Rate that shall apply to all or a designated portion of the
Rollover Participant’s Rollover Account the earnings rate on one (1) of the investment options that the Administrator shall from time to time designate. A Rollover Participant make his or her initial election of the Earnings Crediting
Rate(s) that shall apply to the Rollover Participant’s Rollover Account by properly completing an investment option election and filing it with the Administrator. A Rollover Participant who has filed an investment option election with the
Administrator may elect to change his or her investment election with respect to either the investment of future amounts credited to the Rollover Participant’s Rollover Account and/or the investment of all or a designated portion of the current
balance of the Rollover Participant’s Rollover Account by so designating on a new investment option election and filing the election with the Administrator or, in accordance with procedures adopted by the Administrator, by so notifying the
Administrator in any manner acceptable to the Administrator; provided, however, that a Participant may not change his or her investment election of Common Stock and any such election of Common Stock as an investment option shall be irrevocable and
remain in effect until the Participant’s Distributable Amount is distributed pursuant to Section 4.2 of this Plan. Except as otherwise provided by the Administrator with respect to one (1) or more investment options, any initial
investment election made pursuant to this Paragraph shall be effective as soon as administratively possible, and any subsequent investment election made pursuant to this Paragraph shall be effective as soon as administratively possible after the
date that the Rollover Participant files the investment option election with the Administrator or otherwise notifies the Administrator of his or her election, and each investment election shall continue in effect until the effective date of a
subsequent investment election properly made. 

  
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 The Administrator shall adopt and may amend procedures to be followed by Rollover
Participants in electing Earnings Crediting Rate(s) and, pursuant thereto, the Administrator may, among other actions, format investment option forms and establish deadlines for elections. 

(ii) No Election. The Administrator shall from time to time designate a fixed income fund or other investment option that shall be used
to establish the Earnings Crediting Rate that shall apply to the Rollover Account of any Rollover Participant who has not made an investment option election pursuant to Subparagraph (i) above. 

(iii) Earnings Credits. As of each Valuation Date, the Administrator shall determine the Earnings Credit applicable to the Rollover
Account of each Rollover Participant for the Valuation Period ending on the Valuation Date (or the portion thereof during which the Rollover Account was maintained): (i) if only one (1) Earnings Crediting Rate shall have applied to the Rollover
Account pursuant to Subsection (i) above, the Earnings Credit shall equal (A) the Earnings Crediting Rate (on an annual basis) times (B) the balance in the Rollover Account as of the later of the last preceding Valuation Date or the
date as of which the Rollover Account was established times (C) the days in the Valuation Period (or portion thereof) divided by (D) 365; and (ii) if more than one (1) Earnings Crediting Rate shall have applied to the Rollover Account
pursuant to Subsection (i) above, as applicable, the Earnings Credit shall equal the sum of each amount determined as (A) the Earnings Crediting Rate (on an annual basis) times (B) the portion of the balance in the Rollover Account as
of the later of the last preceding Valuation Date or the date as of which the Rollover Account was established to which such rate applied times (C) the days in the Valuation Period (or portion thereof) divided by (D) 365. 

(iv) Accounting. As of each Valuation Date, the balance in each Rollover Account maintained as of the Valuation Date shall be
determined as the amount calculated in accordance with the following: 
 (A) The balance (if any) in the Rollover Account as of the later of
the last preceding Valuation Date or the date as of which the Rollover Account was established; plus 
 (B) Any positive Earnings Credit
determined for the Rollover Account pursuant to Section 3.4(b)(iii) of this Plan during the Valuation Period ending on the Valuation Date; less 

(C) Any negative Earnings Credit determined for the Rollover Account pursuant to Section 3.4(b)(iii) during the Valuation Period ending
on the Valuation Date. 
 3.5 Distribution Accounts. 

(a) Accounting at Eligibility Termination Date. As of the Eligibility Termination Date of a Participant, the Administrator shall take
consecutively the actions in Paragraphs (i) and (ii) below, as applicable, which such actions shall be taken subsequently to the actions to be taken by the Administrator pursuant to Sections 3.2(f), 3.3(d), 3.3(e), and 3.4(b): 

  
 20 













 (i) Crediting of Distributable Amount. The Administrator shall credit to the
Participant’s Distribution Account the sum of (A) the balance (if any) in his or her Benefit Account, and (B) the balance (if any) in his or her Deferral Account (if any), and (C) the balance (if any) in his or her Rollover
Account (if any), and any and all investment elections in effect with respect to each of such balances as of the Participant’s Eligibility Termination Date shall be maintained in full force and effect. 

(ii) Effect on Benefit Account, Deferral Account, and Rollover Account. The Administrator shall reduce the balance (if any) in the
Participant’s Benefit Account, the balance (if any) in the Participant’s Deferral Account (if any), and the balance (if any) in the Participant’s Rollover Account (if any) to zero dollars ($0). 

(b) Crediting of Earnings. 

(i) Performance Shares. With respect to the Performance Shares in a Participant’s Distribution Account, the Administrator shall
take the following actions during the period beginning on a Participant’s Eligibility Termination Date and ending on the Participant’s Employment Termination Date: 

(A) Accounting on Valuation Dates. As of each Valuation Date during the aforementioned period, the Administrator shall credit earnings
(if any) to the Performance Share in the Participant’s Distribution Account in accordance with the methodology set forth under Section 3.3(d)(i) of this Plan. 

(B) Accounting at Employment Termination Date. In the event that a Participant’s Employment Termination Date is not a Valuation
Date, such Employment Termination Date shall be deemed to be a Valuation Date and the Administrator shall credit earnings (if any) to the Performance Shares in the Participant’s Distribution Account in accordance with the methodology set forth
under Section 3.3(d)(i) of this Plan. 
 (ii) Prior Deferral Account and Rollover Account Balances. With respect to the portion
of a Participant’s Distribution Account previously transferred from his or her Deferral Account and/or Rollover Account and not consisting of Performance Shares, the Administrator shall take the following actions during the period beginning on
a Participant’s Eligibility Termination Date and ending on the Participant’s Employment Termination Date: 
 (A) Accounting on
Valuation Dates. As of each Valuation Date during the aforementioned period, the Administrator shall credit earnings (if any) to such portion of the Participant’s Distribution Account in accordance with the methodology set forth under
Section 3.2 (f)(iii). 
 (B) Accounting at Employment Termination Date. In the event that a Participant’s Employment
Termination Date is not a Valuation Date, such Employment Termination Date shall be deemed to be a Valuation Date and the Administrator shall credit earnings (if any) on such portion of a Participant’s Distribution Account in accordance with
Section 3.2(f)(iii) and/or 3.4(b)(iii), as applicable. 

