Document

Exhibit 10.2.2



            




        
























Teleflex Incorporated 
Deferred Compensation Plan






































Effective Date
November 1, 2019



        



Teleflex Incorporated Deferred Compensation Plan



Article I
        Establishment and Purpose 1


Article II 
        Definitions 1


Article III
        Eligibility and Participation 7


Article IV
        Deferrals 7


Article V
        Company Contributions 11


Article VI
        Payments from Accounts 13


Article VII
        Valuation of Account Balances; Investments 16


Article VIII
        Administration 18


Article IX
        Amendment and Termination 20


Article X
        Informal Funding 20


Article XI
        Claims 21


Article XII
        General Provisions 27

Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 1 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



Article I
Establishment and Purpose
Teleflex Incorporated (the “Company”) has adopted this Teleflex Incorporated Deferred Compensation Plan, applicable to Compensation deferred under Compensation Deferral Agreements submitted on and after the Effective Date and Company Contributions credited on or after the Effective Date. In addition to this Plan, the provisions of Section 6.9 (modification elections) and Articles VII through XII will apply to amounts deferred under the terms of the Teleflex Incorporated Deferred Compensation Plan, as amended through January 1, 2016 and predecessor plans that are subject to Code Section 409A (collectively, the “Prior Plans”).


The purpose of the Plan is to attract and retain key employees by providing them with an opportunity to defer receipt of a portion of their salary, bonus and other specified compensation. The Plan is not intended to meet the qualification requirements of Code Section 401(a). The Plan is intended to meet the requirements of Code Section 409A and shall be operated and interpreted consistent with that intent. 


The Plan constitutes an unsecured promise by a Participating Employer to pay benefits in the future. Participants in the Plan shall have the status of general unsecured creditors of the Company or the Participating Employer, as applicable. Each Participating Employer shall be solely responsible for payment of the benefits attributable to services performed for it. The Plan is unfunded for Federal tax purposes and is intended to be an unfunded arrangement for eligible employees who are part of a select group of management or highly compensated employees of the Employer within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA and independent contractors. Any amounts set aside to defray the liabilities assumed by the Company or a Participating Employer will remain the general assets of the Company or the Participating Employer and shall remain subject to the claims of the Company’s or the Participating Employer's creditors until such amounts are distributed to the Participants.


Article II
Definitions
2.1 Account. Account means a bookkeeping account maintained by the Committee to record the payment obligation of a Participating Employer to a Participant as determined under the terms of the Plan. The Committee may maintain an Account to record the total obligation to a Participant and component Accounts to reflect amounts payable at different times and in different forms. Reference to an Account means any such Account established by the Committee, as the context requires. Accounts are intended to constitute unfunded obligations within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA.


2.2 Account Balance. Account Balance means, with respect to any Account, the total payment obligation owed to a Participant from such Account as of the most recent Valuation Date.


2.3 Affiliate. Affiliate means a corporation, trade or business that, together with the Company, is treated as a single employer under Code Section 414(b) or (c).


Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 1 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



2.4 Beneficiary. Beneficiary means a natural person, estate, or trust designated by a Participant in accordance with Section 6.5 hereof to receive payments to which a Beneficiary is entitled in accordance with provisions of the Plan.


2.5 Board of Directors. Board of Directors means the board of directors of the Company.


2.6 Business Day. Business Day means each day on which the New York Stock Exchange is open for business.


2.7 Change in Control. Change in Control means, with respect to the Company, any of the following events: (i) a change in the ownership of the Company, (ii) a change in the effective control of the Company, or (iii) a change in the ownership of a substantial portion of the assets of the Company.


Change in Ownership.  For purposes of this Section, a change in the ownership of the Company occurs on the date on which any one person, or more than one person acting as a group, acquires ownership of stock of the Company that, together with stock held by such person or group constitutes more than 50% of the total fair market value or total voting power of the stock of the Company. The acquisition by a person or group owning more than 50% of the total fair market value or total voting power of the stock of the Company of additional shares of the Company shall not constitute a “change of the ownership” of the Company.


Change in Effective Control. A change in the effective control of the Company occurs on the date on which either: (i) a person, or more than one person acting as a group, acquires ownership of stock of the Company possessing 30% or more of the total voting power of the stock of the Company, taking into account all such stock acquired during the 12-month period ending on the date of the most recent acquisition, provided that the acquisition by a person or group owning more than 30% of the total fair market value or total voting power of the stock of the Company of additional shares of the Company shall not constitute a “change of effective control” of the Company, or (ii) a majority of the members of the Company’s Board of Directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of such Board of Directors prior to the date of the appointment or election, but only if no other corporation is a majority shareholder of the Company.
Change in Ownership of Substantial Portion of Assets. A change in the ownership of a substantial portion of assets occurs on the date on which any one person, or more than one person acting as a group, other than a person or group of persons that is related to the Company, acquires assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions, taking into account all such assets acquired during the 12-month period ending on the date of the most recent acquisition. A transfer of assets shall not be treated as a “change in the ownership of a substantial portion of the assets” when such transfer is made to an entity that is controlled by the shareholders of the transferor corporation as determined under Treas. Reg. section 1.409A-3(i)(5)(vii)(B).


Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 2 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



2.8 Claimant. Claimant means a Participant or Beneficiary filing a claim under Article XI of this Plan.


2.9 Code. Code means the Internal Revenue Code of 1986, as amended from time to time. 


2.10 Code Section 409A. Code Section 409A means section 409A of the Code, and regulations and other guidance issued by the Treasury Department and Internal Revenue Service thereunder. 


2.11 Committee. Committee means the Company or a committee appointed by the Company to administer the Plan. 


2.12 Company. Company means Teleflex Incorporated.


2.13 Company Contribution. Company Contribution means a credit by a Participating Employer to a Participant’s Account(s) in accordance with the provisions of Article V of the Plan. Unless the context clearly indicates otherwise, a reference to Company Contribution shall include Earnings attributable to such contribution. 


2.14 Compensation. Compensation means a Participant’s salary, commissions, restricted stock units awarded by the Company and such other cash or equity-based compensation approved by the Committee as Compensation that may be deferred under Section 4.2 of this Plan.  Compensation includes (a) pre-tax deferrals to the Teleflex 401(k) Savings Plan, (b) deferrals to any Code Section 125 plan sponsored by the Employer, (c) amounts received from the Company’s annual incentive plan (“AIP Bonus”) and (d) any other bonus that that is not part of base salary and that is considered Performance-Based Compensation.  


Subject to the last sentence of this paragraph, Compensation excludes (i) expense reimbursements or other benefits or contributions by the Employer (except items (a) and (b) above); (ii) any bonus other than AIP Bonus or Performance-Based Compensation; (iii) amounts realized (A) from the exercise of a stock option, or (B) from the sale, exchange or other disposition of stock acquired under a qualified stock option; (iv) any compensation that has been previously deferred under this Plan or any other arrangement subject to Code Section 409A; and (v) any compensation that is not U.S. sourced.  Notwithstanding the foregoing, in accordance with Section 7.6, Compensation shall include certain equity-based compensation for purposes of Deferrals but not for calculating Company Contributions.


2.15 Compensation Deferral Agreement. Compensation Deferral Agreement means an agreement between a Participant and a Participating Employer that specifies: (i) the amount of each component of Compensation that the Participant has elected to defer to the Plan in accordance with the provisions of Article IV and (ii) the allocation of such Deferrals among one or more of the Participant’s Retirement Account or Flex Accounts.


Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 3 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



2.16 Deferral. Deferral means a credit to a Participant’s Account(s) that records that portion of the Participant’s Compensation that the Participant has elected to defer to the Plan in accordance with the provisions of Article IV. Unless the context of the Plan clearly indicates otherwise, a reference to Deferrals includes Earnings attributable to such Deferrals.
2.17 Earnings. Earnings means an adjustment to the value of an Account in accordance with Article VII.


2.18 Effective Date. Effective Date means November 1, 2019.


2.19 Eligible Employee. Eligible Employee means an Employee who is a member of a select group of management or highly compensated employees or an independent contractor who has been notified during an applicable enrollment of his or her status as an Eligible Employee. The Committee has the discretion to determine which Employees and independent contractors are Eligible Employees for each enrollment.


