# EDGAR Filing Document

**Accession Number:** 0002062583
**File Stem:** 0001628280-25-058231
**Filing Date:** 2025-12
**Character Count:** 2683030
**Document Hash:** 430e75873a7d096abc7e565db5a2acc9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-058231.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001628280-25-058231

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 60

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MiniMed Group, Inc.
- **CENTRAL INDEX KEY:** 0002062583
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 333985981
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0425

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292284
- **FILM NUMBER:** 251587469

**BUSINESS ADDRESS:**
- **STREET 1:** 18000 DEVONSHIRE ST.
- **CITY:** NORTHRIDGE
- **STATE:** CA
- **ZIP:** 91325
- **BUSINESS PHONE:** 763-222-9423

**MAIL ADDRESS:**
- **STREET 1:** 18000 DEVONSHIRE ST.
- **CITY:** NORTHRIDGE
- **STATE:** CA
- **ZIP:** 91325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MDT Sub Holdings, Inc.
- **DATE OF NAME CHANGE:** 20250320

**As filed with the Securities and Exchange Commission on December 19, 2025.**

**Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-1**

**REGISTRATION STATEMENT**

*UNDER THE*

*SECURITIES ACT OF 1933*

**MiniMed Group, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **3841** | **33-3985981** |
| (State or other jurisdiction of<br>incorporation or organization) | (Primary Standard Industrial<br>Classification Code Number) | (I.R.S. Employer<br>Identification Number) |

---

**18000 Devonshire St.**

**Northridge, CA 91325**

**(763) 514-4000**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Courtney Nelson Wills**

**MiniMed Group, Inc.**

**18000 Devonshire St.**

**Northridge, CA 91325**

**(763) 514-4000**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

***Copies to:***

---

| | |
|:---|:---|
| **Adam E. Fleisher**<br>**Kimberly R. Spoerri**<br>**Synne D. Chapman**<br>**Cleary Gottlieb Steen & Hamilton LLP**<br>**One Liberty Plaza**<br>**New York, NY 10006**<br>**(212) 225-2000** | **John B. Meade**<br>**Yasin Keshvargar**<br>**Arisa A. Sin**<br>**Davis Polk & Wardwell LLP**<br>**450 Lexington Avenue**<br>**New York, NY 10017**<br>**(212) 450-4000** |

---

Approximate date of commencement of proposed sale to the public: As soon as practicable after this registration statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box: ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☒ | Smaller reporting company ☐ |
| | | | Emerging growth company ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

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**The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**Subject to Completion, dated December 19, 2025**

**Preliminary Prospectus**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares**

![minimedlogoa.jpg](minimedlogoa.jpg)

**MiniMed Group, Inc.**

**Common Stock**

This is an initial public offering of shares of the common stock of MiniMed Group, Inc. We are offering &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock.

Prior to this offering, there has been no public market for shares of our common stock. We estimate that the initial public offering price per share of our common stock will be between $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . We intend to list our shares of common stock on the Nasdaq Global Select Market ("Nasdaq") under the symbol "MMED."

Upon completion of this offering, Medtronic will continue to own &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our shares of common stock eligible to vote in the election of our directors (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise in full their option to purchase additional shares of our common stock from us to cover over-allotments). As a result, we will be a "controlled company" as defined under the corporate governance rules of Nasdaq. See "Management—Controlled Company Exemption."

**Investing in shares of our common stock involves risks. See "<u>[Risk Factors](#ib767f3febeb4436ab843bb66ba565b2a_705)</u>" beginning on page <u>[40](#ib767f3febeb4436ab843bb66ba565b2a_705)</u> to read about factors you should consider before purchasing shares of our common stock.**

**Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.**

---

| | | |
|:---|:---|:---|
| | **Per Share** | **Total** |
| Initial public offering price | $ | $ |
| Underwriting discounts and commissions<sup>(1)</sup> | $ | $ |
| Proceeds to us, before expenses | $ | $ |

---

__________________

(1)See "<u>[Underwriting](#ib767f3febeb4436ab843bb66ba565b2a_433)</u>" for a description of compensation to be paid to the underwriters.

We have granted the underwriters an option for a period of 30 days from the date of this prospectus to purchase up to an additional &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock from us at the initial public offering price less the underwriting discounts and commissions to cover over-allotments.

The underwriters expect to deliver the shares of common stock against payment in New York, New York on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .

---

| | | | |
|:---|:---|:---|:---|
| **Goldman Sachs & Co. LLC** | **BofA Securities** | **Citigroup** | **Morgan Stanley** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Barclays** | **Deutsche Bank Securities** | **Mizuho** | **Wells Fargo Securities** |
| **Evercore ISI** | **Evercore ISI** | **Piper Sandler** | **Piper Sandler** |
| **BTIG** | **BTIG** | **William Blair** | **William Blair** |

---

**Prospectus dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

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![coverart.jpg](coverart.jpg)

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**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page** |
| <u>[ABOUT THIS PROSPECTUS](#ib767f3febeb4436ab843bb66ba565b2a_142)</u> | <u>[iii](#ib767f3febeb4436ab843bb66ba565b2a_142)</u> |
| <u>[LETTER FROM THE C](#ib767f3febeb4436ab843bb66ba565b2a_2789)[HIEF](#ib767f3febeb4436ab843bb66ba565b2a_2789)[E](#ib767f3febeb4436ab843bb66ba565b2a_2789)[XECUT](#ib767f3febeb4436ab843bb66ba565b2a_2789)[IVE](#ib767f3febeb4436ab843bb66ba565b2a_2789)[O](#ib767f3febeb4436ab843bb66ba565b2a_2789)[FFICER](#ib767f3febeb4436ab843bb66ba565b2a_2789)</u> | <u>[v](#ib767f3febeb4436ab843bb66ba565b2a_2789)</u> |
| <u>[PROSPECTUS SUMMARY](#ib767f3febeb4436ab843bb66ba565b2a_158)</u> | <u>[1](#ib767f3febeb4436ab843bb66ba565b2a_158)</u> |
| <u>[THE OFFERING](#ib767f3febeb4436ab843bb66ba565b2a_735)</u> | <u>[27](#ib767f3febeb4436ab843bb66ba565b2a_735)</u> |
| <u>[SUMMARY HISTORICAL AND UNAUDITED PRO FORMA COMBINED FINANCIAL DATA](#ib767f3febeb4436ab843bb66ba565b2a_720)</u> | <u>[29](#ib767f3febeb4436ab843bb66ba565b2a_720)</u> |
| <u>[MARKET AND INDUSTRY DATA](#ib767f3febeb4436ab843bb66ba565b2a_1911)</u> | <u>[35](#ib767f3febeb4436ab843bb66ba565b2a_1911)</u> |
| <u>[RISK FACTORS](#ib767f3febeb4436ab843bb66ba565b2a_705)</u> | <u>[40](#ib767f3febeb4436ab843bb66ba565b2a_705)</u> |
| <u>[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#ib767f3febeb4436ab843bb66ba565b2a_690)</u> | <u>[85](#ib767f3febeb4436ab843bb66ba565b2a_690)</u> |
| <u>[USE OF PROCEEDS](#ib767f3febeb4436ab843bb66ba565b2a_675)</u> | <u>[88](#ib767f3febeb4436ab843bb66ba565b2a_675)</u> |
| <u>[DIVIDEND POLICY](#ib767f3febeb4436ab843bb66ba565b2a_660)</u> | <u>[89](#ib767f3febeb4436ab843bb66ba565b2a_660)</u> |
| <u>[CAPITALIZATION](#ib767f3febeb4436ab843bb66ba565b2a_645)</u> | <u>[90](#ib767f3febeb4436ab843bb66ba565b2a_645)</u> |
| <u>[DILUTION](#ib767f3febeb4436ab843bb66ba565b2a_630)</u> | <u>[91](#ib767f3febeb4436ab843bb66ba565b2a_630)</u> |
| <u>[THE SEPARATION AND DIVESTMENT TRANSACTIONS](#ib767f3febeb4436ab843bb66ba565b2a_615)</u> | <u>[93](#ib767f3febeb4436ab843bb66ba565b2a_615)</u> |
| <u>[UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS](#ib767f3febeb4436ab843bb66ba565b2a_600)</u> | <u>[95](#ib767f3febeb4436ab843bb66ba565b2a_600)</u> |
| <u>[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#ib767f3febeb4436ab843bb66ba565b2a_568)</u> | <u>[104](#ib767f3febeb4436ab843bb66ba565b2a_568)</u> |
| <u>[BUSINESS](#ib767f3febeb4436ab843bb66ba565b2a_584)</u> | <u>[129](#ib767f3febeb4436ab843bb66ba565b2a_584)</u> |
| <u>[MANAGEMENT](#ib767f3febeb4436ab843bb66ba565b2a_553)</u> | <u>[181](#ib767f3febeb4436ab843bb66ba565b2a_553)</u> |
| <u>[EXECUTIVE](#ib767f3febeb4436ab843bb66ba565b2a_538)[AND DIRECTOR](#ib767f3febeb4436ab843bb66ba565b2a_538)[COMPENSATION](#ib767f3febeb4436ab843bb66ba565b2a_538)</u> | <u>[191](#ib767f3febeb4436ab843bb66ba565b2a_538)</u> |
| <u>[PRINCIPAL STOCKHOLDER](#ib767f3febeb4436ab843bb66ba565b2a_523)</u> | <u>[223](#ib767f3febeb4436ab843bb66ba565b2a_523)</u> |
| <u>[CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS](#ib767f3febeb4436ab843bb66ba565b2a_508)</u> | <u>[225](#ib767f3febeb4436ab843bb66ba565b2a_508)</u> |
| <u>[DESCRIPTION OF CAPITAL STOCK](#ib767f3febeb4436ab843bb66ba565b2a_493)</u> | <u>[238](#ib767f3febeb4436ab843bb66ba565b2a_493)</u> |
| <u>[DESCRIPTION](#ib767f3febeb4436ab843bb66ba565b2a_2723)[OF CERTAIN INDEBTEDNESS](#ib767f3febeb4436ab843bb66ba565b2a_2723)</u> | <u>[244](#ib767f3febeb4436ab843bb66ba565b2a_2723)</u> |
| <u>[SHARES ELIGIBLE FOR FUTURE SALE](#ib767f3febeb4436ab843bb66ba565b2a_463)</u> | <u>[245](#ib767f3febeb4436ab843bb66ba565b2a_463)</u> |
| <u>[MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF OUR COMMON STOCK](#ib767f3febeb4436ab843bb66ba565b2a_448)</u> | <u>[247](#ib767f3febeb4436ab843bb66ba565b2a_448)</u> |
| <u>[UNDERWRITING](#ib767f3febeb4436ab843bb66ba565b2a_433)</u> | <u>[251](#ib767f3febeb4436ab843bb66ba565b2a_433)</u> |
| <u>[LEGAL MATTERS](#ib767f3febeb4436ab843bb66ba565b2a_418)</u> | <u>[258](#ib767f3febeb4436ab843bb66ba565b2a_418)</u> |
| <u>[EXPERTS](#ib767f3febeb4436ab843bb66ba565b2a_403)</u> | <u>[259](#ib767f3febeb4436ab843bb66ba565b2a_403)</u> |
| <u>[WHERE YOU CAN FIND MORE INFORMATION](#ib767f3febeb4436ab843bb66ba565b2a_388)</u> | <u>[260](#ib767f3febeb4436ab843bb66ba565b2a_388)</u> |
| <u>[INDEX TO FINANCIAL STATEMENTS](#ib767f3febeb4436ab843bb66ba565b2a_954)</u> | <u>[F-1](#ib767f3febeb4436ab843bb66ba565b2a_954)</u> |

---

i

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**Through and including the 25th day after the date of this prospectus, all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This delivery is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

Neither we nor any of the underwriters have authorized anyone to provide any information or to make any representations other than those contained in this prospectus, any amendment or supplement to this prospectus, or any free writing prospectus prepared by us or on our behalf. We and the underwriters take no responsibility for, and cannot assure you as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares of our common stock offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so.

The information contained in this prospectus is current only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of shares of our common stock. Our business, results of operations, or financial condition may have changed since that date.

Neither we nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of our common stock and the distribution of this prospectus outside the United States.

ii

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**ABOUT THIS PROSPECTUS**

In connection with this offering, we (as defined below) will enter into a series of transactions with Medtronic pursuant to which Medtronic will transfer the assets and liabilities of the Diabetes Operating Unit (as defined below) to us. As consideration for these assets, we will assume the liabilities associated with the assets of the Diabetes Operating Unit and will issue to Medtronic shares of our common stock. We refer to these transactions, as further described in the section of this prospectus entitled "The Separation and Divestment Transactions—The Separation," collectively as the "Separation." As part of the Separation, we intend to use part of the net proceeds from this offering to repay (or cause one or more of our subsidiaries to repay) $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in principal amount of intercompany debt owed to Medtronic under one or more notes. For more information on the intercompany debt owed to Medtronic, see "Certain Relationships and Related Person Transactions—Other Agreements with Medtronic—Intercompany Debt."

Unless otherwise indicated or the context otherwise requires, (1) references in this prospectus to the "Company," the "Registrant," "we," "us," and "our" refer to MiniMed Group, Inc., a Delaware corporation, and its consolidated subsidiaries assuming the completion of the Separation and (2) references in this prospectus to the "Diabetes Operating Unit" refer to the business that will be transferred to the Company in connection with the Separation, primarily representing the diabetes business segment of Medtronic. References in this prospectus to "Medtronic" or "Parent" refer to Medtronic plc, an Irish public limited company, and its consolidated subsidiaries other than MiniMed Group, Inc. and MiniMed Group, Inc.'s consolidated subsidiaries.

In addition, unless the context otherwise requires, statements relating to our history in this prospectus describe the history of the Diabetes Operating Unit of Medtronic and forward-looking statements assume the completion of all the transactions described in this prospectus, including the Separation.

**Trademarks, Tradenames, and Service Marks**

The trademarks, tradenames, and service marks of the Company appearing in this prospectus are, as applicable, our property, licensed to us, or, prior to the completion of this offering, the property of Medtronic. The name and mark, Medtronic, and other trademarks, tradenames, and service marks of Medtronic appearing in this prospectus are the property of Medtronic. Solely for convenience, trademarks, tradenames, and service marks referred to in this prospectus may appear without the "®," "™," or "℠" symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law, our rights or the rights of the applicable licensor to these trademarks, tradenames, and service marks. This prospectus also contains additional trademarks, tradenames, and service marks belonging to other parties. We do not intend our use or display of these other parties' trademarks, tradenames, or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, such other parties.

**Basis of Presentation**

We have historically operated as part of Medtronic. The financial information included in this prospectus has been prepared from Medtronic's historical accounting records and is derived from the consolidated financial statements of Medtronic to present the Diabetes Operating Unit as if it had been operating on a standalone basis. The historical combined financial statements (together with the notes thereto, the "combined financial statements") reflect our financial condition, results of operations, and cash flows as we were historically managed, in conformity with generally accepted accounting principles in the United States ("U.S. GAAP"). The combined financial statements reflect all revenues, costs, assets, and liabilities that are either legally attributable to or directly associated with our business activities. The combined financial statements also reflect the net effect of transactions with Medtronic, including allocations of certain expenses for services from Medtronic that may have been historically allocated to the Diabetes Operating Unit, including, but not limited to, corporate and shared expenses related to finance and accounting, legal, information technology, human resources, facilities, marketing, insurance, employee benefits and incentives, restructuring and associated costs, and stock-based compensation. The allocations may not reflect the expenses the Diabetes Operating Unit would have incurred if it had been a standalone company for the periods presented. All such amounts have been deemed to have been incurred and settled by the Diabetes Operating Unit in the period in which the costs were recorded. All of these expenses have been allocated on a basis considered

iii

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reasonable by management, using either specific identification when identifiable, or proportional allocations determined on the basis of revenue, usage, headcount, or other measures.

The financial information included in this prospectus may not necessarily reflect what our financial condition, results of operations, or cash flows would have been had we been a standalone company during the periods presented, including changes that will occur in our operations and capital structure as a result of this offering and the Separation. In addition, the financial information included in this prospectus may not necessarily reflect what our financial condition, results of operations, and cash flows may be in the future. See "Risk Factors—Risks Related to the Separation and the Divestment—We have a limited history of operating as a standalone public company, and our historical and pro forma financial information may not necessarily reflect the results that we would have achieved as a standalone public company or what our results may be in the future."

We utilize a 52/53 week fiscal year, ending the last Friday in April, for the presentation of our financial statements and related notes thereto at April 25, 2025 and April 26, 2024 and for each of the fiscal years ended April 25, 2025 (fiscal year 2025), April 26, 2024 (fiscal year 2024), and April 28, 2023 (fiscal year 2023).

**Non-GAAP Financial Measures**

This prospectus contains certain financial measures, including Organic Revenue Growth, Adjusted Gross Profit, and Adjusted EBITDA, that are not required by, or prepared in accordance with, U.S. GAAP. We refer to these measures as "non-GAAP" financial measures. These are supplemental financial measures and should not be viewed as a substitute for GAAP financial measures. Although our management uses these non-GAAP financial measures when planning, monitoring, and evaluating our performance, any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. The non-GAAP financial measures we present may not be comparable to similarly named measures reported by other companies.

See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures" for our definitions of these non-GAAP measures, information about how and why we use these non-GAAP measures, and a reconciliation of each of these non-GAAP measures to its most directly comparable financial measure calculated in accordance with U.S. GAAP.

iv

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**Letter from the Chief Executive Officer**

To our future shareholders,

MiniMed was founded in 1983 by Alfred E. Mann with one bold idea: that technology could do the work of a pancreas. His vision was to make diabetes care wearable, consumer-focused, and life-changing — automating the hardest parts of managing the disease so people could reclaim parts of their life that diabetes so often takes away. That belief sparked a revolution and guided the team to deliver many industry firsts, including the first pager-sized portable pump, the first continuous glucose monitor (CGM) used by physicians and the first wearable insulin pump integrated with a CGM automated by the first hybrid closed loop algorithm. Indeed, Mann's vision and principles have guided every chapter of our story and it is the standard we measure ourselves against today.

For nearly 25 years, MiniMed has operated as part of Medtronic, a global leader in healthcare technology. Our business has evolved from a standalone insulin pump innovator into Medtronic's global Diabetes business, delivering a full ecosystem of automated insulin pumps, CGMs, and smart insulin pens that generated roughly $2.7 billion in annual revenue in FY25 with recent double-digit growth. We are proud and grateful for our Medtronic chapter. It allowed us to build deep expertise, scale globally, and improve the lives of millions of people across more than 80 countries.

Today, I'd like to introduce the new MiniMed. We're starting a new chapter that's grounded firmly in the company's original mission and trusted 40-year legacy that's been built over long-standing partnerships with leading clinicians and the many diabetes communities around the world. Our goal is to accelerate the impact we can have as an independent company focused exclusively on helping insulin-dependent people with diabetes experience more predictable control, greater freedom, and better days while achieving strong outcomes.

MiniMed is a full-stack diabetes therapy company that includes integrated CGM, insulin delivery, and dosing algorithms unified in a single experience. The magic is the algorithm and how it brings automation together, delivering best-in-class outcomes with less work for users, and positioning us to lead the hands-free AID era.

Our North Star is to make every day a better day for people with diabetes. This will continue to guide all that we do.

**The Invisible Work Diabetes Demands**

If you don't live with diabetes, it's hard to understand the invisible tax it levies on people.

Having Type 1 or insulin-intensive Type 2 diabetes is not just a physical condition; it carries an enormous mental load. It requires a person to make upwards of 180 additional decisions each day, from counting carbs, to adjusting for exercise, stress and illness.

Despite this physical, mental, financial and emotional burden, people are often forced to settle for outcomes that fall short of what they want or deserve. Even highly engaged, diligent self-management cannot fully eliminate the long-term physical risk associated with chronic glucose variability, including complications affecting vision, kidney function, nerve health, and cardiovascular health. Burnout and fatigue are common; when they lead to lapses, even small ones, the consequences can be both immediate and lasting.

Persistent high glucose levels and hyperglycemia drive serious long-term complications and raise the risk of life-threatening events such as diabetic ketoacidosis, particularly for children who face a meaningful reduction in life expectancy when diabetes is not well controlled. Even when people achieve guideline-level control, with A1C below 7% and higher Time in Range, they still face higher risks of complications and more than double the risk of death compared to people without Type 1 diabetes.

This burden also extends to families, clinicians, and the health systems that support them. Everyone spends time coordinating devices, data, and decisions. Even with tremendous effort, today's technology still asks too much. It should not be this way, and people with diabetes deserve the best outcomes with the least burden. We are helping to change lives by moving care toward simpler, more automated, and more "hands-free" experiences.

v

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Ultimately, this is what drove me to join MiniMed in 2022 – the chance to revitalize our business and refocus for the decade ahead when there is such a monumental opportunity to improve the lives of our customers and lead the industry in a way that is beneficial for all our stakeholders.

Throughout my career, I've been drawn to complex, tech-enabled businesses where data, software, and connected devices can fundamentally improve people's lives, from early strategy roles to leading Honeywell's industrial software transformation. Those experiences taught me how to accelerate growth by focusing on developing innovation pipelines that reach customers, and lead large, global teams through change while staying grounded in a clear purpose. MiniMed offered the chance to bring that toolkit to a mission that is deeply personal for so many families, and to help accelerate the next generation of automated insulin delivery, unifying sensors, and algorithmic control into a simpler experience that reduces the daily burden while raising the bar on outcomes.

**AID Technology is the Turning Point**

Automated Insulin Delivery (AID) has become one of the most important advances in diabetes care, and clinical guidelines increasingly describe AID as the preferred standard of care for people who rely on intensive insulin therapy. The evidence is clear; AID helps people improve their time in range, with fewer highs and lows, and with far less day-to-day effort. Yet despite strong clinical results, most people who could benefit from AID are not using it today because systems have historically been complex, onboarding has required too many steps, and technology hasn't always worked smoothly together.

The opportunity ahead is to make AID *accessible, intuitive, and easy to live with*. **That is when adoption will truly accelerate.** 

To understand why AID matters, think of the difference between checking your speedometer and driving a car that adjusts automatically. Continuous Glucose Monitoring (CGM) is like a speedometer. It tells you the "speed" (glucose levels), but you still have to drive. MiniMed's AID is like a self-driving car. It measures where you are, responds to where you're headed, and automatically adjusts and corrects so you can stay safely on course, while easing the mental load of managing diabetes. This is the future we are building.

MiniMed is the only company today that commercializes all three essential components of an AID system — the algorithm, the insulin delivery (pump or pen), and the CGM — on one integrated software platform with a single, unified app. When these pieces work seamlessly together, they reduce the daily burden of diabetes and help people improve their time in range with less effort.

**Better Days Look Different for Everyone**

We know people manage their diabetes in different ways. Some want a durable pump. Some want a patch pump. Some prefer a smart pen. Some want everything on their phone. There is no single right way to manage diabetes or a single definition of a better day.

Our strategy is built around this truth. Better days takes many forms. Our ecosystem is built for choice, so every person can find the device that fits their life, all within a unified experience that makes starts simpler and day-to-day control closer than ever to truly hands-free. Behind every MiniMed system is a global network of engineers, clinicians, and people with diabetes, united by one idea: Better days should be within reach for everyone.

**A Growing Need and a Clear Opportunity**

More than **37 million people worldwide** require intensive insulin therapy. The need is large, growing, and deeply underserved. In total, we estimate the current market for our diabetes technologies and other offerings to be approximately $18 billion. This market is expected to grow in double digits annually. Better technology can make a meaningful difference in outcomes, in quality of life, and in long-term health.

Our product portfolio, data foundation, and global footprint position us well to meet this growing need. We frame the opportunity through the lens of Automated Insulin Delivery; when automation, sensor choice, and a single app work together, adoption broadens and value compounds. As an independent company, we will be uniquely

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focused on capturing this growth and more aligned with what consumers, clinicians, and health systems are asking for.

**Why Independence Matters**

Becoming independent gives us room to move at the pace this moment requires. It sharpens our focus. It clarifies our mission. It allows us to invest in the areas that matter most: CGM innovation, automation, user experience, and global access.

Independence also tightens accountability. We will measure ourselves against clear product milestones, operations KPIs, and real-world evidence. Our financial profile, margin opportunities, and long-term growth plan will also be clearer as a standalone company. It provides capital flexibility to fund growth and the shift toward recurring revenue, a large and growing addressable market, and an opportunity to expand access globally. They give us confidence in the path ahead.

Above all, independence helps us serve patients better. More focus leads to more innovation. **And more innovation means more predictable control and better days for the people who count on us.**

**Looking Ahead**

As we become a standalone company, we are rebuilding MiniMed with the discipline of a public company and the relentless drive of a startup. We continue to design our products and brand with the same care that people bring to managing their health. And we are committed to measuring our success not only by devices sold, but by the reduction of the daily burden and the improvements in **Time in Range (TIR)** for our patients.

To the investors joining us: MiniMed has a 40+ year head start, with a digital technology platform built around real human needs and a dataset comprised of over 430 million datapoints of human glucose and insulin interactions. We are entering the AID era with an integrated, full-stack platform and the scale to deliver a simpler, near hands-free experience. Independence gives us the focus, accountability, and capital flexibility to execute. We are MiniMed. We unlock freedom by making better days an everyday reality for people living with diabetes. Join the company committed to building that future for millions.

Sincerely,

Que Dallara

Chief Executive Officer of MiniMed

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**PROSPECTUS SUMMARY**

*This summary highlights selected information included elsewhere in this prospectus. To better understand the Separation and our business and financial condition, you should carefully review this entire prospectus. You should carefully consider, among other things, the sections entitled "Risk Factors," "Business," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and the related notes included elsewhere in this prospectus. Unless the context otherwise requires, all references in this prospectus to the "Company," the "Registrant," "we," "us," and "our" refer to MiniMed Group, Inc.*

**Overview**

We are a scaled global medical technology company that develops, manufactures, and markets a comprehensive suite of solutions for the management of diabetes. Since our founding more than 40 years ago, we have pioneered groundbreaking innovation and served the needs of our customers across the globe in service of our mission to make every day a better day for people with diabetes.

Today, we are the only player in the market that commercializes all parts of an integrated diabetes management system. This allows us to provide a five-star customer experience: an easier and consistent user experience, seamless integration, privacy and security, optimized performance and reliability, and our pioneering and industry-leading dosing algorithm, based on time in range ("TIR") outcomes in real-world data. This differentiated value proposition is designed to solve two key problems for people with diabetes ("PWD"). First, we believe our products deliver superior health outcomes, when measured against European Association for the Study of Diabetes ("EASD") and American Diabetes Association (the "ADA") guidelines, by effectively and measurably improving glycemic control compared to other available treatment options and competing products. By enhancing glycemic control, our products can help reduce long-term complications of diabetes, improve longevity and quality of life, and reduce associated costs to health systems. Second, our customer experience reduces or substantially eliminates the burden of diabetes management for users, their families, their caregivers, and their healthcare providers ("HCPs").

Diabetes is a chronic, life-threatening disease that affects the body's production of and response to insulin, a hormone produced by the pancreas that is critical to the metabolism of glucose. It is a global epidemic, with 589 million PWD globally, according to the 2025 International Diabetes Foundation ("IDF") World Atlas. The disease has no known cure and brings with it significant short and long-term health impacts, including risk of serious comorbidities. Managing diabetes is a 24/7 challenge that greatly impacts the overall quality of life of the person with diabetes as well as his or her family. People with Type 1 Diabetes ("T1D") as well as those with Type 2 ("T2D") who require background (basal) and mealtime (bolus) insulin must self-administer insulin multiple times per day and continuously monitor their blood glucose levels to inform their insulin dosing.

We serve PWD who require intensive insulin therapy, which represents all people with T1D and a subset of those with T2D. We address this market by offering various diabetes technologies, including insulin delivery devices (primarily insulin pumps and pens), continuous glucose monitors ("CGMs" or "CGM sensors"), other consumables, supplies, and related software and services. In total, we estimate the current market for our diabetes technologies and other offerings to be over $18 billion, based on last twelve months ended September 2025 revenue from public filings of leading diabetes device manufacturers as identified by Seagrove Partners. As of the time of this offering, we utilize a dual-channel approach in the United States where we distribute the majority of our products through the durable medical equipment ("DME") channel and only a small percentage of our products through the pharmacy channel, whereas our market estimate includes companies that have broad coverage in the pharmacy channel. Our market is expected to grow at a compound annual growth rate above 10% from 2025 through at least 2030, according to Seagrove Partners' November 2025 market model, driven by the adoption of advanced diabetes management technologies, like ours, which are currently underpenetrated in the market. The primary medical specialists who use and/or prescribe our products are endocrinologists, diabetologists, nurse practitioners, physician assistants, and primary care physicians ("PCPs").

Our platform of simple and clinically effective solutions for PWD requiring insulin therapy includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Automated Insulin Delivery ("AID") Systems*: Integrated solutions for glucose sensing and automated insulin dosing and administration, delivering superior glycemic control. Our system is composed of an

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insulin pump that administers insulin, consumable insulin infusion sets and reservoirs, a CGM sensor that measures blood glucose levels, and a Smart Dosing algorithm that is designed to mimic how a healthy pancreas works. In our AID system, real-time CGM readings inform our Smart Dosing algorithm, which provides automatic adjustments and corrections to insulin pump dosing every five minutes based on target blood glucose settings and Meal Detection technology. This algorithm automatically informs insulin administration and wraparound applications, software, and services for users, caregivers, and HCPs, allowing users and caregivers to track and control their treatment through compatible smartphone applications. Our AID systems include our second-generation MiniMed 780G system, as well as our older MiniMed 770G, MiniMed 740G, MiniMed 720G, and MiniMed 630G systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Smart Multiple Daily Injection ("MDI") System*: For those who prefer to self-administer insulin by manual injections or seek freedom from on-body devices, Smart MDI systems offer an integrated solution for sensing, dosing, and administration. Our Smart MDI system includes InPen (our Smart Insulin Pen for insulin administration), Simplera or Guardian 4 (our CGM), and wraparound applications and services. Our Bluetooth-enabled smart insulin pens connect with our Smart Dosing software and intuitive mobile app, which can track and personalize insulin dosing suggestions based on CGM sensor readings, including suggestions for mealtime and correction doses.

Today, we are the only company that commercializes all the constituent parts of these advanced solutions for diabetes therapy. We believe that other players in our market specialize in CGM sensors or insulin pumps and dosing algorithms, and therefore need to establish strategic partnerships and share data in order to offer Smart Dosing solutions. We believe that our presence in all parts of the Smart Dosing ecosystem is a significant advantage over our competitors because it can result in a more effective user experience, relieving some of the burdens of existing diabetes technology. Additionally, our data advantage in having both CGM and insulin data allows us to be more effective in developing high-quality products that drive better clinical outcomes, especially in the iterative, data-rich development of insulin dosing algorithms.

Our products deliver differentiated clinical efficacy and customer satisfaction. We believe our solutions have demonstrated superiority over the current standard of care of administering insulin through MDI manually with only a standalone unconnected blood glucose monitor ("BGM") or CGM to inform dosing. An analysis of real-world evidence from a global dataset of approximately 400,000 users demonstrated that 80% of MiniMed 780G users using recommended optimal settings ("ROS users") (16% of all users were ROS users), and 61% of all MiniMed 780G users, achieved >70% TIR. TIR is a representation of blood glucose levels as measured by a CGM device, expressed as a percentage of time spent between 70 and 180 mg/dL, or 3.9 and 10.0 mmol/L. The target for TIR, based on ADA guidelines, is >70%. In addition, in a randomized controlled study, MiniMed 780G showed a clinically significant 1.4% absolute improvement in hemoglobin A1C ("A1C"), as compared to the current standard of care as described above. A1C is measured with a blood test and is a representation of the average blood sugar over the previous three months. The ADA recommendation for A1C is <7.0%, or 53 mmol/mol.

A 2024 meta-analysis of competing systems showed that our MiniMed 780G systems outperformed against other competing products on TIR. We believe meta-analyses and comparisons of published real-world data are robust and valid ways to compare the glycemic outcomes of our devices with those of third-party devices. Peer-reviewed meta-analyses with broad acceptance criteria and analyses like random-effects frequentist network meta-analyses provide results with confidence intervals and offer robust statistical conclusions supporting comparison of devices using available clinical trial data. Further, large bodies of real-world evidence offer a strong means of mitigating these biases and normalizing many of the specific clinical and demographic variables that exist in the real-world use of AID systems.

While meta-analysis can provide valuable insights by aggregating data from multiple studies, this approach has inherent limitations. The methodology relies on indirect comparisons, which may introduce biases due to variations in study design, populations, and analytical approaches. Without direct comparative trials, differences in outcomes between interventions may not be adequately assessed, leading to potential uncertainties in the interpretation of results. Accordingly, investors should exercise caution when considering findings derived from meta-analysis as conclusive evidence.

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Direct head-to-head clinical studies have not been conducted comparing modern AID systems at the time of this offering. Additionally, individual device clinical studies often offer small sample sizes with potential for investigator selection bias, volunteer bias on the part of the participant, and attention bias given the close follow-up during the trial. These biases, which are inherent in industry-sponsored trials, may result in a best-case scenario or non-representative outcome.

We believe our clinical performance is driven by our advanced SmartGuard dosing algorithms, which safely and automatically adjust insulin pump dosing every five minutes. An international group of experts in diabetes technology convened prior to the 2025 Advanced Technologies & Treatments for Diabetes ("ATTD") Congress and recommended establishing a tighter glycemic goal referred to as time in tight range ("TITR"). The goal for the percent of time that PWD should be in that range was targeted to be >55% as of fiscal year 2025. The reason that there is a movement to tighten the recommendation is that 70-140 mg/dL range is close to "normal," *i.e.*, where glucose for people without diabetes resides 96% of the time. As of fiscal year 2025, which ended April 25, 2025, the MiniMed 780G is the only system on the market with published data on TITR showing >55% in children and adult ROS users (5.4% of children and 5.3% of adult users were ROS users), and TITR showing >48% in all children and all adults. Because it is a new guideline, TITR has not been consistently reported or addressed in studies assessing the performance of competing systems and therapies. We regularly review the scientific literature and published data of competing systems and determined that, as of the time of this offering, competing systems and therapies do not have published TITR performance data suitable for comparison. Therefore, we have concluded that the MiniMed 780G is the only system on the market with published data on TITR showing >55% in children and adults using the recommended settings.

In terms of user experience, the MiniMed 780G has maintained the number one pump satisfaction in the United States since Q2 2024, according to pump satisfaction survey results from dQ&A's Q2 2025 U.S. Diabetes Patient Voice report. Our leading clinical and user performance has earned our status as a recognized and trusted brand in the diabetes space.

We continue to build on this position by developing innovative diabetes technologies that improve treatment and relieve burdens for PWD. Our global research and development function is focused on a number of priorities. We continue to execute on launches of our second-generation AID systems, which began with the European Union (EU) launch of our Simplera Sync CGM sensor in 2024 and has continued in the United States where we launched our Simplera Sync CGM sensor in September 2025. Along with Simplera Sync, we received U.S. Food and Drug Administration ("U.S. FDA") clearance of our SmartGuard algorithm as an interoperable automated glycemic controller ("iAGC") and MiniMed 780G as an Alternate Controller Enabled ("ACE") pump, which will enable compatibility between the MiniMed 780G system and the Instinct CGM made by Abbott ("Instinct"), a CGM sensor supplied by Abbott Diabetes Care, Inc. ("Abbott"). We have also submitted for CE Mark approval. Our third-generation AID systems are designed to utilize each of these sensors, and include our smaller MiniMed Flex insulin pump, which we have submitted for U.S. FDA approval and plan to submit for CE Mark approval by the end of the first quarter of calendar year 2026, and our MiniMed Fit patch pump with extended wear, which we aim to submit for U.S. FDA approval by the fall of calendar year 2026 and CE Mark approval thereafter. Bringing together these important hardware improvements is our next-generation Vivera dosing algorithm, which meaningfully eliminates user intervention. With these innovations, we believe we are poised to extend our category leadership, driving toward a future where diabetes management can be "hands free" with simple, highly effective insulin dosing technology that safely and reliably delivers appropriate insulin doses and achieves glycemic targets for all.

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and sourcing functions. We have built up a large base of intellectual property, with more than 2,500 patents and patent applications across our markets as of October 2025.

In the six months ended October 24, 2025 and in fiscal year 2025, we generated $1.5 billion and $2.7 billion, respectively, in revenue, of which 83% and 80% came from sales of CGMs, other consumables, software, and services. We are unmatched in our global presence among our key competitors, with outside the United States ("OUS") revenue representing 70% and 67% of our total revenue in the six months ended October 24, 2025 and in fiscal year 2025, respectively. We are the global leader in insulin pumps by users according to Seagrove Partners' November 2025 GlobeVIEW Scoreboard, servicing more than 640,000 pump users in approximately 80 countries as of October 2025. In the six months ended October 24, 2025, we achieved Net Loss of $21 million and Adjusted EBITDA of $128 million. In fiscal year 2025, we achieved Net Loss of $198 million and Adjusted EBITDA of $253 million. Our Net Loss represented 1% and our Adjusted EBITDA represented 9% of our revenue during the six months ended October 24, 2025, and 7% and 9%, respectively, of our revenue during fiscal year 2025. We aim to achieve profitable growth with our strategy. For additional information about these non-GAAP measures, including a reconciliation of each of these non-GAAP measures to its most directly comparable financial measure calculated in accordance with U.S. GAAP, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures."

**Our Market**

***Overview of Diabetes***

Diabetes is a chronic, lifelong condition characterized by the body's inability to produce or effectively use insulin, a hormone essential for regulating blood glucose levels. There is no known cure, making proper management critical to avoid serious health complications.

Diabetes is typically classified into two major groups:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T1D is an autoimmune condition which causes the body to attack insulin-producing beta cells in the pancreas. It is typically diagnosed in childhood or early adulthood. Since people with T1D are living longer than ever, the majority of people with T1D are adults. Individuals with T1D require daily insulin administration, or intensive insulin therapy, to manage their health.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T2D is a metabolic condition that results from insulin resistance, where the body's cells do not respond effectively to insulin, often accompanied by reduced insulin production over time. It is strongly associated with lifestyle factors, such as obesity, inactivity, and diet, although genetics also play a role. In some cases, T2D can be managed with changes to diet and exercise regimes; however, if the condition progresses, more active management such as insulin therapy may become necessary.

Diabetes is a widespread global epidemic that impacts a large and growing population. According to the 2025 IDF Diabetes Atlas, an estimated 589 million people are living with diabetes worldwide, and that is expected to grow to more than 850 million by 2050.

***Diabetes Management***

Conventional treatment options like MDI can be a burden on the quality of life for PWD. First, these options fail to deliver what we consider to be acceptable clinical outcomes. Second, these options require significant effort from users, meaning PWD have to deal with 24/7 administrative, physical, mental, and emotional burdens.

*Outcomes*: Although treatment options are generally widespread, a significant portion of insulin-dependent PWD are not achieving clinically recommended levels of glycemic control. About four out of every five T1D patients use a CGM sensor in developed markets, yet more than 74% of T1D patients in developed markets fail to meet glycemic targets, according to a study by Diabetes Technology & Therapeutics. The study also found that a cohort of people with T1D in 2022 achieved only an 8.4% mean A1C level, well above the ADA-recommended guideline of <7.0% A1C. The same 2022 cohort achieved only a minor improvement versus a 2016 cohort that

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achieved a mean A1C of 8.7%, despite a significantly higher rate of technology utilization in the 2022 group (*e.g.*, a 45% increase in the percentage using a CGM).

*Burdens*: Current options require constant monitoring, decision-making, and interventions by PWD and their families, leading to administrative, physical, mental, and emotional burdens. Examples of administrative burdens include carrying around supplies (glucose tabs, juice or snacks, back-up insulin, needles, lancets, spare sensors, pump supplies, batteries, *etc.*), reordering supplies, obtaining documentation for travel, going through secondary screenings with airport security, handling insurance, obtaining prior authorizations, and refilling prescriptions, among others. Physical burdens include fluctuating glucose levels (which may cause lethargy, difficulty in focusing, and/or frequent urination), having to eat when not hungry (to correct lows) or delaying meals (to wait for insulin to act), body image concerns (especially among teens and young adults), skin irritation or allergic reactions to adhesives, constant beeping/alerts (especially overnight, disrupting sleep), finger pricks (in the case of self-monitoring blood glucose, or "SMBG"), scar tissue, and wearing bulky and/or uncomfortable devices. Emotional burdens result from fear of going low while driving, during meetings, or during solo travel, burnout/fatigue from never being "off duty," and PWD and their families worrying about unexpected episodes of severe hypoglycemia leading to the need for assistance, seizure or coma, and/or severe hyperglycemia that can lead to life-threatening ketoacidosis requiring hospitalization. Between 20% and 40% of people with T1D report emotional distress related to the burden of self-management. PWD also deal with decision-making burdens such as carb counting for proper insulin dosing, which we estimate more than 65% of PWD miscalculate.

Addressing these challenges is key for the success of our offerings. We do not believe a cure to diabetes is imminent, nor do we believe that cell therapies or GLP-1s represent a realistic solution for the large global population of people requiring intensive insulin treatment. Studies show both cell therapies and GLP-1s have been proven to be less cost-effective than AID systems, and still require access to treatments like AID or MDI as a backup matter. Cell therapies for T1D require costly drugs to suppress immune response. GLP-1 treatments for T2D patients requiring intensive insulin treatment may still require the use of glycemic management tools such as AID or MDI for most individuals.

***Our Addressable Market***

The primary addressable market for our solutions includes people with T1D and T2D who require intensive insulin therapy, as well as people with T2D requiring basal insulin titration. In total, we define this addressable market as the market for insulin-taking individuals. This population requires a combination of CGM or BGM and insulin pumps or MDI. This is our primary market and our core focus because it represents the population of PWD who most value and utilize the technology we provide. Our addressable market is expected to grow at a compound annual growth rate above 10% from 2025 through at least 2030, according to Seagrove Partners' November 2025 market model. Our market exhibits many of the same secular growth drivers as the broader disease population, including prevalence of Western diets and healthcare development in emerging markets. Although smaller than other segments of the broader diabetes market by population size, we believe our primary addressable market has the highest utilization of diabetes management solutions and advanced technology and is the most likely to have reimbursement coverage in developed markets. This is because the patients in our addressable market lack natural ability to produce sufficient insulin levels on their own and thus have the strongest clinical need for insulin therapy to enable the prevention and reduction of life-threatening complications that can occur from insufficient insulin levels (which in turn is essential for reducing overall long-term costs to the healthcare system):

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**Figure A**

![figured.jpg](figured.jpg)

Worldwide, according to Seagrove Partners' November 2025 market model, it has been estimated that there are over 37 million PWD requiring intensive insulin therapy, with approximately ten million people in the top developed markets with the largest diabetes populations, including the United States, Canada, Australia, Japan, and major countries in Western Europe. Seagrove Partners also estimated that there are approximately 33 million additional people with T2D who require basal insulin, with approximately nine million people in the top developed markets with the largest diabetes populations, including the United States, Canada, Australia, Japan, and major countries in Western Europe. In total, we estimate the current market for our diabetes technologies and other offerings to be over $18 billion, based on last twelve months ended September 2025 revenue from public filings of leading diabetes device manufacturers as identified by Seagrove Partners. As of the time of this offering, we utilize a dual-channel approach in the United States where we distribute the majority of our products through the DME channel and only a small percentage of our products through the pharmacy channel, whereas our market estimate includes companies that have broad coverage in the pharmacy channel. We expect this market size will continue to grow due to increasing adoption of advanced diabetes management technologies, like ours, which are currently underpenetrated in the market. The MiniMed 780G system is approved for use by people with T1D and insulin-requiring T2D in the United States and EU.

***Growth Opportunity for Advanced Technologies***

We believe the main driver of our market's expected rate of growth is increased penetration of Smart Dosing solutions, such as AID, over traditional therapies like unconnected MDI or standalone CGMs. Smart Dosing solutions integrate accurate, real-time blood glucose measurements with technology automation applications, like AID and Smart MDI (software-connected injection device systems), enhanced with advanced dosing software and algorithms. Smart Dosing technologies, particularly AID, are designed to provide an "artificial pancreas" solution that dramatically simplifies diabetes management and insulin therapy for PWD. They are becoming the gold standard of care in our space because of their proven ability to improve clinical outcomes and reduce user burden.

The global community is taking notice of the improvement from using AID systems compared to conventional treatment, with organizations worldwide increasingly recommending AID as a first-line therapy. For example, the ADA recommends that AID systems should be offered to youth and adults with T1D early, even at diagnosis. Additionally, the ATTD consensus report recommends AID systems should be considered for all people with T1D,

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especially those with suboptimal glycemia, problematic hypoglycemia, and/or significant glycemic variability. It also recommends that all payors should cover AID systems along with initial and ongoing training and education for people with T1D. Lastly, International Society for Pediatric and Adolescent Diabetes ("ISPAD") clinical practice consensus guidelines have stated that AID systems improve TIR by minimizing hypoglycemia and hyperglycemia, are especially beneficial in attaining targeted glycemia in the overnight period, and are strongly recommended for youth with diabetes. These technologies continue to improve as well, with innovations like more simplified pump systems, easy-to-use CGMs, and AID algorithms, according to Seagrove Partners' November 2025 market model.

According to the same market model, most PWD taking insulin in OUS developed markets (defined to include Canada, Australia, New Zealand, Japan, South Korea, and major countries in western Europe) utilize a standalone CGM with MDI that is not connected to their insulin dosing solution. Similar to the United States, most PWD with intensive insulin needs in developed markets are not using Smart Dosing solutions. Specifically, only 26% of T1D patients (approximately 800,000 out of 3.0 million in total) and 6% of insulin-requiring T2D patients (approximately 200,000 out of 3.2 million in total) use AID systems in these OUS developed markets. Emerging markets show even less penetration of advanced technologies: less than 3% of T1D patients (approximately 300,000 out of 12.0 million in total) and less than 1% of insulin-requiring T2D patients (approximately 140,000 out of 14.0 million in total) use AID systems in OUS developing markets (defined as all markets other than the United States and OUS developed markets). The implication is that the vast majority of PWD today rely on manual, error-prone, and burdensome methods of estimating, calculating, and dosing their daily insulin. There are over 15 million patients currently on MDI that could benefit from AID in the future, according to Seagrove Partners' November 2025 market model.

We believe that the adoption of Smart Dosing technologies has room for growth. While some existing products may be seen as complex, costly, and not meaningfully more effective than alternatives, this opens the door for innovation to enhance these technologies in ways to better serve PWD and HCPs who prescribe these devices. For example, current AID systems on the market still require manual meal announcements, requiring PWD to estimate carbohydrates, be proficient at using technology or require physicians to make many adjustments to device settings, and attend to administrative diabetes management tasks—there is potential for a more intuitive, "hands-free" experience. Moreover, in the United States, some of the providers who treat this population are PCPs, not diabetes specialists. These PCPs often do not have the specialty knowledge, resources, or bandwidth to prescribe complex devices. This presents an opportunity to simplify these solutions, making them more accessible and easier to prescribe, ultimately enhancing support for both PWD and HCPs.

With advanced technologies to offer, organizations like ours focus on closing education gaps among HCPs and PWD who are less familiar with new technologies. In doing so, we believe companies like ours have the potential to overcome perception barriers around clinical performance and technology simplicity.

**Our Products and Offerings**

Our Company strives to provide a holistic diabetes management ecosystem for our customers. We provide optionality and choice to our customer base, offering different form factors and treatment options which use integrated service channels that create one point of contact for all customer needs.

Our primary mission is to make every day a better day for people with diabetes. We do this by providing a comprehensive suite of Smart Dosing systems that are easy to use, automated, clinically superior to conventional treatment paradigms, and fully integrated. We are currently the only medical technology company in the diabetes space to commercialize a complete system, owning and innovating on all aspects of diabetes management systems for over 40 years. We offer two types of systems for people with insulin-requiring diabetes: AID and Smart MDI.

***Automated Insulin Delivery (AID) System***

The MiniMed 780G is our flagship AID system, which we believe most closely mimics how a healthy pancreas functions compared to other options available on the market today. Using our Meal Detection technology, it automatically adjusts and corrects every five minutes, providing as much insulin as needed, and exceeding the internationally recommended clinical outcomes for most patients. We are the first and currently the only company to commercialize a complete AID system comprised of an insulin pump, advanced dosing algorithm, the Simplera Sync CGM sensor, the MiniMed Extended Infusion Set, and the MiniMed Extended insulin reservoir.

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The MiniMed 780G system has provided unparalleled clinical outcomes and is easy to use for PWD, caregivers, and healthcare teams. A person with diabetes using the system simply glances at his/her glucose and estimates carbohydrates a few times per day and the system does the rest. If the user forgets to enter his/her carbohydrates, the system's patented Meal Detection technology automatically corrects glucose without alerting the user or requiring any effort from the user. Minimal to no action is required by caregivers because the system takes care of background and bolus insulin as needed. If desired, they may follow remotely with the CareLink Connect App. Finally, the MiniMed 780G system requires very little set-up/follow-up for healthcare teams. There are only three settings which impact insulin delivery and few, if any, changes are needed to the settings after system initiation. Moreover, the MiniMed 780G system with a seven-day-wear infusion set and 15-day Instinct CGM is designed to require only six injections per month, compared to the estimated 12 to 18 injections per month that is currently required to use competing AID systems from Insulet and Tandem. The 780G system is not only simple for PWD, their caregivers, and their healthcare team, it also delivers unmatched clinical outcomes, helping PWD live healthier and easier lives.

The MiniMed 780G system consists of the following components:

*The MiniMed 780G insulin pump* is our second-generation insulin pump, offering enhanced functionality and technological integration with other components of our 780G system. It features a low glucose target setting (as low as 100 mg/dL) that closely mirrors the average glucose of someone not living with diabetes. With this setting, the pump will "treat to target" and will automatically and safely deliver basal insulin adjustments and autocorrections to a set target. The pump does not need to be left to charge, as the user simply needs to replace the AA batteries whenever necessary. Additionally, the pump features a companion mobile app that makes it easy for users to discreetly monitor their glucose levels and insulin pump data, receive notifications, and automatically upload data to the CareLink cloud. The product received CE Mark approval in June 2020 and U.S. FDA approval in April 2023.

*The Simplera Sync CGM* sensor is an easy-to-use, two-step insertion sensor that is fully disposable, worn on the arm, and can last for up to seven days of continuous sensor readings. It is small and able to be worn discreetly, engineered to comfortably withstand normal daily activity without coming off. Usage and insertion are easy, and the product requires no calibration. The Simplera Sync CGM sensor received CE Mark approval in September 2023 and U.S. FDA approval in April 2025. We believe the improved design and ease of use of Simplera Sync will help accelerate penetration of the 780G system.

*The Instinct sensor* is an alternative CGM sensor based on Abbott's most advanced single-analyte CGM technology. Instinct features easy one-handed insertion, small and discreet wear, 15-day wear time, one hour warm-up, and no overtape. The MiniMed 780G system is designed to ensure seamless integration with Instinct. The MiniMed 780G received U.S. FDA clearance as an ACE pump in July 2025, and our SmartGuard algorithm received U.S. FDA clearance as an iAGC in September 2025. We have also submitted for CE Mark approval.

The MiniMed 780G system uses our *SmartGuard dosing algorithm technology*, which automatically delivers basal insulin and auto-correction doses every five minutes based on sensor glucose readings. Additionally, every night the algorithm updates to adapt to ongoing changes in user behavior patterns. Compared to other systems, SmartGuard technology is able to dose more insulin safely, early, and often when sensor glucose is trending to higher levels to avoid hyperglycemia without increasing the risk of lows. Up to 288 automatic adjustments can be made on a daily basis. With our Meal Detection technology, the system also uses current and past sugar trends to detect a missed meal dose. When a user forgets to bolus, if the system detects a meal based on the rapid rise in sugar levels, it will automatically deliver correction doses while sugar levels are rising, up to every five minutes, to help bring the user back to target.

As part of the MiniMed 780G system, we offer a broad portfolio of *infusion sets and reservoirs* available to match different patient body types and lifestyle needs. Our latest model is the MiniMed Extended Infusion set, which was the first commercialized infusion set to last up to seven days. This long-wear system eases the burden on PWD, allowing for fewer set changes and decreasing the burden of finding new infusion sites on their body. This set complements our Simplera Sync sensor, as users can replace them at the same weekly cadence. In addition to this model, we offer additional products to meet the diverse needs of PWD. For those with needle anxiety, we offer the MiniMed Mio Advance infusion set with an all-in-one insertion design. For those with allergies, we offer the MiniMed Sure-T infusion set, which uses a steel needle rather than a cannula.

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The MiniMed 780G system has demonstrated the ability to significantly reduce burdens and improve outcomes relative to other treatment options available today, earning the highest satisfaction ratings among AID systems according to pump satisfaction survey results from dQ&A's Q2 2025 U.S. Diabetes Patient Voice report, and has proven to reduce effort required for many patients and result in a higher quality of life. Additionally, the system has delivered superior outcomes for diverse populations, including high-risk adolescents, the technology naive, and patients new to insulin pump therapy.

In the United States, the MiniMed 780G system is indicated for use by T1D patients seven years of age and older and insulin-requiring T2D patients 18 years of age and older. In the EU, the MiniMed 780G system is indicated for use by T1D and insulin-requiring T2D patients two years of age and older, as well as pregnant women. As of October 2025, we have more than 640,000 customers in approximately 80 countries on the system. We also offer compatibility with our MiniMed Guardian 4 sensor, Simplera Sync, and major smartwatch platforms. The MiniMed 780G system is intended for use with rapid-acting U-100 insulins (Admelog, Humalog, and NovoLog) in the United States and EU, as well as ultra-rapid-acting U-100 insulins (Fiasp and Lyumjev) in the EU. We have also submitted for U.S. FDA approval for use with ultra-rapid-acting U-100 insulins in the United States. In addition to the MiniMed 780G system, we offer prior versions of our AID system including MiniMed 770G, MiniMed 740G, and MiniMed 720G in select markets based on access and market need, which all have a connected CGM and smartphone compatibility.

***Smart Multiple Daily Injection (MDI) System***

For PWD that choose to manage their diabetes with MDI instead of an insulin pump, we offer our Smart MDI system. Smart MDI helps limit the guesswork typically required for manual insulin dosing to help PWD deliver the appropriate dose at the appropriate time and improve health outcomes relative to patients who only use a CGM sensor. Studies have indicated that our Smart MDI system can deliver a 70.3% TIR and a 13% reduction in hypoglycemic events relative to baseline.

The system is comprised of the MiniMed InPen (a Bluetooth-connected smart insulin pen), the MiniMed Simplera CGM (a user-friendly and fully disposable seven-day CGM), and an integrated management app. The Smart MDI system works by reading the glucose levels of the user from the CGM and recommending the appropriate amount of insulin to take via the InPen. Critically, this is the first and only system available today that tracks and measures both insulin dose delivered and glucose data to deliver personalized, real-time dosing recommendations so that PWD using the system can take the exact dose they need. This system is also compatible with the MiniMed Guardian 4 sensor and is indicated for insulin-taking PWD seven years of age and older. For patients who fear needle injections or desire a more comfortable injection experience, we also offer i-Port Advance, a three-day, simple-to-apply, and fully disposable injection port.

***CareLink***

CareLink is the software platform that provides support for PWD, their caretakers, and HCPs to help manage diabetes treatment. CareLink aggregates disease management data points, such as real-time CGM readings and insulin dosing logs, to generate actionable insights that can help improve health outcomes. Since the platform's inception in 2006, we have continued to enhance its functionality with regular updates.

The CareLink patient dashboard improves efficiency by providing easy access to data to assess therapy management performance at a glance, displayed in a single, interactive view. This includes a 24-hour sensor glucose overview to show users how they are doing in managing their treatment and whether adjustments or changes need to be made. PWD, their caretakers, and HCPs can get updates on key performance indicators, tracking trends and changes in glucose, TIR, extreme glucose levels, and device usage. Using CareLink monitoring data, the My Insights program provides PWD with automated, personalized insights and encouragement, which we expect to incorporate as in-app nudges in upcoming CareLink development milestones. With the patient dashboard, providers can remotely monitor key data points for all their patients in one view, including TIR, insulin delivery, and device usage. This platform simplifies HCPs' workflow, helping to prioritize which of their patients need the most support and facilitating more efficient allocation of time and resources to help HCPs run their practices more effectively.

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**Clinical / Real-World Evidence**

Our commitment to PWD has always been to create a smarter and easier future for PWD, which has driven our organization to develop what we believe is currently the world's best AID system, the MiniMed 780G. The 780G has consistently demonstrated superior glycemic control, clinical efficacy, and cost-effectiveness compared to other diabetes treatment options, including competing AID systems based on real-world data and literature meta-analyses. Additionally, the 780G's ability to manage basal and bolus insulin delivery without any action required greatly eases the burden of managing diabetes. The clinical and real-world evidence base for the 780G is robust, consisting of eight randomized clinical trials, nine health economics analyses, over 200 peer-reviewed publications, and real-world evidence based on approximately 400,000 PWD. The breadth and depth of this data reinforces our belief that the 780G is the most advanced technology in diabetes, improving the lives of PWD, their families, caregivers, and HCPs who care for PWD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The 780G has Improved Glycemic Control versus the Current Standard of Care*: The ADAPT study is the first multi-national randomized control study evaluating the performance of the 780G system versus standard of care (MDI + intermittently scanned CGM ("isCGM")) in individuals with T1D who were poorly controlled (A1C of 9% at baseline) despite scanning their glucose levels at least five times per day. At six months of this study, A1C had decreased by around 1.54% to 7.32% for 780G users, compared to a decrease of around 0.2% to 8.91% for users of MDI + isCGM. The use of the 780G system in this study demonstrated the benefits in glycemic outcomes and users' satisfaction beyond those that can be achieved with MDI + isCGM. Additionally, significantly more users on the 780G achieved the TIR and A1C targets than users on MDI + isCGM. This data supports providing access to our advanced hybrid closed-loop system in people with T1D who are not at target glucose levels. On average, participants using the MiniMed 780G system reported improved quality of life as measured in decreased social worry and diabetes worry, as well as increased treatment satisfaction, impact, and general well-being.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The 780G's Superiority has been Further Supported by Real-World Evidence*: Real-world evidence from a global dataset of approximately 400,000 users demonstrated that the 780G can help improve outcomes for people living with T1D by safely achieving glycemic targets. Overall, 67% of MiniMed 780G ROS users (16% of all users were ROS users), and 47% of all MiniMed 780G users, achieved the combined glycemic targets of TIR above 70%, Time Below 70 mg/dL below 4%, and Time Below 54 mg/dL below 1%. Mean TIR was 77.5% and mean glucose management indicators ("GMI") was 6.8% for ROS users, and 72.1% and 7.0% for all users. GMI is a population-based estimate of A1C based on mean GCM glucose that is widely accepted as an indicator in the diabetes industry. The 780G also has consistent outcomes in diverse populations of users across age, gender, geography, and prior levels of glycemic control. In a published longitudinal study of real-world evidence collected from over 100,000 MiniMed 780G users across 34 countries in Europe, the Middle East, and Africa ("EMEA"), the glycemic outcome results were sustained over a 12-month observation period, which was the clinical endpoint of the analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The 780G's Ease of Use Can Reduce the Burden of Managing Diabetes*: The 780G's ease of use also benefits people who have no prior experience with pump therapy—specifically, users who are on MDI + SMBG. Based on a two-center, randomized control study with 37 participants, users who switched from MDI + SMBG to the 780G experienced a 16% increase in TIR to 85%, with significant improvements in A1C levels from 7.05% to 6.7% and in quality of life. 100% of the 780G users achieved ADA-recommended TIR or better compared to only 29% for MDI + SMBG users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The 780G System Can Improve Outcomes for Diverse Populations of PWD*: The 780G has been proven to work for people across diverse socioeconomic backgrounds, as defined by the area deprivation index ("ADI") score, a composite metric of socioeconomic status based on income, housing, employment, and education. Based on real-world evidence from over 39,000 780G users who lived in the United States, glycemic control results were similar regardless of socioeconomic status, with all ADI groups achieving an average 7% GMI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The 780G System Can Improve Outcomes for Diverse Populations of PWD*: The 780G has shown to be an effective therapy for diverse groups of people, delivering international consensus-recommended glycemic

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control. Regardless of age, gender, race, socioeconomic backgrounds, or culture, our AID system has proven to achieve meaningful improvement in glycemic levels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The 780G System Has Delivered Best-in-Class Glycemic Control Outcomes Over Current AID Systems and Insulin Pumps*: According to a meta-analysis of 28 randomized control trials of people with T1D, 780G users achieved the highest TIR across all users of tested AID systems. In addition to clinical studies, based on published real-world data, the 780G has proven to help its users maintain the closest TIR to a healthy pancreas compared to competing AID systems. A healthy pancreas maintains a TIR of 95%+. Acknowledging differences in patient age distributions can impact sustained TIR results in real-world data, in a longitudinal global real-world evidence dataset comprised of approximately 400,000 users spanning pediatric to adult patients, the 780G system has been proven to maintain a median TIR of 75-78% across pediatric and adult ROS users (comprised of over 65,000 users) as compared to published real-world evidence showing a median TIR of 65-70% across pediatric and adult age groups using the lowest glucose target for Insulet's Omnipod 5 (54% of users used the lowest glucose target, and median TIR was 61-66% for all users) and, for Tandem's Control-IQ, a median TIR of 72% for all patients and, in a separate 12-month observational study, a median TIR of 61-70% across pediatric and adult age groups. In the same data, for patients using 780G, 80% of all ROS users achieved the consensus target of TIR over 70%, as compared to 46% with the lowest target glucose setting for Insulet's Omnipod 5. The percentage of patients using Tandem's Control-IQ that achieved the consensus target of TIR over 70% was not specified.

Data for this comparison is based on Insulet's Forlenza 2024 study, Tandem's Messer 2023 study, and Tandem's Graham 2024 study (each as defined in the section of this prospectus entitled "Market and Industry Data"), which we believe are comparable to our real-world data because they are also relatively large real-world datasets with diverse populations spanning pediatric and adult patient ages, but differ in that they are limited to U.S. patients. Additionally, while Tandem's Graham 2024 study is longitudinal and discloses outcomes for pediatric and adult age groups, it has a comparatively smaller sample size, and while Tandem's Messer 2023 study has a comparatively larger sample size, it is not longitudinal and does not disclose outcomes by age groups.

The Pöhlmann 2025 meta-analysis, a systematic literature review and meta-analysis of 34 real-world studies conducted by external researchers in collaboration with Medtronic, evaluated glycemic outcomes across major AID systems. This independently executed analysis included data from more than 635,000 users. The study explores comparative performance outcomes for Medtronic's MiniMed 780G, Tandem's Control-IQ, and Insulet's Omnipod 5 systems, among others.

The Pöhlmann 2025 meta-analysis found that the MiniMed 780G achieved the highest pooled TIR, outperforming both Control-IQ and Omnipod 5, while also demonstrating lower time above range and more consistent performance across geographies and age groups relative to other systems. MiniMed 780G ROS users achieved a mean TIR of 79.6%, which was 11.9% higher than the mean TIR of 67.7% achieved by Omnipod 5 ROS users. The overall (using any settings) TIR results showed that MiniMed 780G users using any settings achieved an unweighted mean TIR of 73.8%, which was 13.8% higher than the mean TIR of 60.0% achieved by Omnipod 5 users using any settings. ROS users comprised 6.5% of MiniMed 780G users and 53.3% of Omnipod 5 users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The 780G Can Be Cost-Effective*: The 780G can be a cost-effective way to manage diabetes and provide both long- and short-term economic benefits to PWD and healthcare systems. An analysis of data sourced from the ADAPT trial showed that 780G could potentially generate long-term savings, versus traditional therapies, of up to €43,000 per quality-adjusted life year ("QALY") by reducing diabetes-related complications in people with T1D with suboptimal glycemic control. A separate analysis established that use of the MiniMed 780G system was associated with an estimated 2.26 additional QALYs compared with isCGM plus MDI therapy in France, reflecting projected reductions in long-term diabetes complications and improved overall health outcomes.

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**Innovation / Pipeline and Future Initiatives**

***Overview***

We plan to continue our track record of creating disruptive technologies in the diabetes industry with our rich pipeline including the MiniMed Go, our next-generation MDI system with single app integration; the MiniMed Flex, our smaller, screenless, newly designed insulin pump; our MiniMed Fit patch pump with extended wear; and our next-generation Vivera dosing algorithm. In addition, we received U.S. FDA clearance of our SmartGuard algorithm as an iAGC and MiniMed 780G as an ACE pump that are both compatible with Instinct, an alternative CGM sensor that will provide greater customer choice and flexibility. These low-burden, easy-to-use, and consumer-friendly products are expected to be wrapped around a unique software system that we are designing to allow the user to switch easily between devices to customize their treatment with a desired system solution combining these technologies.

**Figure B**![figurebi.jpg](figurebi.jpg)

We illustrate our historical and future evolution treating PWD with our products in the three stages below. Our MiniMed 670 system with Guardian sensor represented our first generation of products in AID—products that were first to market and transformed the lives of many PWD but still required some manual input. We believe that with the MiniMed 780G system and Simplera Sync CGM sensor, we are currently in the second generation of products in AID. With our improved dosing algorithm and CGM sensor, we believe we have enhanced the overall user experience. In the near future, subject to regulatory approval, we plan to globally introduce our new insulin pump, our next-generation Vivera dosing algorithm, improved Simplera Sync CGM sensor, and Instinct, ultimately providing what we believe will have the potential to be the best performing and easiest-to-use "hands-free" AID user experience in the market.

***Second-Generation AID Expansion***

After launching our MiniMed 780G system, latest InPen system, Simplera Sync, and Simplera CGMs, our remaining second-generation AID initiatives represent initiatives where we plan to leverage our current products, including our pioneering and industry-leading dosing algorithm, based on TIR outcomes in real-world data, and system data, to expand our indications and improve the user's sensor experience.

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We continue to seek approval for additional indications for the MiniMed 780G system to further expand our total addressable market. For example, in fiscal year 2026, we received U.S. FDA and CE Mark approval for use of the MiniMed 780G system by insulin-requiring T2D patients. We believe the insulin-requiring T2D population is vastly underpenetrated around the world and well-suited for the MiniMed 780G system. For the last twelve months ended October 24, 2025, approximately 40% of new U.S. patients on our insulin therapies (AID or Smart MDI) were T2D patients.

***Third-Generation AID Pipeline***

With our third-generation products, we plan to introduce a comprehensive platform that will unify our products through a modernized and consistent app that will connect the user, HCPs, and caregivers. We believe this comprehensive platform will help address the different needs and preferences of this population, while simplifying their therapy options and data management to one source.

*MiniMed Flex Pump*

MiniMed Flex is our planned next-generation tubed insulin pump for PWD. With its reduced size, sleek design, seven-day-wear infusion set, and smartphone control, we believe MiniMed Flex offers superior benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improved hardware experience and design that is 50% the size of the current MiniMed 780G

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Simplified app experience

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access to best-in-class algorithm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Simplified training experience

We anticipate the MiniMed Flex will work with our Simplera Sync sensor as well as Instinct. We have submitted the MiniMed Flex for U.S. FDA approval and plan to submit for CE Mark approval by the end of the first quarter of calendar year 2026.

*Sensor Flexibility with Instinct*

In addition to Simplera, with our third-generation of products, we are introducing an alternative CGM with our global partnership with Abbott. Abbott will supply us with Instinct, an alternative CGM sensor based on Abbott's most advanced single-analyte CGM technology, and will be the exclusive supplier of third-party CGMs for certain of our AID and Smart MDI systems. These systems are designed to ensure seamless integration with Instinct. We received U.S. FDA clearance of our SmartGuard algorithm as an iAGC and MiniMed 780G as an ACE pump, which will enable compatibility between the MiniMed 780G system and Instinct. We have also submitted for CE Mark approval. Instinct is exclusively integrated with MiniMed devices and algorithms and is based on an Abbott CGM that has U.S. FDA and CE Mark approval. The combined solution of Instinct with MiniMed 780G as an integrated system creates a new product offering that expands treatment options for MiniMed users.

We believe integrating Instinct into our AID and Smart MDI systems allows us to expand access for PWD by combining our advanced insulin dosing solutions with the most widely used CGM technology in the world. We look forward to offering our Simplera platform alongside Instinct to bring more choice to PWD within one seamless MiniMed experience.

***AID and Smart MDI Expansion***

*MiniMed Go Smart MDI*

We are progressing several enhancements to our Smart MDI system with our next-generation MiniMed Go system. MiniMed Go is our next-generation Smart MDI system and is expected to offer: a simple, self-start smart insulin pen; a single, fully integrated app; and full integration with the Simplera Sync and Instinct CGMs. We have received CE Mark approval for MiniMed Go, and we have applied for U.S. FDA approval for MiniMed Go.

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MiniMed Go will be focused on enhancing and simplifying the user experience, including by providing proactive and predictive dosing recommendations, automating glucose level prediction in the background, and prompting the user to bolus or correct before he or she risks becoming hyperglycemic. We believe MiniMed Go will have the ability to deliver improved outcomes over CGM alone providing an option for those not interested in a pump. In the United States, upon approval by the U.S. FDA, we expect MiniMed Go to be distributed initially through the pharmacy channel.

*MiniMed Fit Patch Pump*

MiniMed Fit is our planned patch pump and is intended to offer an alternative form factor to our tubed pump. We expect that MiniMed Fit will offer a discreet, convenient diabetes product with the potential for extended wear time (up to seven days), large reservoir (300 units), and smartphone control. In addition, the MiniMed Fit patch pump's differentiated two-piece design operates quietly and reduces waste, with a reusable component containing the rechargeable battery and high-resolution electronics, and a consumable or disposable component containing the insulin reservoir and on-body adhesive.

We believe MiniMed Fit will be attractive to both the T1D and T2D populations given its reservoir size and days of wear. We also believe the product will be positioned to enhance our U.S. pharmacy channel strategy.

*Next-Generation Vivera Dosing Algorithm*

We are working to extend our category leadership with our next-generation Vivera algorithm which we expect will enable a "hands-free" AID system that can safely and reliably deliver the right doses of insulin at the right time with just one total daily dose setting, and without any regular user input. This next-generation algorithm is being designed to minimize the burden of managing diabetes by eliminating carb counting and manual food bolusing while allowing the user to maintain class-leading and consensus-recommended levels of glycemic control, with flexible targets of 90-140 mg/dL. We believe our algorithm will be highly differentiated among the algorithms currently in the market, minimizing input by the user and the provider. In feasibility study data, the Vivera algorithm without manual user input achieved a TIR of 73.8%, exceeding ADA guidelines of TIR >70%. For users seeking even tighter glycemic control, the Vivera algorithm with optional user carb counting achieved a TIR of 82.3%. We expect to begin the U.S. pivotal trial for our Vivera algorithm in the first quarter of calendar year 2026.

*Next-Generation Software and Services*

As part of our third-generation AID pipeline as well as our Smart MDI expansion, we plan to simplify the patient and HCP experience through a unique software system to allow users to switch easily between devices. This unified app experience will allow users to transition seamlessly across all of our insulin delivery offerings (tethered pumps, patch pumps, and smart pens) as well all of our CGM offerings, all with a common and familiar user interface both for daily diabetes management as well as for HCP care management. This data mobility and portability across all of our products means a patient's data, inclusive of their diabetes management history and therapy settings, will go with them and enable interchangeable switching depending on lifestyles and device form factor preferences. This will unlock total therapy management from one smart device plus easy access for care partners in and outside the clinic.

**Our Commercial Organization**

We believe our commercial and service capabilities, scaled manufacturing capabilities, and broad and deep commercial reach provide us with a key competitive advantage among leading diabetes device manufacturers and the ability to realize durable growth at scale over the long term, as improving standards of care proliferate globally.

Our global commercial operations consist of over 3,000 employees as of May 2025. Our customer care and technology support operations represent over 1,100 employees across our commercial functions, with scaled global call centers that support 25 different languages on a 24/7/365 basis. Our reach, access, and relationships within the physician community have been cultivated over decades of strong partnership. We believe our omnichannel B2B2C marketing capabilities, digital and in the field, strong relationships in the diabetes community, and global brand reputation position us as the preferred customer choice throughout the entire customer journey.

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Our sales infrastructure includes territory managers who support over 40,000 prescribing HCPs, primarily endocrinologists and diabetes educators, as of April 2025, and who have built deep relationships with key opinion leaders ("KOLs"). We consider this breadth to be a key growth enabler in our market, as our engagement with these clinical professionals helps to proliferate broader understanding and appreciation of our differentiated clinical data and user experience.

Globally, the diabetes market is very heterogeneous, requiring highly specific yet broad expertise in order to operate and succeed. A considerable portion of our sales have come from EMEA. This region is highly diverse, where there are nuanced differences in sales process and country-specific factors like tenders, vendor rankings for access, and varying levels of government involvement in procurement, fulfillment, and reimbursement.

For example, in Italy, its national health service delegates procurement to 19 regions and two autonomous provinces, within a tender framework. Across Italy, our business achieved a greater than 95% sensor adoption rate for those customers who used our insulin pumps in fiscal year 2025, and has been ranked as a number one or two leading brand for insulin pump users in each of the 2022-2024 dQ&A Italy Patient Voice surveys. We achieve this through a local tailored approach to HCP advocacy, partnering with around 300 patient groups and 2,000 HCPs as of April 2025, given Italy also limits digital marketing and advertising activities.

In contrast, France delegates procurement, fulfillment, and training to private service providers, with whom we negotiate pricing and supply agreements. These service providers are also the only parties that can have direct patient contact, meaning demand generation activity generally focuses on making our economic case to the service providers and HCPs, while also using more social media and press to highlight our products and brand instead of conducting field clinical sales activities.

Our European commercial organization is large, supporting thousands of HCPs, and boasts a long tenure of experience in the diabetes industry. We have built a large patient advocacy organization inclusive of partnerships with national, regional, and local associations. As of fiscal year 2025, we have developed deep relationships with KOLs, including 60 regional KOLs, over 100 additional country-level KOLs, and a team of patient advisors in the region who help to drive advocacy. We also strategically leverage our large digital footprint in these markets in compliance with country-level regulations regarding digital marketing activities. Customers in EMEA also value our integrated system sale and related wraparound services. We offer a number of digital care management platforms, training, and onboarding tools, and in some countries are able to offer our devices and related services in a bundled subscription offering.

**Our Competitive Strengths**

We believe the following strengths provide our business with significant, lasting advantages:

***Unique and differentiated technology system delivering superior health outcomes and reducing diabetes disease burden for patients***

We are the only player that independently commercializes a fully integrated Smart Dosing system by offering all the components required, including the capability to produce pumps and insulin pens, CGMs, other consumables, dosing algorithms, software, and applications, as well as wraparound system support. Our fully integrated system addresses two key pain-points for PWD: health outcomes and complexity of diabetes management.

*Addressing Health Outcomes*: Our systems have consistently delivered superior clinical outcomes across diabetes populations, with a robust body of clinical evidence from controlled studies as well as real-world outcomes supporting our ability to improve glycemic control when compared to competing Smart Dosing systems as well as traditional therapy treatment options, including MDI with an unconnected CGM. Driving these better outcomes is crucial to relieving users of the serious comorbidities and health risks associated with diabetes—renal disease, blindness, nerve damage, and cardiovascular disease risk, among others. In addition to clinical studies, health economics studies have shown that our products also are associated with higher life expectancy and better cost-effectiveness versus traditional therapies. We believe the key to delivering these outcomes is our robust dosing algorithm, which was built with the benefit of hundreds of millions of patient data points accumulated over our years of operation.

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*Addressing Complexity*: We address complexity by offering a simple solution and customer experience that removes some of the constant administrative, physical, mental, and emotional burdens associated with managing diabetes. We believe our robust and forgiving algorithm is the market leader in effectiveness based on the results of our clinical studies. It can adjust for the occasional missed meals and deliver autocorrections to keep patients in a healthy glycemic range. As the only medical device company that commercializes all the components of a full Smart Dosing system, our solutions are designed to integrate best and work better together. For example, the CGM and pump connect seamlessly without line-of-sight issues. Our customers have a single vendor and point of contact for their technology needs, further simplifying their disease management and reducing burden. We operate scaled global call centers, available on a 24/7/365 basis and supporting 25 different languages, with a single customer service line that handles issues for patients with any element of their diabetes management system. We offer a comprehensive range of treatment options, enabling user choice without sacrificing technological connectivity. Our CareLink software is fully compatible with our insulin pump, smart pen, CGMs, and other consumables, providing a solution for HCPs to manage their clinics more effectively and for users and their caretakers to track their therapy easily.

***The global leader in diabetes medical devices with the largest number of pump users, broad and deep commercial reach, and scaled manufacturing capabilities***

Among leading diabetes device manufacturers as identified by Seagrove Partners, we have the largest global footprint in our industry, operating in approximately 80 countries, and with more than 640,000 pump users as of October 2025. According to Seagrove Partners' November 2025 market model, Insulet, Tandem, Ypsomed, and Beta Bionics, which we believe represent our closest insulin pump competitors, operate in 16, 23, 16, and one countries, respectively. We deliver on our mission with a well-invested, global, and experienced employee base of approximately 8,000 dedicated employees globally, including over 3,000 commercial employees, and two world-class dedicated manufacturing facilities. Commercially and operationally, our scaled global infrastructure creates a significant barrier to entry, given our decades-long presence operating outside of the United States. We have produced over five million insulin pumps since 2001. We have experience navigating numerous distinct local regulatory and reimbursement regimes and have made a significant level of upfront investment that is required to establish footholds in our markets. As we go to market, we promote education in AID, expand availability of our products in the United States across distribution channels and health plans, and are differentiating ourselves outside of the United States in national tender regimes.

***Significant body of compelling clinical and real-world evidence demonstrating our technology's superior performance***

The MiniMed 780G system has a strong base of clinical evidence, supported by over 200 clinical publications, eight randomized controlled trials, and nine health economic analyses, as of October 2025. In addition, there is a significant base of real-world data and experience as well from users, as hundreds of thousands of people have used our products. Broadly, this evidence supports the superiority of our system against other existing treatment options. Over the years, our products have produced consistent high-quality results for users.

***Industry-defining innovation track record, skilled global R&D team, and robust proprietary Virtual Patient Model***

We have a 40+ year history of demonstrated excellence in innovation. We are committed to making material contributions to improving the lives of PWD through industry-defining inventions, including the first insulin pump with mass-market appeal and usability, the first physician-use CGM system, and the first hybrid closed-loop pump system. We support our innovation mission with a strong base of scientific, engineering, and regulatory expertise. Leading our efforts are over 1,100 research and development professionals who bring a diversity of skills across electrochemistry, electronics, mechanical engineering, software, data science and AI, and consumer electronics and valuable experience in the diabetes space. We have continuously invested in these capabilities and our innovation, deploying $236 million in research and development over the six months ended October 24, 2025 and $1.3 billion over the last three fiscal years.

Over the years, we have accumulated a wealth of longitudinal patient data and experience to support our continued innovation as the only company that has developed and commercialized both insulin delivery systems and

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CGM systems. Leveraging this proprietary data, we have constructed a robust Virtual Patient Model comprised of over 430 million datapoints from a wide variety of patients that simulates real-world conditions across a range of physiologies. With this Virtual Patient Model, we can accelerate our ability to iterate and virtually evaluate algorithm improvements with high correlation to real-world and controlled clinical outcomes. We believe it is a critical differentiator versus our competition, as dosing algorithms become more complicated and precise—eventually creating a completely hands-free experience, eliminating elements of user input such as carb counting.

***Large intellectual property portfolio, fortifying our competitive positioning***

Over our decades in operation, we have accumulated a large body of intellectual property. We vigorously safeguard our proprietary rights through a combination of patents, copyrights, trade secrets, nondisclosure agreements, and other legal protections. As of October 2025, we own or have rights to a large global patent portfolio with over 2,500 patents and patent applications worldwide, certain of which relate to various current or prospective aspects of the MiniMed 780G, Simplera CGM, InPen, algorithms, and adjunct products and systems. Protecting our intellectual property is a core strategic focus for our business, as we believe many of our current technologies and those in our pipeline are superior advancements to other products that are available today.

***Attractive financial profile characterized by strong net sales growth, high device content per customer, and durable revenue base***

Our competitive strengths and execution of our strategy has resulted in an attractive financial profile for our business. We have demonstrated double-digit year-over-year net sales growth in the last two fiscal years, driven by growing sales of our MiniMed 780G system as well as the successful launch of our Simplera CGM in the EU and the United States and Simplera Sync in the EU. Being the only player in the market that commercializes all parts of an integrated diabetes management system allows us to have the opportunity to generate greater revenue per customer compared to competitors that only offer components of such systems and positions us to grow and take share through commercial execution, particularly with our next generation of products.

Our offerings are designed to generate a significant amount of revenue per pump user. We have a robust global base of more than 640,000 pump users as of October 2025. To this user base, we sell compatible consumable products, including CGMs, infusion sets, reservoirs, and other software and services. In the six months ended October 24, 2025 and in fiscal year 2025, 83% and 80%, respectively, of our total revenue came from the sales of CGMs, other consumables, software, and services, which we believe make our core revenue base durable and resilient.

***Highly experienced management team with a purpose-driven workforce—driving performance with a culture of accountability***

Our global organization is led by an experienced, proven, and performance-driven senior management team that manages all aspects of our business. Our senior management team consists of industry and corporate veterans with a track record of leadership both within Medtronic and in other select world-class organizations. This team has a passionate focus on helping PWD, and has been responsible for key recent organizational achievements that put our business on its current trajectory, including the 2023 U.S. FDA approval of our MiniMed 780G system, 2024 CE Mark and 2025 U.S. FDA approval for MiniMed 780G with Simplera Sync sensor, 2024 U.S. FDA approval of our Simplera CGM, and our global sensor partnership with Abbott announced in 2024.

**Our Growth Strategies**

We aim to generate sustainable and profitable growth through execution of our corporate strategies.

***Serve unmet needs with our current AID system generation of solutions by executing our commercial strategy and expanding clinical indications***

We plan to continue to drive adoption of AID across our addressable market and additional population segments. In our current addressable market, we are driving sales of our MiniMed 780G system by communicating its clinical efficacy and customer experience benefits to PWD and prescribing HCPs through field clinical

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engagement, digital marketing, and our other commercial activities. Alongside patients new to therapy, we are focused on upgrading individuals using our prior pump generations, those using competing pumps, and others who are currently using more traditional solutions like MDI. We believe this most recent generation will continue to resonate with customers. Another key growth strategy is to increase our global CGM Attachment Rate, which we believe we can do with our next-generation Simplera Sync CGM sensor.

We also have an opportunity to grow the addressable market for MiniMed 780G through expanded indication labeling. For example, in fiscal year 2026, we received U.S. FDA and CE Mark approval for use of the MiniMed 780G system by insulin-requiring T2D patients. We believe the insulin-requiring T2D population is vastly underpenetrated around the world and well-suited for the MiniMed 780G system.

***Leverage algorithm and dosing expertise to drive adoption of our current Smart MDI system generation***

In addition to AID, we continue to drive momentum in our Smart MDI system solution. Our dosing algorithm technology and connected Smart MDI solutions help people with T1D or T2D to optimize their daily injections, driving better glycemic control versus other traditional therapy options. Our current-generation InPen with Simplera CGM and algorithm support has been proven to decrease severe hypoglycemic events by 13% in the 90 days after initiating InPen treatment, and by more than 30% among users aged 65 and over. Real-world evidence from a retrospective study of over 1,500 InPen users with T1D across 21 countries further supports the clinical benefits of the InPen system when used as directed. In this study, quicker responses to these alerts were associated with higher TIR. Responding within one hour to over 75% of missed dose alerts or correct high glucose results resulted in a mean TIR of 67.2% and 71.5%, respectively, without an increase in time-below-range (TBR). In summary, almost a quarter of the population of InPen users who consistently responded quickly to the actionable alerts met the established glycemic targets of >70% TIR and <7% GMI.

As we pursue our strategy to drive Smart Dosing adoption for people with T2D, our Smart MDI is an available, attractive option for those requiring basal insulin treatment. As with our AID strategy, we plan to continue to drive uptake through our dedicated commercial functions across our markets.

***Expand CGM options for PWD with global Abbott CGM partnership***

In addition to our Simplera and Simplera Sync, we are introducing an additional complementary CGM option through our global partnership with Abbott. Abbott will supply us with Instinct, an alternative CGM sensor based on Abbott's most advanced single-analyte CGM technology, and will be the exclusive supplier of third-party CGMs for certain of our AID and Smart MDI systems. We believe our partnership with Abbott will allow us to expand access to our advanced AID and Smart MDI systems that deliver best-in-class outcomes with the most widely used CGM technology in the world.

***Deliver breakthrough innovation with our pipeline including our next-generation AID and Smart MDI solutions***

We believe our pipeline is at a critical turning point where our next-generation AID system will create significant competitive differentiation to fulfill our mission of safely and effectively automating diabetes management to deliver a "hands-off" patient experience. We plan for this system to provide our customers with much greater choice for AID treatment using new technologies across insulin administration, CGM, and dosing algorithm technologies, in one unified platform and one consistent application for user and HCP experience, all while further reducing patient burdens significantly and raising the bar for clinical outcomes.

Our rich pipeline includes the MiniMed Go, our next-generation Smart MDI system; the MiniMed Flex, our smaller, screenless, newly designed insulin pump; our next-generation Vivera dosing algorithm; and our MiniMed Fit patch pump with extended wear. In addition, we are working to progress Instinct in our global partnership with Abbott. These low-burden, easy-to-use, and consumer-friendly products are expected to be wrapped around a unique software system that we are designing to allow the user to switch easily between devices to customize their treatment with a desired system solution combining these technologies.

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***Accelerate growth through strategic partnerships and tuck-in acquisition opportunities***

As an independent company, we expect to have independent financial flexibility, scale, and access to capital markets that we may utilize to complement our organic initiatives with additional inorganic opportunities when appropriate. We have identified an attractive set of strategic opportunities across potential partnerships and tuck-in acquisitions. As part of this strategy, we expect to continue to pursue attractive strategic collaboration opportunities, such as our announced partnership with Abbott to expand CGM choice and access to our AID and Smart MDI solutions. In addition, we expect to be opportunistic in pursuing growth-enhancing partnerships and/or tuck-in acquisitions.

***Drive profit margin expansion by capitalizing on the utilization of our fully integrated diabetes systems***

Our aim is to grow our profit and cash flow at a higher rate than our revenues through a number of levers. We first plan to drive sales of our full-system solution to optimize our opportunity to generate greater revenue per customer, compared to competitors that only offer components of such systems, which we believe will translate to higher margins as we sell higher volumes of product. As our CGM sensors, insulin pumps, and Smart MDI solutions continue to proliferate, we also have an opportunity to expand our margins by developing and building out new high-volume and automated manufacturing. In particular, we believe our process for manufacturing our sensors has potential for significant expansion at higher volumes. We are currently working to develop and implement high-volume and automated machine manufacturing lines to expand manufacturing capacity. While executing on these opportunities, we also plan to continue to execute our regular cadence of cost transformation initiatives, which have resulted in cost savings in recent periods.

**The Separation and Post-Separation Relationship with Medtronic**

On May 21, 2025, Medtronic, our parent company, announced its intention to separate its Diabetes Operating Unit (the "Separation"). In connection with the Separation and prior to the completion of this offering, we will enter into a separation agreement with Medtronic. We refer to the separation agreement, as further described in the section of this prospectus entitled "Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation—Separation Agreement," as the "Separation Agreement." We will also enter into various other agreements with Medtronic that, together with the Separation Agreement, provide for certain transactions to effect the transfer of the assets and liabilities of the Diabetes Operating Unit to us and will result in the separation of our business from Medtronic. In addition, these agreements will collectively govern various interim and ongoing relationships between us and Medtronic following the completion of this offering. We refer to these transactions, as further described in the section of this prospectus entitled "The Separation and Divestment Transactions—The Separation," collectively as the "Separation." See "The Separation and Divestment Transactions—The Separation."

The agreements we will enter into with Medtronic in connection with the Separation, which will provide a framework for our relationship with Medtronic following the Separation, include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Separation Agreement* – We and Medtronic will enter into a separation agreement that will set forth our agreements with Medtronic regarding the principal actions to be taken in connection with the Separation and govern, among other matters, (1) the allocation of assets and liabilities to us and Medtronic (including our indemnification obligations, for potentially uncapped amounts, for certain liabilities relating to our business activities, whether incurred prior to or following the completion of this offering) and (2) certain matters with respect to this offering and the Divestment (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Tax Matters Agreement* – We and Medtronic will enter into a tax matters agreement that will govern our and Medtronic's respective rights, responsibilities, and obligations with respect to tax matters, including tax liabilities (including responsibility and potential indemnification obligations for taxes attributable to our business and taxes arising, under certain circumstances, in connection with the Separation and the Divestment, if pursued), tax attributes, tax contests, and tax returns. In addition, the tax matters agreement will impose certain restrictions on us and our subsidiaries (including, among others, restrictions on share issuances, business combinations, sales of assets, and similar transactions) intended to preserve the tax-free status of various transactions related to the Separation and the Divestment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Employee Matters Agreement* – We and Medtronic will enter into an employee matters agreement that will address certain employment, compensation, and benefits matters, including the allocation and treatment of certain assets and liabilities relating to our employees, the treatment of outstanding Medtronic equity awards held by our employees, and compensation and benefit plans and programs in which our employees participate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Intellectual Property Cross-License Agreements* – We and Medtronic will enter into two intellectual property cross-license agreements intended to provide the companies freedom to operate in their respective businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Trademark Agreements* – We and Medtronic will enter into various trademark agreements that collectively govern our and Medtronic's respective rights, responsibilities, and obligations with respect to intellectual property rights in trademarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transition Services Agreement* – We and Medtronic will enter into a transition services agreement, pursuant to which Medtronic will provide to us and we will provide to Medtronic certain services for a limited period of time following the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Juncos Lease and Services Agreements* – We and Medtronic will enter into a lease agreement and a services agreement pursuant to which we will provide a long-term lease to Medtronic for a portion of our Juncos, Puerto Rico facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transition Manufacturing Agreements* – We and Medtronic will enter into transition manufacturing agreements in connection with the Separation pursuant to which Medtronic and its affiliates will provide us, on a transitional basis, with certain manufacturing and assembly services with respect to certain products.

See "Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation" for a more detailed discussion of these agreements.

All of the agreements relating to the Separation will be made in the context of a parent-subsidiary relationship and will be entered into in the overall context of our separation from Medtronic. The terms of these agreements, including the costs of any services provided, may be more or less favorable to us than if they had been negotiated with unaffiliated third parties. See "Risk Factors—Risks Related to the Separation and the Divestment—The terms we will receive in our transaction agreements with Medtronic could be less beneficial than the terms we may have otherwise received from unaffiliated third parties."

We believe, and Medtronic has advised us that it believes, that the Separation, this offering, and the Divestment, if pursued, will provide a number of benefits to our business. These intended benefits include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• improving our strategic and operational flexibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing the focus of our management team on our business operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• allowing us to adopt the capital structure, investment policy, and dividend policy best suited to our financial profile and business needs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enabling potential investors to invest directly in our business.

However, we cannot assure you that we will be able to achieve these and other anticipated benefits of the Separation, and the benefits of the Separation may be delayed or not occur at all. See "Risk Factors—Risks Related to the Separation and the Divestment—We may not achieve some or all of the expected benefits of the Separation, and the Separation could adversely affect our business, results of operations, financial condition, and cash flows."

**The Divestment**

Upon completion of this offering, Medtronic will continue to own at least 80.1% of the voting power of our shares of common stock eligible to vote in the election of our directors. Medtronic has informed us that, following

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the completion of this offering, it intends to make a generally tax-free distribution to its shareholders of all or a portion of its remaining equity interest in us, which may be structured as a spin-off, in which Medtronic would make a pro rata distribution of our common stock to all Medtronic shareholders, a split-off, in which Medtronic would effect an exchange of Medtronic shares for shares of our common stock, or any combination thereof. We refer to these options, as further described in the section of this prospectus entitled "The Separation and Divestment Transactions—The Divestment," collectively as the "Divestment."

Medtronic has agreed not to effect the Divestment for a period of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; days after the date of this prospectus without the prior written consent of each of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. See "Underwriting." While, as of the date of this prospectus, Medtronic intends to effect the Divestment, Medtronic has no obligation to pursue or consummate any further dispositions of its equity interest in the Company, including through the Divestment, by any specified date or at all. If pursued, the Divestment may be subject to a number of conditions, including the receipt of any necessary regulatory or other approvals, the existence of satisfactory market conditions, and tax opinions from its U.S. tax advisors (the "Tax Opinions") substantially to the effect that, among other things, the Divestment will qualify as a transaction that is generally tax-free for U.S. federal income tax purposes under Section 355 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"). The conditions to the Divestment may not be satisfied, Medtronic may decide not to consummate the Divestment even if the conditions are satisfied, or Medtronic may decide to waive one or more of the conditions and consummate the Divestment even if all of the conditions are not satisfied. See "The Separation and Divestment Transactions—The Divestment."

Upon completion of the Divestment, if pursued, we will no longer qualify as a "controlled company" as defined under the corporate governance rules of Nasdaq, and, to the extent we have not done so already, we will be required to fully implement the corporate governance requirements of Nasdaq within the transition periods specified in the rules of Nasdaq. See "Management—Controlled Company Exemption."

**Revolving Credit Facility**

In connection with the Separation, we intend to enter into a revolving credit facility. See "Description of Certain Indebtedness."

**Recent Developments**

***Preliminary Estimated Operating Results for the Nine Months Ended January 23, 2026***

Set forth below are preliminary unaudited estimates of certain financial information for the nine months ended January 23, 2026, and actual unaudited financial information for the nine months ended January 24, 2025. We have not yet finalized our financial information for the nine months ended January 23, 2026, and therefore the preliminary unaudited estimates of certain financial information for the nine months ended January 23, 2026 presented herein reflect preliminary estimates based on currently available information and are subject to completion of our financial closing procedures, which we do not expect to complete for the nine months ended January 23, 2026 until after the completion of this offering. As a result, our actual results will not be available to you prior to investing in this offering and may vary from the preliminary estimates presented herein. You should also note that additional information on results presented herein will be included in future reports expected to be available only after this offering, such as complete financial results for the nine months ended January 23, 2026 and January 24, 2025, and footnote disclosures associated with our financial results.

These preliminary unaudited estimates of certain financial information should not be viewed as a substitute for our historical combined financial statements and the accompanying notes included elsewhere in this prospectus. These preliminary unaudited estimates of certain financial information may not be indicative of the results for any future period as a result of various factors, including, but not limited to, those discussed in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements."

The preliminary unaudited estimates of certain financial information presented below have been prepared by, and are the responsibility of, management. PricewaterhouseCoopers LLP ("PwC"), our independent registered public accounting firm, has not audited, reviewed, examined, compiled, or applied agreed-upon procedures with

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respect to the preliminary unaudited estimates of certain financial information. Accordingly, PwC does not express an opinion or any other form of assurance with respect thereto.

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|:---|:---|:---|:---|
| | **Nine months ended** | **Nine months ended** | **Nine months ended** |
| | **January 23, 2026** | **January 23, 2026** | **January 24, 2025** |
| **(Dollars in millions)** | **Low Estimate** | **High Estimate** | **Actual** |
| Net Sales |  |  |  |
| Gross Profit |  |  |  |
| Net Loss |  |  |  |
| New Pumps Sold |  |  |  |
| Global CGM Attachment Rate |  |  |  |
| Net Sales Growth |  |  |  |
| Organic Revenue Growth <sup>(1)</sup> |  |  |  |
| Adjusted Gross Profit <sup>(2)</sup> |  |  |  |

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(1)Organic Revenue Growth measures our revenue growth trends excluding the impacts of foreign currency rate fluctuations and adjustments to the Company's Italian payback accrual for certain years since 2015. For additional information about our non-GAAP measures, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

(2)We define Adjusted Gross Profit as U.S. GAAP gross profit, excluding amortization of intangible assets and certain non-operational items. For additional information about our non-GAAP measures, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

*Organic Revenue Growth*

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** |
| | **Reported net sales** | **Reported net sales** | **Reported net sales** | **Adjustments** | **Adjustments** | **Organic revenue** | **Organic revenue** | **Organic revenue** |
| | **Low estimate** | **Actual** | **Low estimate** | **Low estimate** <sup>(3)</sup> | **Actual** <sup>(4)</sup> | **Low estimate** <sup>(3)</sup> | **Actual** <sup>(4)</sup> | **Low estimate** |
| **(Dollars in millions)** | **January 23, 2026** | **January 24, 2025** | **Growth** | **January 23, 2026** | **January 24, 2025** | **January 23, 2026** | **January 24, 2025** | **Growth** |
| U.S. <sup>(1)</sup> |  |  |  |  |  |  |  |  |
| International <sup>(2)</sup> |  |  |  |  |  |  |  |  |
| Total |  |  |  |  |  |  |  |  |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** | **Nine months ended** |
| | **Reported net sales** | **Reported net sales** | **Reported net sales** | **Adjustments** | **Adjustments** | **Organic revenue** | **Organic revenue** | **Organic revenue** |
| | **High estimate** | **Actual** | **High estimate** | **High estimate** <sup>(3)</sup> | **Actual** <sup>(4)</sup> | **High estimate** <sup>(3)</sup> | **Actual** <sup>(4)</sup> | **High estimate** |
| **(Dollars in millions)** | **January 23, 2026** | **January 24, 2025** | **Growth** | **January 23, 2026** | **January 24, 2025** | **January 23, 2026** | **January 24, 2025** | **Growth** |
| U.S. <sup>(1)</sup> |  |  |  |  |  |  |  |  |
| International <sup>(2)</sup> |  |  |  |  |  |  |  |  |
| Total |  |  |  |  |  |  |  |  |

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(1)U.S. includes the United States and U.S. territories.

(2)International includes all other non-U.S. countries.

(3)The nine months ended January 23, 2026 excludes $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of revenue adjustments, including $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; currency impact and $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adjustment in the Company's Italian payback accruals. The currency impact to net sales measures the change in net sales between current and prior year periods using constant exchange rates.

(4)The nine months ended January 24, 2025 excludes $20 million of revenue adjustments related to incremental Italian payback accruals as a result of the two July 22, 2024 rulings by the Constitutional Court of Italy for certain prior years since 2015.

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*Adjusted Gross Profit*

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|:---|:---|:---|:---|
| | **Nine months ended** | **Nine months ended** | **Nine months ended** |
| | **January 23, 2026** | **January 23, 2026** | **January 24, 2025** |
| **(Dollars in millions)** | **Low estimate** | **High estimate** | **Actual** |
| Gross profit |  |  |  |
| Adjustments: |  |  |  |
| Amortization of intangible assets |  |  |  |
| Other adjustments |  |  |  |
| **Adjusted Gross Profit (Non-GAAP)**  |  |  |  |

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**Summary of Risk Factors**

*An investment in shares of our common stock is subject to a number of risks that may prevent us from achieving our business objectives or otherwise adversely affect our business, results of operations, financial condition, or cash flows. The following list contains a summary of some, but not all, of these risks. You should consider the risks listed below and other risks, which are discussed in more detail in the section of this prospectus entitled "Risk Factors," before making an investment decision to purchase shares of our common stock.*

**Business and Operational Risks**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We operate in a highly competitive industry and we may be unable to compete effectively. Our success depends on our ability to differentiate our products and keep pace with emerging technologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Competing products, therapeutic techniques, or other technological developments and breakthroughs for the monitoring, treatment, or prevention of diabetes may render our products obsolete or less desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have experienced, and may continue to experience, pricing pressure for our products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have in the past experienced, and may in the future experience, challenges or delays in the development and manufacturing of new products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have experienced, and may continue to experience, a reduction or an interruption in supply or other manufacturing difficulties, including in connection with our Simplera CGMs and certain other products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to additional risks associated with our reliance on sole suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our products may not achieve or maintain market acceptance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may fail to expand or maintain an effective sales force, predict and adapt to changes in markets, or develop and maintain relationships with HCPs or intermediaries to market and sell our products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interim, "top-line," and preliminary data from clinical trials that we announce or publish may change as more patient data become available or as a result of audit and verification procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future market or clinical studies may be unfavorable to our products and their efficacy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to a variety of risks associated with global operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to risks relating to coverage or reimbursement for our products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We undertake research and development efforts, make investments, and enter into arrangements with third parties that may not successfully develop viable products or generate future revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may fail to integrate any acquired businesses into our operations successfully or may experience challenges related to our strategic initiatives, including divestitures and third-party funding arrangements.

**Legal and Regulatory Risks**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to extensive, complex, and changing laws and governmental regulations, including U.S. and international tax laws and the Foreign Corrupt Practices Act (the "U.S. FCPA") and similar international anti-corruption laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have been, and may in the future become, subject to, or involved in, adverse regulatory action, litigation, and arbitration, including those stemming from third-party conduct beyond our control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have been and are subject to risks relating to quality problems and improper promotion of our products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are substantially dependent on patent and other proprietary rights, and failing to protect such rights may negatively impact our ability to sell current or future products.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on the proper function, security, and availability of our information technology systems and data to operate our business and comply with privacy and data protection regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to environmental, health, and safety ("EHS") laws and regulations that may increase costs, impact or limit business plans, or expose us to environmental liabilities, violations, and litigation.

**Risks Related to the Separation and Divestment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a limited history of operating as a standalone public company and will incur incremental costs as a result.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not achieve some or all of the expected benefits of the Separation, the Separation could adversely affect our business, and we may have difficulty separating our assets or operations from Medtronic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our rebranding strategy in connection with the Separation will involve substantial costs and may not produce the intended benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will incur significant charges in connection with the Separation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may face restrictions on our business, potential tax and indemnification liabilities, and substantial charges in connection with the Separation, the Divestment, and related transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may face difficulty and incur incremental costs related to the hiring and retention of an appropriately qualified employee workforce.

**Risks Related to Our Relationship with Medtronic**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will be a "controlled company" as defined under the corporate governance rules of Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Medtronic will continue to control the direction of our business, and the distribution of Medtronic's remaining equity interest in us may not occur, or Medtronic may privately sell a sufficiently large equity interest in us to a third party that could result in a change of control of us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Medtronic may fail to perform under various transaction agreements that will be executed as part of the Separation, or we may fail to have replacement systems and services in place when certain of the transaction agreements expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain of our executive officers and directors may have actual or potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may have reached better terms from unaffiliated third parties than the terms we will receive in our agreements with Medtronic.

**Risks Related to this Offering and Ownership of Our Common Stock**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We cannot be certain that an active trading market for our common stock will develop or be sustained following the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The price of our common stock may fluctuate significantly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Divestment, if pursued, or future sales by Medtronic or other holders of shares of our common stock, or the perception that the Divestment or such sales may occur, including following the expiration of the lock-up period, could cause the price of our common stock to decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We do not expect to pay dividends on our common stock for the foreseeable future.

As noted above, any of the foregoing risks could have a material adverse effect on our business, results of operations, financial condition, and cash flows.

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**Corporate Information**

We were incorporated in Delaware on February 27, 2025 in connection with the Separation and were formed to ultimately hold, directly or indirectly, the Diabetes Operating Unit. We were incorporated with nominal capital and prior to the Separation have no material assets or liabilities and expect our operational activities to be limited to those required to execute the planned Separation. Prior to the completion of this offering, we are a wholly owned subsidiary of Medtronic and all of our outstanding shares of common stock are owned by Medtronic. Our principal executive offices are located at 18000 Devonshire St., Northridge, CA 91325, and our telephone number is (763) 514-4000. Our website address is www.minimed.com. The information contained on, or that can be accessed through, our website is not part of, and is not incorporated into, this prospectus, and you should not rely on any such information in making an investment decision to purchase shares of our common stock. We have included our website address only as an inactive textual reference and do not intend it to be an active link to our website.

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**THE OFFERING**

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| | |
|:---|:---|
| **Common stock offered by us in this offering**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares if the underwriters exercise in full their option to purchase additional shares of our common stock from us to cover over-allotments). |
| **Common stock to be outstanding upon completion of this offering**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares if the underwriters exercise in full their option to purchase additional shares of our common stock from us to cover over-allotments). |
| **Common stock to be held by Medtronic upon completion of this offering**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares. |
| **Underwriters' option to purchase additional shares of our common stock from us to cover over-allotments**  | We have granted the underwriters an option for a period of 30 days from the date of this prospectus to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; additional shares of our common stock from us at the initial public offering price less the underwriting discounts and commissions to cover over-allotments. |
| **Use of proceeds**  | We estimate that the net proceeds to us from this offering will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; based on an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock, which is the midpoint of the estimated public offering price set forth on the cover page of this prospectus, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us.<br>As part of the Separation, we intend to use part of the net proceeds from this offering to repay (or cause one or more of our subsidiaries to repay) $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in principal amount of intercompany debt owed to Medtronic under one or more notes. We intend to use the remaining net proceeds from this offering for general corporate purposes. See "Use of Proceeds." |
| **Dividend policy**  | We do not expect to pay dividends on our common stock for the foreseeable future. Instead, we anticipate that all of our earnings in the foreseeable future, if any, will be used for the operation and growth of our business. Any future determination to pay dividends on our common stock will be at the discretion of our board of directors (the "Board") and will depend upon many factors, including our financial condition, earnings, capital requirements, debt service obligations, restrictive covenants in the agreements governing our indebtedness, general economic business conditions, industry practice, legal requirements, and other factors that the Board may deem relevant. See "Risk Factors—Risks Related to This Offering and Ownership of Our Common Stock—We do not expect to pay dividends on our common stock for the foreseeable future. As a result, your ability to achieve a return on your investment will depend on appreciation in the market price of our common stock." and "Dividend Policy." |

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| | |
|:---|:---|
| **Controlled company**  | Upon completion of this offering, Medtronic will own &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our shares of common stock eligible to vote in the election of our directors (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise in full their option to purchase additional shares of our common stock from us to cover over-allotments). As a result, we will be a "controlled company" as defined under the corporate governance rules of Nasdaq and, therefore, will qualify for exemptions from certain corporate governance requirements of Nasdaq. See "Management—Controlled Company Exemption."<br>We intend to avail ourselves of the "controlled company" exemption under the corporate governance rules of Nasdaq. Accordingly, we will not be required to have a majority of "independent directors" on our board of directors as defined under the rules of Nasdaq. |
|  | As long as Medtronic beneficially owns a majority of the voting power of our outstanding shares of common stock, Medtronic will generally be able to control the outcome of matters submitted to our stockholders for approval, including the election of directors, without the approval of our other stockholders. See "Risk Factors—Risks Related to Our Relationship with Medtronic—Following the completion of this offering, Medtronic will continue to control the direction of our business, and the concentrated ownership of our common stock may prevent you and other stockholders from influencing significant decisions." |
| **Proposed listing and symbol**  | We intend to list our shares of common stock on Nasdaq under the symbol "MMED." |
| **Risk factors**  | You should read the section of this prospectus entitled "<u>[Risk Factors](#ib767f3febeb4436ab843bb66ba565b2a_705)</u>" beginning on page <u>[40](#ib767f3febeb4436ab843bb66ba565b2a_705)</u> for a discussion of factors you should consider carefully before making an investment decision to purchase shares of our common stock. |

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Unless otherwise indicated or the context otherwise requires, references to the number and percentage of shares of our common stock to be outstanding upon completion of this offering are based on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock outstanding upon completion of this offering.

Unless otherwise indicated, the information presented in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gives effect to the transactions described under "The Separation and Divestment Transactions—The Separation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gives effect to our amended and restated certificate of incorporation and our amended and restated bylaws, which will be in effect prior to the completion of this offering and forms of which will be filed as exhibits to the registration statement of which this prospectus forms a part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumes an initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumes no exercise of the underwriters' option to purchase additional shares of our common stock from us to cover over-allotments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excludes &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock (representing &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of our outstanding shares of common stock upon completion of this offering) that we expect to reserve for issuance under our proposed equity incentive plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excludes any shares of our common stock that may become issued pursuant to Medtronic equity awards that may be converted into equity awards with respect to shares of our common stock.

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**SUMMARY HISTORICAL AND UNAUDITED PRO FORMA COMBINED FINANCIAL DATA**

The summary historical audited combined statement of operations data and combined statement of cash flows data for the fiscal years ended April 25, 2025, April 26, 2024, and April 28, 2023 and the summary historical combined balance sheet data as of April 25, 2025 and April 26, 2024 have been derived from our audited combined financial statements included elsewhere in this prospectus. The summary historical unaudited condensed combined statement of operations data and unaudited condensed combined statement of cash flows data for the six months ended October 24, 2025 and October 25, 2024 and the summary historical unaudited condensed combined balance sheet data as of October 24, 2025 have been derived from our unaudited condensed combined financial statements included elsewhere in this prospectus.

All revenues, costs, assets, and liabilities that are either legally attributable to or directly associated with our business activities are included in the combined financial statements herein. Also, the Company has historically functioned together with other businesses controlled by Medtronic. Accordingly, the Company relied on Medtronic's corporate and other support functions for its business and certain corporate and shared expenses have been allocated, including, but not limited to, finance and accounting, legal, information technology, human resources, facilities, warehousing, distribution, logistics, marketing, insurance, employee benefits and incentives, restructuring and associated costs, and stock-based compensation. However, the allocations may not reflect the expenses the Company would have incurred if the Company had been a standalone company for the periods presented. All such amounts have been deemed to have been incurred and settled by the Company in the period in which the costs were recorded and are included in Net investment from Parent. All of these expenses have been allocated on a basis considered reasonable by management, using either specific identification when identifiable, or proportional allocations determined on the basis of revenue, usage, headcount, or other measures. Management considers the basis on which these expenses have been allocated to be a reasonable reflection of the utilization of such services by the Company.

The historical combined financial data below is only a summary and should be read in conjunction with the section of this prospectus entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" as well as our combined financial statements included elsewhere in this prospectus. The historical combined financial data may not necessarily reflect what our financial condition, results of operations, or cash flows would have been had we been a standalone company during the periods presented, including changes that will occur in our operations and capital structure as a result of this offering and the Separation. In addition, the historical combined financial data may not necessarily reflect what our financial condition, results of operations, and cash flows may be in the future.

The summary unaudited pro forma condensed combined balance sheet data at October 24, 2025 and statement of operations data for the six months ended October 24, 2025 and for the fiscal year ended April 25, 2025 have been derived from our unaudited pro forma condensed combined financial statements included in the section of this prospectus entitled "Unaudited Pro Forma Condensed Combined Financial Statements." The unaudited pro forma condensed combined financial statements have been derived from our historical unaudited condensed combined statement of loss for the six months ended October 24, 2025, our historical audited combined statement of loss for the fiscal year ended April 25, 2025, and our historical unaudited condensed combined balance sheet at October 24, 2025. The pro forma adjustments to the unaudited pro forma condensed combined statement of operations for the six months ended October 24, 2025 and for the fiscal year ended April 25, 2025 assume that the Separation and related transactions occurred as of April 27, 2024, which was the first day of the 2025 fiscal year. The unaudited pro forma condensed combined balance sheet data gives effect to the Separation, the initial public offering, and related transactions as if they had occurred on October 24, 2025, our latest balance sheet date. See "Unaudited Pro Forma Condensed Combined Financial Statements."

The unaudited pro forma condensed combined financial data below is only a summary and should be read in conjunction with the section of this prospectus entitled "Unaudited Pro Forma Condensed Combined Financial Statements." The unaudited pro forma condensed combined financial data is based upon available information and assumptions that we believe are reasonable and supportable. The summary unaudited pro forma condensed combined financial data is for illustrative and informational purposes only. The summary unaudited pro forma condensed combined financial data may not necessarily reflect what our financial condition, results of operations, or

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cash flows would have been had we been a standalone company during the periods presented. In addition, the summary unaudited pro forma condensed combined financial data may not necessarily reflect what our financial condition, results of operations, and cash flows may be in the future.

Amounts reported in millions within the tables below are computed based on the amounts in thousands, and therefore, the sum of the components may not equal the total amount reported in millions due to rounding. Additionally, certain columns and rows within tables may not sum due to rounding.

**Combined Statement of Operations Data**

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| | | | |
|:---|:---|:---|:---|
| | **Pro Forma** | **Historical** | **Historical** |
| | **Six months ended** | **Six months ended** | **Six months ended** |
| **(Dollars in Millions)** | **October 24, 2025** | **October 24, 2025** | **October 25, 2024** |
| Net sales | $1475 | $1475 | $1304 |
| &nbsp;&nbsp;Cost of products sold | 638 | 637 | 577 |
| **Gross profit**  | 837 | 838 | 728 |
| &nbsp;&nbsp;Research and development expense | 236 | 236 | 217 |
| &nbsp;&nbsp;Selling, general, and administrative expenses | 601 | 575 | 536 |
| &nbsp;&nbsp;Certain litigation charges | 17 | 17 |  |
| &nbsp;&nbsp;Other operating expense (income), net | 7 | 7 | (5) |
| **Operating profit (loss)**  | (24) | 3 | (20) |
| &nbsp;&nbsp;Other non-operating expense, net | 1 | 1 |  |
| **Profit (loss) before income taxes**  | (25) | 2 | (20) |
| &nbsp;&nbsp;Income tax provision | 22 | 23 | 3 |
| **Net loss**  | (46) | (21) | (23) |
| **Net income attributable to noncontrolling interests**  |  | (8) | (8) |
| **Net loss attributable to Diabetes Business**  | $(46) | $(29) | $(31) |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Pro Forma** | **Historical** | **Historical** | **Historical** |
| | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** |
| **(Dollars in Millions)** | **2025** | **2025** | **2024** | **2023** |
| Net sales | $2715 | $2715 | $2469 | $2245 |
| &nbsp;&nbsp;Cost of products sold | 1190 | 1187 | 1032 | 937 |
| **Gross profit**  | 1525 | 1528 | 1436 | 1308 |
| &nbsp;&nbsp;Research and development expense | 438 | 436 | 437 | 429 |
| &nbsp;&nbsp;Selling, general, and administrative expenses | 1131 | 1080 | 1057 | 960 |
| &nbsp;&nbsp;Certain litigation charges | 165 | 165 |  |  |
| &nbsp;&nbsp;Other operating (income) expense, net | (8) | (8) | 11 | (12) |
| **Operating loss**  | (202) | (146) | (69) | (69) |
| &nbsp;&nbsp;Other non-operating expense, net | 1 | 1 | 1 | 7 |
| **Loss before income taxes**  | (203) | (147) | (70) | (76) |
| &nbsp;&nbsp;Income tax provision | 48 | 52 | 38 | 16 |
| **Net loss**  | (250) | (198) | (107) | (92) |
| **Net income attributable to noncontrolling interests**  |  | (15) | (5) | (5) |
| **Net loss attributable to Diabetes Business**  | $(250) | $(213) | $(112) | $(96) |

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**Combined Balance Sheet Data**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Pro Forma** | **Historical**  | **Historical**  | **Historical**  |
| | **As of** | **As of** | **As of** | **As of** |
| **(Dollars in Millions)** | **October 24, 2025** | **October 24, 2025** | **April 25, 2025** | **April 26, 2024** |
| Total assets | $4243 | $4289 | $4201 | $4094 |
| Total liabilities | 490 | 729 | 871 | 647 |
| Total equity <sup>(1)</sup> | 3753 | 3560 | 3330 | 3448 |

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__________________

(1)Total equity in the Historical column represents Total parent company equity as seen in the combined balance sheets.