  
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 (iii) Balance of Distribution Account. With respect to the balance of a
Participant’s Distribution Account after the crediting of earnings under Paragraphs (i) and (ii) above, the Administrator shall take the following actions during the period beginning on the Participant’s Eligibility Termination Date
and ending on the Participant’s Employment Termination Date: 
 (A) Annual Accounting Before Employment Termination Date. As of
the last day of each Plan Year during the aforementioned period, the Administrator shall credit earnings to the Distribution Account (if any) of each Participant whose Employment Termination Date has not occurred by the last day of the Plan Year,
where the amount of such earnings shall equal the product (rounded to two (2) decimal places) of (A) the Long-term Rate for the Performance Cycle in which the Plan Year occurs, (B) the sum of the monthly balances in the Distribution
Account during the Plan Year not otherwise credited with earnings under Paragraph (i) or (ii) above, and (C) the quotient (rounded to four (4) decimal places) of (I) the number of whole months during the Plan Year in which the
Distribution Account had a balance, and (II) twelve (12). 
 (B) Accounting at Employment Termination Date. As of the Employment
Termination Date of a Participant, if such date is later than the Participant’s Eligibility Termination Date, the Administrator shall credit earnings to the Participant’s Distribution Account, where the amount of such earnings shall equal
the product (rounded to two (2) decimal places) of (A) the Long-term Rate for the Performance Cycle in which the Participant’s Employment Termination Date occurred, (B) the sum of the monthly balances in the Participant’s
Distribution Account during the Plan Year in which his or her Employment Termination Date occurred not otherwise credited with earnings under Paragraph (i) or (ii) above, and (C) the quotient (rounded to four (4) decimal places) of
(I) the number of whole months during such Plan Year in which the Participant’s Distribution Account had a balance, and (II) twelve (12). 

(iv) Annual Accounting Following Employment Termination Date. With respect to a Participant whose Employment Termination Date has
occurred but who is receiving, or a deceased Participant whose Beneficiary or Beneficiaries are receiving, installment distributions of the Participant’s Distributable Amount pursuant to Section 4.2, as of each anniversary date of the
Participant’s Employment Termination Date, the Administrator shall credit earnings to the Participant’s Distribution Account, where the amount of such earnings shall equal the product (rounded to two (2) decimal places) of
(A) the Long-term Rate for the Performance Cycle in which such anniversary date occurs and (B) the balance in the Participant’s Distribution Account as of such anniversary date. 

  
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 ARTICLE IV 

DISTRIBUTION OF BENEFITS 

4.1 Election of Form and Medium of Distribution to Participant. Subject to Article IX and Appendix C, at the time a Participant
completes the enrollment form required by Section 2.1 and at any other such times as the Administrator, in his or her sole discretion, may prescribe: 

(a) The Participant may elect, in accordance with procedures established by the Administrator, to receive the Participant’s Distributable
Amount payable upon his or her Employment Termination Date in one of the following forms of distribution: 
 (i) a lump-sum distribution; or 
 (ii) annual installments over two (2), five (5) or ten (10) years
if: 
 (A) with respect to any portion of the Participant’s Distributable Amount attributable to a Grandfathered Amount, the
Participant has (A) both attained age fifty-five (55) and completed at least five (5) Years of Service or (B) completed fifteen (15) Years of Participation; or 

(B) with respect to any portion of the Participant’s Distributable Amount attributable to a Section 409A Amount, the Participant has
both attained age fifty-five (55) and completed at least five (5) Years of Service. 
 (b) The Participant may elect, in accordance with
procedures established by the Administrator, to receive any such lump-sum distribution or annual installments in cash, in shares of Common Stock, or partially in cash and partially in shares of Common Stock;
provided, however, that any Performance Shares and any other portion of the Participant’s Distributable Amount with respect to which the Participant previously elected Common Stock as an investment option shall be paid in shares of Common Stock
in accordance with Section 4.2(d). 
 4.2 Distributions Upon Termination of Employment. Subject to Articles V and IX: 

(a) Available Benefits. Upon the Employment Termination Date of a Participant, the Participant or his or her Beneficiary or
Beneficiaries, if the Participant has died, shall be eligible to receive payment of the Distributable Amount. 
 (b) Form and Medium of
Payment. 
 (i) Payment to Participant. A Participant who is eligible for payment of the Distributable Amount pursuant to
Subsection (a) above shall receive the Distributable Amount in the form and medium elected by the Participant on the most recent election form filed by the Participant pursuant to Section 4.1 prior to the Plan Year in which his or her
Employment Termination Date occurs; provided, however, that: 
 (A) any Performance Shares and any other portion of the Participant’s
Distributable Amount with respect to which the Participant previously elected Common Stock as the investment option shall be paid in shares of Common Stock; and 

  
 23 













 (B) subject to Paragraph (A) above and Section 9.2(c), if no such election form
was filed with the Administrator, the Distributable Amount shall be paid as a lump-sum distribution in cash. 

(ii) Payment to Beneficiary. Subject to Section 9.3 with respect to a Section 409A Amount, a Beneficiary of a deceased
Participant who is eligible for payment of all or part of the Distributable Amount pursuant to Subsection (a) above shall receive all or such part, as applicable, of the Distributable Amount as a lump-sum
distribution in cash and in shares of Common Stock to the extent of the Performance Shares (if any) and any other portion of the Participant’s Distributable Amount with respect to which the Participant previously elected Common Stock as the
investment option. 
 (c) Timing of Payment. The Distribution Date for payment of the Distributable Amount in accordance with
Subsections (a) and (b) above shall be the earliest date administratively possible within the ninety (90)-day period following the respective Participant’s Employment Termination Date. 

(d) Payment in Common Stock. If all or part of a Participant’s Distributable Amount shall be paid in shares of Common Stock
(treasury shares, authorized and unissued shares, authorized and issued shares, or a combination of the foregoing), the Administrator shall calculate the number of such shares of Common Stock as follows and the whole number of shares so calculated
shall be paid in shares of Common Stock and the value of any fractional shares shall be paid in cash. 
 (i) With respect to the portion of
the Distributable Amount not represented by Performance Shares, as the quotient (rounded to two decimal places) of (A) such portion of the Distributable Amount and (B) the Common Stock Price as of the Participant’s Employment
Termination Date. 
 (ii) With respect to the portion of the Distributable Amount represented by Performance Shares, as the product of
(A) the number of Performance Shares and (B) the Common Stock Price as of the Participant’s Employment Termination Date. 