2.20 Employee. Employee means a common-law employee of an Employer.


2.21 Employer. Employer means the Company and each Affiliate.


2.22 ERISA. ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time.


2.23 Flex Account. Flex Account means a Separation Account or Specified Date Account established under the terms of a Participant’s Compensation Deferral Agreement. Unless the Committee specifies otherwise, a Participant may maintain no more than five (5) Flex Accounts at any one time.


2.24 Participant. Participant means an individual described in Article III.


2.25 Participating Employer. Participating Employer means the Company and each Affiliate who has adopted the Plan with the consent of the Company.  Each Participating Employer shall be identified on Schedule A attached hereto.


2.26 Payment Schedule. Payment Schedule means the date as of which payment of an Account will commence and the form in which payment of such Account will be made under the terms of a payment election in effect for such Account. The Payment Schedule for an Account will be established under the Participant’s Compensation Deferral Agreement that establishes the Account, as may be modified under Section 6.9.


2.27 Performance-Based Compensation. Performance-Based Compensation means Compensation where the amount of, or entitlement to, the Compensation is contingent on the satisfaction of pre-established organizational or individual performance criteria relating to a performance period of at least 12 consecutive months. Organizational or individual performance criteria are considered pre-established if established in writing by not later than 90 days after the commencement of the period of service to which the 
Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 4 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



criteria relate, provided that the outcome is substantially uncertain at the time the criteria are established. Performance-Based Compensation shall not include any Compensation payable upon the Participant’s death or disability (as defined in Treas. Section 1.409A-1(e)) without regard to the satisfaction of the performance criteria.


2.28 Plan. Plan means “Teleflex Incorporated Deferred Compensation Plan” as documented herein and as may be amended from time to time hereafter. However, to the extent permitted or required under Code Section 409A, the term Plan may in the appropriate context also means a portion of the Plan that is treated as a single plan under Treas. Reg. Section 1.409A-1(c), or the Plan or portion of the Plan and any other nonqualified deferred compensation plan or portion thereof that is treated as a single plan under such section. 


2.29 Plan Year. Plan Year means January 1 through December 31.


2.30 Restricted Stock Award Account.  Restricted Stock Award Account means a sub-account of the Retirement Account, a sub-account of a Separation Account or a sub-account of a Specified Date Account that holds a Participant’s deferrals of restricted stock awards.


2.31 Retirement Account.  Retirement Account means an Account established by the Committee to record Company Contributions and Deferrals allocated to the Retirement Account pursuant to a Participant’s Compensation Deferral Agreement, payable to a Participant upon Separation from Service in accordance with Section 6.3.


2.32 Separation Account. Separation Account means a Flex Account established by the Committee in accordance with a Participant’s Compensation Deferral Agreement to record Deferrals allocated to such Account by the Participant and which are payable upon the Participant’s Separation from Service as set forth in Section 6.3.


2.33 Separation from Service.  Separation from Service means an Employee’s termination of employment with the Employer and all Affiliates.


Except in the case of an Employee on a bona fide leave of absence as provided below, an Employee is deemed to have incurred a Separation from Service if the Employer and the Employee reasonably anticipated that the level of services to be performed by the Employee after a date certain would be reduced to 20% or less of the average services rendered by the Employee during the immediately preceding 36-month period (or the total period of employment, if less than 36 months), disregarding periods during which the Employee was on a bona fide leave of absence.


An Employee who is absent from work due to military leave, sick leave, or other bona fide leave of absence shall incur a Separation from Service on the first date immediately following the later of: (i) the six month anniversary of the commencement of the leave, or (ii) the expiration of the Employee’s right, if any, to reemployment under statute or contract.


Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 5 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



If a Participant ceases to provide services as an Employee and begins providing services as an independent contractor for the Employer, a Separation from Service shall occur only if the parties anticipate that the level of services to be provided as an independent contractor are such that a Separation from Service would have occurred if the Employee had continued to provide services at that level as an Employee.  If, in accordance with the preceding sentence, no Separation from Service occurs as of the date the individual’s employment status changes, a Separation from Service shall occur thereafter only upon the 12-month anniversary of the date all contracts with the Employer have expired, provided the Participant does not perform services for the Employer during that time.     


For purposes of determining whether a Separation from Service has occurred, the Employer means the Employer as defined in Section 2.21 of the Plan, except that in applying Code sections 1563(a)(1), (2) and (3) for purposes of determining whether another organization is an Affiliate of the Company under Code Section 414(b), and in applying Treasury Regulation Section 1.414(c)-2 for purposes of determining whether another organization is an Affiliate of the Company under Code Section 414(c), “at least 50 percent” shall be used instead of “at least 80 percent” each place it appears in those sections.


The Committee specifically reserves the right to determine whether a sale or other disposition of substantial assets to an unrelated party constitutes a Separation from Service with respect to a Participant providing services to the seller immediately prior to the transaction and providing services to the buyer after the transaction. 


2.34 Specified Date Account. Specified Date Account means a Flex Account established by the Committee to record the amounts payable in a future year as specified in the Participant’s Compensation Deferral Agreement.


2.35 Specified Employee. Specified Employee means an officer or stockholder of the Company or an Affiliate that meets the requirements of Code § 409A(a)(2)(B). The determination date for Specified Employees is September 1 of each year and the effective date is the next January 1.


2.36 Substantial Risk of Forfeiture. Substantial Risk of Forfeiture has the meaning specified in Treas. Reg. Section 1.409A-1(d).


2.37 Unforeseeable Emergency. Unforeseeable Emergency means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s dependent (as defined in Code section 152, without regard to section 152(b)(1), (b)(2), and (d)(1)(B)), or a Beneficiary; loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example,  as a result of a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The types of events which may qualify as an Unforeseeable Emergency may be limited by the Committee.


2.38 Valuation Date. Valuation Date means each Business Day.


Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 6 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



Article III
Eligibility and Participation
3.1 Eligibility and Participation. All Eligible Employees may enroll in the Plan. Eligible Employees become Participants on the first to occur of (i) the date on which the first Compensation Deferral Agreement becomes irrevocable under Article IV, or (ii) the date Company Contributions are credited to an Account on behalf of such Eligible Employee.


3.2 Duration. Only Eligible Employees may submit Compensation Deferral Agreements during an enrollment and receive Company Contributions during the Plan Year. A Participant who is no longer an Eligible Employee but has not incurred a Separation from Service will not be allowed to submit Compensation Deferral Agreements but may otherwise exercise all of the rights of a Participant under the Plan with respect to his or her Account(s). On and after a Separation from Service, a Participant shall remain a Participant as long as his or her Account Balance is greater than zero (0).  All Participants, regardless of employment status, will continue to be credited with Earnings and during such time may continue to make allocation elections as provided in Section 7.4 and modification elections under Section 6.9. An individual shall cease being a Participant in the Plan when his Account has been reduced to zero (0).


3.3 Rehires.  An Eligible Employee who Separates from Service and who subsequently resumes performing services for an Employer in the same calendar year (regardless of eligibility) will have his or her Compensation Deferral Agreement for such year, if any, reinstated, but his or her eligibility to participate in the Plan in years subsequent to the year of rehire shall be governed by the provisions of Section 3.1.




Article IV
Deferrals


a.Deferral Elections, Generally. 


(a)An Eligible Employee may make an initial election to defer Compensation by submitting a Compensation Deferral Agreement during the enrollment periods established by the Committee and in the manner specified by the Committee, but in any event, in accordance with Section 4.2. Unless an earlier date is specified in the Compensation Deferral Agreement, deferral elections with respect to a Compensation source (such as salary, bonus or other Compensation) become irrevocable on the latest date applicable to such Compensation source under Section 4.2.
(b)A Compensation Deferral Agreement that is not timely filed with respect to a service period or component of Compensation, or that is submitted by a Participant who Separates from Service prior to the latest date such agreement would become irrevocable under Section 409A, shall be considered null and void and shall not take effect with respect to such item of Compensation. The 
Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 7 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



Committee may modify or revoke any Compensation Deferral Agreement prior to the date the election becomes irrevocable under the rules of Section 4.2.