**Combined Statement of Cash Flows Data**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Historical** | **Historical** | **Historical** | **Historical** | **Historical** |
| | **Six months ended** | **Six months ended** | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(Dollars in Millions)** | **October 24, 2025** | **October 25, 2024** | **2025** | **2024** | **2023** |
| Net cash flows (used in) provided by operating activities | $(93) | $33 | $140 | $41 | $(6) |
| Net cash used in investing activities | (124) | (86) | (193) | (157) | (180) |
| Net cash provided by financing activities | 215 | 10 | 10 | 112 | 185 |

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**Other Data (Non-GAAP)** <sup>(1)</sup>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Historical** | **Historical** | **Historical** | **Historical** | **Historical** |
| | **Six months ended** | **Six months ended** | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(Dollars in Millions)** | **October 24, 2025** | **October 25, 2024** | **2025** | **2024** | **2023** |
| Organic Revenue Growth | 7.4% | n/a | 11.5% | 8.6% | n/a |
| Adjusted Gross Profit | $843 | $760 | $1573 | $1463 | $1341 |
| Adjusted EBITDA | 128 | 96 | 253 | 147 | 136 |

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__________________

(1)Organic Revenue Growth, Adjusted Gross Profit, and Adjusted EBITDA are non-GAAP financial measures. Management believes that these non-GAAP measures, together with the U.S. GAAP measures used by management, reflect how we measure our business internally and set operational goals and incentives. These non-GAAP measures should be considered supplements to, not substitutes for, or superior to, the corresponding measures calculated in accordance with U.S. GAAP. For additional information about these non-GAAP measures, including a reconciliation of each of these non-GAAP measures to its most directly comparable financial measure calculated in accordance with U.S. GAAP, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures."

The following table presents a reconciliation of U.S. GAAP net sales to Organic Revenue Growth for the six months ended October 24, 2025.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** |
| | **Reported net sales** | **Reported net sales** | **Reported net sales** | **Adjustments** | **Adjustments** | **Organic revenue** | **Organic revenue** | **Organic revenue** |
| **(Dollars in millions)** | **October 24, 2025** | **October 25, 2024** | **Growth** | **October 24, 2025** <sup>(3)</sup> | **October 25, 2024** <sup>(4)</sup> | **October 24, 2025** <sup>(3)</sup> | **October 25, 2024** <sup>(4)</sup> | **Growth** |
| U.S. <sup>(1)</sup> | $437 | $437 | (0.1)% | $— | $— | $437 | $437 | (0.1)% |
| International <sup>(2)</sup> | 1038 | 867 | 19.7 | 52 | (20) | 986 | 887 | 11.1 |
| Total | $1475 | $1304 | 13.1% | $52 | $(20) | $1423 | $1325 | 7.4% |

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________________

(1)U.S. includes the United States and U.S. territories.

(2)International includes all other non-U.S. countries.

(3)The six months ended October 24, 2025 excludes $52 million of revenue adjustments, including $7 million reduction in the Italian payback accruals due to changes in estimates as a result of the Legislative Decree published by the Italian government on June 30, 2025 for years 2015 to 2018 and $45 million of favorable currency impact on the remaining net sales. The currency impact to net sales measures the change in net sales between current and prior year periods using constant exchange rates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4)The six months ended October 25, 2024 excludes $20 million of revenue adjustments related to incremental Italian payback accruals as a result of the two July 22, 2024 rulings by the Constitutional Court of Italy for certain prior years since 2015.

The following table presents a reconciliation of U.S. GAAP net sales to Organic Revenue Growth for fiscal year 2025.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** |
| | **Reported net sales** | **Reported net sales** | **Reported net sales** | **Adjustments** | **Adjustments** | **Organic revenue** | **Organic revenue** | **Organic revenue** |
| **(Dollars in millions)** | **2025** | **2024** | **Growth** | **2025** <sup>(3)</sup> | **2024** | **2025** <sup>(3)</sup> | **2024** | **Growth** |
| U.S. <sup>(1)</sup> | $903 | $833 | 8.4% | $— | $— | $903 | $833 | 8.4% |
| International <sup>(2)</sup> | 1812 | 1636 | 10.8 | (39) |  | 1851 | 1636 | 13.1 |
| Total | $2715 | $2469 | 10.0% | $(39) | $— | $2754 | $2469 | 11.5% |

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________________

(1)U.S. includes the United States and U.S. territories.

(2)International includes all other non-U.S. countries.

(3)Fiscal year 2025 excludes $39 million of revenue adjustments, including $20 million of incremental Italian payback accruals as a result of the two July 22, 2024 rulings by the Constitutional Court for certain prior years since 2015 and $19 million of unfavorable currency impact on the remaining net sales. The currency impact to net sales measures the change in net sales between current and prior year periods using constant exchange rates.

The following table presents a reconciliation of U.S. GAAP net sales to Organic Revenue Growth for fiscal year 2024.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** |
| | **Reported net sales** | **Reported net sales** | **Reported net sales** | **Adjustments** | **Adjustments** | **Organic revenue** | **Organic revenue** | **Organic revenue** |
| **(Dollars in millions)** | **2024** | **2023** | **Growth** | **2024** <sup>(3)</sup> | **2023** | **2024** <sup>(3)</sup> | **2023** | **Growth** |
| U.S. <sup>(1)</sup> | $833 | $832 | 0.1% | $— | $— | $833 | $832 | 0.1% |
| International <sup>(2)</sup> | 1636 | 1413 | 15.8 | 31 |  | 1605 | 1413 | 13.6 |
| Total | $2469 | $2245 | 10.0% | $31 | $— | $2438 | $2245 | 8.6% |

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________________

(1)U.S. includes the United States and U.S. territories.

(2)International includes all other non-U.S. countries.

(3)Fiscal year 2024 excludes $31 million of revenue adjustments related to favorable currency impact. The currency impact to net sales measures the change in net sales between current and prior year periods using constant exchange rates.

The following table presents a reconciliation of the change in U.S. GAAP gross profit to Adjusted Gross Profit for the six months ended October 24, 2025 and October 25, 2024.

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| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| Gross Profit | $838 | $728 |
| Adjustments: |  |  |
| Amortization of intangible assets | 12 | 12 |
| Other adjustments <sup>(1)</sup> | (7) | 20 |
| **Adjusted Gross Profit (non-GAAP)**  | $843 | $760 |

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__________________

(1)Reflects adjustments to the Company's Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015.

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The following table presents a reconciliation of the change in U.S. GAAP gross profit to Adjusted Gross Profit for fiscal years 2025, 2024, and 2023.

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Gross Profit | $1528 | $1436 | $1308 |
| Adjustments: |  |  |  |
| Amortization of intangible assets | 24 | 24 | 24 |
| Other adjustments <sup>(1)</sup> | 20 |  |  |
| Restructuring and associated costs <sup>(2)</sup> |  | 1 | 8 |
| Costs to comply with medical device regulations <sup>(3)</sup> | 1 | 2 | 1 |
| **Adjusted Gross Profit (non-GAAP)**  | $1573 | $1463 | $1341 |

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__________________

(1)Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.

(2)These charges primarily include salaries and wages for employees that are fully dedicated to restructuring programs as well as consulting expenses directly related to the restructuring efforts.

(3)The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

The following table presents a reconciliation of U.S. GAAP net loss to Adjusted EBITDA for the six months ended October 24, 2025 and October 25, 2024.

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| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| Net loss | $(21) | $(23) |
| Provision for taxes | 23 | 3 |
| Depreciation and amortization | 78 | 68 |
| Adjustments: |  |  |
| Stock-based compensation | 26 | 22 |
| Certain litigation charges <sup>(1)</sup> | 17 |  |
| Restructuring and associated costs <sup>(2)</sup> | 4 | 6 |
| Other adjustments <sup>(3)</sup> | (7) | 20 |
| Transaction costs <sup>(4)</sup> | 7 |  |
| Losses on minority investments <sup>(5)</sup> | 1 |  |
| Costs to comply with medical device regulations <sup>(6)</sup> |  | 1 |
| **Adjusted EBITDA**  | $128 | $96 |

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__________________

(1)These charges relate to the Diabetes Pump Retainer Ring litigation.

(2)The charges primarily relate to employee termination benefits and consulting expenses directly related to the restructuring efforts.

(3)Reflects adjustments to the Company's Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015.

(4)These charges represent costs incurred associated with the Separation.

(5)We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(6)The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs.

------

The following tables present a reconciliation of U.S. GAAP net loss to Adjusted EBITDA for fiscal years 2025, 2024, and 2023.

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Net loss | $(198) | $(107) | $(92) |
| Provision for taxes | 52 | 38 | 16 |
| Depreciation and amortization | 143 | 129 | 115 |
| Adjustments: |  |  |  |
| Stock-based compensation | 41 | 38 | 35 |
| Certain litigation charges <sup>(1)</sup> | 165 |  |  |
| Restructuring and associated costs <sup>(2)</sup> | 25 | 29 | 52 |
| Other adjustments <sup>(3)</sup> | 20 |  |  |
| Transaction costs <sup>(4)</sup> | 3 |  |  |
| Costs to comply with medical device regulations <sup>(5)</sup> | 1 | 2 | 1 |
| Losses on minority investments <sup>(6)</sup> | 1 | 1 | 7 |
| Acquisition-related costs <sup>(7)</sup> |  | 17 | 2 |
| **Adjusted EBITDA**  | $253 | $147 | $136 |

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__________________

(1)These charges relate to a contractual dispute resolution under one of the Diabetes product funding arrangements.

(2)Associated costs primarily include salaries and wages for employees that are fully dedicated to restructuring programs as well as consulting expenses directly related to the restructuring efforts.

(3)Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.

(4)These charges represent costs incurred associated with the Separation.

(5)The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

(6)We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(7)These charges primarily relate to losses on foreign currency forward contracts entered into in advance of a previously contemplated business combination.

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**MARKET AND INDUSTRY DATA**

Unless otherwise indicated, information contained in this prospectus concerning our industry and the markets in which we operate, including our general expectations, market position, market share, market opportunity, and market size, has been obtained from third-party sources, including industry publications and other reports, internal data sources, and management estimates, which we believe to be reliable and based on reasonable assumptions. These third-party sources include Diabetes Metabolism Research and Reviews; Diabetes, Obesity and Metabolism; dQ&A; the IDF; the Journal of the American Medical Association; the Journal of Clinical Endocrinology & Metabolism; the Journal of Diabetes Technology & Therapeutics; Managed Markets Insights and Technology ("MMIT"); the National Institute of Health (the "NIH"); Seagrove Partners; the New England Journal of Medicine; and the World Health Organization (the "WHO").

Unless otherwise indicated, we have not commissioned any of the industry publications or other reports generated by third-party providers that we refer to in this prospectus. Our management estimates are derived from such third-party sources, other publicly available information, our knowledge of our industry, internal company research, surveys, information from our customers and third-party partners, trade and business organizations, and other contacts in the markets in which we operate and assumptions based on this information and knowledge.

Data regarding our industry and our market position and market share within our industry are inherently imprecise and are subject to significant business, economic, and competitive uncertainties beyond our control, but we believe they generally indicate market size, market position, and market share within our industry. In addition, assumptions and estimates of our and our industry's future performance involve risks and uncertainties and are subject to change based on various factors, including those described in the section of this prospectus entitled "Risk Factors." These and other factors could cause results to differ materially from those expressed in the estimates made by third parties and us. See "Cautionary Note Regarding Forward-Looking Statements."

Certain of our products that are named in this prospectus are regulated by the U.S. FDA. For additional information about the regulation of these products, see "Business—Government Regulation and Product Approval Process—United States Regulations."

In certain portions of this prospectus we reference meta-analyses when direct head-to-head studies are unavailable. We believe meta-analyses and comparisons of published real-world data are robust and valid ways to compare the glycemic outcomes of our devices with those of third-party devices. Peer-reviewed meta-analyses with broad acceptance criteria and analyses like random-effects frequentist network meta-analyses provide results with confidence intervals and offer robust statistical conclusions supporting comparison of devices using available clinical trial data. Further, large bodies of real-world evidence offer a strong means of mitigating these biases and normalizing many of the specific clinical and demographic variables that exist in the real-world use of AID systems.

While meta-analysis can provide valuable insights by aggregating data from multiple studies, this approach has inherent limitations. The methodology relies on indirect comparisons, which may introduce biases due to variations in study design, populations, and analytical approaches. Without direct comparative trials, differences in outcomes between interventions may not be adequately assessed, leading to potential uncertainties in the interpretation of results. Accordingly, investors should exercise caution when considering findings derived from meta-analysis as conclusive evidence.

Direct head-to-head clinical studies have not been conducted comparing modern AID systems at the time of this offering. Additionally, individual device clinical studies often offer small sample sizes with potential for investigator selection bias, volunteer bias on the part of the participant, and attention bias given the close follow-up during the trial. These biases, which are inherent in industry-sponsored trials, may result in a best-case scenario or non-representative outcome.

The data presented in this prospectus are sourced from the following sources. Sources marked with a \* were funded by Medtronic; sources marked with a ^ were authored or co-authored by Medtronic employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Abraham MB et al., "Glycemic and Psychosocial Outcomes of Advanced Hybrid Closed-Loop Therapy in Youth With High HbA1c: A Randomized Clinical Trial," Diabetes Care (2025), 48(1), 67-75.\*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bandeiras C et al., "Bringing Stem Cell-Based Therapies for Type 1 Diabetes to the Clinic: Early Insights from Bioprocess Economics and Cost-Effectiveness Analysis," Biotechnol J. (2019), 14(8), e1800563.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bergenstal RM et al., "A comparison of two hybrid closed-loop systems in adolescents and young adults with type 1 diabetes (FLAIR): a multicentre, randomised, crossover trial." Lancet (2021), 397(10270), 208-219.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bhargava A et al., "Safety and Effectiveness of MiniMed<sup>TM</sup> 780G Advanced Hybrid Closed-Loop Insulin Intensification in Adults with Insulin-Requiring Type 2 Diabetes," Diabetes Technol Ther (2025), 27(5), 366-375.^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boucsein A et al., "Impact of Advanced Hybrid Closed Loop on Youth With High-Risk Type 1 Diabetes Using Multiple Daily Injections" Diabetes Care (2023), 46(3), 628-632.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Castañeda J et al., "Time in Tight Glucose Range in Type 1 Diabetes: Predictive Factors and Achievable Targets in Real-World Users of the MiniMed 780G System," Diabetes Care (2024), 47(5), 790-797.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Choudhary P et al., "Advanced hybrid closed loop therapy versus conventional treatment in adults with type 1 diabetes (ADAPT): a randomised controlled study," Lancet Diabetes Endocrinol (2022), 10(10), 720-731.\*^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Choudhary P et al., "Celebrating the Data from 100,000 Real-World Users of the MiniMed™ 780G System in Europe, Middle East, and Africa Collected Over 3 Years: From Data to Clinical Evidence," Diabetes Technol Ther (2024), 26(S3), 32-37.^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chien A et al., "Potential cost savings in the United States from a reduction in sensor-detected severe hypoglycemia among users of the InPen smart insulin pen system," J Manag Care Spec Pharm (2023), 29(3), 285-292.^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Christensen MB et al., "Automated Insulin Delivery in Adults With Type 1 Diabetes and Suboptimal HbA1c During Prior Use of Insulin Pump and Continuous Glucose Monitoring: A Randomized Controlled Trial," J Diabetes Sci Technol (2024), 19322968241242399.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Collyns OJ et al., "Improved Glycemic Outcomes With Medtronic MiniMed Advanced Hybrid Closed-Loop Delivery: Results From a Randomized Crossover Trial Comparing Automated Insulin Delivery With Predictive Low Glucose Suspend in People With Type 1 Diabetes," Diabetes Care (2021), 44(4), 969-975.\*^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• De Meulemeester J et al., "One-year real-world benefits of Tandem Control-IQ technology on glucose management and person-reported outcomes in adults with type 1 diabetes: a prospective observational cohort study," Diabetologia (2025), 68(5), 948-960.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diabetes Control and Complications Trial Research Group et al., "The effect of intensive treatment of diabetes on the development and progression of long-term complications in insulin-dependent diabetes mellitus," N Engl J Med (1993), 329(14), 977-86.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Di Molfetta S et al., "Efficacy and Safety of Different Hybrid Closed Loop Systems for Automated Insulin Delivery in People With Type 1 Diabetes: A Systematic Review and Network Meta-Analysis," Diabetes Metab Res Rev (2024), 40(6), e3842.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drucker DJ, "Efficacy and Safety of GLP-1 Medicines for Type 2 Diabetes and Obesity," Diabetes Care (2024), 47(11), 1873-1888.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ebekozien O et al., "Longitudinal Trends in Glycemic Outcomes and Technology Use for Over 48,000 People with Type 1 Diabetes (2016-2022) from the T1D Exchange Quality Improvement Collaborative," Diabetes Technol Ther (2023), 25(11), 765-773.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Edd SN et al., "ADAPT study Group. Twelve-month results of the ADAPT randomized controlled trial: Reproducibility and sustainability of advanced hybrid closed-loop therapy outcomes versus conventional therapy in adults with type 1 diabetes," Diabetes Obes Metab (2023), 25(11), 3212-3222.\*^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fisher L et al., "Understanding the sources of diabetes distress in adults with type 1 diabetes," J Diabetes Complications (2015), 29(4), 572-7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forlenza GP et al., "Real-World Evidence of Omnipod® 5 Automated Insulin Delivery System Use in 69,902 People with Type 1 Diabetes," Diabetes Technol Ther (2024), 26(8), 514-525 (the "Forlenza 2024 study").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gerhardsson P et al., "The SWEET Project 10-Year Benchmarking in 19 Countries Worldwide Is Associated with Improved HbA1c and Increased Use of Diabetes Technology in Youth with Type 1 Diabetes," Diabetes Technol Ther (2021), 23(7), 491-499.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Graham R et al., "Real-World Use of Control-IQ Technology Is Associated with a Lower Rate of Severe Hypoglycemia and Diabetic Ketoacidosis Than Historical Data: Results of the Control-IQ Observational (CLIO) Prospective Study," Diabetes Technol Ther (2024), 26(1), 24-32 (the "Graham 2024 study").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hagger V et al., "Diabetes Distress Among Adolescents with Type 1 Diabetes: a Systematic Review," Curr Diab Rep (2016), 16(1), 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hanaire H et al., "Cost-Utility Analysis of the MiniMed™ 780G Advanced Hybrid Closed-Loop System Versus Intermittently Scanned Continuous Glucose Monitoring with Multiple Daily Insulin Injections in People with Type 1 Diabetes in France," Diabetes Technol Ther. (2025), 27(10), 768-777.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hankosky ER et al., "Gaps Remain for Achieving HbA1c Targets for People with Type 1 or Type 2 Diabetes Using Insulin: Results from NHANES 2009-2020," Diabetes Ther. (2023), 14(6), 967-975.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hwang JH et al., "Lifetime Health Effects and Cost-Effectiveness of Tirzepatide and Semaglutide in US Adults," JAMA Health Forum (2025), 6(3), e245586.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jendle J et al., "A European Cost-Utility Analysis of the MiniMed™ 780G Advanced Hybrid Closed-Loop System Versus Intermittently Scanned Continuous Glucose Monitoring with Multiple Daily Insulin Injections in People Living with Type 1 Diabetes," Diabetes Technol Ther (2023), 25(12), 864-876.\*^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jendle J et al., "The Cost-Effectiveness of an Advanced Hybrid Closed-Loop System in People with Type 1 Diabetes: a Health Economic Analysis in Sweden" Diabetes Ther (2021), 12(11), 2977-2991.\*^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kessler L et al., "Advanced Hybrid Closed Loop Algorithm Use in Type 1 Diabetes: The French MiniMed™ Glycemic Control and Quality of Life Study," Diabetes Ther (2025), 413-427.\*^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kommareddi M et al., "Cost-effectiveness of the MiniMed 780G system for type 1 diabetes," Am J Manag Care (2025), 31(4), e79-e86.\*^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lambadiari V et al., "Cost-Effectiveness Analysis of an Advanced Hybrid Closed-Loop Insulin Delivery System in People with Type 1 Diabetes in Greece," Diabetes Technol Ther (2022), 24(5), 316-323.\*^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Laurenzi A et al., "Insights into the effective use of the Smart MDI system: Data from the first 1852 type 1 diabetes users," Diabet Med. (2025), 42(12), e70161.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MacLeod J et al., "Shining the Spotlight on Multiple Daily Insulin Therapy: Real-World Evidence of the InPen Smart Insulin Pen," Diabetes Technol Ther (2024), 26(1), 33-39.\*^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Matejko B et al., "Transitioning of People With Type 1 Diabetes From Multiple Daily Injections and Self-Monitoring of Blood Glucose Directly to MiniMed 780G Advanced Hybrid Closed-Loop System: A Two-Center, Randomized, Controlled Study," Diabetes Care (2022), 45(11), 2628-2635.\*^

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Meade LT et al., "Accuracy of Carbohydrate Counting in Adults," Clin Diabetes (2016), 34(3), 142-7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Messer LH et al., "Therapy Settings Associated with Optimal Outcomes for t:slim X2 with Control-IQ Technology in Real-World Clinical Care," Diabetes Technol Ther. (2023), 25(12), 877-882 (the "Messer 2023 study").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Michaels VR et al., "Glucose and Psychosocial Outcomes 12 Months Following Transition from Multiple Daily Injections to Advanced Hybrid Closed Loop in Youth with Type 1 Diabetes and Suboptimal Glycemia," Diabetes Technol Ther (2024), 26(1), 40-48.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The National Health Service of England, "National Diabetes Audit Core Report 1: Care Processes and Treatemnt Targets 2023-24" (2024).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ozdemir Saltik AZ et al., "EE622 Improved Glycemic Outcomes and Associated Cost Savings with an Advanced Hybrid Closed Loop System for People with Type 1 Diabetes with Suboptimal Glycemic Control in Europe," Value in Health (2023), 26(12), S172-S173.^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Parker ED et al., "Economic Costs of Diabetes in the U.S. in 2022," Diabetes Care (2024), 47(1), 26-43.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Petrovski G et al., "Simplified Meal Announcement Versus Precise Carbohydrate Counting in Adolescents With Type 1 Diabetes Using the MiniMed 780G Advanced Hybrid Closed Loop System: A Randomized Controlled Trial Comparing Glucose Control," Diabetes Care (2023), 46(3), 544-550.^

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pöhlmann J et al., "A systematic literature review and meta-analysis of real-world evidence on commercially available automated insulin delivery systems in people with type 1 diabetes," Diabetes Obes Metab. (2025) (the "Pöhlmann 2025 meta-analysis").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resnick O et al., "Glucagon-like peptide-1 receptor agonists and type 1 diabetes: a potential game changer?" Front Endocrinol (Lausanne) (2025), 15, 1520313.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serné EH et al., "Automated Insulin Delivery Versus Standard of Care in the Management of People Living with Type 1 Diabetes and HbA1c <8%: A Cost-Utility Analysis in The Netherlands," Diabetes Technol Ther. (2025), 27(8), 631-640.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shah VN et al., "Continuous Glucose Monitoring Profiles in Healthy Nondiabetic Participants: A Multicenter Prospective Study," J Clin Endocrinol Metab (2019), 104(10), 4356-4364.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Smaniotto V et al., "MiniMed 780G system performance in older users with type 1 diabetes: Real-world evidence and the case for stricter glycaemic targets," Diabetes Obes Metab (2025), 27(4), 2242-2250.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sturt J et al., "The detection and management of diabetes distress in people with type 1 diabetes." Curr Diab Rep (2015), 15(11), 101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Thrasher JR et al., "Early Real-World Performance of the MiniMed™ 780G Advanced Hybrid Closed-Loop System and Recommended Settings Use in the United States," Diabetes Technol Ther (2024), 26(S3), 24-31.\*^

The data presented in Figures A and D in the sections of this prospectus entitled "Prospectus Summary" and "Business—Our Market" rely on the following sources: estimated market size based on last twelve months ended September 2025 revenue from public filings of leading diabetes device manufacturers as identified by Seagrove Partners; Seagrove Partners' November 2025 WW Diabetes Master Forecast; and Seagrove Partners' SeaTRAKMonitor Q3 2025 data (estimating the compound annual growth rate of the market for our products from 2025 to 2030). The Insulin Dependent Type 1 and Type 2 relative portion size of the figures represent our estimated market size for our diabetes technologies and other offerings based on last twelve months ended September 2025 revenue from public filings of leading diabetes device manufacturers as identified by Seagrove Partners.

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The data presented in Figure C in the section of this prospectus entitled "Business—Our Products and Offerings" rely on the following sources: Beck RW et al., "Effect of Continuous Glucose Monitoring on Glycemic Control in Adults With Type 1 Diabetes Using Insulin Injections: The DIAMOND Randomized Clinical Trial," JAMA (2017), 317(4), 371-378; Bergenstal RM et al., "Safety of a Hybrid Closed-Loop Insulin Delivery System in Patients With Type 1 Diabetes," JAMA (2016), 316(13), 1407-1408; Castañeda J et al., "Time in Tight Glucose Range in Type 1 Diabetes: Predictive Factors and Achievable Targets in Real-World Users of the MiniMed 780G System," Diabetes Care. (2024), 47(5), 790-797; and Vigersky R et al., "The Relationship of Hemoglobin A1C to Time-in-Range in Patients with Diabetes," Diabetes Technol Ther. (2019), 21(2), 81-85.

The data presented in Figure F in the section of this prospectus entitled "Business—Our Products and Offerings" rely on the following sources: the Forlenza 2024 study; Castañeda J et al., "Time in Tight Glucose Range in Type 1 Diabetes: Predictive Factors and Achievable Targets in Real-World Users of the MiniMed 780G System," Diabetes Care (2024), 47(5), 790–797; and Shah VN et al., "Continuous Glucose Monitoring Profiles in Healthy Nondiabetic Participants: A Multicenter Prospective Study," The Journal of Clinical Endocrinology & Metabolism (2019), 104(10), 4356-4364.

The data presented in Figure G in the section of this prospectus entitled "Business—Our Products and Offerings" rely in part on Lingen K et al., "Advantages and disadvantages of connected insulin pens in diabetes management," Endocrine Connections (2023), 12(11), e230108.

The data presented in Figure H in the section of this prospectus entitled "Business—Clinical / Real-World Evidence" rely on the following sources: Beck RW et al., "Effect of Continuous Glucose Monitoring on Glycemic Control in Adults With Type 1 Diabetes Using Insulin Injections: The DIAMOND Randomized Clinical Trial," JAMA (2017), 317(4), 371-378; Bergenstal RM et al., "Glucose Management Indicator (GMI): A New Term for Estimating A1C From Continuous Glucose Monitoring," Diabetes Care (2018), 41(11), 2275-2280; Boucsein A et al., "Impact of Advanced Hybrid Closed Loop on Youth With High-Risk Type 1 Diabetes Using Multiple Daily Injections," Diabetes Care (2023), 46(3), 628-632; Castañeda J et al., "Time in Tight Glucose Range in Type 1 Diabetes: Predictive Factors and Achievable Targets in Real-World Users of the MiniMed 780G System," Diabetes Care (2024), 47(5), 790-797; Choudhary P et al., "Advanced hybrid closed loop therapy versus conventional treatment in adults with type 1 diabetes (ADAPT): a randomised controlled study," Lancet Diabetes Endocrinol. (2022), 10(10), 720-731; Choudhary P et al., "Celebrating the Data from 100,000 Real-World Users of the MiniMed<sup>TM</sup> 780G System in Europe, Middle East, and Africa Collected Over 3 Years: From Data to Clinical Evidence," Diabetes Technology & Therapeutics (2024), 26(S3), 32-37; Elhenawy YI et al., "Performance of the MiniMed 780G system on mitigating menstrual cycle-dependent glycaemic variability," Diabetes Obes Metab. (2024), 26(11), 4916-4923; the Forlenza 2024 study; Grosman B et al., "A Peek Under the Hood: Explaining the MiniMed 780G Algorithm with Meal Detection Technology," Diabetes Technol Ther. (2024), 26(S3), 17-23; Jendle J et al., "A European Cost-Utility Analysis of the MiniMed 780G Advanced Hybrid Closed-Loop System Versus Intermittently Scanned Continuous Glucose Monitoring with Multiple Daily Insulin Injections in People Living with Type 1 Diabetes," Diabetes Technol Ther. (2023), 25(12), 864-876; MacLeod J et al., "Shining the Spotlight on Multiple Daily Insulin Therapy: Real-World Evidence of the InPen Smart Insulin Pen," Diabetes Technol Ther. (2024), 26(1), 33-39; and Matejko B et al., "Transitioning of People With Type 1 Diabetes From Multiple Daily Injections and Self-Monitoring of Blood Glucose Directly to MiniMed 780G Advanced Hybrid Closed-Loop System: A Two-Center, Randomized, Controlled Study," Diabetes Care (2022), 45(11), 2628-2635.

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**RISK FACTORS**

*An investment in shares of our common stock involves risks and uncertainties. In addition to the other information in this prospectus, you should consider carefully the factors set forth below before making an investment decision to purchase shares of our common stock. We seek to identify, manage, and mitigate risks to our business, but risks and uncertainties are difficult to predict and many are outside of our control and therefore cannot be eliminated. You should be aware that it is not possible to predict or identify all of these factors and that the following is not meant to be a complete discussion of all potential risks or uncertainties. If known or unknown risks or uncertainties materialize, our business, results of operations, financial condition, and cash flows could be adversely affected, potentially in a material way, which could result in a partial or complete loss of your investment.*

**Business and Operational Risks**

***We operate in a highly competitive industry and we may be unable to compete effectively.***

We compete in the market for products and services for the management of T1D and T2D in approximately 80 countries. This market is intensely competitive and characterized by rapid change resulting from technological advances, innovations, and scientific discoveries. Competition may increase as additional companies enter this market or modify their existing products to compete directly with ours.

The product lines in which we compete include the components of our AID system, including insulin pumps like the MiniMed 780G and related consumables (such as infusion sets and insulin reservoirs) and our Simplera Sync and Guardian Connect CGM systems, as well as components of our Smart MDI system, including the InPen smart insulin pen and CGMs. In these product lines, we face a range of competitors from large companies with multiple business lines to small, specialized manufacturers that offer a limited selection of niche products. We compete with companies such as Beta Bionics, Inc.; Dexcom, Inc.; Insulet Corporation; Sequel Med Tech, LLC; Tandem Diabetes Care, Inc.; and Tecnicas Medioambientales Tecmed S.A. In addition, we face competition from providers of alternative medical therapies, such as pharmaceutical companies, including those producing GLP-1s.

Academic institutions, governmental agencies, and other public and private research organizations also may conduct research, seek patent protection, and establish collaborative arrangements for discovery, research, clinical development, and marketing of products similar to ours. These companies and institutions compete with us in recruiting and retaining qualified scientific and management personnel, as well as in acquiring necessary product technologies. Our newer mobile software applications such as the MiniMed Mobile app for the MiniMed 780G system and the MiniMed Go app are being designed to incorporate features and functions that are common to other consumer-oriented applications. These consumer industries are themselves highly competitive and characterized by continuous new product introductions, rapid developments in technology, and subjective and changing consumer preferences. If, in the future, PWD cease to view our products as contemporary or convenient as compared to then-existing consumer technology, our products may become less desirable.

Our competitors may currently enjoy or may develop several competitive advantages over us, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• greater financial and human resources for sales and marketing, product development, customer service, and clinical resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• greater ability to respond to competitive pressures, regulatory uncertainty, or challenges within the financial markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• established relationships with HCPs, third-party payors, and regulatory agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• established reputation and name recognition among HCPs and other KOLs in the medical industry generally and the diabetes industry in particular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• larger and more established distribution networks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• greater ability to cross-sell products or provide incentives to HCPs to promote or support the use of their products; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• more experience in conducting R&D, manufacturing, clinical trials, and obtaining regulatory approval or clearance.

As a result of our competitors' advantages, we may not be able to compete effectively against these companies or their products, which may adversely impact our business. Development by our competitors of new or improved products, processes, or technologies, or the introduction of reprocessed products or generic versions when our proprietary products lose their patent protection, may make our existing or planned products less competitive. The introduction by competitors of products that are or claim to be superior to our products may create market confusion that may make it difficult to differentiate the benefits of our products over competing products. It is also possible that PWD interested in purchasing any of our future products currently under development may delay the purchase of one of our current products.

We believe our ability to compete depends upon many factors both within and beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product performance and reliability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product technology and innovation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product quality and safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• breadth of product lines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product support services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supplier and supply availability and performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customer support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost-effectiveness and price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reimbursement approval from healthcare insurance providers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to the regulatory and reimbursement environment, including changes within the U.S. FDA and other regulators, including non-U.S. regulators.

Given these factors, we cannot guarantee that we will be able to compete effectively or continue our level of success. In the past we have lost, and may in the future lose, market share in connection with product problems, quality concerns and related warning letters from the U.S. FDA, physician advisories, safety alerts, and publications about our products, which highlights the importance of product safety, product efficacy, and quality systems to our business.

***Competing products, therapeutic techniques, or other technological developments and breakthroughs for the monitoring, treatment, or prevention of diabetes may render our products obsolete or less desirable.***

Our primary competitors, as well as a number of other companies and medical researchers, are pursuing new delivery devices, delivery technologies, therapeutic techniques, sensing technologies, treatment techniques, procedures, drugs, and other therapies for the monitoring, treatment, and prevention of diabetes. Any such breakthroughs by other parties in diabetes monitoring, treatment, or prevention could reduce the potential market for our products or render our products less desirable or obsolete altogether, which would significantly reduce our sales or cause our sales to grow at a slower rate than we currently expect. For example, emerging cellular therapeutic techniques such as islet cell therapy or immunotherapy could substantially alter the market for diabetes treatment and products. In addition, even the perception that new products may be introduced, or that technological or treatment advancements could occur, could cause consumers to delay the purchase of our products.

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***We have experienced, and may continue to experience, pricing pressure for certain products, which could have a material adverse effect on our business, financial condition, results of operations, and cash flows.***

In the current environment of managed care, consolidation among HCPs, increased competition, declining reimbursement rates, and national and provincial tender pricing, competitively priced product offerings are essential to our success. Some of our competitors employ aggressive pricing strategies, including the use of discounts, rebates, low-cost product upgrades, and other financial incentives that could adversely affect sales of our products. In addition, we have had, and may continue to have, periods when prices for certain products decrease due to pricing pressure from direct-to-consumer trends and managed care organizations and other third-party payors on PWD; increased market power of PWD as the healthcare industry consolidates; periodic variation in timing, volume, and pricing associated with PWD purchasing patterns and stocking dynamics; and increased competition among medical engineering and manufacturing services providers.

We have experienced, and anticipate that we will continue to experience, decreasing prices for our Simplera and Guardian Connect CGM products as a result of such pricing pressure. In addition, CGM products are also now covered in the pharmacy channel, and our competitors have broad coverage in the pharmacy channel and are able to offer enhanced rebates to both lower the out-of-pocket costs for patients and restrict other competitors from gaining similar coverage. Our CGM products have coverage at national pharmacy benefit health plans, but only a small percentage of our business flows through the pharmacy channel because PWD often can also get their CGMs through the DME channel. Our competitors' and our distribution through the pharmacy channel could lower the prices PWD are willing to pay for our CGMs.

We have also recently experienced, and may continue to experience, rising costs due to heightened inflation and global trade policies. If the prices for our products change for any reason or inflation continues to remain at heightened rates, we may be unable to sufficiently reduce our expenses or offset rising costs through increased prices, we may become more reliant on our existing supplier arrangements, and our business, financial condition, results of operations, and cash flows could be adversely affected.

***Challenges or delays in the development or manufacturing of new products, including in connection with required government approvals, could adversely affect our business, results of operations, financial condition, and cash flows.***

We currently have a number of new products in our development pipeline, including the MiniMed Flex, our smaller, screenless, newly designed insulin pump; our next-generation Vivera dosing algorithm; and our MiniMed Fit patch pump with extended wear. Our ability to remain competitive in the markets in which we compete depends on our ability to anticipate and quickly respond to the needs and preferences of PWD, their caregivers and HCPs, and our third-party collaborators. Developing new products and technologies is a complex, time-consuming, and costly process. Any delay in the development or launch of a new product or technology could compromise our competitive position or otherwise adversely affect our business, results of operations, financial condition, or cash flows. We cannot predict with certainty when or whether we will be able to develop new products and technologies, or otherwise license or acquire new products and technologies.

The development and commercial launch timelines for our products depend a great deal on our ability to achieve clinical endpoints and satisfy regulatory requirements and to overcome technology challenges. These timelines may be delayed due to scheduling issues with patients and investigators, failure of patients to continue to participate in a clinical trial, requests from institutional review boards, inquiries from regulators about our independent and collaborative product development activities, product performance, or manufacturing supply constraints, among other factors. We and our development partners, as applicable, conduct extensive preclinical studies and clinical trials to demonstrate the safety and efficacy of our pipeline products in order to obtain regulatory approval for the marketing and sale of our pipeline products. Preclinical studies and clinical trials are expensive, complex, can take many years, and have uncertain outcomes. See "—The research and development efforts we undertake may not result in the development of commercially viable products, the generation of significant future revenues, or adequate profitability."

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Obtaining regulatory approvals from the U.S. FDA or other regulatory authorities, including non-U.S. regulatory authorities, for new products and devices and manufacturing processes can take a number of years and involves the expenditure of substantial resources. For example, we may face additional challenges with respect to European Medicines Agency ("EMA") approval in the EU as a result of additional requirements for approval in the EU that may be more burdensome than those required by the U.S. FDA and other regulatory authorities. See "—Legal and Regulatory Risks—We are subject to extensive and complex laws and governmental regulations and any adverse regulatory action may materially adversely affect our financial condition and business operations." Even if we expend substantial resources during the regulatory approval process and believe our clinical results are sufficient to demonstrate product efficacy, there is no guarantee that the U.S. FDA, EMA, or any other regulatory authority will agree with us and grant our products regulatory approval.

***Reduction or interruption in supply or other manufacturing difficulties may adversely affect our manufacturing operations and related product sales.***

The manufacture of our products requires the timely delivery of a sufficient amount of quality components and materials and is highly exacting and complex, due in part to complex trade and strict regulatory requirements. Any failure to identify and address manufacturing problems prior to the release of products to PWD could result in quality or safety issues. We rely on third-party manufacturers to produce certain products, including our infusion sets, transmitters, and InPen smart insulin pens. While we manufacture a substantial portion of our products ourselves, we also procure critical third-party services, such as sterilization services, at numerous facilities worldwide. Efforts by the U.S. Environmental Protection Agency (the "U.S. EPA") to regulate ethylene oxide ("EtO") use in sterilization may reduce the device sterilization capacity of our third-party sterilizers. We purchase many of the components, raw materials, and services needed to manufacture these products from numerous suppliers in various countries. We have generally been able to obtain adequate supplies of such components, raw materials, and services, although global shortages of certain components such as semiconductors and resins have recently caused, and may in the future cause, disruptions to our product manufacturing supply chain. A reduction or interruption in supply, and an inability to develop alternative sources for such supply, on satisfactory terms or at all, could adversely affect our ability to manufacture our products in a timely or cost-effective manner and could result in lost sales or a failure to meet our contractual supply obligations under government tenders. Additionally, any inability to develop such an alternative source of supply in a cost-effective manner, including an inability to maintain margins and pass along increased costs to our customers, could adversely affect our business, financial condition, results of operations, and cash flows.

Disruptions in the manufacturing process or product sales, trade, and fulfillment systems for any reason, including: infrastructure, information, and equipment malfunction; failure to follow specific protocols and procedures; supplier or Company facility shut-downs; regulatory action by the U.S. FDA, U.S. EPA, or other regulatory authorities; defective raw materials; labor shortages; natural or man-made disasters such as hurricanes, tornadoes, earthquakes, or wildfires; property damage or facility closures from riots or public protests; other environmental factors, including climate change; and the impact of epidemics, pandemics, or other public health crises, and actions by businesses, communities, and governments in response, could lead to launch delays, product shortages, unanticipated costs, lost revenues, or damage to our reputation. The imposition of trade restrictions, such as new tariffs or increases in existing tariffs on products imported from countries where our manufacturers or suppliers operate, increase the costs for raw materials and finished goods. Some of our products or underlying components are manufactured in China and may become subject to tariffs. See "—We are subject to a variety of risks associated with global operations that could adversely affect our profitability and operating results." The prices of commodities and other materials used in our products, which are often volatile and outside of our control, could adversely impact our profitability. We use resins, other petroleum-based materials, and pulp as raw materials in some of our products, and the prices of oil and gas also significantly affect our costs for freight and utilities.

***We obtain some of the components, raw materials, and services needed to manufacture our products from sole suppliers, and the partial or complete loss of one or more of these suppliers could adversely impact our business, results of operations, financial condition, and cash flows.***

For reasons of quality assurance, cost-effectiveness, or availability, many key components, raw materials, and services needed to manufacture our products are obtained from sole suppliers with no alternatives yet identified. In

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addition, the design and formulation of certain of these components and materials are proprietary and the intellectual property rights may be owned exclusively by one party. For certain of these sole-sourced components, materials, and services, alternatives may not be readily available. Any alternative supplier arrangement may be on terms that are less favorable, including with respect to price and volume, and it may be costly or cause delays in our manufacturing process to transition to a new supplier, particularly in cases in which we must comply with regulatory requirements relating to qualification of new suppliers.

Our sole suppliers include Convatec Group plc for our infusion sets, Intricon Corporation for transmitters, and Steris plc and Steri-Tech Inc. for sterilization services. Our dependence on such sole suppliers subjects us to possible risks of shortages, interruptions, and price fluctuations. Disruptions or loss of any of our sole suppliers, or capacity limitations of the suppliers for components, could increase our costs, curtail growth opportunities, cause material delays, and adversely impact our business, results of operations, financial condition, and cash flows. If our sole suppliers move their manufacturing and assembly sites to other locations, depending on the circumstances and nature of the item supplied, in addition to quality system activities such as verification and validation, there could be a need for U.S. FDA or international regulator notifications or submissions, the new locations could be subject to regulatory inspection, or our costs could increase due to differing trade restrictions or tariffs. Any resulting regulatory delays or impediments impacting such sole suppliers could also adversely impact our business, results of operations, financial condition, and cash flows.

***We may not succeed in developing new high-volume manufacturing lines for products that meet our requirements for quality, yield, throughput, and other performance metrics. Furthermore, any new high-volume manufacturing lines we develop may be unreliable, require regular and significant maintenance, and be capital and resource-intensive to operate.***

Our ability to continue to manufacture our products at scale depends on the successful development of high-volume manufacturing lines that meet our requirements for quality, throughput, yield, and other performance metrics. We may not succeed in developing new, efficient, low-cost manufacturing capabilities and processes that will enable us to meet the quality, price, engineering, design, and manufacturing standards, as well as the manufacturing volumes, required to successfully mass market our products. For example, our production of Simplera CGM products is scaling slower than anticipated due to underperformance of the initial high-volume automated manufacturing line for Simplera CGMs and difficulties we have experienced in remediating these performance issues and in developing additional automated manufacturing lines. We expect to record a pre-tax charge in the range of $100 million to $120 million during the quarter ending January 23, 2026 related to certain efforts to develop high-volume automated manufacturing lines with third-party manufacturers for Simplera CGMs that have not been successful. Even if we are ultimately successful in developing these high-volume manufacturing capabilities, we do not know whether we will be able to do so in a manner that avoids cost overruns or additional delays and/or impairment charges (including as a result of factors beyond our control such as problems with suppliers and vendors or force majeure events), meets our product commercialization and manufacturing schedules, and satisfies the requirements of customers and potential customers. For example, we may be unable to achieve sufficiently low costs of labor, burdens, or materials to manufacture our Simplera CGM and other products profitably, and we likewise may face difficulty in achieving sufficiently high yields. Moreover, although we continue to develop and enhance opportunities for efficient work processes, including using robotic technology and other artificial intelligence ("AI") capabilities, an inability to automate processes in our high-volume manufacturing facilities could result in increases in labor costs. If we continue to experience difficulties in developing automated high-volume manufacturing lines, we could be subject to cost overruns and additional delays and/or impairment charges, and if we are ultimately unable to successfully develop high-volume manufacturing lines for our products, it could negatively impact our ability to continue to manufacture our products at scale and adversely impact our ability to meet patient demand and revenue targets, each of which could have a material adverse effect on our business, results of operations, financial condition, and cash flows.

***Our current products may not maintain, and our next-generation products may not achieve or maintain, market acceptance.***

Our current business and growth strategy is highly dependent on our products, especially our next-generation products, achieving and maintaining market acceptance. A key to maintaining and growing our revenue is the

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retention of a high percentage of our customers due to the significant revenue generated from ongoing purchases of CGMs, other consumables, software, and services used with our AID and MDI systems. Market acceptance and adoption of our next-generation AID systems and Smart MDI systems depend on educating PWD, as well as their caregivers and HCPs, about the distinct features, ease-of-use, beneficial treatment outcomes, and other perceived benefits of these products as compared to competing products, including traditional CGMs and insulin pump products and alternative diabetes monitoring, treatment, or prevention methodologies. If we are not successful in convincing existing and potential customers of the benefits of our products, or if we are not able to achieve the support of caregivers and HCPs for our products, our sales may decline or we may achieve sales below our expectations.

Market acceptance of our current and next-generation products could be negatively impacted by many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our products not containing features desired by certain PWD, such as dual-analyte glucose-ketone sensors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure of our products to achieve or maintain wide acceptance among people with T1D or T2D, their caregivers, HCPs, and KOLs in the diabetes treatment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure of our products to achieve or maintain acceptance by third-party payors for coverage and reimbursement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of evidence supporting the safety, effectiveness, ease-of-use, or other perceived benefits of our products over competing products or other currently available glucose monitoring or insulin treatment methodologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• perceived risks or uncertainties associated with the use of our products, or components thereof, or of similar products or technologies of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse regulatory or legal actions relating to our products or similar products or technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• results of clinical studies relating to our current or next-generation products, or similar competitive products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to adapt to business model and other industry changes, including responding to evolving PWD needs and service expectations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• criticism on digital and social media platforms, negative coverage by traditional media, and other forms of adverse publicity regarding our products or brand.

If our products do not achieve and maintain widespread market acceptance, we may fail to achieve sales consistent with our projections, in which case our business, results of operations, financial condition, and cash flows could be materially and adversely affected.

***The research and development efforts we undertake may not result in the development of commercially viable products, the generation of significant future revenues, or adequate profitability.***

In order to address the anticipated needs of PWD, pursue new markets for our existing products and any new products, and to remain competitive, we focus our research and development efforts and related strategic third-party collaboration activities on the enhancement of our current diabetes management products, the development of next-generation products, and the development of novel technologies and services. The development of new products or novel technologies and services and the enhancement of our current products requires significant investment in research and development, intellectual property protection, clinical trials, regulatory approvals, and obtaining third-party reimbursement. Certain of our next-generation products, including the MiniMed Go, our next-generation MDI system with single app integration; the MiniMed Flex, our smaller, screenless, newly designed insulin pump; our next-generation Vivera dosing algorithm; and the MiniMed Fit patch pump, are subject to a heightened level of risk with respect to technical feasibility and manufacturability. In particular, it is critical to the growth and profitability of our business that we develop or acquire a cost-effective competitive CGM sensor and a patch pump, and doing so

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may take longer or require more resources than anticipated. Even if our next-generation products are technically feasible and manufacturable at scale, there is no guarantee that such products will be successful entrants in the marketplace. See "—Our current products may not maintain, and our next-generation products may not achieve or maintain, market acceptance."

The results of our product development and commercialization efforts may be affected by a range of factors, including our ability to anticipate PWD needs, innovate and develop new products (whether independently or with our partners), determine a feasible or timely regulatory pathway or approach, and launch those products cost-effectively into multiple markets and geographies. If we are unable to successfully anticipate PWD needs, innovate, develop new products, and successfully launch them, we may not be able to generate significant future revenues or profits from these efforts. The ultimate benefit we realize from the successful launch of a new or next-generation product may be negatively impacted if the new product cannibalizes sales of our existing products beyond expected levels.

***Our success depends on our ability to differentiate our products and keep pace with emerging technologies.***

Our continued growth and success depend on our ability to develop, acquire, and market new and differentiated products, technologies, and intellectual property, and as a result we also face competition for marketing, distribution, and collaborative development agreements, establishing relationships with academic and research institutions, and acquiring licenses to intellectual property. In order to continue to compete effectively, we must continue to create, invest in, or acquire advanced technology, incorporate this technology into our proprietary products, obtain regulatory approvals in a timely manner, and manufacture and successfully market our products. For example, data science, machine learning, and AI are all impacting our products and operations and the competitive landscape in which we operate, and the application of these technologies is rapidly evolving at the same time as new laws and regulations of AI are being developed in jurisdictions around the world. There are significant risks involved in utilizing AI, and compliance with developing regulations may require significant expenditures or may limit our ability to effectively use these technologies. There can be no assurance that the application of AI in our products and operations will be successful, or that we will not experience data security and privacy incidents in connection with our use of these technologies. Given these factors, we cannot guarantee that we will be able to compete effectively or continue our level of success.

***We enter into development arrangements, investments, licensing arrangements, joint ventures, strategic alliances, and partnerships with third parties that may not result in the development of commercially viable products or the generation of significant future revenues and that could potentially inhibit us from pursuing certain product development and acquisition opportunities outside of such arrangements.***

In the ordinary course of our business, we enter into development arrangements, investments, licensing arrangements, joint ventures, strategic alliances, or partnerships to develop proposed products or technologies, pursue new markets, or protect our intellectual property assets. For example, we rely on third parties, such as contract research organizations, medical institutions, clinical investigators, and contract laboratories, to conduct some of our clinical trials and pre-clinical investigations. If these third parties do not successfully carry out their contractual duties or regulatory obligations or meet expected deadlines, or if the quality or accuracy of the data they obtain is compromised due to failure to adhere to our clinical protocols or regulatory requirements or for other reasons, or if they are delayed in conducting our clinical trials for reasons outside of their control, our pre-clinical development activities or clinical trials may be extended, delayed, suspended, or terminated, and we may not be able to obtain regulatory approval for, or successfully commercialize, our products on a timely basis or at all. We also enter into investments in and with other medical technology companies. These investments are inherently risky, and we cannot guarantee that any of our previous or future investments will be successful or will not materially adversely affect our business, results of operations, financial condition, and cash flows.

We may not be able to identify or complete any such development arrangement in a timely manner, on a cost-effective basis, on acceptable terms, or at all, and we may not realize the anticipated benefits of any such development arrangements that we do identify and complete. In particular, these development arrangements may not result in the development of products or technologies that achieve commercial success or result in positive financial results, or may otherwise fail to have the intended impact on our business.

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We may elect to amend or modify development arrangements, investments, licensing arrangements, joint ventures, strategic alliances, partnerships, or similar agreements that we already have in place. Proposing, negotiating, and implementing development arrangements, investments, licensing arrangements, joint ventures, strategic alliances, or partnerships may be a lengthy and complex process, and may subject us to business risks. For example, other companies, including those with substantially greater financial, marketing, sales, technology, or other business resources, may compete with us for these opportunities, or may be the counterparty in any such arrangements.

Additionally, we may not be in a position to exercise sole decision-making authority regarding a development arrangement, investment, licensing, or other similar arrangement, which could create the risk of impasses on decisions. Further, our collaborators and business partners may have economic or business interests or goals that are, or that may become, inconsistent with our business interests or goals. It is possible that conflicts may arise with our collaborators and other business partners, including conflicts concerning the achievement of performance milestones, or the interpretation of significant terms under any agreement, such as those related to financial obligations, termination rights, or the ownership or control or other licenses of intellectual property rights. If any conflicts arise with our current or future collaborators, they may act in their self-interest, which may be adverse to our best interest, and they may breach their obligations to us. In addition, we have limited control over the amount and timing of resources that our current collaborators or any future collaborators devote to our arrangements with them or our future products. Disputes between us and our current, future, or potential collaborators may result in litigation or arbitration which would increase our expenses and divert the attention of our management. Further, these transactions and arrangements are contractual in nature and may be terminated or dissolved under the terms of the applicable agreements and, in such event, we may not continue to have rights to the products relating to such transaction or arrangement or may need to purchase such rights at a premium.

We are party to certain agreements with affiliates of Blackstone Life Sciences Advisors L.L.C. (collectively, "Blackstone") pursuant to which we have received funding for expenses related to the development of specific Diabetes products (each, a "Blackstone Agreement" and collectively, the "Blackstone Agreements"). The Blackstone Agreements for which there are ongoing development and commercialization plans relate to our next-generation MiniMed Flex insulin pump and MiniMed Fit patch pump. Our engineering, clinical, and regulatory teams are performing the development work for the programs funded by the Blackstone Agreements. If successfully commercialized, we will pay royalties on the developed products to Blackstone. Under certain termination provisions of the Blackstone Agreements, our royalty payment obligation will survive, and in certain termination circumstances, a payment to Blackstone of a multiple of the funded amounts may be required. If we acquire rights to a product in certain specified markets that competes with a product subject to a Blackstone Agreement, Blackstone has the option to terminate the agreement and receive a termination payment from us equal to a multiple of the funded amounts under the applicable agreement, or continue to be eligible for the royalty payments on the product subject to the Blackstone Agreement; provided that if the product subject to the Blackstone Agreement has already been submitted for regulatory approval for commercial use at the time the competing product is acquired and Blackstone elects to receive royalty payments, such royalty payments would apply to both the product subject to the Blackstone Agreement and the competing product. Such termination payments could potentially discourage us from pursuing, or limit our resources to pursue, certain product development and acquisition opportunities outside of the arrangements, increase our cash requirements, and could impair our liquidity, which could have a material adverse effect on our business, results of operations, financial condition, and cash flows. For additional information about our research and development arrangements with Blackstone, including prior instances of terminations of Blackstone Agreements, see "Business—Innovation / Pipeline and Future Initiatives—Blackstone Co-Development Agreements."

On July 31, 2024, we entered into a global integration, supply, and distribution agreement with Abbott (the "Abbott Partnership") to expand access to our AID and Smart MDI systems. Under the Abbott Partnership, Abbott will supply us with Instinct, an alternative CGM sensor based on Abbott's most advanced single-analyte CGM technology. Achieving the anticipated benefits of the Abbott Partnership is subject to a number of uncertainties, including whether our AID and Smart MDI systems and the Instinct CGM platform can become integrated in an effective and efficient manner. Furthermore, Abbott's future dual glucose-ketone sensors are not currently included under the Abbott Partnership, and these sensors may ultimately be preferred by PWD. As of the time of this offering,

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our CGM offerings consist of single-analyte sensors that monitor glucose levels. A glucose-ketone sensor would enable PWD to continuously monitor glucose and ketone levels in one sensor, so that rising ketone levels can be detected early as a potential warning sign of impending diabetic ketoacidosis. Failure to achieve the anticipated benefits of the Abbott Partnership, on our currently expected timeline or at all, could result in increased costs, decreases in the amount of expected revenues generated by the Abbott Partnership, and diversion of our management's attention and energy away from ongoing business operations. We may also experience a decline in sales of our existing CGMs as we market Instinct alongside our own CGMs, such as our Simplera and Guardian Connect CGM products. The failure to successfully integrate Instinct into our existing marketing efforts could have a material adverse effect on our business, results of operations, financial condition, and cash flows. Additionally, if Abbott were to have its marketing authorization revoked or if it encountered other difficulties that negatively affected the public's perception of and use of Abbott's CGM products, it could have a corresponding adverse effect on the public perception of and use of our other products. For additional information about the Abbott Partnership, see "Business—Innovation / Pipeline and Future Initiatives—Abbott Integration, Supply and Distribution Agreement."

***The continuing development of many of our products depends upon our ability to maintain strong relationships with HCPs.***

If we fail to maintain our working relationships with HCPs, many of our products may not be developed and marketed in line with the professionals who support and promote our products, which could cause a decline in our earnings and profitability. The research, development, marketing, and sales of many of our new and improved products depend on our maintaining working relationships with HCPs. We rely on these professionals to provide us with considerable knowledge and experience regarding the research, development, marketing, and sales of our products. HCPs assist us as researchers, marketing and product consultants, inventors, trainers, and public speakers. If we are unable to maintain strong relationships with these professionals, the development and marketing of our products could suffer, which could have a material adverse effect on our business, results of operations, financial condition, and cash flows.

***Our results of operations will be harmed if we are unable to accurately forecast market demand for our products and manage our inventory.***

To ensure adequate supply of our products, we must forecast the inventory needs of our current and prospective customers and manufacture our products based on our estimates of future demand. Our ability to accurately forecast market demand for our products could be negatively affected by many factors, many of which are beyond our control, including our failure to accurately manage our expansion strategy, product introductions by competitors, an increase or decrease in customer demand for our products or for products of our competitors, our failure to accurately forecast market acceptance of new products, and changes in general market conditions or regulatory matters.

Failure to adequately predict market demand for our products or otherwise optimize and operate our distribution channels successfully could result in excess or insufficient inventory or fulfillment capacity, increased costs, immediate shortages in product or component supply, or harm our business in other ways. Disruptions in international markets and supporting financial services and uncertainty about economic conditions (for instance, resulting from tariff disputes, credit scarcity, geopolitical risks, and sovereign debt deterioration) have in the past caused periods of tightened credit availability and increased volatility in liquidity and borrowing terms. If these conditions were to recur or worsen, we may experience reduced demand for a number of our products. We also could experience reduced sales, cash flows, and profits due to delayed payments or the insolvency of customers, HCPs, hospitals, suppliers, distributors, or vendors who experience liquidity issues, including as a result of cybersecurity incidents impacting private and government health insurance payors. In addition, HCPs and staff strikes or other work stoppages may in the future cause reduced demand for our products. As a result, our business, results of operations, financial condition, and cash flows could be adversely affected.

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***If we fail to expand and maintain an effective sales force, predict and adapt to changes in markets, or successfully develop and maintain our relationships with intermediaries, our business, prospects, and brand may be materially and adversely affected.***

We must continue to develop and grow our sales and marketing organization, enter into partnerships or other arrangements to market and sell our products, and collaborate with third parties, including distributors, to market and sell our products in order to maintain the commercial success of our current systems and to achieve commercial success for our future products. Our sales and marketing organization competes with the experienced, larger, and well-funded marketing and sales operations of our competitors. Further, we may not be able to successfully manage our dispersed sales force or increase our product sales at acceptable rates. If we are unable to establish and maintain adequate sales, marketing, and distribution capabilities, independently or with others, our future revenue may be reduced and our business may be harmed.

Our direct sales and marketing team calls on HCPs and PWD throughout the applicable country, to the extent permissible, to raise awareness and initiate sales of our products. Developing and managing a direct sales organization is a difficult, expensive, and time-consuming process. To continue to develop our direct sales and marketing organization to successfully achieve market awareness and sell our products, we must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recruit and retain adequate numbers of effective and experienced sales and marketing personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• launch new products on a timely and frequent basis to ensure that our sales and marketing team consistently has a lineup of products to sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compensate our marketing and sales personnel appropriately compared to competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectively train our sales and marketing personnel in the benefits and risks of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish and maintain successful sales, marketing, training, and education programs that educate HCPs, including endocrinologists, physicians, and diabetes educators, so they can appropriately inform PWD about our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• manage geographically dispersed sales and marketing operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectively train our sales and marketing personnel on the applicable advertising and promotion and fraud and abuse laws that govern interactions with HCPs and institutions, as well as current and prospective patients, and maintain active oversight and auditing measures to ensure continued compliance.

We enter into co-promotion and other marketing and sales arrangements with other companies. Any revenue received from those arrangements depends on the skills and efforts of others, and we cannot predict whether these efforts will be successful.

To the extent that we enter into additional arrangements with third parties or intermediaries to perform sales, marketing, distribution, or billing services, our product margins could be lower than if we directly marketed and sold our products. Intermediaries that are in the business of selling other medical products in addition to our products may not devote a sufficient level of resources and support required to generate awareness of our products and grow or maintain our product sales. If our intermediaries are unwilling or unable to market and sell our products, or if they do not perform to our expectations, we could experience delayed or reduced market acceptance and sales of our products, which could have a material adverse effect on our business, results of operations, financial condition, and cash flows. See "—We enter into development arrangements, investments, licensing arrangements, joint ventures, strategic alliances, or partnerships with third parties that may not result in the development of commercially viable products or the generation of significant future revenues." and "—Reduction or interruption in supply or other manufacturing difficulties may adversely affect our manufacturing operations and related product sales." for a more detailed discussion on risks relating to our relationships with third parties.

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***Interim, "top-line," and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.***

From time to time, we have, and in the future expect to, publicly disclose interim, top-line, or preliminary data from our pre-clinical studies and clinical trials, which are based on a preliminary analysis of then-available data, and the results and related findings and conclusions are subject to change following a more comprehensive review of the data related to the particular study or trial. We also make assumptions, estimations, calculations, and conclusions as part of our analyses of interim, top-line, or preliminary data, and we may not have received or had the opportunity to fully and carefully evaluate all data. The interim, top-line, or preliminary results that we report may differ from future results of the same study or trial, different conclusions or considerations may qualify such results, or one or more of the clinical outcomes may materially change, once additional data have been received and fully evaluated. Interim, top-line, or preliminary data also remain subject to audit and verification procedures that may result in the final data being materially different from the interim, top-line, or preliminary data we previously announced. As a result, interim, top-line, and preliminary data should be viewed with caution until the final data are available. Adverse differences between interim, preliminary, or top-line data and final data could significantly harm our business prospects. Further, disclosure of interim, preliminary, or top-line data by us or by our competitors could result in volatility in the price of our common stock. If the interim, top-line, or preliminary data that we report differ from actual results, our ability to obtain approval for, and commercialize, our product candidates may be harmed, which could adversely impact our business, results of operations, financial condition, and cash flows.

***Future market or clinical studies may be unfavorable to our products and their efficacy, which could hinder our sales efforts and have a material adverse effect on our business, results of operations, financial condition, and cash flows.***

To help improve, market, and sell our products, we have sponsored, and expect to continue to sponsor, market studies to assess various aspects of the functionality and relative efficacy of our products. The data obtained from the studies may be unfavorable to our products or may be inadequate to support satisfactory conclusions. In addition, we may sponsor clinical trials to assess certain aspects of the efficacy of our products. If future clinical trials fail to support the efficacy of our current or future products, our sales may be adversely affected and we may lose an opportunity to secure clinical preference from prescribing clinicians, which could have a material adverse effect on our business, results of operations, financial condition, and cash flows.

Future clinical studies or articles regarding our existing products or any competing products may be published that either support a claim, or are perceived to support a claim, that a competitor's product is clinically more effective or easier to use than our products or that our products are not as effective or easy to use as we claim. Diabetes associations, HCPs that focus on diabetes, or other organizations that may be viewed as authoritative could endorse products or methods that compete with our products or otherwise announce positions that are unfavorable to our products. Any of these events may negatively affect our sales efforts and result in decreased revenue.

***We are subject to a variety of risks associated with global operations that could adversely affect our profitability and operating results.***

We develop, manufacture, distribute, and sell our products globally. We intend to continue to expand our operations and to pursue growth opportunities in new and emerging markets. Operations in different countries including emerging markets could expose us to additional and greater risks and potential costs, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• healthcare reform legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the need to comply with different regulatory regimes worldwide that are subject to change and that could restrict our ability to manufacture and sell our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• local product preferences and product requirements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• longer-term receivables than are typical in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic sanctions, export controls, trade protection measures, tariffs and other border taxes, and import or export licensing requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• less intellectual property protection in some countries outside the United States than exists in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• different labor regulations and workforce instability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political and economic instability, including as a result of armed conflicts and insurrections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on local currency conversion or cash extraction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potentially negative consequences from changes in or interpretations of tax laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic instability, heightened inflation, recession, or interest rate fluctuations.

The ongoing global economic competition and trade tensions among the United States and various other countries, such as China, present risk to us. Recently, the United States has imposed new tariffs on imports from many jurisdictions, including, Canada, Mexico, China, the European Union, and other countries and regions in which we do business. The United States has indicated that these tariffs are subject to change and that additional tariffs may be imposed against other countries. The United States, China, and the EU, which comprised approximately 29.6%, 0.1%, and 42.5% percent, respectively, of our total net sales in the six months ended October 24, 2025 and 33%, 2%, and 39%, respectively, of our total net sales in fiscal year 2025, could impose tariffs or other types of restrictions such as limitations on government procurement or technology export restrictions, which could affect our access to the markets.

The Russia-Ukraine conflict and resulting sanctions and export restrictions are creating barriers to doing business in Russia and Belarus and are adversely impacting global supply chains. While we have no manufacturing or direct material suppliers in the region, we continue to closely monitor the potential raw material / sub-tier supplier impact in both Russia and Ukraine. Additional sanctions, export restrictions, and potential countermeasures within Russia, along with geopolitical shifts in Asia and disruptions relating to conflicts in the Middle East, may lead to greater uncertainty that could cause additional adverse impacts on global supply chains and our business, results of operations, financial condition, and cash flows.

More generally, several governments including the United States have raised the possibility of policies to induce "re-shoring" of supply chains, less reliance on imported supplies, and greater national production. If such steps trigger retaliation in other markets restricting access to foreign products in purchases by their government-owned healthcare systems, the result could have a significant impact on us.

Other significant changes or disruptions to international trade arrangements, such as termination or modification of existing trade agreements, may adversely affect our business, results of operations, financial condition, and cash flows. In addition, a significant amount of our trade receivables are with national healthcare systems in many countries. Repayment of these receivables is dependent upon the political and financial stability of those countries. In light of these global economic fluctuations, we continue to monitor the creditworthiness of customers. Failure to receive payment of all or a significant portion of these receivables could adversely affect our business, results of operations, financial condition, and cash flows.

Finally, changes in currency exchange rates may impact the reported value of our revenues, expenses, and cash flows. In addition, the impact of currency devaluations in countries experiencing significant currency exchange fluctuations could negatively impact our operating results. We cannot predict changes in currency exchange rates, the impact of exchange rate changes, or the degree to which we will be able to manage the impact of currency exchange rate changes.

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***Failure to secure or retain adequate coverage or reimbursement for our current products and our potential future products by government entities or third-party payors could adversely affect our business, results of operations, financial condition, and cash flows.***

As a medical device company, reimbursement from government and private third-party payors, including Medicare and Medicaid, is an important element of our success. Future sales of our current and future products will be limited unless PWD can rely on third-party payors to pay for all or part of the associated purchase cost. Access to adequate coverage and reimbursement for our current and future products by third-party payors is essential to the acceptance of our products by PWD, as well as their caregivers and HCPs.

As guidelines in setting their coverage and reimbursement policies, many third-party payors in the United States reference coverage decisions and reimbursement amounts determined by the Centers for Medicare & Medicaid Services ("CMS"), which administers the U.S. Medicare program. CMS periodically reviews Medicare coverage and reimbursement policies for diabetes-related products, and there is uncertainty as to the future Medicare reimbursement rate for our products. For example, the United States government may shift health policy priorities, which could impact Medicare coverage and reimbursement. It is also possible that CMS may continue to review and modify the current coverage and reimbursement of diabetes-related products in connection with anticipated changes to the regulatory approval process for CGMs, insulin pumps, and related products, software applications, and services.

Third-party payors that do not follow CMS guidelines may adopt different coverage and reimbursement policies for our current and future products. Third-party payors are increasingly basing reimbursement rates on the effectiveness of the product, clinical outcomes associated with the product, product-specific health economic outcomes data demonstrating cost savings, and any factors that negatively impact the effectiveness or clinical outcomes (or cause a perception of any such negative impact), such as the results of a clinical trial or a product recall or corrective action, which could negatively impact the reimbursement rate. Further, it is possible that some third-party payors will not offer any coverage for our current or future products. For instance, it is possible that third-party payors may adopt policies in the future that designate one or more of our competitors as their preferred, in-network DME provider of CGMs and that such policies would discourage or prohibit the payors' members from purchasing

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our products, which would adversely impact our ability to sell our products. With the evolution of health plan coverage to reimburse products under the pharmacy benefit, payors have the ability to exclude products from formulary coverage.

Both government and private third-party payors managing the pharmacy benefit establish formularies to control costs by taking into account manufacturer rebates in connection with decisions about formulary inclusion or preferred formulary placement. Failure to offer or maintain competitive rebates to maintain formulary placement could adversely impact revenue. Private third-party payors, including self-insured employers, often implement formularies with co-payment tiers to encourage utilization of certain products and have also been raising co-payments required from beneficiaries, particularly for higher-cost products. Private third-party payors may also use additional measures such as value-based pricing or contracting to improve their cost-containment efforts. Private third-party payors also are increasingly imposing utilization management tools, such as requiring prior authorization or requiring the patient to first fail on a lower-cost product before permitting access to a higher-cost product.

In some countries, particularly EU countries and European Free Trade Association (EFTA) member states, the pricing, reimbursement, and rebates of health products are subject to governmental control, and in such countries, there can be considerable pressure by governments and other stakeholders on prices, as well as reimbursement and rebates. If reimbursement for our products in these countries is unavailable or limited in scope or amount, or if pricing or rebates are set at unsatisfactory levels in any such country, our prospects for generating revenue outside of the United States, if any, could be adversely affected and our business could be harmed. We are subject to risks relating to changes in government and private medical reimbursement programs and policies, and changes in legal and regulatory requirements around the world. Implementation of further legislative or administrative reforms to these reimbursement systems, or adverse decisions relating to coverage of or reimbursement for our products by administrators of these systems, could have an impact on the acceptance of and demand for our products and the prices that PWD are willing to pay for them. If we expand our sales and marketing efforts internationally, we will face additional risks associated with obtaining and maintaining reimbursement from foreign healthcare payment systems on a timely basis or at all.

We currently have contracts establishing reimbursement for our products with national and regional third-party payors in the United States. While we may enter into additional contracts in the United States and expand coverage of certain products, as well as add coverage for future products under our current agreements, we cannot guarantee that we will succeed in doing so or that the reimbursement contracts that we are able to negotiate will enable us to sell our products on a profitable basis. In order to obtain additional health plan contracts, including with pharmacy benefits plans, we may have to agree to a net sales price lower than the net sales price we obtain in other payor channels. Our existing reimbursement contracts generally include numerous quality and compliance-related requirements, including audit rights, and can be terminated by government entities or third-party payors without cause and with little (30 to 60 days') notice to us. Our compliance with the administrative procedures or requirements may result in increased costs for us and delays in processing approvals by government entities and third-party payors, and any payor audits of our compliance obligations may result in requests for refunds or other costs. In addition, as noted above, government decisions on coverage and reimbursement amounts may impact the reimbursement rates we are able to obtain from third-party payors. Failure to secure or retain adequate coverage of or reimbursement for our current and future products by government entities and third-party payors, or delays in processing approvals by those payors, could result in the loss of sales, which could have a material adverse effect on our business, results of operations, financial condition, and cash flows.

As most of our customers rely on third-party payors to cover the cost of our products, there has been, and may continue to be, a shift in financial responsibility to our customers for the amounts previously covered by their primary insurance carrier. In the event that we are unsuccessful in collecting payments owed by customers or experience increases in the amount, or deterioration in the collectability, of uninsured and patient due accounts receivable, this could adversely affect our business, results of operations, financial condition, and cash flows. We may also be adversely affected by the growth in high deductible or "skinny" health plan offerings, as a result of the evolving healthcare policy and insurance landscapes that shift greater responsibility for care to individuals through more exclusions, prior authorizations, and higher co-payment and deductible amounts.

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***Failure to integrate any acquired businesses into our operations successfully, or challenges related to our strategic initiatives, including divestitures and third-party funding arrangements, as well as liabilities or claims relating to any such acquired businesses, divestitures, or arrangements could adversely affect our business.***

As part of our strategy to develop and identify new products and technologies and optimize our portfolio of products, we have made several acquisitions, divestitures, and third-party research and development funding arrangements in recent years, and we may make additional acquisitions, divestitures, and arrangements in the future. Our integration of the operations of any acquired businesses, or a divestiture of any part of our existing businesses, will require significant efforts, including the coordination of information technologies, research and development, sales and marketing, operations, manufacturing, and finance. These efforts may result in additional expenses and involve significant amounts of our management's time that cannot then be dedicated to other projects. Our failure to manage and coordinate the growth of acquired companies successfully could also have an adverse impact on our business. Further, acquired businesses may have liabilities, or be subject to claims, litigation, or investigations, that we did not anticipate or which exceed our estimates at the time of the acquisition. In addition, we cannot be certain that the businesses we may acquire will become profitable or remain so. Factors that will affect the success of our acquisitions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the presence or absence of adequate internal controls, or significant fraud in the financial systems of acquired companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability or inability to integrate information technology systems of acquired companies in a secure and reliable manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liabilities, claims, litigation, investigations, or other adverse developments relating to acquired businesses or the business practices of acquired companies, including investigations by governmental entities, potential U.S. FCPA or product liability claims, intellectual property disputes, earnout or other contingent payment disputes, or other unanticipated liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any decrease in customer loyalty and product orders caused by dissatisfaction with the combined companies' product lines and sales and marketing practices, including price increases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with regulatory obligations applicable to acquired companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain key employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to achieve synergies among acquired companies, such as increasing sales of the integrated company's products, achieving cost savings, and effectively combining technologies to develop new products.

We also could experience negative effects on our business, results of operations, financial condition, and cash flows from acquisition-related charges, amortization of intangible assets, and asset impairment charges.

In addition, the potential exists that expected strategic benefits from any planned or completed divestiture or third-party funding arrangement may not be realized or may take longer to realize than expected, and there can be no assurance that disputes will not arise under our third-party funding arrangements or transition service agreements that have been or may be executed as part of a divestiture. We have in the past and could in the future cancel or fail to consummate a planned acquisition, divestiture, or third-party funding arrangement, which may subject us to penalties or result in litigation.

***We have recently approved and committed to a plan to terminate a third-party manufacturing agreement resulting in a pre-tax charge, and we may be required to recognize additional charges in the future, including contract write-offs and impairments to our property, plant, and equipment, goodwill, or other intangible assets, which could significantly reduce our earnings.***

Under U.S. GAAP, we review certain assets, including property, plant, and equipment, goodwill, and other intangible assets, for impairment on either an annual basis or when events or circumstances occur which indicate that the carrying value of such assets might be impaired. If the review performed indicates that impairment has

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occurred, we are required to record a non-cash impairment charge for the difference between the carrying value and fair value of the asset, in the period the determination is made. Additionally, when we terminate contractual arrangements, we may be required to recognize charges related to contract termination fees, write-offs of prepaid expenses or contract assets, disposal of specialized equipment or inventory associated with the terminated arrangement, and other exit costs.

The testing of assets for impairment and evaluation of contract termination costs require us to make estimates that are subject to significant assumptions about our future revenue, profitability, cash flows, fair value of assets and liabilities, weighted average cost of capital, expected contract settlement amounts, and the realizability of contract-specific assets, as well as other assumptions. Changes in these estimates, or changes in actual performance compared with these estimates, may affect the fair value of the assets or the expected costs of contract terminations, which may result in an impairment charge or additional contract-related charges. If we determine our assets are impaired in the future or incur additional costs related to contract terminations or restructurings, we may be required to record charges to earnings in our financial statements that could have a material adverse effect on our business, financial condition, results of operations, and cash flows.

We expect to record a pre-tax charge in the range of $100 million to $120 million during the quarter ending January 23, 2026 related to certain of our efforts to develop high-volume automated manufacturing lines for Simplera CGMs, including contract termination costs, asset write-offs, and related exit costs. For more information, see Note 16, "Subsequent Events," to the unaudited condensed combined financial statements included elsewhere in this prospectus.

**Legal and Regulatory Risks**

***We are subject to extensive and complex laws and governmental regulations and any adverse regulatory action may materially adversely affect our financial condition and business operations.***

Our medical devices and technologies, as well as our business activities, are subject to a complex set of regulations and rigorous enforcement, including by the U.S. FDA, U.S. Department of Justice, U.S. Department of Health and Human Services (the "U.S. HHS") Office of the Inspector General, U.S. EPA, and numerous other federal, state, and non-U.S. governmental authorities. To varying degrees, each of these agencies requires us to comply with laws and regulations governing the development, testing, manufacturing, labeling, content, marketing, and distribution of our products, as well as EHS laws and regulations. These laws and regulations are also related to fair competition, kickbacks, false claims, self-referrals, and healthcare fraud. In addition, as a manufacturer of U.S. FDA-approved devices reimbursable by federal healthcare programs, we are subject to the Physician Payments Sunshine Act, which requires us to annually report certain payments and other transfers of value we make to U.S.-licensed physicians, certain allied health professionals, and U.S. teaching hospitals. Any failure to comply with these laws and regulations could subject us or our officers and employees to criminal and civil financial penalties.

As a part of the regulatory process of obtaining marketing authorization for new products and new indications for existing products, we conduct and participate in numerous clinical trials with a variety of study designs, patient populations, and trial endpoints. Unfavorable clinical data from existing or future clinical trials may adversely impact our ability to obtain product approvals, including from the U.S. FDA, our position in, and share of, the markets in which we participate, and our business, results of operations, financial condition, and cash flows. Even if our development and clinical trial efforts appear successful to us and our regulatory submission appears satisfactory to us, the U.S. FDA or comparable international regulator may disagree and may decide not to grant marketing authorization for the products, may decide to approve the products but require narrow or less desirable labeling, or may require additional product testing or clinical trials or other data to be developed and submitted before approving the products, which would result in product launch delays and additional expense.

In addition, the ability of the U.S. FDA to review and authorize the sale of new products can be affected by a variety of factors, including government budget and funding levels, its ability to hire and retain key personnel and accept the payment of user fees, statutory, regulatory, and policy changes, and other events that may otherwise affect the U.S. FDA's ability to perform routine functions. In particular, reductions in staff and officials at the U.S. FDA may cause delays to the agency's ongoing review of certain products in our pipeline. Disruptions at the U.S. FDA

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and other agencies may also increase the time necessary for new products to be reviewed or authorized for marketing by necessary government agencies, which would adversely affect our business. For example, over the last several years, the U.S. government has shut down several times and certain regulatory agencies, such as the U.S. FDA, have had to furlough critical employees and stop critical activities. If a prolonged government shut-down occurs, it could significantly impact the ability of the U.S. FDA and other agencies to timely review and process our regulatory submissions, which could have a material adverse effect on our business, results of operations, financial condition, and cash flows.

As a result, we cannot guarantee that we will be able to obtain or maintain marketing authorization for our new products or enhancements or modifications to existing products, and the failure to maintain approvals or obtain approval or clearance could have a material adverse effect on our business, results of operations, financial condition, and cash flows. Even if we are able to obtain approval or clearance, it may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• take a significant amount of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require the expenditure of substantial resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• involve stringent clinical and pre-clinical testing, as well as increased post-market surveillance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• involve modifications, repairs, or replacements of our products; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit the proposed uses of our products.

Both before and after a product is commercially released, we have ongoing responsibilities under U.S. FDA and other applicable non-U.S. governmental authority regulations. For instance, many of our facilities and procedures and those of our suppliers are also subject to periodic inspections by the U.S. FDA to assess compliance with applicable regulations. The results of these inspections can include, and have in the past included, inspectional observations on the U.S. FDA's Form 483, warning letters, or other forms of enforcement, such as a consent decree. For example, the U.S. FDA issued a warning letter on December 9, 2021 finding that the quality system requirements at our Northridge, California facility did not conform with the U.S. FDA's Quality System Regulation ("QSR") with respect to our MiniMed 600 series pumps and software and remote controllers used with the Paradigm and MiniMed series pumps. In addition to the impact on our production of the MiniMed 600 series pump, our ability to progress approval of the MiniMed 780G series pump was delayed. While we have since addressed such letter to the satisfaction of the U.S. FDA, who lifted the letter in April 2023, if the U.S. FDA were to conclude that we are not in compliance with applicable laws or regulations, or that any of our medical products are ineffective or pose an unreasonable health risk, the U.S. FDA could detain or seize adulterated or misbranded medical products, order a recall, repair, replacement, or refund of such products, refuse to grant pending pre-market approval applications or require certificates of non-U.S. governments for exports, or require us to notify HCPs and others that the products present unreasonable risks of substantial harm to the public health, and in certain rare circumstances, ban such products. The U.S. FDA and other non-U.S. government agencies may also assess civil or criminal penalties against us, our officers, or employees and impose operating restrictions on a company-wide basis. The U.S. FDA may also recommend prosecution to the U.S. Department of Justice. Any adverse regulatory action, depending on its magnitude, may restrict us from effectively marketing and selling our products and limit our ability to obtain future pre-market clearances or approvals, and could result in a substantial modification to our business practices and operations.

Furthermore, we occasionally receive subpoenas or other requests for information from various governmental agencies around the world. While these investigations typically relate primarily to financial arrangements with HCPs, regulatory compliance, and product promotional practices, we cannot predict the timing, outcome, or impact of any such investigations. Any adverse outcome in one or more of these investigations could include the commencement of civil or criminal proceedings, substantial fines, penalties, or administrative remedies, including exclusion from government reimbursement programs and entry into Corporate Integrity Agreements (CIAs) with governmental agencies. In addition, resolution of any of these matters could involve the imposition of additional, costly compliance obligations. These potential consequences, as well as any adverse outcome from governmental investigations, could have a material adverse effect on our business, results of operations, financial condition, and cash flows.

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In addition, the U.S. FDA has taken the position that medical device manufacturers are prohibited from promoting their products other than for the uses and indications set forth in the approved product labeling, and any failure to comply could subject us to significant civil or criminal exposure, administrative obligations and costs, or other potential penalties from, or agreements with, the federal government. Our efforts to promote our products via direct-to-consumer marketing and social media initiatives may subject us to additional scrutiny of our practices of effective communication of risk information, benefits, or claims, under the oversight of the U.S. FDA, U.S. Federal Trade Commission (the "U.S. FTC"), U.S. HHS Office for Civil Rights, or others.

Governmental regulations in the United States and outside the United States are constantly changing and may become increasingly stringent. In the EU, for example, the EU Medical Device Regulation (the "EU MDR"), which became effective in May 2021, includes significant additional pre-market and post-market requirements. Penalties for regulatory non-compliance could be severe, including fines and revocation or suspension of a company's business license, mandatory price reductions, and criminal sanctions. The development and implementation of future laws and regulations could have a material adverse effect on our business, results of operations, financial condition, and cash flows.

***We are involved in, and may in the future become involved in, litigation, arbitration, and governmental proceedings or investigations, including those stemming from third-party conduct beyond our control.***

We are subject to heightened scrutiny in the healthcare industry and are involved in, or threatened with, legal, arbitration, and governmental proceedings or investigations from time to time in the ordinary course of our business, including disputes with employees, competitors, customers, suppliers, collaborators, and business partners concerning allegations of, among other things, breaches of contract, product liability, product defects, intellectual property infringement, logistics or manufacturing-related topics, quality regulations, EHS issues, termination of business relationship, and alleged or suspected violations of applicable laws in various jurisdictions. For example, in certain circumstances, insurance companies have attempted to bring private causes of action against manufacturers for making false claims. In addition, we operate in an industry characterized by extensive intellectual property litigation and, from time to time, we are subject to allegations by holders of intellectual property or proprietary rights that we are infringing, misappropriating, diluting, or otherwise violating such rights, which allegations may result in us being subject to actual or threatened lawsuits. See "—We are substantially dependent on patent and other proprietary rights and failing to protect such rights or to be successful in litigation related to our rights or the rights of others may result in our payment of significant monetary damages or royalty payments, negatively impacting our ability to sell current or future products."

We are currently subject to ongoing and threatened lawsuits in the United States and Canada with respect to alleged personal injuries caused by our Series 600 insulin pumps with allegedly defective clear retainer rings that were subject to field corrective actions in 2019 and 2021. For additional information about these and our other current legal proceedings, see Note 14, "Commitments and Contingencies," to the audited annual combined financial statements and Note 13, "Commitments and Contingencies," to the unaudited condensed combined financial statements included elsewhere in this prospectus.

We are not covered by insurance policies for legal proceedings related to events that occurred before the Separation Date, including the ongoing and threatened lawsuits relating to alleged personal injuries caused by our Series 600 insulin pumps referred to above. The outcome of any pending or potential future legal, arbitration, and governmental proceedings is difficult to predict, and excessive verdicts can occur. If such proceedings are determined adversely to us, we may be required to change our business practices or may incur fines, penalties, or monetary losses, some of which may be significant or could disrupt our business operations. Exposure to litigation or other government action, whether directed at us, our customers, or our suppliers, or our or their respective business partners, could also divert our management's attention and resources and adversely affect our reputation, which could have a material adverse effect on our business, results of operations, financial condition, and cash flows.

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***Quality problems have in the past and could in the future lead to recalls or safety alerts, product liability claims, reputational harm, adverse verdicts, or costly settlements, and could have a material adverse effect on our business, results of operations, financial condition, and cash flows.***

Quality is extremely important to us and our customers due to the impact on PWD and the serious and potentially costly consequences of adverse product performance. Our business exposes us to potential product liability risks that are inherent in the design, manufacture, distribution, and marketing of medical devices. Component failures, manufacturing nonconformances, design issues, off-label use, or inadequate disclosure of product-related risks or product-related information with respect to our products have in the past and could result in the future result in an unsafe condition or injury to, or death of, a patient. These problems have in the past and could in the future lead to recall of, or issuance of a safety alert or warning letter relating to, our products.

While there have not been any recent material safety alerts, recalls, warning letters, or related enforcement actions, in 2021, for example, the U.S. FDA issued a warning letter focusing on the inadequacy of specific medical device quality system requirements at our Northridge, California facility with respect to our MiniMed 600 series pumps and software and remote controllers used with the Paradigm and MiniMed series pumps. As a result, the U.S. FDA approval of our MiniMed 780G system was delayed, which led to decreased volume of patients using our AID system in fiscal year 2024 in the United States and resulted in a competitive disadvantage and fewer NPS in fiscal years 2022 and 2023 in the U.S. market leading to reduced consumables sales in fiscal year 2024. Moreover, some of our products remain subject to recalls as defined in the medical device industry, which include a range of actions, many of which do not involve product retrieval or market withdrawal, such as settings adjustments and labeling updates. For example, in 2024, we voluntarily issued a field action notifying global insulin pump customers of potential risks of shortened pump battery life with reminders on the importance of checking built-in alerts and alarms and to contact us for pump replacement if affected by this issue.

Quality problems can also lead to product liability claims and lawsuits, including class actions. For example, we are currently subject to ongoing and threatened lawsuits in the United States and Canada with respect to alleged personal injuries caused by our Series 600 insulin pumps with allegedly defective clear retainer rings that were subject to field corrective actions in 2019 and 2021. See Note 14, "Commitments and Contingencies," to the audited annual combined financial statements and Note 13, "Commitments and Contingencies," to the unaudited condensed combined financial statements included elsewhere in this prospectus.

Strong product quality is critical to our success. If we fall short of these standards and our products are the subject of recalls or safety alerts, our reputation could be damaged, we could lose customers, and our revenue and results of operations could decline. Our success also can depend on our ability to manufacture to exact specification precision-engineered components, subassemblies, and finished devices from multiple materials. If our components fail to meet these standards or fail to adapt to evolving standards, our reputation, competitive advantage, and market share could be harmed. In certain situations, we may undertake a voluntary recall of products or temporarily shut down production lines based on performance relative to our own internal safety and quality monitoring and testing data.

Any of the foregoing problems, including future product liability claims or recalls, regardless of their ultimate outcome, could harm our reputation and have a material adverse effect on our business, results of operations, financial condition, and cash flows.

***We are substantially dependent on patent and other proprietary rights and failing to protect such rights or to be successful in litigation related to our rights or the rights of others may result in our payment of significant monetary damages or royalty payments, negatively impacting our ability to sell current or future products.***

We are substantially dependent on patent and other proprietary rights and rely on a combination of patents, trademarks, tradenames, copyrights, trade secrets, and agreements (such as employee, confidentiality, non-disclosure, and non-competition agreements) to protect our business and intellectual property. We also operate in an industry characterized by extensive intellectual property litigation. Intellectual property litigation can result in significant damages awards and injunctions that could prevent or delay our manufacture and sale of affected products or require us to pay significant royalties in order to continue to manufacture or sell affected products. We

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may be involved as a plaintiff or a defendant in intellectual property actions, the outcomes of which may not be known for prolonged periods of time. We have received and may in the future receive communications from holders of patents, trademarks, trade secrets, or other intellectual property or proprietary rights alleging that we are infringing, misappropriating, diluting, or otherwise violating such rights. Third parties may also claim that our owned or licensed patent rights are invalid or unenforceable. While it is not possible to predict the outcome of intellectual property litigation, it is possible that the results of such litigation could require us to pay significant monetary damages or royalty payments, negatively impact our ability to sell current or future products, require us to change our products, or that enforcement actions to protect our patent and proprietary rights against others could be unsuccessful, any of which could have a material adverse impact on our business, results of operations, financial condition, and cash flows. In addition, any public announcements related to litigation or administrative proceedings initiated or threatened against us could cause our stock price to decline.

While we intend to defend against any threats to our intellectual property, our patents, trademarks, tradenames, copyrights, trade secrets, or agreements (such as employee, confidentiality, non-disclosure, and non-competition agreements) may not adequately protect our intellectual property. Further, pending patent applications by us may not result in patents being issued to us, patents issued to or licensed by us may be challenged or circumvented by competitors, and such patents may be found invalid, unenforceable, or too limited in scope to protect our technology or provide us with any competitive advantage. In addition, our patents and those licensed by us will expire over time, our ability to protect novel business models is uncertain, and infringement may go undetected. Third parties could obtain patents that may require us to negotiate licenses to conduct our business, and such licenses may not be available on reasonable terms or at all. We may not be aware of all third-party intellectual property rights potentially relating to our current and future products. In addition, license agreements could be terminated. We also rely on non-disclosure and non-competition agreements with certain employees, consultants, and other parties to protect, in part, trade secrets and other proprietary rights. We cannot be certain that these agreements will not be breached, that such provisions will be enforceable, that we will have adequate remedies for any breach, that others will not independently develop substantially equivalent proprietary information, or that third parties will not copy or otherwise gain access to our trade secrets or proprietary knowledge. Moreover, in the United States, the U.S. FTC and various states have adopted laws and regulations that purport to ban or severely restrict the use of non-competition agreements, which may limit our ability to use and enforce non-competition agreements with employees.

In addition, the laws of certain countries in which we market or manufacture some of our products do not protect our intellectual property rights to the same extent as the laws of the United States, which could make it easier for competitors to capture market position. This may increase our vulnerability to our technology being reverse engineered or our trade secrets being compromised. If we are unable to protect our intellectual property, it could have a material adverse effect on our business, results of operations, financial condition, and cash flows. Competitors also may harm our sales by designing products that substantially mirror the capabilities of our products or technology without infringing our intellectual property rights.

***We may be subject to fines, penalties, and injunctions if we are determined to be promoting the use of our products for unapproved or improper off-label uses or determined to have made claims that are untruthful or misleading or not adequately substantiated.***

Our marketing, promotional, and educational materials and practices are subject to the Federal Food, Drug, and Cosmetic Act of 1938, the Federal Trade Commission Act, the national law of individual EU Member States implementing Directive 93/42 on medical devices and Directive 90/385/EEC on active implantable medical devices, and applying Regulation 2017/745 on medical devices, Directive 2006/114/EC concerning misleading and comparative advertising, and EU Directive 2005/29/EC on unfair commercial practices, and other applicable laws and regulations, each as may be amended from time to time. EU Member States' national legislation may also restrict or impose limitations on our ability to advertise our products directly to the general public. If the U.S. FDA, U.S. FTC, or other regulatory body with competent jurisdiction over us, our activities, or our products takes the position that our marketing, promotional, or other materials or activities constitute improper promotion or marketing of an unapproved or improper use, or that they contain untruthful, misleading, or inadequately substantiated statements or claims, such regulatory body could request that we modify our materials or practices or subject us to

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regulatory enforcement actions, including the issuance, depending on the regulatory body and the nature of the alleged violation, of a warning letter, injunction, seizure, civil fine, and criminal penalties.

Recent court decisions have impacted the U.S. FDA's enforcement activity regarding off-label promotion in light of First Amendment considerations. However, there are still significant risks in this area in part due to the potential False Claims Act ("FCA") exposure and the U.S. FDA's continued focus on ensuring devices are marketed in a manner consistent with U.S. FDA-required labeling. Although our policy is to refrain from statements that could be considered off-label promotion of our products or pre-promotion of an unapproved product, the U.S. FDA, U.S. FTC, or other regulatory authority could disagree and conclude that we have engaged in improper promotional activities. In addition, the off-label use of our products may increase the risk of product liability claims, which are expensive to defend and could result in substantial damage awards against us and harm our reputation.

***Healthcare policy changes may have a material adverse effect on us.***

There have been and continue to be actions and proposals by several governments, regulators, and third-party payors globally, including the U.S. federal and state governments and the government in China, to control healthcare costs, and, more generally, to reform healthcare systems. Certain of these actions and proposals, among other things, limit the prices we are able to charge for our products or the amounts of reimbursement available for our products, increase the importance of our ability to compete on cost, and could limit the acceptance and availability of our products. These actions and proposals could have a material adverse effect on our business, results of operations, financial condition, and cash flows.

Our revenue may be limited by the continuing efforts of government and third-party payors to contain or reduce the costs of healthcare through various increasingly sophisticated means, such as leveraging increased competition, increasing eligibility requirements such as second opinions and other documentation, purchasing in a bundle, or redesigning benefits. The continuing efforts of government and private third-party payors to reduce healthcare costs could also lead to PWD being unable to obtain approval for payment from these third-party payors.

***We rely on the proper function, security, and availability of our information technology systems and data, as well as those of third parties throughout our global supply chain and our customer and payor base, to operate our business, and a breach, cyber-attack, or other disruption to these systems or data, which we have experienced and may experience again in the future, could materially and adversely affect our business, results of operations, financial condition, cash flows, reputation, or competitive position.***

We are increasingly dependent on sophisticated information technology systems to operate our business. That technology includes systems that could be used to process, transmit, and store sensitive data. Additionally, many of our products and services include integrated software and information technology that collects data regarding PWD or connects to other internal systems. One of the most prevalent attacks on large organizations has been ransomware, which can have a devastating impact on an organization's operations. Our ransomware readiness program has required and will continue to require investment and will not guarantee that we will be immune from an incident or be able to respond rapidly enough to prevent a negative impact on our business. Like all organizations, we routinely experience attempted interference with the integrity of, and interruptions in, our technology systems via events such as cyber-attacks, malicious intrusions, service interruptions, or other breakdowns. Our information technology systems have been and may also in the future be vulnerable to inadvertent or intentional actions by our employees, third-party vendors, or other third parties with whom we do business. We have experienced these types of incidents which have led to data breaches, and any such incidents that we may experience in the future could lead to additional data breaches, interference with the integrity of our products and data, compromise of intellectual property or other proprietary information, or other significant disruptions.

We may not be able to anticipate all types of security threats, and we may not be able to implement preventive measures effective against all such security threats. Furthermore, we rely on third-party vendors to supply or support certain aspects of our information technology systems and resulting products, and customers and payors use information technology systems to process payments relating to our products and services. These third-party systems could also become vulnerable to cyber-attack, malicious intrusions, breakdowns, interference, or other significant disruptions, and may contain defects in design or manufacture or other problems that could result in system

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disruption or compromise the information security of our own systems. If any of the foregoing occurs, we may have insufficient recourse against such third parties and we may have to expend significant resources to mitigate the impact of such an event.

We continue to grow in part through new business acquisitions and, as a result, may face risks associated with defects and vulnerabilities in acquired businesses' systems, or difficulties or other breakdowns or disruptions in connection with the integration of such acquisitions into our information technology systems. The costs related to significant security breaches or disruptions could be material and cause us to incur significant expenses, and any cybersecurity insurance that we may have in place may not cover such expenses.

Our global profile and international operations expose us to geopolitical events or issues which may increase cybersecurity risks on a global basis. Our worldwide operations also mean that we are subject to laws and regulations, including data protection and cybersecurity laws and regulations, in many jurisdictions. The variety of U.S. and international privacy and cybersecurity laws and regulations impacting our operations are described in "—We are subject to stringent and often unsettled privacy laws, regulations, policies, and contractual obligations related to data privacy and security and changes in such laws, regulations, policies, and contractual obligations could adversely affect our business." and "Business—Government Regulation and Product Approval Process—Data Privacy and Security Laws." Any data security breaches, cyber-attacks, malicious intrusions, or significant disruptions could result in actions by regulatory bodies or civil litigation, any of which could materially and adversely affect our business, results of operations, financial condition, cash flows, reputation, or competitive position.

Our information technology systems require an ongoing commitment of significant resources to maintain, protect, and enhance existing systems and develop new systems. We experience continuing changes in information processing technology, legal and regulatory standards, patient and customer information use cases, techniques used to obtain unauthorized access to data and information systems, and the information technology needs associated with our changing products and services. We also face business and regulatory risks relating to our use of AI systems in our business operations and products. These systems are susceptible to flaws, biases, malfunctions, or manipulations, which may disrupt our operations, result in erroneous decision-making, elevate our cyber risk profile, or expose us to penalties from non-compliance with emerging regulations. There can be no assurance that our efforts to keep pace with continuing changes in information processing technologies, including AI systems, and to deploy these technologies to our business operations and products will be successful or that additional systems issues will not arise in the future.

Medical devices are increasingly connected to the internet, hospital networks, and other medical devices to provide features that improve healthcare and increase the ability of HCPs to treat PWD and PWD to manage their conditions. These same features may also increase cybersecurity risks and the risks of unauthorized access and use by third parties. As such, a cyber-attack which intrudes, disrupts, or corrupts our devices, products, and services or related devices, products, and services could impact the quality of care PWD receive or the confidentiality of patient information. Additionally, modifying or using any such devices, products, or services in a way inconsistent with our U.S. FDA clearances and approvals may create risks to users and potential exposure to us.

If our information technology systems, products, or services, or those of our third-party vendors, or our sensitive data are compromised, there are many consequences that could result. Consequences include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customers or employees being exposed to financial or medical identity theft or suffering a loss of product functionality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• losing existing customers or having difficulty attracting new customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• experiencing difficulty preventing, detecting, and controlling fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being exposed to the loss or misuse of confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• having disputes with PWD, physicians, and other HCPs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• suffering regulatory sanctions or penalties under U.S. federal laws, state laws, or the laws of other jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• experiencing increases in operating expenses or an impairment in our ability to conduct our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incurring expenses or losing revenue as a result of a data privacy breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information technology outages or disruptions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• suffering other adverse consequences including lawsuits or other legal action and damage to our reputation.

***We are subject to stringent and often unsettled privacy laws, regulations, policies, and contractual obligations related to data privacy and security and changes in such laws, regulations, policies, and contractual obligations could adversely affect our business.***

We are subject to evolving data privacy and protection laws and regulations that apply to the collection, transmission, storage, and use of personally identifying information or personal data. See "Business—Government Regulation and Product Approval Process—Data Privacy and Security Laws." Determining whether such information has been handled in compliance with applicable privacy standards and our contractual obligations can be complex and may be subject to changing interpretation. The global nature of our business necessitates compliance with privacy regimes around the globe.

In particular, regulations promulgated pursuant to the Health Insurance Portability and Accountability Act ("HIPAA") establish privacy and security standards that limit the use and disclosure of personally identifiable health information, or protected health information, and require the implementation of additional administrative, physical, and technological safeguards to protect the privacy of protected health information and ensure the confidentiality, integrity, and availability of electronic protected health information. If we are unable to properly protect the privacy and security of protected health information, we could be found to have breached our contracts. Further, if we fail to comply with applicable privacy laws, including applicable HIPAA privacy and security standards, we could face significant administrative, civil, and criminal penalties.

In the United States, the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act and its regulations (collectively, the "CCPA"), requires companies that process information on California residents to make disclosures to consumers about their data collection, use, and sharing practices, allows consumers to opt out of certain data sharing with third parties, provides a new private right of action for certain data breaches, and creates a state agency that is vested with authority to implement and enforce the CCPA. Several other U.S. states have enacted or proposed their own data privacy laws, and it is expected that other states will enact their own laws. Moreover, all 50 U.S. states and the District of Columbia have enacted breach notification laws that may require us to notify patients, employees, or regulators in the event of unauthorized access to or disclosure of personal or confidential information experienced by us or our service providers. New legislation proposed or enacted in various other states will continue to shape the data privacy environment nationally, and such laws may differ from each other, which may complicate compliance efforts.

In Europe, we are subject to the EU's General Data Protection Regulation (the "EU GDPR"), as well as the UK General Data Protection Regulation and the UK Data Protection Act 2018 (collectively, the "UK GDPR"), which currently imposes the same obligations as the EU GDPR in most material respects. The EU GDPR and the UK GDPR impose strict rules on the processing of personal information and transfers of personal information to countries outside of the European Union/European Economic Area (the "EU/EEA") and the United Kingdom, respectively. As the enforcement landscape develops and supervisory authorities issue further guidance on international data transfers, we could suffer additional costs, complaints, or regulatory investigations or fines, we may have to make certain operational changes, and we may have to implement revised transfer mechanisms within required time frames.

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Failure to comply with any of these laws and regulations could result in enforcement action against us, including fines, imprisonment of company officials, public censure, claims for damages by affected individuals, damage to our reputation, and loss of goodwill, any of which could adversely affect our business, results of operations, financial condition, cash flows, reputation, or competitive position.

***The failure to comply with anti-corruption laws could materially adversely affect our business and result in civil or criminal sanctions.***

The U.S. FCPA and similar anti-corruption laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to government officials for the purpose of obtaining or retaining business and to ensure adequate internal controls, books, and records. Because of the predominance of government-administered healthcare systems in many jurisdictions around the world, many of our customer relationships outside of the United States are with governmental entities and are therefore potentially subject to such laws. We also participate in public-private partnerships and other commercial and policy arrangements with governments around the globe.

Global enforcement of anti-corruption laws has increased in recent years, including investigations and enforcement proceedings leading to assessment of significant fines and penalties against companies and individuals. Our international operations create a risk of unauthorized payments or offers of payments by one of our employees, consultants, sales agents, or distributors. We maintain various controls aligned with legal requirements to prevent and prohibit improper practices, including policies, programs, and training for our employees and third-party intermediaries acting on our behalf. However, existing safeguards and any future improvements may not always be effective, and our employees, consultants, sales agents, or distributors may engage in conduct for which we could be held responsible. In addition, regulators could seek to hold us liable for conduct committed by companies in which we invest or that we acquire. Any alleged or actual violations of these regulations may subject us to government scrutiny, criminal or civil sanctions, and other liabilities, including exclusion from government contracting, and could disrupt our business, adversely affect our reputation, and result in a material adverse effect on our business, results of operations, financial condition, and cash flows.

***Laws and regulations governing international business operations could adversely impact our business.***

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) and the U.S. Commerce Department's Bureau of Industry and Security (BIS) administer certain laws and regulations that restrict U.S. persons and, in some instances, non-U.S. persons from conducting activities in, transacting business with, or making investments in certain countries, governments, entities, and individuals subject to U.S. economic sanctions or export restrictions. Our international operations subject us to these laws and regulations, which are complex, restrict our business dealings with certain countries, governments, entities, and individuals, and are constantly changing. Further restrictions may be enacted, amended, enforced, or interpreted in a manner that materially impacts our operations.

From time to time, we have limited business dealings in countries subject to comprehensive sanctions, including Iran, Cuba, and the region of Crimea, as well as Russia and Belarus. Certain of our subsidiaries sell medical devices, and may provide related services, to distributors and other purchasing bodies in such countries or regions. These business dealings represent an insignificant amount of our consolidated revenues and income but expose us to a heightened risk of violating applicable sanctions regulations. Violations of these regulations are punishable by civil penalties, including fines, denial of export privileges, injunctions, asset seizures, debarment from government contracts, and revocations or restrictions of licenses, as well as criminal fines and imprisonment. We have established policies and procedures designed to assist with our compliance with such laws and regulations. However, such regulations may impact our ability to continue operations in certain countries and require additional licenses which we may not be able to obtain or maintain. There can be no assurance that our policies and procedures will prevent us from violating these regulations in every transaction in which we may engage, and such a violation could adversely affect our reputation, business, results of operations, financial condition, and cash flows.

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***Climate change, or legal, regulatory, or market measures to address climate change, may materially adversely affect our financial condition and business operations.***

Climate change resulting from increased concentrations of carbon dioxide and other greenhouse gases in the atmosphere presents risks to our current and future operations. We face current and long-term operational risks and have in the past experienced business interruptions from severe weather events and other natural and man-made conditions, such as hurricanes, tornadoes, droughts, extreme temperatures, wildfires, or flooding. Such severe weather events caused by or related to climate change or other conditions caused by natural or man-made disasters have in the past and could in the future increase our operational costs, pose physical risks to our facilities, and adversely impact our supply chain, including manufacturing and distribution networks, the availability and cost of raw materials and components, and energy supply, transportation, or other inputs necessary for the operation of our business. The impacts of climate change on global water resources may result in water scarcity, which could impact our ability to access sufficient quantities of water in certain locations and result in increased costs. Although it is difficult to predict and adequately prepare to meet the challenges to our business posed by climate change, concerns over climate change have resulted and could result in new laws or regulations that are more stringent. For example, in October 2023, California enacted various laws that will require companies that do business in California and meet certain financial thresholds to publicly disclose their Scope 1, 2, and 3 greenhouse gas emissions and issue public reports on their climate-related financial risk and related mitigation measures. As a result of these and other climate-related laws or requirements, we may experience increased compliance burdens and costs to meet the regulatory obligations, as well as adverse impacts on raw material sourcing, manufacturing operations, and the distribution of our products. While there have been a series of proposals and changes at the U.S. federal and state level to revise programs related to climate change and other environmental rules and regulations, we cannot predict at this time the extent of future changes to such programs, laws, or regulations, the outcome such revisions will have on the climate change and environmental regulatory landscape, or the ultimate impact on our business.

***We are subject to EHS laws and regulations and the risk of environmental liabilities, violations, and litigation.***

We are subject to EHS laws and regulations, as enforced by international, federal, state, and local authorities, including the U.S. EPA, U.S. Occupational Health and Safety Administration, and analogous state agencies, concerning, among other things: the generation, handling, transportation, storage, and disposal of hazardous substances or wastes; human health and safety; the remediation of hazardous substances or materials; and emissions or discharges into the land, air, or water. Under certain environmental laws, we could be subject to strict, joint, and several liability for investigating and remediating contamination at properties we currently or formerly owned, leased, or operated, or at third-party sites to which we sent wastes. We are further subject to numerous laws and regulations concerning, among other things, chemical constituents in medical products and end-of-life disposal and take-back programs for medical devices. Our operations and those of certain of our third-party suppliers involve the use of substances subject to these laws and regulations, primarily those used in manufacturing and sterilization processes. If we or our suppliers violate any EHS laws and regulations, violators could be fined or otherwise sanctioned, and in extraordinary situations, facilities could be shut down. New laws and regulations, violations of these laws or regulations, stricter enforcement of existing requirements, or the discovery of previously unknown contamination could require us to incur costs or become the basis for new or increased liabilities or other risks that could be material.

In particular, many regulatory agencies in the United States and internationally are imposing new and evolving regulatory requirements on the safe use of certain chemicals which may be contained in our products or used during the manufacturing or sterilization processes, including EtO and per- and polyfluoroalkyl substances ("PFAS"), and evaluating their potential impact on health and the environment. We are actively working with suppliers to evaluate the use or presence of PFAS and the use of EtO for sterilization in our products or manufacturing processes to help ensure compliance with such requirements. These and other global regulatory developments may require us to take additional actions, including investigation, remediation, and compliance actions, may result in additional litigation and enforcement actions or increase our costs, or could trigger additional community concerns or other reputational risks.

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***We are subject to risks related to sustainability practices and initiatives.***

There is continued focus from our stakeholders, as well as regulatory authorities in the United States, EU, and other global jurisdictions in which we operate, on sustainability practices and disclosure. Stakeholders' expectations are not uniform, and proponents and opponents of various sustainability-related matters have increasingly resulted in a range of activism and legal and regulatory developments. If we do not succeed in meeting, or are perceived as not meeting, stakeholders' expectations, whether in support of or against sustainability-related matters, or stated sustainability goals and objectives, such as environmental stewardship, inclusion initiatives, supply chain practices, good corporate governance, workplace conduct, and support for local communities, or if we do not effectively respond to new or revised legal, regulatory, or reporting requirements concerning sustainability-related matters, including climate change or other sustainability concerns, we may be subject to enforcement actions, litigation risks, regulatory fines and penalties, or other sanctions, our reputation or the reputation of our brands may suffer, we may be unable to attract and retain top talent, and our stock price may be negatively affected, among other things.

Enhanced or conflicting sustainability-related laws, regulations, and expectations in and across the jurisdictions in which we do business may increase compliance burdens and costs for us and for third parties throughout our global supply chain, which could cause disruption in the sourcing, manufacturing, and distribution of our products and adversely affect our business, results of operations, financial condition, and cash flows. Notably, we will be subject to sustainability reporting requirements imposed by the EU's Corporate Sustainability Reporting Directive (the "CSRD"). The CSRD requires a "double materiality" analysis, which means that companies will have to report on how sustainability issues might create financial risks for them and on their own impacts on people and the environment. While we cannot predict the outcome of any future modifications to the CSRD, due to our EU operations, we believe the CSRD currently will apply to us for fiscal year 2028 reporting, which will require us to disclose a range of sustainability-related matters. Reporting on sustainability goals and objectives may cause us to expend significant capital and human resources, and could divert our management's attention from operating and growing our business. Reports could also lead to the disclosure of information which may have a negative impact on our operations and reputation or attract negative scrutiny. Failure to accurately comply with any sustainability reporting obligations may result in enforcement actions, sanctions, reputational harm, or private litigation, among other things.

***Changes in tax laws, adverse outcomes resulting from examination of our tax returns, or other exposure to additional income tax liabilities could have a material impact on our business, results of operations, financial condition, and cash flows.***

The tax laws in the United States and other countries in which we and our affiliates do business could change on a prospective or retroactive basis, and any such changes could have a material impact on our business, results of operations, financial condition, and cash flows.

The Organization for Economic Co-operation and Development (OECD) has published Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15% in each jurisdiction in which the group operates. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two Model Rules. A number of countries in which we and our subsidiaries operate have enacted legislation to implement the core elements of the Pillar Two Model Rules, and the application of these rules in any of the jurisdictions may impact the financial results of us or our subsidiaries.

We are subject to ongoing tax audits in the various jurisdictions in which we operate. Tax authorities may disagree with certain positions we have taken and assess additional taxes. We regularly assess the likely outcomes of these audits in order to determine the appropriateness of our tax provision. However, there can be no assurance that we will accurately predict the outcomes of these audits, and the actual outcomes of these audits could have a material impact on our business, results of operations, financial condition, and cash flows.

We have recorded reserves for potential payments of tax to various tax authorities related to uncertain tax positions. However, the calculation of such tax liabilities involves the application of complex tax laws, regulations, and treaties (where applicable) in many jurisdictions. Therefore, any dispute with a tax authority may result in a

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payment that is significantly different from current estimates. If payment of these amounts ultimately proves to be less than the recorded amounts, the reversal of the liabilities generally would result in tax benefits being recognized in the period when we determine the liabilities are no longer necessary. If our estimate of tax liabilities proves to be less than the amount for which it is ultimately liable, we would incur additional charges, and such charges could have a material adverse effect on our business, results of operations, financial condition, and cash flows.

***Our ability to use our net operating losses ("NOLs") to offset future taxable income may be subject to certain limitations which could subject our business to higher tax liability.***

Our ability to use our NOLs to offset future taxable income may be subject to certain limitations which could subject our business to higher tax liability. In addition, realization of deferred tax assets, including net operating loss carryforwards, depends upon our future earnings in applicable tax jurisdictions. If we have insufficient future taxable income in the applicable tax jurisdiction for any reason, including any future corporate reorganization or restructuring activities, we may be limited in our ability to utilize some or all of our NOLs to offset such income and reduce our tax liability in that jurisdiction. There is also a risk that due to regulatory changes or changes to the laws in the jurisdictions in which we operate, such as suspensions on the use of NOLs or other unforeseen reasons, our existing NOLs could expire or otherwise be unavailable either in whole or in part to offset future income tax liabilities.

**Risks Related to the Separation and the Divestment**

***We have a limited history of operating as a standalone public company, and our historical and pro forma financial information may not necessarily reflect the results that we would have achieved as a standalone public company or what our results may be in the future.***

Since 2001, we have operated as part of Medtronic. The financial information included in this prospectus has been prepared from Medtronic's historical accounting records and is derived from the consolidated financial statements of Medtronic to present the Diabetes Operating Unit as if it had been operating on a standalone basis. Accordingly, this information may not necessarily reflect what our financial condition, results of operations, or cash flows would have been had we been a standalone company during the periods presented or what our financial condition, results of operations, and cash flows may be in the future, primarily because of the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to the Separation, our business has been operated by Medtronic as part of its broader corporate organization, rather than as an independent company. Medtronic or one of its affiliates performed various corporate functions for us, such as tax, legal, information technology, treasury, accounting, internal auditing, human resources, investor relations, risk management, regulatory, compliance, insurance, finance, regional sales and marketing, customer care, quality, operations, demand and supply planning, procurement, warehousing, distribution, real estate, and EHS functions. Following the Separation and the Divestment, Medtronic will continue to provide some of these functions to us as we complete our transition to an independent, publicly traded company. See "Certain Relationships and Related Person Transactions." Our historical and pro forma financial results reflect allocations of corporate expenses from Medtronic for such functions, which may be less than the expenses we would have incurred had we operated as a separate, publicly traded company. We will need to make significant investments to replicate or outsource from other providers certain facilities, systems, infrastructure, and personnel to which we will no longer have access once the terms of our arrangements with Medtronic expire. These initiatives to develop our independent ability to operate without access to Medtronic's existing operational, administrative, information technology, and systems infrastructure will be costly to implement, and we will incur additive costs in implementing such initiatives currently provided to us by Medtronic. In addition, we may be unable to obtain replacement services on similar terms as those provided by Medtronic. We may not be able to operate our business as efficiently or at comparable costs, and our results of operations may be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currently, our business is integrated with the other businesses of Medtronic. Historically, we have been able to utilize Medtronic's overall size and scope in procuring various goods and services and have shared economies of scope and scale in costs, employees, vendor relationships, and customer relationships.