(e) Payment of Installment Distributions. Subject to Section 9.2(d) with respect to a Section 409A Amount, after the
Distribution Date of a Participant who shall receive installment distributions of the Distributable Amount, each subsequent installment distribution that shall be due shall be paid to the Participant as of the next succeeding anniversary of the
Participant’s Employment Termination Date; provided, however, that, in the event of the death of the Participant before all such installment distributions shall be made, all or part, as applicable, of the total of the remaining installment
distributions shall be paid as of the next succeeding anniversary of the Participant’s Employment Termination Date to the Participant’s Beneficiary or each of his or her Beneficiaries, as applicable; provided, however, that if the
Participant elected to receive the Distributable Amount in the form of annual installments and the Participant dies prior to receiving all of such annual installments, the Administrator may, in his or her sole discretion, allow the Beneficiary of
the deceased Participant to continue receiving installment payments rather than receiving such remaining payments as a lump sum except as otherwise provided in Section 9.3 with respect to any Section 409A Amounts. 

  
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 (f) Administrative Matters. Subject to Section 8.5, the Administrator may, in
his or her sole discretion, delay the Distribution Date for the benefits payable to or on behalf of a Participant to the extent necessary to determine the benefits properly. 

4.3 In-service Distribution from Deferral Accounts. The Administrator may, but shall not be
required to, establish procedures under which an in-service distribution may be made to a Participant of Bonus Deferral Amounts or Salary Deferral Amounts in his or her Deferral Account (if any) in the event
that the Participant has an unforeseeable emergency, as described in Subsection (a) below, and the distribution is reasonably needed to satisfy the unforeseeable emergency, as described in Subsection (b) below: 

(a) Unforeseeable Emergency. With respect to a Participant, an unforeseeable emergency is severe financial hardship to the Participant
resulting from a sudden and unexpected illness or accident of the Participant or of a “dependent” of the Participant, as such term shall be defined in Code Section 152(a); loss of the Participant’s property due to casualty; or
another similar extraordinary and unforeseeable set of circumstances arising as a result of events beyond the control of the Participant. 

(b) Distribution Reasonably Necessary to Satisfy Emergency. A distribution shall be deemed to be reasonably necessary to satisfy a
Participant’s unforeseeable emergency if the following requirements are met: 
 (i) The distribution does not exceed the amount of the
Participant’s financial need plus amounts necessary to pay any income taxes or penalties reasonably anticipated to result from the distribution; 

(ii) The Participant’s financial need cannot be relieved: 

(A) Through reimbursement or compensation by insurance or otherwise, 

(B) By liquidation of the Participant’s assets, to the extent that such liquidation would not itself cause severe financial hardship, or

 (C) By the termination of the Participant’s election (if any) with respect to a Bonus Deferral Amount or Salary Deferral Amounts.

 4.4 Beneficiaries. The Administrator shall provide to each new Participant a form (in paper or electronic format) on which he or
she may designate (a) one or more Beneficiaries who shall receive all or a portion of the Distributable Amount upon the Participant’s death, including any Beneficiary who shall receive any such amount only in the event of the death of
another Beneficiary; and (b) the percentages to be paid to each such Beneficiary (if there is more than one). A Participant may change his or her or her Beneficiary designation from time to time by filing a 

  
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 new form with the Administrator. No such Beneficiary designation shall be effective unless and until the
Participant has properly filed the completed form with the Administrator, and a Beneficiary designation form that designates the spouse of a Participant as his Beneficiary (whether or not any other Beneficiary is also designated) shall be void with
respect to the designation of the spouse upon the divorce of the Participant and the spouse with the result that the Participant’s former spouse shall not be a Beneficiary unless the Participant files a new form with the Administrator and
designates his or her former spouse as a Beneficiary. 
 If a deceased Participant is not survived by a designated Beneficiary or if no
Beneficiary was effectively designated, upon the Participant’s death, any benefit to which the Participant was then entitled shall be paid in a lump-sum distribution in cash to the Participant’s
spouse and, if there is no spouse, to the Participant’s estate. If a designated Beneficiary is living at the death of the Participant but dies before receiving any or all of the benefit to which the Beneficiary was entitled, such benefit or the
remaining portion of such benefit shall be paid in a lump-sum distribution in cash to the estate of the deceased Beneficiary. 

  
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 ARTICLE V 

CLAIMS AND ADMINISTRATION 

5.1 Applications. A Participant or the Beneficiary of a deceased Participant who is or may be entitled to benefits under this Plan
shall apply for such benefits in writing if and as required by the Administrator, in his or her sole discretion. 
 5.2 Information and
Proof. A Participant or the Beneficiary of a deceased Participant shall furnish all information and proof required by the Administrator for the determination of any issue arising under the Plan including, but not limited to, proof of marriage to
a Participant or a certified copy of the death certificate of a Participant. The failure by a Participant or the Beneficiary of a deceased Participant to furnish such information or proof promptly and in good faith, or the furnishing of false or
fraudulent information or proof by the Participant or Beneficiary, shall be sufficient reason for the denial, suspension, or discontinuance of benefits thereto and the recovery of any benefits paid in reliance thereon. 

5.3 Notice of Address Change. Each Participant and any Beneficiary of a deceased Participant who is or may be entitled to benefits under
this Plan shall notify the Administrator in writing of any change of his or her address. 
 5.4 Claims Procedure. 

(a) Claim Denial. The Administrator shall provide adequate notice in writing to any Participant or Beneficiary of a deceased Participant
whose application for benefits, made in accordance with Section 5.1 of this Plan, has been wholly or partially denied. Such notice shall include the reason(s) for denial, including references, when appropriate, to specific Plan or Trust
Agreement provisions; a description of any additional information necessary for the claimant to perfect the claim, if applicable and an explanation of why such information is necessary; and a description of the claimant’s right to appeal under
Subsection (b) below. 
 The Administrator shall furnish such notice of a claim denial within ninety (90) days after the date that
the Administrator received the claim. If special circumstances require an extension of time for deciding a claim, the Administrator shall notify the claimant in writing thereof within such ninety (90)-day
period and shall specify the date a decision on the claim shall be made, which shall not be more than one hundred eighty (180) days after the date that the Administrator received the claim. Then, the Administrator shall furnish any denial
notice on the claim by the later date so specified. 
 (b) Appeal Procedure. A claimant or his or her duly authorized representative
shall have the right to file a written request for review of a claim denial within sixty (60) days after receipt of the denial, to review pertinent documents, records and other information relevant to his or her claim without charge (including
items used in the determination, even if not relied upon in making the final determination and items demonstrating consistent application and compliance with this Plan’s administrative processes and safeguards), and to submit comments,
documents, records, and other information relating to the claim, even if the information was not submitted or considered in the initial determination. 