(c)The Committee may permit different deferral amounts for each component of Compensation and may establish a minimum or maximum deferral amount for each such component. Unless otherwise specified by the Committee in the Compensation Deferral Agreement, Participants may defer from 2% to 100% of their base salary and commissions and from 10% to 100% of annual bonus, stock units, or other incentive Compensation.


(d)Deferrals of cash Compensation shall be calculated with respect to the gross cash Compensation payable to the Participant prior to any deductions or withholdings, but shall be reduced by the Committee as necessary so as not to exceed 100% of the cash Compensation of the Participant remaining after deduction of all required income and employment taxes, required employee benefit deductions, deferrals to 401(k) plans and other deductions required by law. Changes to payroll withholdings that affect the amount of Compensation being deferred to the Plan shall be allowed only to the extent permissible under Code Section 409A.


(e)The Eligible Employee shall specify on his or her Compensation Deferral Agreement the amount of Deferrals and whether to allocate Deferrals to the Retirement Account or to one or more Flex Accounts. If no designation is made, Deferrals shall be allocated to the Retirement Account.


4.2 Timing Requirements for Compensation Deferral Agreements.


(a) Initial Eligibility. The Committee may permit an Eligible Employee to defer Compensation earned in the first year of eligibility.   The Compensation Deferral Agreement must be filed within 30 days after attaining Eligible Employee status and becomes irrevocable not later than the 30th day.  A newly hired Employee becomes an Eligible Employee as designated and notified by the Committee during an applicable enrollment period which shall occur 30 days prior to July 1 and January 1 or such other periods established by the Committee.


        A Compensation Deferral Agreement filed under this paragraph applies to Compensation earned after the date that the Compensation Deferral Agreement becomes irrevocable.


If a Participant has ceased being an Eligible Employee  (other than the accruals of Earnings on his Account, if any) for any reason, regardless of whether all amounts deferred under the Plan have yet been paid, and subsequently becomes an Eligible Employee, such Participant may be treated as being initially eligible to participate in the Plan and eligible to make a deferral election under this Section 4.2(a) if he has not been eligible to participate in the Plan (other than the accrual of Earnings on his Account, if any) at any time during the 24 month period ending on the date the individual again becomes an Eligible Employee under the Plan.


Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 8 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



(a)Prior Year Election. Except as otherwise provided in this Section 4.2, the Committee may permit an Eligible Employee to defer Compensation by filing a Compensation Deferral Agreement no later than December 31 of the year prior to the year in which the Compensation to be deferred is earned. A Compensation Deferral Agreement filed under this paragraph shall become irrevocable with respect to such Compensation not later than the December 31 filing deadline.


(b)Performance-Based Compensation. The Committee may permit an Eligible Employee to defer Compensation which qualifies as Performance-Based Compensation by filing a Compensation Deferral Agreement no later than the date that is six months before the end of the applicable performance period, provided that:


(i)the Participant performs services continuously from the later of the beginning of the performance period or the date the performance criteria are established through the date the Compensation Deferral Agreement is submitted; and


(ii) the Compensation is not readily ascertainable as of the date the Compensation Deferral Agreement is filed.


Any election to defer Performance-Based Compensation that is made in accordance with this paragraph and that becomes payable as a result of the Participant’s death or disability (as defined in Treas. Reg. Section 1.409A-1(e)) or upon a change in control (as defined in Treas. Reg. Section 1.409A-3(i)(5)) prior to the satisfaction of the performance criteria, will be void unless it would be considered timely under another rule described in this Section.


(c)Short-Term Deferrals. The Committee may permit Compensation that meets the definition of a “short-term deferral” described in Treas. Reg. Section 1.409A-1(b)(4) to be deferred in accordance with the rules of Section 6.9, applied as if the date the Substantial Risk of Forfeiture lapses is the date payments were originally scheduled to commence, provided, however, that the provisions of Section 6.9(b) shall not apply to payments attributable to a change in control (as defined in Treas. Reg. Section 1.409A-3(i)(5)).  A Compensation Deferral Agreement submitted in accordance with this paragraph becomes irrevocable on the latest date it could be submitted under Section 6.9.


(d)Restricted Stock Units, LTIP Awards and Other Forfeitable Rights. With respect to a legally binding right to a payment in a subsequent year that is subject to a forfeiture condition requiring the Participant’s continued services for a period of at least 12 months from the date the Participant obtains the legally binding right, the Committee may permit an Eligible Employee to defer such Compensation by filing a Compensation Deferral Agreement on or before the 30th day after the legally binding right to the Compensation accrues, provided that the Compensation Deferral Agreement is submitted at least 12 months in advance of the earliest date on which the forfeiture condition could lapse. The Compensation 
Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 9 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



Deferral Agreement described in this paragraph becomes irrevocable not later than such 30th day. If the forfeiture condition applicable to the payment lapses before the end of such 12-month period as a result of the Participant’s death or disability (as defined in Treas. Reg. Section 1.409A-3(i)(4)) or upon a change in control (as defined in Treas. Reg. Section 1.409A-3(i)(5)), the Compensation Deferral Agreement will be void unless it would be considered timely under another rule described in this Section.


(e)“Evergreen” Deferral Elections. The Committee, in its discretion, may provide that Compensation Deferral Agreements will continue in effect for subsequent years or performance periods by communicating that intention to Participants in writing prior to the date Compensation Deferral Agreements become irrevocable under this Section 4.2. An evergreen Compensation Deferral Agreement may be revoked or modified in writing prospectively by the Participant or the Committee with respect to Compensation for which such election remains revocable under this Section 4.2.


A Compensation Deferral Agreement is deemed to be revoked for subsequent years if the Participant is not an Eligible Employee as of the last permissible date for making elections under this Section 4.2 or if the Compensation Deferral Agreement is cancelled in accordance with Section 4.6.


4.3 Allocation of Deferrals. A Compensation Deferral Agreement may allocate Deferrals to the Retirement Account or to one or more Flex Accounts. The Committee may, in its discretion, establish in a written communication during enrollment a minimum deferral period for the establishment of a Specified Date Account (for example, the second Plan Year following the year Compensation is first allocated to such Accounts). In the event a Participant’s Compensation Deferral Agreement allocates a component of Compensation to a Specified Date Account that commences payment in the year such Compensation is earned, the Compensation Deferral Agreement shall be deemed to allocate the Deferral to the Participant’s Specified Date Account having the next earliest payment year. In the event restricted stock units are allocated to a Specified Date Account that commences payment on or before the date restricted stock units vest, the units will be allocated to the Specified Date Account having the next earliest payment year that occurs after the calendar year in which such restricted stock units vest. If the Participant has no other Specified Date Accounts that meet the foregoing requirements, the Committee will allocate the Deferral to the Retirement Account.


4.4 Deductions from Pay. The Committee has the authority to determine the payroll practices under which any component of Compensation subject to a Compensation Deferral Agreement will be deducted from a Participant’s Compensation.


4.5 Vesting. Participant Deferrals of cash Compensation shall be 100% vested at all times.  Deferrals of vesting awards of Compensation shall become vested in accordance with the provisions of the underlying award.


Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 10 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



4.6 Cancellation of Deferrals. The Committee may cancel a Participant’s Deferrals: (i) for the balance of the Plan Year in which an Unforeseeable Emergency occurs, and (ii) during periods in which the Participant is unable to perform the duties of his or her position or any substantially similar position due to a mental or physical impairment that can be expected to result in death or last for a continuous period of at least six months (a “disability”), provided cancellation occurs by the later of the end of the taxable year of the Participant or the 15th day of the third month following the date the Participant incurs the disability (as defined in this Section 4.6).


4.7 Automatic Suspension. An election to defer Compensation will be automatically suspended during any unpaid leave of absence or temporary layoff.  Any deferral of Compensation suspended in accordance with the provisions of this Section shall be automatically resumed, without the necessity of any action by the Participant, upon return to employment at the expiration of such suspension period within the same Plan Year.




Article V
Company Contributions
5.1 Discretionary Company Contributions. A Participating Employer may, from time to time in its sole and absolute discretion, credit discretionary Company Contributions in the form of matching, profit sharing or other contributions to any Participant in any amount determined by the Participating Employer. Company Contributions are credited to the Participant’s Retirement Account.