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Although we will enter into transition agreements with Medtronic, these arrangements may not fully capture the benefits we have enjoyed as a result of being integrated with Medtronic. As a separate, independent company, we may be unable to obtain goods and services at the prices and terms that Medtronic obtained prior to the Separation, which could adversely affect our results of operations. After the completion of the Separation, the cost of capital for our business may be higher than Medtronic's cost of capital prior to the Separation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our historical and pro forma financial results reflect the direct and indirect costs for the services historically provided by Medtronic to us. Following the completion of this offering, Medtronic will continue to provide some of these services to us on a transitional basis pursuant to the Transition Services Agreement and other transitional agreements. See "Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation." Our historical financial information does not reflect our obligations under the various transitional agreements we will enter into with Medtronic in connection with the Separation. At the end of the transitional periods specified in these agreements, we will need to perform these functions ourselves or hire third parties to perform these functions on our behalf, and these costs may significantly exceed the comparable expenses we have incurred in the past.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our working capital requirements and capital expenditures have historically been satisfied as part of Medtronic's corporate-wide cash management and centralized funding programs, and our cost of capital may differ significantly from the historical amounts reflected in our historical financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As an independent public company, we will separately become subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and will be required to prepare standalone financial statements according to the rules and regulations required by the Securities and Exchange Commission (the "SEC"). See "—Risks Related to the Separation and Divestment—Our accounting, tax, and other management systems and resources may not be adequately prepared to meet the independent financial reporting, transparency, and other requirements to which we will be subject as a standalone, publicly traded company following the Separation."

Other significant changes may occur in our cost structure, management, financing, and business operations as a result of operating as a company separate from Medtronic. For additional information about the past financial performance of our business and the basis of presentation of the historical combined financial statements and the unaudited pro forma combined financial statements of our business, see "About this Prospectus—Basis of Presentation," "Unaudited Pro Forma Condensed Combined Financial Statements," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and the historical financial statements and accompanying notes included elsewhere in this prospectus.

Our unaudited pro forma condensed combined financial statements included in this prospectus have been presented for illustrative and informational purposes only. The unaudited pro forma condensed combined financial data may not necessarily reflect what our financial condition, results of operations, or cash flows would have been had we been a standalone company during the periods presented. In addition, the unaudited pro forma condensed combined financial data may not necessarily reflect what our financial condition, results of operations, and cash flows may be in the future. The unaudited pro forma condensed combined financial data is based upon available information and assumptions that we believe are reasonable and supportable. Actual results, however, may vary.

***Following the Separation and the Divestment, our financial profile will change, and we will be a smaller, less diversified company than Medtronic prior to the Separation.***

The Separation will result in each of Medtronic and the Company being smaller, less diversified companies with more limited businesses concentrated in their respective industries. As a result, we may be more vulnerable to changing market conditions, which could have a material adverse effect on our business, financial condition, results of operations, and cash flows. In addition, the diversification of our revenues, costs, and cash flows will diminish as a standalone company, such that our results of operations, cash flows, working capital, and financing requirements may be subject to increased volatility and, because we will no longer be able to use cash flow from Medtronic to

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fund our investments and operations, our ability to fund capital expenditures and investments, pay dividends, if any, and service debt may be diminished.

***We may not achieve some or all of the expected benefits of the Separation, and the Separation could adversely affect our business, results of operations, financial condition, and cash flows.***

We may not be able to achieve the full strategic and financial benefits expected to result from the Separation, or such benefits may be delayed or not occur at all. The Separation is expected to provide a number of benefits, including those described elsewhere in this prospectus.

We may not achieve these and other anticipated benefits for a variety of reasons, including, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Separation will demand significant management resources and require significant amounts of our management's time and effort, which may divert our management's attention from operating and growing our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may experience employee turnover or attrition in connection with the Separation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following the Separation, we may be more susceptible to market fluctuations and other adverse events than if we were still a part of Medtronic because our business will be less diversified than Medtronic's business prior to the completion of the Separation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• after the Separation, as a standalone company, we may be unable to obtain certain goods, services, and technologies, or obtain them at prices or on terms as favorable as those Medtronic obtained prior to completion of the Separation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in connection with the Separation and transition to being a standalone public company, we will incur costs that will, in the aggregate, be substantial, and these costs may include accounting, tax, legal, and other professional services costs, recruiting and relocation costs associated with hiring key senior management and personnel new to the Company, tax costs, costs to separate information systems and establish an independent manufacturing footprint and distribution network, costs to establish our own real estate footprint, costs of negotiating our own contracts, costs to rebrand and relabel, and costs of developing an independent ability to operate without access to Medtronic's existing operational, administrative, information technology, and systems infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to preserve the generally tax-free treatment for U.S. federal income tax purposes to Medtronic of certain steps of the Separation and the Divestment, if pursued, our ability to pursue certain strategic transactions may be restricted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other actions required to separate the respective businesses could disrupt our operations.

If we fail to achieve some or all of the benefits expected to result from the Separation, if such benefits are delayed, or if the anticipated structure of the Separation were to change, it could have a material adverse effect on our competitive position, business, financial condition, results of operations, and cash flows.

***Medtronic's plan to separate the Diabetes Operating Unit into an independent, publicly traded company is subject to various risks and uncertainties and may not be completed in accordance with the expected plans or anticipated timeline, or at all, and will involve significant time and expense, which could disrupt or adversely affect our business.***

Medtronic's separation of the Diabetes Operating Unit into an independent, publicly traded company is complex in nature, and unanticipated developments or changes, including changes in the law, the macroeconomic environment, competitive conditions of Medtronic's markets, regulatory approvals or clearances, the uncertainty of the financial markets, and challenges in executing the Separation, could delay or prevent the completion of the proposed Separation, result in changes to the anticipated structure and manner of the Separation, or cause the Separation to occur on terms or conditions that are different or less favorable to us than expected. Additionally, the Medtronic board of directors, in its sole and absolute discretion, may decide not to proceed with the Divestment, on

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the terms and in the manner then disclosed or at all, at any time prior to the date of the Divestment or if no Divestment has occurred, the date that Medtronic ceases to control us (the "Divestment Date").

The process of completing the Separation has been and is expected to continue to be time-consuming and involves significant costs and expenses. The Separation costs may be significantly higher than what we currently anticipate and may not yield a discernible benefit if the Separation is not completed or is not well executed, or the expected benefits of the Separation are not realized. Executing the Separation will also require significant amounts of our management's time and effort, which may divert our management's attention from operating and growing our business. Other challenges and potential costs associated with effectively executing the Separation include attracting, retaining, and motivating employees during the pendency of the Separation and following its completion; addressing disruptions to our supply chain, manufacturing, sales and distribution, and other operations resulting from separating the Diabetes Operating Unit into an independent, publicly traded company; separating Medtronic's information systems; and developing an independent ability to operate without access to Medtronic's existing operational, administrative, information technology, and systems infrastructure.

***We could experience temporary interruptions in business operations and incur substantial additional costs as we build our information technology infrastructure and transition our data to our own systems.***

We will engage in the process of either creating our own or engaging third parties to provide information technology infrastructure and systems to support our critical business functions, including accounting and reporting, manufacturing process control, quality and compliance systems, sales, invoicing, customer service, inventory control, and distribution, in order to replace many of the systems Medtronic currently provides to us. We may incur temporary interruptions in business operations if we cannot transition effectively from Medtronic's existing transactional and operational systems, data centers, databases, programming languages, and the transition services that support these functions as we replace these systems. We may not be successful in implementing our new systems and transitioning our data, and we may incur substantially higher costs for implementation than currently anticipated. Our failure to avoid operational interruptions as we implement the new systems, transition our data, and replace Medtronic's information technology services, or our failure to implement the new systems, transition our data, and replace Medtronic's services successfully and cost-effectively, could disrupt our business operations or have a material adverse effect on our profitability. If we are unable to replicate or transition certain systems, our ability to comply with regulatory requirements could be impaired. In addition, our costs for the operation of these systems may be higher than the amounts reflected in our historical combined financial statements.

***Our accounting, tax, and other management systems and resources may not be adequately prepared to meet the independent financial reporting, transparency, and other requirements to which we will be subject as a standalone, publicly traded company following the Separation.***

Our financial results previously were included within the consolidated results of Medtronic, and we believe that our reporting and control systems were appropriate for those of subsidiaries of a public company. However, we were not directly subject to the reporting and other requirements of the Exchange Act. As a result of the Separation, we will be directly subject to reporting and other obligations under the Exchange Act, including the requirements of Section 404 of the Sarbanes-Oxley Act, which will require annual management assessments of the effectiveness of our internal control over financial reporting and a report by our independent registered public accounting firm addressing these assessments beginning with our second annual report on Form 10-K. These reporting and other obligations will place significant demands on our management and our administrative and operational resources, including accounting resources. We may not have sufficient time following the Separation to meet these obligations by the applicable deadlines.

Moreover, to comply with these requirements, we anticipate that we will need to migrate our systems, including information technology systems, to the Company, implement additional financial and management controls, reporting systems, and procedures, and hire additional accounting, legal, tax, and finance staff. We expect to incur additional annual expenses related to these steps, and those expenses may be significant. If we are unable to implement our financial and management controls, reporting systems, information technology, and procedures in a timely and effective fashion, our ability to comply with our financial reporting requirements and other rules that apply to reporting companies under the Exchange Act could be impaired. In the event we are unable to implement a

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sufficient tax reporting system and related processes, we may be unable to comply with tax law and face penalties associated with our lack of compliance. Any failure to achieve and maintain effective internal controls could result in adverse regulatory consequences or loss of investor confidence, which could limit our ability to access the global capital markets and could have a material adverse effect on our business, financial condition, results of operations, cash flows, or the market price of our securities.

***In connection with the Separation, we may be required to indemnify Medtronic for certain liabilities, Medtronic's indemnities to us may be insufficient, and we will have very limited access to Medtronic's insurance and will be essentially uninsured for many types of claims related to events that occurred before the Separation.***

Pursuant to the Separation Agreement and certain other agreements between us and Medtronic, each party will agree to indemnify the other for certain liabilities, in each case for potentially uncapped amounts, as discussed further in the section entitled "Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation—Separation Agreement" of this prospectus. Indemnities that we may be required to provide Medtronic are not subject to any cap, may be significant, and could negatively impact our business. Third parties could also seek to hold us responsible for any of the liabilities that Medtronic has agreed to retain. Any amounts we are required to pay pursuant to these indemnification obligations and other liabilities could require us to divert cash that would otherwise have been used in furtherance of operating our business. Further, the indemnities from Medtronic for our benefit may not be sufficient to protect us against the full amount of such liabilities, and Medtronic may not be able to fully satisfy its indemnification obligations.

In addition, pursuant to the Separation Agreement, Medtronic intends to remove us, and our respective employees, officers, and directors, as insured parties under Medtronic's insurance policies (self-funded or otherwise) immediately prior to the Separation date. From and after the Separation date, we will not have access to, or the right to make claims under, Medtronic's insurance policies for any facts, circumstances, events, or matters occurring on or after the Separation date. While we may assert certain claims under Medtronic's insurance policies for liabilities associated with occurrences prior to the Separation, such coverage is very limited as Medtronic self-insures most of its insurable risks. Any limited coverage available to us is subject to Medtronic's primary control over such claims and the terms and conditions of the relevant insurance policies and may be denied by Medtronic's insurers. Consequently, we will be uninsured for most types of claims related to our business that arose prior to the Separation, including claims related to product liability, intellectual property disputes, cybersecurity, privacy, commercial disputes, employment matters, and government investigations. Furthermore, following the Separation, we will need to obtain our own insurance coverage, which may be costly or difficult to obtain on favorable terms, and we may be exposed to significant uninsured liabilities for any claims that arose prior to the completion of this offering. Each of the foregoing risks could negatively affect our business, results of operations, financial condition, and cash flows.

***Medtronic may fail to perform under various transaction agreements that will be executed as part of the Separation, or we may fail to have necessary infrastructure, systems, and services in place when certain of the transaction agreements expire.***

In connection with the Separation, we and Medtronic will enter into the Separation Agreement and various other agreements, including the Tax Matters Agreement, the Employee Matters Agreement, the Intellectual Property Cross-License Agreements, the Transitional Trademark Cross-License Agreement, the Trademark Co-Existence Agreement, the Transition Services Agreement, the Registration Rights Agreement, the Juncos Lease Agreement, and the Transition Manufacturing Agreements. These agreements, together with the documents and agreements by which the internal reorganization of the Diabetes Operating Unit will be effected by Medtronic, will determine the allocation of assets and liabilities between the companies following the Separation for those respective areas and will include any necessary indemnifications related to liabilities and obligations. Certain of these agreements will also provide for the performance of services by each company for the benefit of the other for a period of time after the Separation. We will rely on Medtronic to satisfy its performance and payment obligations under these agreements. If Medtronic is unable or unwilling to satisfy its obligations under these agreements, including its indemnification obligations, we could incur operational difficulties or losses. These agreements are discussed in greater detail in the section entitled "Certain Relationships and Related Person Transactions."

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If we do not have in place our own systems and services, or if we do not have agreements with other providers of these services once certain transitional transaction agreements expire, we may not be able to operate our business effectively, and our profitability may decline. We are in the process of creating our own, or engaging third parties to provide, systems and services to replace many of the systems and services that Medtronic currently provides to us. However, we may not be successful in implementing these systems and services in a timely manner or at all, we may incur additional costs in connection with, or following, the implementation of these systems and services, and we may not be successful in transitioning data from Medtronic's systems to ours. These systems and services may also be more expensive or less efficient than the systems and services Medtronic is expected to provide during the transition period.

***We may be held liable to Medtronic if we fail to perform certain services or supply obligations under the Transition Services Agreement, and the performance of such services or supply obligations may negatively impact our business and operations.***

In connection with the Separation, we and Medtronic will enter into various agreements, including a Transition Services Agreement, that will provide for the performance of certain services and the supply of certain products by us for the benefit of Medtronic for a period of time after the Separation. If we do not satisfactorily perform our obligations under these agreements, we may be held liable for any resulting losses suffered by Medtronic, subject to certain limits. In addition, during the transition services period, our management and employees may be required to divert their attention away from our business in order to provide services to Medtronic or manage aspects of the transition agreements between us and Medtronic, which could adversely affect our business.

***We may have received better terms from unaffiliated third parties than the terms we will receive in our agreements with Medtronic.***

The agreements we will enter into with Medtronic in connection with the Separation, including the Separation Agreement, the Tax Matters Agreement, the Employee Matters Agreement, the Intellectual Property Cross-License Agreements, the Transitional Trademark Cross-License Agreement, the Trademark Co-Existence Agreement, the Transition Services Agreement, the Registration Rights Agreement, the Juncos Lease Agreement, and the Transition Manufacturing Agreements were prepared in the context of the Separation while our business was still operated by and as part of Medtronic. Accordingly, during the period in which these agreements were prepared, we did not have a separate or independent board of directors or a management team that was separate from or independent of Medtronic. The terms of these agreements, including the fees charged for services provided under these agreements, were primarily determined by Medtronic and, as a result, may not necessarily reflect terms that would have resulted from arm's-length negotiations between unaffiliated third parties or from arm's-length negotiations between Medtronic and an unaffiliated third party in another form of transaction, such as a buyer in a sale of a business transaction. See "Certain Relationships and Related Person Transactions."

***Under the terms of the Separation, our ability to manage our manufacturing operations will be restricted under the terms of the Juncos Lease Agreement and the Tax Matters Agreement, and we therefore may not be able to fully conduct these operations in a manner that is optimal for our business.***

Our Juncos facility currently manufactures products representing the majority of our revenue. Following the Separation, Medtronic will lease a portion of the Juncos facility from us so it may continue to manufacture certain of its products at the facility. The term of the lease will be up to ten years if Medtronic fully exercises its renewal options. During the term of the lease, we will not be able to utilize all of the facility's current manufacturing capacity to support our business. In addition, the terms of the lease will require us to devote time and resources to fulfill our obligations as a landlord, including obligations to maintain the facility's structural elements and systems that serve Medtronic's production operations, ensure adequate utility capacity exists for Medtronic's portion of the facility, segregate areas used by our and Medtronic's production operations to ensure our operations do not interfere with Medtronic's operations, and maintain common and shares access areas. We may also be subject to EHS or other risks or liabilities related to Medtronic's production operations to which we would not otherwise be subject, and the remediation of any quality audit findings related to Medtronic's production operations may create obligations for us to which we would not otherwise be subject. Furthermore, during the term of the lease we will be prohibited without Medtronic's consent from assigning our interest in the lease to a third party which could, among

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other things, limit our ability to sell the facility. In addition, in order to preserve the intended Puerto Rican tax treatment with respect to the Separation and Divestment, we will enter into the Tax Matters Agreement that, among other things, will require us to maintain a minimum head count and level of operations at the Juncos facility for a period ending up to two full fiscal years after the Divestment, if Medtronic fully exercises its renewal options. These agreements may therefore limit our flexibility to operate the Juncos facility in the manner we believe is best for our business and/or increase our costs to operate the facility, and may also limit our ability divest ourselves of the facility if we have determined it is in the best interest of our business to do so, any of which could have a material adverse effect on our business, financial condition, results of operations, and cash flows.

***Under the Transition Manufacturing Agreements, Medtronic will continue to provide us certain product development and manufacturing services for only a limited period of time after the Separation, and we will therefore need to put in place alternatives to maintain our ability to develop and produce certain of our products.***

Medtronic currently provides us certain product development and manufacturing services with respect to components for next-generation CGMs in our development pipeline, as well as certain of our other products. Under the Transition Manufacturing Agreements, Medtronic will continue to provide us with these services for a term of two years after the Separation, which term may be renewed at Medtronic's option for an additional term of one year, after which time we will need to have in place alternative third-party suppliers. We will need to make significant investments in connection with putting in place alternatives, including evaluating and validating new third-party suppliers, scaling operations for commercial production, and integrating componentry into our supply chains and production flows. If we are unable to effectively put alternative suppliers in place in a timely fashion, our ability to develop and produce our next-generation CGM products and certain other products may be negatively impacted, which could have a material adverse effect on our business, financial condition, results of operations, and cash flows.

***Following the Separation and the Divestment, certain of our directors and executive officers may have actual or potential conflicts of interest because of their positions with or financial interests in Medtronic.***

Certain of our expected executive officers and directors will continue to own equity interests in Medtronic following the Separation and the Divestment, whether because of their current or former positions with Medtronic or otherwise. In addition, certain of Medtronic's current executive officers are expected to become our directors. These factors could create, or appear to create, potential conflicts of interest to the extent that we and Medtronic face decisions that could have different implications for the two companies. For example, potential conflicts of interest could arise in connection with the resolution of any dispute that may arise between us and Medtronic regarding the terms of the agreements governing the Separation and the relationship thereafter between the companies. In addition, given these relationships, PWD or other third parties may confuse our business with that of Medtronic, or there may be a perceived link between our and Medtronic's products, each of which could affect our business, competitive position, and market perception.

We expect that provisions relating to certain relationships and transactions in our amended and restated certificate of incorporation will address certain actual or potential conflicts of interest between us, on the one hand, and Medtronic and its directors, officers, or employees who are our directors, officers, or employees, on the other hand. By becoming our stockholder, you will be deemed to have notice of, and consented to, these provisions of our amended and restated certificate of incorporation. For example, we are expected to renounce any interest or expectancy of ours in any corporate opportunities that are presented to our directors, officers, or employees who are also directors, officers, or employees of Medtronic, and such director, officer, or employee will have no duty to communicate or present such corporate opportunity to us, in each case so long as such corporate opportunity was not expressly offered to such person solely in their capacity as our director or officer. Although these provisions are designed to resolve certain conflicts of interest between us and Medtronic fairly, we cannot assure you that any conflicts of interest will be so resolved. See "Description of Capital Stock—Conflicts of Interest; Corporate Opportunities."

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***The distribution of Medtronic's remaining equity interest in us may not occur.***

Upon completion of this offering, Medtronic will continue to own &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our shares of common stock eligible to vote in the election of our directors (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise in full their option to purchase additional shares of our common stock from us to cover over-allotments). While Medtronic has informed us that, following the completion of this offering, it intends to effect the Divestment, Medtronic has no obligation to complete the Divestment. Whether Medtronic proceeds with the Divestment, in whole or in part, and the timing thereof, is in Medtronic's sole discretion and may be subject to a number of conditions, including the receipt of any necessary regulatory or other approvals, the existence of satisfactory market conditions, the receipt of the Tax Opinions, and Medtronic having sufficient distributable reserves to effect the Divestment. Even if Medtronic elects to pursue the Divestment, Medtronic has the right to abandon or change the structure of the Divestment if Medtronic determines, in its sole discretion, that the Divestment is not in the best interests of Medtronic or its shareholders.

Furthermore, if the Divestment does not occur, and Medtronic does not otherwise dispose of its shares of our common stock, the risks relating to Medtronic's control of us and the potential business conflicts of interest between us and Medtronic will continue to be relevant to our stockholders. See "—Risks Related to Our Relationship with Medtronic—Following the completion of this offering, Medtronic will continue to control the direction of our business, and the concentrated ownership of our common stock may prevent you and other stockholders from influencing significant decisions."

***If Medtronic completes the Divestment in a transaction that is intended to be generally tax-free for U.S. federal income tax purposes and there is later a determination that certain steps of the Separation or the Divestment are taxable because the facts, assumptions, representations, or undertakings underlying the Tax Opinions are incorrect or for any other reason, then Medtronic and its shareholders could incur significant U.S. federal, state, and foreign income tax liabilities and we could incur significant liabilities through our indemnification obligations under the Tax Matters Agreement.***

If Medtronic completes the Divestment in a transaction that is intended to be tax-free for U.S. federal income tax purposes, Medtronic will have received the Tax Opinions from its U.S. tax advisors substantially to the effect that, among other things, the Divestment will qualify as a transaction that is generally tax-free for U.S. federal income tax purposes under Section 355 of the Code. Medtronic does not intend to obtain a private letter ruling from the U.S. Internal Revenue Service (the "IRS") regarding the qualification of the Divestment (or other steps of the Separation) as transactions that are tax-free for U.S. federal income tax purposes. The consummation of the Divestment is conditioned on, among other things, the receipt of the Tax Opinions. The Tax Opinions will rely on certain facts, assumptions, representations, and undertakings from us and Medtronic regarding the past and future conduct of the companies' respective businesses and other matters. If any of these facts, assumptions, representations, or undertakings are incorrect or not otherwise satisfied, Medtronic and its shareholders may not be able to rely on the Tax Opinions and could be subject to significant tax liabilities. The legal authorities on which the Tax Opinions will be based are subject to change or differing interpretations at any time, possibly with retroactive effect. Opinions of counsel are not binding on the IRS or the courts, and notwithstanding the Tax Opinions, the IRS could determine on audit that certain steps of the Separation or the Divestment are taxable if it determines that any of these facts, assumptions, representations, or undertakings are not correct or have been violated or if it disagrees with the conclusions in the Tax Opinions, or for other reasons, including as a result of changes in law with retroactive effect or certain significant changes in our stock ownership or the stock ownership of Medtronic following the completion of the Divestment.

If certain steps of the Separation or the Divestment are determined to be taxable for U.S. federal income tax purposes, then Medtronic or its shareholders could incur significant U.S. federal income tax liabilities and we could also incur significant liabilities under the Tax Matters Agreement. Under the Tax Matters Agreement, we will generally be required to indemnify Medtronic against taxes incurred by Medtronic arising from any breach of representations made by us (including those provided in connection with the Tax Opinions) or from certain other acts or omissions, in each case that result in certain steps of the Separation or the Divestment failing to meet the requirements under Sections 355, 361, and 368(a)(1)(D) of the Code, and we will also be responsible for 50% of certain unanticipated tax liabilities related to the Separation or the Divestment, if such taxes materialize. See

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"Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation—Tax Matters Agreement."

***Although, under the Tax Matters Agreement, Medtronic will generally be responsible for taxes due with respect to consolidated or joint tax returns for all periods prior to the completion of this offering for consolidated groups including Medtronic or its subsidiaries and us and our subsidiaries, we nevertheless will have joint and several liability with Medtronic for certain consolidated U.S. federal income taxes of such groups for taxable periods during which we or our affiliates were members of such groups.***

Following the completion of this offering, we do not expect to be included in a U.S. federal consolidated group tax return with affiliates of Medtronic. Moreover, Medtronic will generally be responsible for all U.S. federal income taxes imposed on a Medtronic consolidated tax return group and state and foreign income, franchise, capital gain, withholding, and similar taxes imposed on a consolidated, combined, or unitary tax return group (or similar tax group under non-U.S. law) that includes Medtronic or one of its subsidiaries with respect to taxable periods (or portions thereof) that end on or prior to the date of the completion of this offering*.*

Nevertheless, because certain of our subsidiaries were members of a consolidated U.S. federal income tax group that includes certain subsidiaries of Medtronic, such subsidiaries have (and will continue to have following the offering and, if pursued, the Divestment) joint and several liability with such subsidiaries of Medtronic for the consolidated U.S. federal income taxes of such members of the Medtronic group relating to the taxable periods in which such subsidiaries were part of such group. Such liabilities include liabilities in respect of Medtronic's litigation for fiscal years 2005 and 2006 that relate to the allocation of income between Medtronic, Inc. and its wholly owned subsidiary operating in Puerto Rico, one of Medtronic, Inc.'s key manufacturing sites, which could be material to us. See "Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation—Tax Matters Agreement."

***We may be affected by significant restrictions, including on our ability to engage in certain corporate transactions, for a two-year period following the completion of the Divestment, if pursued, in order to avoid triggering significant tax-related liabilities.***

To preserve the generally tax-free treatment of certain steps of the Separation and the Divestment for U.S. federal income tax purposes, we will be restricted under the Tax Matters Agreement from taking certain actions (including, among others, actions related to the sale and/or discontinuance of certain business activities and/or assets) that would prevent certain steps of the Separation and the Divestment from being tax-free for U.S. federal income tax purposes. Under the Tax Matters Agreement, for the two-year period following the completion of the Divestment, if pursued, we will be subject to specific restrictions on our ability to enter into acquisition, merger, liquidation, sale, and stock redemption transactions with respect to shares of our common stock. These restrictions may limit our ability to pursue certain strategic transactions or other transactions that we may believe to be in the best interests of our stockholders or that might increase the value of our business. These restrictions will not limit the acquisition of other businesses by us for cash consideration. In addition, under the Tax Matters Agreement, we will generally be required to indemnify Medtronic against certain tax liabilities that may result from the acquisition of our stock or assets, even if we do not participate in or otherwise facilitate the acquisition. Furthermore, we will be subject to specific restrictions on discontinuing the active conduct of our trade or business, the issuance or sale of stock or other securities (including securities convertible into our stock but excluding certain compensatory arrangements), and sales of assets outside the ordinary course of business. These restrictions may reduce our strategic and operating flexibility. See "Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation—Tax Matters Agreement."

***Our rebranding strategy in connection with the Separation will involve substantial costs and may not produce the intended benefits if it is not favorably received by PWD or third-party partners. In addition, our continued use of legacy Medtronic branding, including the "Medtronic" brand, could adversely affect our reputation.***

In connection with the Separation, we have incurred, and will continue to incur, substantial costs to rebrand the Company as "MiniMed Group, Inc." and change the branding for certain of our products around the world. Successful promotion of this rebranding will depend on the effectiveness of our marketing efforts and our ability to

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continue to provide reliable products to PWD during the course of our transition to becoming a standalone public company. We have invested, and will continue to invest, significant resources to promote our new branding, but we cannot predict with certainty how these marketing efforts will be received, and we cannot assure you that we will be able to achieve or maintain brand recognition or status under any new names and marks at a level that is comparable to the recognition and status we historically enjoyed as part of Medtronic. If our rebranding strategy does not produce the intended benefits, our ability to retain existing customers and third-party partners and continue to attract new customers and third-party partners could be impacted, which could adversely affect our business, results of operations, financial condition, or cash flows. See "—Business and Operational Risks—If we fail to expand and maintain an effective sales force, predict and adapt to changes in markets, or successfully develop and maintain our relationships with intermediaries, our business, prospects, and brand may be materially and adversely affected."

In addition, our continued use of legacy Medtronic branding could adversely affect our reputation. In connection with the Separation, Medtronic will license certain trademarks related to the "Medtronic" brand to us. We expect to continue to use the "Medtronic" brand for an agreed upon period of time following the completion of this offering. The license permits us to make ongoing use of certain variations of the legacy Medtronic branding for such agreed upon period of time following the Separation, based on our use of the legacy Medtronic branding prior to the Separation. See "Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation—Trademark Agreements."

As a result of this continued use of the legacy Medtronic branding, there is a risk that conduct or events adversely affecting Medtronic's reputation could also adversely affect our reputation or the reputation of our brands. Moreover, the licenses to the legacy Medtronic branding include quality control provisions obligating us and any sublicensees to remain in compliance with applicable law and quality standards. Failure by us or any sublicensees to comply with these obligations could potentially result in termination of the licenses, which could adversely affect our business, results of operations, financial condition, and cash flows.

***The transfer of certain assets and liabilities from Medtronic to us contemplated by the Separation will not be complete prior to the completion of this offering.***

We expect that the Separation will be substantially completed prior to the completion of this offering. However, the Separation Agreement will provide that, in order to ensure compliance with applicable law, to obtain necessary governmental approvals and other consents, and for other business reasons, we and Medtronic will defer until after the completion of this offering certain transfers of assets and assumptions of liabilities of businesses in certain jurisdictions. See "Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation—Separation Agreement—Deferred Markets."

The net profits or losses from the operation of businesses that are not transferred prior to the completion of this offering will, to the extent reasonably practicable and permitted by applicable law, be provided to us. Nevertheless, these arrangements may introduce additional complexities to our business. We cannot assure you that any transfer that is not completed prior to the completion of this offering will occur promptly following the completion of this offering, or at all, including if we are not able to obtain necessary governmental approvals or other consents, or if there are any unanticipated developments or changes, including changes in laws or regulations, or that Medtronic will operate such businesses as we would have. Further, effecting the transfers could require more resources than expected, including out-of-pocket costs and expenses and internal management and employee time and resources, which could adversely affect our business, results of operations, financial condition, and cash flows. In the event transfers are significantly delayed or do not occur, we may not realize all of the anticipated benefits of the Separation, which could adversely affect our business, results of operations, financial condition, and cash flows.

***The transfer to us of certain contracts, permits, and other assets and rights may require the consents or approvals of, or provide other rights to, third parties and governmental authorities. If such consents or approvals are not obtained, we may not be entitled to the benefit of such contracts, permits, and other assets and rights, which could increase our expenses or otherwise harm our business and financial performance.***

The Separation Agreement will provide that certain contracts, permits, and other assets and rights are to be transferred from Medtronic or its subsidiaries to us or our subsidiaries in connection with the Separation. The

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transfer of certain of these contracts, permits, and other assets and rights may require consents or approvals of third parties or governmental authorities or provide other rights to third parties. In addition, in some circumstances, we and Medtronic are joint beneficiaries of contracts, and we and Medtronic may need the consents of third parties in order to split or separate the existing contracts or the relevant portion of the existing contracts to us or Medtronic.

Some parties may use consent requirements or other rights to seek to terminate contracts or obtain more favorable contractual terms from us, which, for example, could take the form of adverse price changes, require us to expend additional resources in order to obtain the services or assets previously provided under the contract, or require us to seek arrangements with new third parties or obtain letters of credit or other forms of credit support. If we are unable to obtain required consents or approvals, we may be unable to obtain the benefits, permits, assets, and contractual commitments that are intended to be allocated to us as part of our separation from Medtronic, and we may be required to seek alternative arrangements to obtain services and assets which may be more costly or of lower quality. The termination or modification of these contracts or permits or the failure to timely complete the transfer or separation of these contracts or permits could negatively impact our business, financial condition, results of operations, and cash flows.

***The assets that we acquire from Medtronic in the Separation may not be sufficient for us to operate as a standalone company, and we may experience difficulty in separating our assets from Medtronic.***

Because we have not operated as a standalone company in the past, we may need to acquire assets in addition to those transferred by Medtronic to us in connection with the Separation. We may also face difficulty in separating our assets from Medtronic's assets and integrating newly acquired assets into our business. The Separation is complex in nature and unanticipated developments or changes, including changes to applicable laws or regulations (or interpretations thereof), required consents or approvals, or other challenges in executing the Separation could delay or prevent the completion of certain aspects of the Separation, require more resources than expected (including out-of-pocket costs and expenses and internal management and employee time and resources), or cause the Separation to occur on terms or conditions that are different or less favorable to us than expected. Our business, results of operations, financial condition, and cash flows could be adversely affected if we have difficulty operating as a standalone company, fail to acquire assets that prove to be important to our operations, or incur unexpected costs in separating our assets from Medtronic's assets or integrating newly acquired assets.

**Risks Related to Our Relationship with Medtronic**

***Following the completion of this offering, Medtronic will continue to control the direction of our business, and the concentrated ownership of our common stock may prevent you and other stockholders from influencing significant decisions.***

Upon completion of this offering, Medtronic will continue to own &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the total voting power of our outstanding shares of common stock (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise in full their option to purchase additional shares of our common stock from us to cover over-allotments). Investors in this offering generally will not be able to affect the outcome of any matter submitted to our stockholders for approval as long as Medtronic or its successor-in-interest beneficially owns a majority of the total voting power of our outstanding shares of common stock.

As long as Medtronic or its successor-in-interest beneficially owns a majority of the total voting power of our outstanding shares of common stock, it will generally be able to control, whether directly or indirectly through its ability to remove and elect directors, and subject to applicable law, all matters affecting us without the approval of other stockholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determinations with respect to our business direction and policies, including the election and removal of directors and the appointment and removal of officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determinations with respect to corporate transactions, such as mergers, business combinations, or dispositions of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our financing and dividend policies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our compensation and benefit programs and other human resources policy decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• termination of, changes to, or determinations under our agreements with Medtronic relating to the Separation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determinations with respect to tax matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to any other agreements that may adversely affect us.

If Medtronic does not complete the Divestment or otherwise dispose of its remaining equity interest in our Company, or if Medtronic purchases shares of our common stock in the open market following the completion of this offering, it could remain our controlling stockholder for an extended period of time or indefinitely. Even if Medtronic were to beneficially own less than a majority of the total voting power of our outstanding shares of common stock, Medtronic may be able to influence the outcome of corporate actions requiring stockholder approval for as long as it owns a significant portion of our common stock.

Medtronic's interests may not be the same as, or may conflict with, the interests of our other stockholders. Actions that Medtronic takes with respect to us, as a controlling or significant stockholder, may not be favorable to us or our other stockholders.

***Following the completion of this offering, we will be a "controlled company" as defined under the corporate governance rules of Nasdaq and, as a result, will qualify for exemptions from certain corporate governance requirements of Nasdaq.***

Upon completion of this offering, Medtronic will continue to own &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our shares of common stock eligible to vote in the election of our directors (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise in full their option to purchase additional shares of our common stock from us to cover over-allotments). As a result, we will be a "controlled company" as defined under the corporate governance rules of Nasdaq and, therefore, will qualify for exemptions from certain corporate governance requirements of Nasdaq, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that the Board be composed of a majority of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that the Nominating and Corporate Governance Committee be composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities or, if no such committee exists, that our director nominees be selected or recommended by independent directors constituting a majority of the Board's independent directors in a vote in which only independent directors participate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that the Compensation and Talent Committee be composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement for an annual performance evaluation of the Nominating and Corporate Governance Committee and the Compensation and Talent Committee.

We intend to avail ourselves of the "controlled company" exemption under the corporate governance rules of Nasdaq. Accordingly, we will not be required to have a majority of "independent directors" on the Board as defined under the rules of Nasdaq. As a result, you may not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

***If Medtronic sells a sufficiently large equity interest in us to a third party in a private transaction, such transaction could result in a change of control of us, and you may not realize any change-of-control premium on your shares of our common stock.***

Upon completion of this offering, Medtronic will continue to own &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the total voting power of our outstanding shares of common stock (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise in full their option to purchase additional shares of our common stock from us to cover over-allotments). Medtronic will have the ability, should it

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choose to do so, to sell some or all of its shares of our common stock in a privately negotiated transaction, which, if sufficient in size, could result in a change of control of us.

The ability of Medtronic to privately sell its shares of our common stock, with no requirement for a concurrent offer to be made to acquire all of the shares of our common stock that will be publicly traded following the completion of this offering, could prevent you from realizing any change-of-control premium on your shares of our common stock that may otherwise accrue to Medtronic on its private sale of shares of our common stock. In the event of a change-of-control, our future indebtedness may be subject to acceleration, and our other commercial agreements and relationships, including any remaining agreements with Medtronic, could be impacted. The occurrence of any of these events could have a material adverse affect on our business, results of operations, financial condition, and cash flows.

**Risks Related to This Offering and Ownership of Our Common Stock**

***We cannot be certain that an active trading market for our common stock will develop or be sustained following the completion of this offering.***

Prior to the completion of this offering, there has been no public market for our common stock. We cannot assure you that an active trading market for shares of our common stock will develop or be sustained following the completion of this offering. If an active trading market does not develop, you may have difficulty selling your shares of our common stock at an attractive price or at all. An inactive trading market could also impair our ability to raise capital by selling shares of our common stock, our ability to attract and motivate our employees through equity incentive awards, and our ability to acquire businesses, brands, assets, or technologies by using shares of our common stock as consideration. Furthermore, the liquidity of the market for shares of our common stock may be constrained for as long as Medtronic continues to own a significant portion of our common stock.

***The stock price of our common stock may fluctuate significantly.***

We cannot predict the prices at which shares of our common stock may trade after the completion of this offering. The price for shares of our common stock in this offering was determined by negotiations among us, Medtronic, and representatives of the underwriters, and it may not be indicative of prices that will prevail in the open market following the completion of this offering. Consequently, you may not be able to sell your shares of our common stock at or above the initial public offering price at the time that you would like to sell.

The market price of shares of our common stock may be highly volatile and fluctuate significantly due to a number of factors, some of which may be beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our quarterly or annual earnings or those of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variations in our quarterly dividends, if any, to stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our operating results or those of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• publication of research reports about us, our competitors, or our industry, changes in, or failure to meet, estimates made by securities analysts or ratings agencies of our financial and operating performance, or lack of research reports by industry analysts or ceasing of analyst coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures of key management personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strategic actions or announcements by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse market reaction to any indebtedness we may incur or securities we may issue in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting standards, policies, guidelines, interpretations, or principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to the regulatory and legal environment in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation or governmental investigations initiated against us;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reputational issues, including reputational issues involving our competitors and their products, Medtronic, and our third-party partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions by institutional stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ineffectiveness of our internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether, when, and in what manner Medtronic completes the Divestment, and other announcements made or actions taken by Medtronic, whether in respect of the Divestment or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overall market fluctuations and domestic and worldwide economic and political conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors described in this "Risk Factors" section and elsewhere in this prospectus.

Stock markets in general have experienced volatility that has often been unrelated to the operating performance of a particular company. These broad market fluctuations may adversely affect the trading price of our common stock. If any of the forgoing events occur, it could cause our stock price to fall and may expose us to lawsuits, including securities class action litigation, that, even if unsuccessful, could result in substantial costs and divert our management's attention and resources. You should consider an investment in shares of our common stock to be risky, and you should invest in shares of our common stock only if you can withstand a significant loss and wide fluctuations in the market value of your investment.

***The Divestment, if pursued, or future sales by Medtronic or other holders of shares of our common stock, or the perception that the Divestment or such sales may occur, including following the expiration of the lock-up period, could cause the price of our common stock to decline.***

Upon completion of this offering, Medtronic will continue to own &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of our outstanding shares of common stock (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise in full their option to purchase additional shares of our common stock from us). These shares will be "restricted securities" as that term is defined in Rule 144 ("Rule 144") under the Securities Act of 1933, as amended (the "Securities Act"). Subject to contractual restrictions, including the lock-up agreements described in the paragraph below, Medtronic will be entitled to sell these shares in the public market only if the sale of such shares is registered with the SEC or if the sale of such shares qualifies for an exemption from registration under Rule 144 or any other applicable exemption under the Securities Act. We are unable to predict with certainty whether or when Medtronic will complete the Divestment or otherwise sell a substantial number of shares of our common stock. The distribution or sale by Medtronic of a substantial number of shares of our common stock following the completion of this offering, or a perception that such a distribution or sale could occur, could significantly reduce the prevailing market price of shares of our common stock. Upon completion of this offering, except as otherwise described in this prospectus, all of the shares of our common stock to be sold in this offering will be freely tradable without restriction or further registration under the Securities Act, assuming they are not held by our affiliates.

In connection with this offering, we, our executive officers, our directors, and Medtronic have agreed with the underwriters that, except with the prior written consent of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, we and they will not, subject to certain exceptions, during the period beginning on the date of this prospectus and continuing through the date that is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; days after the date of this prospectus, offer, sell, contract to sell, pledge, or otherwise dispose of or hedge, directly or indirectly, any shares of our common stock or securities convertible into or exchangeable or exercisable for any shares of our common stock, and may, in their sole discretion and at any time without notice, release all or any portion of the shares of our common stock subject to lock-up agreements. When the lock-up period expires, we and our stockholders subject to lock-up agreements will be able to sell shares of our common stock in the public market. Sales of a substantial number of shares of our common stock upon expiration of the lock-up agreements, the perception that these sales may occur, or early release of these lock-up agreements could cause the market price of shares of our common stock to decline or make it more difficult for you to sell your shares of our common stock at a time and price that you deem appropriate.

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***If we are unable to implement and maintain effective internal control over financial reporting in the future, investors could lose confidence in the accuracy and completeness of our financial reports and the market price of shares of our common stock could be adversely affected.***

As a standalone public company, we will be required to maintain internal control over financial reporting and to report any material weaknesses in our internal control. In addition, beginning with our second annual report on Form 10-K, we expect that we will be required to furnish a report by our management on the effectiveness of our internal control over financial reporting, pursuant to Section 404 of the Sarbanes-Oxley Act. Our independent registered public accounting firm will also be required to express an opinion as to the effectiveness of our internal control over financial reporting beginning with our second annual report on Form 10-K. At such time, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our internal control over financial reporting is documented, designed, or operating.

The process of designing, implementing, and testing the internal control over financial reporting required to comply with this obligation is complex, time-consuming, and costly. If we identify material weaknesses in our internal control over financial reporting, if we are unable to comply with the requirements of Section 404 of the Sarbanes-Oxley Act in a timely manner or to assert that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting, investors could lose confidence in the accuracy and completeness of our financial reports and the market price of shares of our common stock could be adversely affected. We could also become subject to investigations by the SEC, Nasdaq, or other regulatory authorities, which could require additional financial and management resources.

***The obligations associated with being a standalone public company will require significant resources and management attention.***

Following the effectiveness of the registration statement of which this prospectus forms a part, we will be directly subject to reporting and other obligations under the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, and the rules and regulations of the SEC and Nasdaq. As a standalone public company, we will be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepare and distribute periodic reports, proxy statements, and other stockholder communications in compliance with the federal securities laws and rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have our own board of directors and committees thereof, which comply with federal securities laws and rules and applicable stock exchange requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain an internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• institute our own financial reporting and disclosure compliance functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish an investor relations function; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish internal policies, including those relating to trading in our securities and disclosure controls and procedures.

These reporting and other obligations will place significant demands on our management, diverting their time and attention from sales-generating activities to compliance activities, and require increased administrative and operational costs and expenses that we did not incur prior to the Separation, which could adversely affect our business, results of operations, financial condition, and cash flows.

***You will experience immediate and substantial dilution following the completion of this offering, and your percentage ownership in us may be further diluted in the future.***

The initial public offering price per share of our common stock will be substantially higher than our pro forma net tangible book value per share of our common stock upon completion of this offering. As a result, you will pay a price per share of our common stock that substantially exceeds the per share book value of our tangible assets after subtracting our liabilities. Assuming an initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock, which

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is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, you will incur immediate and substantial dilution in pro forma net tangible book value in an amount of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock.

In the future, your percentage ownership in us may be further diluted if we issue additional shares of our common stock or convertible debt securities in connection with acquisitions, capital market transactions, or other corporate purposes, including equity awards that we may grant to our directors, officers, and employees. In connection with this offering, we intend to file a registration statement on Form S-8 to register the shares of our common stock that we expect to reserve for issuance under our proposed equity incentive plan. It is anticipated that the Compensation and Talent Committee will grant additional equity awards to our employees and directors following the completion of this offering, from time to time, under our proposed equity incentive plan. We cannot predict with certainty the size of future issuances of shares of our common stock or the effect, if any, that future issuances and sales of shares of our common stock will have on the market price of shares of our common stock. Any such issuance could result in substantial dilution to our existing stockholders.

In addition, following the completion of the Divestment, if pursued, our employees will have rights to purchase or receive shares of our common stock as a result of the conversion of their Medtronic equity awards for our equity awards. The conversion of these Medtronic awards into our awards is described in further detail in the section of this prospectus entitled "Executive and Director Compensation—Compensation Discussion and Analysis." As of the date of this prospectus, the exact number of shares of our common stock that will be subject to the converted equity awards is not determinable, and, therefore, it is not possible to determine the extent to which your percentage ownership in us could be diluted as a result of the conversion.

The Board will be authorized, without further vote or action by our stockholders, to provide for the issuance from time to time of shares of our preferred stock in series and, as to each series, to fix: the designation; the dividend rate and the preferences, if any, which dividends on that series will have compared to any other class or series of our capital stock; the voting rights, if any; the liquidation preferences, if any; the conversion privileges, if any; and the redemption price or prices and the other terms of redemption, if any, applicable to that series. The terms of one or more series of preferred stock could dilute the voting power or reduce the value of our common stock. For example, we could grant the holders of our preferred stock rights to elect directors in all events or on the occurrence of specified events or the right to veto specified transactions. In addition, the repurchase or redemption rights or liquidation preferences that we could assign to holders of our preferred stock could affect the residual value of our common stock. See "Description of Capital Stock—Preferred Stock."

***Following the completion of this offering, we expect to have debt obligations that could adversely affect our business, results of operations or financial condition.***

In connection with the Separation, we expect to enter into the Revolving Credit Facility (as defined in the section of this prospectus entitled "Description of Certain Indebtedness"). In addition, we may incur additional indebtedness in the future. This indebtedness could have important, adverse consequences to us and our investors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring a substantial portion of our cash flow from operations to make interest payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making it more difficult to satisfy other obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing the risk of a future credit ratings downgrade of our debt, which could increase future debt costs and limit the future availability of debt financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our vulnerability to general adverse economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reducing the cash flow available to fund capital expenditures and other corporate purposes and to grow our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our ability to pay dividends;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our flexibility in planning for, or reacting to, changes in our business and industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our ability to borrow additional funds as needed or take advantage of business opportunities as they arise, pay cash dividends, or repurchase shares of our common stock.

The risks described above will increase with the amount of indebtedness we incur in the future. Furthermore, to the extent our indebtedness bears interest at variable rates, our ability to borrow additional funds may be reduced and the risks described above would intensify if these rates were to increase significantly, whether because of an increase in market interest rates or a decrease in our creditworthiness. In addition, our actual cash requirements in the future may be greater than expected. Our cash flow from operations may not be sufficient to service our outstanding debt or to repay the outstanding debt as it becomes due, and we may not be able to borrow money, sell assets, or otherwise raise funds on acceptable terms, or at all, to service or refinance our debt.

Furthermore, the restrictive covenants under the Revolving Credit Facility may limit our operating flexibility by limiting our ability to, among other things, take advantage of financing, merger and acquisition, or other opportunities, in particular if we cannot meet certain pro forma leverage ratio incurrence tests. In addition, we are required to comply with certain financial maintenance covenants under Revolving Credit Facility. Our ability to comply with such covenants may be affected by events beyond our control, including prevailing economic, financial, and industry conditions.

***We are a holding company and our only material assets are our equity interests in our subsidiaries. As a consequence, we depend on the ability of our subsidiaries to pay dividends and make other payments and distributions to us in order to meet our obligations.***

We are a holding company with limited direct business operations, including conducting certain operational activities in anticipation of the planned separation of the Diabetes Operating Unit from Medtronic. Our subsidiaries own substantially all of our assets and conduct substantially all of our operations. Dividends from our subsidiaries and permitted payments to us under arrangements with our subsidiaries are our principal sources of cash to meet our obligations. These obligations include operating expenses and interest and principal on current and any future borrowings. Our subsidiaries, including certain subsidiaries organized outside the United States, may not be able to, or may not be permitted to, pay dividends or make distributions to enable us to meet our obligations. Each subsidiary is a distinct legal entity and, under certain circumstances, legal, tax, and contractual restrictions may limit our ability to obtain cash from our subsidiaries. If the cash we receive from our subsidiaries pursuant to dividends and other arrangements is insufficient to fund any of our obligations, or if a subsidiary is unable to pay future dividends or distributions to us to meet our obligations, we may be required to raise cash through, among other things, the incurrence of debt (including convertible or exchangeable debt), the sale of assets, or the issuance of equity. Our liquidity and capital position are highly dependent on the performance of our subsidiaries and their ability to pay future dividends and distributions to us as anticipated. The evaluation of future dividend sources and our overall liquidity plans are subject to a variety of factors, including current and future market conditions, which are subject to change. Our inability to generate sufficient cash flows to satisfy our debt obligations, or to refinance our indebtedness on commercially reasonable terms or at all, could adversely affect our business, results of operations, financial condition, and cash flows and our ability to satisfy our obligations under our indebtedness or pay dividends on our common stock.

***We do not expect to pay dividends on our common stock for the foreseeable future. As a result, your ability to achieve a return on your investment will depend on appreciation in the market price of our common stock.***

We do not expect to pay dividends on our common stock for the foreseeable future. Instead, we anticipate that all of our earnings in the foreseeable future, if any, will be used for the operation and growth of our business. Any future determination to pay dividends on our common stock will be at the discretion of the Board and will depend upon many factors, including our financial condition, earnings, capital requirements, debt service obligations, restrictive covenants in the agreements governing our indebtedness, general economic business conditions, industry practice, legal requirements, and other factors that the Board may deem relevant. Accordingly, investors must for the foreseeable future rely on sales of their common stock after price appreciation, which may never occur, as the only way to realize any future gains on their investments. See "Dividend Policy."

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***If our estimates or judgments relating to our critical accounting policies are based on assumptions that change or prove to be incorrect, our results of operations could be adversely affected, resulting in a decrease in the market price of shares of our common stock.***

The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in our combined financial statements. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets, liabilities, equity, net sales, and expenses that are not readily apparent from other sources. If our assumptions change or if actual circumstances differ from our assumptions, our results of operations could be adversely affected and could fall below our publicly announced guidance or the expectations of securities analysts and investors, resulting in a decline in the market price of shares of our common stock.

***Certain provisions in our amended and restated certificate of incorporation and our amended and restated bylaws, and of Delaware law, may prevent or delay an acquisition of us, which could decrease the trading price of our common stock.***

Our amended and restated certificate of incorporation and our amended and restated bylaws will contain provisions that are intended to deter coercive takeover practices and inadequate takeover bids and to encourage prospective acquirers to negotiate with the Board rather than to attempt an unsolicited takeover not approved by the Board. These provisions will include (1) the division of the Board into three classes of directors, with each class serving a staggered three-year term; (2) the ability of our directors, and not holders of shares of our common stock, to fill vacancies on the Board (including those resulting from an enlargement of the Board); (3) the inability of holders of shares of our common stock to call a special meeting; (4) after Medtronic first ceases to beneficially own a majority of the voting power of our outstanding shares of capital stock entitled to vote generally in the election of directors, the inability of holders of shares of our common stock to act by written consent; (5) procedures regarding how stockholders may present proposals or nominate directors for election at stockholder meetings; (6) authority of the Board to issue preferred stock without stockholder vote or action; and (7) from and after the first time that Medtronic no longer beneficially owns a majority of the voting power of our outstanding shares of capital stock entitled to vote generally in the election of directors, removal of directors only for cause and only by the affirmative vote of at least two-thirds of the voting power of our outstanding shares of capital stock entitled to vote generally in the election of directors.

In addition, after Medtronic ceases to "own" at least 15% of the voting power of our outstanding shares of "voting stock" (each as defined in Section 203 of the Delaware General Corporation Law (the "DGCL")), Section 203 of the DGCL could also delay or prevent a change of control that you may favor. Section 203 of the DGCL generally prohibits a corporation from engaging in a "business combination" with an "interested stockholder" for a period of three years following the time that such stockholder became an interested stockholder, subject to certain exceptions. See "Description of Capital Stock—Anti-Takeover Effects of Various Provisions of Delaware Law, Our Amended and Restated Certificate of Incorporation, and Our Amended and Restated Bylaws—Delaware Anti-Takeover Statute."

Additionally, so long as Medtronic beneficially owns a majority of the voting power of our outstanding shares of capital stock entitled to vote generally in the election of directors, and therefore has the ability to direct the election of all the members of the Board, directors designated by Medtronic to serve on the Board may have the ability to authorize a party, including a potential transferee of Medtronic's shares of our common stock, to become an interested stockholder such that the restrictions of Section 203 of the DGCL would not apply to such party.

We believe these provisions will protect our stockholders from coercive or otherwise unfair takeover tactics by requiring potential acquirers to negotiate with the Board and by providing the Board with more time to assess any acquisition proposal. These provisions are not intended to make us immune from takeovers. However, these provisions will apply even if the offer may be considered beneficial by some of our stockholders and could delay or prevent an acquisition that the Board determines is not in the best interests of us and our stockholders. These provisions may also prevent or discourage attempts to remove and replace incumbent directors.

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***Our classified board of directors and other features of our amended and restated certificate of incorporation will make it more difficult for our stockholders to remove directors and may prevent our stockholders from effecting a change in the control of our Board.***

The classified board provision that will be included in our amended and restated certificate of incorporation could have the effect of making the replacement of incumbent directors more time-consuming and difficult. In addition, from and after the first time that Medtronic no longer beneficially owns a majority of the voting power of our outstanding shares of capital stock entitled to vote generally in the election of directors, directors may be removed only for cause and only by the affirmative vote of at least two-thirds of the voting power of our outstanding shares of capital stock entitled to vote generally in the election of directors. The "for cause" standard, the supermajority removal requirement, and the classified board provision will make it more difficult for our stockholders to remove directors and will increase the likelihood that incumbent directors will retain their positions. These features of our amended and restated certificate of incorporation may delay, defer, or prevent a transaction or a change in control of us or a transaction that otherwise might be in the best interest of our stockholders.

***Our amended and restated certificate of incorporation will provide that certain courts within the State of Delaware or the federal district courts of the United States will be the sole and exclusive forum for the resolution of certain types of actions and proceedings that may be initiated by our stockholders, which could discourage lawsuits against us or our directors, officers, employees, or stockholders.***

Our amended and restated certificate of incorporation will provide, in all cases to the fullest extent permitted by law, that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery located within the State of Delaware will be the sole and exclusive forum for (1) any derivative action or proceeding brought on our behalf; (2) any action asserting a claim that is based upon a violation of a duty owed by any of our current or former directors, officers, employees, or stockholders to us or our stockholders; (3) any action asserting a claim arising pursuant to our amended and restated certificate of incorporation or our amended and restated bylaws; (4) any action asserting a claim arising pursuant to any provision of the DGCL or as to which the DGCL confers jurisdiction on the Court of Chancery located within the State of Delaware; and (5) any action asserting a claim governed by the internal affairs doctrine. However, if the Court of Chancery located within the State of Delaware does not have jurisdiction over any such action, the action may be brought instead in the United States District Court for the District of Delaware.

Our amended and restated certificate of incorporation will provide that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States will be the sole and exclusive forum for the resolution of any action asserting a claim arising under the Securities Act.

These exclusive forum provisions may impose additional costs on stockholders in pursuing any such claims, particularly if the stockholders do not reside in or near the State of Delaware, or limit a stockholder's ability to bring a claim in a judicial forum that such stockholder finds favorable for disputes with us or our directors, officers, employees, or stockholders, which in each case may discourage such lawsuits with respect to such claims. It is possible that a court could find these exclusive forum provisions inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, and we may incur additional costs associated with resolving such matters in other jurisdictions, which could divert our management's attention and otherwise adversely affect our business, results of operations, financial condition, and cash flows.

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements, which do not relate strictly to historical or current facts and which reflect management's assumptions, views, plans, objectives, and projections about the future. All statements other than statements of historical fact contained in this prospectus, including statements regarding our future results of operations and financial position, business strategy and plans, objectives of management for future operations and current expectations, or forecasts of future results, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Our forward-looking statements may include statements related to our growth and growth strategies, developments in the markets for our products, therapies, and services, financial results, product development launches and effectiveness, research and development strategy, regulatory approvals, competitive strengths, the potential or anticipated direct or indirect impact of public health crises, severe weather events or climate change, and geopolitical conflicts on our business, results of operations, and financial condition, restructuring and cost-saving initiatives, intellectual property rights, litigation and tax matters, governmental proceedings and investigations, mergers and acquisitions, divestitures, market acceptance of our products, therapies and services, accounting estimates, financing activities, ongoing contractual obligations, working capital adequacy, value of our investments, our effective tax rate, our expected returns to stockholders, and sales efforts. In some cases, such statements may be identified by the use of terminology such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "looking ahead," "may," "plan," "possible," "potential," "project," "should," "will," and similar words or expressions. Forward-looking statements in this prospectus include, but are not limited to, statements regarding: our ability to drive long-term stockholder value; development and future launches of products and continued or future acceptance of products, therapies, and services in our segments; expected timing for completion of research studies relating to our products; integration of new technologies, including AI and data analytics, into our products, therapies, and services; market positioning and performance of our products, including stabilization of certain product markets; divestitures and the potential benefits thereof; the costs and benefits of integrating previous acquisitions; anticipated timing for U.S. FDA and non-U.S. regulatory approval or clearance of new products; increased presence in new markets, including markets outside the United States; changes in the market and our market share; our ability to meet growing demand for our existing products; acquisitions and investment initiatives, including the timing of regulatory approvals as well as integration of acquired companies into our operations; the resolution of tax matters; our approach towards cost containment; our expectations regarding healthcare costs, including potential changes to reimbursement policies and pricing pressures; our expectations regarding changes to patient standards of care; our ability to identify and maintain successful business partnerships; the elimination of certain positions or costs related to restructuring initiatives; outcomes in our litigation matters and governmental proceedings and investigations; general economic conditions; the adequacy of available working capital and our working capital needs; our payment of dividends and redemption of shares; the continued strength of our balance sheet and liquidity; our accounts receivable exposure; our human capital management with respect to our global workforce; the management of EHS and sustainability matters; and the potential impact of our compliance with governmental laws and regulations and accounting guidance.

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, results of operations, financial condition, and cash flows. These forward-looking statements speak only as of the date of this prospectus and are subject to a number of risks, uncertainties, and assumptions described in the "Risk Factors" section and elsewhere in this prospectus. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. One must carefully consider forward-looking statements and understand that such forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and involve a variety of risks and uncertainties, known and unknown, including, among others, those discussed in the sections entitled "Business—Government Regulation and Product Approval Process" and "Risk Factors" in this prospectus, as well as those related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition in the diabetes market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technological developments and breakthroughs related to diabetes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pricing pressure for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential challenges or delays in the development or manufacturing of new products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential reduction or interruption in our supply, including partial or complete loss of one or more of our sole suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market acceptance of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our research and development efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our marketing efforts and sales force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our relationships with HCPs and intermediaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development arrangements, investments, licensing arrangements, joint ventures, strategic alliances, and partnerships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• forecasting market demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clinical and pre-clinical trials and market studies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clinical data and interim, preliminary, or "top-line" data from clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• coverage and reimbursement for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to complete or achieve the intended benefits of acquisitions or divestitures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government regulations and adverse regulatory action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• quality problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• protection of our patent and other proprietary rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• healthcare policy changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our information technology infrastructure and cybersecurity and privacy incidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• privacy laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anti-corruption laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• climate change and legal, regulatory, and market measures related to climate change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EHS laws, regulations, and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sustainability practices and initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax laws and tax liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to achieve the expected benefits of and successfully execute the Separation, the Divestment, and related transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our status as a controlled company, and the possibility that Medtronic's interests or those of certain of our executive officers and directors may conflict with our interests and the interests of our other stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on our business, potential tax and indemnification liabilities, and substantial charges in connection with the Separation, the Divestment, and related transactions; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of our rebranding efforts in connection with the Separation to achieve market acceptance.

You should also carefully read the risk factors described in the section of this prospectus entitled "Risk Factors" for a description of the material risks that could, among other things, cause our actual results to differ materially from those expressed or implied in our forward-looking statements. You should understand that it is not possible to predict or identify all such factors and you should not consider the risks described above to be a complete statement of all potential risks and uncertainties. We do not undertake to publicly update any forward-looking statement that may be made from time to time, whether as a result of new information or future events or developments, except as required by law.

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**USE OF PROCEEDS**

We estimate that the net proceeds to us from this offering will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; based on an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock, which is the midpoint of the estimated public offering price set forth on the cover page of this prospectus, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us.

As part of the Separation, we intend to use part of the net proceeds from this offering to repay (or cause one or more of our subsidiaries to repay) $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in principal amount of intercompany debt owed to Medtronic under one or more notes. We intend to use the remaining net proceeds from this offering for general corporate purposes.

Assuming no exercise of the underwriters' option to purchase additional shares of our common stock from us to cover over-allotments, each $1.00 increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, would increase (decrease) the net proceeds to us from this offering by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , assuming the number of shares of our common stock offered in this offering by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, an increase (decrease) of 1,000,000 shares in the number of shares of our common stock sold in this offering by us would increase (decrease) the net proceeds to us from this offering by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , assuming the initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. The information discussed above is illustrative only and will adjust based on the actual initial public offering price and other terms of this offering determined at the time of the pricing of this offering.

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**DIVIDEND POLICY**

We do not expect to pay dividends on our common stock for the foreseeable future. Instead, we anticipate that all of our earnings in the foreseeable future, if any, will be used for the operation and growth of our business. Any future determination to pay dividends on our common stock will be at the discretion of the Board and will depend upon many factors, including our financial condition, earnings, capital requirements, debt service obligations, restrictive covenants in the agreements governing our indebtedness, general economic business conditions, industry practice, legal requirements, and other factors that the Board may deem relevant. See "Risk Factors—Risks Related to This Offering and Ownership of Our Common Stock—We do not expect to pay dividends on our common stock for the foreseeable future. As a result, your ability to achieve a return on your investment will depend on appreciation in the market price of our common stock." and "Risk Factors—Risks Related to This Offering and Ownership of Our Common Stock—We are a holding company and our only material assets are our equity interests in our subsidiaries. As a consequence, we depend on the ability of our subsidiaries to pay dividends and make other payments and distributions to us in order to meet our obligations."

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**CAPITALIZATION**

The following table sets forth our cash and cash equivalents and capitalization as of October 24, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis as derived from our historical audited combined financial statements included elsewhere in this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an unaudited pro forma basis to give effect to (1) the Separation and related transactions as described in the section of this prospectus entitled "The Separation and Divestment Transactions—The Separation," (2) the execution of a senior secured Revolving Credit Facility (as defined in the section of this prospectus entitled "Description of Certain Indebtedness") with aggregate commitments of $500 million, and (3) the sale by us of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock in this offering based on an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us.

The cash and cash equivalents and capitalization information in the following table may not necessarily reflect what our cash and cash equivalents and capitalization would have been had we been operating as a standalone company as of October 24, 2025. In addition, the cash and cash equivalents and capitalization information in the following table may not necessarily reflect what our cash and cash equivalents and capitalization may be in the future.

The pro forma information set forth in the table below is illustrative only and will adjust based on the actual initial public offering price and other terms of this offering determined at the time of the pricing of this offering. The following table should be read in conjunction with the sections of this prospectus entitled "Summary Historical and Unaudited Pro Forma Combined Financial Data," "Use of Proceeds," "Unaudited Pro Forma Condensed Combined Financial Statements," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" as well as our historical audited combined financial statements included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
| | **As of October 24, 2025** | **As of October 24, 2025** |
| **(Dollars in Millions)** | **Actual** | **Pro Forma** <sup>(1)</sup> |
| Cash and cash equivalents | $8 | $358 |
| **Debt:** |  |  |
| Total debt <sup>(2)</sup> | $— | $— |
| **Stockholders' Equity:** |  |  |
| &nbsp;&nbsp;Common stock – par value $0.01 per share (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized shares; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issued shares, pro forma) | $— | $1 |
| &nbsp;&nbsp;Net investment from Parent | 3551 |  |
| &nbsp;&nbsp;Additional paid-in capital |  | 3748 |
| &nbsp;&nbsp;Accumulated other comprehensive income (loss) | 8 | 8 |
| &nbsp;&nbsp;Accumulated deficit |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 3560 | 3753 |
| Total capitalization | $3560 | $3753 |

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__________________

(1)Assuming no exercise of the underwriters' option to purchase additional shares of our common stock from us to cover over-allotments, each $1.00 increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, would increase (decrease) the net proceeds to us from this offering by approximately $&nbsp;&nbsp;&nbsp;&nbsp; , assuming the number of shares of our common stock offered in this offering by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, an increase (decrease) of 1,000,000 shares in the number of shares of our common stock sold in this offering by us would increase (decrease) the net proceeds to us from this offering by approximately $&nbsp;&nbsp;&nbsp;&nbsp; , assuming the initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us.

(2)In connection with the offering and the Separation, the Company expects to enter a Revolving Credit Facility with a five-year term and aggregate commitments up to $500 million. The Revolving Credit Facility is expected to remain undrawn as of the date of the Separation.

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**DILUTION**

Our historical net tangible book value as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; was approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . We do not present historical net tangible book value per share because it is not meaningful.

If you invest in shares of our common stock in this offering, your ownership interest will be diluted to the extent of the difference between the initial public offering price per share of our common stock and the pro forma net tangible book value per share of our common stock after giving effect to the Separation and this offering. Pro forma net tangible book value per share of our common stock represents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pro forma total assets less goodwill and other intangible assets after giving effect to the Separation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced by our pro forma total liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• divided by the number of shares of our common stock outstanding after giving effect to the Separation.

As of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , after giving effect to the Separation, our pro forma net tangible book value was approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock based on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock outstanding immediately prior to the completion of this offering. This represents an immediate dilution of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock to new investors purchasing shares of our common stock in this offering. The following table illustrates this dilution per share of our common stock, assuming an initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us:

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| | |
|:---|:---|
| Assumed initial public offering price per share of our common stock | $ |
| Pro forma net tangible book value per share of our common stock after giving effect to the Separation |  |
| Increase in pro forma net tangible book value per share of our common stock attributable to new investors purchasing shares of our common stock in this offering | |
| Pro forma net tangible book value per share of our common stock after giving effect to the Separation and this offering | |
| Dilution in pro forma net tangible book value per share of our common stock to new investors purchasing shares of our common stock in this offering | $ |

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Each $1.00 increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, would not impact the pro forma net tangible book value or the pro forma net tangible book value per share of our common stock, but it would increase (decrease) dilution in pro forma net tangible book value per share of our common stock to new investors purchasing shares of our common stock in this offering by $1.00. The information discussed above is illustrative only and will adjust based on the actual initial public offering price and other terms of this offering determined at the time of the pricing of this offering.

If the underwriters exercise in full their option to purchase additional shares of our common stock from us to cover over-allotments, the pro forma net tangible book value per share of our common stock would be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , and the dilution in pro forma net tangible book value per share of our common stock to new investors purchasing shares of our common stock in this offering would be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .

The following table summarizes, on a pro forma as-adjusted basis as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , after giving effect to this offering, the difference between our existing stockholder and new investors purchasing shares of our common stock in this offering with respect to the number of shares of our common stock purchased, the total consideration paid for these shares or to be paid for these shares, and the average price per share of our common stock paid by our existing stockholder or to be paid by new investors purchasing shares of our common stock in this offering, at the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock, which is the midpoint of the estimated public

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offering price range set forth on the cover page of this prospectus, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Average<br>Price Per<br>Share** |
| | **Number** | **Percent** | **Percent** | **Average<br>Price Per<br>Share** |
| Existing stockholder<sup>(1)</sup> |  | % | $% | $ |
| New investors |  |  |  |  |
| Total |  | 100.0% | $100.0% | $ |

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__________________

(1)Total consideration represents the pro forma book value of the net assets being transferred to us by Medtronic in connection with the Separation.

Each $1.00 increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, would increase (decrease) the total consideration paid by new investors purchasing shares of our common stock in this offering by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , or the percent of total consideration paid by new investors purchasing shares of our common stock in this offering by approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; %, assuming the number of shares of our common stock offered in this offering as set forth on the cover page of this prospectus remains the same and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. An increase (decrease) of 1,000,000 shares in the number of shares of our common stock sold in this offering would increase (decrease) the total consideration paid by new investors purchasing shares of our common stock in this offering by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , or the percent of total consideration paid by new investors purchasing shares of our common stock in this offering by approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; %, assuming the initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. The information discussed above is illustrative only and will adjust based on the actual initial public offering price and other terms of this offering determined at the time of the pricing of this offering.

The above discussion and tables are based on an assumed number of shares of our common stock outstanding upon completion of this offering. In addition, we may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent additional capital is raised through the sale of equity or convertible debt securities, the issuance of such securities could result in further dilution to our stockholders.

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**THE SEPARATION AND DIVESTMENT TRANSACTIONS**

**The Separation**

On May 21, 2025, Medtronic, our parent company, announced its intention to separate its Diabetes Operating Unit. In connection with the Separation and prior to the completion of this offering, we will enter into the Separation Agreement and various other agreements with Medtronic, which, together with the Separation Agreement, provide for certain transactions to effect the transfer of the assets and liabilities of the Diabetes Operating Unit to us and will result in the separation of our business from Medtronic. In addition, these agreements will collectively govern various interim and ongoing relationships between us and Medtronic following the completion of this offering. We refer to these transactions collectively as the "Separation."

We expect the following to occur in connection with the Separation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Separation Agreement* – We and Medtronic will enter into the Separation Agreement, which will set forth our agreements with Medtronic regarding the principal actions to be taken in connection with the Separation and govern, among other matters, (1) the allocation of assets and liabilities to us and Medtronic (including our indemnification obligations, for potentially uncapped amounts, for certain liabilities relating to our business activities, whether incurred prior to or following the completion of this offering) and (2) certain matters with respect to this offering and the Divestment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Transfer of Assets and Liabilities* – Pursuant to the Separation Agreement, Medtronic will transfer the assets and liabilities comprising the Diabetes Operating Unit to us. Such transfer will occur pursuant to an internal reorganization that may take the form of asset transfers, demergers, share transfers, distributions, contributions, and similar transactions, and will involve the formation of new subsidiaries in numerous jurisdictions around the world to own and operate our business in such jurisdictions. In exchange for the transfer of assets by Medtronic to us, we will, as consideration, assume the liabilities associated with the Diabetes Operating Unit, issue to Medtronic shares of our common stock, and upon the completion of this offering, cause certain of our subsidiaries to make a cash payment to Medtronic (or its designated affiliate) to repay certain intercompany indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Tax Matters Agreement* – We and Medtronic will enter into a tax matters agreement that will govern our and Medtronic's respective rights, responsibilities, and obligations with respect to tax matters, including tax liabilities (including responsibility and potential indemnification obligations for taxes attributable to our business and taxes arising, under certain circumstances, in connection with the Separation and the Divestment, if pursued), tax attributes, tax contests, and tax returns. In addition, the tax matters agreement will impose certain restrictions on us and our subsidiaries (including, among others, restrictions on share issuances, business combinations, sales of assets, and similar transactions) intended to preserve the tax-free status of various transactions related to the Separation and the Divestment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Employee Matters Agreement* – We and Medtronic will enter into an employee matters agreement that will address certain employment, compensation, and benefits matters, including the allocation and treatment of certain assets and liabilities relating to our employees, the treatment of outstanding Medtronic equity awards held by our employees, and compensation and benefit plans and programs in which our employees participate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Intellectual Property Cross-License Agreements* – We and Medtronic will enter into two intellectual property cross-license agreements intended to provide the companies freedom to operate in their respective businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Trademark Agreements* – We and Medtronic will enter into various trademark agreements that collectively govern our and Medtronic's respective rights, responsibilities, and obligations with respect to trademarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transition Services Agreement* – We and Medtronic will enter into a transition services agreement, pursuant to which Medtronic will provide to us and we will provide to Medtronic certain services for a limited period of time following the completion of this offering.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Registration Rights Agreement* – We and Medtronic will enter into a registration rights agreement, pursuant to which we will grant Medtronic certain registration rights with respect to the shares of our common stock owned by Medtronic following the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Juncos Lease and Services Agreements* – We and Medtronic will enter into a lease agreement and a services agreement pursuant to which we will provide a long-term lease to Medtronic for a portion of our Juncos, Puerto Rico facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transition Manufacturing Agreements* – We and Medtronic will enter into transition manufacturing agreements in connection with the Separation pursuant to which Medtronic and its affiliates will provide us, on a transitional basis, with certain manufacturing and assembly services with respect to certain products.

See "Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation" for a more detailed discussion of the agreements described above. These agreements will collectively govern various interim and ongoing relationships between us and Medtronic following the completion of this offering. All of the agreements relating to the Separation will be made in the context of a parent-subsidiary relationship and will be entered into in the overall context of our separation from Medtronic. The terms of these agreements, including the costs of any services provided, may be more or less favorable to us than if they had been negotiated with unaffiliated third parties. See "Risk Factors—Risks Related to the Separation and the Divestment—The terms we will receive in our transaction agreements with Medtronic could be less beneficial than the terms we may have otherwise received from unaffiliated third parties."

**The Divestment**

Upon completion of this offering, Medtronic will continue to own at least 80.1% of the voting power of our shares of common stock eligible to vote in the election of our directors. Medtronic has informed us that, following the completion of this offering, it intends to make a generally tax-free distribution to its shareholders of all or a portion of its remaining equity interest in us, which may be structured as a spin-off, in which Medtronic would make a pro rata distribution of our common stock to all Medtronic shareholders, or a split-off, in which Medtronic would effect an exchange of Medtronic shares for shares of our common stock, or any combination thereof. We refer to these options collectively as the "Divestment."

Medtronic has agreed not to effect the Divestment for a period of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; days after the date of this prospectus without the prior written consent of each of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. See "Underwriting." While, as of the date of this prospectus, Medtronic intends to effect the Divestment, Medtronic has no obligation to pursue or consummate any further dispositions of its equity interest in our company, including through the Divestment, by any specified date or at all. If pursued, the Divestment may be subject to a number of conditions, including the receipt of any necessary regulatory or other approvals, the existence of satisfactory market conditions, the receipt of the Tax Opinions, and Medtronic having sufficient distributable reserves to effect the Divestment. The conditions to the Divestment may not be satisfied, Medtronic may decide not to consummate the Divestment even if the conditions are satisfied, or Medtronic may decide to waive one or more of the conditions and consummate the Divestment even if all of the conditions are not satisfied.

Upon completion of the Divestment, if pursued, we will no longer qualify as a "controlled company" as defined under the corporate governance rules of Nasdaq, and, to the extent we have not done so already, we will be required to fully implement the corporate governance requirements of Nasdaq within the transition periods specified in the rules of Nasdaq. See "Management—Controlled Company Exemption."

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**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS**

The following unaudited pro forma condensed combined financial statements give effect to the Separation and related adjustments in accordance with Article 11 of the SEC's Regulation S-X, as amended. The Separation and related transactions are described in the section of this prospectus entitled "The Separation and Divestment Transactions—The Separation."

The unaudited pro forma condensed combined financial statements have been derived from our historical unaudited condensed combined statement of loss for the six months ended October 24, 2025, our historical audited combined statement of loss for the fiscal year ended April 25, 2025, and our historical unaudited combined balance sheet at October 24, 2025. The pro forma adjustments to the unaudited pro forma condensed combined statement of operations for the six months ended October 24, 2025 and for the fiscal year ended April 25, 2025 assume that the Separation and related transactions occurred as of April 27, 2024, which was the first day of fiscal year 2025. The unaudited pro forma condensed combined balance sheet gives effect to the Separation and related transactions as if they had occurred on October 24, 2025, our latest balance sheet date.

The unaudited pro forma condensed combined financial statements have been prepared to include transaction accounting and autonomous entity adjustments to reflect the financial condition and results of operations as if we were a separate standalone entity. In addition, management's adjustments, presented in the accompanying notes to the unaudited pro forma condensed combined financial statements, provide supplemental information to understand the synergies and dis-synergies that are expected to result from the Separation.

"Transaction Adjustments" will be comprised of the "Capitalization Adjustments" and "Separation Adjustments" described below.

Capitalization Adjustments include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of our anticipated post-Separation capital structure, consisting of the sale of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock in this offering and the application of the net proceeds from this offering as described in the section of this prospectus entitled "Use of Proceeds," based on an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of our common stock, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company expects to enter a Revolving Credit Facility (as defined in the section of this prospectus entitled "Description of Certain Indebtedness") in connection with the Separation, the balance of which will remain undrawn as of the Separation date. Capitalized issuance costs are not expected to be material.

Separation Adjustments include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• differences between our historical combined balance sheet prepared on a carve-out basis and assets and liabilities expected to be retained by Medtronic or contributed to us in connection with the Separation Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of the Tax Matters Agreement to be entered into with Medtronic in connection with the Separation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-recurring expenses associated with the Separation and related transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other adjustments as described in the accompanying notes to the unaudited pro forma condensed combined financial statements.

Autonomous Entity Adjustments include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of the Transition Services Agreement to be entered into with Medtronic in connection with the Separation which is described under "Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation"; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other adjustments as described in the accompanying notes to the unaudited pro forma condensed combined financial statements.

A final determination regarding our capital structure has not yet been made, and the Separation Agreement, Transition Services Agreement, Tax Matters Agreement, and certain other transaction agreements have not been finalized. As such, the pro forma statements may be revised in future amendments to this prospectus to reflect the impact on our capital structure and the final form of those agreements, to the extent any such revisions would be deemed material.

The unaudited pro forma condensed combined financial statements were prepared in accordance with Article 11 of Regulation S-X. The unaudited pro forma condensed combined financial statements are presented for informational purposes only and do not purport to represent what our financial condition and results of operations actually would have been had the Separation occurred on the dates indicated, or to project our financial performance for any future period. The unaudited pro forma condensed combined financial statements are based upon available information and assumptions that we believe are reasonable and supportable.

Our historical combined financial statements, which were the basis for the unaudited pro forma condensed combined financial statements, were prepared on a carve-out basis as we did not operate as a standalone entity for the periods presented. Accordingly, such financial information reflects an allocation of certain corporate costs, such as finance, supply chain, human resources, information technology, insurance, employee benefits, and other expenses that are either specifically identifiable or clearly applicable to the Diabetes Operating Unit. The historical combined financial statements may not necessarily reflect what our financial condition, results of operations, or cash flows would have been had we been a standalone company during the periods presented, or what our financial condition, results of operations, and cash flows may be in the future.

The unaudited pro forma condensed combined financial information reported below should be read in conjunction with the section of this prospectus entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the historical combined financial statements included elsewhere in this prospectus.

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**UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET**

**As of October 24, 2025**

**(Dollars in Millions)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Transaction Adjustments** | **Transaction Adjustments** | **Transaction Adjustments** | **Transaction Adjustments** | | |
| **(in millions)** |<br>**Historical** | **Capitalization Adjustments** | **Capitalization Adjustments** | **Separation Adjustments** | **Separation Adjustments** |<br>**Autonomous Entity Adjustments** |<br>**Pro Forma** |
| **<u>ASSETS</u>** | | | | | | | |
| **Current assets**  | | | | | | | |
| Cash and cash equivalents | $8 | $350 | a |  |  |  | $358 |
| Accounts receivable, less allowances and credit losses | 588 |  |  | (422) | c |  | 166 |
| Inventories | 361 |  |  |  |  |  | 361 |
| Other current assets | 33 |  |  | (20) | c |  | 13 |
| **Total current assets**  | 991 | 350 |  | (442) |  |  | 899 |
| Property, plant, and equipment, net | 755 |  |  |  |  |  | 755 |
| Goodwill | 2256 |  |  |  |  |  | 2256 |
| Other intangible assets, net | 119 |  |  |  |  |  | 119 |
| Tax assets | 19 |  |  | 45 | f |  | 64 |
| Other assets | 149 |  |  | 1 | c,e |  | 150 |
| **Total assets**  | $**4289** | $**350** |  | $**(396)** |  | $**—** | $**4243** |
| **<u>LIABILITIES AND EQUITY</u>** |  |  |  |  |  |  |  |
| **Current liabilities**  |  |  |  |  |  |  |  |
| Accounts payable | $242 |  |  | $(113) | c |  | $129 |
| Accrued compensation | 152 |  |  | (58) | c,b |  | 94 |
| Accrued rebates | 49 |  |  |  |  |  | 49 |
| Other accrued expenses | 117 |  |  | (38) | c |  | 79 |
| **Total current liabilities**  | 560 |  |  | (210) |  |  | 350 |
| Other liabilities | 170 |  |  | (30) | c,e |  | 140 |
| **Total liabilities**  | 729 |  |  | (239) |  |  | 490 |
| **Commitments and contingencies**  |  |  |  |  |  |  |  |
| **Equity** |  |  |  |  |  |  |  |
| Common stock - par value $0.01 per share (&nbsp;&nbsp;&nbsp;&nbsp; authorized shares;&nbsp;&nbsp;&nbsp;&nbsp; issued shares) |  | 1 | a |  |  |  | 1 |
| Net investment from Parent | 3551 |  |  | (3551) | d |  |  |
| Additional paid-in capital |  | 349 | a | 3399 | c,d,f |  | 3748 |
| Accumulated deficit |  |  |  | (5) | b |  | (5) |
| Accumulated other comprehensive income | 8 |  |  |  |  |  | 8 |
| **Total equity**  | 3560 | 350 |  | (157) |  |  | 3753 |
| **Total liabilities and equity**  | $**4289** | $**350** |  | $**(396)** |  | $**—** | $**4243** |

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See accompanying Notes to Unaudited Pro Forma Condensed Combined Financial Statements.

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**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**For the six months ended October 24, 2025**

**(Dollars in Millions, except per share amounts)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Transaction Adjustments** | **Transaction Adjustments** | | | | |
| **(in millions)** |<br>**Historical** | **Capitalization Adjustments** | **Separation Adjustments** | |<br>**Autonomous Entity Adjustments** | |<br>**Pro Forma** |
| Net sales | $1475 |  |  |  |  |  | $1475 |
| Cost of products sold | 637 |  |  |  | 1 | h | 638 |
| **Gross profit**  | 838 |  |  |  | (1) |  | 837 |
| **Operating Expenses**:  |  |  |  |  |  |  |  |
| Research and development expense | 236 |  |  |  |  |  | 236 |
| Selling, general, and administrative expenses | 575 |  |  |  | 26 | h,j | 601 |
| Certain litigation charges | 17 |  |  |  |  |  | 17 |
| Other operating expense (income), net | 7 |  |  |  |  |  | 7 |
| **Operating profit (loss)**  | 3 |  |  |  | (27) |  | (24) |
| Other non-operating expense, net | 1 |  |  |  |  |  | 1 |
| **Profit (loss) before income taxes**  | 2 |  |  |  | (27) |  | (25) |
| Income tax provision | 23 |  |  |  | (1) | i | 22 |
| **Net loss**  | (21) | $— |  |  | (25) |  | (46) |
| **Net income attributable to noncontrolling interests**  | (8) |  | 8 | g |  |  |  |
| **Net loss attributable to Diabetes Business**  | $**(29)** | $**—** | $**8** |  | $**(25)** |  | $**(46)** |
| Earnings (loss) per share attributable to common shareholders — basic and diluted |  |  |  | k |  | k |  |
| Weighted average common shares outstanding — basic and diluted |  |  |  | k |  | k |  |

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See accompanying Notes to Unaudited Pro Forma Condensed Combined Financial Statements.

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**For the fiscal year ended April 25, 2025**

**(Dollars in Millions, except per share amounts)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Transaction Adjustments** | **Transaction Adjustments** | | | | |
| **(in millions)** |<br>**Historical** | **Capitalization Adjustments** | **Separation Adjustments** | |<br>**Autonomous Entity Adjustments** | |<br>**Pro Forma** |
| Net sales | $2715 |  |  |  |  |  | $2715 |
| Cost of products sold | 1187 |  |  |  | 3 | h | 1190 |
| **Gross profit**  | 1528 |  |  |  | (3) |  | 1525 |
| **Operating Expenses**:  |  |  |  |  |  |  |  |
| Research and development expense | 436 |  |  |  | 2 | h | 438 |
| Selling, general, and administrative expenses | 1080 |  | 5 | b | 46 | h,j | 1131 |
| Certain litigation charges | 165 |  |  |  |  |  | 165 |
| Other operating (income) expense, net | (8) |  |  |  |  |  | (8) |
| **Operating loss**  | (146) |  | (5) |  | (51) |  | (202) |
| Other non-operating expense, net | 1 |  |  |  |  |  | 1 |
| **Loss before income taxes**  | (147) |  | (5) |  | (51) |  | (203) |
| Income tax provision | 52 |  | (1) | f | (3) | i | 48 |
| **Net loss**  | (198) | $— | (4) |  | (48) |  | (250) |
| **Net income attributable to noncontrolling interests**  | (15) |  | 15 | g |  |  |  |
| **Net loss attributable to Diabetes Business**  | $**(213)** | $**—** | $**11** |  | $**(48)** |  | $**(250)** |
| Earnings (loss) per share attributable to common shareholders — basic and diluted |  |  |  | k |  | k |  |
| Weighted average common shares outstanding — basic and diluted |  |  |  | k |  | k |  |

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See accompanying Notes to Unaudited Pro Forma Condensed Combined Financial Statements.

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**Notes to Unaudited Pro Forma Condensed Combined Financial Statements**

**Capitalization Adjustments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Reflects the receipt of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of net proceeds associated with the sale of shares of common stock in this offering at the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, and further reduced by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remitted to Medtronic on the offering date, to settle intercompany debt between Medtronic and the Company. The intercompany debt is assumed to be issued immediately prior to the offering date, and settled on the offering date. After giving effect to the offering and the settlement of intercompany debt, we expect to retain an amount in cash and cash equivalents estimated to be $350 million.

**Separation Adjustments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Reflects an adjustment of $5 million for employee retention bonuses estimated to be accrued as of the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Reflects an adjustment for certain assets and liabilities that will be retained by Medtronic or transferred to us in connection with the Separation, exclusive of impacts on deferred tax assets and liabilities which are separately reflected in adjustment (f). The difference between these assets and liabilities has been recorded to additional paid-in capital. Refer to the table below for further details.

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| | |
|:---|:---|
| **(Dollars in Millions)** | **As of October 24, 2025** |
| Accounts receivable, net of allowance for bad debts | $(422) |
| Other current assets | (20) |
| Other assets | (9) |
| Accounts payable | (113) |
| Accrued compensation | (63) |
| Other accrued expenses | (38) |
| Other liabilities | (40) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Reflects the reclassification of Medtronic's net investment in us to common stock and additional paid-in capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Reflects the establishment of an indemnification asset of $10 million in Other assets and a $10 million uncertain tax position liability in Other liabilities that is expected to be established by the Company pursuant to the Tax Matters Agreement. The amount of such indemnifications is still preliminary and will be finalized prior to the Separation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Reflects the tax effects of the separation accounting adjustments at the applicable statutory income tax rates. The applicable tax rate could be impacted (either higher or lower) depending on many factors subsequent to the Separation, including the profitability in local jurisdictions, the tax deductibility of retention bonuses, and the legal entity structure implemented subsequent to the Separation and may be materially different from the pro forma results. Additionally, the adjustment includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A decrease in deferred tax assets of $8 million associated with tax attributes that will be retained by Medtronic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The addition of deferred income tax assets of $53 million resulting from the anticipated adjustments to the tax basis in certain assets and liabilities resulting from legal entity restructuring in connection with the Separation. These tax basis adjustments and resulting additional deferred tax assets are based on

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our latest estimation of related assets and liabilities, which have not yet been completed. We expect to finalize such valuations at the completion of the Separation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Reflects the removal of allocated noncontrolling interest associated with a joint venture arrangement which will be retained by Medtronic as part of the Separation.

**Autonomous Entity Adjustments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Reflects the incremental costs to be incurred in connection with the Transition Services Agreement we will enter into with Medtronic. Refer to the table below for further details.

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| | | |
|:---|:---|:---|
| **(Dollars in Millions)** | **For the six months ended October 24, 2025** | **For the year ended April 25, 2025** |
| Cost of products sold | $1 | $3 |
| Selling, general, and administrative expenses | 9 | 17 |
| Research and development expense |  | 2 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Reflects the tax impacts of the autonomous entity adjustments after applying transfer pricing and the applicable statutory income tax rates to pre-tax pro forma adjustments in jurisdictions where valuation allowances are not necessary. The adjustment considers transfer pricing arrangements in place related to the jurisdictional place of supply. The applicable tax rates could be impacted (either higher or lower) depending on many factors subsequent to the Separation including the profitability in local jurisdictions and the legal entity structure implemented subsequent to the Separation and may be materially different from the pro forma results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Reflects incremental costs to be incurred in connection with other Separation-related agreements we will enter into with Medtronic. An adjustment of $29 million has been reflected for the year ended April 25, 2025 and an adjustment of $17 million has been reflected for the six months ended October 24, 2025.

**Pro Forma Earnings Per Share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Pro forma basic and diluted net loss per share and pro forma weighted-average number of common shares outstanding have been computed based on the number of shares of our common stock expected to be outstanding upon completion of this offering and the subsequent pattern of vesting for equity awards expected to be issued as replacement awards to Medtronic employees transferring to our Company. As the Company has a loss in the unaudited pro forma condensed combined statement of operations for the six months ended October 24, 2025, and the year ended April 25, 2025, equity awards with potential dilutive impact to EPS were excluded from the computation of diluted EPS as they would be anti-dilutive. Anti-dilutive shares excluded from the computation of diluted EPS consist of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .

**Management Adjustments**

We expect to realize changes in our cost structure as a standalone public company related to certain expenses previously allocated from Medtronic. Our historical combined financial statements include allocations for certain costs of support functions that are provided on a centralized or geographic basis by Medtronic and its affiliates, which include finance, human resources, benefits administration, procurement support, information technology, legal, corporate strategy, corporate governance, and other professional services and general commercial support functions.

These cost structure changes are based on our expected organization chart and expected cost structure as a standalone company, adjusted for the allocated costs recorded within our historical combined financial statements, which vary by year. In order to determine anticipated impact of cost structure changes, we prepared a detailed assessment of the internal resources and associated costs required as a baseline to stand up the Company on a standalone basis. In addition to these internal resources, third-party support costs in each function were considered, which included business support functions and corporate overhead charges previously shared with Medtronic. This

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process was used by all functions, resulting in cost synergies compared to the corporate allocations reflected in our historical combined financial statements.

Any shortfall of required resource needs have been or will be filled through external hiring or will be supported by Medtronic through transition services for a limited duration following the Separation. From a timeframe standpoint, we expect that the estimated synergies will begin to materialize upon the completion of this offering. Management believes the resource transfers and costs which were used as the basis for the management adjustments below are reasonable and representative of the baseline to stand up the Company as a standalone company. Both the resource and vendor cost baseline would be impacted by additional costs and investments that we may incur as we pursue our growth strategies. In addition, other adverse effects and limitations, including those discussed in the section of this prospectus entitled "Risk Factors," may impact actual costs incurred.

The estimated cost synergies are presented as "Management Adjustments" within the table below and reflect estimated one-time and non-recurring costs of $29 million and $47 million for the six months ended October 24, 2025, and the year ended April 25, 2025, respectively, as if the separation had occurred on the first day of fiscal year 2025. These estimated one-time and non-recurring costs are related to IT systems implementation, advisory services, contract realignment, and other transitional activities, which are separate from, and in addition to, the transaction accounting adjustments and autonomous entity adjustments already reflected in the pro forma financial statements. These management adjustments are not expected to result in any change to the number of shares or potential common shares to be issued as part of the offering.

Management believes the presentation of these adjustments is necessary to enhance an understanding of the pro forma effects of the transaction. The pro forma financial information below reflects all adjustments that are, in the opinion of management, necessary to provide a fair statement of the pro forma financial information, aligned with the assessment described above. If we decide to increase or reduce resources or invest more heavily in certain areas in the future, that will be part of our future decisions and has not been included in the management adjustments below. The tax effect has been determined by applying the applicable statutory income tax rates to pre-tax pro forma adjustments in jurisdictions where valuation allowances are not necessary. The adjustment considers transfer pricing arrangements in place related to the jurisdictional place of supply. The applicable tax rates could be impacted (either higher or lower) depending on many factors subsequent to the Separation including the profitability in local jurisdictions and the legal entity structure implemented subsequent to the Separation and may be materially different from pro forma results.

These management adjustments include forward-looking statements. See "Cautionary Note Regarding Forward-Looking Statements."

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| | | | |
|:---|:---|:---|:---|
| | **For the six months ended October 24, 2025** | **For the six months ended October 24, 2025** | **For the six months ended October 24, 2025** |
| **(Dollars in Millions, except per share amounts)** | **Pro forma**<br> **net income (loss)** | **Pro forma**<br> **basic earnings (loss) per share** | **Pro forma diluted earnings (loss) per share** |
| Unaudited pro forma net loss | $(46) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management adjustments | 49 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of Management adjustments | (3) |  |  |
| Total Management adjustments, net of tax | $46 |  |  |
| Pro forma net income after Management adjustments | $1 |  |  |
| Weighted average common shares outstanding – basic |  |  |  |
| Weighted average common shares outstanding – diluted |  |  |  |

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| | | | |
|:---|:---|:---|:---|
| | **For the year ended April 25, 2025** | **For the year ended April 25, 2025** | **For the year ended April 25, 2025** |
| **(Dollars in Millions, except per share amounts)** | **Pro forma**<br> **net loss** | **Pro forma**<br> **basic loss per share** | **Pro forma diluted loss per share** |
| Unaudited pro forma net loss | $(250) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management adjustments | 78 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of Management adjustments | (4) |  |  |
| Total Management adjustments, net of tax | $73 |  |  |
| Pro forma net loss after Management adjustments | $(176) |  |  |
| Weighted average common shares outstanding – basic |  |  |  |
| Weighted average common shares outstanding – diluted |  |  |  |

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis of our financial condition and results of operations should be read together with the audited combined financial statements as of April 25, 2025 and April 26, 2024 and for the years ended April 25, 2025 (fiscal year 2025), April 26, 2024 (fiscal year 2024), and April 28, 2023 (fiscal year 2023), as well as with the unaudited condensed combined financial statements as of October 24, 2025 and for the six months ended October 24, 2025 and October 25, 2024, in each case together with related notes thereto, included elsewhere in this prospectus. The discussion and analysis should also be read together with the sections of this prospectus entitled "Business," "Risk Factors," and "Unaudited Pro Forma Condensed Combined Financial Statements." The following discussion contains forward-looking statements that reflect future plans, estimates, beliefs, and expected performance. The forward-looking statements are dependent upon events, risks, and uncertainties that may be outside of the Company's control. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause future results to differ materially from those projected in the forward-looking statements include, but are not limited to, those discussed in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" included elsewhere in this prospectus.*

**Overview**

We are a scaled global medical technology company that develops, manufactures, and markets a comprehensive suite of solutions for the management of diabetes. Our fully integrated system addresses two key pain points for PWD: health outcomes and complexity of diabetes management. Our systems have consistently delivered superior clinical outcomes across diabetes populations, with a robust body of controlled studies as well as real-world outcomes supporting our ability to improve glycemic control when compared to competing Smart Dosing systems as well as traditional therapy treatment options. We address complexity by offering a simple solution and customer experience that removes some of the constant administrative, physical, mental, and emotional burdens associated with managing diabetes. Altogether, our products deliver a better quality of life for PWD. This has been our focus since launching our first-generation MiniMed 670G hybrid closed-loop system in 2016, and continues today as we develop our third-generation AID systems.

Historically, we have derived our revenues from the sale of both reusable products and single-use products which together comprise our AID systems and Smart MDI systems. For the six months ended October 24, 2025 and fiscal year 2025, approximately 70% of our business in the United States shipped directly to patients, versus approximately 30% indirect with distributor partners. Outside of the United States, the diabetes market is highly varied, with nuanced differences in sales process and country-specific factors like tenders, vendor rankings for access, and varying levels of government involvement in procurement, fulfillment, and reimbursement.

The MiniMed 780G is our flagship AID system, which consists of the following components: the MiniMed 780G insulin pump, our second-generation insulin pump offering enhanced functionality and technological integration with other components of our 780G system; the Simplera Sync or Instinct CGM sensor, which are both easy-to-use, fully disposable, two-step insertion sensors; and our SmartGuard dosing algorithm technology, which automatically delivers basal insulin and auto-correction doses every five minutes based on sensor glucose readings and adapts to ongoing changes in user behavior patterns every night. For PWD that choose to manage their diabetes with MDI instead of an insulin pump, we offer our Smart MDI system. Smart MDI helps limit the guesswork typically required for manual insulin dosing to help PWD deliver the appropriate dose at the appropriate time and improve health outcomes relative to patients who only use a CGM sensor.

Among leading diabetes device manufacturers as identified by Seagrove Partners, we have the largest global footprint in our industry, operating in approximately 80 countries, a well-invested, global, and experienced employee base of approximately 8,000 dedicated employees globally, including over 3,000 commercial employees, and two world-class dedicated manufacturing facilities. We expect our scaled global infrastructure will play an important part in our financial profile, and we expect it to provide substantial operating leverage as we grow. Over our years of operation, we have developed a deep understanding of each of our markets' unique local dynamics to optimize our commercial approach, adapting our selling motion to a variety of payment schemes, varying constraints on our marketing activity, and differing levels of government and private payor involvement country-to-country. We

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have experience navigating numerous distinct local regulatory and reimbursement regimes and have made a significant level of upfront investment that is required to establish footholds in our markets.

We have a 40+ year history of demonstrated excellence in innovation. We are committed to making material contributions to improving the lives of PWD through industry-defining inventions, including the first insulin pump with mass-market appeal and usability, the first physician-use CGM system, and the first hybrid closed-loop pump system. We support our innovation mission with a strong base of scientific, engineering, and regulatory expertise. Leading our efforts are over 1,100 research and development professionals who bring a diversity of skills across electrochemistry, electronics, mechanical engineering, software, data science and AI, and consumer electronics and valuable experience in the diabetes space. Our multi-disciplinary capabilities in research and development, underscored by our deep clinical experience, enable our business to develop breakthrough innovative solutions for PWD.

We plan to continue to drive adoption of AID across our addressable market and additional population segments. In our current addressable market, we are driving sales of our MiniMed 780G system by communicating its clinical efficacy and customer experience benefits to PWD and prescribing HCPs. We plan for this system to provide our customers with much greater choice for AID treatment using new technologies across insulin administration, CGM, and dosing algorithm technologies, in one unified platform and one consistent application for user and HCP experience, all while further reducing patient burdens significantly and raising the bar for clinical outcomes. We also have an opportunity to grow the addressable market for MiniMed 780G through expanded indication labeling. For example, in fiscal year 2026, we received U.S. FDA and CE Mark approval for use of the MiniMed 780G system by insulin-requiring T2D patients. We believe the insulin-requiring T2D population is vastly underpenetrated around the world and well-suited for the MiniMed 780G system. In addition to AID, we plan to leverage our algorithm and dosing expertise to drive adoption of our current Smart MDI system generation. As with our AID strategy, we plan to continue to drive uptake through our dedicated commercial functions across our markets.

We also aim to accelerate growth through strategic partnerships and tuck-in acquisitions that complement our organic initiatives. As part of this strategy, we expect to continue to pursue attractive strategic collaboration opportunities, such as our partnership with Abbott to expand CGM choice and access to our AID and Smart MDI systems.

See "Business" for a more detailed description of our business.

***Separation from Medtronic***

On May 21, 2025, Medtronic, our parent company, announced its intention to separate its Diabetes Operating Unit. We were incorporated in Delaware on February 27, 2025 in connection with the Separation and were formed to ultimately hold, directly or indirectly, and conduct certain operational activities in anticipation of the planned separation of, the Diabetes Operating Unit. We are incurring certain costs in connection with our establishment as a standalone public company. We expect that we will continue to bear separation-related costs, as described in "The Separation and Divestment Transactions—The Separation" and "Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation."

***Relationship with Medtronic***

In connection with the Separation and prior to the completion of this offering, we will enter into the Separation Agreement and various other agreements with Medtronic, which, together with the Separation Agreement, provide for certain transactions to effect the transfer of the assets and liabilities of the Diabetes Operating Unit to us and will result in the separation of our business from Medtronic. In addition, these agreements will collectively govern various interim and ongoing relationships between us and Medtronic following the completion of this offering. These agreements with Medtronic are described in the section of this prospectus entitled "Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation."

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**Recent Developments**

***Simplera CGM Approval***

In August 2024, we received U.S. FDA approval for our Simplera CGM. Simplera is our first disposable, all-in-one CGM that is approximately half the size of previous Medtronic CGMs. The discreet design simplifies the insertion and wear experience, lessening the need for overtape.

The Simplera platform featuring our newest CGM form factor includes the Simplera CGM and is designed to be used as part of a Smart MDI system with the InPen smart insulin pen and the Simplera Sync sensor, which is designed to be used with the MiniMed 780G system. The Simplera Sync sensor was approved by the U.S. FDA in April 2025.

***InPen App Receives U.S. FDA Clearance***

In November 2024, we announced that the InPen app received U.S. FDA clearance. This clearance paves the way for the launch of the Smart MDI system with the Simplera CGM, combining the InPen smart insulin pen with the newest Simplera CGM.

***Approval to Use the MiniMed 780G System in Insulin-Requiring Type 2 Diabetes***

In July 2025, we received CE Mark approval of the MiniMed 780G system for use by patients aged two years and older, during pregnancy, as well as those with insulin-requiring T2D. In September 2025, we also received U.S. FDA approval of the MiniMed 780G system for use by patients with insulin-requiring T2D. We believe the insulin-requiring T2D population is vastly underpenetrated around the world and well-suited for the MiniMed 780G system.

***Global Partnership with Abbott to Complement CGM Offerings***

In August 2024, we announced a global partnership with Abbott to enhance our CGM offerings for PWD. Under this agreement, Abbott is expected to supply us with Instinct, an alternative CGM sensor based on Abbott's most advanced single-analyte CGM technology, and will be the exclusive supplier of third-party CGMs for certain of our AID and Smart MDI systems. These systems are designed to ensure seamless integration with Instinct. We believe integrating Instinct into our AID and Smart MDI systems allows us to expand access for PWD by combining our advanced insulin dosing systems with the most widely used CGM technology in the world.

In July 2025, we received U.S. FDA clearance of our MiniMed 780G as an ACE pump. In September 2025, we received U.S. FDA clearance of our SmartGuard algorithm as an iAGC. These clearances enable compatibility between the MiniMed 780G system and Instinct. Instinct is exclusively integrated with MiniMed devices and algorithms and is based on an Abbott CGM that has U.S. FDA and CE Mark approval. The combined solution of Instinct with MiniMed 780G as an integrated system creates a new product offering that expands treatment options for MiniMed users and provides greater customer choice and flexibility.

**Key Factors Impacting Our Results**

We believe our future performance will be influenced by a number of factors, including those described in the section of this prospectus entitled "Risk Factors" and elsewhere in this prospectus as well as the factors described below. While each of these factors presents significant opportunities for us, these factors also pose challenges that we must successfully address in order to sustain the growth of our business and enhance our results of operations.

***Industry Trends***

We believe the main driver of our market's expected rate of growth is increased penetration of Smart Dosing solutions, such as AID, over traditional therapies like unconnected MDI or standalone CGMs. They are becoming the gold standard of care in our space because of their proven ability to improve clinical outcomes and reduce user burden.

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We believe that the adoption of these Smart Dosing technologies has room for growth. While some existing products may be seen as complex, costly, and not meaningfully more effective than alternatives, this opens the door for innovation to enhance these technologies in ways to better serve PWD and HCPs who prescribe these devices.

Additional secular drivers may also contribute to the growth of our addressable population. Our market exhibits many of the same secular growth drivers as the broader disease population, including prevalence of Western diets and healthcare development in emerging markets.

***CGM Pricing Pressure***

We have observed increasing pricing pressure on CGMs globally, particularly in certain international markets. Differences in reimbursement and pricing dynamics across geographies and sales channels can result in variability in average selling prices and gross margins, particularly as changes in sales mix occur. Additionally, as competition in the CGM market intensifies, lower-cost CGM options in the market may contribute to further pricing pressure over time. We are focused on continuing to invest in our pipeline to deliver differentiated solutions that reinforce our competitive positioning and our long-term growth.

***Product Launches and Investment in Pipeline***

We believe the success of our products correlates to the continued acceptance and growth of our product offerings, such as the MiniMed 780G system, next-generation AID systems, and Smart MDI systems. Our ability to meet growing demand for our existing products and to successfully develop, obtain regulatory approval or clearance of, and commercialize the products within our pipeline is essential to our results of operations. Timing and successful launch of partnerships such as our agreement with Abbott may also contribute meaningfully to our go-forward market performance.

The ability to sustain ongoing investment in our pipeline will be required as we progress towards developing and launching our next generation of products. We strive to develop ways in which we can make our research and development process as efficient as possible and reduce the amount of investment needed to progress a product to approval.

***Users, New Patient Adoption, and Sales of CGMs and Other Consumables***

Our strategy also relies on our ability to maintain and grow our existing base of users that utilize our insulin pumps and smart pens. We consider this to be a function of multiple priorities.

First, we seek to maintain our core base of existing users. We do this by offering attractive warranty terms for insulin pumps, typically over a four-year period, and differentiated customer service. In addition, we communicate often with our existing users and their providers about our innovative products to drive continued preference. This encourages users to continue utilizing our offerings and, for insulin pump users, often leads to the renewal of their warranty arrangements.

Second, we seek to add users by winning share of new patients. We do this through our various commercial efforts and new product introductions, targeting three main pools of patients who may adopt our products: (1) patients utilizing other treatment options, such as MDI, (2) patients using competitor pumps, often those reaching the end of their pump warranty periods, and (3) patients new to insulin therapy. As the rate of sales of our products to new patients has impacted our financial performance, and will continue to do so in the future, we monitor and evaluate our performance on the share of new patients that we are winning from these various groups. "New Pumps Sold" are a key indicator of our current business success, and we anticipate that this metric will grow as we increase our market share in existing markets and expand into emerging ones.

Into this growing base of insulin pump and smart pen users, we sell an assortment of consumable companion products, such as CGMs and infusion sets. We track the attachment rate of our CGM sensors to evaluate how often a pump user chooses to utilize our full ecosystem of technology solutions. Since our CGM sensors are compatible with our pump dosing algorithm and Smart MDI dosing applications, we expect a relatively stronger rate of adoption among our user base. Sensor performance and user preference can have an impact on this attachment rate, and we

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find in the months since launching our newest-generation Simplera Sync sensor that we are exhibiting higher attachment rates than we have historically.

***Competition***

The diabetes medical device industry is highly competitive and constantly evolving, especially with the rapid introduction of competing pumps, CGMs, and other consumables in an expanding global market. We anticipate that new diabetes devices and treatments from both us and our competitors will impact our business. The Smart MDI market is also evolving, with increasing competition from new entrants and expanding digital health integrations, which may impact our positioning and growth opportunities in this segment. To maintain our competitive edge in the market, we plan to continue investing in innovative technologies, such as the MiniMed Go, our next-generation MDI system with single app integration; the MiniMed Flex, our smaller, screenless, newly designed insulin pump; the MiniMed Fit patch pump; and our next-generation Vivera dosing algorithm. Additionally, we are focused on expanding the adoption of AID across our addressable market for a broader range of patient populations as well as growing the addressable market for MiniMed 780G through expanded indication labeling.

***Regulatory Approvals and Actions***

The medical devices we manufacture are subject to extensive regulation by numerous government agencies, including the U.S. FDA, the EU MDR, and various other individual country regulatory bodies and agencies. To varying degrees, each of these agencies requires us to comply with laws and regulations governing the development, testing, manufacturing, labeling, marketing, distribution, and post-market surveillance of our products. The requirements and timelines to receive regulatory clearance can vary substantially from country to country, and any delays may impact our ability to expand our worldwide customer base and bring products to market in a competitive timeframe. Such delays, or a failure to receive regulatory approval, could adversely affect our revenue and results of operations.

Additionally, any adverse event involving products that we distribute could result in future corrective actions, such as recalls or customer notifications, or regulatory agency actions, which may include inspections, mandatory recalls, or other enforcement measures. Any action taken by regulatory bodies against us, along with any regulatory challenges we encounter, could negatively impact our product sales.

See "Business—Government Regulation and Product Approval Process" for a more detailed description of regulations and approval processes relevant to our business.

***Manufacturing and Supply***

Our business model requires the ability to produce high volumes of our products and reliably ship to various geographies in a time-efficient manner. Disruptions to our supply lines or shipping channels may impact our customer experience and ability to meet market demand. We also continue to invest in expanding our manufacturing capacity as a key strategic priority of our business as we strive to meet significant demand for our CGM sensors and drive profitable growth.

***Impact of Increased CGM Share of Product Mix on Profit Margin***

Relative to sales of our insulin pumps, pens, and other consumables, sales of our CGMs, particularly our Simplera and Simplera Sync products, have historically contributed to a lower profit margin. As a result, we expect that an increased volume of sales with Simplera and Simplera Sync will likely have a negative impact on our profit margin, as we have observed in recent periods. However, as we continue to ramp our manufacturing capacity to meet demand, we are focused on optimizing manufacturing efficiencies, driving innovation, and expanding premium offerings to help offset expected margin impacts while sustaining growth.

***Foreign Exchange Rate***

A significant portion of our revenues and costs are exposed to changes in foreign exchange rates. We operate in approximately 80 countries and about 70% of our revenues during the six months ended October 24, 2025 and 67%, 66%, and 63% of our revenues in fiscal years 2025, 2024, and 2023, respectively, were denominated in foreign

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currencies. We actively manage risk related to our exposure to fluctuations in foreign exchange rates to minimize the impact on our business.

***Seasonality***

Our total revenues vary slightly from quarter to quarter. Based on historical experience, we generally have higher revenues toward calendar year end and lower sales in the first calendar months of the following year. The trend is primarily driven by annual insurance deductible resets and unfunded flexible spending account dynamics in the U.S. market, which is partially counteracted by lower pump sales as our competitors push for a strong end to their fiscal years, which align to calendar years. Sales of our single-use products such as infusion sets, reservoirs, and CGMs have generally mitigated quarterly seasonal fluctuations in pump sales.

***Reimbursement***

Our results of operations may be impacted by the failure to obtain or retain sufficient coverage from third-party payors for our current and future products as well as changes in medical reimbursement policies and programs.

Our reimbursement channel expertise and deep relationships with payors and providers represent a key part of our business strategy, driving revenue stickiness, differentiation, and scale. Changes in the nature of these relationships or reimbursement policies around channel categorization (for example, DME or pharmacy) can materially impact our business. For more information on channel categorization, see "Business—Our Commercial Organization."

***Cost Reduction Measures***

We expect our future financial results will be impacted by the degree to which we are able to execute on efficiency initiatives. We expect these initiatives to contribute to our go-forward profit margins and are a part of our Ways of Working transformation in recent years. For more information on our Ways of Working, see "Business—People and Culture." As part of these initiatives, we aim to find savings in variable and overhead costs in our Cost of Products Sold and other operating expenses. In addition, we are focused on developing high-volume and automated manufacturing capabilities to continue to optimize our cost base.

***Macroeconomic and Geopolitical Factors***

Our costs are subject to fluctuation, and we continue to evaluate contributing factors, specifically those leading to inflationary cost increases in logistics, price of raw materials, cost of labor, transportation, and operating supplies. Global macroeconomic risks include changes in global trade policies and fluctuations in currency exchange rates, general price inflation, changes in interest rates, reimbursement challenges, impacts from changes in the mix of our product offerings, delays in product registration approvals, replacement cycle challenges, supply chain challenges, and tender pricing in certain countries.

Our production of certain products requires custom components that are sourced internationally. We do not currently anticipate tariffs imposed by the United States to significantly impact our manufacturing operations due to the duty-free treatment offered by the Nairobi Protocol, which provides duty-free treatment for items that benefit handicapped persons. While the extent of the tariffs levied by the United States remains uncertain, recent government actions have not limited the use of the Nairobi Protocol.

**Key Business Metrics**

We regularly review the following key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions. In assessing the performance of our business, in addition to considering a variety of measures in accordance with U.S. GAAP, we also consider a variety of other key business metrics, including non-GAAP measures.

We believe that these key business metrics provide useful information to users of our financial statements in understanding and evaluating our results of operations in the same manner as our management team. The presentation of these key business metrics, including Organic Revenue Growth, Adjusted Gross Profit, and Adjusted

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EBITDA, which are non-GAAP financial measures, is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. See "—Non-GAAP Measures" below.