  
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 (c) Decision Upon Appeal. In considering an appeal made in accordance with Subsection
(b) above, the Administrator shall review and consider any written comments, documents, records, and other information relating to the claim, even if the information was not submitted or considered in the initial determination by the claimant
or his or her duly authorized representative. The claimant or his or her representative shall not be entitled to appear in person before any representative of the Administrator. 

The Administrator shall issue a written decision on an appeal within sixty (60) days after the date the Administrator receives the appeal
together with any written comments relating thereto. If special circumstances require an extension of time for a decision on an appeal, the Administrator shall notify the claimant in writing thereof within such sixty
(60)-day period. Then, the Administrator shall furnish a written decision on the appeal as soon as possible but no later than one hundred twenty (120) days after the date that the Administrator received
the appeal. The decision on the appeal shall be written in a manner calculated to be understood by the claimant and shall include specific references to the pertinent Plan provisions on which the decision is based. If the claimant loses on appeal,
the decision shall include the following information provided in a manner calculated to be understood by the claimant: (1) the specific reason(s) for the adverse determination; (2) reference to the specific Plan provisions on which the
determination is based; (3) a statement of the claimant’s right to receive at no cost information and copies of documents relevant to the claim, even if such information was not relied upon in making determinations; and (4) a statement of the
claimant’s rights to sue under ERISA. 
 5.5 Status, Responsibilities, Authority and Immunity of Administrator. 

(a) Appointment and Status of Administrator. The Plan Sponsor shall appoint the Administrator. The Plan Sponsor may remove the
Administrator and appoint another Administrator or, if the Administrator is a committee, the Plan Sponsor may remove any or all members of the committee and appoint new members. The Administrator shall be the “administrator” of the Plan,
as such term shall be defined in Section 3(16)(A) of ERISA. 
 (b) Responsibilities and Discretionary Authority. The
Administrator shall have absolute and exclusive discretion to manage the Plan and to determine all issues and questions arising in the administration, interpretation, and application of the Plan and the Trust Agreement, including, but not limited
to, issues and questions relating to a Participant’s eligibility for Plan benefits and to the nature, amount, conditions, and duration of any Plan benefits. Furthermore, the Administrator shall have absolute and exclusive discretion to
formulate and to adopt any and all standards for use in calculations required in connection with the Plan and rules, regulations, and procedures that he or she deems necessary or desirable to effectuate the terms of the Plan; provided, however, that
the Administrator shall not adopt a rule, regulation, or procedure that shall conflict with this Plan or the Trust Agreement. Subject to the terms of any applicable contract or agreement, any interpretation or application of this Plan or the Trust
Agreement by the Administrator, or any rules, regulations, and procedures duly adopted by the Administrator, shall be final and binding upon Employees, Participants, Beneficiaries, and any and all other persons dealing with the Plan. 

  
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 (c) Delegation of Authority and Reliance on Agents. The Administrator may, in his or
her discretion, allocate ministerial duties and responsibilities for the operation and administration of the Plan to one or more persons, who may or may not be Employees, and employ or retain one or more persons, including accountants and attorneys,
to render advice with regard to any responsibility of the Administrator. 
 (d) Reliance on Documents. The Administrator shall incur
no liability in relying or in acting upon any instrument, application, notice, request, letter, or other paper or document believed by the Administrator to be genuine, to contain a true statement of facts, and to have been executed or sent by the
proper person. 
 (e) Immunity and Indemnification of Administrator. The Administrator shall not be liable for any of his or her acts
or omissions, or the acts or omissions of any employee or agent authorized or retained pursuant to Subsection (c) above by the Administrator, except any act of the Administrator or any such person as constitutes gross negligence or willful
misconduct. The Plan Sponsor shall indemnify the Administrator, to the fullest extent permitted by law, if the Administrator is ever made a party or is threatened to be made a party to any threatened, pending, or completed action, suit, claim, or
proceeding, whether civil, criminal, administrative, or investigative (including, but not limited to, any action by or in the right of the Plan Sponsor), by reason of the fact that the Administrator is or was, or relating to the Administrator’s
actions as, the Administrator, against any expenses (including attorneys’ fees), judgments, fines, and amounts paid in settlement that the Administrator incurs as a result of, or in connection with, such action, suit, claim, or proceeding,
provided that the Administrator had no reasonable cause to believe that his or her conduct was unlawful. 
 5.6 Enrollment, Deferral
Election and Other Procedures. The Administrator shall adopt and may amend procedures to be followed by Eligible Employees and Participants in electing to participate in this Plan, in electing to have Bonus Deferral Amounts and Salary Deferral
Amounts made on their behalf, in selecting a form of distribution of any Distributable Amount, and in taking any other actions required thereby under this Plan. Notwithstanding the foregoing sentence, any enrollment, deferral election and other
procedures relating to Section 409A Amounts shall be subject to the provisions of Article IX of the Plan. 
 5.7 Correction of Prior
Incorrect Allocations. Notwithstanding any other provisions of this Plan, in the event that an adjustment to a Performance Shares Account, Benefit Account, Deferral Account, Rollover Account, or Distribution Account shall be required to correct
an incorrect allocation to such account, the Administrator shall take such actions as he or she deems, in his or her sole discretion, to be necessary or desirable to correct such prior incorrect allocation. 

5.8 Facility of Payment. If the Administrator shall determine that a Participant or the Beneficiary of a deceased Participant to whom a
benefit is payable is unable to care for his or her affairs because of illness, accident or other incapacity, the Administrator may, in his or her discretion, direct that any payment otherwise due to the Participant or Beneficiary be paid to the
legal guardian or other representative of the Participant or Beneficiary. Furthermore, the Administrator may, in his or her discretion, direct that any payment otherwise due to a minor Participant or Beneficiary of a deceased Participant be paid to
the guardian of the minor or the person having custody of the minor. Any payment made in accordance with this Section to a person other than a Participant or the Beneficiary of a deceased Participant shall, to the extent thereof, be a complete
discharge of the Plan’s obligation to the Participant or Beneficiary. 
 5.9 Unclaimed Benefits. If the Administrator cannot
locate a Participant or the Beneficiary of a deceased Participant to whom payment of benefits under this Plan shall be required, following a diligent effort by the Administrator to locate the Participant or Beneficiary, such benefit shall be
forfeited. 