Matching Contribution. Discretionary Company Contributions may take the form of matching contributions, at a rate determined by the Participating Employer. Matching contributions are calculated with respect to base salary and AIP Bonus (as defined under Section 2.14). For the avoidance of doubt, matching contributions are not made with respect to deferrals of restricted stock units or any other form of equity-based compensation.


Non-Elective Contributions. Discretionary Company Contributions may take the form of non-elective contributions. All non-elective contributions will be calculated with respect to a Participant’s base salary and AIP Bonus (collectively, “Considered Compensation” as determined by the Committee). The amount of the discretionary non-elective contribution may be an amount reflecting a percentage (as determined by the Committee) multiplied by the excess of Considered Compensation over the limit on compensation imposed by Code Section 401(a)(17).
Discretionary Company Contribution.  Discretionary Company Contributions (including matching and non-elective contributions) are credited at the sole discretion of the Participating Employer and the fact that a discretionary Company Contribution is credited in one year shall not obligate the Participating Employer to continue to make such Company Contributions in subsequent years.


Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 11 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



Prior Plan Credits.  If an Eligible Employee was a participant in the Teleflex Incorporated Supplemental Executive Retirement Plan (“SERP”) on December 31, 2008, and had not incurred a Separation from Service before December 31, 2008, the Company credited the lump sum present value of the Participant’s accrued benefit in the SERP as of December 31, 2008 to the Participant’s Account in the Plan.  All amounts credited under this provision to the Accounts of Participants in the Plan, as adjusted for earnings or losses, are referred to as “Prior Plan Credits.”  Amounts credited to a Participant’s Account as Prior Plan Credits shall be paid in accordance with the Participant’s Compensation Deferral Agreement filed by the Participant immediately prior to December 31, 2008.  If the Participant has not elected the time and form of payment by December 31, 2008, the Participant shall be deemed to have elected to receive the portion of his Account attributable to Prior Plan Credits in the form of a lump sum payable in the calendar year next following the calendar year in which Separation from Service occurs. If the payment schedule applicable to Prior Plan Credits is different from the Retirement Account Payment Schedule, an additional Separation Account will be created with a Payment Schedule determined under this paragraph.


5.2 Vesting.  A Participant’s Deferrals are always 100% vested.  Company Contributions vest according the schedule specified by the Committee on or before the time the contributions are made. If no schedule is specified, matching Company Contributions become 100% vested on the second anniversary of the participant’s date of hire and non-elective Company Contributions become vested on the fifth anniversary of the participant’s date of hire.


All Company Contributions become 100% vested, if while employed by an Employer, a Participant dies, becomes disabled (as defined in Treas. Reg. §1.409A-1(e)), or the Participant attains age 65.  In addition, the Participating Employer may accelerate vesting for its Employees in its sole discretion.






Article VI
Payments from Accounts


6.1 General Rules. A Participant’s Accounts become payable upon the first to occur of the payment events applicable to such Account under (i) Sections 6.2 or 6.3 (as elected) and (ii) Sections 6.4 through 6.6.
Payment events and Payment Schedules elected by the Participant shall be set forth in a valid Compensation Deferral Agreement that establishes the Account to which such elections apply in accordance with Article IV or in a valid modification election applicable to such Account as described in Section 6.9.
Payment amounts are based on Account Balances as of the last Valuation Date of the month next preceding the month actual payment is made. 


Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 12 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



6.2 Specified Date Accounts.
 Commencement. Payment is made or begins in the year designated by the Participant. Form of Payment. Payment will be made in a lump sum, unless the Participant elected to receive annual installments up to 10 years.
The time and form of payment of Specified Date Accounts is unaffected by an earlier Separation from Service described in Section 6.3.


6.3 Separation from Service. Upon a Participant’s Separation from Service other than death, the Participant is entitled to receive his or her vested Retirement Account and vested Separation Accounts.


        Commencement. The Retirement Account and all Separation Accounts commence payment in the calendar year next following the calendar year in which Separation from Service occurs, unless the Participant elected a later year.


Notwithstanding any other provision of this Plan, payment to a Participant who is a Specified Employee will commence no earlier than six months following his or her Separation from Service.


        Form of Payment.  The Retirement Account and Separation Accounts will be paid in a single lump sum unless the Participant elected with respect to an Account to receive annual installments up to 15 years.
Change in Control. A Participant who has a Separation from Service within 24 months following a Change in Control will receive his or her Accounts in a single lump sum commencing in the calendar year next following the year in which Separation from Service occurs, regardless of any other Payment Schedule elected by the Participant for such Account.




6.4 Death.  Notwithstanding anything to the contrary in this Article VI, upon the death of the Participant (regardless of whether such Participant is an Employee at the time of death), all remaining vested Account Balances shall be paid to his or her Beneficiary in a single lump sum no later than December 31 of the calendar year following the year of the Participant’s death.


(a) Designation of Beneficiary in General.  The Participant shall designate a Beneficiary in the manner and on such terms and conditions as the Committee may prescribe.  No such designation shall become effective unless filed with the Committee during the Participant’s lifetime.  Any designation shall remain in effect until a new designation is filed with the Committee; provided, however, that in the event a Participant designates his or her spouse as a Beneficiary, such designation shall be automatically revoked upon the dissolution of the marriage unless, following such dissolution, the Participant submits a new designation 
Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 13 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



naming the former spouse as a Beneficiary.  A Participant may from time to time change his or her designated Beneficiary without the consent of a previously-designated Beneficiary by filing a new designation with the Committee.
(b) No Beneficiary.  If a designated Beneficiary does not survive the Participant, or if there is no valid Beneficiary designation, amounts payable under the Plan upon the death of the Participant shall be paid to the Participant’s spouse, or if there is no surviving spouse, then to the duly appointed and currently acting personal representative of the Participant’s estate.  
6.5 Unforeseeable Emergency.  A Participant who experiences an Unforeseeable Emergency may submit a written request to the Committee to receive payment of all or any portion of his or her vested Accounts. If the emergency need cannot be relieved by cessation of Deferrals to the Plan, the Committee may approve an emergency payment therefrom not to exceed the amount reasonably necessary to satisfy the need, taking into account the additional compensation that is available to the Participant as the result of cancellation of deferrals to the Plan, including amounts necessary to pay any taxes or penalties that the Participant reasonably anticipates will result from the payment. The amount of the emergency payment shall be subtracted from the Participant’s Accounts on a pro rata basis.  Emergency payments shall be paid in a single lump sum within the 90-day period following the date the payment is approved by the Committee.  The Committee may specify that Deferrals will be distributed before any Company Contributions or restricted stock units.


6.6 Administrative Cash-Out of Small Balances.  Notwithstanding anything to the contrary in this Article VI, the Committee may at any time and without regard to whether a payment event has occurred, direct in writing an immediate lump sum payment of the Participant’s Accounts if the balance of such Accounts, combined with any other amounts required to be treated as deferred under a single plan pursuant to Code Section 409A, does not exceed the applicable dollar amount under Code Section 402(g)(1)(B), provided any other such aggregated amounts are also distributed in a lump sum at the same time.


6.7 Acceleration of or Delay in Payments. Notwithstanding anything to the contrary in this Article VI, the Committee, in its sole and absolute discretion, may elect to accelerate the time or form of payment of an Account, provided such acceleration is permitted under Treas. Reg. Section 1.409A-3(j)(4). The Committee may also, in its sole and absolute discretion, delay the time for payment of an Account, to the extent permitted under Treas. Reg. Section 1.409A-2(b)(7). 


6.8 Rules Applicable to Installment Payments.  If a Payment Schedule specifies installment payments, payments will be made beginning as of the payment commencement date for such installments and shall continue to be made in each subsequent payment period until the number of installment payments specified in the Payment Schedule has been paid. The amount of each installment payment shall be determined by dividing (a) by (b), where (a) equals the Account Balance as of the last Valuation Date in the month preceding the month of payment and (b) equals the remaining number of installment payments.  For purposes of Section 6.9, installment payments will be treated as a single 
Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 14 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



payment. If an Account is payable in installments, the Account will continue to be credited with Earnings in accordance with Article VII hereof until the Account is completely distributed.


6.9 Modifications to Payment Schedules.  A Participant may modify the Payment Schedule elected by him or her with respect to an Account, consistent with the permissible Payment Schedules available under the Plan (or payment elections available under the applicable Prior Plan) for the applicable payment event, provided such modification complies with the requirements of this Section 6.9. Modifications of a Payment Schedule do not apply with respect to death benefits (including amounts deferred under a Prior Plan) because such amount shall be paid as a lump sum only in accordance with Section 6.4.