The following table sets forth our key business metrics, including non-GAAP measures, for the periods indicated:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six months ended** | **Six months ended** | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(Dollars in millions)** | **October 24, 2025** | **October 25, 2024** | **2025** | **2024** | **2023** |
| Net Sales | $1475 | $1304 | $2715 | $2469 | $2245 |
| Gross Profit | $838 | $728 | $1528 | $1436 | $1308 |
| Net Loss | $(21) | $(23) | $(198) | $(107) | $(92) |
| New Pumps Sold | 64037 | 65448 | 145294 | 143318 | 133738 |
| Global CGM Attachment Rate  | 65% | 58% | 59% | 52% | 46% |
| Net Sales Growth | 13.1% | n/a | 10.0% | 10.0% | n/a |
| Organic Revenue Growth <sup>(1)</sup> | 7.4% | n/a | 11.5% | 8.6% | n/a |
| Adjusted Gross Profit <sup>(1)</sup>  | $843 | $760 | $1573 | $1463 | $1341 |
| Adjusted EBITDA<sup>(1)</sup> | $128 | $96 | $253 | $147 | $136 |

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(1)See "—Non-GAAP Measures" below for a discussion of Organic Revenue Growth, Adjusted Gross Profit and Adjusted EBITDA and a reconciliation with the most directly comparable U.S. GAAP measure. 

***Gross Profit***

Gross profit is our net sales, less cost of products sold.

***New Pumps Sold***

A leading indicator of our pump user base growth is the number of new pumps sold. We define New Pumps Sold ("NPS") as the number of new pumps sold to patients in a given period, inclusive of pumps sold to new patients and renewals by existing patients. This metric illustrates the number of new pump starts and renewals during each period presented, highlighting our capability to identify, attract, and retain users.

***Global CGM Attachment Rate***

As the only company that commercializes all parts of the smart dosing insulin therapy ecosystem, we are uniquely positioned to capture greater revenue per user than our competitors that only offer certain components of such systems. A key growth driver is our ability to increase CGM revenue per pump user which is reflected by our CGM Attachment Rate. We define CGM Attachment Rate as the percentage of total pump user base that is also using an integrated MiniMed CGM.

***Organic Revenue Growth***

Organic Revenue Growth measures our revenue growth trends excluding the impacts of foreign currency rate fluctuations and adjustments to the Company's Italian payback accrual for certain prior years since 2015, which is further described in Note 14, "Commitments and Contingencies," to the audited annual combined financial statements and Note 13, "Commitments and Contingencies," to the unaudited condensed combined financial statements included elsewhere in this prospectus. We use Organic Revenue Growth to assess our performance on a consistent basis by removing the impacts of foreign currency rate fluctuations and adjustments to the Italian payback accrual that we believe do not directly reflect our underlying operations. See "—Non-GAAP Measures" below for a reconciliation of Organic Revenue Growth to Net Sales Growth, its most directly comparable U.S. GAAP measure.

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***Adjusted Gross Profit***

Adjusted Gross Profit is a non-GAAP measure that we use to assess our overall performance. We define Adjusted Gross Profit as U.S. GAAP gross profit, excluding amortization of intangible assets and certain other non-operational items. We believe Adjusted Gross Profit provides consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as these metrics eliminate the effects of the adjustments that are unrelated to overall operating performance. See "—Non-GAAP Measures" below for a reconciliation of Adjusted Gross Profit to gross profit, its most directly comparable U.S. GAAP measure.

***Adjusted EBITDA***

Adjusted EBITDA is a non-GAAP measure, calculated as net loss adjusted to exclude interest expense, provision for income taxes, and depreciation and amortization, further adjusted to exclude other non-operational items. We use Adjusted EBITDA to supplement U.S. GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. See "—Non-GAAP Measures" below for a reconciliation of Adjusted EBITDA to net loss, its most directly comparable U.S. GAAP measure.

**Results of Operations**

***Comparison of the six months ended October 24, 2025 and October 25, 2024***

The following table sets forth a summary of our combined results of operations for the periods indicated, and the changes between periods.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended** | **Six months ended** | **Change** | **Change** |
| **(Dollars in millions)** | **October 24, 2025** | **October 25, 2024** | **Amount** | **Percent** |
| Net sales | $1475 | $1304 | $170 | 13% |
| Cost of products sold | 637 | 577 | 60 | 10 |
| **Gross profi**t  | 838 | 728 | 110 | 15 |
| **Operating expenses:** |  |  |  |  |
| Research and development expense | 236 | 217 | 19 | 9 |
| Selling, general, and administrative expenses | 575 | 536 | 39 | 7 |
| Certain litigation charges | 17 |  | 17 | NM <sup>(1)</sup> |
| Other operating expense (income), net | 7 | (5) | 13 | NM <sup>(1)</sup> |
| **Operating profit (loss)**  | 3 | (20) | 22 | (113) |
| Other non-operating expense, net | 1 |  |  | 12 |
| **Profit (loss) before income taxes**  | 2 | (20) | 22 | (110) |
| Income tax provision | 23 | 3 | 20 | 646 |
| **Net loss**  | (21) | (23) | 2 | (10) |
| **Net income attributable to noncontrolling interests**  | (8) | (8) |  | 5 |
| **Net loss attributable to Diabetes Business**  | $(29) | $(31) | $2 | (6%) |

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(1)Not meaningful (NM)

***Net sales***

Our net sales are generated primarily from the sale of reusable and single-use products which collectively comprise our AID and Smart MDI systems.

Our insulin pumps and pens are considered reusable products as patients are able to continue their use of these products for a period of one year or more. Patients are generally eligible for reimbursement coverage of a new insulin pump every four to five years depending on both geography and payer type. Not all patients elect to replace

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their pump on this cycle and some use their pumps for longer than the replacement period because they can continue to operate as the patient continues to purchase consumables. Patients using durable insulin pens typically obtain replacements on an annual cycle due to reimbursement and product life span.

Our CGMs and the consumable components comprised of infusion sets and reservoirs associated with pumps are considered single-use products as these products are required to be replaced frequently for uninterrupted operation of our AID and Smart MDI systems. Patients using AID systems as well as Smart MDI systems typically replace their sensors on a weekly basis as the Guardian 4 Sensor and Simplera Sync sensors are indicated for up to 7 days of use. Patients using AID systems also replace their infusion sets and reservoirs either weekly or multiple times per week, depending on the type of infusion sets and reservoirs they use.

The below table includes net sales by product category for the six months ended October 24, 2025 and October 25, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended** | **Six months ended** | **Change** | **Change** |
| **(Dollars in millions)** | **October 24, 2025** | **October 25, 2024** | **Amount** | **Percent** |
| Pumps | $250 | $251 | $(1) | (0.3%) |
| Consumables | 463 | 419 | 44 | 10.5 |
| CGM | 743 | 639 | 104 | 16.3 |
| Other <sup>(1)</sup> | 19 | (4) | 23 | NM <sup>(2)</sup> |
| &nbsp;&nbsp;Total | $1475 | $1304 | $170 | 13.1% |

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(1)Primarily includes net sales generated from the sale of smart insulin pens and services. Also reflects adjustments to the Company's Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. Refer to Note 13, "Commitments and Contingencies," to the unaudited condensed combined financial statements included elsewhere in this prospectus for further information.

(2)Not meaningful

The below table includes net sales by market geography for the six months ended October 24, 2025 and October 25, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended** | **Six months ended** | **Change** | **Change** |
| **(Dollars in millions)** | **October 24, 2025** | **October 25, 2024** | **Amount** | **Percent** |
| U.S. <sup>(1)</sup> | $437 | $437 | $(1) | (0.1%) |
| International <sup>(2)</sup> | 1038 | 867 | 171 | 19.7 |
| Total | $1475 | $1304 | $170 | 13.1% |

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(1)U.S. includes the United States and U.S. territories.

(2)International includes all other non-U.S. countries.

Net sales for the six months ended October 24, 2025 was $1,475 million as compared to $1,304 million for the six months ended October 25, 2024, growing 19.7% internationally and relatively flat in the United States. The net sales growth was primarily driven by increased volumes. The international net sales growth was driven by 11% growth in pumps, 14% growth in consumables, 21% growth in CGM, changes in the Company's Italian payback accrual, and impacts of foreign currency fluctuations. The sales performance in the United States was driven by a 15% decline in pumps, a 1% decline in consumables, and 8% growth in CGM. For the six months ended October 24, 2025, the impact of the Italian payback adjustment was an increase to net sales of $7 million as compared to a decrease in net sales of $20 million for the six months ended October 25, 2024 due to changes in estimates relating to our Italian payback accrual resulting from the two July 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government in June 2025 and formalized into law in August 2025 for

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certain prior years since 2015. Refer to Note 13, "Commitments and Contingencies," to the unaudited condensed combined financial statements included elsewhere in this prospectus.

Pump sales period-over-period were relatively flat. While we experienced continued growth of 11% in international pump sales following the launch of the Simplera CGM in Europe in fiscal year 2025, we experienced an offsetting 15% decline in U.S. pump sales due to the delayed launch of Simplera CGM and increased competition in the United States. The delayed launch of Simplera CGM in the United States resulted in a competitive disadvantage and limited our ability to grow NPS in the first half of fiscal year 2026.

Consumables sales increased 10.5% period-over-period, as a result of 14% growth internationally and 1% decline in the United States. Our international growth was driven by increased volume of patients using our AID systems which require frequent replacement of the infusion sets and reservoirs for uninterrupted operation. The increase in the volume of patients using our AID systems in international markets was due to the competitive strength of the MiniMed 780G system which has enabled us to attract new patients as well as retain our existing patient base. Fewer NPS in the United States resulted in reduced consumables sales in the first half of fiscal year 2026.

CGM sales increased 16.3% period-over-period driven by the continued increase in the CGM Attachment Rate, which rose from 58% in the six months ended October 25, 2024, to 65% in the six months ended October 24, 2025. Higher CGM Attachment Rate and pump user base in international markets drove 21% growth in international CGM sales which was primarily attributable to the introduction of the Simplera CGM in Europe in fiscal year 2025. The Simplera CGM is our first disposable, all-in-one CGM and approximately half the size of previous CGMs. The discreet design simplifies the insertion and wear experience. U.S. CGM sales grew 8% as a result of a sustained upward trend in CGM Attachment Rate. We have experienced a sustained upward trend in CGM Attachment Rate in the United States since the launch of the MiniMed 780G system as the automation algorithm is only compatible with our MiniMed CGMs.

***Cost and Expenses***

The following is a summary of cost of products sold, research and development, and selling, general, and administrative expenses as a percentage of net sales:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended** | **Six months ended** | **% of Net Sales** | **% of Net Sales** |
| **(Dollars in millions)** | **October 24, 2025** | **October 25, 2024** | **October 24, 2025** | **October 25, 2024** |
| Cost of products sold | $637 | $577 | 43.2% | 44.2% |
| Research and development expense | 236 | 217 | 16.0 | 16.6 |
| Selling, general, and administrative expenses | 575 | 536 | 39.0 | 41.1 |

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*Cost of products sold*

Cost of products sold includes raw materials, labor costs, manufacturing overhead expenses, shipping and handling costs incurred to store, move, and prepare products for shipment, amortization of purchased technology intangible assets, import tariffs and duties, reserves for expected warranty costs, scrap and excess, and obsolete inventory. Manufacturing overhead expenses include expenses relating to manufacturing engineering, material procurement, inventory and quality control, facilities, depreciation, information technology, and operations supervision and management.

Cost of products sold for the six months ended October 24, 2025 was $637 million as compared to $577 million for the six months ended October 25, 2024. The increase in cost of products sold was driven by the increased volume of products sold as well as changes in product mix as further described below.

The decrease in cost of products sold as a percentage of net sales for the six months ended October 24, 2025 was primarily due to favorable currency impact on net sales in addition to changes in the Italian payback accruals impacting net sales for the six months ended October 24, 2025 and October 25, 2024. The decrease was partially

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offset by 140 bps increase from product mix as a result of higher mix of CGMs, which have a lower gross profit margin relative to our insulin pumps and other consumables.

*Research and development expense*

Research and development costs include costs of research, engineering, and technical activities to develop a new product or service or make significant improvement to an existing product or manufacturing process. Research and development costs also include pre-approval regulatory and clinical trial expenses.

Research and development expense for the six months ended October 24, 2025 was $236 million as compared to $217 million for the six months ended October 25, 2024. The increase was primarily driven by a $7 million increase in personnel expenses to support product development efforts and $10 million of an acquisition of technology not yet approved by regulators.

*Selling, general, and administrative expenses*

Selling, general, and administrative expense primarily consists of salaries and wages, benefits, other administrative costs, such as professional fees and marketing expenses, stock-based compensation, and restructuring associated expenses. Selling, general, and administrative expense also includes amortization expense related to our customer list and tradename intangible assets.

Selling, general, and administrative expenses for the six months ended October 24, 2025 were $575 million as compared to $536 million for the six months ended October 25, 2024. The increase was primarily driven by $25 million for incremental commercialization activities to support higher sales of the Company, particularly Simplera Sync outside the United States, and increased marketing expenses in the U.S, and $7 million increase for short-term and long-term incentives.

*Certain litigation charges*

We classify specified certain litigation charges as certain litigation charges in the combined statements of loss. During the six months ended October 24, 2025, the Company recognized $17 million of certain litigation charges in connection with the Diabetes Pump Retainer Ring litigation. Refer to Note 13 "Commitments and Contingencies," to the unaudited condensed combined financial statements included elsewhere in this prospectus for further information.

*Other operating expense (income), net*

Other operating expense (income), net primarily includes restructuring expense, currency remeasurement, and income from research and development funding arrangements.

Other operating expense (income), net was $7 million of expense for the six months ended October 24, 2025 as compared to $5 million of income for the six months ended October 25, 2024. The change was primarily driven by $19 million of reduced proceeds from funded research and development arrangements due to the timing of certain new product development spend.

*Other non-operating expense, net*

Other non-operating expense, net includes investment gains and losses. Other non-operating expense, net was insignificant for both the six months ended October 24, 2025 and October 25, 2024.

*Income tax provision*

Income tax provision includes current and deferred income tax expense related to federal, state, and international jurisdictions.

The income tax provision was $23 million for the six months ended October 24, 2025 as compared to $3 million for the six months ended October 25, 2024. The change in the effective tax rate and income tax provision primarily

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relates to year-over-year changes in operational results by jurisdiction and the impact of valuation allowances in certain jurisdictions.

On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act of 2025 which includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act. Certain provisions are effective for the Company beginning fiscal year 2026. The impact of these provisions for the six months ended October 24, 2025 was not significant, and the impacts of these provisions to fiscal year 2026 and beyond are not expected to be material.

***Comparison of the Fiscal Years Ended April 25, 2025, April 26, 2024, and April 28, 2023***

The following table sets forth a summary of our combined results of operations for the years indicated, and the changes between periods.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Change** | **Change** | **Change** | **Change** |
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** | **2025 to 2024** | **2025 to 2024** | **2024 to 2023** | **2024 to 2023** |
| **(Dollars in millions)** | **2025** | **2024** | **2023** | **Amount** | **Percent** | **Amount** | **Percent** |
| Net sales | $2715 | $2469 | $2245 | $246 | 10% | $224 | 10% |
| Cost of products sold | 1187 | 1032 | 937 | 155 | 15 | 95 | 10 |
| **Gross profi**t  | 1528 | 1436 | 1308 | 92 | 6 | 128 | 10 |
| **Operating expenses:** |  |  |  |  |  |  |  |
| Research and development expense | 436 | 437 | 429 | (1) |  | 8 | 2 |
| Selling, general, and administrative expenses | 1080 | 1057 | 960 | 23 | 2 | 97 | 10 |
| Certain litigation charges | 165 |  |  | 165 | NM <sup>(1)</sup> |  |  |
| Other operating (income) expense, net | (8) | 11 | (12) | (19) | NM <sup>(1)</sup> | 23 | NM <sup>(1)</sup> |
| **Operating loss**  | (146) | (69) | (69) | (77) | 112 |  |  |
| Other non-operating expense, net | 1 | 1 | 7 |  |  | (6) | (86) |
| **Loss before income taxes**  | (147) | (70) | (76) | (77) | 110 | 6 | (8) |
| Income tax provision | 52 | 38 | 16 | 14 | 37 | 22 | 140 |
| **Net loss**  | (198) | (107) | (92) | (91) | 85 | (15) | 16 |
| **Net income attributable to noncontrolling interests**  | (15) | (5) | (5) | (10) | 200 |  |  |
| **Net loss attributable to Diabetes Business**  | $(213) | $(112) | $(96) | $(101) | 90% | $(16) | 17% |

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__________________

(1)Not meaningful (NM)

***Net sales***

The below table includes net sales by product category for fiscal years 2025, 2024, and 2023:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Change** | **Change** | **Change** | **Change** |
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** | **2025 to 2024** | **2025 to 2024** | **2024 to 2023** | **2024 to 2023** |
| **(Dollars in millions)** | **2025** | **2024** | **2023** | **Amount** | **Percent** | **Amount** | **Percent** |
| Pumps | $541 | $540 | $477 | $1 | 0.2% | $63 | 13.2% |
| Consumables | 854 | 777 | 760 | 77 | 9.9 | 17 | 2.2 |
| CGM | 1313 | 1117 | 958 | 196 | 17.5 | 159 | 16.6 |
| Other <sup>(1)</sup> | 6 | 34 | 50 | (28) | (82.4) | (16) | (32.0) |
| &nbsp;&nbsp;Total | $2715 | $2469 | $2245 | $246 | 10.0% | $224 | 10.0% |

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__________________

(1)Primarily includes net sales generated from the sale of smart insulin pens and services. Also reflects adjustments to the Company's Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy. Refer to Note 14 "Commitments and Contingencies" to the audited combined financial statements included elsewhere in this prospectus for further information.

The below table includes net sales by market geography for fiscal years 2025, 2024, and 2023:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Change** | **Change** | **Change** | **Change** |
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** | **2025 to 2024** | **2025 to 2024** | **2024 to 2023** | **2024 to 2023** |
| **(Dollars in millions)** | **2025** | **2024** | **2023** | **Amount** | **Percent** | **Amount** | **Percent** |
| U.S. <sup>(1)</sup> | $903 | $833 | $832 | $70 | 8.4% | $1 | 0.1% |
| International <sup>(2)</sup> | 1812 | 1636 | 1413 | 176 | 10.8 | 223 | 15.8 |
| &nbsp;&nbsp;Total | $2715 | $2469 | $2245 | $246 | 10.0% | $224 | 10.0% |

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__________________

(1)U.S. includes the United States and U.S. territories.

(2)International includes all other non-U.S. countries.

*Fiscal Year 2025 Compared to Fiscal Year 2024*

Net sales for fiscal year 2025 was $2,715 million as compared to $2,469 million for fiscal year 2024, growing 8.4% in the United States and 10.8% internationally. The net sales growth was primarily driven by increased volumes. The net sales growth in the United States was driven by 3% growth in consumables and 22% growth in CGM with a 6% decline in pumps. The international net sales growth was driven by 5% growth in pumps, 12% growth in consumables, and 15% growth in CGM. International sales growth was partially offset by a $20 million incremental Italian payback accrual (refer to Note 14, "Commitments and Contingencies," to the audited combined financial statements included elsewhere in the prospectus).

Pump sales year-over-year were relatively flat, and consistent with the 1% increase in NPS. While we experienced 5% growth in international pump sales due to the launch of the Simplera CGM in Europe, we experienced an offsetting 6% decline in U.S. pump sales due to the delayed launch of Simplera in the United States. The delayed launch of Simplera in the United States resulted in a competitive disadvantage and limited our ability to grow NPS in fiscal year 2025.

Consumables sales increased 9.9% year-over-year, as a result of 3% growth in the United States and 12% growth internationally. Our international growth was driven by increased volume of patients using our AID systems which require frequent replacement of the infusion sets and reservoirs for uninterrupted operation. The increase in the volume of patients using our AID systems in international markets was due to the competitive strength of the MiniMed 780G system which has enabled us to attract new patients as well as retain our existing patient base.

CGM sales increased 17.5% year-over-year driven by an increase in the CGM Attachment Rate (see "—Key Business Metrics"), which rose from 52% to 59% over the same period. The launch of the MiniMed 780G system in the United States drove 22% growth in U.S. CGM sales due to higher MiniMed CGM utilization as the automation algorithm within the MiniMed 780G system is only compatible with our MiniMed CGMs. Higher CGM utilization in international markets drove 15% growth in international CGM sales which was primarily attributable to the introduction of the Simplera CGM and Simplera Sync CGM in Europe in fiscal year 2025. The Simplera CGM is our first disposable, all-in-one CGM that is approximately half the size of previous Medtronic CGMs. The discreet design simplifies the insertion and wear experience.

*Fiscal Year 2024 Compared to Fiscal Year 2023*

Net sales for fiscal year 2024 was $2,469 million as compared to $2,245 million for fiscal year 2023, with flat results in the United States and 15.8% growth internationally. The net sales growth was primarily driven by increased volumes. The net sales in the United States experienced 31% growth in pumps, 16% decline in consumables, and flat results in CGM. The international net sales growth was driven by 2% growth in pumps, 11% growth in consumables, and 27% growth in CGM.

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Pump sales increased 13.2% year-over-year, primarily as a result of 31% growth in U.S. pump sales. Growth in the United States was driven by an increase in NPS following the introduction of the MiniMed 780G system in the U.S. market in fiscal year 2024. Continued momentum of the 780G system in international markets drove 2% growth in pump sales internationally.

Consumable sales increased 2.2% year-over-year driven by 11% international growth, partially offset by a 16% decline in the United States. International growth was driven by an increased volume of patients using our AID systems which require frequent replacement of the infusion sets and reservoirs for uninterrupted operation. The decreased volume of patients using our AID system in fiscal year 2024 in the United States is the result of the FDA warning letter which was in effect from December 2021 through April 2023 which inhibited our ability to progress the launch of the 780G system and resulted in a competitive disadvantage and fewer NPS in fiscal years 2022 and 2023 in the U.S. market leading to reduced consumables sales in fiscal year 2024.

CGM sales increased by 16.6% year-over-year, driven by strong growth in CGM Attachment Rate in international markets, driven by an expansion of Guardian 4 Sensor into key markets.

***Cost and Expenses***

The following is a summary of cost of products sold, research and development, and selling, general, and administrative expenses as a percentage of net sales:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** | **% of Net Sales** | **% of Net Sales** | **% of Net Sales** |
| **(Dollars in millions)** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Cost of products sold | $1187 | $1032 | $937 | 43.7% | 41.8% | 41.7% |
| Research and development expense | 436 | 437 | 429 | 16.1 | 17.7 | 19.1 |
| Selling, general, and administrative expenses | 1080 | 1057 | 960 | 39.8 | 42.8 | 42.8 |

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*Cost of products sold*

Cost of products sold includes raw materials, labor costs, manufacturing overhead expenses, shipping and handling costs incurred to store, move, and prepare products for shipment, amortization of purchased technology intangible assets, import tariffs and duties, reserves for expected warranty costs, scrap and excess, and obsolete inventory. Manufacturing overhead expenses include expenses relating to manufacturing engineering, material procurement, inventory and quality control, facilities, depreciation, information technology, and operations supervision and management.

Cost of products sold for fiscal year 2025 was $1,187 million as compared to $1,032 million for fiscal year 2024. The increase in cost of products sold was driven by the increased volume of products sold as well as changes in product mix driving a 190 basis points (bps) increase in cost of products sold as a percentage of net sales. The 190 bps increase in fiscal year 2025 was largely driven by a higher mix of CGMs, which have a lower gross profit margin relative to our insulin pumps, and other consumables.

Cost of products sold for fiscal year 2024 was $1,032 million as compared to $937 million for fiscal year 2023. The increase in cost of products sold was driven by the increased volume of products sold as well as, to a lesser extent, changes in product mix driving a 10 bps increase in cost of products sold as a percentage of net sales. The 10 bps increase in fiscal year 2024 was largely driven by unfavorable impact of 50 bps due to higher mix of CGMs, which have a lower gross profit margin relative to our insulin pumps, and other consumables. These factors were primarily offset by favorable currency of 40 bps.

*Research and development expense*

Research and development costs include costs of research, engineering, and technical activities to develop a new product or service or make significant improvement to an existing product or manufacturing process. Research and development costs also include pre-approval regulatory and clinical trial expenses.

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Research and development expense for fiscal year 2025 was $436 million as compared to $437 million for fiscal year 2024. The change was insignificant from the prior year.

Research and development expense for fiscal year 2024 was $437 million as compared to $429 million for fiscal year 2023. The increase was primarily driven by an increase in personnel expenses to support product development efforts.

*Selling, general, and administrative expenses*

Selling, general, and administrative expense primarily consists of salaries and wages, benefits, other administrative costs, such as professional fees and marketing expenses, stock-based compensation, and restructuring associated expenses. Selling, general, and administrative expense also includes amortization expense related to our customer list and tradename intangible assets.

Selling, general, and administrative expenses for fiscal year 2025 were $1,080 million as compared to $1,057 million for fiscal year 2024. The increase was primarily driven by $31 million of incremental commercialization activities to support higher sales of the Company and Simplera Sync outside the United States.

Selling, general, and administrative expenses for fiscal year 2024 were $1,057 million as compared to $960 million for fiscal year 2023. The increase was primarily driven by approximately $42 million of incremental commercialization activities related to the 780G launch in the United States and continued expansion in international markets and approximately $17 million for IT transformation initiatives, including IT quality systems, infrastructure modernization, and business application improvements.

*Certain litigation charges*

We classify specified certain litigation charges as certain litigation charges in the consolidated statements of income. During fiscal year 2025, the Company negotiated a contractual dispute resolution under one of the Diabetes product funding arrangements, and the Company recognized $165 million of certain litigation charges in connection with the resolution. Refer to Note 14 "Commitments and Contingencies," to the audited combined financial statements included elsewhere in this prospectus for further information.

*Other operating (income) expense, net*

Other operating (income) expense, net primarily includes restructuring expense, royalty expense, foreign currency hedging gains and losses, currency remeasurement, Puerto Rico excise taxes, and income from research and development funding arrangements.

Other operating (income) expense, net was $8 million of income for fiscal year 2025 as compared to $11 million of expense for fiscal year 2024. The change was primarily driven by the net impact of currency remeasurement and foreign currency hedging gains and losses in addition to lower royalty expense, partially offset by reduced proceeds from funded research and development arrangements due to the timing of certain new product development spend. The currency impact for fiscal year 2025 was a net loss of $11 million as compared to a net loss of $37 million in fiscal year 2024.

Other operating (income) expense, net was $11 million of expense for fiscal year 2024 as compared to $12 million of income for fiscal year 2023. The decrease was primarily driven by reduced proceeds from funded research and development arrangements due to the timing of certain new product development spend, partially offset by lower Puerto Rico excise taxes as a result of newly enacted legislation in Puerto Rico.

*Other non-operating expense, net*

Other non-operating expense, net includes investment gains and losses. Other non-operating expense, net was $1 million for both fiscal years 2025 and 2024.

Other non-operating expense, net was $1 million for fiscal year 2024 as compared to $7 million for fiscal year 2023. The decrease was driven by a decrease in net losses on our minority investment portfolio.

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*Income tax provision*

Income tax provision includes current and deferred income tax expense related to federal, state, and international jurisdictions.

Income tax provision was $52 million for fiscal year 2025 as compared to $38 million for fiscal year 2024. The change in the effective tax rate and income tax provision primarily relates to year-over-year changes in operational results by jurisdiction.

Income tax provision was $38 million for fiscal year 2024 as compared to $16 million for fiscal year 2023. The change in the effective tax rate and income tax provision primarily relates to year-over-year changes in operational results by jurisdiction.

On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act of 2025 which includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act. Certain provisions are effective for the Company beginning fiscal year 2026. The impacts of these provisions to fiscal year 2026 and beyond are not expected to be material.

***Selected Quarterly Financial Information***

The following tables set forth selected unaudited quarterly combined statement of operations data for each of the eight fiscal quarters ended October 24, 2025. The information for each of these quarters has been prepared in accordance with U.S. GAAP on the same basis as our audited historical combined financial information included elsewhere in this prospectus and includes normal recurring adjustments, necessary for the fair statement of the results of operations for these periods. These quarterly results are not necessarily indicative of our results of operations to be expected for any future period. This data should be read in conjunction with our combined financial statements and the related notes included elsewhere in this prospectus.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **October 24, 2025** | **July 25, 2025** | **April 25, 2025** | **January 24, 2025** | **October 25, 2024** | **July 26, 2024** | **April 26, 2024** | **January 26, 2024** |
| Net sales | $752 | $723 | $724 | $687 | $682 | $623 | $653 | $635 |
| Cost of products sold | 323 | 314 | 319 | 292 | 296 | 281 | 279 | 254 |
| **Gross profit**  | 428 | 409 | 405 | 395 | 386 | 342 | 374 | 382 |
| Research and development expense | 111 | 125 | 107 | 112 | 112 | 105 | 113 | 110 |
| Selling, general, and administrative expenses | 293 | 283 | 276 | 268 | 271 | 265 | 276 | 267 |
| Certain litigation charges |  | 17 | 165 |  |  |  |  |  |
| Other operating expense (income), net | 9 | (2) | 4 | (7) | (4) | (1) | 14 | 3 |
| **Operating profit (loss)**  | $16 | $(13) | $(148) | $21 | $7 | $(27) | $(30) | $2 |

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**Non-GAAP Measures**

In addition to our financial results determined in accordance with U.S. GAAP, we present certain financial measures that facilitate management's review of the operational performance of the Company and as a basis for strategic planning; however, such financial measures are not presented in our financial statements prepared in accordance with U.S. GAAP. These financial measures are considered "non-GAAP financial measures" and are intended to supplement, and should not be considered as superior to, financial measures presented in accordance with U.S. GAAP. These include Organic Revenue Growth, Adjusted Gross Profit, and Adjusted EBITDA. We believe that non-GAAP financial measures provide information useful to investors in understanding our underlying operational performance and trends and may facilitate comparisons with the performance of other companies in the medical technologies industry.

In addition to our financial results determined in accordance with U.S. GAAP, we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial measures to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures, when taken together with the corresponding U.S. GAAP financial measures,

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provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook.

In particular, we believe that the use of Organic Revenue Growth, Adjusted Gross Profit, and Adjusted EBITDA are helpful to our investors as they are metrics used by management to assess the health of our business and our operating performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. In evaluating the non-GAAP financial information presented, investors should be aware that in the future that the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation and the Company's presentation of non-GAAP information should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.

A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures, and not to rely on any single financial measure to evaluate our business.

***Organic Revenue Growth***

Organic Revenue Growth measures our revenue growth trends excluding the impacts of foreign currency rate fluctuations and adjustments to the Company's Italian payback accrual for certain prior years since 2015, which is further described in Note 14, "Commitments and Contingencies," to the audited annual combined financial statements and Note 13, "Commitments and Contingencies," to the unaudited condensed combined financial statements included elsewhere in this prospectus. We use Organic Revenue Growth to assess our performance on a consistent basis by removing the impacts of foreign currency rate fluctuations and adjustments to the Italian payback accrual that we believe do not directly reflect our underlying operations.

The following table presents a reconciliation of U.S. GAAP net sales to Organic Revenue Growth for the six months ended October 24, 2025.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** | **Six months ended** |
| | **Reported net sales** | **Reported net sales** | **Reported net sales** | **Adjustments** | **Adjustments** | **Organic revenue** | **Organic revenue** | **Organic revenue** |
| **(Dollars in millions)** | **October 24, 2025** | **October 25, 2024** | **Growth** | **October 24, 2025** <sup>(3)</sup> | **October 25, 2024** <sup>(4)</sup> | **October 24, 2025** <sup>(3)</sup> | **October 25, 2024** <sup>(4)</sup> | **Growth** |
| U.S. <sup>(1)</sup> | $437 | $437 | (0.1)% | $— | $— | $437 | $437 | (0.1)% |
| International <sup>(2)</sup> | 1038 | 867 | 19.7 | 52 | (20) | 986 | 887 | 11.1 |
| Total | $1475 | $1304 | 13.1% | $52 | $(20) | $1423 | $1325 | 7.4% |

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________________

(1)U.S. includes the United States and U.S. territories.

(2)International includes all other non-U.S. countries.

(3)The six months ended October 24, 2025 excludes $52 million of revenue adjustments, including $7 million reduction in the Italian payback accruals due to changes in estimates as a result of the Legislative Decree published by the Italian government on June 30, 2025 for years 2015 to 2018 and $45 million of favorable currency impact on the remaining net sales. The currency impact to net sales measures the change in net sales between current and prior year periods using constant exchange rates.

(4)The six months ended October 25, 2024 excludes $20 million of revenue adjustments related to incremental Italian payback accruals as a result of the two July 22, 2024 rulings by the Constitutional Court of Italy for certain prior years since 2015.

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The following table presents a reconciliation of U.S. GAAP net sales to Organic Revenue Growth for fiscal year 2025.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** |
| | **Reported net sales** | **Reported net sales** | **Reported net sales** | **Adjustments** | **Adjustments** | **Organic revenue** | **Organic revenue** | **Organic revenue** |
| **(Dollars in millions)** | **2025** | **2024** | **Growth** | **2025** <sup>(3)</sup> | **2024** | **2025** <sup>(3)</sup> | **2024** | **Growth** |
| U.S. <sup>(1)</sup> | $903 | $833 | 8.4% | $— | $— | $903 | $833 | 8.4% |
| International <sup>(2)</sup> | 1812 | 1636 | 10.8 | (39) |  | 1851 | 1636 | 13.1 |
| Total | $2715 | $2469 | 10.0% | $(39) | $— | $2754 | $2469 | 11.5% |

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________________

(1)U.S. includes the United States and U.S. territories.

(2)International includes all other non-U.S. countries.

(3)Fiscal year 2025 excludes $39 million of revenue adjustments, including $20 million of incremental Italian payback accruals as a result of the two July 22, 2024 rulings by the Constitutional Court for certain prior years since 2015 and $19 million of unfavorable currency impact on the remaining net sales. The currency impact to net sales measures the change in net sales between current and prior year periods using constant exchange rates.

The following table presents a reconciliation of U.S. GAAP net sales to Organic Revenue Growth for fiscal year 2024.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fiscal year** |
| | **Reported net sales** | **Reported net sales** | **Reported net sales** | **Adjustments** | **Adjustments** | **Organic revenue** | **Organic revenue** | **Organic revenue** |
| **(Dollars in millions)** | **2024** | **2023** | **Growth** | **2024** <sup>(3)</sup> | **2023** | **2024** <sup>(3)</sup> | **2023** | **Growth** |
| U.S. <sup>(1)</sup> | $833 | $832 | 0.1% | $— | $— | $833 | $832 | 0.1% |
| International <sup>(2)</sup> | 1636 | 1413 | 15.8 | 31 |  | 1605 | 1413 | 13.6 |
| Total | $2469 | $2245 | 10.0% | $31 | $— | $2438 | $2245 | 8.6% |

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________________

(1)U.S. includes the United States and U.S. territories.

(2)International includes all other non-U.S. countries.

(3)Fiscal year 2024 excludes $31 million of revenue adjustments related to favorable currency impact. The currency impact to net sales measures the change in net sales between current and prior year periods using constant exchange rates.

***Adjusted Gross Profit***

Adjusted Gross Profit measures our gross profit excluding the impact of factors unrelated to overall operating performance. Management uses Adjusted Gross Profit to assess our overall performance on a consistent basis by removing the impact of certain items that we believe do not directly reflect our underlying operations. We calculate Adjusted Gross Profit as U.S. GAAP gross profit, adjusted for the amortization of intangible assets and certain other non-operational items.

The following table presents a reconciliation of U.S. GAAP gross profit to Adjusted Gross Profit for the six months ended October 24, 2025 and October 25, 2024.

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| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| Gross Profit | $838 | $728 |
| Adjustments: |  |  |
| Amortization of intangible assets | 12 | 12 |
| Other adjustments <sup>(1)</sup> | (7) | 20 |
| **Adjusted Gross Profit (non-GAAP)**  | $843 | $760 |

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(1)Reflects adjustments to the Company's Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015.

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The following table presents a reconciliation of U.S. GAAP gross profit to Adjusted Gross Profit for fiscal years 2025, 2024, and 2023.

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Gross Profit | $1528 | $1436 | $1308 |
| Adjustments: |  |  |  |
| Amortization of intangible assets | 24 | 24 | 24 |
| Other adjustments <sup>(1)</sup> | 20 |  |  |
| Restructuring and associated costs <sup>(2)</sup> |  | 1 | 8 |
| Costs to comply with medical device regulations <sup>(3)</sup> | 1 | 2 | 1 |
| **Adjusted Gross Profit (non-GAAP)**  | $1573 | $1463 | $1341 |

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__________________

(1)Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.

(2)These charges primarily include salaries and wages for employees that are fully dedicated to restructuring programs as well as consulting expenses directly related to the restructuring efforts.

(3)The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

***Adjusted EBITDA***

Adjusted EBITDA is a non-GAAP financial measure that we use to assess our overall performance. Management uses Adjusted EBITDA for business planning purposes as this measure facilitates internal comparisons of our historical operating performance on a more consistent basis. We calculate Adjusted EBITDA as Net Loss before interest, taxes, depreciation, and amortization, further adjusted to remove the impact of certain other non-operational items.

The following table presents a reconciliation of U.S. GAAP net loss to Adjusted EBITDA for the six months ended October 24, 2025 and October 25, 2024.

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| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| Net loss | $(21) | $(23) |
| Income tax provision | 23 | 3 |
| Depreciation and amortization | 78 | 68 |
| Adjustments: |  |  |
| Stock-based compensation | 26 | 22 |
| Certain litigation charges <sup>(1)</sup> | 17 |  |
| Restructuring and associated costs <sup>(2)</sup> | 4 | 6 |
| Other adjustments <sup>(3)</sup> | (7) | 20 |
| Transaction costs <sup>(4)</sup> | 7 |  |
| Losses on minority investments <sup>(5)</sup> | 1 |  |
| Costs to comply with medical device regulations <sup>(6)</sup> |  | 1 |
| **Adjusted EBITDA**  | $128 | $96 |

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__________________

(1)These charges relate to the Diabetes Pump Retainer Ring litigation.

(2)The charges primarily relate to employee termination benefits and consulting expenses directly related to the restructuring efforts.

(3)Reflects adjustments to the Company's Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015.

(4)These charges represent costs incurred associated with the Separation.

(5)We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

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(6)The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs.

The following table presents a reconciliation of U.S. GAAP net loss to Adjusted EBITDA for fiscal years 2025, 2024, and 2023:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Net loss | $(198) | $(107) | $(92) |
| Provision for taxes | 52 | 38 | 16 |
| Depreciation and amortization | 143 | 129 | 115 |
| Adjustments: |  |  |  |
| Stock-based compensation | 41 | 38 | 35 |
| Certain litigation charges <sup>(1)</sup> | 165 |  |  |
| Restructuring and associated costs <sup>(2)</sup> | 25 | 29 | 52 |
| Other adjustments <sup>(3)</sup> | 20 |  |  |
| Transaction costs <sup>(4)</sup> | 3 |  |  |
| Costs to comply with medical device regulations <sup>(5)</sup> | 1 | 2 | 1 |
| Losses on minority investments <sup>(6)</sup> | 1 | 1 | 7 |
| Acquisition-related costs <sup>(7)</sup> |  | 17 | 2 |
| **Adjusted EBITDA**  | $253 | $147 | $136 |

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__________________

(1)These charges relate to a contractual dispute resolution under one of the Diabetes product funding arrangements.

(2)Associated costs primarily include salaries and wages for employees that are fully-dedicated to restructuring programs as well as consulting expenses directly related to the restructuring efforts.

(3)Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.

(4)These charges represent costs incurred associated with the Separation.

(5)The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

(6)We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(7)These charges primarily relate to losses on foreign currency forward contracts entered into in advance of a previously contemplated business combination.

**Liquidity and Capital Resources**

***Liquidity***

We measure liquidity in terms of our ability to fund the cash requirements of our business operations, including working capital needs, investments in research and development, property, plant, and equipment, and other operating costs. As of October 24, 2025, we had $8 million in cash and cash equivalents.

Our working capital requirements, capital expenditures, and investment opportunities have historically been satisfied as part of Medtronic's corporate-wide cash management and centralized funding programs. We will continue to be funded through Medtronic's cash management strategy through the anticipated separation. Following the Separation, we will no longer participate in Medtronic's cash management strategy, and our capital structure, sources of liquidity, and operating needs will change from our historical capital structure, sources of liquidity, and operating needs.

As part of the Separation, we intend to use part of the net proceeds from this offering to repay (or cause one or more of our subsidiaries to repay) $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in principal amount of intercompany debt owed to Medtronic. After giving effect to the settlement of this intercompany debt, we expect to retain approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of the net proceeds of this offering. In connection with the Separation, we intend to enter into a revolving credit facility

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providing for a five-year senior secured revolving credit facility in an aggregate principal amount of $500 million available in U.S. dollars and certain approved alternative currencies, with commitments available upon completion of this offering and expected to be undrawn at closing.

Following the Separation, our ability to fund our operating needs will depend on net proceeds from this offering, our ability to generate positive cash flow from operations, and funds available under the Revolving Credit Facility, as well as on our ability to obtain additional debt financing on acceptable terms or to issue additional equity or equity-linked securities not anticipated in this prospectus. We believe the net proceeds from this offering, together with our existing cash and cash equivalents, funds provided by operating activities, and funds available under the Revolving Credit Facility, taken as a whole, will provide adequate liquidity to meet all of our obligations for at least 12 months from the date of the Separation. For additional details regarding the expected net proceeds of this offering and the Revolving Credit Facility, see "Use of Proceeds" and "Description of Certain Indebtedness."

***Summary of Cash Flows for the six months ended October 24, 2025 and October 25, 2024***

The following table is a summary of cash provided by (used in) operating, investing, and financing activities, and the net change in cash and cash equivalents:

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| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| **Cash provided by (used in):** | | |
| Operating activities | $(93) | $33 |
| Investing activities | (124) | (86) |
| Financing activities | 215 | 10 |
| Net change in cash and cash equivalents | $(2) | $(44) |

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*Operating Activities*

The $126 million increase in net cash used in operating activities was primarily driven by an increase in certain litigation payments and cash paid to vendors partially offset by an increase in cash collected from customers due to an increase in sales.

*Investing Activities*

The $38 million increase in net cash used in investing activities was primarily due to an increase in net additions to property, plant, and equipment of $28 million.

*Financing Activities*

There was a $205 million increase in net cash provided by financing activities. The financing activities cash flows primarily reflect transfers from the Parent of $215 million for the six months ended October 24, 2025 and $9 million for the six months ended October 25, 2024. These transfers are utilized by the Company for general operating and investing activities. For further detail on the transfers from the Parent, refer to Note 1, "Description of the Business and Basis of Presentation," to the unaudited condensed combined financial statements included elsewhere in this prospectus.

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***Summary of Cash Flows for the Fiscal Years Ended April 25, 2025, April 26, 2024, and April 28, 2023***

The following table is a summary of cash provided by (used in) operating, investing, and financing activities, and the net change in cash and cash equivalents:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| **Cash provided by (used in):** |  |  |  |
| Operating activities | $140 | $41 | $(6) |
| Investing activities | (193) | (157) | (180) |
| Financing activities | 10 | 112 | 185 |
| Net change in cash and cash equivalents | $(43) | $(4) | $(1) |

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*Operating Activities*

The $99 million and $47 million increase in net cash provided by operating activities from fiscal year 2024 to fiscal year 2025 and from fiscal year 2023 to fiscal year 2024, respectively, was primarily driven by an increase in cash collected from customers due to an increase in sales, partially offset by an increase in cash paid to vendors.

*Investing Activities*

The $36 million increase in net cash used in investing activities from fiscal year 2024 to fiscal year 2025 was primarily due to an increase in net additions to property, plant, and equipment of $45 million.

The $23 million decrease in net cash used in investing activities from fiscal year 2023 to fiscal year 2024 was primarily due to a decrease in net additions to property, plant, and equipment of $19 million.

*Financing Activities*

There was a $102 million decrease in net cash provided by financing activities from fiscal year 2024 to fiscal year 2025. The financing activities cash flows primarily reflect transfers from the Parent of $12 million for fiscal year 2025 and $112 million for fiscal year 2024. These transfers are utilized by the Company for general operating and investing activities. For further detail on the transfers from the Parent, refer to Note 1, "Description of the Business and Basis of Presentation," to the audited combined financial statements included elsewhere in this prospectus.

There was a $73 million decrease in net cash provided by financing activities from fiscal year 2023 to fiscal year 2024. The financing activities cash flows primarily reflect transfers from the Parent of $112 million for fiscal year 2024, and $182 million for fiscal year 2023. These transfers are utilized by the Company for general operating and investing activities. For further detail on the transfers from the Parent, refer to Note 1, "Description of the Business and Basis of Presentation," to the audited combined financial statements included elsewhere in this prospectus.

***Contractual Obligations and Cash Requirements***

*Leases*

We have entered into various operating leases for certain office, manufacturing, and research facilities and warehouses, as well as transportation and other equipment. For a description of our contractual obligations related to leases, refer to Note 11, "Leases," to the annual audited combined financial statements and Note 10, "Leases," to the unaudited condensed combined financial statements included elsewhere in this prospectus.

*Research and Development Arrangements*

Medtronic entered into certain arrangements with Blackstone pursuant to which Medtronic received funding related to the development of specific Diabetes products. For more information on our research and development

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arrangements, refer to Note 13, "Research and Development Funding Arrangements," to the annual audited combined financial statements and Note 12, "Research and Development Funding Arrangements," to the unaudited condensed combined financial statements included elsewhere in this prospectus.

**Critical Accounting Estimates**

Our combined financial statements were prepared in accordance with U.S. GAAP. The preparation of our combined financial statements and related disclosures requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses. We base our estimates on historical experience, economic and market conditions, known trends and events, and various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

While our significant accounting policies are described in more detail in Note 2, "Summary of Significant Accounting Policies," to the annual audited combined financial statements included elsewhere in this prospectus, we believe that the following accounting policies are the most critical to the judgments and estimates used in the preparation of our combined financial statements.

***Revenue Recognition***

Revenue recognition on our products varies depending on the amount of consideration we ultimately receive due to return terms, sales rebates, discounts, and other incentives, which are accounted for as variable consideration. The estimate of variable consideration for rebates and other adjustments is considered critical due to the materiality of the balances and use of estimates. Estimates for rebates and other adjustments are based on sales terms, historical experience, expected volumes, and trend analysis. The Company considers the lag time between the point of sale and payment of the rebate claim, the stated rebate rates, and other relevant information to estimate rebates.

At October 24, 2025, April 25, 2025, and April 26, 2024, there were $93 million, $89 million, and $54 million of rebates and other adjustments recorded in the combined balance sheets, respectively. During fiscal year 2025, the Company recognized $20 million of incremental Italian payback accrual resulting from the July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015. During the six months ended October 24, 2025, the Company decreased its accrual for the Italian payback by $7 million resulting from the June 30, 2025 legislative decree published by the Italian government and formalized into law in August 2025 confirming a reduction of the amounts due for years 2015 to 2018. Other adjustments to variable consideration during the six months ended October 24, 2025 and fiscal year 2025 were not material.

***Litigation Contingencies***

As further described in Note 14, "Commitments and Contingencies," to the annual audited combined financial statements and Note 13, "Commitments and Contingencies," to the unaudited condensed combined financial statements included elsewhere in this prospectus, we are involved in a number of legal actions from time to time involving product liability, employment, intellectual property and commercial disputes, environmental proceedings, tax disputes, and governmental proceedings and investigations.

Litigation and product liability matters are inherently uncertain, and the outcomes of individual matters are difficult to predict and quantify. As such, significant judgment is required in determining our legal and product liability accruals, including determination of whether a potential loss is probable, reasonably possible, or remote as well as whether a potential exposure is reasonably estimable. We base our judgments on the best information available at the time. Our estimates related to our legal and product liability accruals may change as additional information becomes available to us, including information related to the nature or existence of claims against us, trial court or appellate proceedings, and mediation, arbitration or settlement proceedings. Any revision of our estimates of potential liability could have a material impact on our financial position and operating results.

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***Income Tax Reserves***

We establish reserves when, despite our belief that our tax return positions are fully supportable, we believe that certain positions are likely to be challenged and that we may or may not prevail. Under U.S. GAAP, if we determine that a tax position will more likely than not be sustained upon audit, based solely on the technical merits of the position, we recognize the benefit. We measure the benefit by determining the amount that is greater than 50 percent likely to be realized upon settlement. We presume that all tax positions will be examined by a taxing authority with full knowledge of all relevant information. The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations in a multitude of jurisdictions across our global operations.

We regularly monitor our tax positions and tax liabilities. We reevaluate the technical merits of our tax positions and recognize an uncertain tax benefit, or derecognize a previously recorded tax benefit, when there is (i) a completion of a tax audit, (ii) effective settlement of an issue, (iii) a change in applicable tax law including a tax case or legislative guidance, or (iv) the expiration of the applicable statute of limitations. These reserves are subject to a high degree of estimation and management judgment. Although we believe that we have adequately reserved for liabilities resulting from tax assessments by taxing authorities, positions taken by these tax authorities could have a material impact on our financial position and operating results.

***Valuation of Goodwill***

Goodwill attributed to the Company represents the historical goodwill balances in the Parent's Diabetes business arising from acquisitions specific to the Company. Goodwill is the excess of the purchase price over the estimated fair value of identified net assets of acquired businesses. Determining the fair value requires us to make significant estimates. These estimates include the amount and timing of projected future cash flows of each project or technology, the discount rate used to discount those cash flows to present value, and the assessment of the asset's life cycle. The estimates could be impacted by legal, technical, regulatory, economic, and competitive risks.

We have one goodwill reporting unit. We assess the impairment of goodwill at the reporting unit level annually as of the first day of the third quarter and whenever an event occurs or circumstances change that would indicate that the carrying amount may be impaired. The test for impairment of goodwill requires us to make several estimates related to projected future cash flows to determine the fair value of the goodwill reporting units. We estimated the fair value of these reporting units using the income and the market approaches, weighted 50 percent each. Fair value under the income approach was determined by discounting to present value the estimated future cash flows of the reporting unit. Fair value under the market approach utilized revenue multiples using comparable public company information, which uses valuation indicators determined from other businesses that are similar to our reporting unit. We use estimates that are consistent with the highest and best use of the assets based on a market participant's view of the assets being evaluated.

The most critical assumptions used in the calculation of the fair value of each reporting unit are the projected revenue, projected future cash flows, and discount rate. Our forecast of future cash flows is based on estimates of projected revenue, based primarily on pricing, raw material costs, market share, industry outlook, general economic conditions and strategic actions to improve our earnings. The fair value of the reporting unit's goodwill is sensitive to differences between estimated and actual cash flows, including changes in the projected revenue and discount rate used to evaluate the fair value of the reporting unit.

The following table highlights the sensitivities of the most critical assumptions used in the goodwill impairment test as of the date of our annual fiscal year 2025 testing.

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| | |
|:---|:---|
| ***Assumption:*** | |
| Approximate % by which the fair value exceeds the carrying value based on annual impairment test | 63% |
| Approximate % by which the fair value exceeds the carrying value if the discount rate were to increase 1% | 51% |
| Approximate % by which the fair value exceeds the carrying value if the future cash flows in the income approach and revenue in the market approach were to decrease by 5% | 56% |

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Although we believe our estimate of fair value is reasonable, actual results may differ from our estimates due to a number of factors including, among others, changes in competitive conditions, timing of regulatory approval, results of clinical trials, changes in worldwide economic conditions, and fluctuations in currency exchange rates.

Refer to Note 6 "Goodwill and Intangible Assets," to the annual audited combined financial statements and to the unaudited condensed combined financial statements included elsewhere in this prospectus for further information.

***Warranty Reserve***

The estimates for warranty is considered critical due to the materiality of the balances and use of estimates. The Company estimates future warranty costs by analyzing historical and anticipated rates of warranty claims and the number and cost of units sold. Changes to the actual replacement rate or expected product replacement cost could cause a material increase or decrease to the estimated warranty reserve and related cost of products sold. The Company assesses the adequacy of the warranty reserves on a quarterly basis and adjusts these amounts as necessary.

At October 24, 2025, April 25, 2025, and April 26, 2024, there were $60 million, $57 million, and $65 million of accrued warranties recorded in the consolidated balance sheets, respectively. During the six months ended October 24, 2025 and fiscal year 2025, adjustments to warranties recorded in prior periods were not material.

**Recently Issued and Adopted Accounting Standards**

Information regarding new accounting pronouncements is included in Note 2, "Summary of Significant Accounting Policies," to the annual audited combined financial statements and Note 2, "New Accounting Pronouncements," to the unaudited condensed combined financial statements included elsewhere in this prospectus.

**Quantitative and Qualitative Disclosures About Market Risk**

***Currency Exchange Rate Risk***

Our operations are primarily located in the United States, but we operate in approximately 80 countries globally. A significant portion of our sales are from EMEA, where fluctuations in the rate of exchange between the U.S. dollar and the local currency could adversely affect our financial results, including income and losses as well as assets and liabilities. During the six months ended October 24, 2025 and fiscal years 2025, 2024, and 2023, the Company's net sales in international markets were approximately 70%, 67%, 66%, and 63%, respectively, of the total Company net sales.

Due to the global nature of our operations, we are exposed to currency exchange rate changes, which may cause fluctuations in earnings and cash flows. For example, a 10% strengthening or weakening of the major non-U.S. currencies against the U.S. dollar in the six months ended October 24, 2025 and fiscal years 2025, 2024, and 2023 would have resulted in an increase/decrease to net sales by approximately $105 million, $180 million, $160 million, and $140 million, respectively.

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**BUSINESS**

*This section discusses the Company assuming the completion of all of the transactions described in this prospectus, including the Separation. All monetary amounts discussed in this section are in millions of U.S. dollars, unless otherwise indicated.*

**Introduction**

We are a scaled global medical technology company that develops, manufactures, and markets a comprehensive suite of solutions for the management of diabetes. Since our founding more than 40 years ago, we have pioneered groundbreaking innovation and served the needs of our customers across the globe in service of our mission to make every day a better day for people with diabetes.

Today, we are the only player in the market that commercializes all parts of an integrated diabetes management system. This allows us to provide a five-star customer experience: an easier and consistent user experience, seamless integration, privacy and security, optimized performance and reliability, and our pioneering and industry-leading dosing algorithm, based on TIR outcomes in real-world data. This differentiated value proposition is designed to solve two key problems for PWD. First, we believe our products deliver superior health outcomes, when measured against EASD and ADA guidelines, by effectively and measurably improving glycemic control compared to other available treatment options and competing products. By enhancing glycemic control, our products can help reduce long-term complications of diabetes, improve longevity and quality of life, and reduce associated costs to health systems. Second, our customer experience reduces or substantially eliminates the burden of diabetes management for users, their families, their caregivers, and their HCPs.

Diabetes is a chronic, life-threatening disease that affects the body's production of and response to insulin, a hormone produced by the pancreas that is critical to the metabolism of glucose. It is a global epidemic, with 589 million PWD globally, according to the 2025 IDF World Atlas. The disease has no known cure and brings with it significant short and long-term health impacts, including risk of serious comorbidities. Managing diabetes is a 24/7 challenge that greatly impacts the overall quality of life of the person with diabetes as well as his or her family. People with T1D as well as those with T2D who require background (basal) and mealtime (bolus) insulin must self-administer insulin multiple times per day and continuously monitor their blood glucose levels to inform their insulin dosing.

We serve PWD who require intensive insulin therapy, which represents all people with T1D and a subset of those with T2D. We address this market by offering various diabetes technologies, including insulin delivery devices (primarily insulin pumps and pens), CGMs, other consumables, supplies, and related software and services. In total, we estimate the current market for our diabetes technologies and other offerings to be over $18 billion, based on last twelve months ended September 2025 revenue from public filings of leading diabetes device manufacturers as identified by Seagrove Partners. As of the time of this offering, we utilize a dual-channel approach in the United States where we distribute the majority of our products through the DME channel and only a small percentage of our products through the pharmacy channel, whereas our market estimate includes companies that have broad coverage in the pharmacy channel. Our market is expected to grow at a compound annual growth rate above 10% from 2025 through at least 2030, according to Seagrove Partners' November 2025 market model, driven by the adoption of advanced diabetes management technologies, like ours, which are currently underpenetrated in the market. The primary medical specialists who use and/or prescribe our products are endocrinologists, diabetologists, nurse practitioners, physician assistants, and PCPs.

Our platform of simple and clinically effective solutions for PWD requiring insulin therapy includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Automated Insulin Delivery (AID) Systems*: Integrated solutions for glucose sensing and automated insulin dosing and administration, delivering superior glycemic control. Our system is composed of an insulin pump that administers insulin, consumable insulin infusion sets and reservoirs, a CGM sensor that measures blood glucose levels, and a Smart Dosing algorithm that is designed to mimic how a healthy pancreas works. In our AID system, real-time CGM readings inform our Smart Dosing algorithm, which provides automatic adjustments and corrections to insulin pump dosing every five minutes based on target blood glucose settings and Meal Detection technology. This algorithm automatically informs insulin

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administration and wraparound applications, software, and services for users, caregivers, and HCPs, allowing users and caregivers to track and control their treatment through compatible smartphone applications. Our AID systems include our second-generation MiniMed 780G system, as well as our older MiniMed 770G, MiniMed 740G, MiniMed 720G, and MiniMed 630G systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Smart Multiple Daily Injection (MDI) System*: For those who prefer to self-administer insulin by manual injections or seek freedom from on-body devices, Smart MDI systems offer an integrated solution for sensing, dosing, and administration. Our Smart MDI system includes InPen (our Smart Insulin Pen for insulin administration), Simplera or Guardian 4 (our CGM), and wraparound applications and services. Our Bluetooth-enabled smart insulin pens connect with our Smart Dosing software and intuitive mobile app, which can track and personalize insulin dosing suggestions based on CGM sensor readings, including suggestions for mealtime and correction doses.

Today, we are the only company that commercializes all the constituent parts of these advanced solutions for diabetes therapy. We believe that other players in our market specialize in CGM sensors or insulin pumps and dosing algorithms, and therefore need to establish strategic partnerships and share data in order to offer Smart Dosing solutions. We believe that our presence in all parts of the Smart Dosing ecosystem is a significant advantage over our competitors because it can result in a more effective user experience, relieving some of the burdens of existing diabetes technology. Additionally, our data advantage in having both CGM and insulin data allows us to be more effective in developing high-quality products that drive better clinical outcomes, especially in the iterative, data-rich development of insulin dosing algorithms.

Our products deliver differentiated clinical efficacy and customer satisfaction. We believe our solutions have demonstrated superiority over the current standard of care of administering insulin through MDI manually with only a standalone unconnected BGM or CGM to inform dosing. An analysis of real-world evidence from a global dataset of approximately 400,000 users demonstrated that 80% of MiniMed 780G ROS users (16% of all users were ROS users), and 61% of all MiniMed 780G users, achieved >70% TIR. In a randomized controlled study, MiniMed 780G showed a clinically significant 1.4% absolute improvement in A1C as compared to the current standard of care as described above.

A 2024 meta-analysis of competing systems showed that our MiniMed 780G systems outperformed against other competing products on TIR. We believe meta-analyses and comparisons of published real-world data are robust and valid ways to compare the glycemic outcomes of our devices with those of third-party devices. Peer-reviewed meta-analyses with broad acceptance criteria and analyses like random-effects frequentist network meta-analyses provide results with confidence intervals and offer robust statistical conclusions supporting comparison of devices using available clinical trial data. Further, large bodies of real-world evidence offer a strong means of mitigating these biases and normalizing many of the specific clinical and demographic variables that exist in the real-world use of AID systems.

While meta-analysis can provide valuable insights by aggregating data from multiple studies, this approach has inherent limitations. The methodology relies on indirect comparisons, which may introduce biases due to variations in study design, populations, and analytical approaches. Without direct comparative trials, differences in outcomes between interventions may not be adequately assessed, leading to potential uncertainties in the interpretation of results. Accordingly, investors should exercise caution when considering findings derived from meta-analysis as conclusive evidence.

Direct head-to-head clinical studies have not been conducted comparing modern AID systems at the time of this offering. Additionally, individual device clinical studies often offer small sample sizes with potential for investigator selection bias, volunteer bias on the part of the participant, and attention bias given the close follow-up during the trial. These biases, which are inherent in industry-sponsored trials, may result in a best-case scenario or non-representative outcome.

We believe our clinical performance is driven by our advanced SmartGuard dosing algorithms, which safely and automatically adjust insulin pump dosing every five minutes. An international group of experts in diabetes technology convened prior to the 2025 ATTD Congress and recommended establishing a tighter glycemic goal

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referred to as time in tight range (TITR). The goal for the percent of time that PWD should be in that range was targeted to be >55% as of fiscal year 2025. The reason that there is a movement to tighten the recommendation is that 70-140 mg/dL range is close to "normal," *i.e.*, where glucose for people without diabetes resides 96% of the time. As of fiscal year 2025, which ended April 25, 2025, the MiniMed 780G is the only system on the market with published data on TITR showing >55% in children and adult ROS users (5.4% of children and 5.3% of adult users were ROS users), and TITR showing >48% in all children and all adults. Because it is a new guideline, TITR has not been consistently reported or addressed in studies assessing the performance of competing systems and therapies. We regularly review the scientific literature and published data of competing systems and determined that, as of the time of this offering, competing systems and therapies do not have published TITR performance data suitable for comparison. Therefore, we have concluded that the MiniMed 780G is the only system on the market with published data on TITR showing >55% in children and adults using the recommended settings.

In terms of user experience, the MiniMed 780G has maintained the number one pump satisfaction in the United States since Q2 2024, according to pump satisfaction survey results from dQ&A's Q2 2025 U.S. Diabetes Patient Voice report. Our leading clinical and user performance has earned our status as a recognized and trusted brand in the diabetes space.

We continue to build on this position by developing innovative diabetes technologies that improve treatment and relieve burdens for PWD. Our global research and development function is focused on a number of priorities. We continue to execute on launches of our second-generation AID systems, which began with the EU launch of our Simplera Sync CGM sensor in 2024 and has continued in the United States where we launched our Simplera Sync CGM sensor in September 2025. Along with Simplera Sync, we received U.S. FDA clearance of our SmartGuard algorithm as an iAGC and MiniMed 780G as an ACE pump, which will enable compatibility between the MiniMed 780G system and Instinct. We have also submitted for CE Mark approval. Our third-generation AID systems are designed to utilize each of these sensors, and include our smaller MiniMed Flex insulin pump, which we have submitted for U.S. FDA approval and plan to submit for CE Mark approval by the end of the first quarter of calendar year 2026, and our MiniMed Fit patch pump with extended wear, which we aim to submit for U.S. FDA approval by the fall of calendar year 2026 and CE Mark approval thereafter. Bringing together these important hardware improvements is our next-generation Vivera dosing algorithm, which meaningfully eliminates user intervention. With these innovations, we believe we are poised to extend our category leadership, driving toward a future where diabetes management can be "hands free" with simple, highly effective insulin dosing technology that safely and reliably delivers appropriate insulin doses and achieves glycemic targets for all.

In the six months ended October 24, 2025 and in fiscal year 2025, we generated $1.5 billion and $2.7 billion, respectively, in revenue, of which 83% and 80% came from sales of CGMs, other consumables, software, and services. We are unmatched in our global presence among our key competitors, with OUS revenue representing 70% and 67% of our total revenue in the six months ended October 24, 2025 and in fiscal year 2025, respectively. We are the global leader in insulin pumps by users according to Seagrove Partners' November 2025 GlobeVIEW Scoreboard, servicing more than 640,000 pump users in approximately 80 countries as of October 2025. In the six months ended October 24, 2025, we achieved Net Loss of $21 million and Adjusted EBITDA of $128 million. In fiscal year 2025, we achieved Net Loss of $198 million and Adjusted EBITDA of $253 million. Our Net Loss represented 1% and our Adjusted EBITDA represented 9% of our revenue during the six months ended October 24, 2025, and 7% and 9%, respectively, of our revenue during fiscal year 2025. We aim to achieve profitable growth

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with our strategy. For additional information about these non-GAAP measures, including a reconciliation of each of these non-GAAP measures to its most directly comparable financial measure calculated in accordance with U.S. GAAP, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures."

**Our History**

For over four decades, we have shaped the evolution of diabetes management, turning bold ideas into life-changing innovations. From the first insulin pumps to today's AID systems, we have consistently led the way, transforming the lives of patients living with diabetes. Our mission-focused team continues to build on this rich heritage as we develop the next generation of diabetes technology.

***Pioneering the First Portable Insulin Pumps (1980s)***

In the early 1980s, diabetes management was a daily struggle of multiple daily injections, unpredictable blood sugar levels, and constant vigilance. This was when Alfred E. Mann, a medical device pioneer and biotech entrepreneur, founded MiniMed with the introduction of the MiniMed 502 insulin pump. MiniMed's early insulin pumps offered continuous subcutaneous insulin infusion (CSII), enabling improved blood sugar control. These pumps were smaller and more wearable compared to earlier, bulky designs. These early developments provided patients with an additional category of therapy options, enabling more freedom and flexibility in diabetes management. These pumps would lay the foundation for decades of new technology generations, through today's more sophisticated AID systems.

***Advancing Insulin Delivery with Smarter Technology (1990s)***

In the years that followed, MiniMed introduced a redesigned pump model that was more accurate and programmable, allowing users to adjust basal (background) and bolus (mealtime) insulin. The MiniMed 507 and 508 pumps were among the most advanced of their time, featuring customizable dosing and safety alarms. These new pump models delivered clinical improvements for users, including reduced hypoglycemia (low blood sugar) and improved long-term glucose control.

***Introducing Continuous Glucose Monitoring (CGM) (Late 1990s – Early 2000s)***

MiniMed launched the first CGM system in 1999. This was a breakthrough in diabetes care, helping patients understand how food, activity, and insulin affected their blood sugar, and helping HCPs determine appropriate therapy recommendations. Today, CGM has become a standard tool in diabetes management, reducing the risk of severe high and low glycemic episodes. On the back of this landmark innovation, Medtronic acquired MiniMed Inc. in 2001.

***Sensor-Augmented Pumps (Early 2000s – 2016)***

As a part of Medtronic, we have continued to develop groundbreaking technologies toward a long-term vision of a full automation for people to manage their diabetes. As HCPs and their patients became more comfortable with CGM technology, we developed sensor-augmented pumps. In 2006, the MiniMed Paradigm REAL-time System became the first U.S. FDA-approved integrated diabetes management system, which allowed users to connect their CGM to their pump to deliver data live. Our pump systems during this period continued to introduce improvements in connectivity and automated capabilities, such as the MiniMed Veo launched in 2009, which was the world's first pump with low glucose insulin delivery suspension capability—a foundational innovation in pump safety. In 2012, we introduced the mySentry, the first remote glucose monitor, allowing a parent or caregiver to monitor a patient's system from another room. These sensor-augmented pumps each represented a major step towards the development of eventual AID systems for PWD.

***The Dream of the Artificial Pancreas (2016 – Present)***

In 2016, our landmark innovation of the MiniMed 670G system introduced the world's first commercially available hybrid closed-loop system for T1D that automatically adjusts insulin dosing in real-time based on CGM readings and our sophisticated SmartGuard dosing algorithm. Combined with our SmartGuard dosing algorithm and

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Guardian CGM sensor, this introduction was our first-generation AID system. During this period, we also continued to introduce improvements across our broader solution ecosystem, including our CareLink therapy management software solutions, infusion sets and reservoirs, and Smart MDI System with InPen.

Today, we have fully commercialized our second-generation advanced closed-loop system, the MiniMed 780G, our most advanced insulin pump system. Combined with our Guardian 4 CGM sensor and now compatible with our next-generation Simplera Sync CGM sensor, we believe our system represents the closest technology available to an artificial pancreas, adjusting insulin automatically with limited manual intervention to make diabetes management easier, safer, and more effective.

As our technology has progressed, we have been able to deliver superior outcomes for PWD while decreasing the burden of disease management. Our systems have become increasingly automated, requiring less manual interaction by the user. The exhibit below demonstrates that users are able to achieve significantly improved TIR, corresponding to meaningful improvements in health outcomes.

**Figure C**

![figurec.jpg](figurec.jpg)

The MiniMed brand remains strong, representing decades of life-changing innovation for PWD. We strive to continue to build on our legacy of innovation and remain committed to our goal of continuing to raise the bar for clinical performance with simple, easy-to-use solutions that relieve burdens for our customers.

**Our Market**

***Overview of Diabetes***

Diabetes is a chronic, lifelong condition characterized by the body's inability to produce or effectively use insulin, a hormone essential for regulating blood glucose levels. There is no known cure, making proper management critical to avoid serious health complications.

Diabetes is typically classified into two major groups:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Type 1 diabetes (T1D) is an autoimmune condition which causes the body to attack insulin-producing beta cells in the pancreas. It is typically diagnosed in childhood or early adulthood. Since people with T1D are

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living longer than ever, the majority of people with T1D are adults. Individuals with T1D require daily insulin administration, or intensive insulin therapy, to manage their health.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Type 2 diabetes (T2D) is a metabolic condition that results from insulin resistance, where the body's cells do not respond effectively to insulin, often accompanied by reduced insulin production over time. It is strongly associated with lifestyle factors, such as obesity, inactivity, and diet, although genetics also play a role. In some cases, T2D can be managed with changes to diet and exercise regimes; however, if the condition progresses, more active management such as insulin therapy may become necessary.

***Prevalence and Global Impact***

Diabetes is a widespread global epidemic that impacts a large and growing population. According to the 2025 IDF Diabetes Atlas, an estimated 589 million people are living with diabetes worldwide, and that is expected to grow to more than 850 million by 2050.

The disease continues to be a major cause of mortality and morbidity, profoundly damaging the health and quality of life of people living with the disease. According to the 2025 IDF Diabetes Atlas, diabetes caused over 3.4 million deaths in 2024, corresponding to one death from diabetes every nine seconds, or 9.3% of global deaths from all causes. Poor diabetes treatment leads directly to other conditions, including as blindness, kidney failure, and cardiovascular disease. Diabetes is a leading worldwide global cause of kidney disease, blindness, and vision impairment in adults according to the NIH and the WHO. In 2020, over 800,000 people in the United States were on chronic dialysis or were living with a kidney transplant because of end-stage kidney disease due to diabetes. Worldwide, PWD have an increased risk by two to four times of developing cardiovascular disease, according to the IDF. Approximately 80% of all non-traumatic amputations were performed on PWD. Poorly controlled diabetes can cause major birth defects in 8-12% of all pregnancies. Additionally, according to the NIH, the prevalence of T1D in children is rising globally, making early intervention and effective management critical for long-term outcomes.

Diabetes has consistently been the costliest chronic disease in the United States. According to the ADA Economic Costs of Diabetes in the U.S. report (published every five years), costs related to diabetes represent over $400 billion, or about one of every four dollars of healthcare spending in the United States as of 2022. This represents an average annual cost of diabetes management of around $12,000 per PWD, and high expenses have also been observed in markets outside of the United States, particularly Europe.

*Diabetes Management*

Despite the health challenge that diabetes represents, treatments are available. When these tools are utilized effectively, PWD can make a significant difference in their health outcomes. In a landmark 1993 study from the New England Journal of Medicine, those who used intensive insulin management therapies, including an insulin pump or multiple daily insulin injections, were more than 50% less likely to experience serious complications such as retinopathy and neuropathy. We believe developing technology solutions that provide strong glycemic control and reduce the human burdens of the disease is a health imperative.

The landscape of diabetes medical technology for people with T1D and T2D includes a range of diagnostic and insulin therapy options. A subset of PWD, including all with T1D and some with T2D, require daily background (basal) and multiple mealtime (bolus) insulin infusion to regulate blood sugars. The primary dosing therapies utilized by this insulin-dependent population are insulin injections and insulin pumps, both of which are designed to supplement or replace the insulin-producing function of the pancreas. Insulin injections are often referred to as multiple daily injections, or MDI, and involve the person's use of syringes or insulin pens to inject insulin into the body. Insulin pumps, developed in the last few decades, are a significant medical advancement to MDI where a programmed device with an infusion set administers insulin into a person's body. To measure glucose levels, a large number of T1D patients in developed markets still use SMBG devices. SMBG involves utilizing a lancing device to draw a blood sample for a one-time reading with a BGM. In more developed markets, PWD have adopted CGMs, which are composed of a wearable sensor that continuously transmits glucose readings to a receiver or compatible display. Several device manufacturers, including ourselves, have combined the insulin pump with a CGM and an algorithm to create an AID system, where the algorithm will read the glucose level via the CGM and automatically deliver the insulin to the user. AID systems, and our offerings in particular, have been proven to outperform MDI

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and other treatment options on key measures of glycemic control. For various reasons, PWD sometimes like to switch between these different therapy options. For example, sometimes users using AID will take a "pump holiday" and temporarily utilize MDI, such as due to a temporary individual lifestyle change like a vacation or business trip.

Conventional treatment options like MDI can be a burden on the quality of life for PWD. First, these options fail to deliver what we consider to be acceptable clinical outcomes. Second, these options require significant effort from users, meaning PWD have to deal with 24/7 administrative, physical, mental, and emotional burdens.

*Outcomes*: Although treatment options are generally widespread, a significant portion of insulin-dependent PWD are not achieving clinically recommended levels of glycemic control. About four out of every five T1D patients use a CGM sensor in developed markets, yet more than 74% of T1D patients in developed markets fail to meet glycemic targets, according to a study by Diabetes Technology & Therapeutics. The study also found that a cohort of people with T1D in 2022 achieved only an 8.4% mean A1C level, well above the ADA-recommended guideline of <7.0% A1C. The same 2022 cohort achieved only a minor improvement versus a 2016 cohort that achieved a mean A1C of 8.7%, despite a significantly higher rate of technology utilization in the 2022 group (*e.g.*, a 45% increase in the percentage using a CGM).

*Burdens*: Current options require constant monitoring, decision-making, and interventions by PWD and their families, leading to administrative, physical, mental, and emotional burdens. Examples of administrative burdens include carrying around supplies (glucose tabs, juice or snacks, back-up insulin, needles, lancets, spare sensors, pump supplies, batteries, *etc.*), reordering supplies, obtaining documentation for travel, going through secondary screenings with airport security, handling insurance, obtaining prior authorizations, and refilling prescriptions, among others. Physical burdens include fluctuating glucose levels (which may cause lethargy, difficulty in focusing, and/or frequent urination), having to eat when not hungry (to correct lows) or delaying meals (to wait for insulin to act), body image concerns (especially among teens and young adults), skin irritation or allergic reactions to adhesives, constant beeping/alerts (especially overnight, disrupting sleep), finger pricks (in the case of SMBG), scar tissue, and wearing bulky and/or uncomfortable devices. Emotional burdens result from fear of going low while driving, during meetings, or during solo travel, burnout/fatigue from never being "off duty," and PWD and their families worrying about unexpected episodes of severe hypoglycemia leading to the need for assistance, seizure or coma, and/or severe hyperglycemia that can lead to life-threatening ketoacidosis requiring hospitalization. Between 20% and 40% of people with T1D report emotional distress related to the burden of self-management. PWD also deal with decision-making burdens such as carb counting for proper insulin dosing, which we estimate more than 65% of PWD miscalculate.

Addressing these challenges is key for the success of our offerings. We do not believe a cure to diabetes is imminent, nor do we believe that cell therapies or GLP-1s represent a realistic solution for the large global population of people requiring intensive insulin treatment. Studies show both cell therapies and GLP-1s have been proven to be less cost-effective than AID systems, and still require access to treatments like AID or MDI as a backup matter. Cell therapies for T1D require costly drugs to suppress immune response. GLP-1 treatments for T2D patients requiring intensive insulin treatment may still require the use of glycemic management tools such as AID or MDI for most individuals. As of April 2025, the incremental cost-effective ratio ("ICER") for the MiniMed 780G system, an AID, is $68,402 per QALY over four years and $38,842 per QALY over a lifetime horizon, which is below the common willingness-to-pay threshold of $100,000 per QALY. For cell therapy (*e.g.*, stem cell-derived), the ICER is $93,240 per QALY over 20 years. There is no cost-effectiveness data for people with T1D using GLP-1s because GLP-1s are only indicated for people with T2D. The ICER for tirzepatide (Zepbound) and semaglutide (Ozempic) is $197,023 per QALY and $467,676 per QALY, respectively.

Though GLP-1s may reduce the total amount of insulin required for people with T1D or T2D because of decreased food intake and reduced insulin resistance as a result of weight loss, their effect on increasing pancreatic insulin secretion is only seen in those with T2D, because those with T1D have no ability to produce insulin.

We expect the use of GLP-1s by people with T1D will have an immaterial impact on our results of operations because the requirement of frequent adjustments to insulin can only be provided by insulin therapy. We expect that GLP-1s may reduce the number of people with T2D who require intensification of their therapy, but this is partially offset by the fact that some people with T2D physiologically resemble those with T1D and our patients with T2D

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have been generally those that are insulin dependent. It is possible, however, that GLP-1s could lead to a reduction in the increase of the population of people with T2D requiring intensive insulin therapy in the future.

***Our Addressable Market***

The primary addressable market for our solutions includes people with T1D and T2D who require intensive insulin therapy, as well as people with T2D requiring basal insulin titration. In total, we define this addressable market as the market for insulin-taking individuals. This population requires a combination of CGM or BGM and insulin pumps or MDI.

This is our primary market and our core focus because it represents the population of PWD who most value and utilize the technology we provide. Although smaller than other segments of the broader diabetes market by population size, we believe our primary addressable market has the highest utilization of diabetes management solutions and advanced technology and is the most likely to have reimbursement coverage in developed markets. This is because the patients in our addressable market lack natural ability to produce sufficient insulin levels on their own and thus have the strongest clinical need for insulin therapy to enable the prevention and reduction of life-threatening complications that can occur from insufficient insulin levels (which in turn is essential for reducing overall long-term costs to the healthcare system).

We provide all elements of Smart Dosing solutions, inclusive of smart insulin pumps, CGMs, other consumables, our SmartGuard algorithm and dosing software, and our smart pen. Our competitors focus more on component and subsystem solutions, specializing either in standalone CGM sensors or pumps and dosing software. To offer AID solutions, most players in our space partner to make their technologies specifically compatible with one another, versus selling technologies in one integrated ecosystem. We believe our integrated approach simplifies and accelerates our product development process and improves our ability to develop effective dosing algorithm solutions for people that use our products.

Worldwide, according to Seagrove Partners' November 2025 market model, it has been estimated that there are over 37 million PWD requiring intensive insulin therapy, with approximately ten million people in the top developed markets with the largest diabetes populations, including the United States, Canada, Australia, Japan, and major countries in Western Europe. Seagrove Partners also estimated that there are approximately 33 million additional people with T2D who require basal insulin, with approximately nine million people in the top developed markets with the largest diabetes populations, including the United States, Canada, Australia, Japan, and major countries in Western Europe. In total, we estimate the current market for our diabetes technologies and other offerings to be over $18 billion, based on last twelve months ended September 2025 revenue from public filings of leading diabetes device manufacturers as identified by Seagrove Partners. As of the time of this offering, we utilize a dual-channel approach in the United States where we distribute the majority of our products through the DME channel and only a small percentage of our products through the pharmacy channel, whereas our market estimate includes companies that have broad coverage in the pharmacy channel. We expect this market size will continue to grow due to increasing adoption of advanced diabetes management technologies, like ours, which are currently underpenetrated in the market. The MiniMed 780G system is approved for use by people with T1D and insulin-requiring T2D in the United States and EU.

***Secular Growth Drivers***

Our addressable market is expected to grow at a compound annual growth rate above 10% from 2025 through at least 2030, according to Seagrove Partners' November 2025 market model. In particular, the number of pump users is expected to grow at a compound annual growth rate at 9.7% from 2025 through 2030 in OUS developed markets (defined to include Canada, Australia, New Zealand, Japan, South Korea, and major countries in western Europe) and at 9% from 2025 through 2030 in OUS developing markets (defined as all markets other than the United States and OUS developed markets). Our total addressable market exhibits many of the same secular growth drivers as the broader disease population, including prevalence of Western diets and healthcare development in emerging markets.

We may expand our addressable market population in the future to include non-insulin-dependent T2D populations and/or pre-diabetic populations focused on prevention and wellness. These groups represent an opportunity for innovative solutions like CGMs, digital health tools, and behavioral coaching to serve their needs.

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**Figure D**

![figured.jpg](figured.jpg)

***Growth Opportunity for Advanced Technologies***

We believe the main driver of our market's expected rate of growth is increased penetration of Smart Dosing solutions, such as AID, over traditional therapies like unconnected MDI or standalone CGMs. Smart Dosing solutions integrate accurate, real-time blood glucose measurements with technology automation applications, like AID and Smart MDI (software-connected injection device systems), enhanced with advanced dosing software and algorithms. Smart Dosing technologies, particularly AID, are designed to provide an "artificial pancreas" solution that dramatically simplifies diabetes management and insulin therapy for PWD. They are becoming the gold standard of care in our space because of their proven ability to improve clinical outcomes and reduce user burden.

The global community is taking notice of the improvement from using AID systems compared to conventional treatment, with organizations worldwide increasingly recommending AID as a first-line therapy. For example, the ADA recommends that AID systems should be offered to youth and adults with T1D early, even at diagnosis. Additionally, the ATTD consensus report recommends AID systems should be considered for all people with T1D, especially those with suboptimal glycemia, problematic hypoglycemia, and/or significant glycemic variability. It also recommends that all payors should cover AID systems along with initial and ongoing training and education for people with T1D. Lastly, ISPAD clinical practice consensus guidelines have stated that AID systems improve TIR by minimizing hypoglycemia and hyperglycemia, are especially beneficial in attaining targeted glycemia in the overnight period, and are strongly recommended for youth with diabetes. These technologies continue to improve as well, with innovations like more simplified pump systems, easy-to-use CGMs, and AID algorithms, according to Seagrove Partners' November 2025 market model.

Despite clinical effectiveness and evidence of Smart Dosing solutions, there is a significant opportunity for further adoption in our market. Today in the United States, where advanced insulin delivery options are widely available, most PWD with intensive insulin needs are not using Smart Dosing solutions. According to Seagrove Partners' November 2025 market model, in the United States only 43% of T1D patients (approximately 900,000 out of 2.1 million in total) and 11% of insulin-requiring T2D patients (approximately 215,000 out of 2.0 million in total) use AID systems, and approximately 28% of PWD with intensive insulin needs in the United States are using a pump system. By disease type, the vast majority of PWD who are using Smart Dosing solutions are people with

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T1D whereas the penetration of Smart Dosing solutions among people with T2D is very low according to Seagrove Partners' November 2025 market model.

According to the same market model, most PWD taking insulin in OUS developed markets utilize a standalone CGM with MDI that is not connected to their insulin dosing solution. Similar to the United States, most PWD with intensive insulin needs in developed markets are not using Smart Dosing solutions. Specifically, only 26% of T1D patients (approximately 800,000 out of 3.0 million in total) and 6% of insulin-requiring T2D patients (approximately 200,000 out of 3.2 million in total) use AID systems in these OUS developed markets. Emerging markets show even less penetration of advanced technologies: less than 3% of T1D patients (approximately 300,000 out of 12.0 million in total) and less than 1% of insulin-requiring T2D patients (approximately 140,000 out of 14.0 million in total) use AID systems in OUS developing markets. The implication is that the vast majority of PWD today rely on manual, error-prone, and burdensome methods of estimating, calculating, and dosing their daily insulin. There are over 15 million patients currently on MDI that could benefit from AID in the future, according to Seagrove Partners' November 2025 market model.

We believe that the adoption of Smart Dosing technologies has room for growth. While some existing products may be seen as complex, costly, and not meaningfully more effective than alternatives, this opens the door for innovation to enhance these technologies in ways to better serve PWD and HCPs who prescribe these devices. For example, current AID systems on the market still require manual meal announcements, requiring PWD to estimate carbohydrates, be proficient at using technology or require physicians to make many adjustments to device settings, and attend to administrative diabetes management tasks—there is potential for a more intuitive, "hands-free" experience. Moreover, in the United States, some of the providers who treat this population are PCPs, not diabetes specialists. These PCPs often do not have the specialty knowledge, resources, or bandwidth to prescribe complex devices. This presents an opportunity to simplify these solutions, making them more accessible and easier to prescribe, ultimately enhancing support for both PWD and HCPs.

The key to driving adoption of Smart Dosing solutions is to offer users and prescribing physicians technology options that are not only clinically superior but also easily accessible, simple, cost-effective, and user-friendly. With advanced technologies to offer, organizations like ours focus on closing education gaps among HCPs and PWD who are less familiar with new technologies. In doing so, we believe companies like ours have the potential to overcome perception barriers around clinical performance and technology simplicity.

***Other Structural Characteristics of the Diabetes Industry***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Regulatory Complexity and Clinical Quality**: The regulatory standards in the markets for our products set a relatively high bar for approval in terms of performance, safety, and quality. In addition, timelines for U.S. FDA and CE Mark approvals for diabetes devices and technology can be extended, which requires a significant level of sophistication and investment that smaller new entrants often lack. Larger established players like us are generally more capable in navigating these regulatory hurdles, delivering and exceeding high clinical standards, executing clinical studies, and investing in the significant cost required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Technological Requirements**: Developing and manufacturing advanced diabetes management systems require significant R&D investment and a multidisciplinary mix of technical and clinical expertise. To succeed in our industry requires capabilities across electrochemical, mechanical, electric, biomedical, and software engineering; algorithm development, AI, and data science; hardware design; and consumer-facing electronics experience. Our market is characterized by rapid change and advances in new generations of technologies, requiring ongoing investment in R&D activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Intellectual Property**: We and the competitors in our industry maintain significant intellectual property and defend against infringements, misappropriations, or violations vigorously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Requires Scale**: Some players in our space do not achieve profitability because they lack the required revenue scale, commercial reach, and manufacturing capacity. We have built a scaled manufacturing base that provides substantial operating leverage as we grow. We have produced over five million insulin pumps since 2001.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Customer Service and Support**: Competing in our industry requires a significant customer support operation to interact with both medical professionals and users. In addition, fragmented ecosystems from our competitors (*e.g.*, multiple customer service phone lines) can confuse users and providers about whom to contact for system technical support or troubleshooting. Our integrated system approach provides a single point of contact, enhancing the customer experience.

**Our Products and Offerings**

Our Company strives to provide a holistic diabetes management ecosystem for our customers. We provide optionality and choice to our customer base, offering different form factors and treatment options which use integrated service channels that create one point of contact for all customer needs.

Our primary mission is to make every day a better day for people with diabetes. We do this by providing a comprehensive suite of Smart Dosing systems that are easy to use, automated, clinically superior to conventional treatment paradigms, and fully integrated. We are currently the only medical technology company in the diabetes space to commercialize a complete system, owning and innovating on all aspects of diabetes management systems for over 40 years. We offer two types of systems for people with insulin-requiring diabetes: AID and Smart MDI.

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**Figure E**

![figuree.jpg](figuree.jpg)

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The MiniMed 780G is our flagship AID system, which we believe most closely mimics how a healthy pancreas functions compared to other options available on the market today. Using our Meal Detection technology, it automatically adjusts and corrects every five minutes, providing as much insulin as needed, and exceeding the internationally recommended clinical outcomes for most patients. We are the first and currently the only company to commercialize a complete AID system comprised of an insulin pump, advanced dosing algorithm, the Simplera Sync CGM sensor, the MiniMed Extended Infusion Set, and the MiniMed Extended insulin reservoir.

The MiniMed 780G system has provided unparalleled clinical outcomes and is easy to use for PWD, caregivers, and healthcare teams. A person with diabetes using the system simply glances at his/her glucose and estimates carbohydrates a few times per day and the system does the rest. If the user forgets to enter his/her carbohydrates, the system's patented Meal Detection technology automatically corrects glucose without alerting the user or requiring any effort from the user. Minimal to no action is required by caregivers because the system takes care of background and bolus insulin as needed. If desired, they may follow remotely with the CareLink Connect App. Finally, the MiniMed 780G system requires very little set-up/follow-up for healthcare teams. There are only three settings which impact insulin delivery and few, if any, changes are needed to the settings after system initiation. Moreover, the MiniMed 780G system with a seven-day-wear infusion set and 15-day Instinct CGM is designed to require only six injections per month, compared to the estimated 12 to 18 injections per month that is currently required to use competing AID systems from Insulet and Tandem. The 780G system is not only simple for PWD, their caregivers, and their healthcare team, it also delivers unmatched clinical outcomes, helping PWD live healthier and easier lives.

The MiniMed 780G system consists of the following components:

*The MiniMed 780G insulin pump* is our second-generation insulin pump, offering enhanced functionality and technological integration with other components of our 780G system. It features a low glucose target setting (as low as 100 mg/dL) that closely mirrors the average glucose of someone not living with diabetes. With this setting, the pump will "treat to target" and will automatically and safely deliver basal insulin adjustments and autocorrections to a set target. The pump does not need to be left to charge, as the user simply needs to replace the AA batteries whenever necessary. Additionally, the pump features a companion mobile app that makes it easy for users to discreetly monitor their glucose levels and insulin pump data, receive notifications, and automatically upload data to the CareLink cloud. The product received CE Mark approval in June 2020 and U.S. FDA approval in April 2023.

*The Simplera Sync CGM sensor* is an easy-to-use, two-step insertion sensor that is fully disposable, worn on the arm, and can last for up to seven days of continuous sensor readings. It is small and able to be worn discreetly, engineered to comfortably withstand normal daily activity without coming off. Usage and insertion are easy, and the product requires no calibration. The Simplera Sync CGM sensor received CE Mark approval in September 2023 and U.S. FDA approval in April 2025. We believe the improved design and ease of use of Simplera Sync will help accelerate penetration of the 780G system.

*The Instinct sensor* is an alternative CGM sensor based on Abbott's most advanced single-analyte CGM technology. Instinct features easy one-handed insertion, small and discreet wear, 15-day wear time, one hour warm-up, and no overtape. The MiniMed 780G system is designed to ensure seamless integration with Instinct. The MiniMed 780G received U.S. FDA clearance as an ACE pump in July 2025, and our SmartGuard algorithm received U.S. FDA clearance as an iAGC in September 2025. We have also submitted for CE Mark approval.

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**Figure F**

![figuref.jpg](figuref.jpg)

The MiniMed 780G system uses our *SmartGuard dosing algorithm technology*, which automatically delivers basal insulin and auto-correction doses every five minutes based on sensor glucose readings. Additionally, every night the algorithm updates to adapt to ongoing changes in user behavior patterns. Compared to other systems, SmartGuard technology is able to dose more insulin safely, early, and often when sensor glucose is trending to higher levels to avoid hyperglycemia without increasing the risk of lows. Up to 288 automatic adjustments can be made on a daily basis. With our Meal Detection technology, the system also uses current and past sugar trends to detect a missed meal dose. When a user forgets to bolus, if the system detects a meal based on the rapid rise in sugar levels, it will automatically deliver correction doses while sugar levels are rising, up to every five minutes, to help bring the user back to target.

As part of the MiniMed 780G system, we offer a broad portfolio of *infusion sets and reservoirs* available to match different patient body types and lifestyle needs. Our latest model is the MiniMed Extended Infusion set, which was the first commercialized infusion set to last up to seven days. This long-wear system eases the burden on PWD, allowing for fewer set changes and decreasing the burden of finding new infusion sites on their body. This set complements our Simplera Sync sensor, as users can replace them at the same weekly cadence. In addition to this model, we offer additional products to meet the diverse needs of PWD. For those with needle anxiety, we offer the MiniMed Mio Advance infusion set with an all-in-one insertion design. For those with allergies, we offer the MiniMed Sure-T infusion set, which uses a steel needle rather than a cannula.

The MiniMed 780G system has demonstrated the ability to significantly reduce burdens and improve outcomes relative to other treatment options available today, earning the highest satisfaction ratings among AID systems according to pump satisfaction survey results from dQ&A's Q2 2025 U.S. Diabetes Patient Voice report, and has proven to reduce effort required for many patients and result in a higher quality of life. Additionally, the system has delivered superior outcomes for diverse populations, including high-risk adolescents, the technology naive, and patients new to insulin pump therapy.

In the United States, the MiniMed 780G system is indicated for use by T1D patients seven years of age and older and insulin-requiring T2D patients 18 years of age and older. In the EU, the MiniMed 780G system is indicated for use by T1D and insulin-requiring T2D patients two years of age and older, as well as pregnant women. As of October 2025, we have more than 640,000 customers in approximately 80 countries on the system. We also

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offer compatibility with our MiniMed Guardian 4 sensor, Simplera Sync, and major smartwatch platforms. The MiniMed 780G system is intended for use with rapid-acting U-100 insulins (Admelog, Humalog, and NovoLog) in the United States and EU, as well as ultra-rapid-acting U-100 insulins (Fiasp and Lyumjev) in the EU. We have also submitted for U.S. FDA approval for use with ultra-rapid-acting U-100 insulins in the United States. In addition to the MiniMed 780G system, we offer prior versions of our AID system including MiniMed 770G, MiniMed 740G, and MiniMed 720G in select markets based on access and market need, which all have a connected CGM and smartphone compatibility.

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**Figure G**

![figureg.jpg](figureg.jpg)

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For PWD that choose to manage their diabetes with MDI instead of an insulin pump, we offer our Smart MDI system. Smart MDI helps limit the guesswork typically required for manual insulin dosing to help PWD deliver the appropriate dose at the appropriate time and improve health outcomes relative to patients who only use a CGM sensor. Studies have indicated that our Smart MDI system can deliver a 70.3% TIR and a 13% reduction in hypoglycemic events relative to baseline.

The system is comprised of the MiniMed InPen (a Bluetooth-connected smart insulin pen), the MiniMed Simplera CGM (a user-friendly and fully disposable seven-day CGM), and an integrated management app. The Smart MDI system works by reading the glucose levels of the user from the CGM and recommending the appropriate amount of insulin to take via the InPen. Critically, this is the first and only system available today that tracks and measures both insulin dose delivered and glucose data to deliver personalized, real-time dosing recommendations so that PWD using the system can take the exact dose they need. This system is also compatible with the MiniMed Guardian 4 sensor and is indicated for insulin-taking PWD seven years of age and older. For patients who fear needle injections or desire a more comfortable injection experience, we also offer i-Port Advance, a three-day, simple-to-apply, and fully disposable injection port.

***CareLink***

CareLink is the software platform that provides support for PWD, their caretakers, and HCPs to help manage diabetes treatment. CareLink aggregates disease management data points, such as real-time CGM readings and insulin dosing logs, to generate actionable insights that can help improve health outcomes. Since the platform's inception in 2006, we have continued to enhance its functionality with regular updates.

The CareLink patient dashboard improves efficiency by providing easy access to data to assess therapy management performance at a glance, displayed in a single, interactive view. This includes a 24-hour sensor glucose overview to show users how they are doing in managing their treatment and whether adjustments or changes need to be made. PWD, their caretakers, and HCPs can get updates on key performance indicators, tracking trends and changes in glucose, TIR, extreme glucose levels, and device usage. Using CareLink monitoring data, the My Insights program provides PWD with automated, personalized insights and encouragement, which we expect to incorporate as in-app nudges in upcoming CareLink development milestones. With the patient dashboard, providers can remotely monitor key data points for all their patients in one view, including TIR, insulin delivery, and device usage. This platform simplifies HCPs' workflow, helping to prioritize which of their patients need the most support and facilitating more efficient allocation of time and resources to help HCPs run their practices more effectively.

***Software Applications***

To enable users to access their information with ease, we have several apps that allow users to view their information. The MiniMed Mobile app connects to a user's pump and CGM, displaying information like their current sensor reading, insulin delivery information, and TIR. The CareLink Connect app allows family member, friends, or care partners to monitor users' diabetes information in real time, allowing them to monitor outcomes and support PWD with their diabetes management.

***Legacy Products***

In certain markets and geographies, we continue to offer legacy versions of our products. Over time, we expect these legacy products will make up a smaller percentage of our revenue and user base.

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**Clinical / Real-World Evidence**

Our commitment to PWD has always been to create a smarter and easier future for PWD, which has driven our organization to develop what we believe is currently the world's best AID system, the MiniMed 780G. The 780G has consistently demonstrated superior glycemic control, clinical efficacy, and cost-effectiveness compared to other diabetes treatment options, including competing AID systems based on real-world data and literature meta-analyses. Additionally, the 780G's ability to manage basal and bolus insulin delivery without any action required greatly eases the burden of managing diabetes. The clinical and real-world evidence base for the 780G is robust, consisting of eight randomized clinical trials, nine health economics analyses, over 200 peer-reviewed publications, and real-world evidence based on approximately 400,000 PWD. The breadth and depth of this data reinforces our belief that the 780G is the most advanced technology in diabetes, improving the lives of PWD, their families, caregivers, and HCPs who care for PWD.

***Clinical Measurements of Blood Glucose Levels and Glycemic Control***

Glycemic control has two widely accepted measures: TIR and A1C. TIR is a representation of blood glucose levels as measured by a CGM device, expressed as a percentage of time spent between 70 and 180 mg/dL, or 3.9 and 10.0 mmol/L. The target for TIR, based on ADA guidelines, is >70%. A1C is measured with a blood test and is a representation of the average blood sugar over the previous three months. The ADA recommendation for A1C is <7.0%, or 53 mmol/mol.

***Unmet Needs and Burden of Current Therapies***

Despite the recent advancement of technology to treat diabetes and its increased use, diabetes management is still burdensome to PWD as they struggle to achieve glycemic control and stay in range. More than 74% of people living with T1D do not meet the international consensus-recommended glycemic targets by ADA, even though four out of five T1D patients in the United States use a CGM. Further, region-specific studies have shown that approximately three out of every four T1D patients in the United States and the United Kingdom, and two out of every three T1D patients in the rest of the world, did not meet the international ADA consensus-recommended glycemic targets. CGMs only provide glucose readings and do not directly address or correct a user's high or low glucose levels. High glucose and poor glycemic control can lead to serious harm, such as nerve damage, kidney damage, and retina blood vessel damage, which can progress to renal failure and vision loss, among other life-altering complications.

Therefore, without more advanced tools, the burden of determining insulin dosing falls on PWD, which has been proven to be ineffective at the population level. Such burdens make managing diabetes an "around-the-clock" job for PWD, leading to errors, suboptimal glycemic control, and a lower quality of life. MDI therapy requires carb counting or carb estimates to determine mealtime bolus dosing and potential correction doses. We estimate more than 65% of PWD struggle to consistently calculate meal carbohydrates accurately, which has been proven to result in up to 0.8% higher A1C, in addition to episodes of high and low blood sugar, in youth with T1D. Managing diabetes also takes a toll on mental health as studies have shown that anywhere from 20% to 40% of people with T1D experience emotional distress from the burden of self-management.

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**Figure H**

![figureh.jpg](figureh.jpg)

***The 780G has Improved Glycemic Control versus the Current Standard of Care***

The ADAPT study is the first multi-national randomized control study evaluating the performance of the 780G system versus standard of care (MDI + isCGM) in individuals with T1D who were poorly controlled (A1C of 9% at baseline) despite scanning their glucose levels at least five times per day. At six months of this study, A1C had decreased by around 1.54% to 7.32% for 780G users, compared to a decrease of around 0.2% to 8.91% for users of MDI + isCGM. The use of the 780G system in this study demonstrated the benefits in glycemic outcomes and users' satisfaction beyond those that can be achieved with MDI + isCGM. Additionally, significantly more users on the 780G achieved the TIR and A1C targets than users on MDI + isCGM. This data supports providing access to our advanced hybrid closed-loop system in people with T1D who are not at target glucose levels. On average, participants using the MiniMed 780G system reported improved quality of life as measured in decreased social worry and diabetes worry, as well as increased treatment satisfaction, impact, and general well-being.

***The 780G's Superiority has been Further Supported by Real-World Evidence***

Clinical trials in the safety/efficacy of diabetes devices are conducted in a relatively small cohort of participants, usually fewer than 500. There may be substantial selection bias involved in those people with T1D who volunteer or who are asked to volunteer. It is important to confirm the results of clinical trials with real-world evidence which often involves tens of thousands of users of a device which mitigates the likelihood of selection bias. The real-world data has confirmed the results seen in the 780G clinical trials. Real-world evidence from a global dataset of approximately 400,000 users demonstrated that the 780G can help improve outcomes for people living with T1D by safely achieving glycemic targets. Overall, 67% of MiniMed 780G ROS users (16% of all users were ROS users), and 47% of all MiniMed 780G users, achieved the combined glycemic targets of TIR above 70%, Time Below 70 mg/dL below 4%, and Time Below 54 mg/dL below 1%. Mean TIR was 77.5% and mean GMI was 6.8% for ROS users, and 72.1% and 7.0% for all users. GMI is a population-based estimate of A1C based on mean GCM glucose that is widely accepted as an indicator in the diabetes industry. The 780G also has consistent outcomes in diverse populations of users across age, gender, geography, and prior levels of glycemic control. In a published longitudinal study of real-world evidence collected from over 100,000 MiniMed 780G users across 34 countries in EMEA, the glycemic outcome results were sustained over a 12-month observation period, which was the clinical endpoint of the analysis.

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Proven real-world success in EMEA has also been replicated in the United States. Real-world data on more than 7,000 U.S. users showed that TIR was 77.0% for all users and 81.4% for those using recommended SmartGuard settings with a glucose target of 100mg/dL and active insulin time of two hours.

***The 780G's Ease of Use Can Reduce the Burden of Managing Diabetes***

The MiniMed 780G system has multiple advanced features which we believe reduces the burden of managing diabetes this is further supported by clinical and real-world evidence.

Estimating carbohydrate intake is a significant burden for PWD while missed or late meal boluses have significant negative impact on glycemic outcomes and TIR. The 780G allows PWD to miss or be late to meal boluses, or mis-estimate their carbohydrate intake, and still achieve glycemic targets. The 780G's five-minute auto-corrections compensate for these missed or late insulin doses. In addition, when PWD underestimate their carbohydrate intake, the 780G adjusts insulin delivery automatically to help improve outcomes. A randomized control trial showed that, even with adolescents that cannot or do not want to estimate carbohydrates, using the 780G with a simplified meal announcement improved their TIR from 47.5% to 73.5%, resulting in over six hours additional time in range, while achieving similar A1C levels as those precisely estimating their carbohydrates (6.8% versus 6.6%, respectively).

Even without manual patient input, the MiniMed 780G system has been shown to enable users to achieve ADA clinical guidelines of TIR >70%. A recent real-world data analysis identified over 40,000 MiniMed 780G users with more than ten recorded days when these individuals did not deliver any user-initiated meal boluses. For those days without manual boluses, ROS users achieved a mean TIR of 76.2% (23.6% of all users were ROS users), and all users achieved a mean TIR of 70.6%. Both ROS and non-ROS users experienced minimal hypoglycemia (≤ 0.9% time below 70 mg/dL). This analysis demonstrates the robustness of the MiniMed 780G system in real-world use, highlighting its flexibility and ability to deliver outcomes even on days when user engagement is minimal.

The 780G's ease of use also benefits people who have no prior experience with pump therapy—specifically, users who are on MDI + SMBG. Based on a two-center, randomized control study with 37 participants, users who switched from MDI + SMBG to the 780G experienced a 16% increase in TIR to 85%, with significant improvements in A1C levels from 7.05% to 6.7% and in quality of life. 100% of the 780G users achieved ADA-recommended TIR or better compared to only 29% for MDI + SMBG users.

With the lessened burden of managing diabetes, PWD experience improved quality of life. A French observational study spanning a period of 12 months with 270 participants who had been receiving continuous subcutaneous insulin infusion therapy showed that treatment satisfaction increased across age groups for PWD on the 780G, and quality of life, using the Diabetes Quality of Life (DQOL) instrument in adults, also improved. In addition, fear of hypoglycemia decreased in adults and children for PWD who used the 780G.

***The 780G System Can Improve Outcomes for Diverse Populations of PWD***

The 780G has shown to be an effective therapy for diverse groups of people, delivering international consensus-recommended glycemic control. Regardless of age, gender, race, socioeconomic backgrounds, or culture, our AID system has proven to achieve meaningful improvement in glycemic levels.

*People who are in a challenging age group*

The 780G significantly improves outcomes for adolescents whose diabetes is high risk and challenging to manage. For adolescents ages 13-25, the 780G provides sustained glycemic improvement, with TIR increasing by more than 30 percentage points, A1C decreasing by more than 2.5 percentage points at 12 months, and the rate of diabetic ketoacidosis decreasing by almost 40%.

*People who are living with T2D with or without GLP-1 use*

A 13-site, single-arm observational study of 89 adults with T2D who had been using either MDI or CSII pump therapy showed significant improvement in TIR and A1C levels after switching to the MiniMed 780G, with or without GLP-1 use. The participants underwent an approximately 21-day run-in period of open-loop or hybrid

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closed-loop followed by an approximately 90-day study period of 780G use. Users on the 780G saw their TIR increase from 72.2% during the run-in to 79.8%, with a reduction in A1C levels from 7.9% at baseline and during run-in to 7.2%. Additionally, there was no significant difference in A1C levels between GLP-1 users and nonusers. For GLP-1 users, A1C levels decreased from 7.6% to 7.1% whereas A1C levels decreased from 7.7% to 7.2% for nonusers.

A retrospective, real-world analysis of over 26,000 780G users with T2D also demonstrated that the 780G helps people with T2D and insulin resistance achieve glycemic control targets. Amongst the cohort of users who self-reported as having T2D and total daily dose of over 100 International Units (IU), the mean TIR was 72.2%. For ROS users, who represented 30.6% of the cohort, the TIR was even higher at 78.7%.

*People who prefer different options*

The 780G works well for PWD who do not prioritize glycemic control in bolusing or precisely estimating carbohydrates. For those who do want to prioritize achieving near-normal TIR levels, the 780G has demonstrated impressive results with time in tight range (TITR), defined as a percentage time spent in between 70 and 140 mg/dL (as opposed to time spent in between 70 and 180 mg/dL for TIR). TITR can be a more appropriate indicator in certain situations than TIR, such as when glucose levels are close to normal, when tighter glycemic control is required, or as a marker of a system's ability to effectively control hyperglycemia. A study of over 13,000 real-world T1D users of the 780G demonstrated that its use improved TITR by 11.7% to 48.9% in those 15 or under and by 11.6% to 48.8% for those over 15, compared to the period before 780G use. Moreover, ROS users, who represented 5.3% all users, achieved mean TITR of at least 55%. Another study showed that 780G users 56 years of age or older with T1D achieved a TITR of 51.3%; for ROS users, who represented 6.2% of all users 56 years of age or older, TITR was even higher at 57.4%.

*People across different socioeconomic, cultural, and geographical backgrounds*

The 780G has been proven to work for people across diverse socioeconomic backgrounds, as defined by the ADI score, a composite metric of socioeconomic status based on income, housing, employment, and education. Based on real-world evidence from over 39,000 780G users who lived in the United States, glycemic control results were similar regardless of socioeconomic status, with all ADI groups achieving an average 7% GMI. Additionally, we believe that the 780G can deliver recommended clinical outcomes across many geographies despite variability in diet and lifestyle, making access to superior solutions more equitable. All top 40 countries achieve glycemic goals (>70% TIR) based on 780G users' real-world data.

***The 780G System Has Delivered Best-in-Class Glycemic Control Outcomes Over Current AID Systems and Insulin Pumps***

According to a meta-analysis of 28 randomized control trials of people with T1D, 780G users achieved the highest TIR across all users of tested AID systems. The 780G achieved the highest TIR mean difference of 21.6% compared to subcutaneous insulin therapy alone, 5.1% higher than Tandem's T:slim X2 with Control-IQ technology, 8.9% higher than CamDiab's CamAPS Fx, and 10.7% higher than Diabeloop's Generation 1. Although all hybrid closed-loop systems reduced users' time below target range, 780G users exhibited the largest reductions compared to subcutaneous insulin therapy without continuous glucose monitoring. The risk of severe hypoglycemia and diabetic ketoacidosis was similar to other types of insulin therapy.

In addition to clinical studies, based on published real-world data, the 780G has proven to help its users maintain the closest TIR to a healthy pancreas compared to competing AID systems. A healthy pancreas maintains a TIR of 95%+. Acknowledging differences in patient age distributions can impact sustained TIR results in real-world data, in a longitudinal global real-world evidence dataset comprised of approximately 400,000 users spanning pediatric to adult patients, the 780G system has been proven to maintain a median TIR of 75-78% across pediatric and adult ROS users (comprised of over 65,000 users) as compared to published real-world evidence showing a median TIR of 65-70% across pediatric and adult age groups using the lowest glucose target for Insulet's Omnipod 5 (54% of users used the lowest glucose target, and median TIR was 61-66% for all users) and, for Tandem's Control-IQ, a median TIR of 72% for all patients and, in a separate 12-month observational study, a median TIR of 61-70% across pediatric and adult age groups. In the same data, for patients using 780G, 80% of all ROS users achieved the

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consensus target of TIR over 70%, as compared to 46% with the lowest target glucose setting for Insulet's Omnipod 5. The percentage of patients using Tandem's Control-IQ that achieved the consensus target of TIR over 70% was not specified.

Data for this comparison is based on Insulet's Forlenza 2024 study, Tandem's Messer 2023 study, and Tandem's Graham 2024 study, which we believe are comparable to our real-world data because they are also relatively large real-world datasets with diverse populations spanning pediatric and adult patient ages, but differ in that they are limited to U.S. patients. Additionally, while Tandem's Graham 2024 study is longitudinal and discloses outcomes for pediatric and adult age groups, it has a comparatively smaller sample size, and while Tandem's Messer 2023 study has a comparatively larger sample size, it is not longitudinal and does not disclose outcomes by age groups.

The Pöhlmann 2025 meta-analysis, a systematic literature review and meta-analysis of 34 real-world studies conducted by external researchers in collaboration with Medtronic, evaluated glycemic outcomes across major AID systems. This independently executed analysis included data from more than 635,000 users. The study explores comparative performance outcomes for Medtronic's MiniMed 780G, Tandem's Control-IQ, and Insulet's Omnipod 5 systems, among others.

The Pöhlmann 2025 meta-analysis found that the MiniMed 780G achieved the highest pooled TIR, outperforming both Control-IQ and Omnipod 5, while also demonstrating lower time above range and more consistent performance across geographies and age groups relative to other systems. MiniMed 780G ROS users achieved a mean TIR of 79.6%, which was 11.9% higher than the mean TIR of 67.7% achieved by Omnipod 5 ROS users. The overall (using any settings) TIR results showed that MiniMed 780G users using any settings achieved an unweighted mean TIR of 73.8%, which was 13.8% higher than the mean TIR of 60.0% achieved by Omnipod 5 users using any settings. ROS users comprised 6.5% of MiniMed 780G users and 53.3% of Omnipod 5 users.

***The 780G Can Be Cost-Effective***

The 780G can be a cost-effective way to manage diabetes and provide both long- and short-term economic benefits to PWD and healthcare systems. An analysis of data sourced from the ADAPT trial showed that 780G could potentially generate long-term savings, versus traditional therapies, of up to €43,000 per QALY by reducing diabetes-related complications in people with T1D with suboptimal glycemic control. Another model showed that 780G use could save around €710 annually in Europe over five years of therapy from avoided complications and reduced absenteeism. A separate analysis established that use of the MiniMed 780G system was associated with an estimated 2.26 additional QALYs compared with isCGM plus MDI therapy in France, reflecting projected reductions in long-term diabetes complications and improved overall health outcomes.

**Innovation / Pipeline and Future Initiatives**

***Overview***

We plan to continue our track record of creating disruptive technologies in the diabetes industry with our rich pipeline including the MiniMed Go, our next-generation MDI system with single app integration; the MiniMed Flex, our smaller, screenless, newly designed insulin pump; our MiniMed Fit patch pump with extended wear; and our next-generation Vivera dosing algorithm. In addition, we received U.S. FDA clearance of our SmartGuard algorithm as an iAGC and MiniMed 780G as an ACE pump that are both compatible with Instinct, an alternative CGM sensor that will provide greater customer choice and flexibility. These low-burden, easy-to-use, and consumer-friendly products are expected to be wrapped around a unique software system that we are designing to allow the user to switch easily between devices to customize their treatment with a desired system solution combining these technologies.

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**Figure I**

![figurebi.jpg](figurebi.jpg)

Among our key initiatives, we plan to deepen our penetration of our addressable market in diabetes. For example, in fiscal year 2026 we received U.S. FDA and CE Mark approval for use of the MiniMed 780G system by insulin-requiring T2D patients. We believe the insulin-requiring T2D population is vastly underpenetrated around the world and well-suited for the MiniMed 780G system.

***Pipeline and Future Initiatives Detail***

We illustrate our historical and future evolution treating PWD with our products in the three stages below. Our MiniMed 670 system with Guardian sensor represented our first generation of products in AID—products that were first to market and transformed the lives of many PWD but still required some manual input. We believe that with the MiniMed 780G system and Simplera Sync CGM sensor, we are currently in the second generation of products in AID. With our improved dosing algorithm and CGM sensor, we believe we have enhanced the overall user experience. In the near future, subject to regulatory approval, we plan to globally introduce our new insulin pump, our next-generation Vivera dosing algorithm, improved Simplera Sync CGM sensor, and Instinct, ultimately providing what we believe will have the potential to be the best performing and easiest-to-use "hands-free" AID user experience in the market.

Our pipeline and future initiatives are described in more fulsome detail below.

**<u>Second-Generation AID Expansion</u>**

After launching our MiniMed 780G system, latest InPen system, Simplera Sync, and Simplera CGMs, our remaining second-generation AID initiatives represent initiatives where we plan to leverage our current products, including our pioneering and industry-leading dosing algorithm, based on TIR outcomes in real-world data, and system data, to expand our indications and improve the user's sensor experience.

We continue to seek approval for additional indications for the MiniMed 780G system to further expand our total addressable market. For example, in fiscal year 2026, we received U.S. FDA and CE Mark approval for use of the MiniMed 780G system by insulin-requiring T2D patients. We believe the insulin-requiring T2D population is vastly underpenetrated around the world and well-suited for the MiniMed 780G system. For the last twelve months

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ended October 24, 2025, approximately 40% of new U.S. patients on our insulin therapies (AID or Smart MDI) were T2D patients.

**<u>Third-Generation AID Pipeline</u>**

With our third-generation products, we plan to introduce a comprehensive platform that will unify our products through a modernized and consistent app that will connect the user, HCPs, and caregivers. We believe this comprehensive platform will help address the different needs and preferences of this population, while simplifying their therapy options and data management to one source.