  
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 ARTICLE VI 

STATUS OF PLAN AND TRUST AGREEMENT 

6.1 Unfunded Status of Plan. The Plan constitutes a mere promise by the Plan Sponsor to pay benefits in accordance with the terms of
the Plan, and, to the extent that any person acquires a right to receive benefits from the Plan Sponsor under this Plan, such right shall be no greater than any right of any unsecured general creditor of the Plan Sponsor. Subject to
Section 6.2, nothing contained in this Plan and no action taken pursuant to the provisions of this Plan shall create or be construed so as to create a trust of any kind, or a fiduciary relationship between the Plan Sponsor and any Participant,
Beneficiary, or other person. 
 6.2 Shares to be Issued. The aggregate number of shares of Common Stock that may be issued to
satisfy the obligations under the Plan shall not exceed two million (2,000,000) shares of Common Stock. The Common Stock may come from treasury shares, authorized but unissued shares, or previously issued shares that the applicable company
reacquires, including shares it purchases on the open market. 
 6.3 Adjustments upon Changes in Capital Stock. Subject to any
required action by the Plan Sponsor (which it shall promptly take) or its stockholders, and subject to the provisions of applicable corporate law, if the outstanding shares of Common Stock increase or decrease or change into or are exchanged for a
different number or kind of security by reason of any recapitalization, reclassification, stock split, reverse stock split, combination of shares, exchange of shares, stock dividend, or other distribution payable in capital stock, some other
increase or decrease in such Common Stock occurs without the Plan Sponsor’s receiving consideration, the Administrator shall make a proportionate and appropriate adjustment as the Administrator in its sole discretion deems to be appropriate, in
any of the following in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan: (a) the kind and number of shares of Common Stock, other securities or property or the amount
of cash subject to each outstanding obligation under the Plan and (b) the aggregate number of shares of Common Stock which thereafter may be made the subject of obligations under the Plan, including the limit specified in Section 6.2 of
the Plan regarding the number of shares available to satisfy obligations under the Plan. 
 In the event of a declaration of an extraordinary dividend on
the Common Stock payable in a form other than Common Stock in an amount that has a material effect on the price of the Common Stock, the Administrator shall make a proportionate and appropriate adjustment as the Administrator in its sole discretion
deems to be appropriate to the items set forth in any of subsections (a) through (b) in the preceding paragraph in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. 

Any issue by the Company of any class of preferred stock, or securities convertible into shares of common or preferred stock of any class, will not affect,
and no adjustment by reason thereof will be made with respect to, the number of shares of Common Stock subject to any obligation under the Plan except as this Section 6.3 specifically provides. The grant of an obligation under the Plan will not
affect in any way the right or power of the Administrator or the Plan Sponsor to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, or to merge or to consolidate, or to dissolve, liquidate, sell, or
transfer all or any part of its business or assets. 

  
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 6.4 Existence and Purposes of Trust Agreement. 

(a) Existence of Trust Agreement. In accordance with Section 6.1, the Plan Sponsor may enter into a Trust Agreement with a trustee
to hold a trust fund that may become the source of Plan benefits as provided in the Trust Agreement, and such trust fund may hold shares of Common Stock. In such event, the trustee would have such powers to hold, invest, reinvest, control, and
disburse such trust fund as shall, at such time and from time to time, be set forth in the Trust Agreement or this Plan. 
 (b)
Integration of Trust Agreement. The Trust Agreement shall be deemed to be a part of this Plan, and all rights of Participants and Beneficiaries of deceased Participants under this Plan shall be subject to the provisions of the Trust
Agreement, if and as applicable. 
 (c) Rights to Any Trust Fund Assets. No Participant or Beneficiary of a deceased Participant, nor
any other person, shall have any right to, or interest in, any assets of the trust fund maintained under the Trust Agreement upon termination of such Participant’s employment or otherwise, except as may be specifically provided from time to
time in this Plan, the Trust Agreement, or both, and then only to the extent so specifically provided. 

  
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 ARTICLE VII 

PLAN AMENDMENT OR TERMINATION 

7.1 Right to Amend. The Plan Sponsor reserves the right to amend the Plan, by action duly taken by its Board of Directors, at any time
and from time to time to any extent that the Plan Sponsor may deem advisable, and any such amendment shall take the form of an instrument in writing duly executed by one or more individuals duly authorized by the Board of Directors. Without limiting
the generality of the foregoing, the Plan Sponsor specifically reserves the right to amend the Plan retroactively as may be deemed necessary. Notwithstanding the foregoing sentences, the Plan Sponsor shall not amend the Plan so as to change the
method of calculating the Benefit Amount attributable to any Performance Shares in any Participant’s Performance Shares Account as of the date that such an amendment would otherwise be effective; so as to reduce the balance in the Deferral
Account, Benefit Account, Rollover Account, or Distribution Account of any Participant as of such otherwise effective date; or so as to reduce the Vesting Percentage applicable to any Benefit Amount of any Participant that shall have been credited
to the Participant’s Benefit Account (plus any earnings credited thereon) prior to such otherwise effective date (whether or not such Vesting Percentage shall have been determined pursuant to Section 3.3 as of such date), unless any such
amendment shall be reasonably required to comply with applicable law or to preserve the tax treatment of benefits provided under the Plan or is consented to by the affected Participant. 

7.2 Right to Terminate. The Plan Sponsor reserves the right to terminate the Plan, by action duly taken by its Board of Directors, at
any time as the Plan Sponsor may deem advisable. Upon termination of the Plan, (a) if the trust fund maintained under the Trust Agreement has not become the source for Plan benefits, the Plan Sponsor shall pay or provide for the payment of all
liabilities with respect to Participants and Beneficiaries of deceased Participants by distributing amounts to and on behalf of such Participants and Beneficiaries; and (b) if the trust fund maintained under the Trust Agreement has become the
source for Plan benefits, the Plan Sponsor shall direct the trustee thereof to pay to or provide for the payment of all reasonable administrative expenses of the Plan and trust fund, and thereafter the Plan Sponsor shall direct such trustee to use
and apply the remaining assets of the trust fund to provide for liabilities thereof with respect to Participants and Beneficiaries of deceased Participants by continuing the trust fund and making provision under the Trust Agreement for the payment
of such liabilities or by distributing amounts from the trust fund to and on behalf of such Participants and Beneficiaries; provided that, if, after payment or provision for payment of all reasonable administrative expenses of the Plan and trust
fund maintained under the Trust Agreement and satisfaction of all liabilities of such trust fund with respect to Participants and Beneficiaries of deceased Participants, there shall be excess assets remaining, the trustee thereof shall pay such
excess assets to the Plan Sponsor. 