(a) Time of Election. The modification election must be submitted to the Committee not less than 12 months prior to the date payments would have commenced under the Payment Schedule in effect prior to modification (the “Prior Election”).
(b) Date of Payment under Modified Payment Schedule. The date payments are to commence under the modified Payment Schedule must be no earlier than five years after the date payment would have commenced under the Prior Election. Under no circumstances may a modification election result in an acceleration of payments in violation of Code Section 409A.  If the Participant modifies only the form, and not the commencement date for payment, payments shall commence on the fifth anniversary of the date payment would have commenced under the Prior Election. This subsection 6.9(b) does not apply to modification of a payment schedule upon death elected under a Prior Plan.


(c) Irrevocability; Effective Date. A modification election is irrevocable when filed and becomes effective 12 months after the filing date.


(d) Effect on Accounts. An election to modify a Payment Schedule is specific to the Account or payment event to which it applies, and shall not be construed to affect the Payment Schedules or payment events of any other Accounts.


Article VII
Valuation of Account Balances; Investments
7.1 Valuation. Deferrals shall be credited to appropriate Accounts on the date such Compensation would have been paid to the Participant absent the Compensation Deferral Agreement. Discretionary Company Contributions will be credited on the dates specified by the Participating Employers. Valuation of Accounts shall be performed under procedures approved by the Committee.


7.2 Earnings Credit. Each Account will be credited with Earnings on each Business Day, based upon the Participant’s investment allocation among a menu of investment options selected in advance by the Committee, in accordance with the provisions of this Article VII (“investment allocation”).


Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 15 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



7.3 Investment Options. Investment options will be determined by the Committee. The Committee, in its sole discretion, shall be permitted to add or remove investment options from the Plan menu from time to time, provided that any such additions or removals of investment options shall not be effective with respect to any period prior to the effective date of such change.


7.4 Investment Allocations. A Participant’s investment allocation constitutes a deemed, not actual, investment among the investment options comprising the investment menu. At no time shall a Participant have any real or beneficial ownership in any investment option included in the investment menu, nor shall the Participating Employer or any trustee acting on its behalf have any obligation to purchase actual securities as a result of a Participant’s investment allocation. A Participant’s investment allocation shall be used solely for purposes of adjusting the value of a Participant’s Account Balances.


A Participant shall specify an investment allocation for each of his Accounts in accordance with procedures established by the Committee.  Allocation among the investment options must be designated in increments of 1%. The Participant’s investment allocation will become effective on the same Business Day or, in the case of investment allocations received after a time specified by the Committee, the next Business Day.


A Participant may change an investment allocation on any Business Day, both with respect to future credits to the Plan and with respect to existing Account Balances, in accordance with procedures adopted by the Committee. Changes shall become effective on the same Business Day or, in the case of investment allocations received after a time specified by the Committee, the next Business Day, and shall be applied prospectively.


7.5 Unallocated Deferrals and Accounts. If the Participant fails to make an investment allocation with respect to an Account, such Account shall be invested in an investment option, the primary objective of which is the preservation of capital, as determined by the Committee.


7.6 Company Stock. A Participant’s investment allocation under Section 7.4 may include an allocation to stock units, with each unit equal in value to one share of common stock of Teleflex Incorporated (each a “Unit” and collectively, “Units”). An allocation to Units may occur with respect to Deferrals and Company Contributions only at the time Deferrals and Company Contributions are credited to the Participant’s Account under Section 7.1. Cash Deferrals and Company Contributions allocated to Units will be converted to Units (and fractional Units, as necessary) based on the fair market value of Teleflex Incorporated common stock (“Company Stock”) on the day next preceding the date the Deferral or Company Contribution is credited to the Plan.  Deferrals to the Restricted Stock Award Account are automatically credited as Units on a one-for-one basis, consistent with the deferred portion of the Participant’s restricted stock units. 


The Restricted Stock Award Account and any portion of a Participant’s cash Deferrals allocated to Units may not be re-allocated to any other investment option under the Plan.  No amounts allocated to another investment option in the Plan may be allocated to Units. 
Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 16 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



All amounts credited as Units will be paid in shares of Company Stock. The Company may deduct the number of shares payable to the Participant having a value equivalent to the amount of income tax withholding due at the time of payment.


The following provisions shall apply to Units and the Restricted Stock Award Account, as applicable:


(a)Restrictive Covenants. Any restrictive covenants applicable to restricted stock unit awards that may result in forfeiture of units after the vesting date shall continue to apply to any such Units credited to the Restricted Stock Award Account.


(b)Dividend Equivalents.    Dividend equivalents paid with respect to Units credited to a Participant as of the dividend record date for Company stock will be credited as Earnings and converted to additional Units in the same manner as cash Deferrals and Company Contributions, set forth above, valued on the date the dividend is paid with respect to Company Stock. The Company retains the sole discretion to pay dividend equivalents in the form of cash, and if cash, may not be allocated to Units, but may be allocated by the Participant among the investment options offered under the Plan as provided in Section 7.4.


(c)Organic Changes. A Participant’s Units will be adjusted to reflect stock-splits, corporate re-organizations and other restructurings as provided in Schedule B. 


7.7 Valuations Final After 180 Days. The Participant shall have 180 days following the Valuation Date on which the Participant failed to receive the full amount of Earnings and to file a claim under Article XI for the correction of such error.


Article VIII
Administration
8.1 Plan Administration. This Plan shall be administered by the Committee which shall have discretionary authority to make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Plan and to utilize its discretion to decide or resolve any and all questions, including but not limited to eligibility for benefits and interpretations of this Plan and its terms, as may arise in connection with the Plan. Claims for benefits shall be filed with the Committee and resolved in accordance with the claims procedures in Article XI.


        The members of the Committee, the Company and its officers and directors, shall be entitled to rely upon all valuations, certificates and reports furnished by any funding agent or service provider, upon all certificates and reports made by an accountant, and upon all opinions given by any legal counsel selected or approved by the Committee.  The members of the Committee, the Company and its officers and directors shall, except as otherwise provided by law, be fully protected in respect of any action taken or suffered by them in good faith in reliance upon any such valuations, certificates, reports, opinions or other advice of a funding agent, service provider, accountant or counsel.


Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 17 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



8.2 Administration Upon Change in Control. Upon a change in control affecting the Company, the Committee, as constituted immediately prior to such change in control, shall continue to act as the Committee. The Committee, by a vote of a majority of its members, shall have the authority (but shall not be obligated) to appoint an independent third party to act as the Committee. For purposes of this Section 8.2, a “change in control” means a change in control within the meaning of the rabbi trust agreement associated with the Plan or if no such definition is provided, the term shall have the meaning under Code Section 409A.


Upon such change in control, the Company may not remove the Committee or its members, unless a majority of Participants and Beneficiaries with Account Balances consent to the removal and replacement of the Committee. Notwithstanding the foregoing, the Committee shall not have authority to direct investment of trust assets under any rabbi trust described in Section 10.2.


The Participating Employers shall, with respect to the Committee identified under this Section: (i) pay all reasonable expenses and fees of the Committee, (ii) indemnify the Committee (including individuals serving as Committee members) against any costs, expenses and liabilities including, without limitation, attorneys’ fees and expenses arising in connection with the performance of the Committee’s duties hereunder, except with respect to matters resulting from the Committee’s gross negligence or willful misconduct, and (iii) supply full and timely information to the Committee on all matters related to the Plan, any rabbi trust, Participants, Beneficiaries and Accounts as the Committee may reasonably require.


8.3 Withholding. The Participating Employer shall have the right to withhold from any payment due under the Plan (or with respect to any amounts credited to the Plan) any taxes required by law to be withheld in respect of such payment (or credit). Withholdings with respect to amounts credited to the Plan shall be deducted from Compensation that has not been deferred to the Plan.