***MiniMed Flex Pump***

MiniMed Flex is our planned next-generation tubed insulin pump for PWD. With its reduced size, sleek design, seven-day-wear infusion set, and smartphone control, we believe MiniMed Flex offers superior benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improved hardware experience and design: Compared to other insulin pumps on the market, we expect that MiniMed Flex will offer leading infusion set lifespan and insulin capacity, with a 300-unit reservoir. It is our first screenless rechargeable pump, expected to only require a 30 minute charge every seven days. In addition, it is 50% the size of the current MiniMed 780G and will have a more modern interface for the user.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Simplified app experience: The Flex Pump is expected to be designed to be fully controlled by a mobile app, allowing PWD to bolus, change settings, and silence alarms directly from their phones. A dedicated controller is expected to be available for those who do not have access to or prefer not to use an app.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access to best-in-class algorithm: Flex Pump's advanced control algorithm is expected to provide superior TIR and its integration with our own sensor is designed to eliminate the need for multiple apps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Simplified training experience: The Flex Pump offers a simplified training experience with all-in-one training options to ease the burden of PWD, their caregivers, and HCPs.

We anticipate the MiniMed Flex will work with our Simplera Sync sensor as well as Instinct. We have submitted the MiniMed Flex for U.S. FDA approval and plan to submit for CE Mark approval by the end of the first quarter of calendar year 2026.

***Sensor Flexibility with Instinct***

In addition to Simplera, with our third-generation of products, we are introducing an alternative CGM with our global partnership with Abbott. Abbott will supply us with Instinct, an alternative CGM sensor based on Abbott's most advanced single-analyte CGM technology, and will be the exclusive supplier of third-party CGMs for certain of our AID and Smart MDI systems. These systems are designed to ensure seamless integration with Instinct. We received U.S. FDA clearance of our SmartGuard algorithm as an iAGC and MiniMed 780G as an ACE pump, which will enable compatibility between the MiniMed 780G system and Instinct. We have also submitted for CE Mark approval. Instinct is exclusively integrated with MiniMed devices and algorithms and is based on an Abbott CGM that has U.S. FDA and CE Mark approval. The combined solution of Instinct with MiniMed 780G as an integrated system creates a new product offering that expands treatment options for MiniMed users.

We believe integrating Instinct into our AID and Smart MDI systems allows us to expand access for PWD by combining our advanced insulin dosing solutions with the most widely used CGM technology in the world. We look forward to offering our Simplera platform alongside Instinct to bring more choice to PWD within one seamless MiniMed experience.

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**<u>AID and Smart MDI Expansion</u>**

***MiniMed Go Smart MDI***

We are progressing several enhancements to our Smart MDI system with our next-generation MiniMed Go system. MiniMed Go is our next-generation Smart MDI system and is expected to offer: a simple, self-start smart insulin pen; a single, fully integrated app; and full integration with the Simplera Sync and Instinct CGMs. We have received CE Mark approval for MiniMed Go, and we have applied for U.S. FDA approval for MiniMed Go.

MiniMed Go will be focused on enhancing and simplifying the user experience, including by providing proactive and predictive dosing recommendations, automating glucose level prediction in the background, and prompting the user to bolus or correct before he or she risks becoming hyperglycemic. We believe MiniMed Go will have the ability to deliver improved outcomes over CGM alone providing an option for those not interested in a pump. In the United States, upon approval by the U.S. FDA, we expect MiniMed Go to be distributed initially through the pharmacy channel.

***MiniMed Fit Patch Pump***

MiniMed Fit is our planned patch pump and is intended to offer an alternative form factor to our tubed pump. We expect that MiniMed Fit will offer a discreet, convenient diabetes product with the potential for extended wear time (up to seven days), large reservoir (300 units), and smartphone control. In addition, the MiniMed Fit patch pump's differentiated two-piece design operates quietly and reduces waste, with a reusable component containing the rechargeable battery and high-resolution electronics, and a consumable or disposable component containing the insulin reservoir and on-body adhesive.

We believe MiniMed Fit will be attractive to both the T1D and T2D populations given its reservoir size and days of wear. We also believe the product will be positioned to enhance our U.S. pharmacy channel strategy.

***Next-Generation Vivera Dosing Algorithm***

We are working to extend our category leadership with our next-generation Vivera algorithm which we expect will enable a "hands-free" AID system that can safely and reliably deliver the right doses of insulin at the right time with just one total daily dose setting, and without any regular user input. This next-generation algorithm is being designed to minimize the burden of managing diabetes by eliminating carb counting and manual food bolusing while allowing the user to maintain class-leading and consensus-recommended levels of glycemic control, with flexible targets of 90-140 mg/dL. We believe our algorithm will be highly differentiated among the algorithms currently in the market, minimizing input by the user and the provider. In feasibility study data, the Vivera algorithm without manual user input achieved a TIR of 73.8%, exceeding ADA guidelines of TIR >70%. For users seeking even tighter glycemic control, the Vivera algorithm with optional user carb counting achieved a TIR of 82.3%. We expect to begin the U.S. pivotal trial for our Vivera algorithm in the first quarter of calendar year 2026.

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Below is a table that describes our pipeline and future initiatives in more detail.

**Figure J** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Expected U.S. Timing** | **Expected EU Timing** | **Description** | **Illustration**<sup>(a)</sup> |
| **Combined System of Instinct and MiniMed 780G** | <u>U.S. FDA Submission</u>: Approved<br><u>U.S. Launch</u>: Launched | <u>CE Mark Submission</u>: Submitted<br><u>EU Launch</u>: <br>CY2027 | Combined system of MiniMed 780G with Instinct, an alternative CGM sensor based on Abbott's most advanced single-analyte CGM technology | ![cgma.jpg](cgma.jpg) |
| **MiniMed Go**<br>**Smart MDI** | <u>U.S. FDA Submission</u>: Submitted<br><u>U.S. Launch</u>: Spring CY2026 | <u>CE Mark Submission</u>: Approved<br><u>EU Launch</u>: Q1 CY2026 | Next-generation Smart MDI with improved features and usability | ![medtronic_inpenxsimpleraxp.jpg](medtronic_inpenxsimpleraxp.jpg) |
| **MiniMed Flex <br>Tethered Pump** | <u>U.S. FDA Submission</u>: Submitted<br><u>U.S. Launch</u>: Fall CY2026 | <u>CE Mark Submission</u>: Q1 CY2026<br><u>EU Launch</u>: Following U.S. launch | Next-generation tubed insulin pump for patients seeking discreet and convenient diabetes management with improved features | ![flexfront.jpg](flexfront.jpg) |
| **MiniMed Fit <br>Patch Pump** | <u>U.S. FDA Submission</u>: Fall CY2026<br><u>U.S. Launch</u>: CY2027 | <u>CE Mark Submission</u>: To be announced<br><u>EU Launch</u>: Following U.S. launch | Pump in patch form factor with differentiated two-piece design and up to seven days wear | ![eaglepatch_01.jpg](eaglepatch_01.jpg) |
| **Vivera Dosing Algorithm** | <u>U.S. Pivotal Trial</u>: Beginning in Q1 CY2026 <br><u>U.S. FDA Submission</u>: To be announced | <u>CE Mark Submission</u>: To be announced | Next-generation algorithm requiring no effort for meal management by the user | ![viverashielda.jpg](viverashielda.jpg) |

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(a)Images not to scale.

The descriptions above regarding our pipeline and future initiatives are based on our current expectations are therefore subject to certain risks and uncertainties. Please see "Risk Factors."

**Abbott Integration, Supply, and Distribution Agreement**

On July 31, 2024, Medtronic MiniMed, Inc., a subsidiary of the Company, entered into a global integration, supply, and distribution agreement with Abbott (the "Abbott Agreement"). Under the terms of the Abbott Agreement, Abbott will supply us with an alternative CGM sensor based on Abbott's most advanced single-analyte CGM technology in certain specified jurisdictions in exchange for formula-based payment per unit. Abbott's future dual glucose-ketone sensors are not currently included under the terms of the Abbot Agreement. Abbott will be the exclusive supplier of third-party CGMs for certain of our AID and Smart MDI systems. The Abbott agreement will continue for an initial term of seven years and will automatically renew every two years thereafter for successive two-year terms, absent two years' advance non-renewal notice by either party or unless terminated in accordance with the terms of the agreement. We or Abbott may terminate the Abbott Agreement following the other party's material breach or insolvency, or if the other party undergoes a change of control with a competitor. Abbott may, in

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its sole discretion, terminate the Abbott Agreement (i) if we fail to purchase certain Abbott CGMs for any continuous six-month period, (ii) if we fail to commercially launch certain Abbott CGMs in certain markets within four years of the effective date of the Abbott Agreement, or (iii) if we acquire an independent CGM company and subsequently fail to meet the specified purchase volume threshold in certain markets. Under the terms of the Abbott Agreement, we agreed that we will not purchase, market, or distribute CGMs from certain of Abbott's CGM competitors.

**Blackstone Co-Development Agreements**

Medtronic is party to certain arrangements with Blackstone pursuant to which we have received funding for expenses related to the development of specific Diabetes products up to certain caps for each project (each, a "Blackstone Agreement" and collectively, the "Blackstone Agreements"), and we expect the Blackstone Agreements under which we have continuing financial obligations to be assigned to us pursuant to the Separation Agreement. The Blackstone Agreements for which there are ongoing development and commercialization plans relate to our next-generation MiniMed Flex insulin pump and MiniMed Fit patch pump. Additionally, Medtronic has continuing financial obligations under a previously terminated Blackstone Agreement for an extended-wear infusion set with a built-in CGM and transmitter (the "MiniMed Duo"), in respect of which we expect to be assigned the obligation pursuant to the Separation Agreement to pay royalties to Blackstone should we commercialize this product in the future.

Under the Blackstone Agreements, we are required to use certain defined commercially reasonable efforts to take certain development actions set forth in the Blackstone Agreements and to commercialize the applicable Blackstone-funded Diabetes products in certain specified jurisdictions for a specified period of time. As between us and Blackstone, we will be the sole and exclusive owner of all intellectual property rights to products developed under the Blackstone Agreements for future commercialization. Blackstone will not, without our consent, obtain any right or license to use any intellectual property rights to products developed under the Blackstone Agreements.

For each applicable Diabetes product, during the first two years following regulatory approval in the United States and commercial launch of each such product, Blackstone will earn the greater of: (i) mid-to-high single digit royalty percentage of applicable net sales for each product, and (ii) specified minimum payments up to $162 million for each product. After the first two years following regulatory approval in the United States and commercial launch of each Diabetes product, our royalty obligations continue at a mid-to-high single digit royalty percentage of applicable net sales until aggregate royalty payments since commercial launch have reached an amount equal to a low single digit multiple of the aggregate funding (the "Net Sales Threshold") provided by Blackstone under such agreement. If a development project is delayed, the Net Sales Threshold will be subject to certain upward adjustments. Once the Net Sales Threshold has been reached, Blackstone will continue to earn royalties for five years at a low single digit royalty percentage of applicable net sales. As of October 24, 2025, no Blackstone-funded Diabetes products have been commercially launched.

Each Blackstone Agreement is subject to termination by Blackstone or by us in certain circumstances described further below. Blackstone may terminate a Blackstone Agreement: (i) if we fail to make certain capital investments and are unable to manufacture sufficient quantities of the product, (ii) if we are enjoined from continuing product development or commercialization, (iii) if we acquire rights to a competing product to the applicable product in certain specified markets, or (iv) if certain specified fundamental changes to the Company, or to our rights to the product, occur. We may terminate any of the Blackstone Agreements for any reason by providing a specified amount of prior written notice to Blackstone. If we or Blackstone elect to terminate a Blackstone Agreement for one of the reasons described above, we will be required to make a termination payment to Blackstone of a multiple of the funded amounts under the applicable agreement, which may be up to $216 million for each such termination, and our royalty payment obligation under the affected agreement will also continue in certain termination circumstances. If we acquire rights to a competing product in certain specified markets, Blackstone has the option to terminate the Agreement and receive a termination payment from us equal to a multiple of the funded amounts under the applicable agreement, which may be up to $216 million for each such termination, or continue to be eligible for the royalty payments on the product subject to the Blackstone Agreement; provided that if the product subject to the Blackstone Agreement has already been submitted for regulatory approval for commercial use at the time the competing product is acquired and Blackstone elects to receive royalty payments, such royalty payments would

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apply to both the product subject to the Blackstone Agreement and the competing product. We or Blackstone may also terminate a Blackstone Agreement if the other party materially breaches the agreement, subject to customary notice and cure provisions, and in certain such termination circumstances, a payment to Blackstone of a multiple of the funded amounts would be required, which may be up to $216 million for each such termination. We may also terminate a Blackstone Agreement if the relevant product is determined to be technically infeasible, although our royalty payment obligation to Blackstone will survive such termination.

During fiscal year 2025, by mutual agreement two co-development agreements with Blackstone were terminated. One agreement, for the development of MiniMed Duo, was terminated for technical infeasibility prior to full funding, with no termination charges recorded within the combined financial statements. The obligation to pay Blackstone royalties on MiniMed Duo's net sales continues if the development and commercialization of this product are completed in the future. The other agreement was terminated following negotiations to resolve a contractual dispute with Blackstone related to the alleged acquisition of a competing product. As a result of these negotiations, we and Blackstone mutually agreed to terminate the agreement, we agreed to make a one-time $165 million payment to Blackstone, and we and Blackstone were each relieved of any continuing obligations under the agreement other than customary survival provisions.

**Our Competitive Strengths**

We believe the following strengths provide our business with significant, lasting advantages:

***Unique and differentiated technology system delivering superior health outcomes and reducing diabetes disease burden for patients***

We are the only player that independently commercializes a fully integrated Smart Dosing system by offering all the components required, including the capability to produce pumps and insulin pens, CGMs, other consumables, dosing algorithms, software, and applications, as well as wraparound system support. Our fully integrated system addresses two key pain-points for PWD: health outcomes and complexity of diabetes management.

*Addressing Health Outcomes*: Our systems have consistently delivered superior clinical outcomes across diabetes populations, with a robust body of clinical evidence from controlled studies as well as real-world outcomes supporting our ability to improve glycemic control when compared to competing Smart Dosing systems as well as traditional therapy treatment options, including MDI with an unconnected CGM. Driving these better outcomes is crucial to relieving users of the serious comorbidities and health risks associated with diabetes—renal disease, blindness, nerve damage, and cardiovascular disease risk, among others. In addition to clinical studies, health economics studies have shown that our products also are associated with higher life expectancy and better cost-effectiveness versus traditional therapies. We believe the key to delivering these outcomes is our robust dosing algorithm, which was built with the benefit of hundreds of millions of patient data points accumulated over our years of operation.

*Addressing Complexity*: We address complexity by offering a simple solution and customer experience that removes some of the constant administrative, physical, mental, and emotional burdens associated with managing diabetes. We believe our robust and forgiving algorithm is the market leader in effectiveness based on the results of our clinical studies. It can adjust for the occasional missed meals and deliver autocorrections to keep patients in a healthy glycemic range. As the only medical device company that commercializes all the components of a full Smart Dosing system, our solutions are designed to integrate best and work better together. For example, the CGM and pump connect seamlessly without line-of-sight issues. Our customers have a single vendor and point of contact for their technology needs, further simplifying their disease management and reducing burden. We operate scaled global call centers, available on a 24/7/365 basis and supporting 25 different languages, with a single customer service line that handles issues for patients with any element of their diabetes management system. We offer a comprehensive range of treatment options, enabling user choice without sacrificing technological connectivity. Our CareLink software is fully compatible with our insulin pump, smart pen, CGMs, and other consumables, providing a solution for HCPs to manage their clinics more effectively and for users and their caretakers to track their therapy easily.

Altogether, our products deliver a better quality of life for PWD. This has been our focus since launching our first-generation MiniMed 670G hybrid closed-loop system in 2016, and continues today as we develop our third-

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generation AID systems. Our ecosystem of technologies are robust, reliable, easy-to-use, adapt to varying lifestyles and preferences, employ closed-loop autonomous dosing capabilities, and deliver health outcomes for a wide diversity of patient types. We are also able to implement system-wide cybersecurity risk mitigations that are fully integrated into our product offerings and are under our control. As PWD adopt Smart Dosing, we believe these factors position our company to capture share.

***The global leader in diabetes medical devices with the largest number of pump users, broad and deep commercial reach, and scaled manufacturing capabilities***

Among leading diabetes device manufacturers as identified by Seagrove Partners, we have the largest global footprint in our industry, operating in approximately 80 countries, and with more than 640,000 pump users as of October 2025. According to Seagrove Partners' November 2025 market model, Insulet, Tandem, Ypsomed, and Beta Bionics, which we believe represent our closest insulin pump competitors, operate in 16, 23, 16, and one countries, respectively. We have a strong OUS presence, with the largest number of pump users in Australia, Benelux, France, Germany, Israel, Italy, the Scandinavian region, and Spain, the second largest number of pump users in the United Kingdom, and the third largest number of pump users in Canada, according to Seagrove Partners' November 2025 market model. According to the same market model, we also maintain strong positions in top OUS developing markets: for example, we have the largest number of pump users in Argentina, Brazil, Poland, Russia, and Saudi Arabia, which markets we consider our top five OUS developing markets.

We deliver on our mission with a well-invested, global, and experienced employee base of approximately 8,000 dedicated employees globally, including over 3,000 commercial employees, and two world-class dedicated manufacturing facilities. Commercially and operationally, our scaled global infrastructure creates a significant barrier to entry, given our decades-long presence operating outside of the United States. We have experience navigating numerous distinct local regulatory and reimbursement regimes and have made a significant level of upfront investment that is required to establish footholds in our markets. As we go to market, we promote education in AID, expand availability of our products in the United States across distribution channels and health plans, and are differentiating ourselves outside of the United States in national tender regimes.

Over our years of operation, we have developed a deep understanding of each of our markets' unique local dynamics to optimize our commercial approach. In many markets, our sales cycle is high touch, where we benefit by dedicating resources to functions that range from demand generation, both in the field and in digital marketing, through fulfillment support and renewals. Country to country, particularly within the EU, Japan, and Australia, we adapt our selling motion to a variety of payment schemes, varying constraints on our marketing activity, and differing levels of government and private payor involvement. We support patients and healthcare professionals in their treatment decisions and ongoing product utilization, building relationships with over 40,000 prescribing HCPs globally, including through clinical field professionals.

We have built a scaled manufacturing base, which enables our profitability and provides substantial operating leverage as we grow. We have produced over 5 million insulin pumps since 2001.

***Significant body of compelling clinical and real-world evidence demonstrating our technology's superior performance***

The MiniMed 780G system has a strong base of clinical evidence, supported by over 200 clinical publications, eight randomized controlled trials, and nine health economic analyses, as of October 2025. In addition, there is a significant base of real-world data and experience as well from users, as hundreds of thousands of people have used our products. Broadly, this evidence supports the superiority of our system against other existing treatment options. Over the years, our products have produced consistent high-quality results for users.

A real-world study of adult ROS users, who represented 5.3% of the adult cohort, observed an approximately 81% TIR outcome (74% TIR for all adults), well above the 70% minimum ADA guideline. In another study, 86% of 780G ROS users, which represented 6.4% of all users, and 62.5% of all users, achieved at least that minimum 70% TIR. In a published meta-analysis, MiniMed users also exhibited the largest improvement in TIR when compared with competing systems, showing a mean difference of over 21% net higher TIR as compared with MDI, or five hours per day improvement. In the ADAPT randomized controlled study, users of our MiniMed780G system with

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our SmartGuard algorithm and Meal Detection technology achieve a significant average reduction in A1C of 1.4%, compared to MDI therapy with CGM alone.

Our system is also differentiated in its ability to deliver improved outcomes across a variety of diverse patient ages, diets, and lifestyles across the world. It is effective in difficult-to-treat populations: For example, evidence shows that high-risk T1D youth (aged 13-25 years) achieve more than nine additional hours of TIR after switching to a MiniMed 780G from MDI. It is simple enough for all users: patients naive to technology achieve 85% TIR after switching to MiniMed 780G. In terms of user experience, the MiniMed 780G has maintained the number one pump satisfaction in the United States since Q2 2024, according to pump satisfaction survey results from dQ&A's Q2 2025 U.S. Diabetes Patient Voice report. According to the same report, in Q2 2025, the MiniMed 780G achieved a 53% overall satisfaction rating in the United States, compared to 47%, 48%, 37%, and 34% overall satisfaction ratings achieved by Tandem's t:slim X2, Tandem's Mobi, Insulet's Omnipod 5, and Beta Bionics' iLet Bionic Pancreas, respectively, which we believe represent the MiniMed 780G's closest insulin pump competitors. Taken together, evidence shows that our solutions, through the simplicity of using one purpose-built technology ecosystem, improves the quality of life for our patients.

***Industry-defining innovation track record, skilled global R&D team, and robust proprietary Virtual Patient Model***

We have a 40+ year history of demonstrated excellence in innovation. We are committed to making material contributions to improving the lives of PWD through industry-defining inventions, including the first insulin pump with mass-market appeal and usability, the first physician-use CGM system, and the first hybrid closed-loop pump system. We support our innovation mission with a strong base of scientific, engineering, and regulatory expertise. Leading our efforts are over 1,100 research and development professionals who bring a diversity of skills across electrochemistry, electronics, mechanical engineering, software, data science and AI, and consumer electronics and valuable experience in the diabetes space. We have continuously invested in these capabilities and our innovation, deploying $236 million in research and development over the six months ended October 24, 2025 and $1.3 billion over the last three fiscal years.

Over the years, we have accumulated a wealth of longitudinal patient data and experience to support our continued innovation as the only company that has developed and commercialized both insulin delivery systems and CGM systems. Leveraging this proprietary data, we have constructed a robust Virtual Patient Model comprised of over 430 million datapoints from a wide variety of patients that simulates real-world conditions across a range of physiologies. With this Virtual Patient Model, we can accelerate our ability to iterate and virtually evaluate algorithm improvements with high correlation to real-world and controlled clinical outcomes. We believe it is a critical differentiator versus our competition, as dosing algorithms become more complicated and precise—eventually creating a completely hands-free experience, eliminating elements of user input such as carb counting.

***Large intellectual property portfolio, fortifying our competitive positioning***

Over our decades in operation, we have accumulated a large body of intellectual property. We vigorously safeguard our proprietary rights through a combination of patents, copyrights, trade secrets, nondisclosure agreements, and other legal protections. As of October 2025, we own or have rights to a large global patent portfolio with over 2,500 patents and patent applications worldwide, certain of which relate to various current or prospective aspects of the MiniMed 780G, Simplera CGM, InPen, algorithms, and adjunct products and systems. Protecting our intellectual property is a core strategic focus for our business, as we believe many of our current technologies and those in our pipeline are superior advancements to other products that are available today.

***Attractive financial profile characterized by strong net sales growth, high device content per customer, and durable revenue base***

Our competitive strengths and execution of our strategy has resulted in an attractive financial profile for our business. We have demonstrated double-digit year-over-year net sales growth in the last two fiscal years, driven by growing sales of our MiniMed 780G system as well as the successful launch of our Simplera CGM in the EU and the United States and Simplera Sync in the EU. Being the only player in the market that commercializes all parts of an integrated diabetes management system allows us to have the opportunity to generate greater revenue per

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customer compared to competitors that only offer components of such systems and positions us to grow and take share through commercial execution, particularly with our next generation of products.

Our offerings are designed to generate a significant amount of revenue per pump user. We have a robust global base of more than 640,000 pump users as of October 2025. To this user base, we sell compatible consumable products, including CGMs, infusion sets, reservoirs, and other software and services. In the six months ended October 24, 2025 and in fiscal year 2025, 83% and 80%, respectively, of our total revenue came from the sales of CGMs, other consumables, software, and services, which we believe make our core revenue base durable and resilient. We are well-positioned to operate at an attractive margin profile in the near- and long-term as a result of our best-in-class clinical outcomes, scaled commercial presence and infrastructure, and pipeline of innovative products, including our patch pump in development.

***Highly experienced management team with a purpose-driven workforce—driving performance with a culture of accountability***

Our global organization is led by an experienced, proven, and performance-driven senior management team that manages all aspects of our business. Our senior management team consists of industry and corporate veterans with a track record of leadership both within Medtronic and in other select world-class organizations. This team has a passionate focus on helping PWD, and has been responsible for key recent organizational achievements that put our business on its current trajectory, including the 2023 U.S. FDA approval of our MiniMed 780G system, 2024 CE Mark and 2025 U.S. FDA approval for MiniMed 780G with Simplera Sync sensor, 2024 U.S. FDA approval of our Simplera CGM, and our global sensor partnership with Abbott announced in 2024.

We are supported by a dedicated, mission-focused global team of approximately 8,000 employees as of November 2025. Many of those employees have a strong connection to Diabetes, because they either have Diabetes themselves or have a close loved one who lives with Diabetes. Together, our team has built a culture of accountability and execution, where any individual can reach their full potential, make a difference for our customers, and be rewarded for it. We pride ourselves on our MiniMed Business System and Ways of Working and have established over 1,000 ongoing continuous improvement initiatives and milestones with individual dedicated initiative owners driving towards milestones to improve the business every day. These initiatives and focus have driven our recent momentum and our business on its current trajectory.

**Our Growth Strategies**

We aim to generate sustainable and profitable growth through execution of our corporate strategies.

***Serve unmet needs with our current AID system generation of solutions by executing our commercial strategy and expanding clinical indications***

We plan to continue to drive adoption of AID across our addressable market and additional population segments. In our current addressable market, we are driving sales of our MiniMed 780G system by communicating its clinical efficacy and customer experience benefits to PWD and prescribing HCPs through field clinical engagement, digital marketing, and our other commercial activities. Alongside patients new to therapy, we are focused on upgrading individuals using our prior pump generations, those using competing pumps, and others who are currently using more traditional solutions like MDI. We believe this most recent generation will continue to resonate with customers. Another key growth strategy is to increase our global CGM Attachment Rate, which we believe we can do with our next-generation Simplera Sync CGM sensor.

We also have an opportunity to grow the addressable market for MiniMed 780G through expanded indication labeling. For example, in fiscal year 2026, we received U.S. FDA and CE Mark approval for use of the MiniMed 780G system by insulin-requiring T2D patients. We believe the insulin-requiring T2D population is vastly underpenetrated around the world and well-suited for the MiniMed 780G system.

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***Leverage algorithm and dosing expertise to drive adoption of our current Smart MDI system generation***

In addition to AID, we continue to drive momentum in our Smart MDI system solution. Our dosing algorithm technology and connected Smart MDI solutions help people with T1D or T2D to optimize their daily injections, driving better glycemic control versus other traditional therapy options. Our current-generation InPen with Simplera CGM and algorithm support has been proven to decrease severe hypoglycemic events by 13% in the 90 days after initiating InPen treatment, and by more than 30% among users aged 65 and over. Real-world evidence from a retrospective study of over 1,500 InPen users with T1D across 21 countries further supports the clinical benefits of the InPen system when used as directed. In this study, quicker responses to these alerts were associated with higher TIR. Responding within one hour to over 75% of missed dose alerts or correct high glucose results resulted in a mean TIR of 67.2% and 71.5%, respectively, without an increase in time-below-range (TBR). In summary, almost a quarter of the population of InPen users who consistently responded quickly to the actionable alerts met the established glycemic targets of >70% TIR and <7% GMI.

As we pursue our strategy to drive Smart Dosing adoption for people with T2D, our Smart MDI is an available, attractive option for those requiring basal insulin treatment. As with our AID strategy, we plan to continue to drive uptake through our dedicated commercial functions across our markets.

***Expand CGM options for PWD with global Abbott CGM partnership***

In addition to our Simplera and Simplera Sync, we are introducing an additional complementary CGM option through our global partnership with Abbott. Abbott will supply us with Instinct, an alternative CGM sensor based on Abbott's most advanced single-analyte CGM technology, and will be the exclusive supplier of third-party CGMs for certain of our AID and Smart MDI systems. We believe our partnership with Abbott will allow us to expand access to our advanced AID and Smart MDI systems that deliver best-in-class outcomes with the most widely used CGM technology in the world.

***Deliver breakthrough innovation with our pipeline including our next-generation AID and Smart MDI solutions***

We believe our pipeline is at a critical turning point where our next-generation AID system will create significant competitive differentiation to fulfill our mission of safely and effectively automating diabetes management to deliver a "hands-off" patient experience. We plan for this system to provide our customers with much greater choice for AID treatment using new technologies across insulin administration, CGM, and dosing algorithm technologies, in one unified platform and one consistent application for user and HCP experience, all while further reducing patient burdens significantly and raising the bar for clinical outcomes.

Our rich pipeline includes the MiniMed Go, our next-generation Smart MDI system; the MiniMed Flex, our smaller, screenless, newly designed insulin pump; our next-generation Vivera dosing algorithm; and our MiniMed Fit patch pump with extended wear. In addition, we are working to progress Instinct in our global partnership with Abbott. These low-burden, easy-to-use, and consumer-friendly products are expected to be wrapped around a unique software system that we are designing to allow the user to switch easily between devices to customize their treatment with a desired system solution combining these technologies.

***Accelerate growth through strategic partnerships and tuck-in acquisition opportunities***

As an independent company, we expect to have independent financial flexibility, scale, and access to capital markets that we may utilize to complement our organic initiatives with additional inorganic opportunities when appropriate. We have identified an attractive set of strategic opportunities across potential partnerships and tuck-in acquisitions. As part of this strategy, we expect to continue to pursue attractive strategic collaboration opportunities, such as our announced partnership with Abbott to expand CGM choice and access to our AID and Smart MDI solutions. In addition, we expect to be opportunistic in pursuing growth-enhancing partnerships and/or tuck-in acquisitions.

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***Drive profit margin expansion by capitalizing on the utilization of our fully integrated diabetes systems***

Our aim is to grow our profit and cash flow at a higher rate than our revenues through a number of levers. We first plan to drive sales of our full-system solution to optimize our opportunity to generate greater revenue per customer, compared to competitors that only offer components of such systems, which we believe will translate to higher margins as we sell higher volumes of product. As our CGM sensors, insulin pumps, and Smart MDI solutions continue to proliferate, we also have an opportunity to expand our margins by developing and building out new high-volume and automated manufacturing. In particular, we believe our process for manufacturing our sensors has potential for significant expansion at higher volumes. We are currently working to develop and implement high-volume and automated machine manufacturing lines to expand manufacturing capacity. While executing on these opportunities, we also plan to continue to execute our regular cadence of cost transformation initiatives, which have resulted in cost savings in recent periods.

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**Our Commercial Organization**

We believe our commercial and service capabilities, scaled manufacturing capabilities, and broad and deep commercial reach provide us with a key competitive advantage among leading diabetes device manufacturers and the ability to realize durable growth at scale over the long term, as improving standards of care proliferate globally.

Our global commercial operations consist of over 3,000 employees as of November 2025. Our customer care and technology support operations represent over 1,100 employees across our commercial functions, with scaled global call centers that support 25 different languages on a 24/7/365 basis. Our reach, access, and relationships within the physician community have been cultivated over decades of strong partnership. As of April 2025, we have active relationships with over 40,000 prescribing physicians globally, primarily endocrinologists and diabetes educators. We believe our omnichannel B2B2C marketing capabilities, digital and in the field, strong relationships in the diabetes community, and global brand reputation position us as the preferred customer choice throughout the entire customer journey.

PWD often have strong preferences about their choice in treatment, with prescribing HCPs having a position of influence on these choices by providing a clinical perspective and recommendation for their patients. As a result of this characteristic of our industry, we invest heavily in our brand and customer-facing marketing activities, in addition to our clinical activities in the field. We also provide wraparound support resources for patients to track their care and for providers to evaluate their patient population in their clinic. We have long-standing relationships with top patient advocacy groups who are highly influential on consumer choice and evolving clinical standards of care. We also have invested in establishing credibility and trust with KOLs and social advocacy organizations who drive awareness and influence. As part of our broader marketing efforts, we engage with over 1,900 social media champions who speak directly to audiences about diabetes technology treatment offerings and share their experiences. For the last three years, we have also sponsored the Juicebox Podcast. In calendar year 2025, we generated over 1.6 million total engagements across U.S. social media channels, and our sponsored social influencer content achieved an estimated reach of over four million users, supported by a total social influencer follower count of approximately 786,000 users. As of October 2025, on our own social media platforms, we have over 1.5 million global followers (a 15%+ increase since fiscal year 2023) and approximately 700,000 U.S. followers with whom we can communicate directly about our technologies and share user-generated content. As of December 2025, we have the largest following on TikTok as compared to accounts run by some of our closest competitors, including Tandem, Insulet, and Dexcom, with over 120,000 followers. This strong audience and content creator network enables our brand to reach millions more PWD. For example, our Blue Balloon empathy campaign as of November 2024 generated over 1.2 billion impressions. These end-to-end marketing capabilities and diverse media channels drive high brand affinity and preferred customer choice in the industry. Today, MiniMed represents one of the most trusted diabetes brands globally, according to the internal 2025 Ipsos Global Brand Health Study commissioned by Medtronic.

We offer a number of end-to-end digitally enabled customer service platforms that give our customers the ability to self-manage care when they want to, as well as receive high-touch human interactions when it matters most. From onboarding tools and eCommerce shopping to proactive outbound services and therapy dashboards, we strive to offer our customers a five-star customer experience. In some countries, we are even able to offer our devices and related services in a bundled therapy subscription offering for more support and customization. These services provide a unique and differentiated therapy experience, reduce sale and support friction, and foster long-term loyalty among our customers. Two such programs include StartRight and StayRight. As part of the StartRight program, we provide PWD new to therapy with virtual product training and identify them for proactive clinical specialist outreach to ensure a smooth start to therapy. During StayRight, our clinical team addresses common therapy friction points and engages in proactive outreach and troubleshooting to existing patients, such as repeat caller support. As of fiscal year 2025, these targeted customer support programs have engaged over 26,000 PWD across EMEA, and we expect to launch targeted customer support programs in the United States and other international markets.

Strategically, we invest in markets where we believe our state-of-the-art technologies have the best chance for broad adoption and reimbursement. As we launch new products and go to market, our commercial capabilities and reach enable us to drive uptake and adoption as quickly as possible.

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***In the United States***

Our U.S. sales infrastructure includes over 1,200 dedicated MiniMed professionals, including commercial employees, field clinical representatives, and territory managers who support over 25,000 prescribing HCPs as of April 2025 and who have built deep relationships with KOLs. Across approximately 170 territories, our U.S. salesforce footprint is strategically aligned to patient concentration, with field resources deployed nationwide commensurate to patient distribution density. We consider this breadth to be a key growth enabler in our market, as our engagement with these clinical professionals helps to proliferate broader understanding and appreciation of our differentiated clinical data and user experience.

We partner closely with our network of HCPs to provide training, education, and service at scale. As of November 2025, approximately 50% of our team of advanced diabetes clinical educators are CDCES-credentialed. This team conducts thousands of device trainings each year to help physicians better support their patients, in addition to training completed by contracted external trainers. In addition to hands-on clinician training opportunities, we engaged with over 8,000 HCPs in fiscal year 2025 through various in-person and virtual outreach programs. Over that same period, we engaged with over 2,300 HCPs through webinars, over 4,500 listeners through our HCP educational podcast content, and approximately 3,500 HCPs through email campaigns. Our in-person outreach, including therapy education programs and peer-to-peer programs, also reached over 2,200 HCPs during the same period. In addition, we participate in tradeshows and industry-sponsored conferences, which allowed us to engage with over 2,500 HCPs in fiscal year 2025. In addition to our team of professionals, we offer technology services for HCPs through our CareLink Clinic platform that helps them run their clinics more effectively. CareLink Clinic transforms real-time patient data into clear and understandable dashboards and insights, with streamlined ability to identify potential issues their patients may be having with their diabetes management. Through our MiniMed Outcomes platform, we are able to show aggregated outcome data at a clinic level. This allows clinicians to allocate their time to the most vulnerable patients while reducing the number of visits for patients who have good glycemic control. Clinics can also assess their overall performance in supporting PWD by looking at their data at a population-wide level. As of February 2025, nine in ten HCPs agree that our CareLink Clinic reports are the best-in-class for treating patients on AIDs, according to physician surveys conducted by Medtronic. In addition to CareLink, we invest in research and education for use of our technology in diverse environmental use conditions such as adolescents, fasting, exercise, pregnancy, and older patients. This helps support the variety of use cases a clinic must handle.

Driving the quality of our customer service function is a team of employees responsible for helping customers navigate resupply needs, processing orders and fielding customer calls for any questions or troubleshooting needs that customers may have. We operate scaled global call centers, available on a 24/7/365 basis and supporting 25 different languages, with a single customer service line that covers hundreds of thousands of calls annually. These technical support resources are also available to HCPs to ensure they always have the latest information to help them care for their patients. With our reach, we invest in customer-centric initiatives. For example, our goal is that a customer who needs a replacement product can receive one the next day no matter where they are. Our team also helps patients navigate the complexity of various insurance plans in the United States including Medicare and Medicaid. We also mobilize support for communities and disaster relief to ensure users have adequate Diabetes supplies. This record of support over 40 years reinforces the brand equity of MiniMed.

Our channel expertise and distributor relationships drive revenue stickiness, differentiation and scale. For the six months ended October 24, 2025 and fiscal year 2025, approximately 70% of our business in the United States shipped directly to patients, versus approximately 30% indirect with distributor partners. Our distribution team manages over 25 partner relationships as of December 2025, including four major retail pharmacy distributors. We sell through the DME channel as a Durable Medical Equipment, Prosthetic Devices, Prosthetics, Orthotics, & Supplies (DMEPOS)-accredited DME supplier and through the pharmacy channel, with pharmacy relationships across the United States and contracts in place with major distributors. As of the time of this offering, though we distribute the majority of our products through the DME channel and only a small percentage of our products through the pharmacy channel, we anticipate further expanding coverage for our products under the pharmacy benefit to increase our pharmacy channel utilization. We estimate that as of December 2025, approximately 67% of our customer base in our direct-to-patient distribution is comprised of patients covered under commercial insurance benefit plans.

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The U.S. DME channel offers broad, established coverage for diabetes technology and a faster ramp to coverage with existing Healthcare Common Procedure Coding System (HCPCS) codes. We address DME service gaps by selling our products through distributor partners. Through our years of experience distributing our products through the DME channel, our teams have developed the skill and knowledge needed to navigate complex DME coverage determinations. We maintain 500+ direct contracts for all payor types in the United States and have observed strong reimbursement rates. We also maintain contracts with numerous national pharmacy benefit managers ("PBMs") and PBM-lead group purchasing organizations in the United States, and we have established formulary coverage for our CGMs and insulin pumps.

In the United States, we have secured broad access for the MiniMed 780G system under the medical benefit, achieving approximately 95% nationwide DME coverage through reimbursement contracts negotiated directly with health plans. We have additionally obtained access under the pharmacy benefit for the MiniMed 780G through contracted agreements with PBMs, reaching approximately 40% nationwide coverage as of November 2025, according to MMIT. We anticipate the MiniMed Flex, which is expected to be a line extension of the MiniMed 780G, will be eligible for similar levels of coverage under the DME and pharmacy benefits. We similarly hold contracts outlining extensive CGM coverage: as of November 2025, our Simplera Sync and Instinct CGMs have approximately 90% coverage nationwide under medical benefits in DME, and the Instinct CGM has approximately 30% nationwide coverage under pharmacy benefits, according to MMIT. The InPen Smart Pen is eligible for coverage under the pharmacy benefit in approximately 67% of commercial health insurance plans and approximately 50% of Medicaid plans in the United States as of November 2025, according to MMIT.

To ensure our customers are able to access our products through their insurance, our intake teams evaluate a patient's health plan benefits and process their prescription through the benefit that provides the lowest out-of-pocket cost. As a licensed pharmacy in over 40 states as of December 2025, we are able to conveniently adjudicate their prescription, apply any financial support programs for which the patient may be eligible, and direct-ship the product to the patient's home. Similarly, as a DMEPOS-accredited provider, we offer the same convenience through DME, leveraging our tenured teams and detailed payor documentation flows.

We closely monitor policy changes and engage often with national diabetes advocacy groups, including Diabetes Technology Access Coalition (DTAC), Advamed, and Medical Device Manufacturers Association (MDMA), to lobby and influence policy makers for adequate reimbursement pathways and coverage for our products. We also provide data and support to these groups as they continuously evaluate their standards of care for diabetes treatment.

***Outside of the United States***

Globally, the diabetes market is very heterogeneous, requiring highly specific yet broad expertise in order to operate and succeed. A considerable portion of our sales have come from the EMEA region. This region is highly diverse, where there are nuanced differences in sales process and country-specific factors like tenders, vendor rankings for access, and varying levels of government involvement in procurement, fulfillment, and reimbursement.

For example, in Italy, its national health service delegates procurement to 19 regions and two autonomous provinces, within a tender framework. Across Italy, our business achieved a greater than 95% sensor adoption rate for those customers who used our insulin pumps in fiscal year 2025, and has been ranked as a number one or two leading brand for insulin pump users in each of the 2022-2024 dQ&A Italy Patient Voice surveys. We achieve this through a local tailored approach to HCP advocacy, partnering with around 300 patient groups and 2,000 HCPs as of April 2025, given Italy also limits digital marketing and advertising activities.

In contrast, France delegates procurement, fulfillment, and training to private service providers, with whom we negotiate pricing and supply agreements. These service providers are also the only parties that can have direct patient contact, meaning demand generation activity generally focuses on making our economic case to the service providers and HCPs, while also using more social media and press to highlight our products and brand instead of conducting field clinical sales activities.

We have observed similar variability in the OUS developing markets in which we maintain commercial operations. For example, Argentina and Brazil both follow a direct distribution model, where we ship orders directly

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to institutions or patients, and in some cities our distribution is also supported by pharmacies. In Poland, the national government provides reimbursement for our products, and we distribute our products by tendering to hospitals. Russia operates under a national tender framework.

Our European commercial organization is large, supporting thousands of HCPs, and boasts a long tenure of experience in the diabetes industry. We have built a large patient advocacy organization inclusive of partnerships with national, regional, and local associations. As of fiscal year 2025, we have developed deep relationships with KOLs, including 60 regional KOLs, over 100 additional country-level KOLs, and a team of patient advisors in the region who help to drive advocacy. Similar to our efforts in the United States, in EMEA we engaged with over 18,000 HCPs through HCP education programs in fiscal year 2025, including over 14,000 HCPs through digital channels and over 600 HCPs through webinars, and our podcast attracted over 200 unique listeners in its first month of launch. In fiscal year 2025, we also reached over 150 HCPs through in-person outreach, including therapy education programs, peer-to-peer programs, and multi-day instructional events, and we directly interacted with over 3,000 HCPs through our attendance at conventions and other in-person events. We also strategically leverage our large digital footprint in these markets in compliance with country-level regulations regarding digital marketing activities. Customers in EMEA also value our integrated system sale and related wraparound services. We offer a number of digital care management platforms, training and onboarding tools, and in some countries are able to offer our devices and related services in a bundled subscription offering.

**Research and Development**

Our multidisciplinary capabilities in research and development, underscored by our deep clinical experience, enable our business to develop breakthrough innovative solutions for PWD. We have a highly experienced team, with the expertise to drive our robust pipeline. Our team is composed of over 1,100 research and development professionals who bring a diversity of skills across electrochemistry, electronics, mechanical engineering, software, data science and AI, and consumer electronics and valuable experience in the diabetes space.

There are significant opportunities in diabetes technology, and we have a disciplined approach to our portfolio, aligning projects with our long-term strategic goals and growth vectors. We have completely overhauled the architecture of our software, digital, hardware, and manufacturing platforms. This will allow us to accelerate new product introductions through the scale benefits of one app and one algorithm for all devices and user personas.

Our differentiated strengths in our R&D platform result from the amount of data we have and our experience in not only developing algorithms but also clinically validating them. Algorithm design and enhancements drive superior clinical performance of our AID system by optimizing insulin delivery timing and amounts. To optimize our development process, we created a digital twin of patients which aggregates over 430 million data points from many thousands of patients and enables us to accelerate our ability to iterate and virtually evaluate algorithm improvements with high correlation to real-world and controlled clinical outcomes. We believe it is a critical differentiator versus our competition, as dosing algorithms become more complicated and precise. This platform has the potential to reduce our R&D timeline by allowing us to expedite the testing and iteration process. It significantly increases our confidence in product performance under the scrutiny of clinical trials and regulatory review.

Our primary research and development activities take place in our Northridge, California corporate headquarters, with additional research and development personnel based in San Diego and Israel. We invest with a commitment to innovating next-generation diabetes care solutions that enhance the standard of care for our customers and drive organic growth for our business. R&D expense incurred was $236 million in the six months ended October 24, 2025 and $429 million, $437 million, and $436 million in fiscal years 2023, 2024, and 2025, respectively. Our substantial investment in R&D directly fuels large intellectual property generation, as evidenced by the numerous patents filed each year that stem from these development efforts. This strong link between innovation and intellectual property protection ensures that our product pipeline remains both cutting-edge and strategically safeguarded.

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**Clinical Research, Medical Office, and Regulatory Affairs**

Our Clinical Research, Medical Office (which includes Medical Safety), and Regulatory Affairs functions are comprehensive in scope and impact, supporting our ability to develop and market our medical-grade technologies.

Clinical Research creates objective and scientific evidence demonstrating safety, performance and clinical value of products that allows our business to gain market access and adoption. Our Clinical Research team's responsibilities include developing comprehensive global evidence strategy, innovative study design and execution, evidence-generation pathways, post-market surveillance, clinical evaluation, external and collaborative research, and global investigator and site engagement.

The Medical Office provides strategic development and execution, subject expertise, and relationships necessary to create meaningful benefits for patients and HCPs. Our Medical Safety team of experienced safety professionals engages across the product lifecycle to promote early identification and quick mitigation of potential patient safety issues. They review literature for safety investigations, support post-market surveillance, develop Issue Impact Assessments, provide input on potential Field Corrective Actions, maintain other safety records, and provide input to our risk management processes. Our Medical Science and Medical Affairs teams assist in our efforts including input to product development to provide context for clinical needs and value proposition; objective input to portfolio management and market assessments; engagement with patients, providers, and professional societies; dissemination of evidence to relevant stakeholders; reimbursement expertise; development of health economic evidence and tools and clinician education strategy; and tactical execution.

Regulatory Affairs ensures global access to our products, processing hundreds of regulatory filings annually across our countries of operation. Our dedicated regulatory teams execute on core registration processes, provide ongoing commercialized regulatory support, and coordinate with distributors and local registration groups. The Regulatory Affairs team allows our business to transition our portfolio as regulatory environments evolve, while also achieving market access for our new product releases.

**Manufacturing & Supply Chain**

We operate with a global manufacturing, supply, and distribution footprint designed to allow us to meet the demand for our products in a reliable and timely manner. We apply lean principles to grow our efficiency with manufacturing automation, supply chain digitization, and other strategies. Our experience in serving hundreds of thousands of PWD and producing millions of products annually has helped us understand the intricacies of manufacturing high volumes of products at scale and shipping them around the globe. We have built a global network of suppliers to provide a durable and secure supply chain for our business. Our manufacturing operations are led by a team whose members have extensive experience in the commercial manufacturing of medical devices, including other technological advances in diabetes treatment.

In particular, we have made conscious design choices for the MiniMed Flex, our next-generation insulin pump, and the MiniMed Fit patch pump by leveraging our existing intellectual property portfolio to maintain optimal performance while enabling scalable manufacturing capabilities and minimizing execution risk.

The MiniMed Flex pump utilizes a familiar design that employs MiniMed 780G's proven pump drive mechanism, reducing complexity and manufacturing costs. MiniMed Flex will be compatible with our existing reservoir and infusion set portfolio, including our seven-day infusion set and over 20 cannula options. Through our manufacturing partner, we aim to scale production capacity to approximately 100,000 units annually at launch and have plans to further scale production in the future. Achievement of these production targets depends on our manufacturing partner's ability to meet contracted capacity commitments.

With the MiniMed Fit patch pump, we plan to strategically separate low-volume electronics into reusable modules while designing high-volume disposable components for simple, scalable production. Using our proprietary cannula and reservoir technology, we have streamlined the design to utilize just 64 total parts, compared to the 70 components used in the assembly of Insulet's Omnipod 5. To further bolster scalability, we have designed the MiniMed Fit patch pump so that patients will only require six patches per month, compared to the ten patches per

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month required with Omnipod 5. Through our experienced manufacturing partner, we have arranged for an initial launch capacity of approximately 20,000 patients annually, with plans to scale to meet additional demand.

We operate two primary internal dedicated manufacturing facilities located in Northridge, California and Juncos, Puerto Rico. We produce our pumps, reservoirs, and sensors at these facilities, in part to protect our IP. Our current manufacturing infrastructure features a range of capabilities including sensor fabrication, reservoir production, pump programming, assembly, testing, packing, and release. We also leverage our contract manufacturing partnerships for additional services including application-specific integrated circuit production, substrate production, warehousing, postponement, kitting / final goods, and transmitter recharge processes.

We are registered with the U.S. FDA as a medical device manufacturer and we are subject to and maintain compliance with ISO manufacturing standards, including ISO 13485 certification, current Good Manufacturing Practices, and the relevant QSR requirements.

We use a broad range of raw materials and components in the manufacturing of our products, purchasing these inputs from a diverse set of third-party suppliers globally. Our global scale allows us to provide our customers with improved supply chain security at a reduced cost and risk. We focus on manufacturing and supply chain efficiencies and security on an ongoing basis, developing business contingencies and remediation plans to ensure we can meet customer needs.

We ship our products annually to approximately 80 countries. We operate two primary distribution hubs globally in Louisville, Kentucky and Heerlen, Netherlands, and have 26 additional distribution facilities globally, utilizing commercial freight carriers to distribute our products to customers around the world.

**Our Competition**

The diabetes medical device industry is highly competitive, with companies constantly innovating and developing new products, technologies, and treatment approaches. However, due to thresholds for manufacturing scale, IP protection, and regulatory infrastructure, there are a small number of scaled competitors. Of these players, we have the largest global presence in AID/Smart Dosing, ensuring broad access and support for patients worldwide. With decades of experience operating in U.S. and international markets, our robust infrastructure for distribution, training, and long-term service support makes us a formidable competitor in these regions.

Today, we are the only company commercializing a fully integrated diabetes ecosystem, a key advantage which helps us drive superior outcomes and reduced burden for PWD. Our ecosystem includes the MiniMed 780G system for automated insulin delivery, including the insulin pump, CGM, insulin dosing algorithm, and a broad consumables portfolio and the InPen Smart Insulin Pen for MDI users, expanding automation beyond our pump solutions. Our solutions come with real-time analytics and decision support tools to further optimize therapy for our patients.

We compete with companies such as Beta Bionics, Inc.; Dexcom, Inc.; Insulet Corporation; Sequel Med Tech, LLC; Tandem Diabetes Care, Inc.; and Tecnicas Medioambientales Tecmed S.A.

In addition, we face competition beyond devices from a number of existing pharmaceutical companies, medical researchers, and startups, and large tech companies that are pursuing new diabetes treatments including preventative therapies for T1D, potential beta-cell replacement therapies, and alternative approaches to non-invasive glucose monitoring and smart insulin formulations.

**Intellectual Property**

We rely on a combination of intellectual property rights, including our patents, trademarks, trade secrets, and copyrights, as well as rights to third-party intellectual property pursuant to licenses and other contracts relating to a wide array of third-party technologies, to establish, maintain, protect, and enforce the intellectual property and other proprietary information used in our business. Over our decades in operations, we have accumulated a large intellectual property portfolio. Establishing, maintaining, protecting, and enforcing our intellectual property and other proprietary rights in the United States and around the world is important to our success, and we consider these

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rights, in the aggregate, to be material to our business; however, we believe that no single intellectual property asset or license is material in relation to our business as a whole.

To facilitate the Separation and enable our operations to continue with minimal interruption following the Separation, Medtronic will grant to us licenses to use certain intellectual property rights retained by Medtronic that we used in the conduct of our business prior to the Separation, including the "Medtronic" name and logo, for a limited duration following the Separation, even if Medtronic ceases to own a controlling equity interest in our company. In addition, we will grant to Medtronic a license to use certain intellectual property rights owned by us following the Separation. Additional details relating to this post-transaction relationship can be found under "Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation—Intellectual Property Cross-License Agreements and Trademark Agreements."

We seek to establish, maintain, protect, and enforce our intellectual property and other proprietary rights by all appropriate means, but the steps we have taken, and will take in the future, may prove inadequate. Third parties could infringe, misappropriate, or otherwise violate our intellectual property and other proprietary rights. In addition, despite our internal processes for intellectual property clearance, we could face allegations of infringement, misappropriation, or violation of the intellectual property or other proprietary rights of third parties. Under either circumstance, our business, results of operations, financial condition, or cash flows could be adversely affected. For additional information about these and other risks associated with our use of intellectual property and proprietary information in our business, see "Risk Factors."

***Trademarks***

Our trademark protection is an important part of establishing and maintaining brand recognition for our products in the United States and around the world. The vast majority of our net sales are derived from products bearing proprietary trademarks and tradenames. These trademarks and tradenames distinguish our products from our competitors' products. We seek to obtain protection for these trademarks and tradenames by all appropriate means, and we consider them, in the aggregate, to be material to our business.

As of October 2025, we own or have rights to over 400 trademark registrations and applications worldwide. Trademarks registered in the United States remain in force for 10 years and may be renewed every 10 years after issuance so long as the mark is still being used in commerce. Trademarks registered in other countries generally have varying terms and renewal policies. Filing a trademark application does not guarantee that the trademark application will proceed to registration. Our trademarks could be challenged, invalidated, declared generic, infringed, or otherwise violated. Opposition or cancellation proceedings may in the future be filed against our trademark applications and registrations, and our trademarks may not survive these proceedings.

***Patents***

We actively file and maintain a portfolio of patents in the United States and around the world and seek to obtain and enforce patent protection by all appropriate means. Our patent portfolio focuses on certain features of our products (for example, MiniMed 780G, Simplera CGM, InPen, algorithms, and adjunct products and systems), including methods of use, manufacturing processes, delivery devices, sensors, software, designs, and packaging. As a result, our products are often protected by multiple patents covering a variety of distinct features of the product. This diminishes our reliance on any individual patent for a product's commercial success because the inability to obtain patent protection for one feature of the product can often be offset by patent protection of a different feature or by other types of intellectual property protection. Consequently, while we consider these patents, and the protection thereof, to be important, we do not consider any single patent to be material to any material product or product family, and we do not expect the expiration of any single patent to have a material impact on any material product or product family.

As of October 2025, we own or have rights to over 2,500 patents and patent applications worldwide. The term of individual patents depends upon the country in which the patent is obtained. In the United States, the patent term is generally 20 years from the date the earliest non-provisional patent application to which the patent claims priority is filed, and, in many other countries, the patent term is also generally 20 years from the filing date of the patent application. Our issued patents are subject to the applicable patent term as well as any potential patent term

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adjustments or patent term extensions that may extend the life of the issued patents, assuming payment of all appropriate maintenance, renewal, annuity, or other governmental fees.

We cannot predict whether the patent applications we pursue or in-license will issue as patents in any particular jurisdiction or whether the claims of any owned or in-licensed issued patents will provide any protection from competitors. Even if our owned or in-licensed pending patent applications are granted as issued patents, those patents, as well as any other issued patents we may own or license from third parties now or in the future, may be challenged, circumvented, or invalidated by third parties. Consequently, we may not successfully obtain or maintain adequate patent protection for our products, manufacturing processes, delivery devices, sensors, software, designs, or packaging.

***Other Proprietary Rights***

For certain of our products, processes, product designs, formulations, practices, software, technical data, and strategies, we rely on trade secrets, know-how, and other proprietary information, which we seek to protect, in part, through IT systems and by confidentiality and nondisclosure agreements with our employees, vendors, consultants, and other commercial partners. We also seek to enter into agreements whereby our employees, vendors, consultants, and other commercial partners assign to us the rights in any intellectual property they develop in the course of their engagement with us. However, these agreements may not effectively prevent disclosure or misappropriation of our trade secrets, know-how, or other proprietary information, and disputes may still arise with respect to the ownership of the intellectual property and proprietary information used in our business. In addition, third parties may independently develop substantially equivalent proprietary information or improperly gain access to or disclose our trade secrets.

**Quality Assurance**

Our customers and providers value high-quality manufacturing and reliability of top-quality products. Through our automated inspection and testing, supplier quality development program, and zero-loss mindset, we deliver world-class products and services to our providers. We have dedicated quality teams that support product design, development controls, quality assurance, and corrective and preventative actions. Meanwhile, our shared enterprise-level quality teams support quality controls, quality management systems, and post-market vigilance. We believe we have built a solid track record in quality and compliance, delivering our products to the highest standards of our HCPs, often for use with their most vulnerable PWD.

Through our last 40 years of marketed products, our team has learned and improved upon our diverse capabilities in quality assurance to allow us to optimize PWD safety and experience. Our team develops and maintains the processes for developing state-of-the-art solutions for our providers and their PWD in compliance with all applicable standards and regulations. Our quality assurance efforts focus on both the development of new products and continuously enhancing our existing products. In partnership with our deep talent pool of experienced clinicians, our quality assurance team solves clinical problems and provides guidance in the development processes that assure the quality and efficacy of our devices.

Our quality capabilities are robust and built on a foundation of a highly mature organization. Our engineers and compliance professionals assure quality and compliance to worldwide regulations for quality management systems, product development, risk management, supplier quality compliance, design test equipment conformance, and employee training. Through continuous investment in our people and processes, quality assurance programs prioritize PWD safety and compliance to all worldwide standards.

As proof of our commitment to continuous quality improvement and rigorous adoption of standards, we applied for and were selected as a participant in the U.S. FDA Voluntary Improvement Program (VIP) in 2023. The U.S. FDA's VIP is a voluntary program facilitated through the Medical Device Innovation Consortium (the "MDIC") that evaluates the capability and performance of a medical device manufacturer's practices using third-party appraisals, and is intended to guide improvement to enhance the quality of devices.

We expect the highest standards of ethics and integrity from our employees and suppliers. Our employees are encouraged to say something if they see something. Our Chief Quality Officer, in partnership with our Chief

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Medical Officer, is empowered to make decisions related to safety and quality even and especially if there is an adverse impact on the business.

**People and Culture**

We have a highly experienced and diverse team with deep technical expertise, ethics and integrity, and a strong track record of success. Our employee base consists of approximately 8,000 people globally including a scaled technical workforce of more than 15% in innovation and research and development as of October 2025.

Our employees are united and committed in our mission of improving the lives of PWD, with many of our employees having a personal connection with the condition. We foster a workplace where employees feel their efforts make a meaningful impact on patients.

We are committed to cultivating a culture of meritocracy and fairness, ensuring that individuals from all backgrounds can reach their full potential. We want to be a great place to work where our people know their efforts are making a difference for patients and the company. We are committed to ensuring quality assurance in how we lead from hire to retire. This begins with a deep understanding of the skills and talents required for success in every role, allowing us to compete for and attract the best people. Our compensation structure is designed to reflect customer success, company performance, and both team and individual contributions. Once we hire someone, we focus on reducing the time it takes for them to become productive. Managers play a key role by providing consistent, timely, and clear feedback to help employees reach their full potential. We set high expectations that are intended to drive meaningful and competitive impact. To maintain our agility and responsiveness, we work to eliminate bureaucratic barriers that could slow our speed to market.

***MiniMed Ways of Working***

To achieve our mission, we align our team around six core ways of working:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **We are obsessed with customers in everything we do.** We are obsessed with our customers including PWD and their caregivers, HCPs, and payors in everything we do. We always start from the customer and work backwards to simplify their experience. We work to minimize forces that reduce our ability to serve our customers efficiently. We advocate for the customer in all layers and details of the business. Their loyalty is our competitive advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **We are a company of owners, and we take results personally.** We manage for the short term and the long term. We optimize for the whole and not just our team. We prioritize efficiency and action, focusing on overcoming challenges to deliver results even in the face of challenges. We are resourceful and consistently seek opportunities to maximize impact while minimizing costs. We are a performance-driven team. We value and reward results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **We attract, develop, and retain the best people.** We seek out exceptional people. Our people believe in the culture of kaizen and that learning is never complete. We solve problems quickly to unlock obstacles that prevent people from doing their best work. Our leaders take seriously their responsibility to develop and coach the next generation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **We insist on excellence.** We strive for excellence and continuously raise the bar on quality of our products, services, and processes. Our leaders are both a telescope and a microscope, able to dive deep to solve problems, and no job is beneath us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **We are courageous.** We think big, start small, and move fast. We prioritize doing what is right, even when it is not the easiest or most popular choice. We have the confidence to speak up, to be transparent, to challenge ideas and decisions respectfully. Conflicts are addressed openly and debated deeply. We are "all in" and united once decisions are made. "One team" is our mantra, and team success trumps all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **We let the best ideas win.** Our people are confidently humble. We believe the best ideas should win regardless of where they come from. We actively seek and value diverse perspectives, both internally and externally, to foster innovation to better serve our customers.

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We embrace the culture of kaizen and continuous improvement in our talent and succession processes, with a cadence of talent deep dives throughout the year, to foster talent movement and career development. Every leader is personally responsible for the development of their teams including the use of new tools and programs such as GenAI and DevSecOps and productivity tools. We provide an Employee Assistance Program for counseling, financial, and mental health support and we promote social connections and campus life through affinity groups and volunteer programs.

***MiniMed Operating System***

The way that we run the company is based on the MiniMed Ways of Working (leadership behaviors) and the MiniMed Operating System (MOS) which is our framework of tools, procedures and processes to get things done and achieve transformational results across every functional area of the company. In the short term, our MOS helps drive accountability, better decision-making, risk management, and consistent execution. In the long term, our goal is to build new capabilities to position us for scale and future growth.

**Properties**

Our principal executive office and main operational headquarters is in Northridge, California. We leverage several other facilities in conjunction with our former parent Medtronic through supply and transitional services arrangements.

Our principal properties are located in Northridge, California and Juncos, Puerto Rico. We have additional facilities, such as sales offices, around the world that support our operations.

Our Northridge, California facility is 508,000 square feet in total and primarily serves as our corporate headquarters, and as a manufacturing and research and development hub. We lease the underlying land and own the buildings on the land.

Our Juncos, Puerto Rico facility is 252,000 square feet in total and is primarily used as a manufacturing facility. We own the land and the buildings.

We believe we are currently maximizing available productive space to develop, manufacture, and market our products. Our facilities are well-maintained and can adequately meet our current needs and suitable additional or substitute space would be available if needed. In addition to these sites, we partner with third-party manufacturers for various contracted manufacturing services.

**Seasonality**

Our total revenues vary slightly from quarter to quarter. Based on historical experience, we generally have higher revenues toward calendar year end and lower sales in the first calendar months of the following year. The trend is primarily driven by annual insurance deductible resets and unfunded flexible spending account dynamics in the U.S. market, which is partially counteracted by lower pump sales as our competitors push for a strong end to their fiscal years, which align to calendar years. Sales of our single-use products such as infusion sets, reservoirs, and CGMs have generally mitigated quarterly seasonal fluctuations in pump sales.

**Government Regulation and Product Approval Process**

Our operations and products are subject to extensive regulation by numerous government agencies globally. Our business is global, and we are required to comply with the unique regulatory requirements of each country in which we market and sell our products; this makes our business subject to the risks and costs associated with such regulations. Our business is subject to the rules and regulations of the U.S. FDA, the EU MDR, and various other individual country regulatory bodies and agencies which can affect market access in an ever-changing regulatory environment. To varying degrees, each of these agencies requires us to comply with laws and regulations governing the development, testing, manufacturing, labeling, marketing, distribution, and post-market surveillance of our products. Some jurisdictions mandate reporting of marketing expenditures, pricing disclosures, and payments to HCPs. Others require the registration of medical device sales representatives.

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***United States Regulations***

In the United States, the Federal Food, Drug and Cosmetic Act and the U.S. FDA's implementing regulations govern:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product design and development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-clinical and clinical testing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishment registration and product listing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product manufacturing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labeling and storage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-market clearance or approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advertising and promotion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product sales and distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recalls and field safety corrective actions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• servicing and post-market surveillance.

Each medical device we seek to commercially distribute in the United States must first receive from the U.S. FDA 510(k) clearance through the pre-market notification process, approval of a pre-market approval ("PMA") application, or *de novo* classification, unless the device is specifically exempted. Both the 510(k) clearance and PMA processes can be resource-intensive, expensive, and lengthy, and require payment of significant user fees, unless an exemption is available.

The U.S. FDA classifies medical devices into one of three classes—Class I, Class II, or Class III—depending on the degree of risk associated with each medical device and the extent of manufacturer and regulatory control needed to ensure its safety and effectiveness. Devices requiring fewer controls because they are deemed to pose lower risk are placed in Class I or II. Class I devices are subject to general controls such as labeling, pre-market notification, and adherence to QSR, which cover manufacturers' methods and documentation of the design, testing, production, control quality assurance, labeling, packaging, sterilization, storage, and shipping of products. Class II devices are subject to special controls such as performance standards, post-market surveillance, U.S. FDA guidelines, or particularized labeling, as well as general controls.

We offer two types of systems for PWD requiring intensive insulin therapy: our AID systems, which include the MiniMed 780G System and its predecessors, and our Smart MDI systems, which include the InPen injector. Both types of systems consist of components that are regulated by the U.S. FDA.

Our MiniMed 780G insulin pump with either Simplera Sync or Guardian 4 CGM sensor and SmartGuard dosing algorithm technology is approved as a Class III automated insulin delivery system by the U.S. FDA through the PMA process. The U.S. FDA defines a Class III medical device as one that supports or sustains human life or is of substantial importance in preventing impairment of human health or presents a potential, unreasonable risk of illness or injury. In addition to the Class III approval for the MiniMed 780G system (MiniMed 780G insulin pump with either Simplera Sync or Guardian 4 CGM sensor and SmartGuard dosing algorithm) as an automated insulin delivery system, two components of the 780G system—the MiniMed 780G pump and SmartGuard dosing algorithm —were submitted and cleared by the U.S. FDA for additional indications as a Class II ACE pump and iACC, respectively. This Class II indication included interoperability with Class II CGMs, to facilitate integration with the Instinct sensor, which is a Class II CGM.

Our insulin reservoirs are Class II infusion pumps and have been approved by the U.S. FDA through the 510(k) process. The U.S. FDA defines a Class II infusion pump as a medical device that delivers fluids into a patient's body in controlled amounts.

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Our InPen injector is a Class II piston syringe and has received 510(k) clearance from the U.S. FDA. A Class II piston syringe is defined by the U.S. FDA as a medical device consisting of a calibrated hollow barrel and a movable plunger. At one end of the barrel, there is a nozzle for fitting the hub of a hypodermic single lumen needle. A piston syringe is used to inject fluids into, or withdraw fluids from, the body.

Our InPen app is a diabetes management tool that helps patients track insulin doses, calculate insulin doses using current glucose and carbohydrates and interact with their healthcare teams, which is classified by the U.S. FDA as a Class II Predictive Pulmonary-Function Value Calculator.

*U.S. FDA Pre-Market Notification (510(k)) Process*

To obtain 510(k) clearance, a manufacturer must submit a pre-market notification to the U.S. FDA demonstrating that the proposed device is substantially equivalent to a previously-cleared 510(k) device, is a device that was in commercial distribution before May 28, 1976 for which the U.S. FDA has not yet called for the submission of PMA applications, or is a device that has been reclassified from Class III to either Class II or I. In rare cases, Class III devices may be cleared through the 510(k) process. The U.S. FDA's 510(k) clearance process usually takes from three to 12 months from the date the application is submitted and filed with the U.S. FDA, but may take significantly longer, particularly for a novel type of product. Although many 510(k) pre-market notifications are cleared without clinical data, in some cases, the U.S. FDA requires significant clinical data to support substantial equivalence. In reviewing a pre-market notification submission, the U.S. FDA may request additional information, including clinical data, which may significantly prolong the review process.

If the U.S. FDA agrees that the device is substantially equivalent to a predicate device currently on the market, it will grant 510(k) clearance to commercially market the device. If the U.S. FDA determines that the device is not substantially equivalent to a previously cleared device, the device is automatically designated as a Class III device. The device sponsor must then fulfill more rigorous PMA requirements, or can request a risk-based classification determination for the device in accordance with the *de novo* classification process, which is a route to market for novel medical devices that are low to moderate risk and are not substantially equivalent to a predicate device. Once a *de novo* application is reviewed and approved, the device is given Class II status, and future devices from the company or a competitor may use the company's *de novo-*classified device as a 510(k) predicate.

After a device receives 510(k) clearance, any subsequent modification of the device that could significantly affect its safety or effectiveness, or that would constitute a major change in its intended use, will require a new 510(k) clearance or could require a PMA. The U.S. FDA requires each manufacturer to make this determination initially, but the U.S. FDA may review any such decision and may disagree with a manufacturer's determination. If the U.S. FDA disagrees with a manufacturer's determination, the U.S. FDA may require the manufacturer to cease marketing and/or recall the modified device until 510(k) clearance or approval of a PMA is obtained. Under these circumstances, the U.S. FDA may also subject a manufacturer to significant regulatory fines or other penalties.

Over the last several years, the U.S. FDA has proposed reforms to its 510(k) clearance process, and such proposals could include increased requirements for clinical data and a longer review period, or could make it more difficult and costly for manufacturers to utilize the 510(k) clearance process for their products.

*Pre-Market Approval Process*

The second, more rigorous process, known as pre-market approval, requires us to independently demonstrate that a medical device is safe and effective for its intended use. This process is generally much more time-consuming and expensive than the 510(k) process. High-risk devices (Class III) require pre-market approval through this process, where the manufacturer must provide clinical data and other evidence to demonstrate that the device is safe and effective. This process is typically used for devices like pacemakers, stents, and other life-sustaining devices.

A PMA application must be backed by valid scientific evidence, typically consisting of extensive technical, pre-clinical, clinical, manufacturing, and labeling data to demonstrate the device's safety and effectiveness to the U.S. FDA's satisfaction. Additionally, the PMA submission must provide a comprehensive description of the device and its components, as well as a detailed account of the methods, facilities, and controls used in its manufacturing process, along with proposed labeling. Once the PMA application is submitted and deemed sufficiently complete,

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the U.S. FDA initiates a thorough review of the provided information. During this process, the U.S. FDA may request additional details or clarification of existing data. Furthermore, the agency may convene an external advisory panel of experts to assess and provide recommendations on the application. The U.S. FDA also typically conducts a pre-approval inspection of the manufacturing facility to verify compliance with QSR, which mandates adherence to design, testing, control, documentation, and other quality assurance procedures.

The U.S. FDA's review of a PMA application generally spans between one and three years, though it can take significantly longer. Approval may be delayed, restricted, or denied for various reasons, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the device failing to meet the U.S. FDA's safety or effectiveness standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insufficient data from pre-clinical studies or clinical trials to support approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-compliance of the manufacturing process or facilities with regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new U.S. FDA policies or regulatory changes necessitating additional data.

If the U.S. FDA's evaluation of a PMA application is favorable, it will issue either an approval letter or an approvable letter, the latter typically outlining conditions that must be satisfied before final approval is granted. Once these conditions are met to the U.S. FDA's satisfaction, the agency will issue a PMA approval letter authorizing the device's commercial marketing while imposing any necessary conditions or limitations. Conversely, if the U.S. FDA's evaluation is unfavorable—whether due to deficiencies in the application or manufacturing process—it may deny approval outright or issue a not approvable letter. In some cases, the U.S. FDA may determine that additional testing or clinical trials are required, potentially delaying approval for several months or even years while further studies are conducted and new data is submitted as an amendment to the PMA.

The PMA process is often costly, uncertain, and time-consuming. Many devices submitted for U.S. FDA approval by other companies have failed to gain authorization for commercial marketing.

*De Novo Classification Process*

Devices of a new type that the U.S. FDA has not previously classified based on risk are automatically classified into Class III, regardless of the level of risk they pose. However, the U.S. FDA may authorize such novel devices that are low to moderate risk through the *de novo* classification process. A medical device may be eligible for *de novo* classification if the manufacturer first submitted a 510(k) premarket notification and received a determination from the U.S. FDA that the device was not substantially equivalent. A manufacturer may also request *de novo* classification directly without first submitting a 510(k) premarket notification to the U.S. FDA and receiving a not substantially equivalent determination. The U.S. FDA is required to classify the device within 120 days following receipt of the de novo application, although in practice, the U.S. FDA's review may take significantly longer.

When the U.S. FDA grants a request for *de novo* classification, the device is granted marketing authorization and can serve as a predicate for future devices of that type through a 510(k) premarket notification.

*Exempt Devices*

If a manufacturer's device falls into a generic category of Class I or Class II devices that the U.S. FDA has exempted by regulation, a pre-market notification is not required before marketing the device in the United States. Manufacturers of such devices are required to register their establishments and list their devices. Some 510(k)-exempt devices are also exempt from QSR requirements, except for QSR's complaint handling and recordkeeping requirements. The MiniMed Mobile App and the CareLink Connect (CarePartner) Mobile App are Class II exempt devices.

*Post-Market Regulation of Medical Devices*

After a device is placed on the market, numerous regulatory requirements apply, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishment registration and device listing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• QSR, which requires manufacturers, including third-party manufacturers, to follow stringent design, testing, control, documentation, and other quality assurance procedures during the development and manufacturing process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labeling regulations and prohibitions against the promotion of products for uncleared, unapproved, or "off-label" uses, and other requirements related to promotional activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• medical device reporting regulations, which require that manufacturers report to the U.S. FDA if their device may have caused or contributed to a death or serious injury, or malfunctioned in a way that would likely cause or contribute to a death or serious injury if the malfunction were to recur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corrections and product recall reporting regulations, which require that manufacturers report to the U.S. FDA field corrections and product recalls or removals if undertaken to reduce a risk to health posed by the device or to remedy a violation of the Federal Food, Drug and Cosmetic Act that may present a risk to health. In addition, the U.S. FDA may order a mandatory recall if there is a reasonable probability that the device would cause serious adverse health consequences or death; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• post-market surveillance regulations, which apply when necessary to protect the public health or to provide additional safety and efficacy data for the device.

Failure to comply with applicable regulatory requirements can result in enforcement actions by the U.S. FDA and other regulatory agencies, which may include any of the following sanctions: untitled letters or warning letters; fines, injunctions, consent decrees, civil, or criminal penalties; recall or seizure of our current or future products; operating restrictions; partial suspension or total shutdown of production; refusal of or delay in granting 510(k) clearance or PMA of new products or modified products; rescinding previously granted 510(k) clearances or withdrawing previously granted PMAs; or refusal to grant import or export approval of our products.

We are subject to announced and unannounced inspections by the U.S. FDA, and these inspections may include the manufacturing facilities of our subcontractors. If, as a result of these inspections, the U.S. FDA determines that our equipment, facilities, laboratories, or processes do not comply with applicable U.S. FDA regulations and conditions of product approval, the U.S. FDA may seek civil, criminal, or administrative sanctions and/or remedies against us, including the suspension of our manufacturing operations. We have been subject to U.S. FDA inspections of our facilities on multiple occasions.

Our business is subject to advertisement and promotion regulation as well, which if deemed violated can result in fines, imprisonment, or orders forfeiting products, prohibiting or suspending their supply to the market, or requiring the manufacturer to issue public warnings or conduct a product recall.

***Other U.S. Healthcare Laws***

Our current and future business operations are subject to other U.S. healthcare regulations and enforcement at the federal, state, and local levels. These regulations encompass various laws, including but not limited to federal and state anti-kickback statutes, fraud and abuse laws, false claims laws, healthcare professional payment transparency requirements, and various state licensing regulations.

The federal Anti-Kickback Statute ("AKS") prohibits individuals and entities from knowingly and willfully offering, soliciting, receiving, or providing any form of remuneration—whether directly or indirectly, overtly or covertly, in cash or in kind—to induce referrals for medical services, or to encourage the purchase, lease, ordering, or recommendation of any item or service that is reimbursable under federal healthcare programs such as Medicare and Medicaid. While there are statutory exceptions and regulatory safe harbors that protect certain common business practices from prosecution, they are narrowly defined. Any practice that includes financial incentives aimed at influencing prescriptions, purchases, or recommendations may come under regulatory scrutiny if it does not fall within one of these protected categories. Failure to meet the criteria for an exception or safe harbor does not automatically render an arrangement illegal under the AKS; rather, the legality of the transaction is assessed on a case-by-case basis, taking all relevant circumstances into account. Some court interpretations of the statute suggest that if any purpose of a financial arrangement is to induce referrals for federally funded healthcare services, it

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constitutes a violation. Additionally, ignorance of the law or lack of intent to violate it does not exempt an individual or entity from liability. Penalties for violating the AKS include imprisonment, fines, and possible exclusion from federal healthcare programs such as Medicare and Medicaid. In the past, the U.S. government has enforced the AKS to reach large settlements with healthcare companies based on sham research or consulting and other financial arrangements with physicians.

The False Claims Act (FCA) prohibits the submission of false or fraudulent claims for payment to the U.S. government. This law allows both government agencies and private individuals ("whistleblowers") to bring legal actions against alleged violators. Because complaints are filed under seal, a company may not be aware of a claim against it until months or even years into the investigation. If the government joins the lawsuit and successfully recovers damages, or if the private plaintiff prevails without government intervention, the whistleblower is entitled to a portion of the settlement. The FCA has been a key tool in governmental investigations of life sciences companies, particularly in cases related to the promotion of products for unapproved uses and other sales and marketing practices. The government may also claim that any reimbursement request related to an AKS violation constitutes a false claim under the FCA, exposing companies to further penalties. Over the years, the FCA has led to multi-million and even multi-billion dollar settlements, including individual criminal convictions, and remains a primary focus of enforcement efforts in the healthcare industry.

The Civil Monetary Penalties Statute imposes financial penalties on individuals or entities found to have submitted claims to federal healthcare programs that they knew or should have known were false, fraudulent, or for services not provided as claimed. Additionally, many states have laws that closely mirror federal fraud and abuse statutes, and in some cases, they apply to transactions involving private insurers and third-party payors as well.

The Physician Payments Sunshine Act, a component of the Affordable Care Act, mandates that manufacturers of specific medical devices, drugs, and biologics report payments and other transfers of value made to physicians and teaching hospitals. These reporting requirements cover financial relationships with healthcare professionals, including consulting fees, travel, and ownership interests.

Under HIPAA, federal criminal statutes prohibit actions such as knowingly executing or attempting to execute a scheme to defraud a healthcare benefit program, whether it be a government-funded program or a private insurer. HIPAA also prohibits making false or fraudulent statements regarding the delivery of healthcare services or payments. HIPAA violations may result in civil and criminal penalties. The Health Information Technology for Economic and Clinical Health Act (or HITECH Act) expanded HIPAA by increasing civil and criminal penalties, extending liability to business associates handling protected health information, and granting state attorneys general the authority to bring lawsuits in federal court for HIPAA violations.

A majority of states require that DME providers be licensed in order to sell products in that state. Certain of these states require, among other things, that DME providers maintain an in-state location. In order to sell products through the pharmacy channel, we are also subject to certain state pharmacy licensing regulations. Failure to comply with a state's pharmacy licensing requirements could temporarily prohibit us from selling our products in that state. Relationships with third-party vendors may provide access to those states where we cannot meet state requirements. In addition, we are subject to certain state laws regarding professional licensure with respect to our advanced diabetes clinical educators.

***Anti-Corruption Matters***

The U.S. FCPA, national anti-corruption laws of EU member states, and other anti-corruption laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to government officials and other persons for the purpose of obtaining or retaining business and to ensure adequate internal controls, books, and records. Global enforcement of anti-corruption laws has increased in recent years, including investigations and enforcement proceedings leading to assessment of significant fines and penalties against companies and individuals. Our international operations create a risk of unauthorized payments or offers of payments by one of our employees, consultants, sales agents, or distributors. We maintain various controls aligned with legal requirements to prevent and prohibit improper practices, including policies, programs, and training for our employees and third-party intermediaries acting on our behalf. However, existing safeguards and any future

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improvements may not always be effective, and our employees, consultants, sales agents, or distributors may engage in conduct for which we could be held responsible. In addition, regulators could seek to hold us liable for conduct committed by companies in which we invest or that we acquire. Any alleged or actual violations of these regulations may subject us to government scrutiny, criminal or civil sanctions, and other liabilities, including exclusion from government contracting, and could disrupt our business, adversely affect our reputation and result in a material adverse effect on our business, results of operations, financial condition, and cash flows.

We have regular and ongoing interactions with governmental agencies, and our practice is to cooperate with such inquiries. In addition, from time to time, we may self-disclose potential concerns to governmental regulators. Like many in the medical device industry or with international operations, we may engage in periodic discussions with the SEC, U.S. Department of Justice, EU Member State authorities, and various authorities in China regarding certain activities. We are committed to regularly evaluating and, as appropriate, strengthening our anti-corruption compliance programs and practices. Any possible future determination that certain of our operations and activities, and/or those of our third-party distributors, are not in compliance with existing laws could result in the imposition of fines, penalties, and equitable remedies in the United States, EU, or other jurisdictions. We have not recorded an expense in connection with these matters because any potential loss is not currently probable and reasonably estimable. Additionally, we are unable to reasonably estimate the range of loss, if any, that may result from these matters.

***International Regulations***

International sales of medical devices are subject to foreign government regulations, which vary substantially from country to country. To market our products in other countries, we must obtain regulatory approvals and comply with safety and quality regulations in other countries. The time required to obtain approval by a foreign country may be longer or shorter than that required for U.S. FDA clearance or approval, and the requirements may differ. The EU/EEA requires a CE conformity mark in order to market medical devices. The United Kingdom requires a separate clearance. Many other countries, such as Australia, India, New Zealand, Pakistan, and Sri Lanka, utilize CE or U.S. FDA clearance or approval as part of their local regulatory compliance, although others, such as China, Brazil, Canada, and Japan, require altogether separate regulatory filings. Loss or inability to gain regulatory licenses from an agency in one country may affect license considerations in another.

*European Union*

In the EU/EEA, our existing devices are required to comply with the Essential Requirements of the EU Medical Devices Directive 93/42/EEC (the "EU MDD"), while any new products placed in the EU/EEA must comply with the EU MDR. Compliance with these requirements entitles us to affix the CE Marking of conformity to our medical devices, without which they cannot be commercialized in the EU/EEA. To demonstrate compliance with the Essential Requirements and obtain the right to affix the CE Marking of conformity, we must undergo a conformity assessment procedure, which varies according to the type of medical device and its risk classification.

Conformity assessment is the process demonstrating whether the requirements of the EU MDR relating to a device have been fulfilled. A conformity assessment consists of an evaluation of general product safety and performance, technical documentation and records, clinical evaluation, and post-market surveillance activities and records. Except for low-risk medical devices (Class I), where the manufacturer can issue an EU Declaration of Conformity based on a self-assessment of the conformity of its products with the Essential Requirements of the EU MDD (for existing products) or the EU MDR (for new products), a conformity assessment procedure requires the intervention of a Notified Body, which is an organization accredited by a Member State of the EU/EEA to conduct conformity assessments through audit and examination of a manufacturer's products and processes. The higher the risk class of the device, the greater the involvement of a Notified Body in the conformity assessment.

Pursuant to EU MDR Article 51, taking into account device intended purposes and inherent safety risk, devices are divided into the following classes: I, Is, Im, IIa, IIb, and III, with Class I being the lowest risk class and Class III being the highest risk class. Our business portfolio includes high-risk class products such as the Class II 780G insulin pump. As such, our business is subject to the highest level of scrutiny and all associated business risks.

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After conformity assessment and market release of a product, our business is subject to post-market scrutiny throughout the life of our products. There is continued post-market clinical evaluation of our products through internal and external post-market surveillance of not only our products but also competitor products throughout the product lifecycle.

Further, the advertising and promotion of our products in the EU/EEA are subject to the laws of individual EU/EEA Member States implementing the EU Medical Devices Directive, Directive 2006/114/EC concerning misleading and comparative advertising, and Directive 2005/29/EC on unfair commercial practices, as well as other EU/EEA Member State laws governing the advertising and promotion of medical devices. These laws may limit or restrict the advertising and promotion of our products to the general public and may impose limitations on our promotional activities with healthcare professionals. In some EU/EEA Member States, such as Italy, we are not allowed to sell our products directly to patients.

Failure to comply with EU Member State laws implementing the Medical Device Directive and, more recently, the EU Medical Device Regulation, the EU and EU Member State laws on the promotion of medicinal products, or other applicable regulatory requirements can result in enforcement action by the applicable EU Member State authorities. An enforcement action may result in any of the following: fines, imprisonment, orders forfeiting products or prohibiting or suspending their supply to the market, or requiring the manufacturer to issue public warnings or conduct a product recall.

*Other Global Markets*

The regulatory review processes for medical devices and drugs varies from country to country, and many countries also impose product standards, packaging requirements, environmental requirements, labeling requirements and import restrictions on devices. Each country has its own tariff regulations, duties, and tax requirements. We have obtained the necessary approvals to sell our products in approximately 80 countries. If our business is found to be noncompliant with any applicable healthcare regulation, we could face severe consequences, including civil and criminal penalties, fines, damages, operational restrictions, exclusion from federal, state, and foreign healthcare programs, and even imprisonment.

***Data Privacy and Security Laws***

In the normal course of our business, we handle personal and/or sensitive data. As a result, we are subject to a wide range of data privacy and security regulations at the federal, state, local, and international levels. These obligations include various laws, regulations, guidance, and industry standards governing data privacy, security, and protection. Relevant regulations may include, but are not limited to, HIPAA, the Federal Trade Commission Act, the Telephone Consumer Protection Act, the Children's Online Privacy Protection Act, the Controlling the Assault of Non-Solicited Pornography and Marketing Act, the CCPA, the EU GDPR, the UK GDPR, the Personal Information Protection and Electronic Documents Act in Canada, the Privacy Act 1988 in Australia, the Personal Information Protection Law in China, the General Data Protection Law in Brazil, and the Act on the Protection of Personal Information in Japan.

***HIPAA Privacy and Security Rules***

The privacy and data security regulations under HIPAA, as amended, contain detailed requirements concerning the use, disclosure, security, storage, access, and transmission of individually identifiable health information. HIPAA-covered entities and business associates must implement certain administrative, physical, and technical security standards to protect the integrity, confidentiality, and availability of certain electronic health information received, maintained, or transmitted. In the event of a data breach, a HIPAA-covered entity must promptly notify affected individuals of the breach and report the breach to the federal government. In addition to federal enforcement, state attorneys general may bring civil actions on behalf of state residents for violations of HIPAA, obtain damages on behalf of state residents, and enjoin further violations.

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***U.S. State Data Privacy Laws***

Several U.S. states have enacted or proposed their own data privacy laws—for example, the Virginia Consumer Data Protection Act, the Colorado Privacy Act, and the CCPA. These laws illustrate the increasingly stringent U.S. regulatory landscape surrounding personal data processing, which may expand our compliance responsibilities and increase our potential exposure for noncompliance. For instance, the CCPA applies to personal information of consumers, business representatives, and employees who are California residents and imposes specific obligations on covered businesses. These include requirements to provide detailed disclosures regarding the collection, use, and sharing of personal data, as well as to respond to consumer requests relating to the access to, deletion of, and sharing of personal information collected by covered businesses, and a consumer's right to opt out of certain sales of their personal information. The CCPA also includes enforcement mechanisms, such as civil penalties for violations and a private right of action for certain data breaches, which can result in statutory damages.

As U.S. data privacy legislation continues to evolve, we are, or may become, subject to various federal and state consumer protection laws that require us to publish clear, accurate, and transparent statements regarding how we collect, use, disclose, and otherwise process personal data, as well as the choices individuals have regarding their information.

***The General Data Protection Regulation (GDPR)***

The collection and use of personal data (including health data) in the European Economic Area (EEA) are governed by the EU GDPR and national implementing legislation in EEA Member States. The EU GDPR applies to any company established in the EEA and to companies established outside the EEA that process personal data in connection with the offering of goods or services to data subjects in the EEA or the monitoring of the behavior of data subjects in the EEA. The EU GDPR establishes stringent requirements applicable to the processing of personal data, including strict requirements relating to the validity of consent of data subjects, expanded disclosures about how personal data is used, requirements to conduct data protection impact assessments for "high risk" processing, limitations on retention of personal data, special provisions for "special categories of personal data" including health and genetic information of data subjects, mandatory data breach notification (in certain circumstances), "privacy by design" requirements, and direct obligations on service providers acting as processors. The EU GDPR also prohibits the international transfer of personal data from the EEA to countries outside of the EEA unless made to a country deemed to have adequate data privacy laws by the European Commission or a data transfer mechanism has been put in place. Failure to comply with the requirements of the EU GDPR and the related national data protection laws of the EEA Member States may result in fines up to 20 million euros or 4% of a company's global annual revenues for the preceding financial year, whichever is higher. Moreover, the EU GDPR affords various data protection rights to individuals (*i.e.*, the right to erasure of personal data) in certain circumstances, and the ability for data subjects to claim material and non-material damages resulting from infringements of the EU GDPR. Given the breadth and depth of changes in data protection obligations, maintaining compliance with the EU GDPR will require significant time, resources, and expense, and we may be required to put in place additional mechanisms ensuring compliance with evolving data protection rules.

***AI Regulation***

As a result of the release and availability of AI technologies, including generative AI platforms, we have seen a global trend toward more comprehensive and refined regulation of AI that will impact our business, such as the EU AI Act, that are designed to ensure the ethical use, security, and privacy of AI and create standards for transparency, accountability, and fairness. Obligations imposed by the EU AI Act and similar regimes may lead to regulatory fines or penalties, require us to change our business practices, retain our AI technologies, or prevent or limit our use of AI technologies.

***Environmental, Health, and Safety and Sustainability Laws and Regulations***

We are subject to EHS and sustainability laws and regulations concerning, among other things: the generation, handling, transportation, storage, and disposal of hazardous substances or wastes; human health and safety; the remediation of hazardous substances or materials; emissions or discharges into the land, air, or water; and climate change. We are further subject to numerous laws and regulations concerning, among other things, chemical

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constituents in medical products and end-of-life disposal and take-back programs for medical devices. Our operations and those of certain of our third-party suppliers involve the use of substances subject to these laws and regulations. In addition, many regulatory agencies in the United States and internationally are imposing new and evolving regulatory requirements on the safe use of certain chemicals. See "Risk Factors—Legal and Regulatory Risks—We are subject to EHS laws and regulations and the risk of environmental liabilities, violations, and litigation." New laws and regulations, violations of these laws and regulations, stricter enforcement of existing requirements, or the discovery of previously unknown contamination could require us to incur costs, become the basis for new or increased liabilities, fines or sanctions, or other risks, or, in extraordinary situations, result in the shutdown of facilities.

**Legal Proceedings**

We are, from time to time, subject to a variety of litigation and other legal and regulatory proceedings and claims incidental to our business. For example, we are currently subject to ongoing and threatened lawsuits in the United States and Canada with respect to alleged personal injuries caused by our Series 600 insulin pumps with allegedly defective clear retainer rings that were subject to field corrective actions in 2019 and 2021. Please refer to Note 14, "Commitments and Contingencies," to the audited annual combined financial statements and Note 13, "Commitments and Contingencies," to the unaudited condensed combined financial statements included elsewhere in this prospectus.

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**MANAGEMENT**

**Executive Officers**

The following table sets forth the name, age, and position of the individuals who are expected to serve as our executive officers upon completion of this offering, followed by a biography of each executive officer.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Que Dallara | 52 | Chief Executive Officer and Director Nominee |
| Chad Spooner | 54 | Executive Vice President & Chief Financial Officer |
| Ali Dianaty | 51 | Executive Vice President, Chief Product & Technology Officer |
| Courtney Nelson Wills | 49 | Senior Vice President, General Counsel |
| Gillian Chandrasena | 51 | Senior Vice President, Chief Human Resources Officer |

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*Que Dallara* will serve as Chief Executive Officer and Director of the Company. Ms. Dallara currently serves as Executive Vice President and President of the Diabetes Operating Unit at Medtronic. Prior to joining Medtronic in 2022, Ms. Dallara served as President and Chief Executive Officer of Honeywell Connected Enterprise and, prior to that, as Senior Vice President and Chief Commercial Officer of Honeywell. Before joining Honeywell in 2017, Ms. Dallara worked at TE Connectivity, Microsoft, itv\|world, Telstra Corporation, and McKinsey & Company. Ms. Dallara holds a BSc. in Applied Mathematics (Honours Class 1) and BCom from the University of New South Wales and an MBA from INSEAD in France.

Ms. Dallara's qualifications to serve on the Board include her deep understanding of the diabetes industry, extensive operational and strategic leadership experience, and strong track record of success leading the Diabetes Operating Unit at Medtronic.

*Chad Spooner* will serve as Executive Vice President & Chief Financial Officer of the Company. Prior to joining the Company in July 2025, Mr. Spooner served as Chief Financial Officer of Société Bic S.A. ("BIC"). Prior to joining BIC in 2020, Mr. Spooner served as Chief Financial Officer of Wolser Holdings, Inc. (d/b/a Slingshot Health) and Chief Financial Officer of Raffaela Apparel Group, and held various leadership positions at General Electric as well as a senior finance role at GE Energy. Mr. Spooner also co-founded and held senior operational finance roles at Tenex Capital Management. Mr. Spooner holds a B.S. from the Massachusetts Institute of Technology.

*Ali Dianaty* will serve as Executive Vice President, Chief Product & Technology Officer of the Company. Mr. Dianaty currently serves as Senior Vice President of Product Innovation and Operations of the Diabetes Operating Unit at Medtronic. Prior to joining Medtronic in 2016, Mr. Dianaty worked at St. Jude Medical and The Boeing Company. Mr. Dianaty holds a B.S. and an M.Sc. from California State University, Northridge, and an MBA from the UCLA Anderson School of Management.

*Courtney Nelson Wills* will serve as Senior Vice President, General Counsel of the Company. Ms. Nelson Wills currently serves as Vice President, General Counsel of the Diabetes Operating Unit at Medtronic. Prior to her current role, Ms. Nelson Wills served in various leadership positions in Medtronic, including Chief Corporate Governance & Securities Counsel, Assistant Corporate Secretary, General Counsel of Medtronic's Global Regions Legal team, Chief Counsel for Medtronic's Neuroscience Portfolio, Vice President and Chief IP Counsel, and Vice President, Chief Legal Counsel for Diabetes. Prior to joining Medtronic in 2009, Ms. Nelson Wills worked as a patent litigation attorney at Fish & Richardson P.C. and served as a law clerk for the Chief Judge of the U.S. Court of Appeals for the Eighth Circuit. Ms. Nelson Wills holds a B.S. in Chemical Engineering from the University of Minnesota's Institute of Technology and a J.D. from University of Minnesota Law School.

*Gillian Chandrasena* will serve as Senior Vice President, Chief Human Resources Officer of the Company. Ms. Chandrasena currently serves as Vice President, Human Resources of the Diabetes Operating Unit at Medtronic. Prior to joining Medtronic in February 2025, Ms. Chandrasena served as Chief People Officer at Reliance Worldwide Corporation from March 2022 until February 2025 and, prior to that, held various leadership positions at

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Honeywell from June 2018 until March 2022, Brambles Limited, and Centrica. Ms. Chandrasena holds a B.A. and an MBA from De Montfort University, a post-graduate diploma in Human Resources from Thames Valley University, and a coaching certification from The Coaches Institute.

**Directors**

The following table will set forth the name, age, and position of the individuals who are expected to serve as our directors upon completion of this offering, followed by a biography of each director.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Kevin E. Lofton | 71 | Chair and Director Nominee |
| Que Dallara | 52 | Director Nominee |
| Glenn Eisenberg | 64 | Director Nominee |
| D. Keith Grossman | 65 | Director Nominee |
| Robert (Bob) A. Hopkins | 57 | Director Nominee |
| Laura Mauri | 55 | Director Nominee |
| Brett A. Wall | 60 | Director Nominee |
| Matthew (Matt) R. Walter | 47 | Director Nominee |
| Timothy (Tim) A. Wicks | 60 | Director Nominee |

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*Kevin E. Lofton* will serve as Chair of the Company. Mr. Lofton currently serves as a Director of Medtronic since August 2020. In addition, Mr. Lofton is a Life Fellow of the American College of Healthcare Executives. Mr. Lofton served as Chief Executive Officer of CommonSpirit Health from 2019, following the merger between Catholic Health Initiatives (CHI) and Dignity Health, until his retirement in 2020. Prior to the merger, Mr. Lofton served as Chief Executive Officer of CHI for 16 years. Before CHI, Mr. Lofton served in various leadership positions in healthcare organizations, including Chief Executive Officer of UAB Hospital, Chief Executive Officer of Howard University Hospital, and Executive Vice President and Chief Operating Officer of UF Health Jacksonville. Mr. Lofton has previously served on the boards of Gilead Sciences, Inc., where he was the Lead Independent Director, and Rite Aid Corporation. He also served as Chair of the board of the American Hospital Association, one of the largest healthcare trade associations in the country. Mr. Lofton holds a B.S. from Boston University and an MHA from Georgia State University.

Mr. Lofton's qualifications to serve on the Board include his nationally recognized status in healthcare administration and over 40 years of executive experience in the healthcare industry as a senior level executive in hospital administration. His long and broad experience leading healthcare provider organizations and his ability to successfully navigate evolving commercial, regulatory, and public policy changes over time will provide the Board with valuable perspective and insights.

The biography of Que Dallara is set forth under the section entitled "—Executive Officers."

*Glenn Eisenberg* will serve as a Director of the Company. Mr. Eisenberg currently serves as a Senior Advisor at Labcorp and at Rhône Group, a position he has held since April 2025. Mr. Eisenberg previously served as Executive Vice President and Chief Financial Officer of Labcorp from 2014 until 2024 and Executive Vice President and Special Advisor to the CEO until his retirement in 2025. Prior to joining Labcorp, Mr. Eisenberg served in various leadership positions, including Executive Vice President, Finance and Administration & Chief Financial Officer of The Timken Company and President and Chief Operating Officer of the United Dominion Industries. Mr. Eisenberg currently serves on the boards of directors of Solventum Corporation and Lumexa Imaging, Inc. Mr. Eisenberg has also served on the boards of directors of Family Dollar Stores, Inc., Perspecta Inc., US Ecology, Inc., and Alpha Natural Resources, Inc. Mr. Eisenberg holds a B.A. from Tulane University and an MBA from Georgia State University.

Mr. Eisenberg's long history as a public company executive will provide the Board with significant operational and financial expertise. Mr. Eisenberg also brings to the Board strong audit committee expertise and valuable experience in portfolio optimization.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D. Keith Grossman* will serve as a Director of the Company. Mr. Grossman currently serves as the Lead Independent Director at Outset Medical, Inc., a position he has held since April 2014, and the Vice Chairman of Alcon, Inc. since April 2019. Mr. Grossman served as Chair of Nevro, Inc. from 2019, serving in a non-executive capacity from 2023 until Nevro's acquisition in 2025. Mr. Grossman also served as Chief Executive Officer and President of Nevro from 2019 until 2023, and as Executive Chair of Nevro from April 2023 to October 2023. Prior to joining Nevro, Mr. Grossman served as President and Chief Executive Officer of Thoratec Corporation, Chief Executive Officer, President, and director of Conceptus, Inc., and Managing Director of TPG Biotech. Mr. Grossman has also served on the boards of directors of ViewRay, Inc., Intuitive Surgical, Kyphon, Inc., and Zeltiq Aesthetics, Inc. Mr. Grossman holds a B.S. from The Ohio State University and an MBA from the Pepperdine Graziadio Business School.

Mr. Grossman's qualifications to serve on the Board include nearly 40 years of experience with medical devices and supplies, including as Chief Executive Officer of publicly held medical device and technology companies. Mr. Grossman brings to the Board his executive and board leadership experience, as well as operational and strategic planning expertise in the healthcare industry. Mr. Grossman's variety of experiences, including in private equity, public and private company boards, and public company executive roles, will make him a valuable member of the Board.

*Bob Hopkins* will serve as a Director of the Company. Mr. Hopkins currently serves as Senior Vice President and Head of Global Strategy of Medtronic. Prior to joining Medtronic in 2021, Mr. Hopkins served as Managing Director and Senior Equity Research Analyst at BofA Securities, Inc. (f/k/a Bank of America Merrill Lynch), where he covered the medical technology industry beginning in July 2008. He also has held various leadership positions at Lehman Brothers Holdings Inc. and Donaldson, Lufkin & Jenrette. Mr. Hopkins holds a B.A. from Trinity College—Hartford and an MBA from Columbia Business School.

Mr. Hopkin's nearly 30-year career in finance and equity research, his specific expertise in the medical technology industry, as well as his strategic leadership experience at Medtronic will make him a valuable member of the Board.

*Laura Mauri* will serve as a Director of the Company. Dr. Mauri currently serves as Senior Vice President, Chief Scientific and Medical Officer of Medtronic and is a member of the Medtronic Executive Committee. Dr. Mauri also serves on the board of directors of the MDIC and has held advisory roles with the U.S. FDA, the NIH, the CMS, and the National Academy of Medicine. Prior to joining Medtronic in 2018, Dr. Mauri spent 15 years as an interventional cardiologist at Brigham and Women's Hospital and served as Professor of Medicine at Harvard Medical School. Dr. Mauri holds an A.B. from Harvard College, an M.Sc. from Harvard School of Public Health, and an M.D. from Harvard Medical School.

Dr. Mauri's qualifications to serve on the Board include her distinguished career as an interventional cardiologist and internationally recognized clinical investigator, in addition to eight years of experience leading Medtronic's scientific, medical, clinical research, and regulatory affairs functions. Dr. Mauri's record of academic and executive leadership, in addition to her medical and scientific expertise, will make her a valuable member of the Board.

*Brett Wall* will serve as a Director of the Company. Mr. Wall currently serves as Executive Vice President and President of Medtronic's Neuroscience Portfolio and is a member of the Medtronic Executive Committee. Prior to joining Medtronic in 2015, Mr. Wall served as President, Neurovascular and International and Senior Vice President and President of Neurovascular at Covidien, Senior Vice President and President, International of ev3, Inc., and Director of Marketing, Cardiovascular, Asia Pacific and Marketing Manager, Japan of Boston Scientific Corporation. Mr. Wall holds a B.S. from the University of Nebraska at Kearney.

Mr. Wall's qualifications to serve on the Board include his extensive leadership experience in the medical technology industry, including his current role overseeing five operating units at Medtronic. Mr. Wall's proven commercial management and business strategy expertise will make him a valuable addition to the Board.

*Matt Walter* will serve as a Director of the Company. Mr. Walter currently serves as Senior Vice President, Human Resources and Global Communication & Corp Marketing and Chief Human Resources Officer of

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Medtronic, a position he has held since 2023, and is a member of the Medtronic Executive Committee. Prior to his current role, Mr. Walter spent nine years with Medtronic in a variety of HR leadership roles since June 2014. He most recently served as HR VP, Global Operations & Supply Chain, where he was responsible for HR strategies supporting roughly half of the company's global workforce. Earlier in his tenure, he held business partner roles in Medtronic's Restorative Therapies Group, Coronary, Structural Heart, and Diabetes business, and spent time in its Global Talent & Leadership Development Center of Expertise. Before joining Medtronic, Mr. Walter was Senior Director of Talent Management at Best Buy Co., Inc. Prior to that, he held a number of leadership roles at Bank of America. Mr. Walter earned a B.A. in Psychology from Saint Francis University and a Ph.D. in Industrial and Organizational Psychology from Colorado State University.

Mr. Walter's qualifications to serve on the Board include his experience in talent and human capital management, including over ten years serving in leadership capacities at Medtronic. Mr. Walter will provide the Board with valuable insight into the Company's talent, culture, and organization strategies.

*Tim Wicks* will serve as a Director of the Company. Mr. Wicks currently serves as a director on the board of directors of BrightSpring Health Services, a position he has held since April 2024, and Advisor to KKR & Co. Inc.'s healthcare practice since June 2024. From 2002 until his retirement in 2021, Mr. Wicks served in various executive leadership roles at UnitedHealthcare and Optum, divisions of UnitedHealth Group, including executive oversight for Optum Financial Services, Executive Vice President of Supply Chain, Chief Executive Officer and President of OptumRx, and Chief Financial Officer of Optum. Mr. Wicks also served as Chief Financial Officer and then President and Chief Operating Officer of Yellow Corporation and President of Great Northern Capital. Mr. Wicks has also served on the boards of directors of Precision Castparts Corp., Aerojet Rocketdyne, and Pear Therapeutics. Mr. Wicks holds a B.A. from the University of Chicago and an MBA from Harvard University's Graduate School of Business.

Mr. Wicks' qualifications to serve on the Board include his financial, executive, and business relations experience in the healthcare industry. Mr. Wicks' experience leading significant growth initiatives and strategic acquisitions at Optum, in addition to his board, audit committee, and compensation committee experience, will make him a valuable addition to the Board.

**Composition of the Board of Directors; Classes of Directors**

Our business and affairs are managed under the direction of the Board. Our amended and restated certificate of incorporation will provide that the number of directors will be fixed from time to time by the Board. Effective prior to the completion of this offering, the Board will consist of 9 directors.

The Board is divided into three classes, denominated as class I, class II, and class III. Members of each class will hold office for staggered three-year terms. At each annual meeting of our stockholders beginning in &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , the successors to the directors whose term expires at that meeting will be elected to serve until the third annual meeting after their election or until their successors have been elected and qualified. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will serve as class I directors whose terms expire at the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; annual meeting of stockholders. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will serve as class II directors whose terms expire at the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; annual meeting of stockholders. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will serve as class III directors whose terms expire at the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; annual meeting of stockholders.

**Director Independence**

The Board has undertaken a review of the independence of each of our directors. Based on information provided by our directors concerning their background, employment, and affiliations, the Board has determined that &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; qualify as "independent" under the rules of Nasdaq. In assessing the independence of each of our directors, the Board considered the relationships that each director has with us and with Medtronic as well as all other facts and circumstances that the Board deemed relevant to assess the independence of each of our directors.

The Board will assess, at least annually, the independence of each of our directors and make a determination as to which of our directors are independent.

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**Controlled Company Exemption**

Upon completion of this offering, Medtronic will own &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our shares of common stock eligible to vote in the election of our directors (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise in full their option to purchase additional shares of our common stock from us to cover over-allotments). As a result, we will be a "controlled company" as defined under the corporate governance rules of Nasdaq and, therefore, will qualify for exemptions from certain corporate governance requirements of Nasdaq. Accordingly, we will not be required to have a majority of "independent directors" on the Board as defined under the rules of Nasdaq and we will not be required to have a compensation committee or a nominating and corporate governance committee, in each case composed entirely of independent directors.

We intend to avail ourselves of the "controlled company" exemption under the corporate governance rules of Nasdaq which exempts us from the requirements that we have a majority of "independent directors" on the Board as defined under the rules of Nasdaq and a compensation committee and nominating and corporate governance committee composed entirely of independent directors.

The "controlled company" exemption does not modify the independence requirements for the Audit Committee, and we intend to comply with the applicable requirements of the Exchange Act and Nasdaq, which require that the Audit Committee be composed of (1) at least one independent director upon the listing of our common stock, (2) a majority of independent directors within 90 days of listing, and (3) exclusively independent directors within one year of listing. Upon the completion of this offering, we expect the Audit Committee will be composed of a majority of independent directors. See "—Committees of the Board of Directors—Audit Committee."

Upon completion of the Divestment, if pursued, we will no longer qualify as a "controlled company" as defined under the corporate governance rules of Nasdaq. In the event that we cease to be a "controlled company," to the extent we have not done so already, we will be required to fully implement the corporate governance requirements of Nasdaq within the applicable transition periods specified in the rules of Nasdaq.

**Board of Directors Leadership Structure**

Our Principles of Corporate Governance will provide that, on an annual basis, and at such other times as the Nominating and Corporate Governance Committee deems appropriate (including in connection with a Chief Executive Officer transition), the Nominating and Corporate Governance Committee will review the Board's leadership structure. In conducting its review, the Nominating and Corporate Governance Committee will consider such facts and circumstances as it deems appropriate from time to time.

**Meetings of the Board of Directors**

Our Principles of Corporate Governance will provide that our directors are expected to attend Board meetings and meetings of the Board committees on which they serve, to spend the time needed and to meet as frequently as necessary to properly discharge their responsibilities. Our Principles of Corporate Governance will also provide that our independent directors will meet in regular executive sessions without any non-independent directors or members of management present.

**Committees of the Board of Directors**

Effective prior to the completion of this offering, the Board will have the following standing committees: (1) the Audit Committee, (2) the Compensation and Talent Committee, and (3) the Nominating and Corporate Governance Committee. The Board will adopt a written charter for each committee and these charters will be available on our website at www.minimed.com. The information contained on, or that can be accessed through, our website is not part of, and is not incorporated into, this prospectus, and you should not rely on any such information in making an investment decision to purchase shares of our common stock.

***Audit Committee***

The initial members of the Audit Committee will be &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will serve as Chair of the Audit Committee. The Board has determined that &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is an "audit committee financial expert" as defined under the

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rules of the SEC. In addition, the Board has determined that each of the members of the Audit Committee is independent under the rules of Nasdaq and under Rule 10A-3 under the Exchange Act. The responsibilities of the Audit Committee are expected to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the adequacy and effectiveness of our internal control over financial reporting, including information technology and security systems related to internal controls, and disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• undertaking the appointment, compensation, retention, and oversight of our external independent registered public accounting firm, which reports directly to the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the independence, qualifications, and performance of the independent registered public accounting firm and the performance of our internal auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• considering, at least annually, the independence of the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-approving all audit and permitted non-audit services to be provided by the independent registered public accounting firm and establishing policies and procedures for the engagement of the independent registered public accounting firm to provide auditing and permitted non-audit services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing, at least annually, a report by the independent registered public accounting firm describing its internal quality-control procedures and any material issues raised by the most recent internal quality-control review and any recent investigations by regulatory or professional agencies, and any steps taken to deal with any such issues, and all relationships between us and the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the experience and qualifications of the lead partner of the independent registered public accounting firm each year and considering whether there should be rotation of the lead partner or the independent auditor itself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing clear policies for hiring current and former employees of the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing our compliance with applicable legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advising the Board with regard to our policies and procedures regarding compliance with laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with the General Counsel and independent registered public accounting firm: legal matters that may have a material impact on the financial statements; any fraud involving management or other employees who have a significant role in our internal controls; compliance policies; and any material reports or inquiries received that raise material issues regarding our financial statements and accounting or compliance policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing annual audited financial statements with management and our independent registered public accounting firm and recommending to the Board whether the financial statements should be included in our Annual Report on Form 10-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing with management and our independent registered public accounting firm quarterly financial statements and earnings releases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing major issues and changes to our accounting and auditing principles and practices, including analyses of the effects of non-GAAP financial measures, regulatory and accounting initiatives, and off-balance sheet structures on our financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing policies with respect to risk assessment and risk management, including risks affecting our financial statements, operations, business continuity, and reputation and the reliability and security of our

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information technology and security systems (including cybersecurity), and the steps management has undertaken to monitor and control such exposures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing the report of the Audit Committee as required by the rules and regulations of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting with the independent registered public accounting firm prior to the audit to review the scope and planning of the audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the results of the annual audit examination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with the independent registered public accounting firm its evaluation of our identification of, accounting for, and disclosure of related person transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with the independent registered public accounting firm the performance of our internal audit function and the results of any significant internal audits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing candidates for the position of Chief Financial Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing reports from management regarding compliance processes relating to our Code of Conduct and related policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing procedures concerning the receipt, retention, and treatment of complaints regarding accounting, internal accounting controls, or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting privately in separate executive sessions periodically with management, internal auditors, and the independent registered public accounting firm.

The Audit Committee may form and delegate authority to subcommittees as it deems appropriate. The Audit Committee also may delegate certain of its responsibilities to one or more designated executives or committees in accordance with applicable laws, regulations, and plan requirements.

***Compensation and Talent Committee***

The initial members of the Compensation and Talent Committee will be &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will serve as Chair of the Compensation and Talent Committee. The Board has determined that each of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is independent under the rules of Nasdaq and under Rule 10C-1 under the Exchange Act. In addition, we expect that each of the members of the Compensation and Talent Committee will qualify as "non-employee directors" under Rule 16b-3 under the Exchange Act. We intend to avail ourselves of the "controlled company" exemption under the corporate governance rules of Nasdaq which exempts us from the requirement that we have a compensation committee composed entirely of independent directors.

The responsibilities of the Compensation and Talent Committee are expected to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodically reviewing our executive compensation philosophy and significant other compensation programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing oversight and recommending company-wide incentive compensation and equity-based compensation programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually reviewing compensation programs of senior management, defined as any person who meets the definition of "officer" under Section 16 of the Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually reviewing and approving corporate goals and objectives relevant to the compensation of the Chief Executive Officer and all other senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually determining and approving the total compensation of the Chief Executive Officer, based on its own evaluation of performance in light of the goals and objectives;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually conducting a talent review and approving the total compensation of all other senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving stock and other long-term incentive awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring compliance by the Chief Executive Officer and senior management with our stock ownership guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and administering our Clawback Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually reviewing our qualified benefit plans and nonqualified benefit plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodically reviewing severance arrangements for senior management and recommending changes to the Board as needed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing advice to the Board regarding director compensation and benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing with management the Compensation Discussion and Analysis required by the rules of the SEC and recommending to the Board the inclusion of the Compensation Discussion and Analysis in our annual proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting the Board in reviewing results of any stockholder advisory votes on executive compensation, responding to other stockholder communications that relate to the compensation of executive officers, and reviewing and recommending to the Board for approval the frequency with which we will conduct stockholder advisory votes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing the Compensation and Talent Committee's report to be included in our annual proxy statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assessing risk relating to our compensation policies and practices.

The Compensation and Talent Committee may form and delegate authority to subcommittees as it deems appropriate. The Compensation and Talent Committee also may delegate certain of its responsibilities to one or more designated executives or committees in accordance with applicable laws, regulations, and plan requirements.

***Nominating and Corporate Governance Committee***

The initial members of the Nominating and Corporate Governance Committee will be &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will serve as Chair of the Nominating and Corporate Governance Committee. The Board has determined that each of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is independent under the rules of Nasdaq. We intend to avail ourselves of the "controlled company" exemption under the corporate governance rules of Nasdaq which exempts us from the requirement that we have a compensation committee composed entirely of independent directors.