  
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 ARTICLE VIII 

MISCELLANEOUS 
 8.1 No
Guarantee of Employment. Nothing contained in this Plan shall be construed as a contract of employment between any Employee and the Plan Sponsor or any Employer, as a right of any Employee to be continued in any employment position with, or the
employment of, the Plan Sponsor or any Employer, or as a limitation of the right of the Plan Sponsor or any Employer to discharge any Employee. 

8.2 Nonalienation of Benefits. Any benefits or rights to benefits payable under this Plan shall not be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution, or levy of any kind, either voluntary or involuntary, including any such liability that is for alimony or other payments for the support of a
Beneficiary or former Beneficiary, or for the support of any other relative, before payment thereof is received by the Participant, Beneficiary of a deceased Participant, or other person entitled to the benefit under the Plan; and any attempt to
anticipate, alienate, sell, transfer, assign, pledge, encumber, charge, or otherwise dispose of any right to benefits payable under this Plan shall be void; provided, however, that this Section shall not prohibit the Administrator from offsetting,
pursuant to Section 8.3 of this Plan, any payments due to a Participant, the Beneficiary of a deceased Participant, or any other person who may be entitled to receive a benefit under this Plan. 

8.3 Offset of Benefits. Notwithstanding anything in this Plan to the contrary, in the event that a Participant or the Beneficiary of a
deceased Participant owes any amount to the Plan, the Plan Sponsor, or any other Employer, whether as a result of an overpayment or otherwise, the Administrator may, in his or her discretion, offset the amount owed or any percentage thereof in any
manner against any payments due from the Plan to the Participant or Beneficiary. 
 8.4 Taxes. Neither the Plan Sponsor nor any
Employer represents or guarantees that any particular federal, state, or local income, payroll, personal property or other tax consequence will result from participation in this Plan or payment of benefits under this Plan. Notwithstanding anything
in this Plan to the contrary, the Administrator may, in his or her sole discretion, deduct and withhold applicable taxes from any payment of benefits under this Plan. For the avoidance of doubt, each Participant and Beneficiary shall be responsible
for any and all taxes, interest, and penalties with respect to his or her Section 409A Amounts. The Administrator also may permit such obligations to be satisfied by the transfer to the Plan Sponsor or any Employer of cash, shares of Common
Stock, or other property. 
 8.5 Timing of Distributions. The provisions of this Section 8.5 shall apply notwithstanding any
provisions of the Plan to the contrary. The timing of all distributions under the Plan is subject to the Plan Sponsor’s and any Employer’s deduction limitations under Code Section 162(m). Distributions instituted during a period
during which the Plan Sponsor prevents trading in Common Stock (a “blackout period”) will not be effective until the first business day following the end of the blackout period. The Administrator also may, in his or her sole discretion,
postpone any distribution to comply with applicable law or internal policies of the Plan Sponsor. 

  
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 8.6 Not Compensation Under Other Benefit Plans. No amounts in a Participant’s
Benefit Account or Deferral Account shall be deemed to be salary or compensation for purposes of the 401(k) Plan or any other employee benefit plan of the Plan Sponsor or any Employer except as and to the extent otherwise specifically provided in
any such plan. 
 8.7 Merger or Consolidation of Plan Sponsor. If the Plan Sponsor is merged or consolidated with another
organization, or another organization acquires all or substantially all of the Plan Sponsor’s assets, such organization may become the “Plan Sponsor” hereunder by action of its board of directors and by action of the board of
directors of the Plan Sponsor if still existent. Such change in plan sponsors shall not be deemed to be a termination of this Plan. 
 8.8
Savings Clause. If any term, covenant, or condition of this Plan, or the application thereof to any person or circumstance, shall to any extent be held to be invalid or unenforceable, the remainder of this Plan, or the application of any such
term, covenant, or condition to persons or circumstances other than those as to which it has been held to be invalid or unenforceable, shall not be affected thereby, and, except to the extent of any such invalidity or unenforceability, this Plan and
each term, covenant, and condition hereof shall be valid and shall be enforced to the fullest extent permitted by law. 
 8.9 Governing
Law. This Plan shall be construed, regulated and administered under the laws of the State of North Carolina to the extent not pre-empted by ERISA or any other federal law. 

8.10 Construction. As used in this Plan, the masculine and feminine gender shall be deemed to include the neuter gender, as
appropriate, and the singular or plural number shall be deemed to include the other, as appropriate, unless the context clearly indicates to the contrary. 

8.11 Headings No Part of Agreement. Headings of articles, sections and subsections of this Plan are inserted for convenience of
reference; they constitute no part of the Plan and are not to be considered in the construction of the Plan. 

  
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 ARTICLE IX 

SPECIAL PROVISIONS APPLICABLE TO SECTION 409A AMOUNTS 

9.1 Scope. The provisions of this Article IX shall apply to Section 409A Amounts only and shall not apply to any Grandfathered
Amounts. If the provisions of this Article IX conflict with any other provisions of the Plan, the provisions of this Article IX shall control. 

9.2 Special Provisions. Notwithstanding any provision of Articles III and IV of the Plan and Section 5.6 of the Plan, with respect
to a Participant: 
 (a) Elections. With respect to any Section 409A Amount and in addition to any enrollment form and election
requirements provided for in the Plan or established by the Administrator, any election for a Plan Year shall be made not later than December 31 of the calendar year immediately preceding such Plan Year; provided, however, that, in the case of
the first Plan Year in which a Participant becomes an Eligible Employee, any election for the portion of the Plan Year during with the Participant is an Eligible Employee shall be made within thirty (30) days after the date the Participant first
becomes an Eligible Employee. 
 (b) Form and Medium of Distribution. Any election made with respect to a Section 409A Amount
pursuant to Section 9.2(a) above shall specify the form and medium of distribution with respect to that Section 409A Amount. The form of distribution so elected by a Participant shall be one of the forms of distribution set forth in
Section 4.1(a) of the Plan and shall be subject to the restriction in Section 4.1(a)(ii) of the Plan concerning the availability of installment payments, determined as of the Participant’s Employment Termination Date. The medium of
distribution shall be specified in accordance with Section 4.1(b) of the Plan. 
 (c) Default Form of Payment. Notwithstanding
Section 4.2(b)(i)(B) of the Plan, with respect to any Participant who has both attained age fifty-five (55) and completed at least five (5) Years of Service, if such Participant fails to elect a form of distribution with respect to
any Section 409A Amount, the Participant shall be deemed to have elected to have such Section 409A Amount paid in the form of five (5) installment payments in accordance with the payment frequency set forth in Section 9.2(d)
below. 
 (d) Timing of Payment. Notwithstanding Article IV of the Plan and specifically Sections 4.2(c) and (e) of the Plan, the
Distribution Date for a Section 409A Amount (or the first installment of a Section 409A Amount, if applicable) shall be no earlier than the first day of the month following the last day of the six (6) month period commencing on the
Participant’s Employment Termination Date. In accordance with procedures established by the Administrator pursuant to Article V, a Participant may elect one of the following Distribution Dates with respect to each Section 409A Amount:
(i) the first day of the month following the last day of the six (6) month period commencing on the Participant’s Employment Termination Date; (ii) the first day of the month following the last day of the twelve (12) month
period commencing on the Participant’s Employment Termination Date; or (iii) the first day of the month following the last day of the twenty-four (24) month period commencing on the Participant’s Employment Termination Date. The
time of distribution so elected by a Participant shall be subject to the restriction in Section 4.1(a)(ii)(C) of the Plan determined as of the Participant’s Employment Termination Date. 