8.4 Indemnification. The Participating Employers shall indemnify and hold harmless each employee, officer, director, agent or organization, to whom or to which are delegated duties, responsibilities, and authority under the Plan or otherwise with respect to administration of the Plan, including, without limitation, the Committee, its delegees and its agents, against all claims, liabilities, fines and penalties, and all expenses reasonably incurred by or imposed upon him or it (including but not limited to reasonable attorney fees) which arise as a result of his or its actions or failure to act in connection with the operation and administration of the Plan to the extent lawfully allowable and to the extent that such claim, liability, fine, penalty, or expense is not paid for by liability insurance purchased or paid for by the Participating Employer. Notwithstanding the foregoing, the Participating Employer shall not indemnify any person or organization if his or its actions or failure to act are due to gross negligence or willful misconduct or for any such amount incurred through any settlement or compromise of any action unless the Participating Employer consents in writing to such settlement or compromise.


Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 18 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



8.5 Delegation of Authority. In the administration of this Plan, the Committee may, from time to time, employ agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with legal counsel who shall be legal counsel to the Company.


8.6 Binding Decisions or Actions. The decision or action of the Committee in respect of any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations thereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. 


8.7 Company as Agent for Participating Employers.  Each corporation which shall become a Participating Employer pursuant to Section 2.25 by so doing shall be deemed to have appointed the Company its agent to exercise on its behalf all of the powers and authority hereby conferred upon the Company by the terms of the Plan, including but not limited to the power to amend and terminate the Plan.  The Company’s authority shall continue unless and until the Affiliate terminates its participation in the Plan.


8.8 Assignment and Assumption of Liabilities.  In the discretion of the Company, upon the cessation of participation in the Plan by any Participant solely due to the employer of that Participant no longer qualifying as an Affiliate, all liabilities associated with the Account of such Participant may be transferred to and assumed by the Participant’s employer under a deferred compensation plan established by such employer that is substantially identical to this Plan and that preserves the deferral and payment elections in effect for the Participant under this Plan to the extent required by Code Section 409A.  Any such Participant shall not be deemed to have incurred a Separation from Service for purposes of the Plan by virtue of his employer’s ceasing to be an Affiliate.  The foregoing provision shall be interpreted and administered in compliance with the requirements of Code Section 409A.


Article IX
Amendment and Termination
9.1 Amendment and Termination. The Company may at any time and from time to time amend the Plan or may terminate the Plan as provided in this Article IX. Each Participating Employer may also terminate its participation in the Plan.


9.2 Amendments. The Company, by action taken by its Board of Directors, may amend the Plan at any time and for any reason, provided that any such amendment shall not reduce the vested Account Balances of any Participant accrued as of the date of any such amendment or restatement (as if the Participant had incurred a voluntary Separation from Service on such date). The Board of Directors of the Company may delegate to the Committee the authority to amend the Plan without the consent of the Board of Directors for the purpose of: (i) conforming the Plan to the requirements of law; (ii) facilitating the administration of the Plan; (iii) clarifying provisions based on the Committee’s interpretation of the Plan documents; and (iv) making such other amendments as the Board of Directors may authorize.  No amendment is needed to revise the list of 
Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 19 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



Participating Employers set forth on Schedule A attached hereto or the procedures set forth under Schedule B attached hereto.


9.3 Termination. The Company, by action taken by its Board of Directors, may terminate the Plan and pay Participants and Beneficiaries their Account Balances in a single lump sum at any time, to the extent and in accordance with Treas. Reg. Section 1.409A-3(j)(4)(ix).


9.4 Accounts Taxable Under Code Section 409A. The Plan is intended to constitute a plan of deferred compensation that meets the requirements for deferral of income taxation under Code Section 409A. The Committee, pursuant to its authority to interpret the Plan, may sever from the Plan or any Compensation Deferral Agreement any provision or exercise of a right that otherwise would result in a violation of Code Section 409A.


Article X
Informal Funding
10.1 General Assets. Obligations established under the terms of the Plan may be satisfied from the general funds of the Participating Employers, or a trust described in this Article X. No Participant, spouse or Beneficiary shall have any right, title or interest whatever in assets of the Participating Employers. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Participating Employers and any Employee, spouse, or Beneficiary. To the extent that any person acquires a right to receive payments hereunder, such rights are no greater than the right of an unsecured general creditor of the Participating Employer.


10.2 Rabbi Trust. A Participating Employer may, in its sole discretion, establish a grantor trust, commonly known as a rabbi trust, as a vehicle for accumulating assets to pay benefits under the Plan. Payments under the Plan may be paid from the general assets of the Participating Employer or from the assets of any such rabbi trust. Payment from any such source shall reduce the obligation owed to the Participant or Beneficiary under the Plan.


If a rabbi trust is in existence upon the occurrence of a “change in control”, as defined in such trust, the Participating Employer shall, upon such change in control, and on each anniversary of the change in control, contribute in cash or liquid securities such amounts as are necessary so that the value of assets after making the contributions exceed 125% of the total value of all Account Balances.


10.3 Payment of Expenses.   Payments to Participants under the Plan may be offset on an after-tax basis in an amount equal to any transactional or other direct expenses incurred by the Participant, unless the Company or Participating Employer elects to pay the expenses. Such deductions shall be taken at the time of payment from the Plan or from other compensation not deferred under the Plan.


Article XI
Claims
Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 20 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



11.1 Filing a Claim. Any controversy or claim arising out of or relating to the Plan shall be filed in writing with the Committee which shall make all determinations concerning such claim. Any claim filed with the Committee and any decision by the Committee denying such claim shall be in writing and shall be delivered to the Participant or Beneficiary filing the claim (the “Claimant”).  Notice of a claim for payments shall be delivered to the Committee within 90 days of the latest date upon which the payment could have been timely made in accordance with the terms of the Plan and Code Section 409A, and if not paid, the Participant or Beneficiary must file a claim under this Article XI not later than 180 days after such latest date. If the Participant or Beneficiary fails to file a timely claim, the Participant forfeits any amounts to which he or she may have been entitled to receive under the claim.


(a) In General. Notice of a denial of benefits (other than claims based on disability) will be provided within 90 days of the Committee’s receipt of the Claimant's claim for benefits. If the Committee determines that it needs additional time to review the claim, the Committee will provide the Claimant with a notice of the extension before the end of the initial 90-day period. The extension will not be more than 90 days from the end of the initial 90-day period and the notice of extension will explain the special circumstances that require the extension and the date by which the Committee expects to make a decision.


(b) Disability Benefits. Notice of denial of claims based on disability will be provided within forty-five (45) days of the Committee’s receipt of the Claimant’s claim for disability benefits. If the Committee determines that it needs additional time to review the disability claim, the Committee will provide the Claimant with a notice of the extension before the end of the initial 45-day period. If the Committee determines that a decision cannot be made within the first extension period due to matters beyond the control of the Committee, the time period for making a determination may be further extended for an additional 30 days. If such an additional extension is necessary, the Committee shall notify the Claimant prior to the expiration of the initial 30-day extension. Any notice of extension shall indicate the circumstances necessitating the extension of time, the date by which the Committee expects to furnish a notice of decision, the specific standards on which such entitlement to a benefit is based, the unresolved issues that prevent a decision on the claim and any additional information needed to resolve those issues. A Claimant will be provided a minimum of 45 days to submit any necessary additional information to the Committee. In the event that a 30-day extension is necessary due to a Claimant’s failure to submit information necessary to decide a claim, the period for furnishing a notice of decision shall be tolled from the date on which the notice of the extension is sent to the Claimant until the earlier of the date the Claimant responds to the request for additional information or the response deadline. 


(c) Contents of Notice. If a claim for benefits is completely or partially denied, notice of such denial shall be in writing. Any electronic notification shall comply with the standards imposed by Department of Labor Regulation 29 CFR 2520.104b-1(c)(1)(i), (iii), and (iv). The notice of denial shall set forth the specific 
Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 21 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



reasons for denial in plain language. The notice shall: (i) cite the pertinent provisions of the Plan document, and (ii) explain, where appropriate, how the Claimant can perfect the claim, including a description of any additional material or information necessary to complete the claim and why such material or information is necessary. The claim denial also shall include an explanation of the claims review procedures and the time limits applicable to such procedures, including the right to appeal the decision, the deadline by which such appeal must be filed and a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse decision on appeal and the specific date by which such a civil action must commence under Section 11.4.
In the case of a complete or partial denial of a disability benefit claim, the notice shall provide such information and shall be communicated in the manner required under applicable Department of Labor regulations.