The responsibilities of the Nominating and Corporate Governance Committee are expected to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• formulating our policies and procedures for identifying a pool of qualified director candidates and for evaluating and recommending candidates to the Board for nomination for election as directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implementing the Nominating and Corporate Governance Committee's policies to identify, evaluate, and recommend to the Board individuals for the Board to nominate for election as directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and making recommendations to the Board regarding whether members of the Board should stand for re-election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• considering matters relating to the retirement of a director, including term or age limits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• considering any resignation offered by a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing an annual evaluation process for the Board and its committees;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending to the Board directors to serve as members of each committee and recommending any changes to the Board or standing committees that the Committee believes desirable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring emerging corporate governance trends and overseeing and evaluating our corporate governance policies and programs to align with market best practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing our Principles of Corporate Governance at least annually and recommending changes to the Board to align with market best practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing stockholder proposals and recommending to the Board proposed Company responses to such proposals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing, in accordance with our related person transaction policies and procedures, transactions and relationships with related parties that are required to be approved or ratified thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing our related person transaction policies and procedures on a periodic basis and recommending changes to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the independence standards under the corporate governance standards of Nasdaq and providing at least annually to the Board the Committee's assessment of which directors should be deemed independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing at least annually the requirements of a "financial expert" under the applicable rules of the SEC and determining which directors are "financial experts";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing and reviewing on a periodic basis the continuing education program for directors and the orientation program for new directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing our stock ownership guidelines for directors, monitoring compliance with such guidelines, and recommending changes to the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing our corporate political contributions and philanthropic activities, including charitable contributions.

The Nominating and Corporate Governance Committee may form and delegate authority to subcommittees as it deems appropriate. The Nominating and Corporate Governance Committee also may delegate certain of its responsibilities to one or more designated executives or committees in accordance with applicable laws, regulations, and plan requirements.

**Compensation Committee Interlocks and Insider Participation**

During fiscal year 2025, we were not a standalone company, and we did not have a compensation committee or any other committee serving a similar function. Decisions with respect to the compensation for that fiscal year of the individuals who will serve as our executive officers upon completion of this offering were made by Medtronic, as described in the section of this prospectus entitled "Executive and Director Compensation."

**Principles of Corporate Governance**

The Board will adopt Principles of Corporate Governance describing our corporate governance practices, policies, and framework. The Principles of Corporate Governance will be published on our website at www.minimed.com. These materials will be available in print to any stockholder upon request. From time to time, the Board will review and update these documents as it deems necessary and appropriate to keep abreast of governance regulations.

**Board of Directors Oversight of Risk Management**

The Board, in exercising its overall responsibility to oversee the management of the business, will consider risks when reviewing our strategic plan, financial results, merger and acquisition-related activities, legal and regulatory

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matters, and our public filings with the SEC. The Board's oversight of risk management will include full and open communications with management to review the adequacy and functionality of the risk management processes used by management.

**Code of Conduct**

All our employees, including the Chief Executive Officer and other senior management, will be required to comply with a Code of Conduct to help ensure that our business is conducted in accordance with the highest standards of ethical behavior. The Code of Conduct will cover all areas of professional conduct, including customer relationships, conflicts of interest, insider trading, intellectual property, and confidential information, as well as requiring strict adherence to all laws and regulations applicable to our business. Employees will be required to bring any violations and suspected violations of the Code of Conduct to our attention through management or legal counsel or by using our confidential compliance line. In addition, the Code of Ethics for Senior Financial Officers will provide specific policies applicable to the Chief Executive Officer, Chief Financial Officer, and other senior financial officers designated from time to time by the Chief Executive Officer.

These policies relate to internal controls, the public disclosures of our violations of the securities or other laws, rules or regulations, and conflicts of interest. The members of the Board will be subject to a Code of Business Conduct and Ethics relating to director responsibilities, conflicts of interest, strict adherence to applicable laws and regulations, and promotion of ethical behavior.

Our codes of conduct will be published on our website at www.minimed.com and will be available in print to any stockholder who requests them. We intend to disclose future amendments to, or waivers for directors and executive officers of, the codes of conduct on our website promptly following the date of such amendment or waiver, to the extent required by applicable rules and regulations.

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**EXECUTIVE AND DIRECTOR COMPENSATION**

**Director Compensation Matters**

***Director Compensation***

The Medtronic Nominating and Corporate Governance Committee has approved an initial compensation program for our non-employee directors, consisting of an:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annual cash retainer for each non-employee director of $70,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annual grant of restricted stock units for each non-employee director with a grant date target value of $250,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional annual cash retainer for the members of the Audit, Compensation and Talent, and Nominating and Corporate Governance Committees of $12,500, $10,000, and $7,500, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional annual cash retainer for the chairs of the Audit, Compensation and Talent, and Nominating and Corporate Governance Committees of $25,000, $20,000, and $15,000, respectively which is inclusive of the committee member retainer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional annual cash retainer for the non-executive chair of the Board of $70,000.

Cash retainers will be paid in arrears in quarterly installments.

Restricted stock units will generally be granted on the date of our annual shareholder meetings and will vest on the one-year anniversary of the grant date.

Additionally, each non-employee director as of this offering will receive an additional restricted stock unit award upon the completion of this offering with a grant date target value of $500,000 (in the case of the Chairman of the Board) or $250,000 (in the case of all other non-employee directors), in recognition of each non-employee director's contributions prior to this offering.

Directors who are also employees will not receive any additional compensation for their service as directors.

**Compensation Discussion and Analysis**

***Introduction***

As discussed above, we are currently part of Medtronic and our Compensation and Talent Committee has not yet been formed. Decisions about our executive compensation and benefits to date have been made by the Medtronic Compensation and Talent Committee and Medtronic's senior management. Accordingly, this discussion focuses on Medtronic's compensation and benefit programs and decisions for fiscal year 2025. Following the completion of this offering, we expect that our Compensation and Talent Committee will review our executive compensation and benefit programs on a periodic basis and determine the appropriate compensation and benefits for our executives, and accordingly our executive compensation and benefits programs following the completion this offering may not be the same as those discussed below. See "—Future Compensation Programs—Post-Offering Compensation."

For purposes of this discussion, the following individuals are our "Named Executive Officers" or "NEOs":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Que Dallara**, who currently serves as Executive Vice President and President for the Diabetes Operating Unit of Medtronic and who is expected to serve as our Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Chad Spooner**, who currently serves as Senior Vice President, Chief Financial Officer for the Diabetes Operating Unit of Medtronic and who is expected to serve as our Executive Vice President & Chief Financial Officer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ali Dianaty**, who currently serves as Senior Vice President, Product Innovation and Operations for the Diabetes Operating Unit of Medtronic and who is expected to serve as our Executive Vice President, Chief Product & Technology Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Courtney Nelson Wills**, who currently serves as Vice President, General Counsel for the Diabetes Operating Unit of Medtronic and who is expected to serve as our Senior Vice President, General Counsel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gillian Chandrasena**, who currently serves as Vice President, Human Resources for the Diabetes Operating Unit of Medtronic and who is expected to serve as our Senior Vice President, Chief Human Resources Officer.

Chad Spooner was not employed by Medtronic during fiscal year 2025. Accordingly, his individual compensation information is not included in this Compensation Discussion and Analysis.

***Executive Compensation Philosophy***

Medtronic's compensation programs are designed with the intent of aligning the interests of its executives with those of shareholders. Medtronic's programs are market-competitive to ensure it attracts, retains, and engages highly talented executives with compensation packages established pursuant to the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Market-Competitive**: Medtronic benchmarks and assesses its program annually to ensure market-competitive target total direct compensation consisting of base salary, target annual cash incentive and long-term incentives. The benchmarking process ensures that each element of target total direct compensation is within a market competitive range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Shareholder Value Alignment**: Medtronic aligns incentive programs with shareholder value creation by using annual and three-year performance measures that drive shareholder value. Incentive goals come directly from Medtronic's board-approved annual operating plan and Medtronic's board-approved long-term strategic plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Pay for Performance**: Medtronic emphasizes pay for performance. At least 60% of target total direct compensation payable to each of our NEOs is contingent on the attainment of annual or long-term company performance goals. The commitment to pay for performance provides actual compensation outcomes with varying levels of competitiveness that align with Medtronic's absolute and relative performance results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Focus on Quality**: To optimize the influences of "Quality", it is the component of Medtronic's team scorecard that directly impacts payouts of its annual incentive plan. The quality goals can only reduce a payout. Quality aligns to the Medtronic mission: "To strive without reserve for the greatest possible reliability and quality in our products."

***Process***

*Medtronic Compensation and Talent Committee*

The Medtronic Compensation and Talent Committee establishes Medtronic's compensation philosophy, program design and administration rules, and is the decision-making body on all compensation matters related to its executive officers. The Medtronic Compensation and Talent Committee solicits input from an independent outside compensation consultant and relies on the consultant's advice.

*Independent Compensation Consultant*

For fiscal year 2025, the Medtronic Compensation and Talent Committee engaged Semler Brossy, an independent compensation consulting firm (the "Medtronic Independent Consultant"), to advise the Medtronic Compensation and Talent Committee on all matters related to executive officer compensation. Specifically, the Medtronic Independent Consultant conducts an annual competitive market analysis of total compensation for Medtronic's executive officers, provides relevant market data, updates the Medtronic Compensation and Talent

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Committee on compensation trends and regulatory developments, and counsels the Medtronic Compensation and Talent Committee on program design and specific compensation decisions related to Medtronic's CEO and other executives. The work listed above and review of Medtronic's board of director compensation is the only work completed by the Medtronic Independent Consultant for Medtronic and the services of that firm are at the discretion and direction of the Medtronic Compensation and Talent Committee.

Consistent with the New York Stock Exchange (the "NYSE") listing standards, the Medtronic Compensation and Talent Committee reviews and confirms the independence of its outside consultants on an annual basis. In connection with this process, the Medtronic Compensation and Talent Committee has reviewed, among other items, a letter from Semler Brossy addressing its independence and the members of the consulting team serving the Medtronic Compensation and Talent Committee, including the following factors: (i) other services provided to Medtronic by Semler Brossy, (ii) fees paid by Medtronic as a percentage of Semler Brossy's total revenue, (iii) policies or procedures of Semler Brossy that are designed to prevent conflicts of interest, (iv) any business or personal relationships between the senior advisor of the consulting team and a member of the Medtronic Compensation and Talent Committee, (v) any Medtronic stock owned by the senior advisor or any member of that individual's immediate family, and (vi) any business or personal relationships between the Medtronic executive officers and the senior advisor. Medtronic's Compensation and Talent Committee discussed these considerations and concluded that the work performed by Semler Brossy and its senior advisor involved in the engagement did not raise any conflict of interest.

*Chief Executive Officer*

In making compensation decisions for Ms. Dallara, who is a member of Medtronic's executive committee and reports to Medtronic's CEO, the Medtronic Compensation and Talent Committee solicits the views of Medtronic's CEO and the Medtronic Independent Consultant.

*Other NEOs*

Compensation decisions for Mr. Dianaty, Ms. Nelson Wills, and Ms. Chandrasena are completed through Medtronic's annual compensation review process, during which compensation recommendations are approved by each NEO's respective manager in accordance with Medtronic's established compensation governance framework.

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***Governance***

The Medtronic Compensation and Talent Committee leverages best-in-class governance practices to design and administer Medtronic's executive compensation programs. In particular, the table below notes the governance features that are incorporated into the Medtronic programs:

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| | | |
|:---|:---|:---|
| **Summary of Key Compensation Practices** | **Summary of Key Compensation Practices** | **Summary of Key Compensation Practices** |
| **What Medtronic Does** | ✔ | Pay and shareholder performance alignment |
| **What Medtronic Does** | ✔ | Responsible use of shares under its long-term incentive program |
| **What Medtronic Does** | ✔ | Multiple performance metrics under short- and long-term performance-based plans discourage short-term risk-taking at the expense of long-term results |
| **What Medtronic Does** | ✔ | Targets for performance metrics aligned to financial goals communicated to shareholders |
| **What Medtronic Does** | ✔ | Payout caps on short-term and long-term incentive compensation plans to mitigate unnecessary risk-taking |
| **What Medtronic Does** | ✔ | Limited perquisites |
| **What Medtronic Does** | ✔ | Double-trigger change of control vesting of compensation and benefits, including equity |
| **What Medtronic Does** | ✔ | Clawback policy that applies to annual incentive, long-term incentives, and equity compensation |
| **What Medtronic Does** | ✔ | Meaningful stock ownership guidelines and holding periods on portions of after-tax shares until guidelines are met |
| **What Medtronic Does** | ✔ | Engagement of an independent compensation consultant |
| **What Medtronic Does Not Do** | 🗶 | No defined benefit supplemental executive retirement plans or special healthcare coverage for NEOs |
| **What Medtronic Does Not Do** | 🗶 | No "single-trigger" vesting of equity awards in event of a change of control |
| **What Medtronic Does Not Do** | 🗶 | No dividends or dividend equivalents on unearned equity compensation |
| **What Medtronic Does Not Do** | 🗶 | No excessive severance benefits |
| **What Medtronic Does Not Do** | 🗶 | No hedging or pledging of Medtronic stock permitted for its executives |
| **What Medtronic Does Not Do** | 🗶 | No "golden parachute" excise tax gross ups |
| **What Medtronic Does Not Do** | 🗶 | No backdating or repricing of stock option awards |
| **What Medtronic Does Not Do** | 🗶 | No multi-year compensation guarantees |

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***Use of Market Competitive Compensation Data***

The Medtronic Compensation and Talent Committee considers relevant market pay practices when establishing executive compensation program and pay levels, including base salary and annual and long-term incentives. To facilitate Medtronic's ability to benchmark competitive compensation levels and practices, the Medtronic Compensation and Talent Committee established a "Medtronic Compensation Comparison Group." The Medtronic Compensation and Talent Committee selected the companies that constitute the Medtronic Compensation Comparison Group after discussion with the Medtronic Independent Consultant. The Medtronic Compensation Comparison Group is selected using Medtronic Compensation and Talent Committee approved criteria designed to identify companies with whom Medtronic is most likely to compete for talent. The criteria the Medtronic Compensation and Talent Committee considers include items such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Size (measured by revenue, market capitalization, enterprise value and other measures)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complexity and global footprint

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Companies that represent Medical Device, Life Sciences, Technology, and Industrials

The Medtronic Compensation and Talent Committee uses data from the Medtronic Compensation Comparison Group to establish a competitive market range within which pay is positioned to reflect experience and performance. Consistent with Medtronic's pay-for-performance philosophy, Medtronic establishes an award range for short-term and long-term incentives that generates above-market pay for above-market performance and below-market pay for below-market performance. In addition to the competitive market information, the Medtronic Compensation and

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Talent Committee also reviews information about performance, potential, expertise, and experience for each executive officer.

The following table summarizes the selection criteria used by the Medtronic Compensation and Talent Committee to select the Medtronic Compensation Comparison Group.

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| | |
|:---|:---|
| **Selection Criteria** | **Selection Criteria** |
| **Start with Standard & Poor's 100 largest U.S. companies, the S&P 500 Healthcare Equipment and Supplies, and the S&P 500 Information Technology Indices**<br>**Limit to Several Relevant Global Industry Classification Standard Sectors**<br>1. Health Care<br>2. Consumer Staples<br>3. Industrials<br>4. Information Technology | **Consider the following criteria for selecting companies**<br>1. Overall company size<br>2. Health care company<br>3. Data science and artificial intelligence<br>4. Global operations<br>5. Manufacturer<br>6. Government contractor<br>7. Geographic competitor<br>8. Proxy advisory peer companies |

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The Medtronic Independent Consultant recommended no changes to the Medtronic Compensation Comparison Group in fiscal year 2025. Summarized below is a comparison of Medtronic to the Medtronic Compensation Comparison Group in various measures of financial and market size as of April 25, 2025.

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*Comparison Group Size Comparisons*![executivedirectorcompensat.jpg](executivedirectorcompensat.jpg)

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| | |
|:---|:---|
| 24-Company Medtronic Compensation Comparison Group | 24-Company Medtronic Compensation Comparison Group |
| 3M | GE Healthcare Technologies |
| Abbott Laboratories | Gilead Sciences |
| AbbVie | Honeywell |
| Amgen | IBM |
| Baxter | Intel |
| Becton, Dickinson, & Co. | Johnson & Johnson |
| Biogen | Merck & Co. |
| Boston Scientific | Pfizer |
| Bristol Myers Squibb | Qualcomm |
| Cisco Systems | Stryker |
| Danaher | Thermo Fisher |
| Eli Lilly & Co. | UnitedHealth Group |

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Following the completion of this offering, our Compensation and Talent Committee will establish a peer group that is determined specifically with respect to our business. See "—Future Compensation Programs—Post-Offering Peer Group."

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***Fiscal Year 2025 Compensation Program Design***

The overall design of Medtronic's FY25 executive annual total rewards program is illustrated below:

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| | | | |
|:---|:---|:---|:---|
| | **Component** | **Basic Design** | **Purpose** |
| **Fixed** | **Base Salary**  | • Fixed and recurring element of compensation.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Calibrated with the Medtronic Compensation Comparison Group market range or general industry standards  | • Compensates for carrying out basic duties of the job.<br>• Recognizes individual experiences, skills, and sustained performance |
|  | **Benefits**  | • Market-competitive benefits and perquisites including health, retirement, allowances, and other life events | • Provides same benefits available to Medtronic employees; nonqualified deferred compensation plan provides the same tax planning benefit to executives after adjusting for statutory limitations |
| **Variable at Risk** | **Annual Incentive Plan**  | • Performance-based cash-compensation opportunity using both financial and nonfinancial metric.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Financial metrics are revenue growth, non-GAAP diluted Earnings per Share ("EPS"), and free cash flow<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Nonfinancial measure is Quality | • Encourage sustained performance improvements in key financial areas that drive total shareholder return and the key nonfinancial area that drives Medtronic's strategy |
|  | **PSUs**  | • Performance-based equity compensation using both internal financial goals and relative total shareholder return<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Revenue Growth 3-year simple average<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Relative TSR versus the S&P 500 Healthcare Equipment Index over a 3-year period (Relative TSR)<br>• ROIC modifier (downward only) | • Represents a significant portion of long-term incentives based on meeting key strategic financial goals that are aligned with shareholder experiences<br>• Promotes long-term stock ownership in Medtronic |
|  | **Stock Options**  | • Vest 25% per year starting on the first anniversary of grant date | • Aligns pay with performance by linking value to stock price appreciation and shareholder value creation |
|  | **RSUs**  | • Vest 100% on the third anniversary of grant date | • Promotes long-term stock ownership in Medtronic<br>• Encourages retention |

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***Fiscal Year 2025 Compensation Decisions***

*Fiscal Year 2025 Annual Base Salaries for Named Executive Officers*

One of the principles of Medtronic's compensation philosophy as outlined above is to provide a competitive base salary relative to the Medtronic Compensation Comparison Group or general industry standards. As the Medtronic Compensation and Talent Committee evaluates base salary decisions, it considers several factors such as competitive pay positioning, performance, expertise, experience, and internal equity. At the beginning of each fiscal year, the Medtronic Independent Consultant presents to the Medtronic Compensation and Talent Committee an analysis that identifies the market base salary ranges for certain of Medtronic's executive officers, including Ms.

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Dallara. Using this market data the Medtronic Compensation and Talent Committee approves base salary changes for its executive officers. For Mr. Dianaty, Ms. Nelson Wills, and Ms. Chandrasena, Medtronic uses general industry standards when considering market base salary ranges.

The table below shows the fiscal year 2025 base salaries for each of our NEOs employed by Medtronic in fiscal year 2025.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **FY24 Salary (000s)** | **FY25 Salary (000s)** | **Merit % Increase** |
| **Que Dallara**  | $730 | $765 | 4.8% |
| **Ali Dianaty**  | $575 | $575 | —% |
| **Courtney Nelson Wills**  | $434 | $444 | 2.5% |
| **Gillian Chandrasena**<sup>(1)</sup>  | N/A | $445 | N/A |

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__________________

(1)Ms. Chandrasena joined Medtronic in FY25; therefore, no FY24 base salary is reported. The FY25 amount reflects her annualized base salary rate following her April 5, 2025 promotion to VP, Chief Human Resources Officer of the Medtronic Diabetes Operating Unit.

***Fiscal Year 2025 Annual Medtronic Incentive Plan***

The Medtronic Incentive Plan ("MIP") provides an opportunity to earn an annual cash payout for performance relative to pre-established financial and nonfinancial objectives. The Medtronic Compensation and Talent Committee sets individual target awards for Ms. Dallara, expressed as a percentage of base salary, based on several factors such as desired competitiveness, performance, expertise, experience, and internal equity. For other NEOs, MIP targets are set as a percentage of base salary based on their respective job levels within Medtronic's organizational structure. The following table highlights the target MIP percentage for of our NEOs employed by Medtronic in fiscal year 2025:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **FY24 MIP Target** | **FY25 MIP Target** | **% Increase/(Decrease)** |
| **Que Dallara**  | 100% | 100% | —% |
| **Ali Dianaty**  | 70% | 70% | —% |
| **Courtney Nelson Wills**  | 60% | 60% | —% |
| **Gillian Chandrasena**<sup>(1)</sup>  | N/A | 60% | N/A |

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__________________

(1)Ms. Chandrasena's MIP payment was prorated to reflect her partial year of service in FY25.

***Fiscal Year 2025 Annual Medtronic Incentive Plan Payout Results***

The Medtronic Compensation and Talent Committee uses the Medtronic board-approved annual operating plan to develop challenging but fair financial performance expectations and nonfinancial objectives key to Medtronic's sustained long-term success. In fiscal year 2025, the Medtronic Compensation and Talent Committee, in consultation with Medtronic's management and the Medtronic Independent Consultant kept the construct of the plan substantially similar to that of the prior year. However, beginning in fiscal year 2025, Quality was a standalone modifier on the "Team" scorecard for Medtronic senior executives to optimize the influences of Quality.

***Fiscal Year 2025 MIP Design***

![executivedirectorcompensata.jpg](executivedirectorcompensata.jpg)

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***Medtronic Performance***

The Medtronic Compensation and Talent Committee was intentional with this design to focus on financial measures that shape shareholder value creation, and further strategic imperatives to fuel sustained performance over the long-term. The table below outlines the specific Medtronic performance measures, the respective weighting, the performance ranges, the rationale for including them in the MIP, and the actual results for FY25.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FY2025 Annual Incentive Award Financial Measures and Results** | **FY2025 Annual Incentive Award Financial Measures and Results** | **FY2025 Annual Incentive Award Financial Measures and Results** | **FY2025 Annual Incentive Award Financial Measures and Results** | **FY2025 Annual Incentive Award Financial Measures and Results** | **FY2025 Annual Incentive Award Financial Measures and Results** | **FY2025 Annual Incentive Award Financial Measures and Results** | **FY2025 Annual Incentive Award Financial Measures and Results** | **FY2025 Annual Incentive Award Financial Measures and Results** | **FY2025 Annual Incentive Award Financial Measures and Results** |
| **Measure** | **Rationale** | **Weight** | **Performance Minimum** | **Performance Target** | **Performance Maximum** | **Performance Maximum** | **Actual Results** | **Actual Results** | **Weighted Payout** |
| Revenue Growth Over Prior Year (Organic) | Top line growth continues to be a key driver of shareholder value. | 33% | (5.5)% | 4.9% | 10.2 | 10.2% | 4.9 | 4.9% | 33% |
| Diluted EPS Growth (Non-GAAP) | Earnings both from operating efficiency and financial management is a key driver of returns to shareholders. | 33% | $4.73 | $5.57 | $| 6.13 | $| 5.53 | 32% |
| Free Cash Flow (Non-GAAP) ($ in millions) | Free cash flow is a key driver of shareholder returns and captures items not included in non-GAAP net income such as litigation, tax payments, and benefits not associated with balance sheet transactions—the Free Cash Flow may be adjusted to avoid payment timing-based windfalls for large items. | 33% | $4025 | $5750 | $| 6900 | $| 5185 | 28% |
|  |  |  |  |  | **Total Payout as a % of Target** | **Total Payout as a % of Target** | **Total Payout as a % of Target** | **Total Payout as a % of Target** | **93%** |

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__________________

Organic revenue, non-GAAP diluted EPS and Free Cash Flow are considered non-GAAP financial measures under applicable SEC rules and regulations. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure is included in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures." The Medtronic Compensation and Talent Committee has pre-established adjustments for non-GAAP diluted EPS and free cash flow as allowed under Medtronic's Annual Incentive Plan.

*Medtronic's Team Performance Scorecard*

In addition to financial performance, Medtronic also assessed nonfinancial performance focused on Quality. This "quality" assessment is applicable for Ms. Dallara and Ms. Nelson Wills and emphasizes both compliance and quality. The quality performance component consists of metrics, and receipt of a warning letter (material and immaterial) will trigger the quality modifier. Quality performance is assessed at the end of the performance period using a combination of quantitative and qualitative assessment. Medtronic's Quality Committee reviews and certifies the Quality performance prior to the Medtronic Compensation and Talent Committee approving these

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results. Medtronic achieved all Quality goals in FY25. Quality performance yielded a modifier of 100% of target. The table below illustrates the non-financial performance:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Quality** | **FY25 Target** | **Category Weight** | **Result** | **Payout** |
| Findings/Inspections (FDA 483) | <= 1.0 | 30.0% | 0.45 | 30.0% |
| Findings/Inspections (MDSAP) | <= 0.02 |  |  |  |
| On-Time FCA Execution | >= 90% | 30.0% | 93.0% | 30.0% |
| Complaint (Open) Timeliness | >= 87% | 30.0% | 91.0% | 30.0% |
| CAPA Action Phase Timeliness | >= 85% | 10.0% | 99.0% | 10.0% |
| **Total Quality Actual Performance**  |  |  |  | **100.0%** |
| **Total Quality Component Adjusted (Warning Letter)**<sup>(1)</sup>  |  |  |  | **N/A** |
| **Team Scorecard Result**  |  |  |  | **100.0%** |

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__________________

(1)Medtronic did not receive any Warning Letters in FY25.

*Diabetes Unit's Team Performance Scorecard*

The Team Performance Scorecard for Mr. Dianaty and Ms. Chandrasen consists of the following performance elements:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Measure** | **Weight** | **Performance Minimum** | **Performance Target** | **Performance Maximum** | **Performance Maximum** | **Actual Results** | **Actual Results** | **Weighted Payout** |
| Revenue Growth % <sup>(1)</sup> | 20% | (2.6)% | 8.3% | 19.1 | 19.1% | 11.3 | 11.3% | 128% |
| Operating Margin % <sup>(1)</sup> | 20% | 13.8% | 16.3% | 17.9 | 17.9% | 16.1 | 16.1% | 96% |
| Free Cash Flow (Non-GAAP) ($ in millions) <sup>(1)</sup> | 20% | $200 | $286 | $| 343 | $| 274 | 93% |
| Quality <sup>(1)</sup> | 20% | 90% | 100% |  |  | 100 | 100% | 100% |
| Market Share <sup>(1)</sup> | 20% | (3.4)% | (1.4)% | 0.6 | 0.6% | (2.0) | (2.0)% | 93% |
|  |  |  |  | **Total Payout as a % of Target** <sup>(2)</sup> | **Total Payout as a % of Target** <sup>(2)</sup> | **Total Payout as a % of Target** <sup>(2)</sup> | **Total Payout as a % of Target** <sup>(2)</sup> | **102%** |

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(1)Each as defined in the MIP. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures."

(2)A discretionary downward adjustment of 1% was applied.

*Medtronic's Individual Performance Scorecard*

The final component of the FY25 MIP for NEOs is individual performance based on an assessment of performance for each individual considering financial, strategic, and cultural objectives.

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| | |
|:---|:---|
| **Name** | **Modifier** |
| **Que Dallara**  | 110% |
| **Ali Dianaty**  | 90% |
| **Courtney Nelson Wills**  | 99% |
| **Gillian Chandrasena**  | 100% |

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*Total FY25 Medtronic Annual MIP Payout Results*

Based on the financial, team, and individual performance results, the total MIP payouts by NEO are as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Medtronic Performance** | **X** | **Team Performance Scorecard** | **Individual Performance Scorecard** | **=** | **FY25 Total Performance** | **FY25 MIP Target** | **FY25 MIP Award** |
| **Que Dallara**<sup>(1)</sup>  | 93% |  | 100% | 110% |  | 102.3% | 100% | $782595 |
| **Ali Dianaty**<sup>(2)</sup>  | 93% |  | 101% | 90% |  | 84.6% | 70% | $340481 |
| **Courtney Nelson Wills**<sup>(1)</sup>  | 93% |  | 100% | 99% |  | 92.1% | 60% | $245461 |
| **Gillian Chandrasena**<sup>(2)</sup>  | 93% |  | 101% | 100% |  | 94.0% | 60% | $34381 |

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__________________

(1)Ms. Dallara and Ms. Nelson Wills participated in the Medtronic MIP plan.

(2)Mr. Dianaty and Ms. Chanadrasena participated in the Diabetes Unit's MIP plan

***Fiscal Year 2025 Medtronic Long-Term Incentive Plan ("Medtronic LTIP")***

The Medtronic long-term incentive program explicitly links a significant portion of our NEO's compensation to long-term stock price performance and uses financial goals that are aligned to shareholder value creation. The Medtronic Compensation and Talent Committee sets individual target awards for each NEO based on several factors such as desired competitiveness, performance, expertise, experience, and internal equity. The following table highlights the FY25 target long-term incentive value for each NEO:

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| | |
|:---|:---|
| **Name** | **FY25 Medtronic LTIP Target (000s)** |
| **Que Dallara**<sup>(1)</sup>  | $4500 |
| **Ali Dianaty** <sup>(2)</sup>  | $1000 |
| **Courtney Nelson Wills**  | $405 |
| **Gillian Chandrasena**<sup>(3)</sup>  | N/A |

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__________________

(1)To address overall market competitiveness, Ms. Dallara received a one-time increase to her standard annual LTI award in the amount of $1,500,000 for FY25. The Summary Compensation Table below includes both the standard annual amount and this one-time increase, which is not reflected in the figure above.

(2)Mr. Dianaty was granted a special one-time PSU award in the amount of $250,000. This award was granted to certain Medtronic executives below the Medtronic executive committee level based upon a FY25 gross margin metric, with payout for shares earned in December 2026. The maximum payout for this award is capped at target. In addition, Mr. Dianaty was granted a nomination-based "Patent of Distinction" RSU award in the amount of $55,000 for work on a special project.

(3)To compensate Ms. Chandrasena for forfeited compensation from her previous employer, Medtronic provided a new hire RSU award with a grant date value of $750,000 and a special PSU award with a grant date target value of $750,000. The special PSU award incorporates Medtronic's FY25-FY27 performance measures, goals, and standard terms and conditions. Both awards are included in the Summary Compensation Table and Grants of Plan-Based Awards table below. Ms. Chandrasena did not receive a FY25 annual long-term incentive award.

As noted in Medtronic's compensation philosophy, the long-term incentive design is intended to be market competitive, performance-based, shareholder-aligned, and encourage long-term retention and stock ownership. Therefore, Medtronic has used a portfolio approach in the design of its long-term incentive program including performance share units ("PSUs"), stock options, and time-based restricted stock units ("RSUs").

*Performance Share Units*

Medtronic's PSU plan is a three-year incentive plan that is based on long-term measures of company performance. The PSU plan has measures that are complementary to the annual MIP, are tied to longer term financial performance, encourage responsible use of capital, and directly reflect total shareholder return performance. Additionally, Medtronic believes that measuring one-year revenue growth in the MIP and three-year

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revenue growth in the PSU plan appropriately balances flexibility in a dynamic market and durability over time. PSU goals are set at the beginning of the three-year performance period. The specifics of the PSU plan are below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Measure** | **Payout Range** | **Weight** | | |
| 3-Yr Average Revenue Growth <sup>(1)</sup> | 0%-200% | 50% | X | **Target Award** |
| Relative Total Shareholder Return <sup>(2)</sup> | 0%-200% | 50% | X | **Target Award** |
| Return on Invested Capital ("ROIC") Modifier <sup>(3)</sup> | 30% Reduction | Modifier | X | **Target Award** |

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__________________

(1)Organic Revenue Growth is the three-year simple average, measured at constant currency, which excludes the impact of significant acquisitions, divestitures, and other significant discrete items.

(2)Total Shareholder Return (TSR) is the ending share price of a share of Medtronic common stock, plus the value of reinvested dividends, divided by the beginning share price, with both beginning and ending share prices measured over a 30-day average. Relative TSR is measured against the S&P 500 Healthcare Equipment Index.

(3)ROIC is defined as net cash earnings plus interest expense net of tax, divided by invested capital for each year, averaged over the three-year period. "Net cash earnings" is defined as non-GAAP earnings (adjusted to exclude the impact of non-recurring items) after the removal of the after-tax impact of amortization. "Invested capital" is defined as total equity plus interest-bearing liabilities less cash and cash equivalents for each year.

At the completion of the three-year performance period, PSUs are earned based on the achievement of these goals and paid out in shares. For each performance measure, the share payout would be 0% if performance is below the minimum, 50% of target if performance is at threshold, 100% if performance is at target, and 200% of target if performance is at or above the maximum performance level. Three-year revenue growth and Relative TSR are independently assessed, and the payout results are added together. This sum is assessed relative to the ROIC modifier and reduced by 30% if the ROIC target is not achieved.

Dividend equivalents with respect to the PSUs are accrued over the performance period and are settled in additional shares based on actual performance.

*Stock Options*

Given Medtronic's focus on growth, and the generation of long-term shareholder value, Medtronic believes that stock options are performance-based. This component is directly aligned to stock price appreciation and shareholder value creation. Stock options have value only when the market price exceeds the exercise price. All stock option grants have an exercise price that is equal to the market closing stock price on the date of grant. Stock options have a ten-year term and vest over four years in equal increments of 25% per year beginning one year after the date of grant.

*Time-Based Restricted Stock Units (RSUs)*

RSUs are intended to assist in retaining high performing executives and aligning executives' compensation with shareholders through long-term stock ownership. The annual RSU grants cliff vest (100%) on the third anniversary of the grant date.

*Fiscal Year 2023-2025 PSU Payout Results*

At the end of the fiscal year, the Medtronic Compensation and Talent Committee certified the results for the PSU performance period that began in FY23 and was completed at the end of FY25. The results were assessed relative to the following pay and performance ranges:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Metric** | **Weight** | **Performance Range** | **Performance Range** | **Performance Range** | **Performance Range** | **Performance Range** | **Performance Range** | **Performance Range** | **Performance Range** | **Performance Range** | **Performance Range** | **Performance Range** |
| Revenue Growth | 50.00% | 0.00% | 1.00% | 2.00% | 3.00% | 4.00% | 5.00% | 6.00% | 7.00% | 8.00% | 9.00% | 10.00% |
| Relative TSR | 50.00% | 25P | 30P | 35P | 40P | 45P | 50P | 55P | 60P | 65P | 70P | 75P+ |
| Payout (as a % of Target) |  | 50% | 60% | 70% | 80% | 90% | 100% | 120% | 140% | 160% | 180% | 200% |

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Payments of awards for this PSU performance period were made during the second fiscal quarter of FY25. The following table shows the results for FY23–FY25 PSUs and the resulting total payout percentage for NEOs that received PSUs with a performance period that began in FY23:

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| | | |
|:---|:---|:---|
| **Element** | **Revenue Growth** | **Relative TSR** |
| **Actual Result**  | 4.07% | 28P |
| **PSU Target**  | 5.00% | 50P |
| **Payout Level**  | 90.67% | 56.00% |
| **Objective Weight**  | 50.00% | 50.00% |
| **Weighted Payout Percent**  | 45.34% | 28.00% |
| **PAYOUT PERCENT**  |  | **73.34%** |
| **ROIC Modifier**  |  | **No Modification** |
| **TOTAL PAYOUT PERCENT**  |  | **73.34%** |

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*Performance Share Unit Payments*

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| | | | |
|:---|:---|:---|:---|
| **Name** | **FY23-FY25 Actual Performance** | **FY23-FY25 Target Shares** | **FY23-FY25 Shares Paid** |
| **Que Dallara**  | 73.34% | 21487 | 15759 |
| **Ali Dianaty**  | 73.34% | 5372 | 3940 |
| **Courtney Nelson Wills**  | 73.34% | 2240 | 1643 |

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***Executive Compensation Governance Practices and Policies***

*Stock Ownership and Retention Policy*

Medtronic's executive stock ownership and retention guidelines are meant to align management and shareholder incentives at the highest levels of Medtronic's organization. The guidelines require executives at the SVP level or above who are not Section 16 officers, including Ms. Dallara and Mr. Dianaty, to maintain stock ownership equal to two times their annual base salary. Until this ownership guideline is met, Medtronic's executives subject to the guidelines must retain 50% of such shares. For purposes of complying with the guidelines, shares owned outright, legally or beneficially, by an officer or the officer's immediate family members, after-tax unvested restricted stock units, and shares held in the tax-qualified and nonqualified retirement and deferred compensation plans count toward the guideline. For share issuances (restricted stock unit vesting), net gain shares are those shares remaining after payment of income taxes.

Compliance with Medtronic's ownership and retention guidelines is measured at the beginning of the first fiscal month of a new fiscal year by the internal team at Medtronic responsible for handling executive compensation matters, and the results of such measurement are reported to Medtronic's Nominating and Corporate Governance Committee or Compensation and Talent Committee, as applicable, after the measurement. On each measurement date, compliance is measured using each executive officer's base salary then in effect and the average closing price per share of Medtronic's common stock on the NYSE for the six calendar months preceding the measurement date.

Following the completion of this offering, we expect that our Compensation and Talent Committee will establish stock ownership and retention guidelines that will be appropriate for the positions that our NEOs hold following the offering and that are within the range of stock ownership guidelines maintained by companies that will be in our peer group following the completion of this offering. See "—Future Compensation Programs."

*Hedging and Pledging Policy*

Medtronic's insider trading policy prohibits Medtronic's NEOs and directors (along with others) from engaging in short sales of Medtronic securities (including short sales against the box) or engaging in purchases or sales of

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puts, calls, or other derivative securities based on Medtronic securities. The policy also prohibits Medtronic NEOs (along with others) from purchasing Medtronic securities on margin, borrowing against Medtronic securities held in a margin account, or hedging or pledging Medtronic securities as collateral for a loan.

Following the completion of this offering, our Board will adopt an insider trading policy that will prohibit the hedging, or pledging of our securities as collateral for a loan, with the intent of ensuring that our executives are in compliance with applicable securities laws. The policy will also prevent our executives from entering into transactions that could cause a divergence between the interests of our executives and those of our stockholders.

*Sale and Transfer of Awards*

All stock option, restricted stock, restricted stock unit, and performance-based restricted stock/restricted stock unit awards are granted under plans that specifically prohibit the sale, assignment, and transfer of awards with limited exceptions such as the death of the award recipient. However, the Medtronic Compensation and Talent Committee may allow an award holder to assign or transfer an award.

Following the completion of this offering, we expect that our compensation plans will similarly prohibit the transfer of awards during an employee's lifetime, and that our Compensation and Talent Committee will retain the right to permit transfers of awards in its discretion.

*Incentive Compensation Forfeiture ("Clawback")*

Medtronic has an Incentive Compensation Forfeiture Policy, which is designed to recoup improper awards or gains paid to its executive officers. Medtronic's current policy provides that if Medtronic's board of directors determines that any executive officer has received an improper payment or gain, which is an incentive payment or grant mistakenly paid or awarded to the executive officer as a result of Misconduct (as defined below), the executive officer must return the improper payment or gain to the extent it would not have been paid or awarded had the Misconduct not occurred, including interest on any cash payments. "Misconduct" means any material violation of Medtronic's Code of Conduct or other fraudulent or illegal activity for which an executive officer is personally responsible as determined by Medtronic's board of directors.

In addition, Medtronic has adopted a policy for recovery of erroneously awarded compensation in the event of an accounting restatement, in accordance with Exchange Act Rule 10D-1 and NYSE Rule 303A.14.

Following the completion of this offering, we will implement an executive compensation recoupment policy that will apply to our executive officers and comply with Exchange Act Rule 10D-1 and the corresponding national exchange listing standards. In addition, following the completion of this offering, our Compensation and Talent Committee may decide to adopt a compensation recoupment policy that covers executives or actions for which recoupment would not otherwise be required under Exchange Act Rule 10D-1.

*Equity Compensation Forfeiture*

Medtronic may require the return or forfeiture of cash and shares received or receivable in certain circumstances in which an employee has a termination of employment from Medtronic or any affiliate. Medtronic may exercise its ability to require forfeiture of awards if the employee receives or is entitled to receive delivery of shares or proceeds under an equity award program within six months prior to or 12 months following the date of termination of employment if the current or former employee engages in any of the following activities: (a) performing services for or on behalf of any competitor of, or competing with, Medtronic or any affiliate; (b) unauthorized disclosure of material proprietary information of the Medtronic or any affiliate; (c) a violation of applicable business ethics policies or business policies of Medtronic or any affiliate; or (d) any other occurrence that is consistent with the intent noted in items (a)-(c), as determined by the Medtronic Compensation and Talent Committee.

*Equity Award Granting Practices*

Medtronic's Compensation and Talent Committee typically approves annual long-term incentive awards for its executive officers each June at a regular meeting of the Medtronic Compensation and Talent Committee (Medtronic

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CEO awards are approved by the full Board of Directors of Medtronic). The awards are granted at the next regularly scheduled grant date. Medtronic typically grants equity on the first trading day of each quarter of the Fiscal Year.

New hire, promotion, retention, and other special or ad hoc awards for executives are approved by Medtronic's Compensation and Talent Committee. The grants are typically effective on the next regularly scheduled grant date following the Medtronic Compensation and Talent Committee approval. Medtronic adheres to the following practices when granting equity awards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock options are granted with an exercise price equal to the market close stock price of Medtronic ordinary shares on the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Medtronic prohibits the repricing of stock options. This includes amending outstanding options to lower their exercise price, substituting new awards with a lower exercise price, or executing a cash buyout.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to approving any equity awards, including stock options, Medtronic's Compensation and Talent Committee may consider the possible impact of any material nonpublic information on the value of such equity awards; Medtronic's Compensation and Talent Committee does not grant equity awards in anticipation of the release of material nonpublic information, and Medtronic does not time the release of material nonpublic information based on equity award grant dates.

During fiscal year 2025, none of our NEOs were awarded stock options with an effective grant date during the period beginning four business days before Medtronic's filing of a periodic report on Form 10-Q or Form 10-K, or Medtronic's filing or furnishing of a current report on Form 8-K that discloses material nonpublic information (other than a current report on Form 8-K disclosing a material new option award grant under Item 5.02(e) of that form), and ending one business day after the filing or furnishing of such report.

*Tax and Accounting Implications*

Medtronic does not provide tax gross-ups for its executives except for certain benefit programs, such as relocation, that are part of company-wide policies available to all employees.

In evaluating compensation programs applicable to Medtronic's executive officers (including Medtronic's annual and long-term incentive plans), the Medtronic Compensation and Talent Committee considers the potential impact on Medtronic of Section 162(m) of the Internal Revenue Code ("Section 162(m)"), which places a limit of $1 million per year on the amount of compensation paid to certain of Medtronic's executive officers that is deductible by Medtronic for federal income tax purposes. While the Medtronic Compensation and Talent Committee generally considers the Section 162(m) limit when determining compensation, it continues to reserve the discretion to grant compensation that exceeds the limitation on deductibility under Section 162(m) to ensure that certain of Medtronic's executive officers are compensated in a manner that it believes to be in the best interests of Medtronic and its shareholders. In addition to the limit imposed under Section 162(m), interpretations of and changes in the tax laws, and other factors beyond the Medtronic Compensation and Talent Committee's control, may also affect the deductibility of compensation.

The Medtronic Compensation and Talent Committee also considers accounting treatment in the design of various forms of awards in determining the overall components of its compensation program, including forms of incentive equity under the long-term incentive plan.

Following the completion of this offering, our Compensation and Talent Committee will consider the implications of Section 162(m) and other tax laws when designing and implementing our compensation programs, but will maintain flexibility to design programs that it believes are in the best interests of us and our shareholders and consistent with the objectives of our executive compensation programs, including the flexibility to authorize compensation that might not be deductible.

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*Compensation Risk Assessment*

Compensation policies and practices are also designed to discourage inappropriate risk-taking. Mitigating factors with respect to Medtronic's NEOs include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Medtronic's stock ownership guidelines require that executives at the level of SVP or above (which includes Ms. Dallara and Mr. Dianaty) maintain ownership of stock equal to two times annual base salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total compensation is intended to be more heavily weighted toward long-term performance to reduce the incentive to impair the prospects for long-term performance in favor of maximizing performance in one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improper payments or gains from incentives and equity compensation are subject to clawback.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short-term and long-term incentive payments are capped to avoid potential windfalls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short-term and long-term incentive performance targets are established at the beginning of each performance period and are not subject to change. Short- and long-term incentive programs use different measures of performance. The financial measures for the short-term cash incentives focus on annual operating plan measures such as revenue growth, diluted EPS, and cash flow. Long-term incentives measure three-year revenue growth, total shareholder return, and ROIC relative to Medtronic's long-term strategic expectations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Medtronic Compensation and Talent Committee retains discretionary authority to override any incentive plan's formulaic outcome in the event of unforeseen circumstances. For example, controlling for large unplanned transactions that generate a plan windfall that is not aligned with annual operating income.

The Medtronic Compensation and Talent Committee annually reviews an in-depth risk assessment of Medtronic's sales and non-sales compensation programs. The assessment includes a review of fixed versus variable pay mix, incentive plan metrics, and payout formulas, as well as governance and compliance mechanisms such as approval authorities and payment clawback policies. The review completed in March of fiscal year 2025 found that no compensation programs, policies, or practices were likely to have a material adverse impact on Medtronic.

Following the completion of this offering, our Compensation and Talent Committee will engage in an assessment of our compensation programs to determine whether and the extent to which incentives inherent in those compensation programs encourage our executives to take inappropriate risks. Specifically, our Compensation and Talent Committee will endeavor to design compensation programs that discourage inappropriate risk-taking. See "—Future Compensation Programs."

***Other Benefits and Perquisites***

Medtronic provides broad-based benefit plans to all of its employees, including the same programs for our NEOs. All employees participate in the same health care plans, and Medtronic does not provide our NEOs with any different or additional benefit plans except for a business allowance. Medtronic's business allowance policy is described in more detail below.

*Agreements with our NEOs*

Medtronic has entered into offer letters or letters of intent with each of Ms. Dallara, Mr. Dianaty, Ms. Nelson Wills, and Ms. Chandrasena. Each offer letter or letter of intent establishes the initial annual base salary for the NEO and provides that the NEO will be eligible to participate in the Medtronic MIP and LTIP. Additionally, all NEOs are entitled to an annual business allowance for automobile, tax preparation, financial planning, and related expenses under their respective offer letters, ranging from $13,000 to $24,000 annually. The letters also provide that NEOs are eligible to participate in Medtronic's Capital Accumulation Plan, a non-qualified deferred compensation plan. Further, the letters also include provisions for various additional compensation and benefits specific to each NEO as detailed below.

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Ms. Dallara's offer letter, dated February 15, 2022, entitles her to severance benefits upon termination without cause, which would consist of 1.5 times the sum of base salary and annual target or forecasted MIP payout (whichever is less), 18 months of COBRA premium payments, and continued vesting of the one-time new hire restricted stock unit grant, all contingent upon execution of a severance and release agreement. She is also subject to a stock ownership requirement to maintain Medtronic stock equal to two times her annual salary.

Ms. Nelson Wills's offer letter, dated September 2023, provides for her eligibility to receive an annual non-qualified stock option award with a target value of $25,000, which vests over four years at 25% per year beginning one year after the date of grant.

Ms. Chandrasena's offer letter, dated May 30, 2025, includes a one-time cash bonus of $20,000 payable in December 2025 and a one-time supplemental restricted stock unit award with a target value of $350,000, which vests over three years at 33% per year beginning one year after the date of grant. Her offer letter also provides for eligibility to receive an annual non-qualified stock option award with a target value of $25,000, which vests over four years at 25% per year beginning one year after the date of grant. Additionally, Ms. Chandrasena is entitled to relocation assistance with repayment obligations if employment terminates prior to two years of service.

In connection with this offering, Medtronic has entered into letters of intent or offer letters with each NEO, which details such NEO's individual compensation arrangements to be effective upon the completion of this offering. These letter agreements are described in "—Future Compensation Programs—Post-Offering Compensation." Upon the completion of this offering, the agreements mentioned above will cease to be effective, and compensation for the NEOs will be governed by agreements that we enter into with the NEOs.

*Termination / Change of Control Benefits*

As described in detail and quantified in the "2025 Potential Payments upon Termination or Change in Control" section, our NEOs receive certain benefits upon their termination by Medtronic without "cause" or for select recent hires, upon their resignation for "good reason," including such terminations following a change of control (COC) of the Medtronic. The Medtronic Compensation and Talent Committee regularly reviews termination and COC benefits and continues to believe that the severance benefits in connection with certain terminations of employment constitute reasonable levels of protection for Medtronic's executives that are aligned with shareholders.

Compensation in a COC situation is designed to protect the compensation already earned by executives and to ensure that they will be treated fairly in the event of a COC, and to help ensure the retention and dedicated attention of key executives critical to the ongoing operation of Medtronic. Medtronic's COC policy supports these principles. Medtronic believes shareholders will be best served if the interests of its executive officers are aligned with shareholders' interests, and Medtronic believes providing COC benefits should motivate senior management to objectively evaluate potential mergers or transactions that may be in the best interests of shareholders. Medtronic's COC policy is discussed in more detail in the "2025 Potential Payments Upon Termination or Change in Control" section of the "Executive Compensation Tables." Medtronic's COC policy requires a "double trigger" and applies only if a participant is involuntarily terminated without cause or the participant terminates employment for good reason within three years after a COC event. None of Medtronic's policies or arrangements with our NEOs provide for any "golden parachute" excise tax gross ups.

Our NEOs must also enter into Medtronic's standard restrictive covenant agreement, including provisions such as non-competition, confidential information, and non-solicitation of Medtronic's employees and customers, as well as an at-will employment attestation.

The 2021 Medtronic plc Long Term Incentive Plan generally prohibits single-trigger vesting on a "change of control" (as defined under the plan), unless the change in control results in Medtronic's successor not assuming outstanding awards, which protects employees and supports an orderly transition of leadership.

*U.S. Tax-Qualified Retirement Plans*

Medtronic sponsors a number of U.S. tax-qualified retirement plans for its employees, including our NEOs.

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Medtronic employees hired or rehired on or after May 1, 2005 but prior to January 1, 2016 are eligible for the Personal Investment Account ("PIA") feature under the 401(k) plan. Ms. Nelson Wills participates in the PIA. Under the PIA, Medtronic contributes 5% of eligible compensation each year.

Medtronic employees hired or rehired on or after January 1, 2016 are eligible for the Medtronic Core Contribution ("MCC") feature in the Medtronic 401(k) plan. The MCC is a defined contribution plan in which employees receive a contribution equal to 3% of eligible pay at the end of the fiscal year. Ms. Dallara, Mr. Dianaty and Ms. Chandrasena participate in the MCC. Additional details regarding the PIA and the Medtronic 401(k) plan are provided below in the "2025 Nonqualified Deferred Compensation" section of the "Executive Compensation Tables."

Following the completion of this offering, we intend to establish or adopt a defined contribution retirement plan covering our employees generally. The terms of such defined contribution retirement arrangement may differ materially from the terms of the retirement plans sponsored by Medtronic.

*Supplemental Retirement Plans*

Medtronic offers a Nonqualified Retirement Plan Supplement ("NRPS") designed to provide all eligible employees, including its executives, with benefits that supplement those provided under its tax-qualified plans. The NRPS is designed to provide supplemental retirement benefits that could not otherwise be provided under the PIA and MCC due to covered compensation limits prescribed by the Internal Revenue Code. The NRPS also restores benefits for otherwise eligible compensation deferred into the Medtronic Capital Accumulation Plan Deferral Program (the "Capital Accumulation Plan"). The NRPS provides employees with no greater benefit than they would have received under the qualified plan in which they participate were it not for the covered compensation limits and deferrals into the Capital Accumulation Plan.

We have not yet determined if we will maintain supplemental retirement programs similar to the NRPS following the completion of this offering or what the terms of such supplemental retirement programs would be.

*Nonqualified Deferred Compensation Plan*

Medtronic provides all employees at the vice president level or above, including its executives, and other highly compensated employees with a market-competitive nonqualified deferred compensation plan through the Capital Accumulation Plan. Medtronic's plan allows these employees to make voluntary deferrals from their base pay and incentive payments, which are then credited with gains or losses based on the performance of selected investment alternatives. These alternatives are the same as those offered in Medtronic's tax-qualified 401(k) plan for all employees. There are no Medtronic contributions to the plan or Medtronic subsidized returns or Medtronic guaranteed returns.

*Business Allowance*

Medtronic does not provide any perquisites such as automobiles or financial and tax advisors. Instead, Medtronic provides its executive officers with a market-competitive business allowance. Such executive officers may spend their business allowance at their discretion for expenses such as financial and tax planning or automobiles. The business allowance is paid as taxable income, and Medtronic does not track how executives use their respective business allowances. The annual business allowances provided to our NEOs in fiscal year 2025 ranged from $13,000 to $24,000. Additionally, it is occasionally appropriate for our NEOs to be accompanied during business travel by their spouses. The expenses associated with such travel are considered taxable income. The business allowances and travel expenses are included in the "All Other Compensation" column of the Summary Compensation Table.

*Security Services*

Medtronic provides a limited number of security-related services, including cybersecurity, to certain of our NEOs through third party service providers. Medtronic believes that providing these personal security benefits as

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deemed necessary from time-to-time for certain of our NEOs is in the best interest of Medtronic and its shareholders.

**Executive Compensation Tables**

***2025 Summary Compensation Table***

The following table summarizes all compensation awarded to, earned by, or paid to our NEOs that were employed by Medtronic during fiscal year 2025. Please refer to the section entitled "Compensation Discussion and Analysis" of this prospectus for a description of the compensation components for our NEOs. A narrative description of the material factors necessary to understand the information is provided below the Summary Compensation Table. Chad Spooner was not employed by Medtronic during fiscal year 2025. Accordingly, his individual compensation information is not included in the Executive Compensation Tables.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position**<sup>(1)</sup> | **Fiscal Year** | **Salary ($)** | **Bonus ($)** | **Bonus ($)** | **Stock Awards ($)**<sup>(2)</sup> | **Stock Awards ($)**<sup>(2)</sup> | **Option Awards ($)**<sup>(2)(3)</sup> | **Non-Equity Incentive Compensation ($)**<sup>(4)</sup> | **All Other Compensation ($)** | **Total ($)** |
| **Que Dallara**  | 2025 | $758269 |  |  | $4734375 |  | $1800137 | $782595 | $382787 | $8458163 |
| *Executive Vice President and President for the Diabetes Operating Unit*  |  |  |  |  |  |  |  |  |  |  |
| **Ali Dianaty**  | 2025 | $574943 | $51796 | <sup>(5)</sup> | $1394147 |  | $25002 | $340481 | $66008 | $2452377 |
| *Senior Vice President, Product Innovation and Operations for the Diabetes Operating Unit*  |  |  |  |  |  |  |  |  |  |  |
| **Courtney Nelson Wills**  | 2025 | $442254 |  |  | $441201 |  | $25002 | $245461 | $54560 | $1208477 |
| *Vice President, Chief Corporate Governance & Securities Counsel* |  |  |  |  |  |  |  |  |  |  |
| **Gillian Chandrasena**<sup>(6)</sup>  | 2025 | $80096 |  |  | $1717984 | <sup>(7)</sup> |  | $34381 | $4904 | $1837365 |
| *VP, Chief Human Resources Officer for the Diabetes Operating Unit* |  |  |  |  |  |  |  |  |  |  |

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(1)Position reflects the NEO's title with Medtronic during fiscal year 2025.

(2)This column represents the grant date fair values of PSU awards with three-year performance periods granted in each applicable year, and the grant date fair value of RSU awards granted in each applicable year, all of which were calculated in accordance with FASB ASC Topic 718, Compensation – Stock Compensation. See "—Stock Awards" below for more details.

(3)Information regarding the assumptions used to calculate these amounts is incorporated by reference to Note 10, "Stock Purchase and Award Plans," to the combined financial statements included elsewhere in this prospectus.

(4)See "—Non-Equity Incentive Plan Compensation" below for more details.

(5)Represents a lump sum one-time merit bonus paid to Mr. Dianaty in lieu of an annual base pay increase for FY25.

(6)Ms. Chandrasena commenced employment on February 10, 2025. Therefore, amounts reflected for her salary and Non-Equity Incentive Compensation are prorated to reflect her time employed during FY25.

(7)A portion of Ms. Chandrasena's stock awards represents a new hire RSU award and a special PSU award provided by Medtronic intended to replace forfeited compensation from her previous employer. Ms. Chandrasena's salary and MIP payment are prorated to reflect her time employed during FY25.

*Salary*

The salary column represents the base salary earned by each NEO during fiscal year 2025. Each of the NEOs also contributed a portion of their salary to the Medtronic Savings and Investment Plan, Medtronic's 401(k) plan.

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*Stock Awards*

Amounts reported in the stock awards column for FY25 represent aggregate grant date fair value of performance share units (PSUs) and grants of restricted stock units (RSUs) under the 2021 Medtronic plc Long Term Incentive Plan. The grant date fair value of the RSUs has been determined in accordance with FASB ASC Topic 718, Compensation – Stock Compensation. The grant date value of PSUs is based upon the probable outcome of the performance conditions and is consistent with the estimate of aggregate compensation cost to be recognized over the service period determined as of the grant date, excluding the effect of estimated forfeitures, in accordance with FASB ASC Topic 718, Compensation–Stock Compensation. For purposes of the Summary Compensation Table, we have assumed that the probable outcome of the performance conditions would result in the award vesting at target and the best estimate available for the aggregate compensation cost to be recognized over the service period as of the award date would reflect the value of each PSU at Medtronic's stock price on the grant date. Accordingly, the grant date fair value was determined by multiplying the number of PSUs awarded by the closing stock price on the date of grant. For PSUs granted in FY25, the values assuming the highest level of performance conditions will be achieved are $7,068,750, $1,178,125, $477,282, and $1,935,845, for Ms. Dallara, Mr. Dianaty, Ms. Nelson Wills, and, Ms. Chandrasena, respectively. There can be no assurance that these values will ever be realized. There is no assurance that any of the performance targets will be achieved, that the service-based awards will vest or that the any of the recipients will realize the values listed above. For a description of the vesting terms of the stock awards, see the narrative disclosure following the 2025 Grants of Plan-Based Awards table and the footnotes to the 2025 Outstanding Equity Awards at Fiscal Year End table. Additional information regarding the assumptions used to calculate these amounts is incorporated by reference to Note 10, "Stock Purchase and Award Plans," to the combined financial statements included elsewhere in this prospectus.

*Option Awards*

The option awards column represents the aggregate grant date fair value of stock option awards granted in the respective fiscal year as computed in accordance with FASB ASC Topic 718, Compensation- Stock Compensation. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option valuation model.

*Non-Equity Incentive Plan Compensation*

This column reflects the MIP payments earned by the NEOs during 2025 and payable subsequent to fiscal year end. It includes any amounts deferred under the Capital Accumulation Plan as stated in the 2025 Nonqualified Deferred Compensation table. For a more detailed description of the terms of the non-equity incentive plan awards, see the "Fiscal Year 2025 Annual Medtronic Incentive Plan" section of the Compensation Discussion and Analysis.

*All Other Compensation*

The all other compensation column includes the following:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Fiscal Year** | **Perquisites and Other Personal Benefits ($)**<sup>(1)</sup> | **Tax Reimbursement ($)** | **Company Contributions to Defined Contribution Plans ($)**<sup>(2)</sup> | **Total ($)** |
| **Que Dallara**  | 2025 | $317785 | $532 | $64470 | $382787 |
| **Ali Dianaty**  | 2025 | $21000 | $— | $45008 | $66008 |
| **Courtney Nelson Wills**  | 2025 | $13000 | $108 | $41453 | $54560 |
| **Gillian Chandrasena**  | 2025 | $— | $— | $4904 | $4904 |

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(1)This column represents the aggregate incremental cost of perquisites and other benefits, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Ms. Dallara, a $67,385 business allowance which includes $43,385 in retroactive payments, $245,000 in relocation expenses and a $5,400 in security services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Mr. Dianaty, a $18,000 business allowance and $3,000 in patent awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Ms. Nelson Wills, a $13,000 business allowance.

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Medtronic occasionally allows its executives to use tickets for sporting and special events previously acquired by Medtronic when no other business use has been arranged. There is no incremental cost to Medtronic for such use.

(2)This amount reflects the contribution by Medtronic to match contributions NEOs elected to make to the Medtronic Savings and Investment Plan. Medtronic provides an automatic matching contribution equal to 50% of a participant's elective deferrals up to 6% of eligible compensation. Medtronic also may provide a discretionary matching contribution based on our financial performance during the fiscal year that, when combined with the automatic matching contribution, will not exceed 150% of a participant's elective deferrals up to 6% of eligible compensation. In fiscal year 2025 the EPS achievement was $5.49 this equaled a $0.673 matching contribution for every $1 elective deferral a participant contributed to the plan up to 6% of eligible compensation. Participants in the Personal Investment Account ("PIA") receive a contribution from Medtronic equal to 5% of eligible pay at the end of the fiscal year. The amount for Ms. Nelson Wills includes $34,337 in Medtronic contributions to the qualified ($17,250) and nonqualified PIA ($17,087). Participants in the Medtronic Core Contribution Plan ("MCC") receive a contribution from Medtronic equal to 3% of eligible pay at the end of the fiscal year. The amount for Ms. Dallara includes $50,539 in Medtronic contributions to the qualified ($10,350) and the nonqualified MCC ($40,189). The amount for Mr. Dianaty includes $34,105 in Medtronic contributions to the qualified ($10,350) and the nonqualified MCC ($23,755). The amount for Ms. Chandrasena includes $2,452 in Medtronic contributions to the qualified MCC . For additional information on the nonqualified MCC plan, see the 2025 Nonqualified Deferred Compensation table.

***2025 Grants of Plan-Based Awards Table***

The following table summarizes all plan-based award grants to each of the NEOs during fiscal year 2025. Threshold amounts assume attainment of plan performance thresholds. You should refer to the Compensation Discussion and Analysis section entitled "Fiscal Year 2025 Compensation Program Design" to understand how plan-based awards are determined. A narrative description of the material factors necessary to understand the information in the table is provided below.

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Estimated Future Payouts Under Non-Equity Incentive Plan Awards (Annual Incentive)** | **Estimated Future Payouts Under Non-Equity Incentive Plan Awards (Annual Incentive)** | **Estimated Future Payouts Under Non-Equity Incentive Plan Awards (Annual Incentive)** | **Estimated Future Payouts Under Equity Incentive Plan Awards (Performance Share Units)** | **Estimated Future Payouts Under Equity Incentive Plan Awards (Performance Share Units)** | **Estimated Future Payouts Under Equity Incentive Plan Awards (Performance Share Units)** | **All Other Stock Awards: Number of Shares of Stock or Units (#)** | **All Other Option Awards: Number of Securities Underlying Options (#)** | **Option Exercise or Base Price of Option Awards ($/Sh)** | **Grant Date Fair Value of Stock and Option Awards ($)** |
|<br>**Name** |<br>**Award Type**<sup>(1)</sup> |<br>**Grant Date** |<br>**Approval Date** | **Threshold ($)** | **Target ($)** | **Maximum ($)** | **Threshold ($)** | **Target ($)** | **Maximum ($)** | **All Other Stock Awards: Number of Shares of Stock or Units (#)** | **All Other Option Awards: Number of Securities Underlying Options (#)** | **Option Exercise or Base Price of Option Awards ($/Sh)** | **Grant Date Fair Value of Stock and Option Awards ($)** |
| **Que Dallara**  | MIP |  |  | $382500 | $765000 | $1530000 |  |  |  |  |  |  |  |
|  | PSU | 07/29/24 | 06/20/24 |  |  |  | 18750 | 37500 | 75000 |  |  |  | $3534375 |
|  | OPT | 07/29/24 | 06/20/24 |  |  |  |  |  |  |  | 110880 | $80.00 | $1800137 |
|  | RSU | 07/29/24 | 06/20/24 |  |  |  |  |  |  | 15000 |  |  | $1200000 |
| **Ali Dianaty**<sup>(2)</sup>  | MIP |  |  | $201230 | $402460 | $804920 |  |  |  |  |  |  |  |
|  | PSU | 07/29/24 | 07/26/24 |  |  |  | 3125 | 6250 | 12500 |  |  |  | $589063 |
|  | PSU | 07/29/24 | 07/26/24 |  |  |  | 781 | 3125 | 3125 |  |  |  | $250000 |
|  | OPT | 07/29/24 | 07/26/24 |  |  |  |  |  |  |  | 1540 | $80.00 | $25002 |
|  | RSU | 07/29/24 | 07/26/24 |  |  |  |  |  |  | 6250 |  |  | $500000 |
|  | RSU | 10/28/24 | 10/25/24 |  |  |  |  |  |  | 608 |  |  | $55085 |
| **Courtney Nelson Wills**  | MIP |  |  | $133301 | $266603 | $533205 |  |  |  |  |  |  |  |
| **Courtney Nelson Wills**  | PSU | 07/29/24 | 07/26/24 |  |  |  | 1266 | 2532 | 5064 |  |  |  | $238641 |
|  | OPT | 07/29/24 | 07/26/24 |  |  |  |  |  |  |  | 1540 | $80.00 | $25002 |
|  | RSU | 07/29/24 | 07/26/24 |  |  |  |  |  |  | 2532 |  |  | $202560 |
| **Gillian Chandrasena** <sup>(3)</sup>  | MIP |  |  | $18347 | $36695 | $73389 |  |  |  |  |  |  |  |
| **Gillian Chandrasena** <sup>(3)</sup>  | PSU | 03/03/25 | 07/26/24 |  |  |  | 3977 | 7954 | 15908 |  |  |  | $967922 |
|  | RSU | 03/03/25 | 07/26/24 |  |  |  |  |  |  | 7954 |  |  | $750062 |

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__________________

(1)MIP = Annual performance-based plan award granted under the Medtronic Incentive Plan. As described above in the Compensation Discussion and Analysis, Medtronic's financial performance including revenue growth, non-GAAP EPS, and free cash flow can be adjusted up or down based on Team Performance and Individual Performance.

PSU = Long-term performance plan award granted under the 2021 Medtronic plc Long Term Incentive Plan

OPT = Nonqualified stock options granted under the 2021 Medtronic plc Long Term Incentive Plan

RSU = Time-based restricted stock unit granted under the 2021 Medtronic plc Long Term Incentive Plan

(2)Mr. Dianaty was granted a special PSU award on July 29, 2024. This award was granted to certain Medtronic executives below the Medtronic executive committee level based upon a FY25 gross margin metric, with the number of shares earned to be settled in December 2026. The maximum payout for this award is capped at target. In addition, Mr. Dianaty was granted a nomination-based "Patent of Distinction" RSU award on October 28, 2024 for work on a special project.

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(3)Awards for Ms. Chandrasena were granted to her by Medtronic in order to replace forfeited compensation from her previous employer, and include new hire RSU award and a special PSU award. The special PSU award incorporates Medtronic's FY25-FY27 performance measures, goals, and standard terms and conditions.

*Estimated Future Payouts under Non-Equity Incentive Plan Awards*

Amounts in these columns represent potential payouts at threshold, target, and maximum performance under fiscal year 2025 MIP funding pool. Earned payouts under the MIP for annual revenue growth, diluted EPS, and free cash flow can range from 50% to 200%. The team scorecard can modify the funding pool between 80% and 100%, and the individual scorecard can modify the Medtronic and team scorecards by 0% to 200%. The maximum payout by individual is capped at 200% of target. The maximum dollar value that may be paid to any participant in qualified performance-based awards denominated in cash in any fiscal year is $10 million for each NEO. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures."

*Estimated Future Payouts under Equity Incentive Plan Awards*

Amounts in these columns represent potential payouts at threshold, target, and maximum performance under the fiscal year 2025-2027 PSUs. The threshold amount assumes shares earned at the threshold performance for revenue growth and relative shareholder return. The performance share plan is designed to increase the emphasis on long-term growth and value creation, with the weighting of 3-year revenue growth and 3-year relative total shareholder return at 50% each. Return on Invested Capital (12-month non-GAAP earnings after the removal of after-tax impact of amortization and excluding non-recurring items, plus interest expense net of tax all divided by Total Equity plus Interest-Bearing Liabilities less Cash and Cash Equivalents for each year averaged over the three-year period) acts as a downward modifier, reducing the payout by 30% if a minimum level of ROIC is not achieved. Unvested PSUs receive dividend equivalent units ("DEUs"), which are credited and added to the share balance. DEUs are only paid to the extent the underlying PSUs are earned.

*All Other Stock Awards*

The amounts reported in this column represent grants of RSUs with the following vesting schedules: annual awards vest 100% on the third anniversary of the grant date; Mr. Dianaty's "Patent of Distinction" RSU award vests 25% per year over four years; and Ms. Chandrasena's one-time new hire RSU award vests 33% per year over three years. Unvested RSUs receive dividend equivalent units (DEUs), which are credited and added to the share balance. DEUs are only paid to the extent the underlying RSUs are earned.

*All Other Option Awards/Exercise or Base Price of Option Awards*

The exercise or base price of the stock option grant represents the closing market price of Medtronic common stock on the date of grant. Option awards vest 25% on each anniversary of the date of grant over a four-year period.

*Grant Date Fair Value of Stock and Option Awards*

This column represents the grant date fair value of each equity award granted in fiscal year 2025 computed in accordance with FASB ASC Topic 718, Compensation—Stock Compensation. Additional information regarding the assumptions used to calculate these amounts is incorporated by reference to Note 10, "Stock Purchase and Award Plans," to the consolidated financial statements included in this prospectus.

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***2025 Outstanding Equity Awards at Fiscal Year-End***

The table below reflects all outstanding equity awards made to each of the NEOs that were outstanding at the end of fiscal year 2025. The market or payout value of unearned shares, units or other rights that have not vested is based on $84.16, which was the closing price of Medtronic's ordinary shares on the New York Stock Exchange on April 25, 2025, and for performance share unit awards presumes that the target performance goals are met.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** |
| | | **Number of Securities Underlying Unexercised Options (#)** | **Number of Securities Underlying Unexercised Options (#)** | | | | | | | |
|<br>**Name** |<br>**Option Grant Date** | **Exercisable** | **Unexercisable** |<br>**Option Exercise Price ($)** |<br>**Option Expiration Date** |<br>**Grant Date** |<br>**Number of Shares or Units of Stock that Have Not Vested (#)**<sup>(1)</sup> |<br>**Market Value of Shares or Units of Stock that Have Not Vested ($)** |<br>**Equity Incentive Plan Awards: Number of Unearned Shares, Units, or Other Rights that Have Not Vested (#)**<sup>(1)</sup> |<br>**Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units, or Other Rights that Have Not Vested ($)** |
| **Que Dallara**  | 5/2/2022 | 40183 | 13395 | $103.14 | 5/2/2032 | 5/2/2022 | 4354 | $366471 |  |  |
| **Que Dallara**  | 8/1/2022 | 33964 | 33965 | $93.08 | 8/1/2032 | 8/1/2022 | 9430 | $793619 |  |  |
|  | 7/31/2023 | 18052 | 54156 | $87.76 | 7/31/2033 | 8/1/2022 |  |  | 23574 | $1984001 |
|  | 7/29/2024 |  | 110880 | $80.00 | 7/29/2034 | 7/31/2023 | 10888 | $916309 |  |  |
|  |  |  |  |  |  | 7/31/2023 |  |  | 27218 | $2290684 |
|  |  |  |  |  |  | 7/29/2024 | 15377 | $1294167 |  |  |
|  |  |  |  |  |  | 7/29/2024 |  |  | 38444 | $3235417 |
| **Ali Dianaty**  | 7/30/2018 | 2119 |  | $89.08 | 7/30/2028 | 8/1/2022 | 2358 | $198428 |  |  |
| **Ali Dianaty**  | 8/3/2020 | 8596 |  | $97.33 | 8/3/2030 | 8/1/2022 |  |  | 5894 | $496023 |
|  | 8/2/2021 | 813 | 272 | $131.26 | 8/2/2031 | 7/31/2023 | 2782 | $234170 |  |  |
|  | 8/2/2021 | 4296 | 1433 | $131.26 | 8/2/2031 | 7/31/2023 |  |  | 6956 | $585380 |
|  | 11/1/2021 | 20009 | 6670 | $120.23 | 11/1/2031 | 12/6/2023 | 4400 | $370268 |  |  |
|  | 11/1/2021 | 3452 | 1151 | $120.23 | 11/1/2031 | 7/29/2024 | 6407 | $539236 |  |  |
|  | 8/1/2022 | 8491 | 8492 | $93.08 | 8/1/2032 | 7/29/2024 |  |  | 6407 | $539236 |
|  | 8/1/2022 | 708 | 708 | $93.08 | 8/1/2032 | 7/29/2024 |  |  | 3204 | $269618 |
|  | 7/31/2023 | 334 | 1004 | $87.76 | 7/31/2033 | 10/28/2024 | 618 | $52049 |  |  |
|  | 7/31/2023 | 4613 | 13840 | $87.76 | 7/31/2033 |  |  |  |  |  |
|  | 7/29/2024 |  | 1540 | $80.00 | 7/29/2034 |  |  |  |  |  |
| **Courtney Nelson Wills** | 7/31/2017 | 92 |  | $83.97 | 7/31/2027 | 8/1/2022 | 531 | $44690 |  |  |
| **Courtney Nelson Wills** | 7/30/2018 | 1137 |  | $89.08 | 7/30/2028 | 8/1/2022 |  |  | 1326 | $111633 |
|  | 8/3/2020 | 4889 |  | $97.33 | 8/3/2030 | 10/31/2022 | 449 | $37819 |  |  |
|  | 8/2/2021 | 813 | 272 | $131.26 | 8/2/2031 | 10/31/2022 |  |  | 1122 | $94411 |
|  | 8/2/2021 | 2417 | 806 | $131.26 | 8/2/2031 | 7/31/2023 | 980 | $82464 |  |  |
|  | 8/1/2022 | 708 | 708 | $93.08 | 8/1/2032 | 7/31/2023 |  |  | 2450 | $206.205 |
|  | 8/1/2022 | 1910 | 1911 | $93.08 | 8/1/2032 | 7/29/2024 | 2596 | $218455 |  |  |
|  | 10/31/2022 | 1382 | 1383 | $87.34 | 10/31/2032 | 7/29/2024 |  |  | 2596 | $218455 |
|  | 7/31/2023 | 334 | 1004 | $87.76 | 7/31/2033 |  |  |  |  |  |
|  | 7/31/2023 | 1624 | 4875 | $87.76 | 7/31/2033 |  |  |  |  |  |
|  | 7/29/2024 |  | 1540 | $80.00 | 7/29/2034 |  |  |  |  |  |
| **Gillian Chandrasena** |  |  |  |  |  | 3/3/2025 | 8021 | $675061 |  |  |
| **Gillian Chandrasena** |  |  |  |  |  | 3/3/2025 |  |  | 8021 | $675061 |

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__________________

(1)Amounts in these columns may include dividend equivalent units that will be distributed upon distribution of the underlying awards.

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The table below shows the vesting schedule for all unexercisable options, which generally vest 25% on each anniversary of the date of grant over a four-year period, generally subject to continued service.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Vesting Schedule for Unexercisable Options** | **Vesting Schedule for Unexercisable Options** | **Vesting Schedule for Unexercisable Options** | **Vesting Schedule for Unexercisable Options** | **Vesting Schedule for Unexercisable Options** |
|<br>**Name** | **Grant Date** | **2025** | **2026** | **2027** | **2028** |
| **Que Dallara**  | 5/2/2022 | 13395 |  |  |  |
|  | 8/1/2022 | 16982 | 16983 |  |  |
|  | 7/31/2023 | 18052 | 18052 | 18052 |  |
|  | 7/29/2024 | 27720 | 27720 | 27720 | 27720 |
| **Ali Dianaty**  | 8/2/2021 | 272 |  |  |  |
|  | 8/2/2021 | 1433 |  |  |  |
|  | 11/1/2021 | 1151 |  |  |  |
|  | 11/1/2021 | 6670 |  |  |  |
|  | 8/1/2022 | 354 | 354 |  |  |
|  | 8/1/2022 | 4246 | 4246 |  |  |
|  | 7/31/2023 | 334 | 335 | 335 |  |
|  | 7/31/2023 | 4613 | 4613 | 4614 |  |
|  | 7/29/2024 | 385 | 385 | 385 | 385 |
| **Courtney Nelson Wills**  | 8/2/2021 | 272 |  |  |  |
|  | 8/2/2021 | 806 |  |  |  |
|  | 8/1/2022 | 955 | 956 |  |  |
|  | 8/1/2022 | 354 | 354 |  |  |
|  | 10/31/2022 | 691 | 692 |  |  |
|  | 7/31/2023 | 334 | 335 | 335 |  |
|  | 7/31/2023 | 1625 | 1625 | 1625 |  |
|  | 7/29/2024 | 385 | 385 | 385 | 385 |

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The table below shows the vesting schedule for all unvested restricted stock units and performance share units. Time-vested restricted stock units cliff vest on the third anniversary of the grant date, generally subject to continued service. Performance share units are reported as if target performance goals have been met.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Vesting Schedule for Unvested Restricted Stock Units and Performance Share Units** | **Vesting Schedule for Unvested Restricted Stock Units and Performance Share Units** | **Vesting Schedule for Unvested Restricted Stock Units and Performance Share Units** | **Vesting Schedule for Unvested Restricted Stock Units and Performance Share Units** | **Vesting Schedule for Unvested Restricted Stock Units and Performance Share Units** |
|<br>**Name** | **Grant Date** | **2025** | **2026** | **2027** | **2028** |
| **Que Dallara**  | 5/2/2022 |  | 2177 | 2177 |  |
|  | 8/1/2022 | 23574 |  |  |  |
|  | 8/1/2022 | 9430 |  |  |  |
|  | 7/31/2023 |  | 27218 |  |  |
|  | 7/31/2023 |  | 10888 |  |  |
|  | 7/29/2024 |  |  | 38444 |  |
|  | 7/29/2024 |  |  | 15377 |  |
| **Ali Dianaty**  | 8/1/2022 | 5894 |  |  |  |
|  | 8/1/2022 | 2358 |  |  |  |
|  | 7/31/2023 |  | 6956 |  |  |
|  | 7/31/2023 |  | 2782 |  |  |
|  | 12/6/2023 | 2200 | 2200 |  |  |
|  | 7/29/2024 |  | 3204 |  |  |
|  | 7/29/2024 |  |  | 6407 |  |
|  | 7/29/2024 |  |  | 6407 |  |
|  | 10/28/2024 | 154 | 154 | 155 | 155 |
| **Courtney Nelson Wills**  | 8/1/2022 | 1326 |  |  |  |
|  | 8/1/2022 | 531 |  |  |  |
|  | 10/31/2022 | 1122 |  |  |  |
|  | 10/31/2022 | 449 |  |  |  |
|  | 7/31/2023 |  | 2450 |  |  |
|  | 7/31/2023 |  | 980 |  |  |
|  | 7/29/2024 |  |  | 2596 |  |
|  | 7/29/2024 |  |  | 2596 |  |
| **Gillian A. Chandrasena**  | 3/3/2025 |  | 2673 | 2674 | 2674 |
|  | 3/3/2025 |  |  | 8021 |  |

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***2025 Option Exercises and Stock Vested***

The table below includes information related to options exercised by each of the NEOs and restricted stock units that vested during fiscal year 2025. The table also includes the value realized for such options and restricted stock units. For options, the value realized on exercise is equal to the difference between the market price of the

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underlying shares at exercise and the exercise price of the options. For stock awards, the value realized on vesting is equal to the market price of the underlying shares at vesting.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Option Awards** | **Option Awards** | **Stock Awards** | **Stock Awards** |
|<br>**Name** | **Number of Shares Acquired on Exercise (#)** | **Value Realized on Exercise ($)** | **Number of Shares Acquired on Vesting (#)** | **Value Realized on Vesting ($)** |
| **Que Dallara**  |  | $— | 22436 | $1908312 |
| **Ali Dianaty**  |  | $— | 20194 | $1767794 |
| **Courtney Nelson Wills**  |  | $— | 791 | $64474 |
| **Gillian Chandrasena**  |  | $— |  |  |

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***2025 Nonqualified Deferred Compensation***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | | **Executive Contributions in Last FY ($)**<sup>(1)</sup> | **Registrant Contributions in Last FY ($)**<sup>(2)</sup> | **Aggregate Earnings in Last FY ($)**<sup>(3)</sup> | **Aggregate Withdrawals / Distributions ($)** | **Aggregate Balance at Last FYE ($)**<sup>(4)</sup> |
| **Que Dallara**  | CAP |  |  | $5248 |  | $79859 |
|  | NRPS |  | $40189 | $1315 |  | $67034 |
| **Ali Dianaty**  | CAP |  | $0 | $0 |  |  |
|  | NRPS |  | $23755 | $5134 |  | $113348 |
| **Courtney Nelson Wills**  | CAP | $36674 |  | $12190 |  | $205793 |
|  | NRPS |  | $17087 | $5020 |  | $101122 |
| **Gillian Chandrasena**  | CAP |  |  |  |  |  |
|  | NRPS |  |  |  |  |  |

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_________________

CAP = Capital Accumulation Plan

NRPS = Nonqualified Retirement Plan Supplement

PSUs = Deferred Performance Shared Units

(1)The following amounts of Executive Contributions from the table above have been reported in the "Non-Equity Incentive Compensation" columns in the Summary Compensation Table:

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| | |
|:---|:---|
| **Name** | **Contributions** |
| **Que Dallara**  |  |
| **Ali Dianaty**  |  |
| **Courtney Nelson Wills**  | $36674 |
| **Gillian Chandrasena**  |  |

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(2)These amounts are included in the Summary Compensation Table in the "All Other Compensation" column.

(3)No amounts of Aggregate Earnings from the table above have been reported in the current year's Summary Compensation Table for any of our NEOs since the earnings were not preferential or above market.

(4)No amounts of Aggregate Balance from the table above have been reported in the Summary Compensation Table from prior fiscal years.

*Capital Accumulation Plan*

Medtronic provides all employees at the vice president level or above, including NEOs, and other highly compensated employees with a market-competitive nonqualified deferred compensation plan through the CAP. The plan allows these employees to make voluntary deferrals from their base pay and incentive payments, which are then credited with gains or losses based on the performance of selected investment alternatives. These alternatives are the same as those offered in Medtronic's tax-qualified 401(k) plan for all employees. There are no Medtronic contributions to the plan or Medtronic subsidized returns or Medtronic guaranteed returns.

The Capital Accumulation Plan allows U.S. executives of Medtronic to defer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• up to 50% of their base salary;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• up to 80% of their annual incentive plan payments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• up to 80% of their commissions (applicable only to those executives in a commission plan).

The minimum amount of each reward element that may be deferred is 10%. Medtronic does not make any contributions to the CAP; the aggregate balances shown above represent amounts that the NEOs earned but elected to defer, plus gains (or losses). Participants receive credits of gains or losses daily based on funds that are indexed to 21 investment alternatives, which are all also available under the Medtronic 401(k) plan. Investment returns for these investment alternatives are shown below.

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| | |
|:---|:---|
| | **12-month Return on Funds as of**<br>**April 25, 2025** |
| Medtronic plc Stock Fund | 9.17% |
| Income Fund | 8.14% |
| Growth Fund | 8.74% |
| International Equity Index | 12.33% |
| Capital Preservation Fund | 2.71% |
| U.S. Equity Index | 11.40% |
| Bond Index | 8.04% |
| Retirement Income | 8.50% |
| Retirement 2015 | 8.57% |
| Retirement 2020 | 8.58% |
| Retirement 2025 | 8.60% |
| Retirement 2030 | 8.65% |
| Retirement 2035 | 8.73% |
| Retirement 2040 | 8.77% |
| Retirement 2045 | 8.78% |
| Retirement 2050 | 8.80% |
| Retirement 2055 | 8.80% |
| Retirement 2060 | 8.81% |
| Inflation Protected | 8.16% |
| 10T-100 | 4.04% |
| 10T-120 | 4.85% |

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When participants elect to defer amounts, they also select when the amounts will ultimately be distributed. Distributions may be made on a certain future date (as long as that date is at least five years beyond the period of deferral) or at retirement, or, for specified employees under Section 409A of the Internal Revenue Code, six months after the date of retirement (in the form of a lump sum distribution or installments over 5, 10 or 15 years). All distributions are made in cash, and there are limited opportunities to change the distribution elections. These include a hardship withdrawal and a "redeferral" election that must be made at least 12 months prior to a scheduled payment (and only if the redeferral is for at least an additional five years).

*PSUs*

Under the Medtronic plc Amended and Restated 2013 Stock Award and Incentive Plan and the 2021 Medtronic plc Long Term Incentive Plan, certain participants are allowed to defer the receipt of earned performance share units for a specified period or until a specific date. This deferral election can be between 5%-80% in 5% increments.

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*Nonqualified Retirement Plan Supplements*

The NRPS is designed to restore benefits lost under the PIA and MCC due to covered compensation limits prescribed by the Internal Revenue Code. Upon separation from service, within the meaning of Section 409A of the Internal Revenue Code (generally, retirement, termination of employment, or significant reduction in work schedule), the amount of retirement benefits earned under the NRPS is calculated. If the aggregate value is less than or equal to $100,000, it is paid out as a lump sum six months after separation from service. If the aggregate value exceeds $100,000, the value is paid out over a 15-year period in the form of a monthly annuity commencing six months after separation from service. The monthly benefit is the sum of the monthly principal amount and the monthly interest. The monthly interest was determined based on a declining balance schedule using an interest rate of 6% until April 2023 when the interest rate provided to all plan participants during the installment period was changed to 2%, generally for retirements or terminations after April 28, 2023. This interest rate change aligns to standard market practice and reinforces fiscal responsibility for Medtronic. In the event of the employee's death prior to the completion of the 15-year payment cycle, any remaining benefits from the NRPS are payable per the beneficiary designation on record. If a beneficiary is not named, the benefit is payable to the employee's surviving spouse, or if there is no surviving spouse, to the children, or if there are no survivors, to the estate.

*Personal Investment Account*

Available to employees hired on or before December 31, 2015, the PIA is a defined contribution plan in which employees receive a contribution equal to 5% of eligible pay. Of the 5%, 4% is for retirement income and 1% is intended for retiree medical costs. Employees become vested in the PIA after three years of employment.

*Medtronic Core Contribution*

Available to Medtronic employees hired on or after January 1, 2016, the MCC is a defined contribution plan in which employees receive a contribution equal to 3% of eligible pay at the end of the fiscal year. Employees become vested in MCC after three years of employment.

***2025 Potential Payments Upon Termination or Change in Control***

*Medtronic Severance Practices*

Ms. Dallara is subject to Medtronic's Executive Committee Severance Practices. These practices, which have received the approval of Medtronic's board of directors, provide severance payments and benefits under certain termination events. In the event that Ms. Dallara's employment is terminated by the Medtronic without cause, such executive will be entitled to the following payments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1.5 times the sum of such executive's annual base salary and the lesser of (a) the target annual cash opportunity under the MIP or (b) the actual or forecasted actual payout of the MIP based on performance (whichever is less),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the value of 18 months of continued health and dental insurance coverage, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• outplacement services.

The forecasted MIP payout must be determined at the time severance is calculated and paid.

Mr. Diantay, Ms. Nelson Wills, and Ms. Chandrasena are each subject to Medtronic's Executive Severance Practices. These practices provide severance payments and benefits under certain termination events. In the event that the Executive's employment is terminated by the Medtronic without cause, such executive will be entitled to the following payments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12 to 18 months of such executive's annual base salary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the value of 12 to 18 months of continued health insurance coverage, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• outplacement services.

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The NEOs are not entitled to any severance or other termination benefits in connection with a termination for any other reason.

The table below illustrates the payments due upon involuntary termination as described in the section above, assuming a termination date of April 25, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Severance Amount** | **Welfare Benefits** | **Equity Continuation** | **Total** |
| **Que Dallara**  | $2295000 | $51387 | $366470 | $2712857 |
| **Ali Dianaty**  | $862414 | $48068 | 691935 | $1602417 |
| **Courtney Nelson Wills**  | $444338 | $2316 | $— | $446654 |
| **Gillian Chandrasena**  | $445000 | $32983 | $675061 | $1153044 |

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As noted above, we have entered into new offer letters or letters of intent with our NEOs. See "—Future Compensation Programs—Post-Offering Compensation."

*Change of Control Policy*

Under Medtronic's change of control policy, no benefits are payable to an executive officer of Medtronic unless there is both a change of control and a termination of the executive by Medtronic other than for cause or by the executive for "good reason" as defined by the policy. This is known as a double trigger. Absent a change of control, the policy does not require Medtronic to retain the executives or to pay them any specified level of compensation or benefits. Ms. Dallara is the only NEO covered under Medtronic's change of control policy.

The policy provides that for three years after a change of control—the first trigger—there will be no adverse change in the executive's salary, bonus opportunity, benefits, or location of employment. If during this three-year period the executive's employment is terminated by Medtronic other than for cause, or if the executive terminates his or her own employment for good reason (as defined in the policy, and including compensation reductions, demotions, relocation, and excess travel)—the second trigger—the executive is entitled to receive payment of accrued salary and annual and long-term incentives through the date of termination as well as accrued pension benefits and any outstanding deferred compensation, and, except in the event of death or disability, a lump sum severance payment equal to the prorated value of the Highest Annual Bonus and two times the sum of his or her base salary and Highest Annual Bonus. For these purposes, Highest Annual Bonus means the greater of the average of the bonuses received by the executive for the last three completed fiscal years preceding the year of termination, and the bonus payable for the most recently completed fiscal year. Additionally, the executive is entitled to certain retirement and welfare benefits as further described below in the footnotes to the table. The change of control policy does not include provisions for a "golden parachute" excise tax gross up. Instead, such payments may be subject to reduction (any such payment a "Reduced Payment") to the extent it would cause the recipient to receive an "excess parachute payment" (as defined in the Internal Revenue Code) unless the change of control payments, less the amount of any excise taxes payable by the NEO, is greater than the Reduced Payment.

Generally, and subject to certain exceptions, a change of control is deemed to have occurred if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a majority of the Medtronic board of directors are individuals other than the nominees for whose election proxies have been solicited by the Medtronic board of directors, or who are then serving as directors appointed by the Medtronic board of directors to fill vacancies caused by death or resignation (but not removal) of a director or to fill newly created directorships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• another party becomes the beneficial owner of at least 30% of Medtronic's outstanding voting stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Medtronic merges or consolidates with another party (other than certain limited types of mergers), or exchanges shares of voting stock of Medtronic for shares of another corporation pursuant to a statutory exchange, sells or otherwise disposes of all or substantially all of Medtronic's assets, or is liquidated or dissolved.

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If a change of control of Medtronic occurs, awards under Medtronic's annual incentive plan will accelerate and, subject to certain limitations set forth in the plan, each participant will be entitled to a final award based on certain assumptions as to target performance and salary. On December 9, 2021, Medtronic shareholders approved the 2021 Medtronic plc Long Term Incentive Plan, which replaced the Medtronic, Inc. 2013 Stock Award and Incentive Plan, which previously replaced Medtronic's 2008 Stock Award and Incentive Plan, and which was amended and restated in connection with the acquisition of Covidien by Medtronic. For awards granted under the 2021 Medtronic plc Long Term Incentive Plan, the Medtronic plc Amended and Restated 2013 Stock Award and Incentive Plan, or the Medtronic 2008 Stock Award and Incentive Plan and related award agreements, stock options will only become exercisable in full, and all restrictions under such outstanding restricted stock or units will lapse only if the award is not replaced by a qualifying replacement award that satisfies certain conditions set forth in the plan or, if a replacement award is granted, upon termination of a participant's employment by Medtronic without cause or by the participant for good reason during the two years following the date of the change of control (such treatment of equity awards, the "CIC Equity Acceleration").

If a change of control occurs during a plan year, subject to certain limitations, Medtronic's matching contribution to the Medtronic 401(k) plan will equal the greater of Medtronic's target percentage matching contribution, or if the change of control occurs after the first quarter of a plan year, the percentage contribution Medtronic would have made upon completion of the plan year based on performance as most recently projected by Medtronic prior to the change of control and disregarding the effects of the change of control.

The table below reflects estimated payments for Ms. Dallara as a result of the change of control policy and the CIC Equity Acceleration and for the other NEOs, reflects estimated payments as a result of the CIC Equity Acceleration, each assuming on April 25, 2025: (1) a change of control occurred and (2) Medtronic terminated the executive's employment other than for cause or disability or the executive terminates employment for good reason.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Severance Amount**<sup>(1)</sup> | **Accelerated Vesting of Performance Share Units**<sup>(2)</sup> | **Accelerated Vesting of Stock Options**<sup>(3)</sup> | **Accelerated Vesting of Restricted Stock Units**<sup>(4)</sup> | **Other**<sup>(5)</sup> | **Total** |
| **Que Dallara**  | $4309110 | $7510102 | $461260 | $3370565 | $240484 | $15891521 |
| **Ali Dianaty**  | $862414 | $1890258 | $6406 | $1394151 | $48068 | $4201297 |
| **Courtney Nelson Wills**  | $444338 | $630705 | $6406 | $383429 | $2316 | $1467193 |
| **Gillian Chandrasena**  | $445000 | $675061 | $— | $675061 | $32983 | $1828105 |

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_________________

(1)For Ms. Dallara, this amount includes two times the sum of (a) the executive's base salary at the time of termination and (b) the greater of fiscal year 2025's annual bonus or the average of the annual bonuses for the three most recently completed fiscal years., as well as the prorated value of the greater of fiscal year 2025's annual bonus or the average of the annual bonuses for the three most recently completed fiscal years. For the other NEOs, the amounts reflect the severance benefits shown in the table immediately above.

(2)This amount represents the value of unvested performance share units (at target) and dividend-equivalent units as of April 25, 2025, at the closing price on that date of $84.16.

(3)This amount represents the market gain (or intrinsic value) of unvested options as of April 25, 2025, at the closing price on that date of $84.16.

(4)This amount represents the value of unvested restricted stock units, RSUs, and dividend-equivalent units as of April 25, 2025, at the closing price on that date of $84.16.

(5)For Ms. Dallara this amount represents the estimated value of the 2-year continuation of Medtronic contributions to certain retirement plans (including the 401(k) plan, the qualified and nonqualified plan), and health and miscellaneous welfare benefits for two years. For the other NEOs, the amounts reflect the welfare benefits reflected in the table immediately above.

Following the completion of this offering, payments that may be made to our NEOs upon certain terminations of employment or in connection with a change of control will be governed by the terms and conditions of our compensation programs that are in effect following the completion of this offering. Those terms and conditions may be materially different from the terms and conditions applicable under the compensation programs maintained by Medtronic. See "—Future Compensation Programs—Post-Offering Compensation."

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**Future Compensation Programs**

***Overview***

As described above, our Compensation and Talent Committee has not yet been established and therefore has not established a specific set of objectives or principles for our compensation programs following the completion of this offering. Following the completion of this offering, our Compensation and Talent Committee will review each of the elements of our compensation programs. We believe that this offering will enable us to offer our key employees compensation directly linked to the performance of our business, which we expect will enhance our ability to attract, retain, and motivate qualified personnel and serve the interests of our shareholders.

Medtronic has engaged Aon, on our behalf, to assist in making certain decisions for our executive compensation program. We expect our Compensation Committee will retain its own independent compensation consultant to advise in its compensation planning decisions following the completion of this offering.

***Post-Offering Peer Group***

Based upon the advice of Aon, the following nine companies have been identified as our peers:

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| | |
|:---|:---|
| 9-Company MiniMed Compensation Comparison Group  | 9-Company MiniMed Compensation Comparison Group  |
| DexCom | Masimo |
| Exact Sciences | ResMed |
| Hologic | Tandem Diabetes Care |
| Insulet | Teleflex |
| Intuitive Surgical | |

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The post-offering peer group was selected from publicly traded companies of similar size operating in the healthcare, industrials and information technology industries, with final selection focused on direct competitors.

***Post-Offering Compensation***

In connection with this offering, Medtronic has entered into letters of intent detailing individual compensation arrangements to be effective upon the completion of this offering with each of Ms. Dallara, Mr. Dianaty, Ms. Nelson Wills, and Ms. Chandrasena. Each letter of intent establishes the annual base salary for the NEO. In addition, the letters of intent provide that the NEOs will be eligible to participate in our annual incentive plan and long-term incentive program. The letters of intent also reflect one-time compensation adjustments, generally provided in connection with a Medtronic executive's promotion, in order to align the executive's compensation with market standards based on increased duties and responsibilities (as further detailed below). Ms. Nelson Wills's letter of intent also entitles her to severance benefits in the event that (i) the SVP, General Counsel role of a standalone or separate company from Medtronic does not occur by September 30, 2026, or (ii) upon an involuntary termination not-for-cause or a reduction in force, consisting of 18 months of base salary plus 18 months of target annual incentive, which provision sunsets upon the completion of this offering and will be replaced by our go-forward severance provisions.

Medtronic also entered into an offer letter with Mr. Spooner, dated May 28, 2025, in connection with his hiring. The offer letter establishes his annual base salary and eligibility to participate in Medtronic's MIP and Medtronic's annual long-term incentive program. Additionally, under his offer letter, Mr. Spooner is entitled to the following compensation and benefits: (i) a one-time new hire cash bonus of $1,400,000 payable in two installments ($500,000 in March 2026 and $900,000 in June 2026), to which he remains entitled upon involuntary termination without Cause (as defined in Medtronic's 2023 Stock Award and Incentive Plan) or if Medtronic's Diabetes operating unit or we do not have an EVP & CFO position for a standalone company by September 30, 2026, but which is forfeited upon voluntary resignation prior to payout; (ii) a one-time special restricted stock unit award with a target value of $2,250,000 which vests in equal annual installments over three years commencing March 3, 2026, to which he remains entitled subject to the same continuation and forfeiture provisions as the cash bonus; (iii) a non-qualified stock option grant with a target value of $25,000; (iv) relocation assistance; (v) an annual business allowance of

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$18,000 for automobile, tax preparation, financial planning, and related expenses; (vi) eligibility to participate in Medtronic's Capital Accumulation Plan, a non-qualified deferred compensation plan; and (vii) severance benefits upon termination without cause or if no EVP & CFO position exists by September 30, 2026, which would consist of 18 months of base salary plus target MIP, 18 months of COBRA coverage, and other standard components of Medtronic's Severance Pay Plan for Executives, contingent upon execution of a severance and release agreement and subject to replacement by our severance provisions upon the completion of this offering. The one-time new hire cash bonus and special restricted stock unit award were granted to align Medtronic's recruiting efforts with market practices, including providing awards on terms similar to awards Mr. Spooner forfeited when leaving his former employer.

In recognition of their increased leadership roles and responsibilities in connection with running a public company, Medtronic has approved certain compensation arrangements for our executives, to be effective upon the completion of this offering. For Ms. Dallara, Mr. Dianaty, Ms. Nelson Wills, and Ms. Chandrasena, these increases were determined after taking into account the applicable executive's current and proposed target total direct compensation and the compensation of similarly situated executives at what Medtronic considered to be our peer companies following the completion of this offering. For Mr. Spooner, who was newly hired in connection with this offering, the compensation arrangements reflect market-competitive packages established based on peer company benchmarking. The table below sets forth the expected compensation levels for our NEOs as of this offering. As with other components of our compensation program, our Compensation and Talent Committee will also review the compensation levels of our executives, and may adjust them as it deems appropriate.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Cash** | **Cash** | **Equity** | **Equity** |
|<br>**Name** | **Salary ($)** | **Target Annual Incentive ($)** | **Target Long-Term Incentive ($)** | **Target Total Direct Compensation ($)** |
| **Que Dallara**  | $980000 | $1176000 | $8000000 | $10156000 |
| **Chad Spooner**  | $675000 | $573750 | $2500000 | $3748750 |
| **Ali Dianaty**  | $640000 | $544000 | $1920000 | $3104000 |
| **Courtney Nelson Wills**  | $525000 | $367500 | $1050000 | $1942500 |
| **Gillian Chandrasena**  | $475000 | $332500 | $712500 | $1520000 |

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***Long Term Incentive Plan***

In connection with this offering, we expect to implement a long-term incentive plan, which we refer to as the 2026 MiniMed Group, Inc. Long Term Incentive Plan (the "MiniMed LTIP"). The MiniMed LTIP is expected to become effective immediately prior to the completion of this offering (the "MiniMed LTIP Effective Date"). Prior to the effectiveness of the registration statement of which this prospectus forms a part, a summary of the material terms of the MiniMed LTIP will be included in an amendment to this prospectus.

***Employee Stock Purchase Plan***

In connection with this offering, we expect to implement an employee stock purchase plan, which we refer to as the MiniMed Group, Inc. 2026 Employee Stock Purchase Plan (the "MiniMed ESPP"). The MiniMed ESPP is expected to become effective as of immediately prior to the completion of this offering. Prior to the effectiveness of the registration statement of which this prospectus forms a part, a summary of the material terms of the MiniMed ESPP will be included in an amendment to this prospectus.

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**PRINCIPAL STOCKHOLDER**

The following table sets forth the number and percentage of shares of our common stock beneficially owned (1) immediately prior to the completion of this offering and (2) upon completion of this offering, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person or group known by us to beneficially own more than 5% of the shares of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person whom we anticipate will serve on the Board upon completion of this offering and each of our named executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all persons whom we anticipate will serve on the Board or as our executive officers upon completion of this offering, collectively as a group.

Percentage of beneficial ownership in the following table is based on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock outstanding immediately prior to the completion of this offering and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock outstanding upon completion of this offering, assuming no exercise of the underwriters' option to purchase additional shares of our common stock from us to cover over-allotments, or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock, assuming the underwriters exercise in full their option to purchase additional shares of our common stock from us to cover over-allotments.

Beneficial ownership is determined in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. A security holder is also deemed to be, as of any date, the beneficial owner of all securities that such security holder has the right to acquire within 60 days after such date through (1) the exercise of any option or warrant, (2) the conversion of a security, (3) the power to revoke a trust, discretionary account, or similar arrangement, or (4) the automatic termination of a trust, discretionary account, or similar arrangement. Shares issuable pursuant to such rights to acquire are deemed to be outstanding for computing the beneficial ownership percentage of the person holding those rights to acquire but are not deemed to be outstanding for computing the beneficial ownership percentage of any other person. Unless otherwise indicated in the footnotes to the following table, to our knowledge all persons listed below have sole voting and investment power with respect to the shares of our common stock beneficially owned by them, subject to applicable community property laws. Unless

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otherwise indicated in the footnotes to the following table, the address for each stockholder listed below is c/o MiniMed Group, Inc., 18000 Devonshire St., Northridge, CA 91325.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Shares of our common stock beneficially owned prior to the completion of this offering** | **Shares of our common stock beneficially owned prior to the completion of this offering** | **Shares of our common stock beneficially owned following the completion of this offering (assuming no exercise of the underwriters' option to purchase additional shares of our common stock from us to cover over-allotments)** | **Shares of our common stock beneficially owned following the completion of this offering (assuming no exercise of the underwriters' option to purchase additional shares of our common stock from us to cover over-allotments)** | **Shares of our common stock beneficially owned following the completion of this offering (assuming full exercise of the underwriters' option to purchase additional shares of our common stock from us to cover over-allotments)** | **Shares of our common stock beneficially owned following the completion of this offering (assuming full exercise of the underwriters' option to purchase additional shares of our common stock from us to cover over-allotments)** |
|<br>**Name of Beneficial Owner** | **Number** | **%** | **Number** | **%** | **Number** | **%** |
| **5% Stockholder** | | | | | | |
| Medtronic plc |  | 100% |  |  |  |  |
| **Directors and Named Executive Officers** |  |  |  |  |  |  |
| Que Dallara |  |  |  |  |  |  |
| Chad Spooner |  |  |  |  |  |  |
| Ali Dianaty |  |  |  |  |  |  |
| Courtney Nelson Wills |  |  |  |  |  |  |
| Gillian Chandrasena |  |  |  |  |  |  |
| Kevin E. Lofton |  |  |  |  |  |  |
| Glenn Eisenberg |  |  |  |  |  |  |
| D. Keith Grossman |  |  |  |  |  |  |
| Bob Hopkins |  |  |  |  |  |  |
| Laura Mauri |  |  |  |  |  |  |
| Brett Wall |  |  |  |  |  |  |
| Matt Walter |  |  |  |  |  |  |
| Tim Wicks |  |  |  |  |  |  |
| All Directors and Executive Officers as a Group (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; persons) |  |  |  |  |  |  |

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**CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS**

We describe below transactions and series of similar transactions, during our last three fiscal years or currently proposed, to which we were a party or will be a party, in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amounts involved exceeded or will exceed $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of our directors, executive officers, or beneficial holders of more than 5% of any class of our capital stock had or will have a direct or indirect material interest.

Other than as described below, there have not been, nor are there any currently proposed, transactions or series of similar transactions meeting this criteria to which we have been or will be a party other than compensation arrangements for our executive officers and directors, which are described in the section of this prospectus entitled "Executive and Director Compensation."

**Historical Relationship with Medtronic**

On May 21, 2025, Medtronic, our parent company, announced its intention to separate its Diabetes Operating Unit. We were incorporated in Delaware on February 27, 2025 in connection with the Separation and were formed to ultimately hold, directly or indirectly, and conduct certain operational activities in anticipation of the planned separation of, the Diabetes Operating Unit. Prior to the completion of this offering, we are a wholly owned subsidiary of Medtronic and all of our outstanding shares of common stock are owned by Medtronic.

Medtronic has historically provided certain corporate services to us, and costs associated with these services have been allocated to us in our combined financial statements included elsewhere in this prospectus. The allocations include certain expenses for services from Medtronic that may have been historically allocated to the Diabetes Operating Unit, including, but not limited to, insurance; warehousing, distribution, and logistics; quality; regulatory; compliance; EHS; finance; tax; investor relations; treasury; human resources; benefits administration; procurement; demand and supply planning; information technology systems and infrastructure; legal; corporate strategy and corporate development; corporate governance; other professional services; and general commercial support functions. The allocations may not reflect the expenses the Diabetes Operating Unit would have incurred if it had been a standalone company for the periods presented. All such amounts have been deemed to have been incurred and settled by the Diabetes Operating Unit in the period in which the costs were recorded. All of these expenses have been allocated on a basis considered reasonable by management, using either specific identification when identifiable, or proportional allocations determined on the basis of revenue, usage, headcount, or other measures. Following the completion of this offering, we expect that Medtronic and its affiliates will continue to provide certain services related to these functions on a transitional basis pursuant to the Transition Services Agreement, the Transition Manufacturing Agreements, and other transitional agreements. Upon completion of this offering, we will assume responsibility for all of our standalone public company costs, including the costs of corporate services provided by Medtronic and its affiliates to us prior to the Separation.

**Agreements to be Entered into in Connection with the Separation**

Prior to the completion of this offering, we and Medtronic will enter into a separation agreement (the "Separation Agreement"). The Separation Agreement will contain key provisions relating to our separation from Medtronic, this offering, and the Divestment or other disposition of the shares of our common stock owned by Medtronic following the completion of this offering. In connection with the Separation, we will also enter into various other agreements with Medtronic that, together with the Separation Agreement, provide for certain transactions to effect the transfer of the assets and liabilities of the Diabetes Operating Unit to us and will result in the separation of our business from Medtronic.

The agreements we will enter into with Medtronic in connection with the Separation, in addition to the Separation Agreement, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Tax Matters Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Employee Matters Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Intellectual Property Cross-License Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Trademark Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Transition Services Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Registration Rights Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Juncos Lease and Services Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Transition Manufacturing Agreements.

These agreements will, together with the Separation Agreement, govern various interim and ongoing relationships between us and Medtronic following the completion of this offering. The material terms of the Separation Agreement and the other agreements we will enter into with Medtronic in connection with the Separation are summarized below. Certain of these agreements that we believe are material agreements have been filed as exhibits to the registration statement of which this prospectus forms a part, and the following summaries of such agreements are qualified in their entirety by reference to the full text of such agreements, filed as exhibits to this registration statement.

***Separation Agreement***

We will enter into the Separation Agreement with Medtronic prior to the completion of this offering. The Separation Agreement will set forth our agreements with Medtronic regarding the principal actions to be taken in connection with the Separation. The Separation Agreement will also set forth other agreements that will govern aspects of our relationship with Medtronic following the completion of this offering.

*Transfer of Assets and Assumption of Liabilities*

The Separation Agreement will identify certain transfers of assets and assumptions of liabilities that are necessary to effect the Separation. In exchange for these assets, we will, as consideration, assume the liabilities associated with the assets of the Diabetes Operating Unit and issue to Medtronic shares of our common stock. In connection with the transfer of assets to us, we will cause certain of our subsidiaries, upon the completion of this offering, to pay to Medtronic (or one of its designated affiliates) an amount of cash sufficient to repay certain intercompany debt between us and Medtronic, provided that we will retain a certain amount of cash, after giving effect to the offering, certain debt financing arrangements, and the settlement of intercompany accounts as contemplated by the Separation Agreement, or as otherwise elected by Medtronic in its sole discretion.

The Separation Agreement will provide that such transfers and assumptions will result in us generally holding (1) all assets primarily related to, or used or held for use primarily in connection with, our business or operations and (2) all liabilities to the extent relating to, arising out of, or resulting from the past, current, or future operation or conduct of our business or our assets. However, the Separation Agreement also provides that certain assets and liabilities will be allocated between us and Medtronic without regard to such general rule, including certain specified environmental liabilities to be retained by Medtronic and intellectual property which will be allocated based on exclusive use, such that we will receive only intellectual property that is exclusively used in or related to the Diabetes Operating Unit, although the patents that we will receive are specified on a schedule to the Separation Agreement, with certain shared or dual-use intellectual property to be addressed through the Intellectual Property Cross-License Agreements and the Trademark Agreements.

In addition, we and Medtronic will agree to use our respective reasonable best efforts to divide, partially assign, modify, or replicate (in whole or in part) the other party's rights and obligations under and in respect of any contract or agreement that relates in any material respect to both our business and Medtronic's business. The Separation Agreement will also provide for the settlement or extinguishment of certain liabilities and other obligations between us and Medtronic. See "—Intercompany Arrangements."

Other than in respect of the Deferred Local Business which will be subject to their own interim arrangement, the transfer of legal title to the customer contracts and tenders related to the Diabetes Operating Unit will be held back

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for an interim period post-Separation until we are ready both from a regulatory perspective and operationally to perform the order-to-cash cycle. During this interim period, Medtronic entities will provide certain services to us, including in most cases a local Medtronic entity acting as the undisclosed agent for our local affiliate under such customer contracts and tenders.

*Internal Transactions*

The Separation Agreement will provide for certain internal transactions related to our separation from Medtronic that will occur prior to the completion of this offering.

*Intercompany Arrangements*

All agreements, arrangements, commitments, and understandings, including most intercompany accounts payable or accounts receivable, between us, on the one hand, and Medtronic, on the other hand, will terminate effective as of the consummation of the Separation, except specified agreements and arrangements that are either (1) intended to survive the Separation or (2) between a Deferred Local Business (as defined below under "—Deferred Markets"), on the one hand, and Medtronic, on the other hand. Within 90 days following the Separation, to the extent there are any intercompany accounts that were not settled at or prior to the Separation and such intercompany accounts have an aggregate outstanding balance in excess of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , we and Medtronic will reconcile all such accounts and will work together in good faith to determine the final amounts payable with respect to such material outstanding accounts, and any amounts so determined shall be paid by the applicable party within 15 business days following such determination.

*Credit Support*

We will agree to use our reasonable best efforts to arrange, prior to the completion of this offering, for the replacement of all guarantees, covenants, indemnities, surety bonds, letters of credit, or similar assurances of credit support currently provided by or through Medtronic or any of its subsidiaries for the benefit of our business.

*Representations and Warranties*

In general, neither we nor Medtronic will make any representations or warranties regarding any assets or liabilities transferred or assumed, any consents or approvals that may be required in connection with these transfers or assumptions, the value or freedom from any lien or other security interest of any assets transferred, the absence of any defenses relating to any claim of either party, or the legal sufficiency of any conveyance documents. Except as expressly set forth in the Separation Agreement, any other agreement we will enter into with Medtronic in connection with the Separation or any tax certificate or representation letter delivered in connection with the Separation, all assets will be transferred on an "as is," "where is" basis.

*Deferred Markets*

The Separation Agreement will provide that, in order to ensure compliance with applicable law, to obtain necessary governmental approvals and other consents, and for other business reasons, we and Medtronic will defer until after the completion of this offering the transfer of certain assets and assumptions of certain liabilities of our businesses in certain jurisdictions (each, a "Deferred Local Business"). As of the time of this offering, we estimate that we and Medtronic will defer the transfer of 1% of our total assets and 6% of our total liabilities.

With respect to certain Deferred Local Businesses, we and Medtronic will enter into a net economic benefit arrangement, pursuant to which, among other things, Medtronic will transfer to us the net profits from the operation of each such Deferred Local Business (or, in the event the operations of any such Deferred Local Business result in net losses to Medtronic, we shall reimburse Medtronic for the amount of such net losses). We will control pricing and other strategic decisions in relation to products subject to the net economic benefit arrangement and maintain the risk of loss for all products subject to the net economic benefit arrangement, even if Medtronic has legal title to such products or stores such products in its facilities. We will reimburse Medtronic for any amounts paid to customers for returned products, for bad debts, for a service reimbursement fee that includes costs of freight, duties, employee compensation, marketing expenses, administrative expenses and other expenses, costs, penalties, fines, or liabilities

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incurred by Medtronic in relation to the Deferred Local Businesses and will be responsible for costs related to a recall or a similar event. From and after the completion of this offering and until such time as a Deferred Local Business has been transferred to us, the Separation Agreement will generally provide that subject to the net economic benefit agreement, (1) Medtronic will use reasonable best efforts to (x) provide us with the economic and operational claims, rights, benefits, and burdens that would accrue to it if such Deferred Local Businesses were conveyed and transferred to (or assumed by) us as of the Separation, including the net profits or losses associated with the ownership of such Deferred Local Business, and (y) reasonably cooperate with us, at our expense, to enforce any rights of the Deferred Local Business that are available against any third party; (2) Medtronic and, if applicable, such Deferred Local Business will hold in trust for and pay to us promptly upon receipt thereof, any proceeds received in respect of the Deferred Local Business, net of any liabilities and taxes with respect thereto; and (3) we will pay, perform, and discharge fully when due all obligations, and indemnify Medtronic in respect of the Deferred Local Business and provide such Deferred Local Business and Medtronic, as applicable, such supply, maintenance, support, or other services that may be required.