  
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 If pursuant to the terms of the Plan a Section 409A Amount is to be distributed in
installments, the second installment of the Section 409A Amount shall be made on January 15 of the calendar year following the date of payment of the initial installment, and each subsequent installment thereafter (if any) shall be made on
each January 15 thereafter until all installment payments of a Section 409A Amount have been paid to the Participant. In the avoidance of doubt, the amount of each installment payment of a Section 409A Amount shall equal the quotient
of (i) the total Section 409A Amount to be distributed, divided by (ii) the number of installment payments remaining in the applicable period of annual installments. 

(e) Subsequent Changes in Time of Payment and Form of Distribution. With respect to a Section 409A Amount, a Participant may elect
to delay a payment of the Section 409A or to change the form of distribution of the Section 409A Amount provided that the following conditions are met: 

(i) Any election under this Section 9.2(e) shall not take effect until a date that is at least twelve (12) months after the date on
which the election is made. 
 (ii) The payment with respect to which an election under this Section 9.2(e) is made shall be deferred
for a period of not less than five (5) years from the date such payment would otherwise have been paid. 
 (iii) Any election under
this Section 9.2(e) shall be made on a date that is not less than twelve (12) months prior to the date the payment is originally scheduled to be made. 

(f) Permitted Payment Delays. Notwithstanding Section 8.5 of the Plan and in addition to the foregoing provisions of this
Section 9.2, a payment of a Section 409A Amount to a Participant may be delayed to a date after the designated payment date under either of the following two circumstances: 

(i) Where the Plan Sponsor reasonably anticipates that an Employer’s deduction with respect to the payment of a Section 409A Amount
would otherwise be limited or eliminated by application of Code Section 162(m); provided, however, that such payment shall be made to the Participant (i) during the Participant’s first taxable year in which the Plan Sponsor reasonably
anticipates that the deduction of such payment will not be limited or eliminated by the application of Code Section 162(m), or, if later, (ii) during the period beginning with the Participant’s Employment Termination Date and ending
on the later of (A) the last day of the taxable year of the Plan Sponsor in which the Participant’s Employment Termination Date occurs or (B) the fifteenth (15th) day of the third
month following the Participant’s Employment Termination Date. 
 (ii) Where the Plan Sponsor reasonably anticipates that the making of
the payment of the Section 409A Amount will violate Federal Securities laws or other applicable law; provided, however, that such payment will be made to the Participant at the earliest date at which the Plan Sponsor reasonably anticipates that
the making of such payment will not cause such violation. 

  
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 (g) Unforeseeable Emergency. For the avoidance of doubt, the provisions of
Section 4.3 of the Plan shall apply to any Bonus Deferral Amounts and any Salary Deferral Amounts that are considered to be Section 409A Amounts. 

(h) Plan Termination. Notwithstanding the provisions of Section 7.2 of the Plan, the termination of the Plan shall not accelerate
the time and form of payment of any Section 409A Amount except when the Plan Sponsor elects to terminate the Plan in accordance with one of the following: 

(i) The Plan Sponsor elects to terminate the Plan within twelve (12) months of a corporate dissolution taxed under Code Section 331
or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the Section 409A Amounts are included in Participants’ gross incomes in the latest of (a) the calendar year in which the Plan
termination occurs, (b) the calendar year in which the Section 409A Amount is no longer subject to a substantial risk of forfeiture, or (c) the first calendar year in which the payment of the Section 409A Amount is
administratively practical. 
 (ii) The Plan Sponsor elects to terminate the Plan under the following conditions: (a) the Employer
terminates all arrangements sponsored by the Employer that would be aggregated with any terminated arrangements under the regulations promulgated under Code Section 409A if the same Participant had deferrals of compensation under all such
terminated arrangements; (b) no payments (other than payments that would be payable under the terms of the arrangements if the termination had not occurred) are made within twelve (12) months of the termination of the arrangements;
(c) all payments are made within twenty-four (24) months of the termination of the arrangements; and (d) no Employer adopts a new arrangement that would be aggregated with any terminated arrangement under the regulations promulgated
under Code Section 409A if the same Participant participated in both arrangements, at any time within five (5) years following the date of termination of the Plan. 

(iii) The Plan Sponsor elects to terminate the Plan in accordance with any such other events and conditions that the Commissioner of the
Internal Revenue Service may prescribe in generally applicable guidance published in the Internal Revenue Bulletin. 
 (i) Definition of
Payment. With respect to a Section 409A Amount, the entitlement to a series of installment payments shall be treated as the entitlement to a single payment, and each such installment payment shall not be considered a separate payment
hereunder. 
 9.3 Payments to a Beneficiary. Notwithstanding Section 4.2(e) of the Plan, with respect to any Section 409A
Amounts, if a Participant elected to receive the Distributable Amount in the form of annual installments and the Participant dies prior to receiving all of such annual installments, the Beneficiary of the deceased Participant shall receive such
remaining payments as a lump-sum in accordance with Section 4.2(b)(ii) of the Plan. 
 9.4
Class Year Accounting. Section 409A Amounts credited on a Participant’s behalf and any earnings credited thereto and any losses deducted therefrom in accordance with the terms of the Plan, shall be administered
under this Plan by Class Year. For the avoidance of doubt, as stated in Section 1.54, the aggregate of a Participant’s Salary Deferral Amount (if any), Bonus Deferral Amount (if any), and Benefit Amount (if any) for each
Class Year, and any earnings credited thereto and any losses deducted therefrom in accordance with the terms of the Plan, shall be deemed a separate Section 409A Amount for all purposes under this Plan, including, but not limited to, the
provisions of Section 9.2. 