11.2 Appeal of Denied Claims. A Claimant whose claim has been completely or partially denied shall be entitled to appeal the claim denial by filing a written appeal with a committee designated to hear such appeals (the “Appeals Committee”). A Claimant who timely requests a review of the denied claim (or his or her authorized representative) may review, upon request and free of charge, copies of all documents, records and other information relevant to the denial and may submit written comments, documents, records and other information relating to the claim to the Appeals Committee. All written comments, documents, records, and other information shall be considered “relevant” if the information: (i) was relied upon in making a benefits determination, (ii) was submitted, considered or generated in the course of making a benefits decision regardless of whether it was relied upon to make the decision, or (iii) demonstrates compliance with administrative processes and safeguards established for making benefit decisions. The review shall take into account all comments, documents, records, and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The Appeals Committee may, in its sole discretion and if it deems appropriate or necessary, decide to hold a hearing with respect to the claim appeal.


(a)In General. Appeal of a denied benefits claim (other than a disability benefits claim) must be filed in writing with the Appeals Committee no later than 60 days after receipt of the written notification of such claim denial. The Appeals Committee shall make its decision regarding the merits of the denied claim within 60 days following receipt of the appeal (or within 120 days after such receipt, in a case where there are special circumstances requiring extension of time for reviewing the appealed claim). If an extension of time for reviewing the appeal is required because of special circumstances, written notice of the extension shall be furnished to the Claimant prior to the commencement of the extension. The notice will indicate the special circumstances requiring the extension of time and the date by which the Appeals Committee expects to render the determination on review. The review will take into account comments, documents, records and other information submitted by the Claimant relating to the claim without regard 
Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 22 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



to whether such information was submitted or considered in the initial benefit determination.


(b)Disability Benefits. Appeal of a denied disability benefits claim must be filed in writing with the Appeals Committee no later than 180 days after receipt of the written notification of such claim denial. The review shall be conducted in accordance with applicable Department of Labor regulations.
The Appeals Committee shall make its decision regarding the merits of the denied claim within 45 days following receipt of the appeal (or within 90 days after such receipt, in a case where there are special circumstances requiring extension of time for reviewing the appealed claim). If an extension of time for reviewing the appeal is required because of special circumstances, written notice of the extension shall be furnished to the Claimant prior to the commencement of the extension. The notice will indicate the special circumstances requiring the extension of time and the date by which the Appeals Committee expects to render the determination on review. Following its review of any additional information submitted by the Claimant, the Appeals Committee shall render a decision on its review of the denied claim.


(c)Contents of Notice. If a benefits claim is completely or partially denied on review, notice of such denial shall be in writing. Any electronic notification shall comply with the standards imposed by Department of Labor Regulation 29 CFR 2520.104b-1(c)(1)(i), (iii), and (iv). Such notice shall set forth the reasons for denial in plain language.


The decision on review shall set forth: (i) the specific reason or reasons for the denial, (ii) specific references to the pertinent Plan provisions on which the denial is based, (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records, or other information relevant (as defined above) to the Claimant’s claim, and (iv) a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA, following an adverse decision on review and the specific date by which such a civil action must commence under Section 11.4.


For the denial of a disability benefit, the notice will also include such additional information and be communicated in the manner required under applicable Department of Labor regulations.


11.3 Claims Appeals Upon Change in Control. Upon a change in control, the Appeals Committee, as constituted immediately prior to such change in control, shall continue to act as the Appeals Committee. The Company may not remove any member of the Appeals Committee, but may replace resigning members if 2/3rds of the members of the Board of Directors of the Company and a majority of Participants and Beneficiaries with Account Balances consent to the replacement. For purposes of this Section 11.3, a “change in control” means a change in control within the meaning of the rabbi trust 
Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 23 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



agreement associated with the Plan or if no such definition is provided, the term shall have the meaning under Code Section 409A.


The Appeals Committee shall have the exclusive authority at the appeals stage to interpret the terms of the Plan and resolve appeals under the Claims Procedure.


Each Participating Employer shall, with respect to the Committee identified under this Section: (i) pay its proportionate share of all reasonable expenses and fees of the Appeals Committee, (ii) indemnify the Appeals Committee (including individual committee members) against any costs, expenses and liabilities including, without limitation, attorneys’ fees and expenses arising in connection with the performance of the Appeals Committee hereunder, except with respect to matters resulting from the Appeals Committee’s gross negligence or willful misconduct, and (iii) supply full and timely information to the Appeals Committee on all matters related to the Plan, any rabbi trust, Participants, Beneficiaries and Accounts as the Appeals Committee may reasonably require.


11.4 Legal Action. A Claimant may not bring any legal action, including commencement of any arbitration, relating to a claim for benefits under the Plan unless and until the Claimant has followed the claims procedures under the Plan and exhausted his or administrative remedies under Sections 11.1 and 11.2. No such legal action may be brought more than twelve (12) months following the notice of denial of benefits under Section 11.2, or if no appeal is filed by the applicable appeals deadline, twelve (12) months following the appeals deadline.


If a Participant or Beneficiary prevails in a legal proceeding brought under the Plan to enforce the rights of such Participant or any other similarly situated Participant or Beneficiary, in whole or in part, the Participating Employer shall reimburse such Participant or Beneficiary for all legal costs, expenses, attorneys’ fees and such other liabilities incurred as a result of such proceedings. If the legal proceeding is brought in connection with a change in control as defined in Section 11.3, the Participant or Beneficiary may file a claim directly with the trustee for reimbursement of such costs, expenses and fees. For purposes of the preceding sentence, the amount of the claim shall be treated as if it were an addition to the Participant’s or Beneficiary’s Account Balance and will be included in determining the Participating Employer’s trust funding obligation under Section 10.2. 


11.5 Discretion of Appeals Committee. All interpretations, determinations and decisions of the Appeals Committee with respect to any claim shall be made in its sole discretion and shall be final and conclusive.


11.6 Arbitration.


(a)Prior to Change in Control. If, prior to a change in control as defined in Section 11.3, any claim or controversy between a Participating Employer and a Participant or Beneficiary is not resolved through the claims procedure set forth in Article XI, such claim shall be submitted to and resolved exclusively by expedited binding 
Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 24 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



arbitration by a single arbitrator administered by the American Arbitration Association (“AAA”).  Arbitration shall be conducted in accordance with the following procedures:


The complaining party shall promptly send written notice to the other party identifying the matter in dispute and the proposed remedy. Following the giving of such notice, the parties shall meet and attempt in good faith to resolve the matter. In the event the parties are unable to resolve the matter within 21 days, the parties shall meet and attempt in good faith to select a single arbitrator acceptable to both parties in accordance with the rules of the AAA for selection of a single arbitrator. 


Unless the parties agree otherwise, within 60 days of the selection of the arbitrator, a hearing shall be conducted before such arbitrator in Philadelphia, PA unless the parties agree by mutual consent to a different location.  The arbitration shall be administered by the AAA and AAA rules shall govern the arbitration except to the extent in conflict with this provision (Article XI 6(a)). In the event the parties are unable to agree upon the date   of the arbitration, the date(s) shall be designated by the arbitrator after consultation with the parties. Within 30 days of the conclusion of the arbitration hearing, the arbitrator shall issue an award, accompanied by a written decision explaining the basis for the arbitrator’s award.


In any arbitration hereunder, the administrative fees of the arbitration and all fees of the arbitrator shall be paid equally by the Participating Employer and the Participant or Beneficiary. Each party shall pay its own attorneys’ fees, costs, and expenses, unless the arbitrator orders otherwise. The arbitrator shall have no authority to add to or to modify this Plan, shall apply all applicable law, and shall have no lesser and no greater remedial authority than would a court of law resolving the same claim or controversy. The arbitrator shall, upon an appropriate motion, dismiss any claim without an evidentiary hearing if the party bringing the motion establishes that it would be entitled to summary judgment if the matter had been pursued in court litigation.


The parties shall be entitled to discovery as follows: Each party may take no more than three depositions. The Participating Employer may depose the Participant or Beneficiary plus two other witnesses, and the Participant or Beneficiary may depose the Participating Employer, pursuant to Rule 30(b)(6) of the Federal Rules of Civil Procedure, plus two other witnesses. Each party may make such reasonable document discovery requests as are allowed in the discretion of the arbitrator and be entitled to propound 25 interrogatory questions (including subparts).