The transfers of the Deferred Local Businesses are subject to the satisfaction of conditions, certain of which are beyond our or Medtronic's control, including our obtaining certain licenses and permits. As a result, we cannot assure you when such Deferred Local Businesses will ultimately be transferred to us, if ever. See "Risk Factors—Risks Related to the Separation and the Divestment—The transfer of certain assets and liabilities from Medtronic to us contemplated by the Separation will not be complete prior to the completion of this offering."

*Delayed or Improper Transfers*

In the event that it is discovered any time after the consummation of the Separation that there was an omission of transfer or conveyance by us or Medtronic of any assets or liabilities, as the case may be, we and Medtronic will agree to use our respective reasonable best efforts to promptly effect any such transfer, conveyance, acceptance, or assumption of such assets or liabilities. In addition, in the event that it is discovered any time after the Separation that there was an improper transfer or conveyance, or acceptance or assumption of any asset or liability, as the case may be, we and Medtronic will agree to use our respective reasonable best efforts to promptly transfer or convey such asset or liability back to the transferring or conveying party or to rescind any acceptance or assumption of such asset or liability. Further, to the extent that any transfer or conveyance of an asset (subject to certain exceptions as described in the Separation Agreement) required by the Separation Agreement to be so transferred, conveyed, accepted, or assumed shall not have been completed on or prior to the Separation, we and Medtronic will also agree to use our respective reasonable best efforts to effect such transfer, conveyance, acceptance, or assumption as promptly following the date of the Separation as reasonably practicable.

*The Initial Public Offering*

The Separation Agreement will govern our and Medtronic's respective rights and obligations with respect to this offering. Prior to the completion of this offering, we will agree to take all actions reasonably requested by Medtronic in connection with this offering.

*Conditions*

The Separation Agreement will provide that certain conditions must be satisfied or waived by Medtronic, in its sole and absolute discretion, before the Separation can occur. Medtronic's obligation to consummate the Separation is subject to, among other things, receipt of the authorization and approval of the board of directors of Medtronic, which authorization and approval shall not be withdrawn.

*Subsequent Stock Issuances*

The Separation Agreement will provide that, prior to the Divestment, we will not issue any shares of our common stock without the prior written consent of Medtronic, which consent may be withheld in Medtronic's sole discretion. Further, regardless of whether or not Medtronic consents to any such stock issuance, in no case prior to the Divestment may any issuance of shares of our common stock result in Medtronic owning less than 80.1% of the voting power of our shares of common stock eligible to vote in the election of our directors.

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*Exchange of Information*

We and Medtronic will each agree to provide each other, following the completion of this offering, with information relating to periods prior to the completion of this offering which is reasonably necessary to (1) comply with reporting, disclosure, filing, notification, or other requirements of any national securities exchange or governmental authority, for use in judicial, regulatory, administrative, and other proceedings, (2) at any time prior to the fifth anniversary of the Separation, satisfy audit, accounting, regulatory, litigation, and other similar requirements, or (3) comply with any obligations under the Separation Agreement or any related agreement in connection with the Separation. We and Medtronic will also agree to provide each other, following the completion of this offering, with information to the extent relating to Medtronic and its business or assets or us and our business and assets, respectively.

In addition, we will agree to comply with certain covenants relating to our financial reporting for so long as Medtronic is required to consolidate our results of operations and financial position or to account for its investment in us under the equity method of accounting, and following the end of such period, for so long as Medtronic's financial statements remain subject to audit or review for any fiscal year or interim period during which such consolidation or equity method accounting occurred. These covenants will include, among others, covenants regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• during the period in which Medtronic consolidates our results or accounts for its investment in us under the equity method, delivery of monthly, quarterly, and annual financial information, periodic budgets and financial projections, and supporting schedules, workpapers, and other financial information to Medtronic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintenance of certain disclosure and financial controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provision to Medtronic of access to our auditors and certain books and records related to internal accounting controls or operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cooperation with Medtronic to the extent reasonably requested by Medtronic in the preparation of Medtronic's public filings and press releases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selection of our independent auditors, which will require Medtronic's prior written consent (not to be unreasonably withheld, conditioned or delayed) if we seek to select an accounting firm other than PricewaterhouseCoopers LLP (or its affiliate accounting firms), unless required by law or directed by Medtronic in accordance with a change in its accounting firm.

*Divestment or Other Disposition*

Medtronic will have the sole and absolute discretion, subject to applicable law, to determine the terms of, and whether and when to proceed with, any subsequent Divestment or other disposition of the shares of our common stock owned by Medtronic following the completion of this offering. We will be required to cooperate with Medtronic to effect any such subsequent Divestment or other disposition.

*Termination*

Medtronic, in its sole discretion, will be permitted to terminate the Separation Agreement at any time prior to the completion of this offering.

*Release of Claims*

We and Medtronic will each agree, subject to certain exceptions, to release the other party and its affiliates, successors, and assigns and all persons that, at or prior to the completion of this offering, have been the other party's shareholders, directors, officers, agents, or employees, and their respective heirs, executors, administrators, successors, and assigns, from any and all claims against any of them that arise out of or relate to events, circumstances, or actions occurring or failing to occur or any conditions existing at or prior to the completion of this offering.

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*Indemnification*

We and Medtronic will each agree to indemnify the other party and each of the other party's current and former stockholders, directors, officers, agents, and employees, and each of the heirs, executors, successors, and assigns of any of them, against certain liabilities incurred in connection with the Separation and our and Medtronic's respective businesses. The Separation Agreement will also specify procedures regarding claims subject to indemnification.

*Management of Legal and Remedial Actions*

The Separation Agreement will govern the management and direction of pending and future legal actions in which we or Medtronic is named as a party. In general, neither we nor Medtronic may resolve any legal action without the prior written consent of the other party (such consent not to be unreasonably withheld, conditioned or delayed) if such resolution (1) contains any finding or admission of any violation of law by such other party, (2) would result in any non-monetary remedy against such other party, or (3) does not include a full and unconditional release of such other party (to the extent such other party is a named party in the legal action). The Separation Agreement will also govern the management of any future environmental remedial actions that are subject to indemnification or reimbursement pursuant to the Separation Agreement.

*Insurance*

Medtronic intends to remove us, including our employees, officers, and directors, as insured parties under its insurance policies immediately prior to the Separation. From and after the Separation, we will not have access to, nor the right to make any claims under, Medtronic's policies for any events, actions or circumstances that occur after the Separation. The Separation Agreement will provide for the allocation between the parties of rights and obligations under existing insurance policies with respect to claims covered by Medtronic's existing insurance policies prior to the Separation and set forth procedures for the administration of insured claims and related matters. Because Medtronic self-insures most of its insurable risks, we will only be able to assert limited claims related to our liabilities under Medtronic's insurance policies for select events that occurred prior to the Separation, subject to Medtronic's primary control over such claims, the terms and conditions of the relevant insurance policies, and the limited nature of Medtronic's insurance coverage. We will be responsible (including, upon the request of Medtronic, by reimbursement to Medtronic for amounts paid or payable by it) for the reimbursement liability (including any deductible, coinsurance, or retention payment) related to our portion of the liability, unless otherwise agreed in writing by Medtronic. Additionally, each calendar year commencing with the first full calendar year following the Separation, we will pay to Medtronic an upfront payment not to exceed $1 million per calendar year, which amount shall be determined by Medtronic in good faith based on Medtronic's reasonable estimate of the aggregate amount of pre-Separation insurance claims that we will be required to reimburse for purposes of Medtronic's coverage of any upfront payments required in connection with our insurance claims.

*Dispute Resolution*

We and Medtronic will attempt in good faith to resolve disputes arising under the Separation Agreement by negotiation among our respective senior officers. Any dispute unable to be resolved through this process may be referred to non-binding mediation for resolution. If we and Medtronic are unable to resolve a dispute through negotiation or mediation, then either we or Medtronic may submit the dispute to the Court of Chancery of the State of Delaware or, in certain circumstances, to an alternative court in the State of Delaware.

***Tax Matters Agreement***

We will enter into a tax matters agreement (the "Tax Matters Agreement") with Medtronic prior to the completion of this offering. The Tax Matters Agreement will govern our and Medtronic's respective rights, responsibilities, and obligations following the completion of this offering with respect to tax matters, including tax liabilities, tax attributes, tax returns, and tax contests. In addition, the tax matters agreement will impose certain restrictions on us and our subsidiaries (including, among others, restrictions on share issuances, business combinations, sales of assets and similar transactions) intended to preserve the tax-free status of various transactions related to the Separation and the Divestment.

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*Allocation of Taxes*

Under the Tax Matters Agreement, Medtronic will generally be responsible for (1) all taxes with respect to or required to be reported on tax returns that only include Medtronic or one of its subsidiaries (and not us or one of our subsidiaries) for all tax periods, (2) all taxes imposed on a consolidated tax return group that includes Medtronic or its subsidiaries and us or our subsidiaries, and state and foreign income, franchise, capital gain, withholding, and similar taxes imposed on a consolidated, combined, or unitary tax return group (or similar tax group under non-U.S. law) that includes Medtronic or one of its subsidiaries with respect to taxable periods (or portions thereof) that end on or prior to the date of the completion of the initial public offering, and (3) all taxes imposed on a consolidated tax return group that includes Medtronic or its subsidiaries and us or our subsidiaries, and state and foreign income, franchise, capital gain, withholding, and similar taxes imposed on a consolidated, combined, or unitary tax return group (or similar tax group under non-U.S. law) that includes Medtronic or one of its subsidiaries, in each case that do not relate to our business, for all taxable periods (or portions thereof) that end after the date of the completion of the initial public offering, except we will be responsible for taxes resulting from any breach of certain covenants made by us in the Tax Matters Agreement or other Separation-related agreements. We will generally be responsible for all U.S. federal, state, or foreign income, franchise, capital gain, withholding, or similar taxes (1) imposed on a consolidated, combined, or unitary tax return group (or similar tax group under non-U.S. law) that includes Medtronic or its subsidiaries and us or our subsidiaries, in each case that relate to our business that is separated from Medtronic and transferred to us pursuant to the Separation Agreement (and other agreements), for all taxable periods (or portions thereof) that end after the date of the completion of the initial public offering and (2) imposed on a separate return basis on us (or any of our subsidiaries or any subgroup consisting solely of us and our subsidiaries), as applicable, for all tax periods, except Medtronic will be responsible for taxes resulting from any breach of any covenant made by Medtronic in the Tax Matters Agreement or other Separation-related agreements. Under the Tax Matters Agreement, Medtronic will be responsible for certain taxes arising as a result of the Separation, as determined by Medtronic in its discretion. Further, we and Medtronic will also each be responsible for 50% of certain unanticipated tax liabilities arising from a failure of certain steps of the Separation, including certain internal reorganization transactions undertaken in anticipation of the Divestment, and the Divestment to qualify as transactions that are tax-free for U.S. federal income tax purposes.

Neither our obligations nor Medtronic's obligations under the Tax Matters Agreement will be limited in amount or subject to any cap. In addition, because certain of our subsidiaries were members of a consolidated U.S. federal income tax group that includes certain subsidiaries of Medtronic, such subsidiaries have (and will continue to have following the offering and, if pursued, the Divestment) joint and several liability with such subsidiaries of Medtronic to the IRS for the consolidated U.S. federal income taxes of such members of the Medtronic group relating to the taxable periods in which we were part of the group.

*Preservation of the Tax-Free Status of Certain Steps of the Separation and the Divestment*

The Divestment is conditioned on, among other things, the receipt of the Tax Opinions by Medtronic's U.S. tax advisors to the effect that the Divestment will be generally tax-free to Medtronic and its shareholders. The Tax Opinions will rely on certain facts, assumptions, representations, and undertakings from us and Medtronic regarding the past and future conduct of the companies' respective businesses and other matters.

In addition, the Tax Matters Agreement will impose certain restrictions on us and our subsidiaries (including, among others, restrictions on share issuances, business combinations, sales of assets, and similar transactions) intended to preserve the tax-free status of the Divestment and certain Separation-related transactions. The Tax Matters Agreement will provide special rules that allocate tax liabilities in the event either (1) the Divestment and certain related transactions fail to qualify as transactions that are generally tax-free or (2) any internal separation transaction that is intended to qualify as a transaction that is generally tax-free fails to so qualify. In general, under the Tax Matters Agreement, each party is expected to be responsible for any taxes and related amounts imposed on Medtronic or us (or such entity's respective subsidiaries) that arise from the failure to so qualify, to the extent that the failure to so qualify is attributable to actions, events, or transactions relating to such party's respective shares, assets, or business, or a breach of, or inaccuracy in, the relevant representations or covenants made by that party in the Tax Matters Agreement. Our indemnification obligations to Medtronic under the Tax Matters Agreement are not expected to be limited in any amount or subject to any cap. If we are required to pay any taxes or indemnify

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Medtronic and its subsidiaries and their respective officers and directors under the circumstances set forth in the Tax Matters Agreement, we may be subject to substantial liabilities.

***Employee Matters Agreement***

We and Medtronic will enter into an employee matters agreement (the "Employee Matters Agreement") prior to the Divestment that will address certain employment, compensation, and benefits matters, including the allocation and treatment of certain assets and liabilities relating to our employees, the treatment of outstanding Medtronic equity awards held by our employees, and compensation and benefit plans and programs in which our employees participate.

*Allocation of Employee-Related Liabilities*

Except as specifically provided in the Employee Matters Agreement, following the Separation we will generally assume, perform, and discharge employee-related liabilities for our current and former employees (including those primarily dedicated to the Diabetes business), and Medtronic will generally retain employee-related liabilities for its current and former employees, in each case whenever arising. For shared-services personnel supporting both businesses prior to the Separation, liabilities incurred prior to transfer will be allocated pro rata consistent with historic time allocation. The Separation and this offering will not constitute a termination of employment or a "change in control" under applicable Medtronic or Company plans and will not trigger severance or similar benefits, except as expressly provided in the Employee Matters Agreement.

*Collective Bargaining Agreements*

To the extent that any of our employees are covered by a collective bargaining agreement prior to the Separation, we will agree to become a successor employer to such collective bargaining agreement and to comply with, honor, and fulfill our obligations under such collective bargaining agreement. We will be responsible for, and will agree to comply with, all legal obligations relating to collective bargaining and representation, including any that may be triggered as a result of the business separation. We will agree to indemnify Medtronic from any failure to comply with such legal obligations relating to collective bargaining and negotiation and for any obligations to our employees that may arise under a collective bargaining agreement on or after the applicable transfer date. Upon the completion of this offering, we and Medtronic will agree to cooperate and consult in good faith to provide notice to, engage in consultation with, and take any similar action which may be required with respect to any employee representative body covering our employees.

*Equity Incentive Compensation*

Upon the completion of this offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>RSUs held by our employees</u>: Outstanding Medtronic restricted share unit awards held by our employees will convert into Company RSUs based on a conversion ratio designed to preserve intrinsic value, and will generally retain original service-based vesting, terms, and restrictions (except as otherwise provided in the Employee Matters Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>PSUs held by our employees</u>: Outstanding Medtronic performance share unit awards held by our employees will convert into Company RSUs at levels determined under the Employee Matters Agreement (generally target or projected achievement, as specified), and thereafter vest based on continued service only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Stock options held by our employees</u>: Outstanding Medtronic options held by our employees will remain denominated in shares of Medtronic common stock. Unvested options will vest as of Separation, and the exercise period will be limited as provided in the Employee Matters Agreement (generally until the earlier of the original expiration date and five years after the date of grant). Medtronic will retain liabilities for these retained Medtronic awards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Administration and tax</u>: We will register shares issuable under our equity plan on Form S-8 and administer our converted awards. Medtronic will retain tax deductions with respect to retained Medtronic awards and the parties have agreed on procedures for withholding, reporting, and information sharing.

*Annual Incentive Awards*

The Employee Matters Agreement will provide that our employees will continue to participate in Medtronic's annual incentive programs until the Separation Date. Upon the Separation Date, we will assume any obligations under Medtronic's 2026 annual incentive programs with respect to our employees for the portion of fiscal year 2026 that follows the Separation Date.

*Defined Benefit Pensions*

We will not assume U.S. qualified defined benefit pension plans. Medtronic's U.S. defined benefit plans (including the Medtronic Retirement Plan and associated plan) will remain with Medtronic, and no assets or liabilities of those plans will transfer to us. Outside of the U.S., to the extent required by law or plan terms (as set forth in the Employee Matters Agreement), certain non-U.S. defined benefit plan assets and liabilities relating to our employees may transfer to replacement Company plans that provide substantially comparable benefits in the aggregate as of the effective transfer date. Any such transfers will be effected in accordance with applicable law and actuarial valuation, and include customary true-ups and indemnities as set forth in the Employee Matters Agreement.

*Defined Contribution Plans*

We will establish a Company 401(k) savings plan and related trusts that will receive a trust-to-trust transfer of our employees' account balances (including outstanding participant loans) from the corresponding Medtronic plans, in accordance with ERISA and the Code. Investments in any Medtronic stock fund will be liquidated to cash before transfer. Outside of the U.S., our employees will cease active participation in Medtronic defined contribution plans as of their transfer date and will be offered participation in Company plans providing substantially comparable benefits in the aggregate, subject to local law.

*Welfare and Other Benefit Plans*

Our employees will become eligible to participate in Company health and welfare plans as of their applicable transfer dates. Our plans will waive pre-existing condition limitations and evidence-of-insurability, and we will use commercially reasonable efforts to cause our U.S. and Puerto Rico plans to give credit for deductibles and out-of-pocket maximums accrued under Medtronic plans for the plan year in which such employees commence participation in our health and welfare plans. Medtronic will be responsible for all welfare claims of our employees incurred prior to the applicable transfer date; we will be responsible for all claims incurred by our employees on or after the applicable transfer date.

*Transition Services*

To ensure continuity, we and Medtronic will enter into transition services and related arrangements (including HR and payroll administration, equity administration support, IT systems, and other corporate services, and certain facility use rights) for defined periods, generally ranging from one to three years depending on the service and geography, on arm's-length terms.

The form of Employee Matters Agreement is filed as an exhibit to the registration statement of which this prospectus is a part. The summary above is qualified in its entirety by, and should be read together with, the form of Employee Matters Agreement.

***Intellectual Property Cross-License Agreements***

We will enter into the MGH-MM Intellectual Property Cross-License Agreement and the MPLC-MHSS Intellectual Property Cross-License Agreement (collectively, the "Intellectual Property Cross-License Agreements") with Medtronic prior to the completion of this offering. Pursuant to the Intellectual Property Cross-License Agreements, we and Medtronic (in such capacity, the "licensor") will grant to the other party (in such capacity, the

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"licensee") certain irrevocable, non-exclusive, worldwide, royalty-free, non-sublicensable (subject to certain exceptions), and non-transferable (subject to certain exceptions) licenses that are intended to provide the companies freedom to operate in their respective businesses.

***Trademark Agreements***

In connection with the Separation, we and Medtronic will enter into a transitional trademark cross-license agreement and a trademark co-existence agreement (collectively, the "Trademark Agreements") that collectively will govern our and Medtronic's respective rights, responsibilities, and obligations with respect to trademarks.

*Transitional Trademark Cross-License Agreement*

We will enter into a transitional trademark cross-license agreement (the "Transitional Trademark Cross-License Agreement") with Medtronic. Pursuant to the Transitional Trademark Cross-License Agreement, Medtronic will grant us a non-exclusive, non-sublicensable (subject to certain exceptions), non-assignable (subject to certain exceptions), royalty-free, fully paid up worldwide license to use certain trademarks owned by Medtronic (the "Licensed Medtronic Marks"), consisting primarily of marks related to "Medtronic," on a transitional basis following the completion of this offering. Medtronic will retain exclusive ownership of the Licensed Medtronic Marks, including any goodwill that might be acquired by our use of such marks. Additionally, we will grant Medtronic a non-exclusive, non-sublicensable (subject to certain exceptions), non-assignable (subject to certain exceptions), royalty-free, fully paid up worldwide license to use certain trademarks allocated to us that are currently used in Medtronic's retained business for a transitional time period following completion of this offering.

The term of the Transitional Trademark Cross-License Agreement will be five years following the date of the Separation, however for certain specified uses of the Licensed Medtronic Marks, the period of use may be shorter than such term.

The licenses granted pursuant to the Transitional Trademark Cross-License Agreement will extend only to the licensee's existing uses in its applicable business, and certain intended uses of the licensed trademarks as of the date of the Transitional Trademark Cross-License Agreement. Each licensee will agree to adhere to certain quality standards in using the licensed trademarks. Subject to certain exceptions and other customary restrictions, the licensee is not permitted to (1) use or register in any jurisdiction any trademarks confusingly similar to, or consisting in whole or in part of, any of the licensed trademarks or (2) register any of the licensed trademarks in any jurisdiction, without, in each case, the express prior written consent of the licensor.

The licensor will retain the sole right to file, prosecute, maintain, and renew, as applicable, the licensed trademarks. The licensor will also retain the sole right to defend, enforce, and protect the licensed trademarks at its cost.

*Trademark Co-Existence Agreement*

We will enter into a trademark co-existence agreement (the "Trademark Co-Existence Agreement") with Medtronic prior to the completion of this offering. The Trademark Co-Existence Agreement will establish certain global parameters regarding registration and use of trademarks related to the "CARELINK" brand used in Medtronic's and our respective businesses (the "Co-Existing Trademarks"). These parameters are intended to avoid confusion among consumers regarding the Co-Existing Trademarks. The parties will also agree to undertake additional cooperative efforts to mitigate any actual consumer confusion that may occur regarding the Co-Existing Trademarks. The Trademark Co-Existence Agreement will remain in effect as long as the parties, or their successors or assigns, are using, or intend to use, the Co-Existing Trademarks and abide by certain restrictions, including not to object or otherwise challenge any use or registration of the Co-Existing Trademarks by the other party so long as such use and registration is in accordance with such agreement.

***Transition Services Agreement***

We will enter into a transition services agreement (the "Transition Services Agreement") with Medtronic prior to the completion of this offering. Pursuant to the Transition Services Agreement, Medtronic will provide us and we

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will provide Medtronic with specified services for a transitional period following the completion of this offering. The Transition Services Agreement is intended to help ensure an orderly transition following the completion of this offering and will facilitate cooperation between Medtronic and us to exit, transition, migrate, and integrate each Medtronic Service to us as soon as reasonably practicable. The cost of these services will be negotiated between us and Medtronic and may not necessarily be reflective of prices we could have obtained for similar services from an independent third party.

*Fees*

The Transition Services Agreement will specify the fees for the services, on a service-by-service basis, which are based on the costs specified in the Transition Services Agreement's schedules and subject to a 3% increase on an annual basis. Services extended beyond their original term are subject to incremental surcharges of 25% for the first three months and 50% for the subsequent three months, with extensions capped at six months from the applicable termination date of such services. In addition to any service fees, we will also be required to bear reasonable and documented one-time costs and expenses incurred by Medtronic or its affiliates in order to enable their provision of the services, as well as costs to secure necessary third-party consents or alternative service arrangements, customs duties, and certain taxes, as applicable. For information on management's expectations of how the costs of the Transition Services Agreement will differ from the historical costs that have been allocated to us related to these same services, refer to note (h) to the unaudited pro forma condensed financial statements included elsewhere in this prospectus.

*Term and Termination*

In general, the services will begin on the date of the closing of this offering and will cover a period generally not expected to exceed 24 months following the completion of this offering. The termination of any service before the end of its term requires advance written notice and may require payment of certain termination charges consisting of any out-of-pocket breakage, termination fees, or other costs payable by Medtronic to third parties solely as a result of the early termination of such service.

***Registration Rights Agreement***

We and Medtronic will enter into a registration rights agreement (the "Registration Rights Agreement") pursuant to which we will grant Medtronic certain registration rights with respect to the shares of our common stock owned by Medtronic. Medtronic may transfer these rights in certain limited circumstances. Such transferees (together with Medtronic, "Holders") will thereafter be bound by the terms of the Registration Rights Agreement.

*Demand Registration*

Holders will be able to request registration under the Securities Act of all or any portion of their shares of our common stock covered by the Registration Rights Agreement, and we will be obligated, subject to limitations on minimum offering size and certain other limited exceptions, to register such shares as requested by such Holders. Holders will be able to designate the terms of each offering effected pursuant to a demand registration, which may take the form of a shelf registration, and will be able to request that we complete up to two demand registrations in any 12-month period.

We will not be required to honor a demand registration if we have effected a registration within the preceding 60 days. In addition, if we reasonably determine in good faith that filing a registration statement would be significantly disadvantageous to us, we may delay filing such registration statement until the earlier of 60 days after we make such determination or seven days after the disadvantageous condition no longer exists.

*Piggyback Registration*

If we at any time propose to register any shares of our securities (whether proposed to be offered for sale by us or other security holders) on a form and in a manner that would permit the registration for offer and sale of shares of our common stock held by Holders, Holders will have the right to include their shares of our common stock in that offering, subject to certain limitations.

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*Indemnification*

The Registration Rights Agreement will contain customary indemnification and contribution provisions by us for the benefit of Holders and, in limited situations, by Holders for the benefit of us with respect to the information provided by such Holders included in any registration statement, prospectus, or related document.

***Juncos Lease and Services Agreements***

We and Medtronic will enter into a lease agreement and a services agreement in connection with the Separation pursuant to which we will provide a long-term lease to Medtronic for a portion of our Juncos, Puerto Rico facility (the "Juncos Lease"), where Medtronic will manufacture products for certain of its operating units.

Pursuant to the Juncos Lease, we will provide Medtronic a range of site maintenance, security, and support services, including services related to site security, access to designated common spaces, access to electricity, water, and steam, waste water treatment, infrastructure, and site logistics.

Pursuant to a separate services agreement (the "Juncos Services Agreement"), we will provide to Medtronic warehousing services for raw materials and production supplies. The specified services and required service levels will be set forth in mutually agreed-upon statements of work. Medtronic will be responsible for its own on-site commercial and manufacturing activities.

Lease payments will be determined using arm's length, industrial leasing rates. The initial term of the lease will be ten years and may be terminated by Medtronic upon &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; days' written notice. There is no option to extend the term of the lease.

***Transition Manufacturing Agreements***

We and Medtronic will enter into transition manufacturing agreements in connection with the Separation pursuant to which Medtronic and its affiliates will provide us with certain manufacturing, fabrication, and testing services for a transitional period of time with respect to wafers and analog front-ends, which we incorporate into commercial product and use to conduct certain research and development activities.

Under the transition manufacturing agreements, we will pay Medtronic a price equal to the labor, burden, and materials needed to supply the applicable product plus a fixed percentage markup and indirect costs.

These transition manufacturing agreements will have an initial term of two years, and Medtronic may grant an extension of one additional year for one of the agreements. Either party may terminate an agreement by mutual written agreement or upon a material breach by the other party, subject to customary notice and cure provisions. We may also terminate the agreements upon &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; days' written notice, subject to our payment of a termination fee calculated based on Medtronic's reasonable and documented expenses related to the cessation of the services provided under the applicable agreement.

**Other Agreements with Medtronic**

***Intercompany Debt***

As of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , we had $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in principal amount of intercompany debt owed to Medtronic under one or more notes. As part of the Separation, we intend to use part of the net proceeds from this offering to repay (or cause one or more of our subsidiaries to repay) $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in principal amount of intercompany debt owed to Medtronic. After giving effect to such repayment, we do not expect to have any material outstanding indebtedness to Medtronic. We do not expect the repayment of this intercompany debt to have a material impact on our business, results of operations, or financial condition.

***Real Estate Agreements***

Prior to the completion of this offering, Medtronic's owned real property and leased space will be allocated to Medtronic or us, as the case may be, in a manner that is consistent with the different business uses and needs of

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Medtronic and us. To the extent owned property or leased space is to be shared by Medtronic and us on a long-term basis or associated real estate services need to be provided by one party to the other, we may enter into various agreements with Medtronic that will govern each party's rights and obligations with respect to any such owned or leased property, shared space, or service provided. In addition, certain facilities will, pursuant to transition services agreements, be shared between Medtronic and us for a limited period of time following the completion of this offering. We do not expect these real estate agreements between us and Medtronic, individually or in the aggregate, to comprise a material portion of our property portfolio nor to have a material impact on our business, results of operations, or financial condition.

**Related Person Transaction Policies and Procedures**

Prior to the completion of this offering, the Board will adopt written related person transaction policies and procedures. The policies will require that all "interested transactions" (as defined below) between us or any of our subsidiaries and a "related person" (as defined below) will be subject to approval or ratification by the Nominating and Corporate Governance Committee. In determining whether to approve or ratify such transactions, the Nominating and Corporate Governance Committee will consider, among other factors it deems appropriate, whether the interested transaction is on the same terms as are generally available to an unaffiliated third-party under the same or similar circumstances, the extent of the related person's interest in the transaction, and any other information regarding the interested transaction or the related person that would be material to investors in light of the circumstances. An interested transaction may be approved only if it is determined in good faith that, under all of the circumstances, the interested transaction is in the best interests of us and our stockholders. In addition, the Nominating and Corporate Governance Committee will review certain categories of interested transactions and deem them to be pre-approved or ratified. Finally, the policies will provide that no director shall participate in any discussion or vote regarding an interested transaction for which he or she is a related person, except that the director shall provide all relevant information concerning the interested transaction to the Nominating and Corporate Governance Committee.

Under the policies, an "interested transaction" will be defined as any transaction, arrangement, or relationship or series of similar transactions, arrangements, or relationships (including any indebtedness or any guarantee of indebtedness) in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate amount involved will or may be expected to exceed $120,000 in any twelve-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we or one of our subsidiaries is a participant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any related person has or will have a direct or indirect interest (other than solely as a result of being a director and/or a less than ten percent beneficial owner of another entity).

An "interested transaction" will include a material amendment or modification to an existing interested transaction.

A "related person" will be defined as any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• person who is or was (since the beginning of the last fiscal year for which we have filed a Form 10-K and proxy statement) an executive officer, director, or nominee for election as a director of Medtronic (even if they do not presently serve in that role);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• greater than 5% beneficial owner of our common stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediate family member of any of the foregoing, as such terms are interpreted under Item 404 of Regulation S-K.

Our related person transaction policies and procedures will not be in effect at the time we enter into the agreements described above under "—Agreements to be Entered into in Connection with the Separation." Each of the agreements between us and Medtronic that has been entered into prior to the completion of this offering, and any transactions contemplated thereby, will be deemed to be approved and not subject to the terms of our related person transaction policies or procedures.

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**DESCRIPTION OF CAPITAL STOCK**

*In connection with this offering, we will amend and restate our certificate of incorporation and our bylaws. The following description summarizes the material terms of our amended and restated certificate of incorporation and our amended and restated bylaws, which will be in effect prior to the completion of this offering, as well as relevant sections of the DGCL. The following description is not complete and is qualified by reference to the full text of our amended and restated certificate of incorporation and our amended and restated bylaws, forms of which have been filed as exhibits to the registration statement of which this prospectus forms a part, as well as the applicable provisions of the DGCL.*

**General**

Our authorized capital stock will consist of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of common stock, par value $0.01 per share; and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of preferred stock, par value $0.01 per share. Upon completion of this offering, there will be&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock outstanding and no shares of our preferred stock outstanding.

**Common Stock**

Holders of shares of our common stock will be entitled to the rights set forth below.

***Voting Rights***

Each holder of shares of our common stock will be entitled to one vote per share of our common stock on all matters which may be submitted to the holders of shares of our common stock. At any meeting of our stockholders, the holders of a majority in voting power of the outstanding shares entitled to vote at such meeting must be present in person or represented by proxy in order to constitute a quorum.

At any meeting of our stockholders at which a quorum is present, all questions (other than director elections) will be determined by the affirmative vote of the holders of the majority of the voting power of the outstanding shares present in person or represented by proxy at such meeting and entitled to vote on the subject matter, unless a minimum or different vote is provided by applicable law, the rules of any stock exchange upon which our securities are listed, any regulation applicable to us or our securities, our amended and restated certificate of incorporation, or our amended and restated bylaws. Except as otherwise required by law, a nominee for election as a director will be elected to the Board at a meeting at which a quorum is present by a plurality of the votes cast at such meeting.

Our amended and restated certificate of incorporation will provide that (1) for so long as Medtronic beneficially owns a majority of the voting power of our outstanding shares of capital stock entitled to vote generally in the election of directors, any director may be removed from office at any time, with or without cause, by the affirmative vote of the majority of the total voting power of our outstanding shares of capital stock entitled to vote generally in the election of directors and (2) from and after the first time at which Medtronic ceases to beneficially own a majority of the voting power of our outstanding shares of capital stock entitled to vote generally in the election of directors, any director may be removed from office at any time only for cause and only by the affirmative vote of the holders of at least two-thirds of the voting power of our outstanding shares of capital stock entitled to vote generally in the election of directors.

***Dividend Rights***

Subject to any preferential rights of any outstanding shares of our preferred stock, each holder of shares of our common stock will be entitled to receive ratably the dividends, if any, as may be declared from time to time by the Board out of any assets lawfully available for the payment of dividends.

***Liquidation, Dissolution, and Winding-Up Rights***

In the event of a liquidation, dissolution, or winding-up of the Company, each holder of shares of our common stock will be entitled to ratable distribution of our net assets that remain after the payment in full of all liabilities and the liquidation preferences of any outstanding shares of our preferred stock.

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***Other Rights***

Holders of shares of our common stock will have no preemptive or conversion rights to purchase, subscribe for, or otherwise acquire any shares of our common stock or preferred stock or other securities. There are no redemption or sinking fund provisions applicable to the shares of our common stock.

**Preferred Stock**

The Board will be authorized, without further vote or action by our stockholders, to provide for the issuance from time to time of shares of our preferred stock in series and, as to each series, to fix the designation; the dividend rate and the preferences, if any, which dividends on that series will have compared to any other class or series of our capital stock; the voting rights, if any; the liquidation preferences, if any; the conversion privileges, if any; and the redemption price or prices and the other terms of redemption, if any, applicable to that series. Cumulative dividends, dividend preferences, and conversion, exchange, and redemption provisions, to the extent that some or all of these features may be present when shares of our preferred stock are issued, could have an adverse effect on the availability of earnings for distribution to the holders of our shares of common stock or for other corporate purposes.

**Anti-Takeover Effects of Various Provisions of Delaware Law, Our Amended and Restated Certificate of Incorporation, and Our Amended and Restated Bylaws**

Provisions of the DGCL, our amended and restated certificate of incorporation, and our amended and restated bylaws could make it more difficult to acquire us by means of a tender offer, a proxy contest, or otherwise, or to remove incumbent directors. These provisions, summarized below, are expected to discourage certain types of coercive takeover practices and takeover bids that the Board may consider inadequate and to encourage persons seeking to acquire control of us to first negotiate with the Board. We believe the benefits of increased protection of the Board's ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging takeover or acquisition proposals, including because negotiation of these proposals could result in an improvement of the terms of the proposals.

***Delaware Anti-Takeover Statute***

After Medtronic ceases to "own" at least 15% of the voting power of our outstanding shares of "voting stock" (each as defined in Section 203 of the DGCL), we will be subject to Section 203 of the DGCL. Section 203 of the DGCL generally prohibits a Delaware corporation from engaging in a "business combination" with an "interested stockholder" for a period of three years following the time that such stockholder became an interested stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to such time, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owns at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares (1) owned by persons who are directors and also officers and (2) held in employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at or subsequent to such time, the business combination is approved by the board of directors of the corporation and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding voting stock of the corporation which is not owned by the interested stockholder.

Generally, a "business combination" includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. Generally, an "interested stockholder" is a person who owns, together with its affiliates or associates, 15% or more of a corporation's voting stock, or a person who is an affiliate or

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associate of the corporation and, at any time within three years prior to the determination of interested stockholder status, owns, together with its affiliates or associates, 15% or more of the corporation's voting stock.

The existence of Section 203 of the DGCL would be expected to have an anti-takeover effect with respect to transactions not approved in advance by the Board, including discouraging takeover attempts that might result in a premium over the then-prevailing market price for the shares of our common stock held by our stockholders.

A Delaware corporation may "opt out" of Section 203 of the DGCL by including a provision expressly electing not to be governed by Section 203 of the DGCL in its original certificate of incorporation or in its certificate of incorporation or bylaws resulting from amendments approved by holders of a majority of the corporation's outstanding voting stock. We will not elect to "opt out" of Section 203 of the DGCL after Medtronic ceases to "own" at least 15% of the voting power of our outstanding shares of "voting stock" (each as defined in Section 203 of the DGCL).

So long as Medtronic beneficially owns a majority of the voting power of our outstanding capital stock, and therefore has the ability to direct the election of all the members of the Board, directors designated by Medtronic to serve on the Board may have the ability to authorize a party, including a potential transferee of Medtronic's shares of common stock, to become an interested stockholder such that the restrictions of Section 203 of the DGCL would not apply to such other party.

***Size of Board and Vacancies***

Our amended and restated certificate of incorporation will provide that the number of directors will be fixed from time to time by the Board. Effective prior to the completion of this offering, the Board will consist of 9 directors.

Our amended and restated certificate of incorporation will provide that any vacancies in the Board, however created, will be filled by appointment made by a majority of the remaining directors. In addition, our amended and restated certificate of incorporation will provide that any directorship to be filled by reason of an increase in the number of directors on the Board will be filled by election by a majority of the directors then in office or by a sole remaining director (other than directors elected by the holders of any series of preferred stock then outstanding) and may not be filled in any other manner.

***Classified Board of Directors***

Our amended and restated certificate of incorporation will provide that the Board will be classified with the directors divided into three classes, designated class I, class II, and class III, with approximately one-third of the directors elected each year. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will serve as class I directors whose terms expire at the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; annual meeting of stockholders. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will serve as class II directors whose terms expire at the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; annual meeting of stockholders. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will serve as class III directors whose terms expire at the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; annual meeting of stockholders or, in each case, upon such director's earlier death, resignation, or removal. At each annual meeting of stockholders beginning in &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , successors to the class of directors whose terms expire at that annual meeting will be elected for a three-year term and hold office until their successors are duly elected and qualified. A director appointed to fill a vacancy resulting from the death, resignation, disqualification, or removal of a director or other cause shall hold office for the unexpired term of such director's predecessor in office, and a director appointed to fill a newly created directorship shall hold office until the next election of the class for which such director shall have been assigned, and, in each case, until their successor is duly elected and qualified, or until their earlier death, resignation, disqualification, or removal. In no case will a decrease in the number of directors have the effect of removing or shortening the term of any incumbent director.

***Special Stockholder Meetings***

Our amended and restated certificate of incorporation will provide that a special meeting of our stockholders may be called at any time by (1) the Chair of the Board, (2) the Board, pursuant to a written resolution adopted by the affirmative vote of the majority of the total number of directors that the Board would have if there were no

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vacancies, or (3) our Chief Executive Officer. Our amended and restated certificate of incorporation will provide that no other person or persons will have the ability to call a special meeting.

***Stockholder Action by Written Consent***

Our amended and restated certificate of incorporation will provide that (1) for so long as Medtronic beneficially owns a majority of the voting power of our outstanding shares of capital stock entitled to vote generally in the election of directors, our stockholders will be permitted to act by written consent without a duly called annual or special meeting of our stockholders if such written consent is signed by holders of shares of our capital stock having at least the minimum number of votes necessary to authorize such action and (2) from and after the first time that Medtronic ceases to beneficially own a majority of the voting power of our outstanding shares of capital stock entitled to vote generally in the election of directors, holders of shares of our common stock will not be able to act by written consent without a duly called annual or special meeting of our stockholders.

***Requirements for Advance Notification of Stockholder Proposals***

Our amended and restated bylaws will establish advance notice procedures for business (including any nominations for director) to be properly brought by a stockholder before an annual or special meeting of our stockholders. In general, any such notice must be received by us not less than 90 days nor more than 120 days prior to the first anniversary of the preceding year's annual meeting, or in the event that no annual meeting was held in the previous year, or the date of the annual meeting has been changed by more than 30 days from the first anniversary of the preceding year's annual meeting, notice by the proposing stockholder to be timely must be received not earlier than the 120th day before the annual meeting and not later than the close of business on the later of the 90th day before the annual meeting or the 10th day following the day on which public announcement of such meeting is first made.

In addition, our amended and restated bylaws will require that a stockholder's notice must include certain information relating to, among other things, the proposing stockholder, the proposed business, and the proposed nominee(s), as applicable.

***No Cumulative Voting***

The DGCL provides that stockholders of a company are denied the right to cumulate votes in the election of directors unless the company's certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation will not provide for cumulative voting.

***Undesignated Preferred Stock***

The authority that the Board will possess to issue preferred stock, as described under "—Preferred Stock," could potentially be used to discourage attempts by third parties to obtain control of us through a merger, tender offer, or proxy contest or otherwise by making such attempts more difficult or more costly. The Board may be able to issue preferred stock with voting rights or conversion rights that, if exercised, could adversely affect the voting power of the holders of shares of our common stock.

***Amendments to Certificate of Incorporation***

Our amended and restated certificate of incorporation will provide that it may be amended or altered by the Company in any matter provided by the DGCL. Our amended and restated certificate of incorporation will also provide that the affirmative vote of the holders of a majority of the voting power of our outstanding shares of capital stock entitled to vote thereon, voting as a single class, generally is required to amend our amended and restated certificate of incorporation, provided, however, that the affirmative vote of the holders of at least two-thirds of the voting power of our outstanding shares of capital stock entitled to vote thereon, voting as a single class, is required to amend certain provisions relating to the composition and classification of the Board, the calling of special meetings of stockholders, stockholder action by written consent, certain relationships and transactions with Medtronic (including relating to corporate opportunities), the procedure for amending our amended and restated

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certificate of incorporation and our amended and restated bylaws, and any provision relating to the amendment of any of these provisions.

***Amendments to Bylaws***

Our amended and restated certificate of incorporation will provide that our amended and restated bylaws may be amended, altered, or repealed and new bylaws made by (1) the Board or (2) the affirmative vote of the holders of at least two-thirds of the voting power of our outstanding shares of capital stock entitled to vote thereon.

**Conflicts of Interest; Corporate Opportunities**

In order to address potential conflicts of interest between us and Medtronic, our amended and restated certificate of incorporation will include certain provisions regulating and defining the conduct of our affairs to the extent that they may involve Medtronic and its directors, officers, or employees. These provisions generally recognize that we and Medtronic may engage in the same or similar business activities and lines of business or have an interest in the same areas of corporate opportunities and that we and Medtronic will continue to have contractual and business relations with each other, including directors, officers, or employees of Medtronic serving as our directors, officers, or employees.

Following the completion of this offering and until (1) Medtronic ceases to beneficially own at least 10% of the outstanding shares of our capital stock and (2) no person who is a Medtronic director, officer, or employee is also serving as a director or officer of ours, the Board is expected to renounce any interest or expectancy of ours in any corporate opportunities that are presented to our directors, officers, or employees who are also directors, officers, or employees of Medtronic, so long as such corporate opportunity was not expressly offered to such person solely in his or her capacity as a director or officer of ours. Moreover, our amended and restated certificate of incorporation will provide that Medtronic will have no duty to communicate information regarding a corporate opportunity to us or refrain from engaging in the same or similar lines of business or doing business with any of our clients, customers, or vendors.

**Limitations on Liability, Indemnification of Officers and Directors, and Insurance**

The DGCL authorizes corporations to limit or eliminate the personal liability of directors and certain officers to corporations and their stockholders for monetary damages for breaches of fiduciary duties as directors or officers. Our amended and restated certificate of incorporation will include such an exculpation provision. Our amended and restated bylaws will provide that we must indemnify, to the fullest extent allowable under the DGCL, our current and former directors or officers for liabilities and expenses incurred thereby in connection with any action, suit, or proceeding by reason of such person's official capacity. In addition, our amended and restated bylaws will also provide that we must advance reasonable expenses actually and reasonably incurred by our current and former directors and officers in defense of certain proceedings, subject to our receipt of an undertaking by or on behalf of such person to repay all amounts so advanced if it should be determined ultimately that such person is not entitled to be indemnified under our amended and restated bylaws or otherwise. Our amended and restated bylaws will expressly authorize us to carry directors' and officers' insurance to protect us and our current and former directors, officers, employees, and agents against liabilities and expenses incurred by them in such capacity or arising out of their status as such.

The limitation of liability and indemnification provisions that will be in our amended and restated certificate of incorporation and our amended and restated bylaws may discourage stockholders from bringing a lawsuit against directors and officers for breaches of their fiduciary duties. These provisions may also have the effect of reducing the likelihood of derivative litigation against our directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. However, these provisions will not limit or eliminate our rights, or those of any stockholder, to seek non-monetary relief such as injunction or rescission in the event of a breach of a director's duty of care. The limitation of liability and indemnification provisions that will be in our amended and restated certificate of incorporation and our amended and restated bylaws will not alter the liability of directors and officers under the federal securities laws. In addition, your investment may be adversely affected to the extent that, in a class action or direct suit, we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

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There is currently no pending material litigation or proceeding against us or any of our directors, officers, or employees for which indemnification is sought.

**Exclusive Forum**

Our amended and restated certificate of incorporation will provide, in all cases to the fullest extent permitted by law, that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery located within the State of Delaware will be the sole and exclusive forum for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any derivative action or proceeding brought on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action asserting a claim that is based upon a violation of a duty owed by any of our current or former directors, officers, employees, or stockholders to us or our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action asserting a claim arising pursuant to any provision of our amended and restated certificate of incorporation or our amended and restated bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action asserting a claim arising pursuant to any provision of the DGCL or as to which the DGCL confers jurisdiction on the Court of Chancery located within the State of Delaware; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action asserting a claim governed by the internal affairs doctrine.

However, if the Court of Chancery located within the State of Delaware does not have jurisdiction over any such action, the action may be brought instead in the United States District Court for the District of Delaware.

In addition, our amended and restated certificate of incorporation will provide that the foregoing provisions will not apply to claims arising under the Securities Act or the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States will be the sole and exclusive forum for the resolution of any action asserting a claim arising under the Securities Act.

These exclusive forum provisions may impose additional costs on stockholders in pursuing any such claims, particularly if the stockholders do not reside in or near the State of Delaware, or limit a stockholder's ability to bring a claim in a judicial forum that such stockholder finds favorable for disputes with us or our directors, officers, employees, or stockholders, which in each case may discourage such lawsuits with respect to such claims. Our stockholders will not be deemed to have waived our compliance with the federal securities laws and the rules and regulations thereunder as a result of these exclusive forum provisions.

**Authorized but Unissued Shares**

Our authorized but unissued shares of common stock and our authorized but unissued shares of preferred stock will be available for future issuance without further vote or action by our stockholders. We may use additional shares for a variety of purposes, including to raise additional capital, to fund acquisitions, and as employee compensation. The existence of authorized but unissued shares of common stock and preferred stock could also discourage attempts by third parties to obtain control of us through a merger, tender offer, or proxy contest or otherwise by making such attempts more difficult or more costly.

**Listing**

We intend to list our shares of common stock on Nasdaq under the symbol "MMED."

**Transfer Agent and Registrar**

The transfer agent and registrar for shares of our common stock will be &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .

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**DESCRIPTION OF CERTAIN INDEBTEDNESS**

**Revolving Credit Facility**

Prior to the completion of this offering, we expect to enter into a credit agreement which will provide for a five-year senior secured revolving credit facility (the "Revolving Credit Facility") in an aggregate principal amount of $500 million to be made available in U.S. dollars and certain approved alternative currencies, initially including Euros, with Citibank, N.A. serving as administrative agent for a syndicate of lenders. The commitments under the Revolving Credit Facility will become available upon the completion of this offering. We do not expect the Revolving Credit Facility to be drawn from or used in connection with this offering or the Separation. The proceeds of the loans under the Revolving Credit Facility will be used for working capital and other general corporate purposes. The Revolving Credit Facility permits, subject to specified conditions, one or more of our wholly owned subsidiaries to be added as additional borrowers.

Interest is payable on the loans under the Revolving Credit Facility at (1) in the case of borrowings denominated in U.S. dollars, Term SOFR (or, at the borrower's option, the base rate) and (2) in the case of borrowings denominated in Euros, EURIBOR, plus, in each case, a margin determined pursuant to a pricing grid based on our secured net leverage ratio. The commitment fees and letter of credit fees under the Revolving Credit Facility are determined based upon the same grid. Interest payments are due (1) in the case of Term SOFR or EURIBOR borrowings, on the last day of each interest period applicable to the borrowing (or, in the case of any borrowing with an interest period of more than three months' duration, every three months) and (2) in the case of base rate borrowings, on the last business day of each March, June, September, and December.

The Revolving Credit Facility will also contain representations and warranties, covenants, and events of default that are customary for this type of financing, including financial maintenance covenants and covenants restricting, *inter alia*, the incurrence of liens and indebtedness, the sale of assets, the making of restricted payments, investments and certain debt prepayments, and the entry into certain merger transactions. The obligations under the Revolving Credit Facility will be guaranteed by certain of our wholly-owned subsidiaries, and secured by certain assets of such subsidiaries.

The foregoing summarizes the material terms of the Revolving Credit Facility. However, the credit agreement, the form of which will be filed as an exhibit to the registration statement of which this prospectus is a part, and the foregoing summary of such agreement is qualified in its entirety by reference to the full text of such agreement.

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**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to this offering, there has been no public market for shares of our common stock, and we cannot predict with certainty the effect, if any, that market sales of shares of our common stock or the availability of shares of our common stock for sale will have on the market price of shares of our common stock prevailing from time to time. We also cannot predict with certainty whether or when Medtronic will complete the Divestment or otherwise sell its remaining equity interest in our company. The sale or other availability of substantial amounts of shares of our common stock (including shares issued on the exercise of options, warrants, or convertible securities, if any) in the public market, or the perception that such sales could occur, could adversely affect the prevailing market price of shares of our common stock and our ability to raise additional capital through a future sale of securities.

Upon completion of this offering, we will have &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of common stock outstanding (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares if the underwriters exercise in full their option to purchase additional shares of our common stock from us to cover over-allotments). This includes &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of common stock (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares if the underwriters exercise in full their option to purchase additional shares of our common stock from us to cover over-allotments) that we are offering to be sold in this offering, which shares will be freely tradable without restriction or further registration under the Securities Act, subject to the provisions of Rule 144 described below under "—Rule 144" and any contractual restrictions, including under the lock-up agreements described below under "—Lock-Up Agreements."

**Sale of Restricted Shares**

Subject to any contractual restrictions, including under the lock-up agreements described below under "—Lock-Up Agreements," all of the shares of our common stock to be sold in this offering will be freely tradable without restriction or further registration under the Securities Act, except that any shares purchased by or owned by our "affiliates," as that term is defined in Rule 144 under the Securities Act ("Rule 144"), may generally only be sold publicly in compliance with the limitations of Rule 144 described below under "—Rule 144." As defined in Rule 144, an affiliate of an issuer is a person that directly or indirectly, through one or more intermediaries, controls, or is controlled by or is under common control with, such issuer.

Upon completion of this offering, Medtronic will own &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of our outstanding shares of common stock (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters exercise in full their option to purchase additional shares of our common stock from us to cover over-allotments). These shares will be "restricted securities" as that term is defined in Rule 144. Subject to any contractual restrictions, including under the lock-up agreements described below under "—Lock-Up Agreements," Medtronic will be entitled to sell these shares in the public market only if the sale of such shares is registered with the SEC or if the sale of such shares qualifies for an exemption from registration under Rule 144 or any other applicable exemption under the Securities Act.

In addition, upon completion of the offering, Medtronic will, subject to certain conditions, have registration rights with respect to all of the shares of our common stock that Medtronic will own following the completion of this offering. See "—Registration Rights." At such time as these restricted shares become unrestricted and available for sale, the sale of these restricted shares, whether pursuant to Rule 144 or otherwise, may have a negative effect on the prevailing market price of shares of our common stock.

**Rule 144**

In general, under Rule 144, beginning 90 days after the date of this prospectus, a person who is not one of our affiliates and has not been one of our affiliates at any time during the preceding three months will be entitled to sell any shares of our common stock that such person has beneficially owned for at least six months, including the holding period of any prior owner other than one of our affiliates, without regard to volume limitations. Sales of shares of our common stock by any such person would be subject to the availability of current public information about us if the shares to be sold were beneficially owned by such person for less than one year. Beginning 90 days after the date of this prospectus, our affiliates who have beneficially owned shares of our common stock for at least six months, including the holding period of any prior owner other than one of our affiliates, would be entitled to sell, within any three-month period, a number of shares of our common stock that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of shares of our common stock then outstanding; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of shares of our common stock on Nasdaq during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale;

provided, in each case, that we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Sales under Rule 144 by our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

**S-8 Registration Statement**

In connection with this offering, we intend to file a registration statement on Form S-8 under the Securities Act to register an aggregate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock that we expect to reserve for issuance under our proposed equity incentive plan. The registration statement will become effective automatically upon filing with the SEC, and shares of our common stock covered by the registration statement will be eligible for resale in the public market immediately after the effective date of the registration statement, subject to the lock-up agreements described below under "—Lock-Up Agreements" and subject to the resale restrictions described under "—Rule 144" in the case of shares of our common stock held by our affiliates.

**Lock-Up Agreements**

In connection with this offering, we, our executive officers, our directors, and Medtronic have agreed with the underwriters that, except with the prior written consent of each of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, we and they will not, subject to certain exceptions, during the period beginning on the date of this prospectus and continuing through the date that is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; days after the date of this prospectus, offer, sell, contract to sell, pledge, or otherwise dispose of or hedge, directly or indirectly, any shares of our common stock or securities convertible into or exchangeable or exercisable for any shares of our common stock. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; may, in their sole discretion and at any time without notice, release all or any portion of the shares of our common stock subject to lock-up agreements. See "Underwriting."

**Registration Rights**

Pursuant to the Registration Rights Agreement we will enter into with Medtronic in connection with the Separation, Medtronic will be able to require us to effect the registration under the Securities Act of shares of our common stock that Medtronic will own following the completion of this offering. See "Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation—Registration Rights Agreement."

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**MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF OUR COMMON STOCK**

The following discussion is a summary of the material U.S. federal income tax considerations to Non-U.S. Holders (as defined below) of the purchase, ownership, and disposition of shares of our common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local, or non-U.S. tax laws are not discussed. This discussion is based on the Code, Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the IRS, in each case in effect as of this prospectus. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder of shares of our common stock. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. We cannot assure you that the IRS or a court will not take a contrary position to that discussed below regarding the tax considerations of the purchase, ownership, and disposition of shares of our common stock.

This discussion is limited to Non-U.S. Holders that hold shares of our common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax considerations relevant to a Non-U.S. Holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income. In addition, it does not address considerations relevant to Non-U.S. Holders subject to special rules, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to the alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding shares of our common stock as part of a hedge, straddle, or other risk reduction strategy or as part of a conversion transaction or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, insurance companies, and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers, dealers, or traders in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "controlled foreign corporations," "passive foreign investment companies," and corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons deemed to sell shares of our common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who hold or receive shares of our common stock pursuant to the exercise of any employee stock option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to special tax accounting rules, including as a result of any item of gross income with respect to shares of our common stock being taken into account on an applicable financial statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-qualified retirement plans.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds shares of our common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership, and certain determinations made at the partner level. Accordingly, partnerships holding shares of our common stock and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax considerations to them.

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**THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSIDERATIONS OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF SHARES OF OUR COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.**

**Definition of a Non-U.S. Holder**

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of common stock that is neither a "U.S. person" nor an entity treated as a partnership for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation, or other entity taxable as a corporation, created or organized under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code), or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

**Distributions**

As discussed above under "Dividend Policy," we do not currently expect to make distributions on our common stock. In the event that we make a distribution of cash or other property (other than certain distributions of our stock) in respect of shares of our common stock, those distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent those distributions exceed our current and accumulated earnings and profits, they will constitute a return of capital, which will first reduce a Non-U.S. Holder's basis in shares of our common stock, but not below zero, and then will be treated as gain from the sale of shares of our common stock, as described below under "—Gain on Sale or Other Disposition of Shares of Our Common Stock."

Dividends paid to a Non-U.S. Holder generally will be subject to withholding tax at a 30% rate or a reduced rate specified by an applicable income tax treaty. In order to obtain a reduced rate of withholding (subject to the discussion below), a Non-U.S. Holder will be required to provide a properly executed applicable IRS Form W-8BEN or W-8BEN-E (or other applicable or successor form) certifying the Non-U.S. Holder's entitlement to benefits under a treaty.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base maintained by the Non-U.S. Holder in the United States), the Non-U.S. Holder will generally be taxed on the dividends on a net income basis at regular rates applicable to a U.S. person. In this case, the Non-U.S. Holder will be exempt from the withholding tax discussed in the preceding paragraph, although the Non-U.S. Holder will be required to provide a properly executed IRS Form W-8ECI in order to claim an exemption from withholding. Non-U.S. Holders should consult their tax advisors with respect to other U.S. tax considerations of the ownership and disposition of shares of our common stock, including the possible imposition of a branch profits tax at a rate of 30% (or a lower treaty rate) for corporations.

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**Gain on Sale or Other Disposition of Shares of Our Common Stock**

Subject to the discussion below under "—Additional Withholding Tax on Payments Made to Foreign Accounts," a Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of shares of our common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our common stock constitutes a U.S. real property interest ("USRPI") by reason of our status as a U.S. real property holding corporation ("USRPHC") for U.S. federal income tax purposes.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular rates applicable to a U.S. person. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items.

Gain described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance that we currently are not a USRPHC or will not become a USRPHC in the future. Even if we were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of shares of our common stock will not be subject to U.S. federal income tax if our common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market, and such Non-U.S. Holder owned, actually and constructively, 5% or less of our common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder's holding period.

Non-U.S. Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.

**Additional Withholding Tax on Payments Made to Foreign Accounts**

Withholding taxes may be imposed under Sections 1471 to 1474 of the Code, such Sections commonly referred to as the Foreign Account Tax Compliance Act ("FATCA"), on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of, shares of our common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States-owned foreign entities" (each as defined in the Code), annually report certain information about such accounts and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other

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account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on shares of our common stock. Although withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of stock on or after January 1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued.

Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in shares of our common stock.

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**UNDERWRITING**

We and the underwriters named below have entered into an underwriting agreement with respect to the shares offered by us. Subject to certain conditions, each underwriter has severally agreed to purchase the number of shares indicated in the following table. Goldman Sachs & Co. LLC and BofA Securities, Inc. are the representatives of the underwriters.

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| | |
|:---|:---|
| **Underwriters** | **Number of Shares** |
| Goldman Sachs & Co. LLC |  |
| BofA Securities, Inc. |  |
| Citigroup Global Markets Inc. |  |
| Morgan Stanley & Co. LLC |  |
| Barclays Capital Inc. |  |
| Deutsche Bank Securities Inc. |  |
| Mizuho Securities USA LLC |  |
| Wells Fargo Securities, LLC |  |
| Evercore Group L.L.C. |  |
| Piper Sandler & Co. |  |
| BTIG, LLC |  |
| William Blair & Company, L.L.C. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |

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The underwriters are committed to take and pay for all of the shares offered by us, if any are taken, other than the shares covered by the option to purchase additional shares to cover over-allotments described below unless and until this option is exercised.

We have granted the underwriters an option for a period of 30 days from the date of this prospectus to purchase up to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; additional shares of our common stock from us at the initial public offering price less the underwriting discounts and commissions solely to cover over-allotments. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares in approximately the same proportion as set forth in the table above.

The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters by us. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; additional shares to cover over-allotments of our common stock, as described above.

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| | | |
|:---|:---|:---|
| | **No Exercise** | **Full Exercise** |
| Per Share | $| $|
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |

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Shares sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover page of this prospectus. Any shares sold by the underwriters to securities dealers may be sold at a discount of up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share from the initial public offering price. After the initial offering of the shares, the representatives may change the offering price and the other selling terms. The offering of the shares by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order in whole or in part.

We, our executive officers, our directors, and Medtronic plc have agreed with the underwriters that, except with the prior written consent of each of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , we and they will not, subject to certain exceptions (a description of which will be included in a subsequent filing), during the period beginning on the date of this prospectus and continuing through the date that is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; days after the date of this prospectus, offer, sell, contract to sell, pledge, or otherwise dispose of or hedge, directly or indirectly, any shares of our common stock or securities

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convertible into or exchangeable or exercisable for any shares of our common stock. The lock-up agreements are subject to specified exceptions.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; may, in their sole discretion and at any time without notice, release all or any portion of the shares of our common stock subject to lock-up agreements.

See "Shares Eligible for Future Sale" for a discussion of certain transfer restrictions.

Prior to this offering, there has been no public market for shares of our common stock. The initial public offering price has been negotiated among us, Medtronic plc, and the representatives. Among the factors to be considered in determining the initial public offering price of the shares, in addition to prevailing market conditions, will be our historical performance, estimates of our business potential and earnings prospects, an assessment of our management, and the consideration of the above factors in relation to market valuation of companies in related businesses.

We intend to apply to list our shares of common stock on Nasdaq under the symbol "MMED."

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.

Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of our common stock, and together with the imposition of the penalty bid, may stabilize, maintain, or otherwise affect the market price of our common stock. As a result, the price of our common stock may be higher than the price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any of these activities at any time. These transactions may be effected on Nasdaq, in the over-the-counter market or otherwise.

We estimate that the total expenses of this offering, excluding underwriting discounts and commissions, will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . We have also agreed to reimburse the underwriters for certain Financial Industry Regulatory Authority ("FINRA")-related expenses incurred by them in connection with this offering in an amount up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .

We have agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act.

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment

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management, investment research, principal investment, hedging, market-making, brokerage, and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to us and to persons and entities with relationships with us, for which they received or will receive customary fees and expenses.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors, and employees may purchase, sell, or hold a broad array of investments and actively traded securities, derivatives, loans, commodities, currencies, credit default swaps, and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities, and/or instruments of ours (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with us. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color, or trading ideas and/or publish or express independent research views in respect of such assets, securities, or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities, and instruments.

**Selling Restrictions**

***European Economic Area***

In relation to each Member State of the European Economic Area (each, a "Member State"), no shares have been offered or will be offered pursuant to the offering to the public in that Member State prior to the publication of a prospectus in relation to the shares which has been approved by the competent authority in that Member State or, where appropriate, approved in another Member State and notified to the competent authority in that Member State, all in accordance with the Prospectus Regulation, except that offers of shares may be made to the public in that Member State at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)to any legal entity which is a qualified investor as defined in Article 2 of the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)to fewer than 150 natural or legal persons (other than qualified investors as defined in Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the representatives; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)in any other circumstances falling within Article 1(4) of the Prospectus Regulation;

provided that no such offer of shares shall require us or any representative to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation and each person who initially acquires any shares or to whom any offer is made will be deemed to have represented, acknowledged, and agreed to and with each of the underwriters and us that it is a "qualified investor" within the meaning of Article 2(e) of the Prospectus Regulation. In the case of any shares being offered to a financial intermediary as that term is used in the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged, and agreed that the shares acquired by it in the offer have not been acquired on a nondiscretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares to the public other than their offer or resale in a relevant state to qualified investors as so defined or in circumstances in which the prior consent of the underwriters have been obtained to each such proposed offer or resale.

For the purposes of this provision, the expression an "offer to the public" in relation to any shares in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase or subscribe for any shares, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129 (as amended).

***United Kingdom***

In relation to the United Kingdom, no shares have been offered or will be offered pursuant to this offering to the public in the United Kingdom prior to the publication of a prospectus in relation to the shares that either (1) has been approved by the Financial Conduct Authority or (2) is to be treated as if it had been approved by the Financial Conduct Authority in accordance with the transitional provisions in Article 74 of the Prospectus (Amendment etc.)

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(EU Exit) Regulations 2019, except that offers of shares may be made to the public in the United Kingdom at any time under the following exemptions under the UK Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)to any legal entity which is a qualified investor as defined in Article 2 of the UK Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)to fewer than 150 natural or legal persons (other than qualified investors as defined in Article 2 of the UK Prospectus Regulation); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)in any other circumstances falling within section 86 of the Financial Services and Markets Act 2000 ("FSMA");

provided that no such offer of shares shall require us or any representative to publish a prospectus pursuant to section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation and each person who initially acquires any shares or to whom any offer is made will be deemed to have represented, acknowledged, and agreed to and with each of the underwriters and us that it is a "qualified investor" within the meaning of Article 2(e) of the UK Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to any shares in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase or subscribe for any shares, and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

We have not authorized and do not authorize the making of any offer of shares through any financial intermediary on our or the underwriters' behalf, other than offers made by the underwriters with a view to the final placement of the shares as contemplated in this prospectus. Accordingly, no purchaser of the shares, other than the underwriters, is authorized to make any further offer of the shares on behalf of us or the underwriters.

In addition, this document is being distributed only to, and is directed only at, (i) persons who are outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), or (iii) high net worth companies, and other persons to whom it may be lawfully communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons").

The shares are only available to, and any invitation, offer, or agreement to subscribe, purchase, otherwise acquire such shares will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

***Australia***

This document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not constitute a disclosure document or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (Cth) (the "Corporations Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has not been, and will not be, lodged with the Australian Securities and Investments Commission ("ASIC"), as a disclosure document for the purposes of the Corporations Act and does not purport to include the information required of a disclosure document for the purposes of the Corporations Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the categories of investors, available under section 708 of the Corporations Act ("Exempt Investors").

The shares of common stock may not be directly or indirectly offered for subscription or purchased or sold, and no invitations to subscribe for or buy the shares of common stock may be issued, and no draft or definitive offering memorandum, advertisement, or other offering material relating to any shares of common stock may be distributed in Australia, except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is

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otherwise in compliance with all applicable Australian laws and regulations. By submitting an application for the shares of common stock, you represent and warrant to us that you are an Exempt Investor.

As any offer of shares of common stock under this document will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those securities for resale in Australia within twelve months may, under section 707 of the Corporations Act, require disclosure to investors under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the shares of common stock you undertake to us that you will not, for a period of twelve months from the date of issue of the shares of common stock, offer, transfer, assign, or otherwise alienate those shares of common stock to investors in Australia except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document is prepared and lodged with ASIC.

***Canada***

The shares of common stock may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the shares of common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts ("NI 33-105"), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

***Hong Kong***

The shares of common stock may not be offered or sold in Hong Kong by means of any document other than (1) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the "SFO") and any rules made thereunder, or (2) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong).

No advertisement, invitation or document relating to the shares of common stock may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares of common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" in Hong Kong as defined in the SFO and any rules made thereunder.

***Japan***

No registration pursuant to Article 4, paragraph 1 of the Financial Instruments and Exchange Act of Japan (Law No. 25 of 1948, as amended) (the "FIEA") has been made or will be made with respect to the solicitation of the application for the acquisition of the shares of common stock. Accordingly, the shares of common stock have not been, directly or indirectly, offered or sold and will not be, directly or indirectly, offered or sold in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan) or to others for re-offering or re-sale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan except pursuant to an exemption from the

------

registration requirements, and otherwise in compliance with, the FIEA and the other applicable laws and regulations, directives, and ministerial guidelines of Japan.

***Singapore***

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of common stock may not be circulated or distributed, nor may the shares of common stock be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (1) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) under Section 274 of the SFA, (2) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (3) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the shares of common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual how is an accredited investor,

the securities or securities-based derivative contracts (each as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for six months after that corporation or that trust has acquired the shares under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)where no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)where the transfer is by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)as specified in Section 276(7) of the SFA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore ("Regulation 32").

Any reference to the SFA is a reference to the Securities and Futures Act 2001 of Singapore, and a reference to any term as defined in the SFA or any provision in the SFA is a reference to that term or provision as modified or amended from time to time including by such of its subsidiary legislation as may be applicable at the relevant time.

***Switzerland***

This prospectus is not intended to constitute an offer or solicitation to purchase or invest in the shares of common stock. The shares of common stock may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act ("FinSA") and will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated trading venue (exchange or multilateral trading facility) in Switzerland. This document does not constitute a prospectus within the meaning of, and has been prepared without regard to, the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of

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Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading venue (exchange or multilateral trading facility) in Switzerland. Neither this document nor any other offering or marketing material relating to the shares of common stock constitutes a prospectus pursuant to the FinSA, and neither this document nor any other offering or marketing material relating to the shares of common stock or this offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering or marketing material relating to this offering, us, or the shares of common stock have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of shares of common stock will not be supervised by, the Swiss Financial Market Supervisory Authority, and the offer of shares of common stock has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes ("CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares of common stock.

***Ireland***

Any issuance or placement of the shares of common stock must be in conformity with: (a) the European Union (Markets in Financial Instruments) Regulations 2017 (S.I 375 of 2017), as amended, and Regulation (EU) No. 600 of 2014, and any codes of conduct used in connection therewith and the provisions of the Investor Compensation Act 1998, as amended (to the extent applicable); (b) the provisions of the Companies Act 2014 (as amended), the Irish Central Banks Acts 1942 to 2018 (as amended) and any codes of conduct rules made under Section 117(1) of the Central Bank Act 1989; (c) the provisions of the European Union (Prospectus) Regulations 2019 (S.I. 380 of 2019) (as amended) and any rules issued under Section 1363 of the Companies Act 2014 (as amended) by the Central Bank of Ireland; and (d) the provisions of the Market Abuse Regulation (EU 596/2014), the European Union (Market Abuse) Regulations 2016 (S.I. 349 of 2016), as amended, and any rules issued under Section 1370 of the Companies Act 2014 (as amended) by the Central Bank of Ireland.

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**LEGAL MATTERS**

The validity of the shares of our common stock offered hereby will be passed upon for us by Cleary Gottlieb Steen & Hamilton LLP, New York, New York. Certain legal matters in connection with this offering will be passed upon for the underwriters by Davis Polk & Wardwell LLP, New York, New York.

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**EXPERTS**

The financial statements as of April 25, 2025 and April 26, 2024 and for each of the three years in the period ended April 25, 2025 included in this prospectus have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

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**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form S-1, of which this prospectus forms a part, with respect to the shares of our common stock offered hereby. This prospectus does not contain all of the information included in the registration statement and the exhibits thereto. References in this prospectus to any of our contracts or other documents are not necessarily complete, and each such reference is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the registration statement. For additional information about us and the shares of our common stock offered hereby, you should refer to the registration statement and the exhibits thereto, which are available on the internet website maintained by the SEC at www.sec.gov.

Upon completion of this offering, we will become subject to the reporting and information requirements of the Exchange Act and, in accordance with the Exchange Act, we will file periodic and current reports, proxy statements, and other information with the SEC. We expect to make these reports and other information filed with or furnished to the SEC available, free of charge, through our website at www.minimed.com as soon as reasonably practicable after the reports and other information are filed with or furnished to the SEC. Additionally, the SEC maintains an internet website that contains such reports and other information filed electronically with the SEC at www.sec.gov.

The information contained on, or that can be accessed through, the websites referenced in this prospectus is not part of, and is not incorporated into, this prospectus, and you should not rely on any such information in making an investment decision to purchase shares of our common stock. We have included the website addresses referenced in this prospectus only as inactive textual references and do not intend them to be active links to such website addresses.

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**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Description** | **Page** |
| Audited Combined Financial Statements |  |
| &nbsp;&nbsp;<u>[Report of Independent Registered Public Accounting Firm](#ib767f3febeb4436ab843bb66ba565b2a_965)</u> | <u>[F-2](#ib767f3febeb4436ab843bb66ba565b2a_965)</u> |
| &nbsp;&nbsp;<u>[Combined Statements of Loss for the years ended](#ib767f3febeb4436ab843bb66ba565b2a_976)[April 25, 2025,](#ib767f3febeb4436ab843bb66ba565b2a_976)[April 26, 2024](#ib767f3febeb4436ab843bb66ba565b2a_976)[,](#ib767f3febeb4436ab843bb66ba565b2a_976)[and April 28, 2023](#ib767f3febeb4436ab843bb66ba565b2a_976)</u> | <u>[F-4](#ib767f3febeb4436ab843bb66ba565b2a_976)</u> |
| &nbsp;&nbsp;<u>[Combined Statements of Comprehensive Loss for the years ended](#ib767f3febeb4436ab843bb66ba565b2a_987)[April 25,](#ib767f3febeb4436ab843bb66ba565b2a_987)[2025,](#ib767f3febeb4436ab843bb66ba565b2a_987)[April 26, 2024](#ib767f3febeb4436ab843bb66ba565b2a_987)[,](#ib767f3febeb4436ab843bb66ba565b2a_987)[and April 28, 2023](#ib767f3febeb4436ab843bb66ba565b2a_987)</u> | <u>[F-5](#ib767f3febeb4436ab843bb66ba565b2a_987)</u> |
| &nbsp;&nbsp;<u>[Combined Balance Sheets as of April 2](#ib767f3febeb4436ab843bb66ba565b2a_998)[5](#ib767f3febeb4436ab843bb66ba565b2a_998)[, 202](#ib767f3febeb4436ab843bb66ba565b2a_998)[5](#ib767f3febeb4436ab843bb66ba565b2a_998)[and April 2](#ib767f3febeb4436ab843bb66ba565b2a_998)[6](#ib767f3febeb4436ab843bb66ba565b2a_998)[, 202](#ib767f3febeb4436ab843bb66ba565b2a_998)[4](#ib767f3febeb4436ab843bb66ba565b2a_998)</u> | <u>[F-6](#ib767f3febeb4436ab843bb66ba565b2a_998)</u> |
| &nbsp;&nbsp;<u>[Combined Statements of Equity for the years ended](#ib767f3febeb4436ab843bb66ba565b2a_1009)[April 25, 2025,](#ib767f3febeb4436ab843bb66ba565b2a_1009)[April 26, 2024](#ib767f3febeb4436ab843bb66ba565b2a_1009)[,](#ib767f3febeb4436ab843bb66ba565b2a_1009)[and April 28, 2023](#ib767f3febeb4436ab843bb66ba565b2a_1009)</u> | <u>[F-7](#ib767f3febeb4436ab843bb66ba565b2a_1009)</u> |
| &nbsp;&nbsp;<u>[Combined Statements of Cash Flows for the years ended](#ib767f3febeb4436ab843bb66ba565b2a_1020)[April 25, 2025,](#ib767f3febeb4436ab843bb66ba565b2a_1020)[April 26, 2024](#ib767f3febeb4436ab843bb66ba565b2a_1020)[,](#ib767f3febeb4436ab843bb66ba565b2a_1020)[and April 28, 2023](#ib767f3febeb4436ab843bb66ba565b2a_1020)</u> | <u>[F-8](#ib767f3febeb4436ab843bb66ba565b2a_1020)</u> |
| &nbsp;&nbsp;<u>[Notes to the Combined Financial Statements](#ib767f3febeb4436ab843bb66ba565b2a_1031)</u> | <u>[F-9](#ib767f3febeb4436ab843bb66ba565b2a_1031)</u> |
| Unaudited Condensed Combined Financial Statements |  |
| &nbsp;&nbsp;<u>[Unaudited Condensed Combined Statements of Loss for the six months ended October 24, 2025 and October 25, 2024](#ib767f3febeb4436ab843bb66ba565b2a_1959)</u> | <u>[F-33](#ib767f3febeb4436ab843bb66ba565b2a_1959)</u> |
| &nbsp;&nbsp;<u>[Unaudited Condensed Combined Statements of Comprehensive Loss for the six months ended October 24, 2025 and October 25, 2024](#ib767f3febeb4436ab843bb66ba565b2a_1970)</u> | <u>[F-34](#ib767f3febeb4436ab843bb66ba565b2a_1970)</u> |
| &nbsp;&nbsp;<u>[Unaudited Condensed Combined Balance Sheets as of October 24, 2025 and April 25, 2025](#ib767f3febeb4436ab843bb66ba565b2a_1981)</u> | <u>[F-35](#ib767f3febeb4436ab843bb66ba565b2a_1981)</u> |
| &nbsp;&nbsp;<u>[Unaudited Condensed Combined Statements of Equity for the six months ended October 24, 2025 and October 25, 2024](#ib767f3febeb4436ab843bb66ba565b2a_1992)</u> | <u>[F-36](#ib767f3febeb4436ab843bb66ba565b2a_1992)</u> |
| &nbsp;&nbsp;<u>[Unaudited Condensed Combined Statements of Cash Flows for the six months ended October 24, 2025 and October 25, 2024](#ib767f3febeb4436ab843bb66ba565b2a_2003)</u> | <u>[F-37](#ib767f3febeb4436ab843bb66ba565b2a_2003)</u> |
| &nbsp;&nbsp;<u>[Notes to the Unaudited Condensed Combined Financial Statements](#ib767f3febeb4436ab843bb66ba565b2a_2014)</u> | <u>[F-38](#ib767f3febeb4436ab843bb66ba565b2a_2014)</u> |

---

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**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Medtronic plc and Shareholder of MiniMed Group, Inc.

***Opinion on the Financial Statements***

We have audited the accompanying combined balance sheets of the Diabetes Business of Medtronic plc (the "Company") as of April 25, 2025 and April 26, 2024, and the related combined statements of loss, comprehensive loss, equity and cash flows for each of the three years in the period ended April 25, 2025, including the related notes (collectively referred to as the "combined financial statements"). In our opinion, the combined financial statements present fairly, in all material respects, the financial position of the Company as of April 25, 2025 and April 26, 2024, and the results of its operations and its cash flows for each of the three years in the period ended April 25, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These combined financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's combined financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these combined financial statements in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the combined financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the combined financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the combined financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the combined financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the combined financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the combined financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Corporate and Shared Expenses Allocated to the Diabetes Business Combined Financial Statements*

As described in Notes 1 and 16 to the combined financial statements, on May 21, 2025, Medtronic plc ("Medtronic") announced its intention to pursue a separation of the Diabetes business. The combined financial statements reflect certain corporate and shared expenses that have been allocated, including, but not limited to, finance and accounting, legal, information technology, human resources, facilities, warehousing, distribution, logistics, marketing, insurance, employee benefits and incentives,

------

restructuring and associated costs, and stock-based compensation. These expenses have been allocated by management, using either specific identification when identifiable, or proportional allocations determined on the basis of revenue, usage, headcount, or other measures and totaled $344 million for the year ended April 25, 2025.

The principal consideration for our determination that performing procedures relating to corporate and shared expenses allocated to the Diabetes business combined financial statements is a critical audit matter is a high degree of auditor effort in performing procedures related to management's determination of the corporate and shared expenses allocated to the Diabetes business.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the combined financial statements. These procedures included, among others (i) evaluating management's process for determining the allocation methodologies; (ii) testing the completeness and accuracy of the data used by management in the allocation; and (iii) testing the allocation of corporate and shared expenses between Medtronic and the Diabetes business.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

August 26, 2025, except for the net sales by product category information included in Note 3 to the combined financial statements, as to which the date is October 28, 2025

We have served as the Company's auditor since 2024.

------

**Diabetes Business of Medtronic plc**

**Combined Statements of Loss** 

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Net sales | $2715 | $2469 | $2245 |
| Cost of products sold | 1187 | 1032 | 937 |
| **Gross profit**  | 1528 | 1436 | 1308 |
| **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development expense | 436 | 437 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative expenses | 1080 | 1057 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certain litigation charges | 165 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating (income) expense, net | (8) | 11 | (12) |
| **Operating loss**  | (146) | (69) | (69) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating expense, net | 1 | 1 | 7 |
| **Loss before income taxes**  | (147) | (70) | (76) |
| Income tax provision | 52 | 38 | 16 |
| **Net loss**  | (198) | (107) | (92) |
| **Net income attributable to noncontrolling interests**  | (15) | (5) | (5) |
| **Net loss attributable to Diabetes Business**  | $(213) | $(112) | $(96) |

---

*The accompanying notes are an integral part of these combined financial statements.*

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**Diabetes Business of Medtronic plc**

**Combined Statements of Comprehensive Loss**

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| **Net loss**  | $(198) | $(107) | $(92) |
| **Other comprehensive income (loss), net of tax:**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation adjustment | 19 | (7) | (2) |
| **Other comprehensive income (loss)**  | 19 | (7) | (2) |
| **Comprehensive loss attributable to Diabetes Business**  | $(179) | $(114) | $(94) |

---

*The accompanying notes are an integral part of these combined financial statements.*

------

**Diabetes Business of Medtronic plc**

**Combined Balance Sheets**

---

| | | |
|:---|:---|:---|
| **(in millions)** | **April 25, 2025** | **April 26, 2024** |
| **<u>ASSETS</u>** | | |
| **Current assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $11 | $54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, less allowances and credit losses of $46 and $40, respectively | 570 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 311 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 48 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets**  | 939 | 895 |
| **Property, plant, and equipment, net**  | 706 | 636 |
| **Goodwill**  | 2255 | 2255 |
| **Other intangible assets, net**  | 132 | 161 |
| **Tax assets**  | 19 | 16 |
| **Other assets**  | 150 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | $4201 | $4094 |
| **<u>LIABILITIES AND EQUITY</u>** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $205 | $190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 182 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued rebates | 51 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 271 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities**  | 710 | 518 |
| **Other liabilities**  | 162 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities**  | 871 | 647 |
| **Commitments and contingencies (Note 14)** |  |  |
| **Parent company equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment from Parent | 3328 | 3464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 3 | (16) |
| **Total parent company equity**  | 3330 | 3448 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and parent company equity**  | $4201 | $4094 |

---

*The accompanying notes are an integral part of these combined financial statements.*

------

**Diabetes Business of Medtronic plc**

**Combined Statements of Equity**

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Parent company<br>investment** | **Accumulated other** <br>**comprehensive income (loss)** | **Total parent <br>company equity** |
| **April 29, 2022**  | $3272 | $(7) | $3266 |
| Net loss | (92) |  | (92) |
| Net transfers from parent | 231 |  | 231 |
| Other comprehensive income (loss) |  | (2) | (2) |
| **April 28, 2023**  | $3411 | $(9) | $3402 |
| Net loss | (107) |  | (107) |
| Net transfers from parent | 160 |  | 160 |
| Other comprehensive income (loss) |  | (7) | (7) |
| **April 26, 2024**  | $3464 | $(16) | $3448 |
| Net loss | (198) |  | (198) |
| Net transfers from parent | 62 |  | 62 |
| Other comprehensive income (loss) |  | 19 | 19 |
| **April 25, 2025**  | $3328 | $3 | $3330 |

---

*The accompanying notes are an integral part of these combined financial statements*

------

**Diabetes Business of Medtronic plc**

**Combined Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| **Operating Activities:** |  |  |  |
| Net loss | $(198) | $(107) | $(92) |
| Adjustments to reconcile net loss to net cash provided by operating activities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 143 | 129 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 21 | 22 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (2) | 3 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 41 | 38 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit plan expense | 8 | 8 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 5 | 21 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (66) | (105) | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (19) | 5 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 191 | (4) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating assets and liabilities | 16 | 30 | (6) |
| **Cash provided by (used in) operating activities**  | 140 | 41 | (6) |
| **Investing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to property, plant, and equipment | (193) | (148) | (167) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments |  | (5) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and maturities of investments |  | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities, net |  | (14) |  |
| **Cash used in investing activities**  | (193) | (157) | (180) |
| **Financing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers from Parent | 12 | 112 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities, net | (2) |  | 3 |
| **Cash provided by financing activities**  | 10 | 112 | 185 |
| **Net change in cash and cash equivalents**  | (43) | (4) | (1) |
| Cash and cash equivalents at beginning of period | 54 | 58 | 60 |
| **Cash and cash equivalents at end of period**  | $11 | $54 | $58 |

---

*The accompanying notes are an integral part of these combined financial statements.*

------

**1. Description of the Business and Basis of Presentation**

**Background** On May 21, 2025, Medtronic plc ("Medtronic" or "Parent") announced its intention to pursue a separation of the Diabetes business (referred to herein as the "Company," "we," "us," or "our"), which has historically been the Diabetes Operating Unit.

**Description of the Business** The Company is a global medical technology provider that develops, manufactures, and markets products and services for the management of Type 1 and Type 2 diabetes. The primary products from which the Company derives its revenues include those focused on diabetes management, including insulin pumps, continuous glucose monitoring systems and sensors, and smart insulin pens.

**Basis of Presentation** The Company has historically operated as part of Medtronic and not as a standalone company. These combined financial statements reflect the combined historical financial position, results of operations, and cash flows of the Company as historically managed within Medtronic for the periods presented. The combined financial statements have been prepared in United States ("U.S.") dollars and in conformity with accounting principles generally accepted in the United States ("U.S. GAAP"). The accounting policies used to derive the combined financial statements are consistent with those used by the Parent. The combined financial statements may not be indicative of the Company's future performance and do not necessarily reflect what the results of operations, financial position, and cash flows would have been had it operated as an independent company during all periods presented. Amounts reported in millions within this annual report are computed based on the amounts in thousands, and therefore, the sum of the components may not equal the total amount reported in millions due to rounding. Additionally, certain columns and rows within tables may not sum due to rounding.

All revenues, costs, assets, and liabilities that are either legally attributable to or directly associated with our business activities are included in the combined financial statements herein. Also, the Company has historically functioned together with other businesses controlled by Medtronic. Accordingly, the Company relied on Medtronic's corporate and other support functions for its business and certain corporate and shared expenses have been allocated, including, but not limited to, finance and accounting, legal, information technology, human resources, facilities, warehousing, distribution, logistics, marketing, insurance, employee benefits and incentives, restructuring and associated costs, and stock-based compensation. However, the allocations may not reflect the expenses the Company would have incurred if the Company had been a standalone company for the periods presented. Total costs allocated to the Company were $344 million, $322 million, and $314 million for the years ended April 25, 2025, April 26, 2024, and April 28, 2023, respectively, and are included in the combined statements of loss. All such amounts have been deemed to have been incurred and settled by the Company in the period in which the costs were recorded and are included in Net investment from Parent. All of these expenses have been allocated on a basis considered reasonable by management, using either specific identification when identifiable, or proportional allocations determined on the basis of revenue, usage, headcount, or other measures. Management considers the basis on which these expenses have been allocated to be a reasonable reflection of the utilization of such services by the Company.

The combined financial statements also include certain assets and liabilities that have historically been recorded at the Medtronic corporate level but are specifically identifiable or otherwise attributable to the Company. Cash and cash equivalents legally owned and held by the Company are reflected in the combined balance sheets. Cash pooling, related interest, and intercompany arrangements are excluded from the asset and liability balances in the combined balance sheets. Third-party debt and related interest expense of Medtronic were not attributed to the Company for the periods presented as the Company is not the sole legal obligor of such debt and Medtronic's borrowings were not directly attributable to the Company, nor secured solely by the Company's assets or guaranteed by the Company.

Net investment from Parent represents Medtronic's interest in the Company's net assets. As a direct ownership relationship does not exist between the various entities of the Company, Net investment from Parent is shown in the combined balance sheets herein. All significant transactions between Medtronic and the Company have been included in the combined financial statements. All intercompany transactions and balances have been eliminated. Medtronic uses a centralized approach to cash management and financing of its operations and Medtronic funds the Company's operating and investing activities as needed. The Company historically participated in related cash pooling arrangements to maximize the availability of cash for general operating and investing purposes. Under these

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cash pooling arrangements, cash balances are remitted regularly from the Company's accounts. As a result of our participation in Medtronic's centralized cash management arrangements, the Company holds limited cash. Therefore, the Company will continue to be funded through Medtronic's cash management strategy through the anticipated separation. Accordingly, management believes that the Company will have sufficient liquidity to continue as a going concern. Transactions between Medtronic and the Company are deemed to have been settled immediately through Medtronic's net investment. The net effect of the settlement of related party transactions is reflected as "Net transfers to parent," a financing activity in the combined statements of cash flows and "Net investment from Parent" in the combined balance sheets.

**2. Summary of Significant Accounting Policies**

**Use of Estimates** The preparation of the combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the combined financial statements and accompanying notes. Estimates are used when accounting for items such as income taxes, contingencies, goodwill and intangible assets, equity investments, rebates, and liability valuations. Actual results may or may not differ from those estimates.

**Fiscal Year-End** The Company utilizes a 52/53-week fiscal year, ending the last Friday in April, for the presentation of its combined financial statements and related notes thereto at April 25, 2025 and April 26, 2024, and for each of the fiscal years ended April 25, 2025 (fiscal year 2025), April 26, 2024 (fiscal year 2024) and April 28, 2023 (fiscal year 2023).

**Cash Equivalents** The Company considers highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value.

**Investments** The Company invests in marketable equity securities, including investments that do not have readily determinable fair values and investments accounted for under the equity method. Certain of the Company's investments in marketable equity securities are long-term, strategic investments in companies that are in various stages of development and are included in *other assets* on the combined balance sheets. Equity investments that do not have readily determinable fair values are measured using the measurement alternative at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Equity securities accounted for under the equity method are initially recorded at the amount of the Company's investment and are adjusted each period for the Company's share of the investee's income or loss and dividends paid. Securities accounted for under the equity method are reviewed quarterly for changes in circumstance or the occurrence of events that suggest other than temporary impairment has occurred.

**Accounts Receivable and Allowance for Doubtful Accounts and Credit Losses** The Company grants credit to customers in the normal course of business and maintains an allowance for doubtful accounts for potential credit losses. When evaluating allowances for doubtful accounts, the Company considers various factors, including historical experience and customer-specific information. Uncollectible accounts are written off against the allowance when it is deemed that a customer account is uncollectible. The Company estimates expected credit losses on a pool basis when similar risk characteristics are present. Portfolio segments are determined based on geography and type of customer. Type of customer includes Direct Consumers, Distributors, and National Healthcare Systems. Customer type is further disaggregated by country or region for determining portfolio segments. For each of the portfolio segments, credit losses are estimated based on a historical loss methodology, adjusted for current conditions and supportable forecast. The risk of loss for the Distributor and National Healthcare System receivables is low based on the Company's historical experience. The risk of loss for Direct Consumer receivables is higher as these are reliant on direct consumers having the ability to pay, and on the acceptance and payment from third-party payors.

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The following table provides a reconciliation of the changes in the allowance for credit losses for fiscal years 2025, 2024, and 2023:

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| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **April 25, 2025** | **April 26, 2024** | **April 28, 2023** |
| Allowance for credit losses, beginning of period | $40 | $41 | $62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision | 21 | 22 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilization and other | (15) | (23) | (36) |
| Allowance for credit losses, end of period | $46 | $40 | $41 |

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**Inventories** Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. The Company reduces the carrying value of inventories for items that are potentially excess, obsolete, or slow-moving based on changes in customer demand, technology developments, or other economic factors.

**Property, Plant, and Equipment** Property, plant, and equipment is stated at cost and depreciated over the useful lives of the assets using the straight-line method. Additions and improvements that extend the lives of the assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. The Company assesses property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. The cost of interest that is incurred in connection with significant ongoing construction projects is capitalized using a weighted average interest rate. These costs are included in property, plant, and equipment and amortized over the useful life of the related asset. Upon retirement or disposal of property, plant, and equipment, the costs and related amounts of accumulated depreciation or amortization are eliminated from the asset and accumulated depreciation accounts. The difference, if any, between the net asset value and the proceeds, is recognized in earnings.

**Goodwill and Intangible Assets** Goodwill attributed to the Company represents the historical goodwill balances in the Parent's Diabetes business arising from acquisitions specific to the Company. Goodwill is the excess of the purchase price over the estimated fair value of identified net assets of acquired businesses. The Company assesses goodwill for impairment annually in the third quarter of the fiscal year and whenever an event occurs, or circumstances change that would indicate the carrying amount may be impaired. The Company operates as a single segment, which is considered to be the sole reporting unit. Therefore, impairment testing for goodwill is performed at the enterprise level. The Company calculates the excess of the reporting unit's fair value over its carrying amount, including goodwill, utilizing a discounted cash flow analysis and revenue and earnings multiples using comparable public company information. The test for impairment of goodwill requires the Company to make several estimates related to projected future cash flows and appropriate multiples to determine the fair value of the goodwill reporting unit. Significant assumptions used in the reporting unit fair value measurements include forecasted cash flows, including revenue and expense growth rates, discount rate, and revenue and earnings multiples. An impairment loss is recognized when the carrying amount of the reporting unit's net assets exceeds the estimated fair value of the reporting unit.

Intangible assets include purchased technology, patents, trademarks, tradenames, and customer relationships. Intangible assets with a definite life are amortized on a straight-line basis with estimated useful lives typically ranging from 7 to 20 years. Amortization is recognized within *cost of products sold* and *selling, general, and administrative expenses* in the combined statements of loss. Intangible assets with a definite life are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group, which includes intangible assets, may not be recoverable. When events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable, the Company compares the asset group's carrying value to its respective undiscounted future cash flows. If the carrying value is not recoverable, an impairment loss is recognized based on the amount by which the carrying value exceeds the fair value. The fair value of the asset group is estimated by utilizing a discounted cash flow analysis.

**Lessor Arrangements** In certain geographies, insulin pumps are leased to customers, including on a stand-alone basis or in arrangements that include the pump and ongoing purchase of consumable products, which are accounted for as operating leases. The lease terms are typically up to four years. For arrangements that contain both pumps and consumables, consideration is allocated between the lease and non-lease components based on the

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relative standalone price. Operating lease revenue is recognized within net sales in the combined statements of loss and represented less than 3 percent of the Company's total net sales for fiscal years 2025, 2024, and 2023. Assets related to operating leases are reported within *property, plant, and equipment, net* in the combined balance sheets.

**Self-Insurance** The Company participates in Medtronic's self-insurance program, which self-insures the majority of its insurable risks, including medical and dental costs, disability coverage, physical loss to property, business interruptions, workers' compensation, comprehensive general, and product liability. Insurance coverage is obtained for risks required to be insured by law or contract. The Company uses claims data and historical experience, as applicable, to estimate liabilities associated with the exposures that the Company has self-insured. The self-insurance program may not be indicative of the Company's future insurance structure on a standalone basis.

**Retirement Benefit Plans** Certain of the Company's employees participate in benefit plans administered and sponsored by Medtronic, including defined benefit plans and other post-retirement plans. The Company accounts for the participation in these benefit programs as multi-employer benefit plans. An allocated portion of the cost associated with the multi-employer plans is reflected in the combined financial statements, and any net assets or obligations associated with the multiemployer plans are retained by Medtronic. The allocated service costs associated with the multi-employer plans reflected in these combined financial statements was $8 million, $8 million, and $10 million in fiscal years 2025, 2024, and 2023, respectively.

**Fair Value Measurements** The Company follows the authoritative guidance on fair value measurements and disclosures with respect to assets and liabilities that are measured at fair value on both a recurring and non-recurring basis. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability, based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three levels defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Inputs are quoted prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - Inputs are unobservable for the asset or liability.

**Revenue Recognition** The Company derives its revenues from the sale of reusable and single-use products which together comprise AID systems and smart multiple daily injection (MDI) systems. In the United States, the Company primarily sells its products directly to patients and indirectly with independent distributors. Outside of the United States, the diabetes market is highly varied, with nuanced differences in sales process and country-specific factors like tenders, vendor rankings for access, and varying levels of government involvement in procurement, fulfillment, and reimbursement. The Company recognizes revenue when control is transferred to the customer. Revenue for insulin pumps, smart insulin pens, CGMs, other consumables, and software is generally recognized at a point in time. Revenue for services, such as patient training and education and care management, is recognized as services are rendered. For products sold through direct sales representatives and independent distributors, control is typically transferred upon shipment or upon delivery, based on the contract terms and legal requirements. Payment terms vary depending on the country of sale, type of customer, and type of product and generally range from 30 days to 180 days.

The Company considers the individual deliverables in its product offerings to be separate performance obligations. If a contract contains more than one performance obligation, the transaction price is allocated to each performance obligation based on relative standalone selling price. Contracts for the sale of certain products may

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include promises related to ongoing monitoring services that are typically provided throughout the four-year warranty period. As there is no standalone value for these services, the Company estimates the value by applying the expected cost plus margin approach. The services were determined to be both qualitatively and quantitatively immaterial in the context of the contract, and the Company has elected to account for these using the practical expedient under ASC 606-10-25-16A which permits a company make a cost accrual for the costs of providing the services if revenue is recognized before those immaterial services are transferred to the customer. The cost accrual for these services is included in *other accrued expenses* and *other liabilities* in the combined balance sheets.

Shipping and handling is treated as a fulfillment activity rather than a promised service, and therefore, is not considered a performance obligation. Taxes assessed by a governmental authority that are both imposed on, and concurrent with, a specific revenue producing transaction and collected by the Company from customers (for example, sales, use, value added, and some excise taxes) are not included in revenue. For contracts that have an original duration of one year or less, the Company uses the practical expedient applicable to such contracts and does not adjust the transaction price for the time value of money.

Generally, the Company offers a 30-day right of return to customers that purchase directly from the Company. Distributors do not have rights of return. The amount of revenue recognized reflects sales rebates and returns and other revenue adjustments, which are estimated based on sales terms, historical experience, expected volumes, and trend analysis. In estimating rebates, the Company considers the lag time between the point of sale and the payment of the rebate claim, the stated rebate rates, and other relevant information. In estimating returns, the Company considers the historical experience, adjusted for any known or expected changes. The Company records adjustments to rebates and returns reserves as increases or decreases of revenue.

The Company records a deferred revenue liability if a customer pays consideration, or the Company has the right to invoice, before the Company transfers a good or service to the customer. Deferred revenue primarily relates to software upgrades for certain products.

**Shipping and Handling** Shipping and handling costs incurred to physically move product from the Company's premises to the customer's premises are recognized in *selling, general, and administrative expenses* in the combined statements of loss and were $49 million, $50 million and $51 million in fiscal years 2025, 2024, and 2023, respectively. Other shipping and handling costs incurred to store, move, and prepare products for shipment are recognized in *cost of products sold* in the combined statements of loss.

**Warranty** The Company offers warranties on certain product offerings. The majority of the Company's warranty liability relates to the four-year warranty on insulin pumps offered to original users and may replace any pumps that do not function as intended, in accordance with the product specifications within the warranty period. Estimated warranty costs associated with a product are recorded within *cost of products sold* at the time revenue is recognized. The Company estimates future warranty costs by analyzing historical and anticipated rates of warranty claims and the number and cost of units sold. The Company assesses the adequacy of the warranty reserves on a quarterly basis and adjusts these amounts as necessary.

**Research and Development** Research and development costs are expensed when incurred. Research and development costs include costs of research, engineering, and technical activities to develop a new product or service or make significant improvement to an existing product or manufacturing process. Research and development costs also include pre-approval regulatory and clinical trial expenses.

**Contingencies** The Company records a liability in the combined financial statements on an undiscounted basis for loss contingencies related to legal actions when a loss is known or considered probable, and the amount may be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and may be reasonably estimated, the estimated loss or range of loss is disclosed.

**Income Taxes** The Company is included in the foreign and domestic tax returns of Medtronic and its U.S. and foreign affiliates. The Company calculated the provision for income taxes by using a separate-return method. Under this method, the Company assumed the filing of a separate return with the tax authority in each jurisdiction in which

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the Company operates, thereby reporting the taxable income or loss and paying the applicable tax to or receiving the appropriate refund from Medtronic. The Company's current provision is the amount of tax payable or refundable on the basis of a hypothetical, current-year separate return. The Company provides deferred taxes on temporary differences and on any carryforwards that it could claim on its hypothetical return and assesses the need for a valuation allowance on the basis of our projected separate-return results.

Post separation, the Company's operating footprint, as well as tax return elections and assertions may be different and therefore, the Company's hypothetical income taxes, as presented in the combined financial statements, may not be indicative of the Company's future income taxes. The current tax provision (or benefit) determined under the separate-return method is considered to be settled immediately and, therefore, is effectively included in net transfers (to) from Parent.

Income taxes are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax balances on the basis of the differences between the financial statement and tax basis of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax balances is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent it is believed these assets are more likely than not to be realized. In making such a determination, the Company considers all available evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law, and results of recent operations. If it is determined that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

Uncertain tax positions are recorded on the basis of a two-step process in which (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

**Other Operating (Income) Expense, Net** Other operating (income) expense, net primarily includes restructuring expense, royalty expense, foreign currency hedging gains and losses, currency remeasurement, Puerto Rico excise taxes, and income from research and development funding arrangements.

**Other Non-Operating Expense, Net** Other non-operating expense, net includes investment gains and losses.

**Currency Translation** Assets and liabilities of non-U.S. dollar functional currency entities are translated to U.S. dollars at period-end exchange rates, and the currency impacts arising from the translation of the assets and liabilities are recorded as a cumulative translation adjustment, a component of *accumulated other comprehensive income (loss)*, on the combined balance sheets. Elements of the combined statements of loss are translated at the average monthly currency exchange rates in effect during the period. Currency transaction gains and losses are included in *other operating (income) expense, net* in the combined statements of loss.

**Stock-Based Compensation** The Company's employees participate in Medtronic's stock compensation plans. Stock-based compensation is measured at fair value at the grant date. Stock-based compensation expense associated with stock options, restricted stock units, performance share units, and the employee stock purchase plan are attributable to or 100% allocable to the Company employees and recognized on a straight-line basis over the requisite service period, which is generally the vesting period. The Company estimates pre-vesting forfeitures at the time of grant and revises the estimates in subsequent periods. The combined statements of loss also include allocations of stock-based compensation expense related to corporate functions.

**Earnings Per Share** Earnings per share data has not been presented in the accompanying combined financial statements because the Diabetes business does not operate as a separate legal entity with its own capital structure.

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**Recently Adopted Accounting Standards**

***Supplier Finance Programs***

In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50), which requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. The Company adopted this guidance on April 29, 2023. The adoption of this standard did not have a material impact on the Company's combined financial statements but did require additional disclosures. Refer to Note 8 for additional information.

***Segment Reporting***

In November 2023, the FASB issued ASU 2023-07, Improvements to Segment Reporting (Topic 280), which requires incremental disclosures on reportable segments, primarily through enhanced disclosures on significant segment expenses. The Company retrospectively adopted this guidance beginning in the fourth quarter of fiscal year 2025. The adoption of this guidance did not have a material impact to the Company's combined financial statements but did require additional disclosures. Refer to Note 15 for additional information.

**Not Yet Adopted Accounting Standards**

***Income Taxes***

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740), which requires incremental annual disclosures on income taxes, including rate reconciliations, income taxes paid, and other disclosures. The Company will adopt this guidance beginning in the fourth quarter of fiscal year 2026. The Company is currently evaluating the potential effect that the updated standard will have on the financial statement disclosures.

***Disaggregation of Income Statement Expenses***

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Topic 220-40), which requires tabular disclosures disaggregating certain costs and expenses within relevant income statement captions. The Company will adopt this guidance beginning in the fourth quarter of fiscal year 2028. The Company is currently evaluating the potential effect that the updated standard will have on the financial statement disclosures.

**3. Revenue** 

The Company's revenues are principally derived from the sale of reusable and single-use products which together comprise AID systems and smart multiple daily injection (MDI) systems for diabetes management to individuals, distributors, healthcare providers, and other institutions globally.

The table below includes net sales by market geography for fiscal years 2025, 2024, and 2023:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| U.S.<sup>(1)</sup> | $903 | $833 | $832 |
| International<sup>(2)</sup> | 1812 | 1636 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2715 | $2469 | $2245 |

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(1)U.S. includes the United States and U.S. territories.

(2)International includes all other non-U.S. countries.

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The table below includes net sales by product category for fiscal years 2025, 2024 and 2023:

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| | | | |
|:---|:---|:---|:---|
| | **Net sales** | **Net sales** | **Net sales** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Pumps | $541 | $540 | $477 |
| Consumables | 854 | 777 | 760 |
| CGM | 1313 | 1117 | 958 |
| Other <sup>(1)</sup> | 6 | 34 | 50 |
| &nbsp;&nbsp;Total | $2715 | $2469 | $2245 |

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(1)Primarily includes smart insulin pens and services. Also reflects adjustments to the Company's Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court. Refer to Note 14 for more information.

At April 25, 2025, $51 million of rebates and other adjustments were classified as *accrued rebates* and $38 million of rebates and other adjustments were classified as *other liabilities* in the combined balance sheets. At April 26, 2024, $39 million of rebates and other adjustments were classified as *accrued rebates* and $15 million of rebates and other adjustments were classified as *other liabilities* in the combined balance sheets. There were $5 million and $9 million of return reserves classified as *other accrued expenses* in the combined balance sheets at April 25, 2025 and April 26, 2024, respectively. During fiscal year 2025, the Company recognized $20 million of incremental Italian payback accrual resulting from the July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015. Refer to Note 14 for additional information. Other adjustments to variable consideration during fiscal years 2025 and 2024 were not material.

**Deferred Revenue and Remaining Performance Obligations**

Deferred revenue at April 25, 2025 and April 26, 2024 was $15 million and $16 million, respectively. At April 25, 2025 and April 26, 2024, $11 million and $11 million was included in *other accrued expenses*, respectively, and $3 million and $6 million was included in *other liabilities,* respectively. During fiscal year 2025, the Company recognized $13 million of revenue that was included in deferred revenue as of April 26, 2024. During fiscal year 2024, the Company recognized $12 million of revenue that was included in deferred revenue as of April 28, 2023.

Remaining performance obligations include goods and services that have not yet been delivered or provided under existing, noncancellable contracts with minimum purchase commitments. At April 25, 2025, the estimated revenue expected to be recognized in future periods related to unsatisfied performance obligations for executed contracts with an original duration of one year or more was approximately $12 million. The Company expects to recognize revenue on the majority of these remaining performance obligations over the next two years.

**4. Inventories** 

Inventory balances were as follows:

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| | | |
|:---|:---|:---|
| **(in millions)** | **April 25, 2025** | **April 26, 2024** |
| Finished goods | $185 | $165 |
| Work-in-process | 38 | 28 |
| Raw materials | 87 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $311 | $292 |

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**5. Financial Instruments**

The Company holds investments in equity investments without readily determinable fair values and investments accounted for under the equity method. Equity investments that do not have readily determinable fair values are included within Level 3 of the fair value hierarchy, as they are measured using the measurement alternative at cost

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minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.

The following table summarizes the Company's equity and other investments at April 25, 2025 and April 26, 2024, which are classified as *other assets* in the combined balance sheets:

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| | | |
|:---|:---|:---|
| **(in millions)** | **April 25, 2025** | **April 26, 2024** |
| Investments without readily determinable fair values | $73 | $74 |
| Equity method investments | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity investments | $75 | $76 |

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The table below includes activity related to the Company's portfolio of equity and other investments:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Proceeds from sales | $— | $11 | $— |
| Impairment losses recognized | (1) | (1) | (7) |

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**6. Goodwill and Other Intangible Assets** 

***Goodwill***

As of April 25, 2025 and April 26, 2024, the carrying amount of goodwill was $2,255 million. The Company did not engage in any business combinations or other transactions that would affect the carrying amount of goodwill. The Company did not recognize any goodwill impairment charges during fiscal years 2025, 2024, and 2023.

***Intangible Assets***

The following table presents the gross carrying amount and accumulated amortization of intangible assets:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **April 25, 2025** | **April 25, 2025** | **April 26, 2024** | **April 26, 2024** |
| **Intangible Assets** | **Gross Carrying Amount** | **Accumulated Amortization** | **Gross Carrying Amount** | **Accumulated Amortization** |
| Purchased technology and patents | $246 | $(125) | $246 | $(101) |
| Customer-related | 68 | (60) | 68 | (56) |
| Trademarks, tradenames, and other | 5 | (3) | 5 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $320 | $(188) | $320 | $(159) |

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The Company did not recognize any definite-lived intangible asset impairment charges during fiscal years 2025, 2024, and 2023.

***Amortization Expense***

The following table presents the intangible asset amortization expense classification in fiscal years 2025, 2024 and 2023:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Cost of products sold | $24 | $24 | $24 |
| Selling, general, and administrative expense | 5 | 9 | 9 |
| &nbsp;&nbsp;Total amortization expense | $29 | $33 | $33 |

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Estimated aggregate amortization expense by fiscal year based on the current carrying value and remaining estimated useful lives of definite-lived intangible assets at April 25, 2025 is as follows:

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| | |
|:---|:---|
| **(in millions)** | **Amortization Expense** |
| 2026 | $26 |
| 2027 | 26 |
| 2028 | 25 |
| 2029 | 22 |
| 2030 | 18 |
| Thereafter | 15 |

---

**7. Property, Plant, and Equipment** 

Property, plant, and equipment balances and corresponding estimated useful lives were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **April 25, 2025** | **April 26, 2024** | **Estimated Useful Lives** <br>**(in years)** |
| Computer software | $447 | $334 | Up to 10 |
| Equipment | 395 | 342 | Up to 10 |
| Land and land improvements | 7 | 7 | Up to 20 |
| Building and leasehold improvements | 233 | 214 | Up to 30 |
| Construction in progress | 286 | 294 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment | 1369 | 1192 |  |
| Less: Accumulated depreciation | (663) | (556) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment, net | $706 | $636 |  |

---

Depreciation expense of $114 million, $96 million and $82 million was recognized in fiscal years 2025, 2024, and 2023, respectively.

**8. Supplier Financing Program and Other Accrued Expenses** 

***Supplier Financing Arrangements***

The Company participates in a supplier financing program that provides participating suppliers the ability to finance payment obligations from the Company with third-party financial institutions in order to receive earlier payment. The Company's standard payment term is 90 days. The Company's outstanding payables to its suppliers, including amounts due and payment terms, are not affected by a supplier's participation in the program.

At April 25, 2025 and April 26, 2024, the Company had $25 million of outstanding payables associated with the supplier financing program recorded in *accounts payable* in the combined balance sheets.

The following table presents a roll-forward of outstanding payables confirmed as valid associated with the program during fiscal year 2025:

---

| | |
|:---|:---|
| | **Fiscal Year** |
| **(in millions)** | **2025** |
| Beginning Balance | $25 |
| &nbsp;&nbsp;Invoices confirmed during the year | 114 |
| &nbsp;&nbsp;Confirmed invoices paid during the year | (115) |
| Ending Balance | $25 |

---

------

***Other Accrued Expenses***

Other accrued expenses included in the combined balance sheets were as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **April 25, 2025** | **April 26, 2024** |
| Accrued certain litigation charges | $165 | $— |
| Accrued warranties | 15 | 19 |
| Deferred income | 11 | 11 |
| Ancillary services cost accrual | 11 | 9 |
| Right of return | 5 | 9 |
| Operating lease obligations | 11 | 8 |
| Other accrued expenses<sup>(1)</sup> | 53 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $271 | $120 |

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__________________

(1)Other accrued expenses includes general accrued expenses as well as accruals related to restructuring, product remediation, clinical trials, and consultant fees.

As further described in Note 2, the Company provides warranties on certain product offerings. The following table provides a reconciliation of the changes in product warranty liabilities for fiscal years 2025, 2024, and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Balance at the beginning of the period | $65 | $62 | $85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions for warranties issued during the period | 37 | 22 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlements made during the period | (41) | (26) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment of prior estimates | (3) | 6 | (15) |
| Balance at end of the period | $57 | $65 | $62 |

---

As of April 25, 2025 and April 26, 2024, total product warranty reserves were included in the following combined balance sheet accounts:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **April 25, 2025** | **April 26, 2024** |
| Other accrued expenses | $15 | $19 |
| Other long-term liabilities | 42 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total warranty reserves | $57 | $65 |

---

**9. Income Taxes**

The income tax provision is based on income before income taxes reported for financial statement purposes. The components of loss before income taxes, based on tax jurisdiction, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| U.S. | $(281) | $(176) | $(30) |
| International | 134 | 106 | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss before income taxes | $(147) | $(70) | $(76) |

---

------

The income tax provision consists of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| **Current tax expense:** |  |  |  |
| U.S. | $27 | $13 | $13 |
| International | 27 | 21 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current tax expense | 54 | 34 | 27 |
| **Deferred tax expense (benefit):** |  |  |  |
| International | (2) | 3 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net deferred tax expense (benefit) | (2) | 3 | (11) |
| Income tax provision | $52 | $38 | $16 |

---

Tax assets (liabilities), shown before jurisdictional netting of deferred tax assets (liabilities), are comprised of the following:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **April 25, 2025** | **April 26, 2024** |
| **Deferred tax assets:** | | |
| Net operating loss, capital loss, and credit carryforwards | $112 | $79 |
| Capitalization of research and development | 280 | 251 |
| Other accrued liabilities | 8 | 7 |
| Legal settlement | 37 |  |
| Accrued compensation | 14 | 15 |
| Stock-based compensation | 11 | 11 |
| Lease obligations | 12 | 11 |
| Intangible assets | 3 |  |
| Accumulated depreciation | 5 | 4 |
| Inventory | 1 |  |
| Other | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross deferred tax assets | 489 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuation allowance | (462) | (360) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets | 27 | 22 |
| **Deferred tax liabilities:** |  |  |
| Right of use leases | (12) | (10) |
| Accumulated depreciation |  |  |
| Income tax receivables |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Tax assets, net**  | 15 | 13 |
| **Reported as (after valuation allowance and jurisdictional netting):** |  |  |
| Other current assets |  | 1 |
| Tax assets | 19 | 16 |
| Other liabilities | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Tax assets, net**  | $15 | $13 |

---

No deferred taxes have been provided for undistributed earnings of the Company's subsidiaries of $444 million, $286 million and $112 million for periods April 25, 2025, April 26, 2024, and April 28, 2023, respectively, as these earnings have been and under current plans continue to be permanently reinvested in the subsidiaries. These

------

amounts represent the separate current after-tax income of foreign subsidiaries accrued during these periods. Due to the number of legal entities and jurisdictions involved, the complexity of the legal structure of the separate operations making up these financial statements, and the complexity of the tax laws in the varying tax jurisdictions, the Company believes it is not practicable to estimate the amount of additional taxes that would result to the extent these permanently reinvested earnings were distributed in the future. For earnings not considered permanently reinvested, the Company has determined that these earnings would result in immaterial future tax costs of the Company, if and when distributed.

At April 25, 2025, the Company had approximately $9 million of tax effected net operating loss carryforwards in certain non-U.S. jurisdictions, which will expire during fiscal years 2028 through 2041.

At April 25, 2025, the Company had less than $1 million of tax effected U.S. federal net operating loss carryforwards, all of which have no expiration. For U.S. state purposes, the Company had $6 million of tax effected net operating loss carryforwards at April 25, 2025, all U.S. state loss carryforwards will expire during fiscal years 2026 through 2043.

At April 25, 2025, the Company also had $96 million of tax credits available to reduce future income taxes payable, of which $47 million have no expiration. The remaining credits will expire during fiscal years 2026 through 2038.