  
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 (a) Elections. In accordance with procedures established by the Administrator
pursuant to Article V and Section 9.2, a Participant shall make a separate election for each Class Year, for which the Participant shall specify (i) the form and medium of distribution and (ii) the time for payment, and each such
election for a Class Year shall apply to the aggregate of the Participant’s Salary Deferral Amount (if any), Bonus Deferral Amount (if any), and Benefit Amount (if any) for that Class Year, and any earnings credited thereto and any
losses deducted therefrom in accordance with the terms of the Plan. The Plan’s default form of payment and time for payment provisions under Section 4.2(b)(i)(B), Section 9.2(c), and Section 9.2(d), as applicable, shall apply to
any Participant who fails to make an election for a Class Year. 
 (b) Subsequent Changes in Class Year
Elections. The provisions of Section 9.2(e) permitting payment delays and changes in the form of distribution subject to certain conditions set forth therein shall be administered separately with respect to a Participant’s
Section 409A Amount for each Class Year. An election to delay payment, or change the form of distribution, for a Section 409A Amount for one Class Year shall not affect the time for payment and form of distribution elections for
the Section 409A Amount for another Class Year. 
 IN WITNESS WHEREOF, the Plan Sponsor has caused this amended and restated Plan
to be executed by its duly authorized officer as of the last date signed by the officer as set forth below. 
  

			
	PLAN SPONSOR:
	
	VONTIER CORPORATION
		
	By:	 	/s/ Andrew Nash
		 	Andrew Nash, SVP Human Resources
	
	Date: 10/09/2020



  
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 APPENDIX A 

APPLICABLE PERCENTAGE 
  

					
	 YEARS OF PARTICIPATION
	  	APPLICABLE
PERCENTAGE	 
	 0-10
	  	 	6	% 
	 11-15
	  	 	8	% 
	 Greater than 15
	  	 	10	% 


  
 A-1 













 APPENDIX B 

MONTHS FACTORS 
  

					
	 Eligibility Date
	  	Prorata Factor	 
	 January 1st
	  	 	1.00	 
	 February 1st
	  	 	0.92	 
	 March 1st
	  	 	0.83	 
	 April 1st
	  	 	0.75	 
	 May 1st
	  	 	0.67	 
	 June 1st
	  	 	0.50	 
	 July 1st
	  	 	0.50	 
	 August 1st
	  	 	0.42	 
	 September 1st
	  	 	0.33	 
	 October 1st
	  	 	0.25	 
	 November 1st
	  	 	0.17	 
	 December 1st
	  	 	0.08	 


  
 B-1 













 APPENDIX C 

SPIN-OFF FROM FORTIVE CORPORATION 

 

	1.	 Background 



The Plan Sponsor was established as a subsidiary of Fortive Corporation (“Fortive”) prior to the Effective Date. On the Effective Date, the
liabilities for certain participants’ benefits under the Fortive EDIP, including amounts not subject to Code Section 409A (i.e., amounts deferred and vested prior to January 1, 2005, and earnings related thereto), were transferred to
the Plan Sponsor and to this Plan. The Participants whose benefits were transferred to this Plan on the Effective Date are referred to below as “Fortive Participants.” The rules in this Appendix shall apply notwithstanding any Plan
provisions to the contrary. 
  

	2.	 Plan Benefits 



Fortive Participants who qualified as eligible employees under the Fortive EDIP immediately before the Effective Date shall be Eligible Employees under this
Plan on such date. All service and compensation that was taken into account for purposes of determining the amount of a Fortive Participant’s benefit or his vested right to a benefit under the Fortive EDIP as of the Effective Date shall be
taken into account for the same purposes under this Plan. 
 The Fortive Participants accounts will reflect such amounts transferred from the Fortive EDIP.
To the extent the Plan refers to accounts prior to the close of the New York Stock Exchange on October 9, 2020, such references relate to the amounts as they existed in the Fortive EDIP prior to the transfer to the extent such amounts were
transferred to the Plan. 
  

	3.	 Distributions 



The terms of this Plan shall govern the distribution of all benefits payable to a Fortive Participant or any other person with a right to receive such
benefits, including amounts accrued under the Fortive EDIP and then transferred to this Plan. 
  

	4.	 Termination and Key Employees 



For avoidance of doubt, no Fortive Participant shall be treated as incurring a separation from service, termination of employment, retirement, or similar event
for purposes of determining the right to a distribution (for amounts subject to Code section 409A or otherwise), vesting, benefits, or any other purpose under the Plan as a result of Fortive’s distribution of Fortive Corporation shares to
Fortive shareholders. Also, the Key Employees shall be determined in accordance with the special rules for spin-offs under Treas. Reg. §1.409A-1(i)(6)(iii), or any successor thereto, for the period
indicated in such regulation. 
  

	5.	 Participant Elections 



All elections made by Fortive Participants under the Fortive EDIP prior to the close of the New York Stock Exchange on October 9, 2020, including any
deferral elections, earnings crediting rate elections, payment elections, and beneficiary designations, shall apply to the same effect under this Plan as if made under the terms of this Plan. 

  
 C-1 














	6.	 References to Plan 



All references in this Plan to the “Plan” as in effect before the Effective Date shall be read as references to the Fortive EDIP. To the extent that
the Plan refers to the Plan Sponsor for periods prior to the close of the New York Stock Exchange on October 9, 2020, such reference shall mean Fortive Corporation as plan sponsor of the Fortive EDIP. 

 

	7.	 Right to Benefits 



With respect to any recordkeeping account established to determine a benefit provided or due under the Fortive EDIP at any time, no benefit will be due under
the Plan except with respect to the portion of such recordkeeping account reflecting the liability transferred from the Fortive EDIP to the Plan on the Effective Date. Additionally, on and after the Effective Date, Fortive and the Fortive EDIP, and
any successors thereto shall have no further obligation or liability to any Fortive Participant with respect to any benefit, amount, or right due under the Fortive EDIP transferred to the Plan. 

 

	8.	 Stock 



For the period prior to the Spin-off Date, “Common Stock” shall mean common stock of Fortive, par value $0.01
per share (“Fortive Common Stock”). On and after the Spin-off Date, “Common Stock” shall mean common stock of Vontier Corporation. 

As of the Spin-Off Date, Notional Shares, and Performance Shares of Fortive common stock shall be converted into
Notional Shares and Performance Shares of Vontier Corporation common stock as provided by an agreement between the Vontier Corporation and Fortive. The amounts to be credited to a Participant’s Performance Shares Account under Section 3.1
will be based on such Performance Shares of Vontier Corporation common stock after the Spin-off Date. To the extent necessary, the Administrator shall use reasonable interpretations and adjustments to
determine the fair market value of the Common Stock. 

  
 C-2