The decision of the arbitrator shall be final, binding, and non-appealable, and may be enforced as a final judgment in any court of competent jurisdiction.


This arbitration provision of the Plan shall extend to claims against any parent, subsidiary, or affiliate of each party, and, when acting within such capacity, any 
Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 25 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



officer, director, shareholder, Participant, Beneficiary, or agent of any party, or of any of the above, and shall apply as well to claims arising out of state and federal statutes and local ordinances as well as to claims arising under the common law or under this Plan.


Notwithstanding the foregoing, and unless otherwise agreed between the parties, either party may apply to a court for provisional relief, including a temporary restraining order or preliminary injunction, on the ground that the arbitration award to which the applicant may be entitled may be rendered ineffectual without provisional relief.


Any arbitration hereunder shall be conducted in accordance with the Federal Arbitration Act: provided, however, that, in the event of any inconsistency between the rules and procedures of the Act and the terms of this Plan, the terms of this Plan shall prevail. The governing law shall be the law of the Commonwealth of Pennsylvania to the extent the dispute or contract is not governed or preempted by U.S. federal law.  


If any of the provisions of this Section 11.6(a) are determined to be unlawful or otherwise unenforceable, in the whole part, such determination shall not affect the validity of the remainder of this section and this section shall be reformed to the extent necessary to carry out its provisions to the greatest extent possible and to insure that the resolution of all conflicts between the parties, including those arising out of statutory claims, shall be resolved by neutral, binding arbitration. If a court should find that the provisions of this Section 11.6(a) are not absolutely binding, then the parties intend any arbitration decision and award to be fully admissible in evidence in any subsequent action, given great weight by any finder of fact and treated as determinative to the maximum extent permitted by law.


The parties do not agree to arbitrate any putative class action or any other representative action. The parties agree to arbitrate only the claims(s) of a single Participant or Beneficiary.


(b)Upon Change in Control. Upon a change in control as defined in Section 11.3, Section 11.6(a) shall not apply and any legal action initiated by a Participant or Beneficiary to enforce his or her rights under the Plan may be brought in any court of competent jurisdiction.  Notwithstanding the Appeals Committee’s discretion under Sections 11.3 and 11.5, the court shall apply a de novo standard of review to any prior claims decision under Sections 11.1 through 11.3 or any other determination made by the Company, its Board of Directors, a Participating Employer, the Committee, or the Appeals Committee.


Article XII
General Provisions
12.1 Assignment. No interest of any Participant, spouse or Beneficiary under this Plan and no benefit payable hereunder shall be assigned as security for a loan, and any such purported 
Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 26 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



assignment shall be null, void and of no effect, nor shall any such interest or any such benefit be subject in any manner, either voluntarily or involuntarily, to anticipation, sale, transfer, assignment or encumbrance by or through any Participant, spouse or Beneficiary. Notwithstanding anything to the contrary herein, however, the Committee has the discretion to make payments to an alternate payee in accordance with the terms of a domestic relations order (as defined in Code Section 414(p)(1)(B)). 


        The Company may assign any or all of its liabilities under this Plan in connection with any restructuring, recapitalization, sale of assets or other similar transactions affecting a Participating Employer without the consent of the Participant.


12.2 No Legal or Equitable Rights or Interest. No Participant or other person shall have any legal or equitable rights or interest in this Plan that are not expressly granted in this Plan. Participation in this Plan does not give any person any right to be retained in the service of the Participating Employer. The right and power of a Participating Employer to dismiss or discharge an Employee is expressly reserved. The Participating Employers make no representations or warranties as to the tax consequences to a Participant or a Participant’s beneficiaries resulting from a deferral of income pursuant to the Plan.


12.3 No Employment Contract. Nothing contained herein shall be construed to constitute a contract of employment between an Employee and a Participating Employer.


12.4 Notice. Any notice or filing required or permitted to be delivered to the Committee under this Plan shall be delivered in writing, in person, or through such electronic means as is established by the Committee. Notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. Written transmission shall be sent by certified mail to:


Teleflex Incorporated
550 E Swedesford Rd Suite 400 
WAyne, PA 19087
attn: Employee Benefits


Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing or hand-delivered, or sent by mail to the last known address of  the Participant.


12.5 Headings. The headings of Sections are included solely for convenience of reference, and if there is any conflict between such headings and the text of this Plan, the text shall control. 


12.6 Invalid or Unenforceable Provisions. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof and the Committee may elect in its sole discretion to construe such invalid or unenforceable provisions in a manner that conforms to applicable law or as if such provisions, to the extent invalid or unenforceable, had not been included.


Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 27 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



12.7 Lost Participants or Beneficiaries. Any Participant or Beneficiary who is entitled to a benefit from the Plan has the duty to keep the Committee advised of his or her current mailing address. If benefit payments are returned to the Plan or are not presented for payment after a reasonable amount of time, the Committee shall presume that the payee is missing. The Committee, after making such efforts as in its discretion it deems reasonable and appropriate to locate the payee, shall stop payment on any uncashed checks and may discontinue making future payments until contact with the payee is restored. If the Committee is unable to locate the Participant or Beneficiary after five years of the date payment is scheduled to be made, provided that a Participant’s Account shall not be credited with Earnings following the first anniversary of such date on which payment is to be made and further provided, however, that such benefit shall be reinstated, without further adjustment for interest, if a valid claim is made by or on behalf of the Participant or Beneficiary for all or part of the forfeited benefit.


12.8 Facility of Payment to a Minor.  If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Committee may, in its discretion, make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence, or (ii) to the conservator or committee or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Committee, the Company, and the Plan from further liability on account thereof.


12.9 Governing Law. To the extent not preempted by ERISA, the laws of the Commonwealth of Pennsylvania shall govern the construction and administration of the Plan.


12.10 Compliance With Code Section 409A; No Guarantee.  This Plan is intended to be administered in compliance with Code Section 409A and each provision of the Plan shall be interpreted consistent with Code Section 409A.  Although intended to comply with Code Section 409A, this Plan shall not constitute a guarantee to any Participant or Beneficiary that the Plan in form or in operation will result in the deferral of federal or state income tax liabilities or that the Participant or Beneficiary will not be subject to the additional taxes imposed under Section 409A. No Employer shall have any legal obligation to a Participant with respect to taxes imposed under Code Section 409A.




IN WITNESS WHEREOF, the undersigned executed this Plan as of the 22nd day of November, 2019, to be effective as of the Effective Date.




TELEFLEX INCORPORATED


By: Nicholas Herninko


Its: Director of Benefits, HR Ops and Compliance




Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 28 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



        /s/ Nicholas Herninko    
Schedule A


Participating Employers


Teleflex Incorporated






Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 29 of 31
4825-6488-7718.7



Teleflex Incorporated Deferred Compensation Plan



Schedule B


 Provisions Related to Organic Changes




 
An “Organic Change” includes (1) a stock split, reverse stock split, share combination, or recapitalization or similar event affecting the capital structure of the Company (each, a “Share Change”), or (2) a merger, consolidation, acquisition of property or shares, separation, spin-off, reorganization, stock rights offering, liquidation or similar event affecting the Company or any of its subsidiaries.


In the event any Organic Change occurs, then the Committee or Board may make such substitutions or adjustments with respect to Units held in a Participant’s Account as it deems appropriate and equitable.  Such adjustments may include, without limitation, (a) the division or consolidation of Units on the same basis as any stock split or reverse stock split affecting the common stock of the Company and (b) the conversion of Units to notional cash or the change in the referenced security for each Unit from common stock of the Company to equity shares of a different entity (which may include the equity of an Affiliate of the Company) having an aggregate fair market value equal to the aggregate fair market value of the Units held by the Participant on the day prior to the conversion date, with fair market value in each instance being determined by the Committee or Board. If the assets held in the Participant’s Account immediately after such adjustment are not equity securities, then the Participant shall be permitted to re-direct the investment thereof into the other investment choices then available under this Plan.


Content Copyright ©2018 Newport Group, Inc. All Rights Reserved. 
        Page 30 of 31
4825-6488-7718.7