The Company has established valuation allowances primarily related to the uncertainty of the utilization of certain deferred tax assets in the U.S. federal and State jurisdictions, as well as certain tax loss carryforwards in various jurisdictions outside of the U.S. A rollforward of the Company's valuation allowances are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **April 25, 2025** | **April 26, 2024** | **April 28, 2023** |
| Valuation allowances, beginning of period | $360 | $273 | $201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charges to tax expense | 102 | 90 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charges to other accounts |  | (3) | (2) |
| Valuation allowances, end of period | $462 | $360 | $273 |

---

The increase in the valuation allowance in 2025, 2024 and 2023 was primarily due to an increase in the U.S. federal and State deferred tax assets.

The Company's effective income tax rate varied from the U.S. federal statutory tax rate as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| | **2025** | **2024** | **2023** |
| U.S. federal statutory tax rate | 21.0% | 21.0% | 21.0% |
| **Increase (decrease) in tax rate resulting from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. state taxes, net of federal tax benefit | (0.8) | (2.5) | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development credit | 13.7 | 29.3 | 25.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;International | 4.4 | 6.7 | (10.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico excise tax |  |  | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign derived intangible income | 0.3 | 6.9 | 15.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuation allowance adjustment | (68.6) | (114.0) | (86.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | (1.2) | (2.8) | (1.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. tax on foreign earnings | 0.1 | 5.2 | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (3.4) | (1.7) | (5.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Uncertain tax positions | (0.9) | (2.3) | 0.8 |
| Effective tax rate | (35.4)% | (54.2)% | (21.1)% |

---

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The Organization for Economic Co-operation and Development (OECD) published Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15% in each jurisdiction in which the group operates. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two Global Minimum Tax. A number of countries, including Ireland, have enacted legislation to implement the core elements of Pillar Two, which were effective for the Company in fiscal year 2025. Based on the Company's analysis of Pillar Two provisions, these tax law changes did not have a material impact on the Company's financial statements for fiscal 2025

The Company recognizes the amount of income tax benefit that has a greater than 50% likelihood of being ultimately realized upon settlement. Changes in unrecognized tax benefits impacting the provision for income taxes of the Company have been reflected in the combined statements of loss. Interest and penalties are also recognized in income tax provision in the combined statements of loss. For uncertain tax positions that the Company expects to be legally liable for, there were no unrecognized tax benefits inclusive of interest and penalties that have been recorded to non-current liabilities on the combined balance sheets for the periods ending April 25, 2025 and April 26, 2024, respectively. For uncertain tax positions where the Company is not legally and directly liable for, unrecognized tax benefits and interest and penalties are charged to Net investment from Parent on the combined balance sheets. A roll-forward of total unrecognized tax benefits attributable to the operations of the Company is as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Gross unrecognized tax benefits at beginning of fiscal year | $— | $— | $— |
| **Gross increases:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current year tax positions | 1 | 1 | 1 |
| **Gross decreases:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior year tax positions |  |  | (2) |
| Gross unrecognized tax benefits at end of fiscal year | 1 | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Settled with Parent | (1) | (1) | 1 |
| Gross unrecognized tax benefits | $— | $— | $— |

---

If all of the Company's unrecognized tax benefits at April 25, 2025, April 26, 2024, and April 28, 2023 were recognized, $13 million, $12 million and $11 million would impact the Company's effective tax rate, respectively. Although the Company believes that it has adequately provided for liabilities resulting from tax assessments by taxing authorities, positions taken by these tax authorities could have a material impact on the Company's effective tax rate in future periods.

The Company recognizes interest and penalties related to income tax matters in income tax provision in the combined statements of loss. During fiscal years 2025, 2024, and 2023, the Company had accrued gross interest and penalties of $3 million, $3 million and $2 million, respectively, which were recorded to Net Investment from Parent. During fiscal years 2025, 2024, and 2023, the Company recognized an increase to gross interest expense of less than $1 million, increase to gross interest expense of $1 million and a decrease to gross interest expense of less than $1 million, respectively, in income tax provision in the combined statements of loss.

The Company reserves for uncertain tax positions related to unresolved matters with the IRS and other taxing authorities. These reserves are subject to a high degree of estimation and management judgment. Resolution of these unresolved matters, or positions taken by the IRS or other tax authorities during future tax audits, could have an impact on the Company's financial results in future periods. The Company continues to believe that its reserves for uncertain tax positions are appropriate and that it has meritorious defenses for its tax filings and will vigorously defend them during the audit process, appellate process, and through litigation in courts.

------

The major jurisdictions in which the Company operated which are subject to examination are as follows:

---

| | |
|:---|:---|
| **Jurisdiction** | **Earliest Open Year** |
| United States - federal and state | 2017 |
| Puerto Rico | 2020 |
| Switzerland | 2010 |

---

**10. Stock Purchase and Award Plans**

Medtronic plc currently issues stock awards under the 2021 Medtronic plc Long Term Incentive Plan ("2021 Plan"). The 2021 Plan provides for the grant of non-qualified and incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, and other stock and cash-based awards. Medtronic plc also allows participating employees to purchase Medtronic plc ordinary shares at a discount through payroll deductions. Shares were purchased under the Medtronic plc 2024 Employee Stock Purchase Plan and the Medtronic plc Amended and Restated 2014 Employees Stock Purchase Plan during the fiscal years presented.

The following table presents the expense classification of stock-based compensation expense recognized by the Company for stock options, restricted stock, performance share units, and employee stock purchase plans in fiscal years 2025, 2024 and 2023:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Stock options | $7 | $7 | $6 |
| Restricted stock | 21 | 20 | 20 |
| Performance share units | 11 | 8 | 5 |
| Employee stock purchase plan | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stock-based compensation expense | $41 | $38 | $35 |
| Cost of products sold | $5 | $4 | $3 |
| Research and development expense | 8 | 8 | 6 |
| Selling, general, and administrative expense | 29 | 26 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stock-based compensation expense | 41 | 38 | 35 |
| Income tax benefits | (6) | (6) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stock-based compensation expense, net of tax | $35 | $32 | $30 |

---

During fiscal years 2025, 2024 and 2023, the Company recognized $24 million, $22 million and $23 million, respectively, of stock compensation expense related to direct Company employees, and $18 million, $16 million and $12 million, respectively, of stock compensation expense related to allocations of Medtronic's corporate and shared employee stock-based compensation expenses.

The following quantitative stock option, restricted stock, and performance share unit information relates to awards to those employees specifically identified as employees of the Company.

**Stock Options** Options are granted at the exercise price, which is equal to the closing price of the Parent's ordinary shares on the grant date. The majority of the options are non-qualified options with a ten-year life and a four-year ratable vesting term. The Black-Scholes option pricing model (Black-Scholes model) is used to determine the fair value of stock options at the grant date. The fair value of stock options under the Black-Scholes model requires management to make assumptions regarding projected employee stock option exercise behaviors, risk-free interest rates, volatility of the Parent's stock price, and expected dividends. Expected volatility is based on a blend of historical volatility and an implied volatility of the Parent's ordinary shares. Implied volatility is based on market traded options of the Parent's ordinary shares.

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The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes model:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Weighted average fair value of options granted | $16.36 | $18.44 | $18.73 |
| Assumptions used: |  |  |  |
| Expected life (years) | 6.1 years | 6.1 years | 5.9 years |
| Risk-free interest rate | 4.07% | 4.17% | 2.81% |
| Volatility | 24.47% | 24.30% | 24.21% |
| Dividend yield | 3.48% | 3.19% | 2.83% |

---

The following table summarizes stock option activity during fiscal year 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Options<br>(in thousands)** | **Wtd. Avg.<br>Exercise<br>Price** | **Wtd. Avg. Remaining Contractual Term (in years)** | **Aggregate Intrinsic Value (in millions)** |
| Outstanding at April 26, 2024 | 993 | $92.75 |  |  |
| &nbsp;&nbsp;Granted | 209 | 80.41 |  |  |
| &nbsp;&nbsp;Exercised | (168) | 75.49 |  |  |
| &nbsp;&nbsp;Expired/Forfeited/Cancelled | (8) | 93.59 |  |  |
| Outstanding at April 25, 2025 | 1025 | 93.06 | 6.9 | $1 |
| Expected to vest at April 25, 2025 | 468 | 87.96 | 8.3 | 1 |
| Exercisable at April 25, 2025 | 507 | 98.63 | 5.5 |  |

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The total cash received from the issuance of new shares upon stock option award exercises for fiscal year 2025 was $8 million. The total intrinsic value of options exercised and the related tax benefit during fiscal year 2025 were not significant. The total cash received from the issuance of new shares upon stock option award exercises, the total intrinsic value of options exercised, and the related tax benefit during fiscal years 2024 and 2023 were not significant. Unrecognized compensation expense related to outstanding stock options at April 25, 2025 was $6 million and is expected to be recognized over a weighted average period of 2.5 years.

**Restricted Stock** Restricted stock units are expensed over the vesting period and are subject to forfeiture if employment terminates prior to the lapse of the restrictions. The expense recognized for restricted stock units is equal to the grant date fair value, which is equal to the closing stock price on the date of grant. The majority of the restricted stock units either have a four-year ratable vesting term or cliff vest after three years. Restricted stock units are not considered issued or outstanding ordinary shares of the Parent. Dividend equivalent units are accumulated on restricted stock units during the vesting period.

The following table summarizes restricted stock activity during fiscal year 2025:

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| | | |
|:---|:---|:---|
| | **Units**<br>**(in thousands)** | **Wtd. Avg.**<br>**Grant**<br>**Price** |
| Nonvested at April 26, 2024 | 397 | $91.83 |
| &nbsp;&nbsp;Granted | 268 | 82.35 |
| &nbsp;&nbsp;Vested | (152) | 97.55 |
| &nbsp;&nbsp;Forfeited/Cancelled | (14) | 85.16 |
| Nonvested at April 25, 2025 | 499 | 85.34 |

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The following table summarizes the weighted-average grant date fair value of restricted stock granted, total fair value of restricted stock vested and related tax benefit during fiscal years 2025, 2024, and 2023:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Weighted-average grant-date fair value per restricted stock | $82.35 | $82.02 | $96.29 |
| Fair value of restricted stock vested | 15 | 12 | 25 |
| Tax benefit related to restricted stock vested | 3 | 2 | 3 |

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Unrecognized compensation expense related to restricted stock as of April 25, 2025 was $29 million and is expected to be recognized over a weighted average period of 2.6 years.

**Performance Share Units** Performance share units typically cliff vest after three years. The awards include three metrics: relative total shareholder return (rTSR), revenue growth, and return on invested capital (ROIC). rTSR is considered a market condition metric, and the expense is determined at the grant date and will not be adjusted even if the market condition is not met. Revenue growth and ROIC are considered performance metrics, and the expense is recorded over the performance period, which will be reassessed each reporting period based on the probability of achieving the various performance conditions. The number of shares earned at the end of the three-year period will vary, based on only actual performance, from 0% to 200% of the target number of performance share units granted. Performance share units are subject to forfeiture if employment terminates prior to the lapse of the restrictions. Performance share units are not considered issued or outstanding ordinary shares of the Parent. Dividend equivalent units are accumulated on performance share units for each component of the award during the vesting period.

The Company calculates the fair value of the performance share units for each component individually. The fair value of the rTSR metric will be determined using the Monte Carlo valuation model. The fair value of the revenue growth and ROIC metrics are equal to the closing stock price on the grant date.

The following table summarizes performance share unit activity during fiscal year 2025:

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| | | |
|:---|:---|:---|
| | **Units<br>(in thousands)** | **Wtd. Avg.<br>Grant<br>Price** |
| Nonvested at April 26, 2024 | 107 | $104.78 |
| &nbsp;&nbsp;Granted | 79 | 98.03 |
| &nbsp;&nbsp;Vested | (11) | 129.13 |
| &nbsp;&nbsp;Performance adjustments <sup>(1)</sup> | (11) | 97.89 |
| Nonvested at April 25, 2025 | 164 | 100.46 |

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__________________

(1)Performance adjustments are adjustments to grants where the performance period has ended and actual performance is known.

The following table summarizes the weighted-average grant date fair value of performance share units granted during fiscal years 2025, 2024, and 2023:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Weighted-average grant-date fair value per performance share units | $98.03 | $104.83 | $105.55 |

---

The total fair value of performance share units vested and related tax benefit during fiscal years 2025 and 2024 was not significant. There were no performance share units vested in fiscal year 2023. Unrecognized compensation expense related to performance share units as of April 25, 2025 was $8 million and is expected to be recognized over a weighted average period of 1.6 years.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Leases** 

The Company leases office, manufacturing, and research facilities and warehouses, as well as transportation and other equipment. The Company determines whether a contract is a lease or contains a lease at inception date. Upon commencement, the Company recognizes a right-of-use asset and lease liability. Right-of-use assets represent the Company's right to use the underlying asset for the lease term. Lease liabilities are the Company's obligation to make the lease payments arising from a lease. As the Company's leases typically do not provide an implicit rate, the Company's lease liabilities are measured on a discounted basis using the Company's incremental borrowing rate. Lease terms used in the recognition of right-of-use assets and lease liabilities include only options to extend the lease that are reasonably certain to be exercised. Additionally, lease terms underlying the right-of-use assets and lease liabilities consider terminations that are reasonably certain to be executed.

The Company's lease agreements include leases that have both lease and associated nonlease components. The Company has elected to account for lease components and the associated nonlease components as a single lease component. The combined balance sheets do not include recognized assets or liabilities for leases that, at the commencement date, have a term of twelve months or less and do not include an option to purchase the underlying asset that is reasonably certain to be exercised. The Company recognizes such leases in the combined statements of loss on a straight-line basis over the lease term. Additionally, the Company recognizes variable lease payments not included in its lease liabilities in the period in which the obligation for those payments is incurred. Variable lease payments for fiscal years 2025, 2024 and 2023 were not material.

The right-of-use assets, lease liabilities, lease costs, cash flows, and lease maturities associated with finance leases were not material to the combined financial statements at April 25, 2025 and April 26, 2024 and for fiscal years 2025, 2024 and 2023. The following table summarizes the balance sheet classification of the Company's operating leases, including the amounts of the right-of-use assets and lease liabilities at April 25, 2025 and April 26, 2024:

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| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Balance Sheet Classification** | **April 25, 2025** | **April 26, 2024** |
| Right-of-use assets | Other assets | $66 | $48 |
| Current liability | Other accrued expenses | 11 | 8 |
| Non-current liability | Other liabilities | 56 | 41 |

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The following table summarizes the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases at April 25, 2025 and April 26, 2024.

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| | | |
|:---|:---|:---|
| | **April 25, 2025** | **April 26, 2024** |
| Weighted-average remaining lease term | 8.1 Years | 9.2 Years |
| Weighted-average discount rate | 3.9% | 3.5% |

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Operating lease cost were $11 million, $10 million and $8 million for fiscal years 2025, 2024 and 2023, respectively. Short-term lease cost were not significant in the periods presented.

The following table summarizes the cash paid for amounts included in the measurement of operating lease liabilities and right-of-use assets obtained in exchange for operating lease liabilities for fiscal years 2025, 2024, and 2023:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Cash paid for amounts included in the measurement of operating lease liabilities | $11 | $10 | $9 |
| Right-of-use assets obtained in exchange for operating lease liabilities | 28 | 29 | 8 |

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The following table summarizes the maturities of the Company's operating leases at April 25, 2025:

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| | |
|:---|:---|
| **(in millions)**<br>**Fiscal Year** | **Operating Leases** |
| 2026 | $13 |
| 2027 | 12 |
| 2028 | 11 |
| 2029 | 9 |
| 2030 | 7 |
| Thereafter | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expected lease payments**  | 75 |
| Less: Imputed interest | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total lease liability**  | $67 |

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**12. Accumulated Other Comprehensive Income (Loss)** 

The following table provides changes in accumulated other comprehensive income (loss), net of tax and by component:

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| | |
|:---|:---|
| **(in millions)** | **Cumulative Translation Adjustments** |
| April 29, 2022 | $(7) |
| Other comprehensive income (loss) | (2) |
| April 28, 2023 | $(9) |
| Other comprehensive income (loss) | (7) |
| April 26, 2024 | $(16) |
| Other comprehensive income (loss) | 19 |
| April 25, 2025 | $3 |

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During fiscal years 2025, 2024 and 2023, there was no significant tax impact on cumulative translation adjustments and no reclassifications out of accumulated other comprehensive income (loss).

**13. Research and Development Funding Arrangements**

In fiscal year 2021, Medtronic entered into certain arrangements with Blackstone to receive funding related to the development of specific Diabetes products. As there is substantive and genuine transfer of risk to Blackstone, the development funding was recognized by Medtronic as an obligation to perform contractual services. The Company recognized the funding as income within *other operating (income) expense, net* as the research and development costs were incurred and funding payments became due. The Company recognized income of $46 million, $60 million, and $100 million in fiscal years 2025, 2024, and 2023, respectively, in *other operating (income) expense, net* in the combined statements of loss in connection with these Blackstone Agreements. As of April 25, 2025, the Company has recognized all eligible funding under these arrangements in the amount of $324 million, $212 million of which pertains to co-development arrangements for which there are ongoing development and commercialization plans, specifically, our next-generation MiniMed Flex insulin pump and MiniMed Fit patch pump.

For each applicable Diabetes product, during the first two years following regulatory approval in the United States and commercial launch of each such product, Blackstone will earn the greater of: (i) mid-to-high single digit royalty percentage of applicable net sales for each product, and (ii) specified minimum payments up to $162 million for each product. After the first two years following regulatory approval in the United States and commercial launch of each Diabetes product, our royalty obligations continue at a mid-to-high single digit royalty percentage of applicable net sales until aggregate royalty payments since commercial launch have reached an amount equal to a

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low single digit multiple of the aggregate funding (the "Net Sales Threshold") provided by Blackstone under such agreement. If a development project is delayed, the Net Sales Threshold will be subject to certain upward adjustments. Once the Net Sales Threshold has been reached, Blackstone will continue to earn royalties for five years at a low single digit royalty percentage of applicable net sales. As of April 25, 2025, no Blackstone-funded Diabetes products have been commercially launched.

Each Blackstone Agreement is subject to termination by Blackstone or by us in certain circumstances described further below. Blackstone may terminate a Blackstone Agreement: (i) if we fail to make certain capital investments and are unable to manufacture sufficient quantities of the product, (ii) if we are enjoined from continuing product development or commercialization, (iii) if we acquire a competing product to the applicable product, or (iv) if certain specified fundamental changes to the Company, or to our rights to the product, occur. We may terminate any of the Blackstone Agreements for any reason by providing a specified amount of prior written notice to Blackstone. If we or Blackstone elects to terminate a Blackstone Agreement for one of the reasons described above, we will be required to make a termination payment to Blackstone of a multiple of the funded amounts under the applicable agreement, which may be up to $216 million for each such termination, and our royalty payment obligation under the affected agreement will also continue in certain termination circumstances. We or Blackstone may also terminate a Blackstone Agreement if the other party materially breaches the agreement, subject to customary notice and cure provisions, and in certain termination circumstances, a payment to Blackstone of a multiple of the funded amounts would be required, which may be up to $216 million for each such termination. At the time of executing these contracts, the occurrence of such circumstances was deemed to be remote. We may also terminate a Blackstone Agreement if the relevant product is determined to be technically infeasible, although our royalty payment obligation to Blackstone will survive such termination.

During fiscal year 2025, by mutual agreement two co-development agreements with Blackstone were terminated. One agreement, for the development of an extended-wear infusion set with a built-in CGM and transmitter, was terminated for technical infeasibility prior to full funding, with no termination charges recorded within the combined financial statements. The obligation to pay Blackstone royalties on this product's net sales continues if the development and commercialization of this product are completed in the future. The other agreement was terminated following negotiations to resolve a contractual dispute with Blackstone related to the alleged acquisition of a competing product. As a result of these negotiations, we and Blackstone mutually agreed to terminate the agreement, and following the termination we and Blackstone were each relieved of any continuing obligations under the agreement other than customary survival provisions. The Company recognized $165 million of certain litigation charges in connection with the resolution of the contractual dispute.

**14. Commitments and Contingencies** 

***Legal Matters***

The Company and its affiliates are involved in a number of legal actions from time to time involving product liability, employment, intellectual property and commercial disputes, shareholder related matters, environmental proceedings, tax disputes, and governmental proceedings and investigations, including those described below. With respect to governmental proceedings and investigations, like other companies in our industry, the Company is subject to extensive regulation by national, state, and local governmental agencies in the United States and in other jurisdictions in which the Company and its affiliates operate. As a result, interaction with governmental agencies is ongoing. The Company's standard practice is to cooperate with regulators and investigators in responding to inquiries. With respect to intellectual property disputes, the Company is involved in or at risk for litigation relating to patents, trademarks, copyrights, trade secrets, and other intellectual property (IP) rights, and licenses, acquisitions or other agreements relating to such rights. This litigation includes, but is not limited to, alleged infringement, misappropriation, or other violation of IP rights, or breach of obligations related to IP rights, or other claims asserted by competitors, individuals, or, consistent with a growing trend across technology-intensive industries, other entities created specifically to fund IP litigation. With respect to commercial disputes, antitrust and competition issues have gained increased prominence, enforcement and private litigation have increased globally, and the Company is involved in or at risk for antitrust litigation, investigations or enforcement actions regarding a range of commercial activities, including challenges to mergers and acquisition transactions, joint ventures, co-development or co-marketing arrangements, contracting practices, distribution agreements and employment agreements. The outcomes

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of legal actions are not within the Company's complete control and may not be known for prolonged periods of time. In some actions, the enforcement agencies or private claimants seek significant monetary damages and/or royalty payments, as well as other civil or criminal remedies (including injunctions barring or restricting the sale of products that are the subject of the proceeding, placing restrictions on competitive strategies or practices, or unwinding consummated transactions), any or all of which could have a material adverse impact on the Company's combined earnings, financial position, and/or cash flows.

The Company records a liability in the combined financial statements on an undiscounted basis for loss contingencies related to legal actions when a loss is known or considered probable and the amount may be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a material loss is reasonably possible but not known or probable, and may be reasonably estimated, the estimated loss or range of loss is disclosed. When determining the estimated loss or range of loss, significant judgment is required. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages with incomplete scientific facts or legal discovery, involve unsubstantiated or indeterminate claims for damages, potentially involve penalties, fines or punitive damages, or could result in a change in business practice. During fiscal year 2025 and at April 25, 2025, the certain litigation charges and accrued litigation charges, respectively, were $165 million. During fiscal years 2024 and 2023, and at April 26, 2024, the certain litigation charges and accrued litigation charges, respectively, were not significant. The ultimate cost to the Company with respect to accrued litigation could be materially different than the amount of the current estimates and accruals and could have a material adverse impact on the Company's combined earnings, financial position, and/or cash flows. The Company includes accrued litigation in *other accrued expenses* and *other liabilities* on the combined balance sheets. While it is not possible to predict the outcome of the legal matters discussed below with certainty, the Company believes it is possible that the costs associated with these matters could have a material adverse impact on the Company's combined earnings, financial position, and/or cash flows, even in respect of those matters for which the Company believes that a potential loss is not currently probable.

*Diabetes Pump Retainer Ring Litigation*

Starting in fiscal year 2021, plaintiffs began filing lawsuits against the Company in U.S. state and federal courts alleging personal injury from Series 600 insulin pumps with allegedly defective clear retainer rings that were subject to field corrective actions in 2019 and 2021. As of August 4, 2025, after a number of recent dismissals, there are 9 lawsuits filed on behalf of 20 individuals in the U.S. Plaintiffs' firms previously notified the Company that they may file additional lawsuits in the future on behalf of several thousand additional claimants. Most of the filed suits are coordinated in California state court. There is also a purported class action filed in Canada in its early stages. The Company is also aware of inquiries made by state attorneys general regarding the recall. As of the end of fiscal year end 2025, the Company had not recorded an expense related to damages in connection with these matters because the Company did not believe any potential loss was probable and reasonably estimable. During the first quarter of fiscal year 2026, the Company recorded a $17 million certain litigation charge in connection with this matter.

*EOFlow International Arbitration*

In 2023, affiliates of the Company entered into agreements (Acquisition Agreements) to acquire EOFlow Co., Ltd. (EOFlow), a Korean company that had developed and commercialized insulin patch pump technology abroad. In mid-to-late 2023, it became apparent that EOFlow would be unable to meet multiple contractual obligations and closing conditions under the Acquisition Agreement. The Acquisition Agreements were terminated in late 2023. In mid-2024, EOFlow filed an arbitral claim against Medtronic before the Singapore International Arbitration Centre, asserting it is entitled to a $26 million break-up fee under the Acquisition Agreements and related letter agreements. The affiliates of the Company have asserted an arbitral counterclaim for EOFlow's breaches of contractual representations and warranties in the Acquisition Agreements. The Company has not recorded an expense in connection with this matter because the Company believes any potential loss is not currently probable.

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*Witkin False Claims Act Matter*

In May 2011, a former sales representative filed a qui tam lawsuit against the Company in the U.S. District Court for the District of Massachusetts alleging violations of the False Claims Act in connection with sales of certain insulin pump products in the period from 2007 to 2014 and wrongful termination. The U.S. Department of Justice declined to intervene. The case is currently in discovery. The Company has not recorded an expense in connection with this matter because the Company believes any potential loss is not currently probable and reasonably estimable. Additionally, the Company is unable to reasonably estimate the range of loss, if any, that may result from this matter.

*Italian Payback Litigation*

In 2015, "payback" legislation was enacted in Italy requiring companies selling medical devices to make payments to the Italian state if Italy's medical device expenditures exceed annual regional maximum ceilings. The payment amounts are calculated based upon the amount by which the regional ceilings were exceeded for any given year. There has been significant scrutiny on the legality and enforceability of the payback law since its inception, and litigation challenging the law has been proceeding through the Italian Courts. Since the law was enacted, the Company has recognized an estimate for the amount of variable consideration but has not made any payments under the payback law. In connection with this matter, at April 25, 2025 and April 26, 2024, $15 million and $6 million, respectively, were classified as *accrued rebates* and $38 million and $15 million, respectively, were classified as *other liabilities* in the combined balance sheets. During fiscal year 2025, two rulings by the Constitutional Court of Italy found that the medical device payback law is constitutional. Therefore, the Company increased its liability pertaining primarily to certain prior years since 2015 by $20 million during the three months ended July 26, 2024, as a reduction to net sales in the combined statements of loss. In June 2025, the Italian government published a legislative decree confirming a reduction of the amounts due for years 2015 to 2018. As a result, the Company decreased its liability pertaining to these years by an insignificant amount during the three months ended July 25, 2025. Litigation before Italian Courts is still pending for years 2019 and beyond, as such, it is possible that the amount of the Company's liability could materially differ from the amount currently accrued.

*Contract Termination with Blackstone*

As described in Note 13, Medtronic is party to various research and development funding arrangements with Blackstone, which are subject to certain termination provisions. During fiscal year 2025, the parties negotiated to resolve a contractual dispute under one of the Diabetes product funding arrangements. As a result of these negotiations, the parties mutually agreed to terminate the relevant agreement and the Company recognized $165 million of certain litigation charges in connection with the resolution. These charges were paid out in fiscal year 2026.

***Guarantees***

In the normal course of business, the Company and/or its affiliates periodically enter into agreements that require one or more of the Company and/or its affiliates to indemnify customers or suppliers for specific risks, such as claims for injury or property damage arising as a result of the Company or its affiliates' products, the negligence of the Company's personnel, or claims alleging that the Company's products infringe on third-party patents or other intellectual property. The Company also offers warranties on various products. The Company's maximum exposure under these guarantees is unable to be estimated. Historically, the Company has not experienced significant losses on these types of guarantees.

As of April 25, 2025 and April 26, 2024, the Company has outstanding bid and performance bonds of approximately $40 million and $26 million, respectively, issued to guarantee certain contractual obligations. These bid and performance bonds have various terms and can be drawn upon early. No amounts have been drawn as of the end of the fiscal year. The Company does not expect any material loss related to these guarantees.

The Company believes the ultimate resolution of the above guarantees is not expected to have a material effect on the Company's combined earnings, financial position, and/or cash flows.

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**15. Segment and Geographic Data**

As described in Note 1, the primary products from which the Company derives its revenue include those focused on diabetes management, including insulin pumps, continuous glucose monitoring systems and sensors, and smart insulin pens. The Company manages its business activities on a consolidated basis and operates as one operating and reportable segment.

The Company's chief operating decision maker (CODM) is the EVP, President, Diabetes Operating Unit. The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using net income/loss. Income/loss from operations is also a measure that is considered when monitoring budget versus actual results. Significant expenses include cost of products sold, research and development expense, selling, general and administrative expenses, and certain litigation charges, which are each separately presented on the Company's combined statements of loss. Other segment items include other operating (income) expense, net, non-operating expense, net, and income tax provision.

***Geographic Information***

Net sales are attributed to the country based on the location of the customer taking possession of the products or in which the services are rendered. Geographic property, plant, and equipment are attributed to the country based on the physical location of the assets.

The following table presents net sales for fiscal years 2025, 2024 and 2023, and property, plant, and equipment, net at April 25, 2025 and April 26, 2024, for countries with significant concentrations and all other countries:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net sales** | **Net sales** | **Net sales** | **Property, plant, and equipment, net** | **Property, plant, and equipment, net** |
| **(in millions)** | **2025** | **2024** | **2023** | **April 25, 2025** | **April 26, 2024** |
| United States <sup>(1)</sup> | $903 | $833 | $832 | $662 | $591 |
| Rest of world | 1812 | 1636 | 1413 | 44 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2715 | $2469 | $2245 | $706 | $636 |

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__________________

(1)U.S. includes the United States and U.S. territories.

No single customer represented over 10 percent of the Company's combined net sales in fiscal years 2025, 2024 and 2023.

**16. Related Party Transactions** 

The combined financial statements have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting records of Medtronic. The following discussion summarizes activity between the Company and Medtronic.

***Allocation of General Corporate Expenses***

During the periods presented, the Company's operations were integrated with Medtronic and its affiliates, and the Company received services including, but not limited to finance and accounting, legal, information technology, employee benefits and incentives, and stock-based compensation. These combined financial statements reflect charges for these services. When specific identification is not practicable, a proportional cost allocation method was utilized, depending on the nature of the services received. See Note 1 for a discussion of the methodology used to allocate corporate-related costs for purposes of preparing these financial statements on a carve-out basis.

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The major components of Medtronic corporate and shared expenses are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Cost of products sold | $40 | $38 | $31 |
| Research and development expense | 28 | 28 | 28 |
| Selling, general, and administrative expenses | 263 | 245 | 211 |
| Other operating (income) expense, net | 12 | 11 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total**  | $344 | $322 | $314 |

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***Net Transfers from Parent***

Net transfers from Parent are included within Net investment from Parent from the combined statements of equity and within financing activities in the combined statements of cash flows and represent the net effect of transactions between the Company and Medtronic. The reconciliation of net transfers to Parent between the combined statements of changes in equity and the combined statements of cash flows are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year** | **Fiscal Year** | **Fiscal Year** |
| **(in millions)** | **2025** | **2024** | **2023** |
| Net transfers from Parent per the Combined Statements of Changes in Equity | $62 | $160 | $231 |
| Stock-based compensation expense | (41) | (38) | (35) |
| Multiemployer pension expense | (8) | (8) | (10) |
| Other, net | (1) | (2) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net transfers from Parent per the Combined Statements of Cash Flows**  | $12 | $112 | $182 |

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**17. Subsequent Events**

These combined financial statements are derived from the consolidated financial statements of Medtronic plc, which issued its annual financial statements for the fiscal year ended April 25, 2025 on June 20, 2025. Accordingly, the Company has evaluated recognizable subsequent events through the date of June 20, 2025 and non-recognizable subsequent events through August 26, 2025, the date these financial statements were available for issuance.

***Events Subsequent to Original Issuance of Financial Statements (Unaudited)***

In connection with the reissuance of the financial statements, the Company has evaluated subsequent events through October 28, 2025, the date the financial statements were available to be reissued.

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**Diabetes Business of Medtronic plc**

**Unaudited Condensed Combined Statements of Loss** 

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| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| Net sales | $1475 | $1304 |
| Cost of products sold | 637 | 577 |
| **Gross profit**  | 838 | 728 |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development expense | 236 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative expenses | 575 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certain litigation charges | 17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expense (income), net | 7 | (5) |
| **Operating profit (loss)**  | 3 | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-operating expense, net | 1 |  |
| **Profit (loss) before income taxes**  | 2 | (20) |
| Income tax provision | 23 | 3 |
| **Net loss**  | (21) | (23) |
| **Net income attributable to noncontrolling interests**  | (8) | (8) |
| **Net loss attributable to Diabetes Business**  | $(29) | $(31) |

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*The accompanying notes are an integral part of these unaudited condensed combined financial statements.*

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**Diabetes Business of Medtronic plc**

**Unaudited Condensed Combined Statements of Comprehensive Loss**

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| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| **Net loss**  | $(21) | $(23) |
| **Other comprehensive income, net of tax:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation adjustment | 6 | 3 |
| **Other comprehensive income**  | 6 | 3 |
| **Comprehensive loss attributable to Diabetes Business**  | $(15) | $(20) |

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*The accompanying notes are an integral part of these unaudited condensed combined financial statements.*

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**Diabetes Business of Medtronic plc**

**Unaudited Condensed Combined Balance Sheets**

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| | | |
|:---|:---|:---|
| **(in millions)** | **October 24, 2025** | **April 25, 2025** |
| **<u>ASSETS</u>** | | |
| **Current assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $8 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, less allowances and credit losses of $49 and $46, respectively | 588 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 361 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 33 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets**  | 991 | 939 |
| **Property, plant, and equipment, net**  | 755 | 706 |
| **Goodwill**  | 2256 | 2255 |
| **Other intangible assets, net**  | 119 | 132 |
| **Tax assets**  | 19 | 19 |
| **Other assets**  | 149 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | $4289 | $4201 |
| **<u>LIABILITIES AND EQUITY</u>** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $242 | $205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 152 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued rebates | 49 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 117 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities**  | 560 | 710 |
| **Other liabilities**  | 170 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities**  | 729 | 871 |
| **Commitments and contingencies (Note 13)** |  |  |
| **Parent company equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment from Parent | 3551 | 3328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 8 | 3 |
| **Total parent company equity**  | 3560 | 3330 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and parent company equity**  | $4289 | $4201 |

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*The accompanying notes are an integral part of these unaudited condensed combined financial statements.*

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**Diabetes Business of Medtronic plc**

**Unaudited Condensed Combined Statements of Equity**

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| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Parent company investment** | **Accumulated other comprehensive income (loss)** | **Total parent company equity** |
| **April 25, 2025**  | $3328 | $3 | $3330 |
| Net loss | (21) |  | (21) |
| Net transfers from parent | 245 |  | 245 |
| Other comprehensive income (loss) |  | 6 | 6 |
| **October 24, 2025**  | $3551 | $8 | $3560 |

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| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Parent company investment** | **Accumulated other comprehensive income (loss)** | **Total parent company equity** |
| **April 26, 2024**  | $3464 | $(16) | $3448 |
| Net loss | (23) |  | (23) |
| Net transfers from parent | 35 |  | 35 |
| Other comprehensive income (loss) |  | 3 | 3 |
| **October 25, 2024**  | $3475 | $(13) | $3462 |

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*The accompanying notes are an integral part of these unaudited condensed combined financial statements*

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**Diabetes Business of Medtronic plc**

**Unaudited Condensed Combined Statements of Cash Flows**

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| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| **Operating Activities:** | | |
| Net loss | $(21) | $(23) |
| Adjustments to reconcile net loss to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 78 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 8 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 26 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postretirement benefit plan expense | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 12 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (20) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (50) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (152) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating assets and liabilities | 22 | 14 |
| **Cash (used in) provided by operating activities**  | (93) | 33 |
| **Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to property, plant, and equipment | (114) | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities, net | (10) |  |
| **Cash used in investing activities**  | (124) | (86) |
| **Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers from Parent | 215 | 9 |
| **Cash provided by financing activities**  | 215 | 10 |
| **Net change in cash and cash equivalents**  | (2) | (44) |
| Cash and cash equivalents at beginning of period | 11 | 54 |
| **Cash and cash equivalents at end of period**  | $8 | $10 |

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*The accompanying notes are an integral part of these unaudited condensed combined financial statements.*

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**1. Description of the Business and Basis of Presentation**

**Background** On May 21, 2025, Medtronic plc ("Medtronic" or "Parent") announced its intention to pursue a separation of the Diabetes business (referred to herein as the "Company," "we," "us," or "our"), which has historically been the Diabetes Operating Unit.

**Description of the Business** The Company is a global medical technology provider that develops, manufactures, and markets products and services for the management of Type 1 and Type 2 diabetes. The primary products from which the Company derives its revenues include those focused on diabetes management, including insulin pumps, continuous glucose monitoring systems and sensors, and smart insulin pens.

**Basis of Presentation** The Company has historically operated as part of Medtronic and not as a standalone company. These condensed combined financial statements reflect the results of operations, financial position, and cash flows of the Company as historically managed within Medtronic for the periods presented. The condensed combined financial statements have been prepared in United States ("U.S.") dollars and in conformity with accounting principles generally accepted in the United States ("U.S. GAAP"). The condensed combined financial statements should be read in conjunction with the Company's audited combined financial statements and notes included elsewhere in this prospectus. The accounting policies used to derive the condensed combined financial statements are consistent with those used by the Parent. These condensed combined financial statements reflect, in the opinion of management, all material adjustments necessary to fairly state, in all material respects, our financial position, results of operations, and cash flows for the periods presented. The condensed combined financial statements may not be indicative of the Company's future performance and do not necessarily reflect what the results of operations, financial position, and cash flows would have been had it operated as an independent company during all periods presented. Amounts reported in millions within this report are computed based on the amounts in thousands, and therefore, the sum of the components may not equal the total amount reported in millions due to rounding. Additionally, certain columns and rows within tables may not sum due to rounding.

The Company utilizes a 52/53-week fiscal year, ending the last Friday in April, for the presentation of its condensed combined financial statements and related notes thereto at October 24, 2025 and October 25, 2024, and for each of the fiscal years ended April 24, 2026 (fiscal year 2026), April 25, 2025 (fiscal year 2025), and April 26, 2024 (fiscal year 2024).

All revenues, costs, assets, and liabilities that are either legally attributable to or directly associated with our business activities are included in the condensed combined financial statements herein. Also, the Company has historically functioned together with other businesses controlled by Medtronic. Accordingly, the Company relied on Medtronic's corporate and other support functions for its business and certain corporate and shared expenses have been allocated, including, but not limited to, finance and accounting, legal, information technology, human resources, facilities, warehousing, distribution, logistics, marketing, insurance, employee benefits and incentives, restructuring and associated costs, and stock-based compensation. However, the allocations may not reflect the expenses the Company would have incurred if the Company had been a standalone company for the periods presented. Total costs allocated to the Company were $180 million and $169 million for the six months ended October 24, 2025 and October 25, 2024, respectively, and are included in the condensed combined statements of loss. All such amounts have been deemed to have been incurred and settled by the Company in the period in which the costs were recorded and are included in Net investment from Parent. All of these expenses have been allocated on a basis considered reasonable by management, using either specific identification when identifiable, or proportional allocations determined on the basis of revenue, usage, headcount, or other measures. Management considers the basis on which these expenses have been allocated to be a reasonable reflection of the utilization of such services by the Company.

The condensed combined financial statements also include certain assets and liabilities that have historically been recorded at the Medtronic corporate level but are specifically identifiable or otherwise attributable to the Company. Cash and cash equivalents legally owned and held by the Company are reflected in the condensed combined balance sheets. Cash pooling, related interest, and intercompany arrangements are excluded from the asset and liability balances in the condensed combined balance sheets. Third-party debt and related interest expense of Medtronic were not attributed to the Company for the periods presented as the Company is not the sole legal obligor

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of such debt and Medtronic's borrowings were not directly attributable to the Company, nor secured solely by the Company's assets or guaranteed by the Company.

Net investment from Parent represents Medtronic's interest in the Company's net assets. As a direct ownership relationship does not exist between the various entities of the Company, Net investment from Parent is shown in the condensed combined balance sheets herein. All significant transactions between Medtronic and the Company have been included in the condensed combined financial statements. All intercompany transactions and balances have been eliminated. Medtronic uses a centralized approach to cash management and financing of its operations and Medtronic funds the Company's operating and investing activities as needed. The Company historically participated in related cash pooling arrangements to maximize the availability of cash for general operating and investing purposes. Under these cash pooling arrangements, cash balances are remitted regularly from the Company's accounts. As a result of our participation in Medtronic's centralized cash management arrangements, the Company holds limited cash. Therefore, the Company will continue to be funded through Medtronic's cash management strategy through the anticipated separation. Accordingly, management believes that the Company will have sufficient liquidity to continue as a going concern. Transactions between Medtronic and the Company are deemed to have been settled immediately through Medtronic's net investment. The net effect of the settlement of related party transactions is reflected as "Net transfers to parent," a financing activity in the condensed combined statements of cash flows and "Net investment from Parent" in the condensed combined balance sheets.

There have been no material changes to our significant accounting policies, as disclosed in Note 1 to the audited combined financial statements for the fiscal year ended April 25, 2025.

**Use of Estimates** The preparation of the condensed combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed combined financial statements and accompanying notes. Estimates are used when accounting for items such as income taxes, contingencies, goodwill and intangible assets, equity investments, rebates, and liability valuations. Actual results may or may not differ from those estimates.

**2. New Accounting Pronouncements**

**Recently Adopted Accounting Standards**

For the six months ended October 24, 2025, there have been no newly adopted accounting pronouncements that materially impact our condensed combined financial statements. Refer to Note 2 in the audited combined financial statements for the fiscal year ended April 25, 2025 for pronouncements recently adopted.

**Not Yet Adopted Accounting Standards**

***Income Taxes***

In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures (Topic 740), which requires incremental annual disclosures on income taxes, including rate reconciliations, income taxes paid, and other disclosures. The Company will adopt this guidance beginning in the fourth quarter of fiscal year 2026 for the annual report. The Company is currently evaluating the potential effect that the updated standard will have on the financial statement disclosures.

***Disaggregation of Income Statement Expenses***

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Topic 220-40), which requires tabular disclosures disaggregating certain costs and expenses within relevant income statement captions. The Company will adopt this guidance beginning in the fourth quarter of fiscal year 2028 for the annual report and for interim periods starting in fiscal year 2029. The Company is currently evaluating the potential effect that the updated standard will have on the financial statement disclosures.

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***Internal-Use Software***

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (Subtopic 350-40), to increase the operability of the recognition guidance by removing all references to "development stages", and clarifying when an entity is required to start capitalizing software costs. This accounting guidance is effective for the Company beginning in the first quarter of fiscal year 2029. We are currently evaluating the potential effect that the updated standard will have on our financial statements.

***Government Grants***

In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities (Topic 832) to establish authoritative guidance on the accounting for government grants received by business entities, including guidance for grants related to an asset and grants related to income. This accounting guidance is effective for the Company beginning in the first quarter of fiscal year 2030. We are currently evaluating the potential effect that the updated standard will have on our financial statements.

**3. Revenue** 

The Company's revenues are principally derived from the sale of reusable and single-use products which together comprise AID systems and smart multiple daily injection (MDI) systems for diabetes management to individuals, distributors, healthcare providers, and other institutions globally.

The table below includes net sales by geography for the six months ended October 24, 2025 and October 25, 2024:

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| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| United States <sup>(1)</sup> | $437 | $437 |
| International <sup>(2)</sup> | 1038 | 867 |
| &nbsp;&nbsp;Total | $1475 | $1304 |

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(1)U.S. includes the United States and U.S. territories.

(2)International includes all other non-U.S. countries.

The table below includes net sales by product category for the six months ended October 24, 2025 and October 25, 2024:

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| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| Pumps | $250 | $251 |
| Consumables | 463 | 419 |
| CGM | 743 | 639 |
| Other <sup>(1)</sup> | 19 | (4) |
| &nbsp;&nbsp;Total | $1475 | $1304 |

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(1)Primarily includes revenue generated from the sale of smart insulin pens and services. Also reflects adjustments to the Company's Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. Refer to Note 13 for more information.

At October 24, 2025, $49 million of rebates and other adjustments were classified as *accrued rebates* and $44 million of rebates and other adjustments were classified as *other liabilities* in the condensed combined balance sheets. At April 25, 2025, $51 million of rebates and other adjustments were classified as *accrued rebates* and $38 million of rebates and other adjustments were classified as *other liabilities* in the condensed combined balance sheets. There was $5 million of return reserves classified as *other accrued expenses* in the condensed combined balance sheets at October 24, 2025 and April 25, 2025.

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During the six months ended October 25, 2024, the Company recognized $20 million of incremental Italian payback accruals resulting from the July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015. During the six months ended October 24, 2025, the Company decreased its accrual for the Italian payback by $7 million resulting from the June 30, 2025 legislative decree published by the Italian government and formalized into law in August 2025 confirming a reduction of the amounts due for years 2015 to 2018. The changes in estimates related to the Italian payback accruals were recognized as adjustments to *net sales* in the condensed combined statements of loss. Refer to Note 13 for additional information. Other adjustments to variable consideration during the six months ended October 24, 2025 and October 25, 2024 were not material.

**Deferred Revenue and Remaining Performance Obligations**

Deferred revenue at October 24, 2025 and April 25, 2025 was $15 million. At October 24, 2025 and April 25, 2025, $11 million was included in *other accrued expenses*, and $4 million and $3 million was included in *other liabilities,* respectively, in the condensed combined balance sheets. During the six months ended October 24, 2025, the Company recognized $6 million of revenue that was included in deferred revenue as of April 25, 2025. During the six months ended October 25, 2024, the Company recognized $7 million of revenue that was included in deferred revenue as of April 26, 2024.

Remaining performance obligations include goods and services that have not yet been delivered or provided under existing, noncancellable contracts with minimum purchase commitments. At October 24, 2025, the estimated revenue expected to be recognized in future periods related to unsatisfied performance obligations for executed contracts with an original duration of one year or more was approximately $14 million. The Company expects to recognize revenue on the majority of these remaining performance obligations over the next three years.

**4. Inventories** 

Inventory balances were as follows:

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| | | |
|:---|:---|:---|
| **(in millions)** | **October 24, 2025** | **April 25, 2025** |
| Finished goods | $199 | $185 |
| Work-in-process | 51 | 38 |
| Raw materials | 112 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $361 | $311 |

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**5. Financial Instruments**

The Company holds investments in equity investments without readily determinable fair values and investments accounted for under the equity method. Equity investments that do not have readily determinable fair values are included within Level 3 of the fair value hierarchy, as they are measured using the measurement alternative at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.

The following table summarizes the Company's equity and other investments at October 24, 2025 and April 25, 2025, which are classified as *other assets* in the condensed combined balance sheets:

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| | | |
|:---|:---|:---|
| **(in millions)** | **October 24, 2025** | **April 25, 2025** |
| Investments without readily determinable fair values | $72 | $73 |
| Equity method investments | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity investments | $75 | $75 |

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The Company recognized $1 million of impairment losses on the Company's equity securities and other investments for both the six months ended October 24, 2025 and October 25, 2024.

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**6. Goodwill and Other Intangible Assets** 

***Goodwill***

As of October 24, 2025 and April 25, 2025, the carrying amount of goodwill was $2,256 million and $2,255 million, respectively. The Company did not engage in any business combinations or other transactions that would affect the carrying amount of goodwill. The Company did not recognize any goodwill impairment charges during the six months ended October 24, 2025 and October 25, 2024.

***Intangible Assets***

The following table presents the gross carrying amount and accumulated amortization of intangible assets:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **October 24, 2025** | **October 24, 2025** | **April 25, 2025** | **April 25, 2025** |
| **Intangible Assets** | **Gross Carrying Amount** | **Accumulated Amortization** | **Gross Carrying Amount** | **Accumulated Amortization** |
| Purchased technology and patents | $245 | $(136) | $246 | $(125) |
| Customer-related | 70 | (62) | 68 | (60) |
| Trademarks, tradenames, and other | 5 | (3) | 5 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $320 | $(201) | $320 | $(188) |

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The Company did not recognize any definite-lived intangible asset impairment charges during the six months ended October 24, 2025 and October 25, 2024.

***Amortization Expense***

The following table presents the intangible asset amortization expense classification for the six months ended October 24, 2025 and October 25, 2024:

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| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| Cost of products sold | $12 | $12 |
| Selling, general, and administrative expense | 2 | 4 |
| &nbsp;&nbsp;Total amortization expense | $13 | $16 |

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Estimated aggregate amortization expense by fiscal year based on the current carrying value and remaining estimated useful lives of definite-lived intangible assets at October 24, 2025 is as follows:

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| | |
|:---|:---|
| **(in millions)** | **Amortization Expense** |
| Remaining 2026 | $13 |
| 2027 | 26 |
| 2028 | 25 |
| 2029 | 22 |
| 2030 | 19 |
| 2031 | 9 |

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**7. Supplier Financing Program and Other Accrued Expenses** 

***Supplier Financing Arrangements***

The Company participates in a supplier financing program that provides participating suppliers the ability to finance payment obligations from the Company with third-party financial institutions in order to receive earlier payment. The Company's standard payment term is 90 days. The Company's outstanding payables to its suppliers,

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including amounts due and payment terms, are not affected by a supplier's participation in the program. At October 24, 2025 and April 25, 2025, the Company had $25 million of outstanding payables associated with the supplier financing program recorded in *accounts payable* in the condensed combined balance sheets.

***Other Accrued Expenses***

Other accrued expenses included in the condensed combined balance sheets were as follows:

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| | | |
|:---|:---|:---|
| **(in millions)** | **October 24, 2025** | **April 25, 2025** |
| Accrued certain litigation charges | $17 | $165 |
| Accrued warranties | 16 | 15 |
| Ancillary services cost accrual | 12 | 11 |
| Deferred income | 11 | 11 |
| Operating lease obligations | 11 | 11 |
| Right of return | 5 | 5 |
| Other accrued expenses<sup>(1)</sup> | 44 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $117 | $271 |

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__________________

(1)Other accrued expenses includes general accrued expenses as well as accruals related to restructuring, product remediation, clinical trials, and consultant fees.

As further described in Note 2 to the annual audited combined financial statements, the Company provides warranties on certain product offerings. The following table provides a reconciliation of the changes in product warranty liabilities for the six months ended October 24, 2025 and October 25, 2024:

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| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| Balance at the beginning of the period | $57 | $65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions for warranties issued during the period | 26 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlements made during the period | (26) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment of prior estimates | 2 | (4) |
| Balance at end of the period | $60 | $60 |

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As of October 24, 2025 and April 25, 2025, total product warranty reserves were included in the following condensed combined balance sheet accounts:

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| | | |
|:---|:---|:---|
| **(in millions)** | **October 24, 2025** | **April 25, 2025** |
| Other accrued expenses | $16 | $15 |
| Other liabilities | 44 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total warranty reserves | $60 | $57 |

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**8. Income Taxes**

On July 4, 2025, the U.S. Government enacted The One Big Beautiful Bill Act of 2025 which includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act. Certain provisions are effective for the Company beginning fiscal year 2026 and the impact for the six months ended October 24, 2025 was not material.

The Organization for Economic Co-operation and Development (OECD) published Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15% in each jurisdiction in which the group operates. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two Global Minimum Tax. A

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number of countries, including Ireland, have enacted legislation to implement the core elements of Pillar Two, which were effective for the Company in fiscal year 2025. Based on the Company's analysis of Pillar Two provisions, these tax law changes did not have a material impact on the Company's financial statements for the six months ended October 24, 2025 and October 25, 2024.

The Company's effective tax rate for the six months ended October 24, 2025 was 878.5% as compared to (15.3)% for the six months ended October 25, 2024. The increase in the effective tax rate for the six months ended October 24, 2025 primarily relates to year-over-year changes in operational results by jurisdiction and the impact of valuation allowances in certain jurisdictions.

The Company recognizes interest and penalties related to income tax matters in *income tax provision* in the combined statements of loss. At October 24, 2025 and April 25, 2025, the Company had accrued gross interest and penalties of $3 million, which were recorded to *Net Investment from Parent*. During the six months ended October 24, 2025 and October 25, 2024, the gross interest expense recognized by the Company in *income tax provision* in the combined statements of loss was not significant. If all of the Company's unrecognized tax benefits were recognized, approximately $13 million would impact the Company's effective tax rate.

**9. Stock Purchase and Award Plans**

The following table presents the expense classification of stock-based compensation expense recognized by the Company for stock options, restricted stock, performance share units, and employee stock purchase plans during the six months ended October 24, 2025 and October 25, 2024:

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| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| Stock options | $4 | $4 |
| Restricted stock | 12 | 10 |
| Performance share units | 9 | 6 |
| Employee stock purchase plan | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stock-based compensation expense | $26 | $22 |
| Cost of products sold | $3 | $2 |
| Research and development expense | 5 | 4 |
| Selling, general, and administrative expense | 19 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stock-based compensation expense | 26 | 22 |
| Income tax benefits | (5) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stock-based compensation expense, net of tax | $22 | $19 |

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During the six months ended October 24, 2025 and October 25, 2024, the Company recognized $15 million and $11 million, respectively, of stock compensation expense related to direct Company employees, and $11 million and $10 million, respectively of stock compensation expense related to allocations of Medtronic's corporate and shared employee stock-based compensation expenses.

**10. Leases** 

The Company leases office, manufacturing, and research facilities and warehouses, as well as transportation and other equipment. The Company determines whether a contract is a lease or contains a lease at inception date.

The right-of-use assets, lease liabilities, lease costs, cash flows, and lease maturities associated with finance leases were not material to the combined financial statements at October 24, 2025 and April 25, 2025. The following

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table summarizes the balance sheet classification of the Company's operating leases, including the amounts of the right-of-use assets and lease liabilities at October 24, 2025 and April 25, 2025:

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| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Balance Sheet Classification** | **October 24, 2025** | **April 25, 2025** |
| Right-of-use assets | Other assets | $63 | $66 |
| Current liability | Other accrued expenses | 11 | 11 |
| Non-current liability | Other liabilities | 52 | 56 |

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**11. Accumulated Other Comprehensive Income (Loss)** 

The following table provides changes in accumulated other comprehensive income (loss), net of tax and by component:

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| | |
|:---|:---|
| **(in millions)** | **Cumulative Translation Adjustments** |
| April 25, 2025 | $3 |
| Other comprehensive income (loss) | 6 |
| October 24, 2025 | $8 |

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| | |
|:---|:---|
| **(in millions)** | **Cumulative Translation Adjustments** |
| April 26, 2024 | $(16) |
| Other comprehensive income (loss) | 3 |
| October 25, 2024 | $(13) |

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During the six months ended October 24, 2025 and October 25, 2024, there was no significant tax impact on cumulative translation adjustments and no reclassifications out of accumulated other comprehensive income (loss).

**12. Research and Development Funding Arrangements**

In fiscal year 2021, Medtronic entered into certain arrangements with Blackstone to receive funding related to the development of specific Diabetes products. As there is substantive and genuine transfer of risk to Blackstone, the development funding was recognized by Medtronic as an obligation to perform contractual services. The Company recognized the funding as income within *other operating expense (income), net* as the research and development costs were incurred and funding payments became due. The Company recognized no income and $19 million of income during the six months ended October 24, 2025 and October 25, 2024, respectively, in *other operating expense (income), net* in the condensed combined statements of loss in connection with these Blackstone Agreements. As of April 25, 2025, the Company recognized all eligible funding under these arrangements in the amount of $324 million, $212 million of which pertains to co-development arrangements for which there are ongoing development and commercialization plans, specifically, our next-generation MiniMed Flex insulin pump and MiniMed Fit patch pump.

For each applicable Diabetes product, during the first two years following regulatory approval in the United States and commercial launch of each such product, Blackstone will earn the greater of: (i) mid-to-high single digit royalty percentage of applicable net sales for each product, and (ii) specified minimum payments up to $162 million for each product. After the first two years following regulatory approval in the United States and commercial launch of each Diabetes product, our royalty obligations continue at a mid-to-high single digit royalty percentage of applicable net sales until aggregate royalty payments since commercial launch have reached an amount equal to a low single digit multiple of the aggregate funding (the "Net Sales Threshold") provided by Blackstone under such agreement. If a development project is delayed, the Net Sales Threshold will be subject to certain upward adjustments. Once the Net Sales Threshold has been reached, Blackstone will continue to earn royalties for five

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years at a low single digit royalty percentage of applicable net sales. As of October 24, 2025, no Blackstone-funded Diabetes products have been commercially launched.

Each Blackstone Agreement is subject to termination by Blackstone or by us in certain circumstances described further below. Blackstone may terminate a Blackstone Agreement: (i) if we fail to make certain capital investments and are unable to manufacture sufficient quantities of the product, (ii) if we are enjoined from continuing product development or commercialization, (iii) if we acquire rights to a competing product to the applicable product in certain specified markets, or (iv) if certain specified fundamental changes to the Company, or to our rights to the product, occur. We may terminate any of the Blackstone Agreements for any reason by providing a specified amount of prior written notice to Blackstone. If we or Blackstone elect to terminate a Blackstone Agreement for one of the reasons described above, we will be required to make a termination payment to Blackstone of a multiple of the funded amounts under the applicable agreement, which may be up to $216 million for each such termination, and our royalty payment obligation under the affected agreement will also continue in certain termination circumstances. If we acquire rights to a competing product in certain specified markets, Blackstone has the option to terminate the Agreement and receive a termination payment from us equal to a multiple of the funded amounts under the applicable agreement, which may be up to $216 million for each such termination, or continue to be eligible for the royalty payments on the product subject to the Blackstone Agreement; provided that if the product subject to the Blackstone Agreement has already been submitted for regulatory approval for commercial use at the time the competing product is acquired and Blackstone elects to receive royalty payments, such royalty payments would apply to both the product subject to the Blackstone Agreement and the competing product. We or Blackstone may also terminate a Blackstone Agreement if the other party materially breaches the agreement, subject to customary notice and cure provisions, and in certain such termination circumstances, a payment to Blackstone of a multiple of the funded amounts would be required, which may be up to $216 million for each such termination. At the time of executing these contracts, the occurrence of such circumstances was deemed to be remote. We may also terminate a Blackstone Agreement if the relevant product is determined to be technically infeasible, although our royalty payment obligation to Blackstone will survive such termination.

During fiscal year 2025, by mutual agreement two co-development agreements with Blackstone were terminated. One agreement, for the development of an extended-wear infusion set with a built-in CGM and transmitter, was terminated for technical infeasibility prior to full funding, with no termination charges recorded within the combined financial statements. The obligation to pay Blackstone royalties on this product's net sales continues if the development and commercialization of this product are completed in the future. The other agreement was terminated following a contractual dispute with Blackstone related to the alleged acquisition of a competing product. To resolve the contractual dispute, we and Blackstone mutually agreed to terminate the agreement, and following the termination we were relieved of any continuing obligations under the agreement other than customary survival provisions. The Company recognized $165 million of certain litigation charges during fiscal year 2025 in connection with the resolution of the contractual dispute.

**13. Commitments and Contingencies** 

***Legal Matters***

The Company and its affiliates are involved in a number of legal actions from time to time involving product liability, employment, intellectual property and commercial disputes, shareholder related matters, environmental proceedings, tax disputes, and governmental proceedings and investigations, including those described below. With respect to governmental proceedings and investigations, like other companies in our industry, the Company is subject to extensive regulation by national, state, and local governmental agencies in the United States and in other jurisdictions in which the Company and its affiliates operate. As a result, interaction with governmental agencies is ongoing. The Company's standard practice is to cooperate with regulators and investigators in responding to inquiries. With respect to intellectual property disputes, the Company is involved in or at risk for litigation relating to patents, trademarks, copyrights, trade secrets, and other intellectual property (IP) rights, and licenses, acquisitions or other agreements relating to such rights. This litigation includes, but is not limited to, alleged infringement, misappropriation, or other violation of IP rights, or breach of obligations related to IP rights, or other claims asserted by competitors, individuals, or, consistent with a growing trend across technology-intensive industries, other entities created specifically to fund IP litigation. With respect to commercial disputes, antitrust and competition issues have

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gained increased prominence, enforcement and private litigation have increased globally, and the Company is involved in or at risk for antitrust litigation, investigations or enforcement actions regarding a range of commercial activities, including challenges to mergers and acquisition transactions, joint ventures, co-development or co-marketing arrangements, contracting practices, distribution agreements and employment agreements. The outcomes of legal actions are not within the Company's complete control and may not be known for prolonged periods of time. In some actions, the enforcement agencies or private claimants seek significant monetary damages and/or royalty payments, as well as other civil or criminal remedies (including injunctions barring or restricting the sale of products that are the subject of the proceeding, placing restrictions on competitive strategies or practices, or unwinding consummated transactions), any or all of which could have a material adverse impact on the Company's combined earnings, financial position, and/or cash flows.

The Company records a liability in the condensed combined financial statements on an undiscounted basis for loss contingencies related to legal actions when a loss is known or considered probable and the amount may be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a material loss is reasonably possible but not known or probable, and may be reasonably estimated, the estimated loss or range of loss is disclosed. When determining the estimated loss or range of loss, significant judgment is required. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages with incomplete scientific facts or legal discovery, involve unsubstantiated or indeterminate claims for damages, potentially involve penalties, fines or punitive damages, or could result in a change in business practice. During the six months ended October 24, 2025, the Company recognized $17 million of certain litigation charges. The Company recognized no certain litigation charges during the six months ended October 25, 2024. Accrued litigation charges at October 24, 2025 and April 25, 2025 were $17 million and $165 million, respectively. The ultimate cost to the Company with respect to accrued litigation could be materially different than the amount of the current estimates and accruals and could have a material adverse impact on the Company's combined earnings, financial position, and/or cash flows. The Company includes accrued litigation in *other accrued expenses* and *other liabilities* on the condensed combined balance sheets. While it is not possible to predict the outcome of the legal matters discussed below with certainty, the Company believes it is possible that the costs associated with these matters could have a material adverse impact on the Company's combined earnings, financial position, and/or cash flows, even in respect of those matters for which the Company believes that a potential loss is not currently probable.

*Diabetes Pump Retainer Ring Litigation*

Starting in fiscal year 2021, plaintiffs began filing lawsuits against the Company in U.S. state and federal courts seeking damages for alleged personal injuries caused by the Company's Series 600 insulin pumps with allegedly defective clear retainer rings that were subject to field corrective actions in 2019 and 2021. As of December 10, 2025, after a number of dismissals, there are seven lawsuits filed on behalf of 14 individuals in the U.S., six of which are coordinated in California State Court, Los Angeles County, and one of which is filed in U.S. District Court for the Western District of New York. In addition, in 2021 a purported class action lawsuit in Canada was filed against the Company in Ontario Superior Court that remains in early stages, with claims similar to those in the pending U.S. lawsuits. Plaintiffs' firms have also notified the Company that they may file additional lawsuits in the U.S. on behalf of over two thousand additional claimants, with claims similar to those in the pending U.S. lawsuits. Most of these potential claims are currently subject to tolling arrangements. The Company is also aware of inquiries made by certain state attorneys general regarding its Series 600 insulin pumps, including information relating to the field corrective actions in 2019 and 2021. During the six months ended October 24, 2025, the Company recorded a $17 million certain litigation charge in connection with certain of these pending and threatened claims and lawsuits. It is possible that the amount of the Company's ultimate liability could materially differ from the amount currently accrued. The Company is currently unable to estimate a reasonably possible loss or range of loss in excess of the amounts accrued.

*EOFlow International Arbitration*

In 2023, affiliates of the Company entered into agreements (Acquisition Agreements) to acquire EOFlow Co., Ltd. (EOFlow), a Korean company that had developed and commercialized insulin patch pump technology abroad.

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In mid-to-late 2023, it became apparent that EOFlow would be unable to meet multiple contractual obligations and closing conditions under the Acquisition Agreement. The Acquisition Agreements were terminated in late 2023. In mid-2024, EOFlow filed an arbitral claim against Medtronic before the Singapore International Arbitration Centre, asserting it is entitled to a $26 million break-up fee under the Acquisition Agreements and related letter agreements. The affiliates of the Company have asserted an arbitral counterclaim for EOFlow's breaches of contractual representations and warranties in the Acquisition Agreements. The Company has not recorded an expense in connection with this matter because the Company believes any potential loss is not currently probable.

*Witkin False Claims Act Matter*

In May 2011, a former sales representative filed a qui tam lawsuit against the Company in the U.S. District Court for the District of Massachusetts alleging violations of the False Claims Act in connection with sales of certain insulin pump products in the period from 2007 to 2014 and wrongful termination. The U.S. Department of Justice declined to intervene. The matter is currently proceeding with the nationwide phase of discovery after a several month stay while the Court evaluated the applicability of new precedent from the First Circuit Court of Appeals. The Company has not recorded an expense in connection with this matter because the Company believes any potential loss is not currently probable and reasonably estimable. Additionally, the Company is unable to reasonably estimate the range of loss, if any, that may result from this matter.

*Italian Payback Litigation*

In 2015, "payback" legislation was enacted in Italy requiring companies selling medical devices to make payments to the Italian state if Italy's medical device expenditures exceed annual regional maximum ceilings. The payment amounts are calculated based upon the amount by which the regional ceilings were exceeded for any given year. There has been significant scrutiny on the legality and enforceability of the payback law since its inception, and litigation challenging the law has been proceeding through the Italian Courts. Since the law was enacted, the Company has recognized an estimate for the amount of variable consideration. In connection with this matter, at October 24, 2025, $44 million was classified as *other liabilities,* and at April 25, 2025, $15 million and $38 million was classified as *accrued rebates* and *other liabilities*, respectively, in the condensed combined balance sheets. During the first quarter of fiscal year 2025, two rulings by the Constitutional Court of Italy found that the medical device payback law is constitutional. Therefore, the Company increased its liability pertaining primarily to certain prior years since 2015 by $20 million during the six months ended October 25, 2024, as a reduction to *net sales* in the condensed combined statements of loss. In June 2025, the Italian government published a legislative decree confirming a reduction of the amounts due for years 2015 to 2018. As a result, the Company decreased its liability pertaining to these years by $7 million during the six months ended October 24, 2025 as an increase to *net sales* in the condensed combined statements of loss. Discussions are ongoing between the Italian government and industry groups related to the applicability of this legislation for years 2019 and beyond, as such, it is possible that the amount of the Company's liability could materially differ from the amount currently accrued.

*Contract Termination with Blackstone*

As described in Note 12, Medtronic is party to various research and development funding arrangements with Blackstone, which are subject to certain termination provisions. During fiscal year 2025, the parties negotiated to resolve a contractual dispute under one of the Diabetes product funding arrangements. As a result of these negotiations, the parties mutually agreed to terminate the relevant agreement and the Company recognized $165 million of certain litigation charges in connection with the resolution. These charges were paid out in the six months ended October 24, 2025.

***Guarantees***

In the normal course of business, the Company and/or its affiliates periodically enter into agreements that require one or more of the Company and/or its affiliates to indemnify customers or suppliers for specific risks, such as claims for injury or property damage arising as a result of the Company or its affiliates' products, the negligence of the Company's personnel, or claims alleging that the Company's products infringe on third-party patents or other intellectual property. The Company also offers warranties on various products. The Company's maximum exposure

------

under these guarantees is unable to be estimated. Historically, the Company has not experienced significant losses on these types of guarantees.

As of October 24, 2025 and April 25, 2025, the Company has outstanding bid and performance bonds of approximately $62 million and $40 million, respectively, issued to guarantee certain contractual obligations. These bid and performance bonds have various terms and can be drawn upon early. No amounts have been drawn as of the October 24, 2025. The Company does not expect any material loss related to these guarantees.

The Company believes the ultimate resolution of the above guarantees is not expected to have a material effect on the Company's combined earnings, financial position, and/or cash flows.

**14. Segment and Geographic Data**

As described in Note 1, the primary products from which the Company derives its revenue include those focused on diabetes management, including insulin pumps, continuous glucose monitoring systems and sensors, and smart insulin pens. The Company manages its business activities on a consolidated basis and operates as one operating and reportable segment.

The Company's chief operating decision maker (CODM) is the EVP, President, Diabetes Operating Unit. The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using net income/loss. Income/loss from operations is also a measure that is considered when monitoring budget versus actual results. Significant expenses include cost of products sold, research and development expense, selling, general and administrative expenses, and certain litigation charges, which are each separately presented on the Company's condensed combined statements of loss. Other segment items include other operating expense (income), net, non-operating expense, net, and income tax provision.

***Geographic Information***

Net sales are attributed to the country based on the location of the customer taking possession of the products or in which the services are rendered. The following table presents net sales for the six months ended October 24, 2025 and October 25, 2024 for countries with significant concentrations and all other countries:

---

| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| United States <sup>(1)</sup> | $437 | $437 |
| Rest of world | 1038 | 867 |
| &nbsp;&nbsp;Total | $1475 | $1304 |

---

__________________

(1)U.S. includes the United States and U.S. territories.

**15. Related Party Transactions** 

The condensed combined financial statements have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting records of Medtronic. The following discussion summarizes activity between the Company and Medtronic.

***Allocation of General Corporate Expenses***

During the periods presented, the Company's operations were integrated with Medtronic and its affiliates, and the Company received services including, but not limited to finance and accounting, legal, information technology, employee benefits and incentives, and stock-based compensation. These condensed combined financial statements reflect charges for these services. When specific identification is not practicable, a proportional cost allocation method was utilized, depending on the nature of the services received. See Note 1 for a discussion of the methodology used to allocate corporate-related costs for purposes of preparing these condensed financial statements on a carve-out basis.

------

The major components of Medtronic corporate and shared expenses are as follows:

---

| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| Cost of products sold | $23 | $20 |
| Research and development expense | 15 | 15 |
| Selling, general, and administrative expenses | 138 | 130 |
| Other operating expense (income), net | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total**  | $180 | $169 |

---

***Net Transfers from Parent***

Net transfers from Parent are included within Net investment from Parent from the condensed combined statements of equity and within financing activities in the condensed combined statements of cash flows and represent the net effect of transactions between the Company and Medtronic. The reconciliation of net transfers to Parent between the condensed combined statements of changes in equity and the condensed combined statements of cash flows are as follows:

---

| | | |
|:---|:---|:---|
| | **Six months ended** | **Six months ended** |
| **(in millions)** | **October 24, 2025** | **October 25, 2024** |
| Net transfers from Parent per the Unaudited Condensed Combined Statements of Changes in Equity | $245 | $35 |
| Stock-based compensation expense | (26) | (22) |
| Multiemployer pension expense | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net transfers from Parent per the Unaudited Condensed Combined Statements of Cash Flows**  | $215 | $9 |

---

**16. Subsequent Events**

These condensed combined financial statements are derived from the consolidated financial statements of Medtronic plc, which issued its interim financial statements for the quarter ended October 24, 2025 on November 25, 2025. Accordingly, the Company has evaluated recognizable subsequent events through the date of November 25, 2025 and non-recognizable subsequent events through December 19, 2025, the date these condensed financial statements were available for issuance.

In December 2025, Management approved and committed to a plan to terminate a third-party manufacturing agreement. In conjunction with this plan, the Company expects to record pre-tax charges totaling $100 million to $120 million in the quarter ending January 23, 2026, primarily related to non-cash asset write-offs and cash-related third-party contract termination fees and transition costs.

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares**

![minimedlogoa.jpg](minimedlogoa.jpg)

**MiniMed Group, Inc.**

**Common Stock**

**PRELIMINARY PROSPECTUS**

---

| | | | |
|:---|:---|:---|:---|
| **Goldman Sachs & Co. LLC** | **BofA Securities** | **Citigroup** | **Morgan Stanley** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Barclays** | **Deutsche Bank Securities** | **Mizuho** | **Wells Fargo Securities** |
| **Evercore ISI** | **Evercore ISI** | **Piper Sandler** | **Piper Sandler** |
| **BTIG** | **BTIG** | **William Blair** | **William Blair** |

---

**Through and including &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This delivery is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .**

------

**PART II-INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 13. Other Expenses of Issuance and Distribution.**

The following table sets forth the various expenses, other than the underwriting discounts and commissions, payable by us in connection with the sale of the securities being registered hereby. All amounts shown are estimates except the SEC registration fee, the FINRA filing fee, and the exchange listing fee.

---

| | |
|:---|:---|
| | **Payable by the registrant** |
| SEC registration fee | \* |
| FINRA filing fee | \* |
| Exchange listing fee | \* |
| Printing and engraving expenses | \* |
| Legal fees and expenses | \* |
| Accounting fees and expenses | \* |
| Transfer agent and registrar fees and expenses | \* |
| Miscellaneous fees and expenses | \* |
| Total | \* |

---

__________________

\*To be furnished by amendment.

**Item 14. Indemnification of Directors and Officers.**

Section 145(a) of the DGCL provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by such person in connection with any threatened, pending, or completed actions, suits, or proceedings (other than an action by or in the right of the corporation) in which such person is made a party by reason of such person being or having been, among other things, a director, officer, employee, or agent of the corporation. Notwithstanding the foregoing, no person shall be indemnified in accordance with Section 145(a) of the DGCL unless such person acted in good faith and in a manner he or she reasonably believed was in or not opposed to the corporation's best interests, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.

Section 145(b) of the DGCL provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of any threatened, pending, or completed actions or suits by or in the right of the corporation to procure a judgment in its favor in which such person is made a party by reason of such person being or having been, among other things, a director, officer, employee, or agent of the corporation. Notwithstanding the foregoing, no person shall be indemnified in accordance with Section 145(b) of the DGCL unless such person acted in good faith and in a manner he or she reasonably believed was in or not opposed to the corporation's best interests, except that no indemnification shall be permitted without court approval if such person has been adjudged liable to the corporation.

Section 145(c) of the DGCL provides that, if a present or former director or "officer" (as used in Section 145(c)(1) of the DGCL) of the corporation has been successful in defense of any action, suit, or proceeding referred to in Sections 145(a) and (b) of the DGCL, or any claim, issue, or matter therein, the corporation must indemnify such person against the expenses (including attorneys' fees) he or she actually and reasonably incurred in connection therewith.

The DGCL provides that Section 145 is not exclusive of other rights to which those seeking indemnification may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors, or otherwise. Our amended and restated bylaws will provide that we must indemnify our current and former directors and officers to the fullest extent permitted by the DGCL.

------

Section 102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director or "officer" (as used in Section 102(b)(7) of the DGCL) of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except for liability of (1) a director or officer for any breach of the director's or officer's duty of loyalty to the corporation or its stockholders, (2) a director or officer for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) a director for unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL, (4) a director or officer for any transaction from which the director or officer derived an improper personal benefit, or (5) an officer in any action by or in the right of the corporation. Our amended and restated certificate of incorporation will provide for such limitation of liability.

We intend to maintain standard policies of insurance under which coverage is provided (1) to our current and former directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act and (2) to us with respect to payments which may be made by us to our current and former directors and officers pursuant to the above indemnification provision or otherwise as a matter of law. Our amended and restated bylaws will provide that we will indemnify our current and former directors and officers to the fullest extent permitted by the DGCL against liabilities that may arise by reason of their service to us and that we must also pay expenses incurred in defending any such proceeding in advance of its final disposition upon delivery of an undertaking by or on behalf of a current or former director or officer to repay all amounts so advanced if it should be determined ultimately that such person is not entitled to be indemnified under our amended and restated bylaws or otherwise.

The underwriting agreement, the form of which is filed as an exhibit to this registration statement, will provide for indemnification of our directors and officers by the underwriters against certain liabilities. These indemnification provisions may be sufficiently broad to permit indemnification of our directors and officers for liabilities (including reimbursement of expenses incurred) arising under the Securities Act.

**Item 15. Recent Sales of Unregistered Securities.**

In the three years preceding the filing of this registration statement, we have issued the following securities that were not registered under the Securities Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 27, 2025, the date of our incorporation, we issued 100 shares of our common stock to Medtronic Global Holdings S.C.A. pursuant to the exemption from registration in Section 4(a)(2) of the Securities Act because the offer and issuance of shares did not involve a public offering.

We will issue additional shares of our common stock to Medtronic in connection with the Separation, which will be made pursuant to the exemption from registration in Section 4(a)(2) of the Securities Act because the offer and issuance of the shares will not involve a public offering.

**Item 16. Exhibits and Financial Statement Schedules.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Exhibits: The list of exhibits set forth under "Exhibit Index" at the end of this registration statement is incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Financial Statement Schedules: Schedules are omitted because they are not required or because the information is provided elsewhere in the financial statements included in this registration statement.

**Item 17. Undertakings.**

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the

------

question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Description** |
| 1.1 | <u>[Form of Underwriting Agreement](exhibit11-sx1.htm)</u> |
| 3.1 | <u>[Form of Amended and Restated Certificate of Incorporation of M](exhibit31-sx1.htm)[iniMed](exhibit31-sx1.htm)[Group](exhibit31-sx1.htm)[, Inc.](exhibit31-sx1.htm)</u> |
| 3.2 | <u>[Form of Amended and Restated Bylaws of M](exhibit32-sx1.htm)[iniM](exhibit32-sx1.htm)[ed Group](exhibit32-sx1.htm)[, Inc.](exhibit32-sx1.htm)</u> |
| 5.1 | Opinion of Cleary Gottlieb Steen & Hamilton LLP \* |
| 10.1 | <u>[Form of Separation Agreement](exhibit101-sx1.htm)</u> |
| 10.2 | <u>[Form of Tax Matters Agreement](exhibit102-sx1.htm)</u> |
| 10.3 | <u>[Form of Employee Matters Agreement](exhibit103-sx1.htm)</u> |
| 10.4 | <u>[Form of](exhibit104-sx1.htm)[MGH-MM](exhibit104-sx1.htm)[Intellectual Property Cross-License Agreement](exhibit104-sx1.htm)</u> |
| 10.5 | <u>[Form of](exhibit105-sx1.htm)[MPLC-MHSS](exhibit105-sx1.htm)[Intellectual Property Cross-License Agreement](exhibit105-sx1.htm)</u> |
| 10.6 | <u>[Form of Transitional Trademark Cross-License Agreement](exhibit106-sx1.htm)</u> |
| 10.7 | <u>[Form of Trademark Co-Existence Agreement](exhibit107-sx1.htm)</u> |
| 10.8 | <u>[Form of Transition Services Agreement](exhibit108-sx1.htm)</u> |
| 10.9 | <u>[F](exhibit109-sx1.htm)[orm of Registration Rights Agreement](exhibit109-sx1.htm)</u> |
| 10.10 | Form of Equity Incentive Plan \*† |
| 10.11 | Form of Employee Stock Purchase Plan \*† |
| 10.12 | <u>[Integration, Supply and Distribution Agreement, dated as of July 31, 2024, by and between Abbott Diabetes Care, Inc. and Medtronic MiniMed, Inc.](exhibit1012-sx1.htm)</u> + |
| 10.13 | Form of Credit Agreement \* |
| 10.14 | <u>[Letter of Intent, dated March 21, 2025, by and between Que Dallara and Medtronic, Inc.](exhibit1014-sx1.htm)</u> † |
| 10.15 | <u>[Letter of Intent, dated May 28, 2025, by and between Chad Spooner and Medtronic, Inc.](exhibit1015-sx1.htm)</u> † |
| 10.16 | <u>[Letter of Intent, dated April 24, 2025, by and between Ali Dianaty and Medtronic, Inc.](exhibit1016-sx1.htm)</u> † |
| 10.17 | <u>[Letter of Intent, dated May 28, 2025, by and between Courtney Nelson Wills and Medtronic, Inc.](exhibit1017-sx1.htm)</u> † |
| 10.18 | <u>[Letter of Intent, dated May 23, 2025, by and between Gillian Chandrasena and Medtronic, Inc.](exhibit1018-sx1.htm)</u> † |
| 21.1 | <u>[Subsidiaries of M](exhibit211-sx1.htm)[iniMed Group](exhibit211-sx1.htm)[, Inc.](exhibit211-sx1.htm)</u> |
| 23.1 | <u>[Consent of PricewaterhouseCoopers LLP](exhibit231-sx1.htm)</u> |
| 23.2 | Consent of Cleary Gottlieb Steen & Hamilton LLP (contained in its opinion filed as Exhibit 5.1 hereto) \* |
| 24.1 | Power of Attorney (included on the signature page to this registration statement) \* |
| 107.1 | <u>[Filing Fee Table](minimedfilingfees.htm)</u> |

---

__________________

\*To be filed by amendment.

†Indicates management contract or compensatory plan.

+Certain portions of the exhibit have been redacted pursuant to Item 601(b)(10) of Regulation S-K. The registrant agrees to furnish supplementally an unredacted copy of the exhibit to the SEC upon its request.

#Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon its request.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Northridge, State of California on December 19, 2025.

---

| | |
|:---|:---|
| **MiniMed Group, Inc.** | **MiniMed Group, Inc.** |
| By: | /s/ Que Dallara |
| Name: | Que Dallara |
| Title: | Chief Executive Officer and Director Nominee |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
| | **Signature** | **Title** | **Date** |
| By: | /s/ Que Dallara | Chief Executive Officer and Director Nominee | December 19, 2025 |
|  | Que Dallara | (Principal Executive Officer) | December 19, 2025 |
| By: | /s/ Chad Spooner | Chief Financial Officer | December 19, 2025 |
|  | Chad Spooner | (Principal Financial Officer) | December 19, 2025 |
| By: | /s/ John Gyurci | Chief Accounting Officer | December 19, 2025 |
|  | John Gyurci | (Principal Accounting Officer) | December 19, 2025 |
| By: | /s/ Brian Sandstrom | Sole Director | December 19, 2025 |
|  | Brian Sandstrom |  | December 19, 2025 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MiniMed Group, Inc.**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common Stock | 457(o) | $100000000.00 | 0.0001381 | $13810.00 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $100000000.00  |  | $13810.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $13810.00  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> (a) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended. (b) Includes the aggregate offering price of additional shares that the underwriters have the option to purchase.

---

| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---

## Exhibit 1.1

**Exhibit 1.1**

**MiniMed Group, Inc.**

**Common Stock, par value $0.01 per share**

__________

**<u>Form of Underwriting Agreement</u>**

__________

Goldman Sachs & Co. LLC,

BofA Securities, Inc.

As representatives (the "Representatives") of the several Underwriters

named in Schedule I hereto,

c/o Goldman Sachs & Co. LLC

200 West Street,

New York, New York 10282

c/o BofA Securities, Inc.

One Bryant Park

New York, New York 10036

Ladies and Gentlemen:

MiniMed Group, Inc., a Delaware corporation (the "Company"), proposes, subject to the terms and conditions stated in this agreement (this "Agreement"), to issue and sell to the Underwriters named in Schedule I hereto (the "Underwriters") an aggregate of __________ shares (the "Firm Shares") and, at the election of the Underwriters, up to __________ additional shares (the "Optional Shares") of common stock, par value $0.01 per share (the "Stock"), of the Company (the Firm Shares and the Optional Shares that the Underwriters elect to purchase pursuant to Section 2 hereof being collectively called the "Shares").

As used in this Agreement, the "Separation" refers to (i) the acquisition by, or other transfer to, the Company of the assets and liabilities of the Diabetes Operating Unit owned by Medtronic plc and its subsidiaries prior to the completion of the offering of the Shares hereunder as described in the Registration Statement, the Pricing Prospectus and the Prospectus (as such terms are defined below) under the caption "The Separation and Divestment Transactions—The Separation" and (ii) the execution by the Company and Medtronic plc of the agreements set forth in Schedule IV hereto (the "Separation Documents") prior to the completion of the offering of the Shares hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company represents and warrants to, and agrees with, each of the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;A registration statement on Form S–1 (File No. 333-__________) (the "Initial Registration Statement") in respect of the Shares has been filed with the Securities and Exchange Commission (the "Commission"); the Initial Registration Statement and any post-effective amendment thereto, each in the form heretofore delivered to the Representatives, have been declared effective by the Commission in such form; other than a registration statement, if any, increasing the size of the offering (a "Rule 462(b) Registration Statement"), filed pursuant to Rule 462(b) under the Securities Act of 1933,

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as amended (the "Act"), which became effective upon filing, no other document with respect to the Initial Registration Statement has been filed with the Commission; and no stop order suspending the effectiveness of the Initial Registration Statement, any post-effective amendment thereto or the Rule 462(b) Registration Statement, if any, has been issued and no proceeding for that purpose or pursuant to Section 8A of the Act has been initiated or, to the Company's knowledge, threatened by the Commission (any preliminary prospectus included in the Initial Registration Statement or filed with the Commission pursuant to Rule 424(a) of the rules and regulations of the Commission under the Act is hereinafter called a "Preliminary Prospectus"; the various parts of the Initial Registration Statement and the Rule 462(b) Registration Statement, if any, including all exhibits thereto and including the information contained in the form of final prospectus filed with the Commission pursuant to Rule 424(b) under the Act in accordance with Section 5(a) hereof and deemed by virtue of Rule 430A under the Act to be part of the Initial Registration Statement at the time it was declared effective, each as amended at the time such part of the Initial Registration Statement became effective or such part of the Rule 462(b) Registration Statement, if any, became or hereafter becomes effective, are hereinafter collectively called the "Registration Statement"; the Preliminary Prospectus relating to the Shares that was included in the Registration Statement immediately prior to the Applicable Time (as defined in Section 1(a)(iii) hereof) is hereinafter called the "Pricing Prospectus"; such final prospectus, in the form first filed pursuant to Rule 424(b) under the Act, is hereinafter called the "Prospectus"; any oral or written communication with potential investors undertaken in reliance on Rule 163B under the Act is hereinafter called a "Testing-the-Waters Communication"; and any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Act is hereinafter called a "Written Testing-the-Waters Communication"; and any "issuer free writing prospectus" as defined in Rule 433 under the Act relating to the Shares is hereinafter called an "Issuer Free Writing Prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;(A) No order preventing or suspending the use of any Preliminary Prospectus or any Issuer Free Writing Prospectus has been issued by the Commission, and (B) each Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the applicable requirements of the Act and the rules and regulations of the Commission thereunder, and did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information (as defined in Section 9(b) of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this Agreement, the "Applicable Time" is __________ p.m. (Eastern time) on the date of this Agreement; the Pricing Prospectus, as supplemented by the information listed on Schedule II hereto, taken together (collectively, the "Pricing Disclosure Package"), as of the Applicable Time, did not, and as of each Time of Delivery (as defined in Section 4(a) of this Agreement) will not, include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Free Writing Prospectus and each Written Testing-the-Waters Communication does not conflict with the information contained in the Registration Statement, the Pricing Prospectus or the Prospectus, and each Issuer Free Writing Prospectus and each Written Testing-the-

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Waters Communication, as supplemented by and taken together with the Pricing Disclosure Package, as of the Applicable Time, did not, and as of each Time of Delivery, will not, include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to statements or omissions made in reliance upon and in conformity with the Underwriter Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement conforms, and the Prospectus and any further amendments or supplements to the Registration Statement and the Prospectus will conform, in all material respects to the applicable requirements of the Act and the rules and regulations of the Commission thereunder and do not and will not, as of the applicable effective date as to each part of the Registration Statement, as of the applicable filing date as to the Prospectus and any amendment or supplement thereto, and as of each Time of Delivery, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any subsidiary of the Company has, since the date of the latest audited financial statements included in the Pricing Prospectus, (i) sustained any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, in each case otherwise than as set forth or contemplated in the Pricing Prospectus, that is material to the Company and its subsidiaries, taken as a whole or (ii) entered into any transaction or agreement (other than the Separation Documents and any other transactions or agreements related to the Separation), in each case otherwise than as set forth or contemplated in the Pricing Prospectus (whether or not in the ordinary course of business), that is material to the Company and its subsidiaries, taken as a whole, or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries, taken as a whole, in each case otherwise than as set forth or contemplated in the Pricing Prospectus; and, since the respective dates as of which information is given in the Registration Statement and the Pricing Prospectus, there has not been (x) any change in the capital stock of the Company (other than as a result of (i) the exercise, if any, of stock options or the award, if any, of stock options, restricted stock units or restricted stock in the ordinary course of business pursuant to the Company's equity incentive plans that are described in the Pricing Prospectus and the Prospectus, (ii) the repurchase of shares of capital stock of the Company upon termination of the holder's employment or service with the Company pursuant to agreements providing for an option to repurchase or a right of first refusal on behalf of the Company or (iii) the issuance, if any, of capital stock of the Company upon the exercise or conversion of Company securities as described in the Pricing Prospectus and the Prospectus), (y) any increase in long-term debt of the Company or any of its subsidiaries, otherwise than as set forth or contemplated in the Pricing Prospectus, or (z) any Material Adverse Effect (as defined below); as used in this Agreement, "Material Adverse Effect" shall mean any material adverse change or effect in or affecting (i) the business, properties, general affairs, management, financial position, prospects, stockholders' equity or results of operations of the Company and its subsidiaries, taken as a whole, except as set forth or contemplated in the Pricing Prospectus, or (ii) the

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ability of the Company to perform its obligations under this Agreement, including the issuance and sale of the Shares, or to consummate the transactions contemplated in the Pricing Prospectus and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;The Company and its subsidiaries have good and marketable title in fee simple to all real property and good and marketable title to all personal property owned by them (other than with respect to Intellectual Property (as defined below), ownership and usage rights to which are addressed exclusively in Section 1(xxv)), in each case free and clear of all liens, encumbrances and defects except such as are described in the Pricing Prospectus or such as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and any real property and buildings held under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases (subject to the effects of (i) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors generally, (ii) the application of general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether enforcement is considered in proceedings at law or in equity) and (iii) applicable law and public policy with respect to rights to indemnity and contribution) with such exceptions as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its subsidiaries has been (i) duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization (to the extent the concept of good standing or an equivalent concept is applicable in such jurisdictions), with power and authority (corporate and other) to own its properties and conduct its business as described in the Pricing Prospectus, and (ii) duly qualified as a foreign corporation, limited liability company or other entity type, as applicable, for the transaction of business and is in good standing under the laws of each other jurisdiction (to the extent the concept of good standing or an equivalent concept is applicable in such jurisdictions) in which it owns or leases properties or conducts any business so as to require such qualification, except, in the case of this clause (ii), where the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;The Company has an authorized capitalization as set forth in the Pricing Prospectus and all of the issued shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable and conform in all material respects to the description of the Stock contained in the Pricing Disclosure Package and Prospectus; and all of the issued shares of capital stock of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and (except, in the case of any foreign subsidiary, for directors' qualifying shares) are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;The Shares to be issued and sold by the Company to the Underwriters hereunder have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable and will conform in all material respects to the description of the Stock contained in the Pricing Disclosure Package and the Prospectus; and the issuance of the Shares is not subject to any preemptive or similar rights;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;The issue and sale of the Shares and the compliance by the Company with this Agreement and the Company's consummation of the transactions contemplated in this Agreement and the Pricing Prospectus will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, (A) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (B) the certificate of incorporation or by-laws (or other applicable organizational document) of the Company or any of its subsidiaries or (C) any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties, except, in the case of clauses (A) and (C) for such defaults, breaches or violations that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issue and sale of the Shares or the Company's consummation of the transactions contemplated by this Agreement, except (i) such as have been obtained under the Act, (ii) the approval by the Financial Industry Regulatory Authority ("FINRA") of the underwriting terms and arrangements, (iii) such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Shares by the Underwriters or (iv) where the failure to obtain any such consents, approvals, authorizations, orders, registrations or qualifications would not materially impair the ability of the Company to issue and sell the Shares or to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of its subsidiaries is (i) in violation of its certificate of incorporation or by-laws (or other applicable organizational document), (ii) in violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties, or (iii) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound, except, in the case of the foregoing clauses (ii) and (iii), for such violations or defaults as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;The statements set forth in the Pricing Prospectus and Prospectus under the caption "Description of Capital Stock", insofar as they purport to constitute a summary of the terms of the Stock, under the captions "Certain Relationships and Related Person Transactions—Agreements to be Entered into in Connection with the Separation," "Material U.S. Federal Income Tax Considerations for Non-U.S. Holders of our Common Stock" and "Underwriting", insofar as they purport to describe the provisions of the laws and documents referred to therein subject to the qualifications, exceptions, assumptions and limitations described therein, are accurate in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;Other than as set forth in the Pricing Prospectus, to the Company's knowledge, there are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings pending to which the

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Company or any of its subsidiaries or any officer or director of the Company, is a party or of which any property of the Company or any of its subsidiaries or any officer or director of the Company, is the subject which, if determined adversely to the Company or any of its subsidiaries (or such officer or director), would individually or in the aggregate have a Material Adverse Effect; and, to the Company's knowledge, no such proceedings are threatened or contemplated by governmental authorities or others; there are no current or pending Actions that are required under the Act to be described in the Registration Statement or the Pricing Prospectus that are not so described therein; and there are no contracts or other documents that are required under the Act to be filed as exhibits to the Registration Statement or described in the Registration Statement, the Pricing Prospectus that are not so filed as exhibits to the Registration Statement or described in the Registration Statement and the Pricing Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;The Company is not and, after giving effect to the offering and sale of the Shares and the application of the proceeds thereof, will not be an "investment company", as such term is defined in the Investment Company Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;At the time of filing the Initial Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that the Company or any offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Act) of the Shares, and at the date hereof, the Company was not and is not an "ineligible issuer," as defined under Rule 405 under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers LLP, who have audited certain combined financial statements of the Diabetes Business of Medtronic plc, are independent public accountants as required by the Act and the rules and regulations of the Commission thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;The Company maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) that (i) complies with the requirements of the Exchange Act applicable to the Company, (ii) has been designed by the Company's principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") and (iii) is sufficient to provide reasonable assurance that (A) transactions are executed in accordance with management's general or specific authorization, (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets, (C) access to assets is permitted only in accordance with management's general or specific authorization and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and the Company's internal control over financial reporting is effective and the Company is not aware of any material weaknesses in its internal control over financial reporting (it being understood that nothing in this Agreement shall require the Company to comply with Section 404 of the Sarbanes Oxley Act of 2002, as amended, and the rules and regulations promulgated in connection therewith (the "Sarbanes-Oxley Act") as of an earlier date than it would otherwise be required to so comply under applicable law);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp; Since the date of the latest audited financial statements included in the Pricing Prospectus, there has been no change in the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)&nbsp;&nbsp;&nbsp;&nbsp;The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that comply with the requirements of the Exchange Act applicable to the Company; such disclosure controls and procedures have been designed to ensure that material information relating to the Company and its subsidiaries is made known to the Company's principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement has been duly authorized, executed and delivered by the Company; and the Separation Documents have been duly authorized by the Company and each subsidiary of the Company, to the extent applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries nor, to the knowledge of the Company, any employee, agent, affiliate or other person acting on behalf of the Company or any of its subsidiaries has (i) made, offered, promised or authorized any unlawful contribution, gift, entertainment or other unlawful expense (or taken any act in furtherance thereof); (ii) made, offered, promised or authorized any direct or indirect unlawful payment; or (iii) violated in any material respect or is in material violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or the rules and regulations thereunder, the Bribery Act 2010 of the United Kingdom or any other applicable anti-corruption, anti-bribery or related law, statute or regulation (collectively, "Anti-Corruption Laws"); the Company and its subsidiaries have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote compliance with such laws; neither the Company nor any of its subsidiaries will use, directly or indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of Anti-Corruption Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with the requirements of applicable anti-money laundering laws, including, but not limited to, the Bank Secrecy Act of 1970, as amended by the USA PATRIOT ACT of 2001, and the rules and regulations promulgated thereunder, and the anti-money laundering laws of the various jurisdictions in which the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulation or guidelines issued, administered or enforced by any governmental agency (collectively, the "Money Laundering Laws") and, to the knowledge of the Company, no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries nor, to the knowledge of the Company, any employee, agent, affiliate or other person acting on behalf of the Company or any of its subsidiaries is (i) currently the target of any sanctions administered or enforced by the

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U.S. Government, including the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, and including, without limitation, the designation as a "specially designated national," or "blocked person," the European Union, His Majesty's Treasury, or the United Nations Security Council (collectively, "Sanctions"), or (ii) located, organized, or resident in a country or territory that is the target of comprehensive country- or territory-wide Sanctions (as of the date hereof, Cuba, Iran, North Korea, and the Crimea, so-called Donetsk People's Republic, and so-called Luhansk People's Republic regions of Ukraine) (each a "Sanctioned Jurisdiction"). The Company will not directly or knowingly indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity for the purpose of (i) funding or facilitating any activities of or business with any person, or in any Sanctioned Jurisdiction, or (ii) in any other manner that will, in each case, result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. Neither the Company nor any of its subsidiaries is engaged in, or has, at any time since April 24, 2019, engaged in, any dealings or transactions with or involving any individual or entity that was or is, as applicable, at the time of such dealing or transaction, the subject or target of Sanctions or with any Sanctioned Jurisdiction, in each case, in violation of Sanctions; the Company and its subsidiaries have instituted, and maintain, policies and procedures reasonably designed to promote continued compliance with Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) The financial statements included in the Registration Statement, the Pricing Prospectus and the Prospectus, together with the related schedules and notes, present fairly in all material respects the financial position of the Diabetes Business of Medtronic plc, at the dates indicated and the statements of loss, comprehensive loss, equity and cash flows of the Company and its subsidiaries for the periods specified; said financial statements have been prepared in conformity with U.S. GAAP applied on a consistent basis throughout the periods involved. The supporting schedules, if any, present fairly in all material respects in accordance with U.S. GAAP the information required to be stated therein. The selected financial data and the summary financial information included in the Registration Statement, the Pricing Prospectus and the Prospectus present fairly in all material respects the information shown therein. Except as included therein, no historical or pro forma financial statements or supporting schedules are required to be included in the Registration Statement, the Pricing Prospectus or the Prospectus under the Act or the rules and regulations promulgated thereunder. All disclosures contained in the Registration Statement, the Pricing Prospectus and the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Act, to the extent applicable. The pro forma financial information and related notes thereto included in the Registration Statement, the Pricing Prospectus and the Prospectus have been prepared in all material respects in accordance with the applicable requirements of the Act, and the assumptions underlying such pro forma financial information provide a reasonable basis for presenting the significant effects of the events described therein (including the Separation) and are set forth in the Registration Statement, the Pricing Prospectus and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) the Company and each of its subsidiaries own,

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possess, license, or have rights to use on reasonable terms all patents, inventions, trademarks, service marks, trade names, trade dress, domain names, copyrights, works of authorship, social media identifiers and accounts and all other source indicators know-how, rights in software, technology, databases and source code (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures) and all other intellectual property and similar proprietary rights in any jurisdiction throughout the world (including all goodwill associated with and all registrations of and applications for registration of, the foregoing) (collectively, "Intellectual Property") necessary for the conduct of the Company's and its subsidiaries' businesses as now conducted and as proposed to be conducted in the Registration Statement, the Pricing Prospectus and the Prospectus, and such Intellectual Property, to the knowledge of the Company, is owned or licensed free and clear of all liens, encumbrances, defects and other restrictions; (ii) to the knowledge of the Company, the Intellectual Property rights owned or exclusively licensed by the Company and its subsidiaries are valid, subsisting and enforceable; (iii) to the knowledge of the Company, neither the Company nor any of its subsidiaries, nor the conduct of their respective businesses, infringes, misappropriates or otherwise violates, or has infringed, misappropriated or otherwise violated, any valid Intellectual Property rights of any third party; (iv) there is no pending or, to the Company's knowledge, threatened in writing, action, suit, proceeding or claim (A) challenging the ownership, validity, scope or enforceability of any Intellectual Property owned or exclusively licensed by the Company or any of its subsidiaries or (B) alleging that the Company or any of its subsidiaries has infringed, misappropriated or otherwise violated any valid Intellectual Property rights of any third party; (v) to the knowledge of the Company, no third party is infringing, misappropriating or otherwise violating any Intellectual Property owned or exclusively licensed by the Company or any of its subsidiaries; (vi) each employee and contractor engaged in the development of Intellectual Property for or on behalf of the Company or any subsidiary of the Company is obligated to assign or has assigned all of their right, title and interest in and to such developed Intellectual Property to the Company or the applicable subsidiary (to the extent such rights do not vest in the Company by operation of law), and to the Company's knowledge, no such assignment has been breached or violated; and (vii) the Company and its subsidiaries take, and have taken, commercially reasonable steps in accordance with customary industry practice to maintain the confidentiality of all trade secrets, the value of which to the Company or any of its subsidiaries is contingent upon maintaining the confidentiality thereof, and other confidential information owned or controlled by the Company or any of its subsidiaries, and no such confidential Intellectual Property rights have been disclosed other than to employees, representatives and agents of the Company or any of its subsidiaries, all of whom are bound by written confidentiality agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) the Company and its subsidiaries own or have a valid right to access and use all information technology assets, including equipment, computers, systems, networks, hardware, software, websites, applications, data and databases (collectively, "IT Systems") necessary for the operation of the business of the Company and its subsidiaries as currently conducted (taking into account the size and type of business of the Company); (ii) such IT Systems (A) are adequate for, and operate and perform as required in connection with the operation of the business of the Company and its subsidiaries as currently conducted (taking into

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account the size and type of business of the Company), and (B) have not malfunctioned or failed; (iii) to the knowledge of the Company, the IT Systems controlled by the Company and its subsidiaries are free and clear of all bugs, errors, defects, Trojan horses, time bombs, back doors, drop dead devices, malware and other corruptants, (iv) the Company and its subsidiaries have implemented and maintained reasonable technical and organizational measures designed to protect the IT Systems controlled by the Company and its subsidiaries and data (including all personal, personally identifiable, sensitive, confidential or regulated data and information ("Personal Data")) used or held in connection with the operation of the businesses of the Company and its subsidiaries; (v) without limiting the foregoing, the Company and its subsidiaries have used commercially reasonable efforts to establish and maintain, and have established, implemented, maintained and complied with, commercially reasonable information technology, information security, cybersecurity and data protection controls, policies, procedures, and physical safeguards (including, without limitation, implementing and monitoring compliance with adequate measures with respect to technical and physical security, including disaster recovery plans) designed to protect against and prevent breach, destruction, loss, unauthorized distribution, use, access, disablement, misappropriation, modification, disclosure or other compromise or misuse of or relating to any IT Systems controlled by the Company and its subsidiaries and data (including Personal Data) used or held in connection with the operation of the Company's and its subsidiaries' respective businesses ("Breach"); and (vi) to the knowledge of the Company, there has been no such Breach, and the Company and its subsidiaries have not been notified in writing of, and have no actual knowledge of any event or condition that would reasonably be expected to result in, any such Breach. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company and its subsidiaries have complied, and are presently in compliance, with all applicable laws and statutes, (including, for the avoidance of doubt, HIPAA and state breach notification laws) and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, external privacy policies, contractual obligations and any other legal obligations, in each case, relating to the collection, use, transfer, import, export, storage, protection, privacy, security, disposal, disclosure and other processing by the Company or any of its subsidiaries of IT Systems and data (including Personal Data) ("Data Security Obligations"). Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company and its subsidiaries have not received any written notification of or complaint regarding any non-compliance with any Data Security Obligation by the Company or any of its subsidiaries. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, neither the Company nor any of its subsidiaries is party to any action, suit, investigation or proceeding by or before any court or governmental agency, authority or body pending or, to the knowledge of the Company, threatened, alleging non-compliance with any Data Security Obligation by the Company or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) No forward-looking statement (within the meaning of Section 27A of the Act and Section 21E of the Exchange Act) included in any of the Registration Statement, the Pricing Prospectus or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) Nothing has come to the attention of the Company that has caused the Company to believe that the statistical and market-related data included in each of the

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Registration Statement, the Pricing Prospectus and the Prospectus is not based on or derived from sources that are reliable and accurate in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) To the extent applicable to the Company on the date hereof, there is and has been no failure on the part of the Company or, to the Company's knowledge, any of the Company's directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act, including Section 402 related to loans and Sections 302 and 906 related to certifications (it being understood that nothing in this Agreement shall require the Company to comply with Section 404 of the Sarbanes Oxley Act as of an earlier date than it would otherwise be required to so comply under applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) Neither the Company nor any of its affiliates has taken or will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in the stabilization or manipulation of the price of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) The Company and each of its subsidiaries have such permits, licenses, approvals, consents, franchises, certificates of need and other approvals or authorizations of governmental or regulatory authorities ("Permits") as are necessary under applicable law to own their respective properties and conduct their respective businesses in the manner described in the Registration Statement, the Pricing Prospectus and the Prospectus, except for any of the foregoing that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has received notice of any proceedings related to the revocation or modification of any such Permits that, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) The Company and its subsidiaries, taken as a whole, are insured (including self-insured) against such losses and risks and in such amounts as the Company believes in good faith are prudent and customary in the businesses in which they are engaged and as required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) (A) The execution and delivery by the Company of, and the performance by the Company of its obligations under, the Separation Documents will not contravene (i) any provision of applicable law or the certificate of incorporation or by-laws of the Company, (ii) any agreement or other instrument binding upon the Company or any of its subsidiaries (except to the extent such contravention would not, individually or in the aggregate, have a Material Adverse Effect), or (iii) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any subsidiary, and (B) no consent, approval, authorization or order of, or qualification with, any U.S. federal, state or local governmental body or agency is required for the performance by the Company of its obligations under the Separation Documents, except for such consents, approvals, authorizations, orders or qualifications (1) as have been obtained, (2) as may be required under the Act, (3) as may be required by FINRA, (4) as has been obtained and as may be required to be obtained by the Company under the securities or Blue Sky laws of the various states in connection with the offer and sale of the Shares or (5) the failure of which to obtain would not would not, individually or in the aggregate, have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, (i) the Company and its subsidiaries (A) are, and have been, in compliance with any and all applicable foreign, federal, state and local laws (including

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common law), regulations, requirements, decisions, orders, decrees, binding agreements, judgements and consents relating to the protection of the environment or natural resources, pollution, or the release, threatened release, storage, manufacturing, treatment, processing, distribution, disposal, use, or generation of or exposure to hazardous or toxic substances, wastes, pollutants, chemicals or contaminants, including petroleum or petroleum products, per- and polyfluoroalkyl substances, asbestos or mold ("Hazardous Materials") or human health and safety (collectively, "Environmental Laws"), (B) have received all permits, licenses or other approvals required of them under applicable Environmental Laws ("Environmental Permits") to conduct their respective businesses, and are and have been in compliance with all terms and conditions of any such Environmental Permit, (C) are not conducting or paying for, and to the knowledge of the Company, there are no events or circumstances that have formed or could reasonably be expected to form the basis of any obligation for the Company or its subsidiaries to conduct or pay for, any investigation, remediation or corrective action, at any location pursuant to any Environmental Law and (D) there is no pending, or to the Company's knowledge, threatened notice, complaint, action, suit, proceeding, investigation or claim arising under or relating to any Environmental Law, Environmental Permit or Hazardous Materials, and (ii) there are no costs, obligations or liabilities associated with Hazardous Materials or arising under or relating to any Environmental Law or Environmental Permit, except, in the case of the foregoing clauses (i) and (ii), as would not, individually or in the aggregate, have a Material Adverse Effect; (iii) there are no proceedings pending or, to the knowledge of the Company, contemplated against the Company or its subsidiaries under Environmental Laws in which a government authority is also a party, other than such proceedings regarding which the Company reasonably believes no monetary sanctions of $300,000 or more will be imposed by such government authority; and (iv) the Company is not aware of any facts or issues regarding compliance with Environmental Laws that would reasonably be expected to have a material effect on the capital expenditures, earnings or competitive position of the Company and its subsidiaries, taken as a whole, and none of the Company and its subsidiaries anticipate incurring any material capital expenditures to comply with any Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) Except as would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect or except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, neither the Company, nor the Company's business operations (including, without limitation, any Studies (as defined below) and the manufacturing of the Company's products), is in violation of any Health Care Laws. For purposes of this Agreement, "Health Care Laws" means (A) all federal and state fraud and abuse laws, including, but not limited to, the federal Anti-Kickback Statute (42 U.S.C. §1320a-7(b)), the Stark Law (42 U.S.C. §1395nn and §1395(q)), the Anti-Inducement Law (42 U.S.C. § 1320a-7a(a)(5)), the civil False Claims Act (31 U.S.C. §3729 et seq.), the administrative False Claims Law (42 U.S.C. § 1320a-7b(a)), the exclusion laws (42 U.S.C. § 1320a-7), the civil monetary penalty laws (42 U.S.C. § 1320a-7a) and the regulations promulgated pursuant to such statutes, (B) the Health Insurance Portability and Accountability Act of 1996 (Pub. L. No. 104-191) and the Health Information Technology for Economic and Clinical Health Act of 2009, and the regulations promulgated thereunder and comparable state privacy and security laws, (C) Medicare (Title XVIII of the Social Security Act) and the regulations promulgated thereunder, (D) Medicaid (Title XIX of the Social Security Act) and the regulations promulgated thereunder, (E) the Federal Food, Drug, and Cosmetic Act (21 U.S.C. § 301 et seq.) and the regulations

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promulgated pursuant thereto, (F) quality, safety and accreditation standards and requirements of all applicable state laws or regulatory bodies and (G) any and all other applicable health care laws or regulations pertaining to the subject matter of any of (A) through (G) as may be amended from time to time. Except as would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect or except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not received notice of any material noncompliance with any applicable Health Care Law nor of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any governmental agency or body alleging that any product, operation or activity is in violation of any applicable Health Care Law or Permit and has no knowledge that any such governmental agency or body is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding, and the Company has not received notice, either verbally or in writing, that any governmental agency or body has taken, is taking or intends to take action to limit, suspend, modify or revoke any permits and has no knowledge that any such governmental agency or body is considering such action, except for any of the foregoing that would not reasonably be expected to result in a Material Adverse Effect. Except as would not be expected, individually or in the aggregate, to result in a Material Adverse Effect, the Company has filed, maintained or submitted all reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments ("Submissions") as required by any applicable Health Care Laws, and all such Submissions were accurate on the date filed (or were corrected or supplemented by a subsequent submission).

The preclinical studies, clinical trials and tests conducted or sponsored by or on behalf of the Company, or in which the Company has participated with respect to their products or product candidates, including without limitation, any such studies, tests and trials that are described in, or the results of which are referred to in, the Registration Statement, the Pricing Prospectus, and the Prospectus (collectively "Studies") and each description of such Studies, and the results thereof, contained in the Registration Statement, the Pricing Prospectus and the Prospectus is accurate in all material respects, and the Company has no knowledge of any other studies or tests, the results of which are inconsistent with, or otherwise call into question, the results described or referred to in the Registration Statement, the Pricing Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) Except as otherwise disclosed in the Registration Statement, the Pricing Prospectus or the Prospectus, the Company and each of its subsidiaries have filed all U.S. federal and other material tax returns that are required to be filed by the relevant entity (subject to permitted exceptions) or have requested extensions thereof, except in any case in which the failure to so file would not reasonably be expected to, in the aggregate, have a Material Adverse Effect; and except as otherwise disclosed in the Registration Statement, the Pricing Prospectus or the Prospectus, the Company and its subsidiaries have paid all taxes required to be paid by them, except for (i) any such taxes, assessments, fines or penalties currently being contested in good faith and for which adequate reserves have been recorded in accordance with GAAP or (ii) as would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) Neither the Company nor any of its subsidiaries is a "covered foreign person," as that term is defined in 31 C.F.R. § 850.209. Neither the Company nor any of its

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subsidiaries currently engage, or have plans to engage, directly or indirectly, in a covered activity, as that term is defined in 31 C.F.R. § 850.208.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions herein set forth, (a) the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at a purchase price per share of $__________, the number of Firm Shares set forth opposite the name of such Underwriter in Schedule I hereto and (b) in the event and to the extent that the Underwriters shall exercise the election to purchase Optional Shares as provided below, the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at the purchase price per share set forth in clause (a) of this Section 2 (provided that the purchase price per Optional Share shall be reduced by an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Optional Shares), that portion of the number of Optional Shares as to which such election shall have been exercised (to be adjusted by the Representatives so as to eliminate fractional shares) determined by multiplying such number of Optional Shares by a fraction, the numerator of which is the maximum number of Optional Shares which such Underwriter is entitled to purchase as set forth opposite the name of such Underwriter in Schedule I hereto and the denominator of which is the maximum number of Optional Shares that all of the Underwriters are entitled to purchase hereunder.

The Company hereby grants to the Underwriters the right to purchase at their election up to __________ Optional Shares, at the purchase price per share set forth in the paragraph above, for the sole purpose of covering sales of shares in excess of the number of Firm Shares; provided that the purchase price per Optional Share shall be reduced by an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Optional Shares. Any such election to purchase Optional Shares may be exercised only by written notice from the Representatives to the Company, given within a period of 30 calendar days after the date of this Agreement and setting forth the aggregate number of Optional Shares to be purchased and the date on which such Optional Shares are to be delivered, as determined by the Representatives but in no event (i) earlier than the First Time of Delivery (as defined in Section 4 hereof) or (ii) unless the Representatives and the Company otherwise agree in writing, earlier than one or later than ten business days after the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Upon the authorization by the Representatives of the release of the Shares, the several Underwriters propose to offer the Shares for sale upon the terms and conditions set forth in the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shares to be purchased by each Underwriter hereunder, in definitive or book-entry form, and in such authorized denominations and registered in such names as the Representatives may request upon at least twenty-four hours' prior notice to the Company shall be delivered by or on behalf of the Company to the Representatives, through the facilities of the Depository Trust Company ("DTC"), for the account of such Underwriter, against payment by or on behalf of such Underwriter of the purchase price therefor by wire transfer of Federal (same-day) funds to the account specified by the Company to the Representatives at least twenty four hours in advance. The time and date of such delivery and payment shall be, with respect to the Firm Shares, 9:30 a.m., New York City time, on __________, or such other time and date as the Representatives and the Company may agree upon in writing, and, with respect to the Optional Shares, 9:30 a.m., New York City time, on the date specified by the Representatives in each written notice to the Company given by the Representatives of the Underwriters' election to

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purchase such Optional Shares, or such other time and date as the Representatives and the Company may agree upon in writing. Such time and date for delivery of the Firm Shares is herein called the "First Time of Delivery", each such time and date for delivery of the Optional Shares, if not the First Time of Delivery, is herein called the "Second Time of Delivery", and each such time and date for delivery is herein called a "Time of Delivery".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The documents to be delivered at each Time of Delivery by or on behalf of the parties hereto pursuant to Section 8 hereof, including the cross receipt for the Shares and any additional documents requested by the Underwriters pursuant to Section 8(l) hereof will be delivered at the offices of Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, NY, 10017 (the "Closing Location"), and the Shares will be delivered at the office of DTC or its designated custodian, all at such Time of Delivery. A meeting will be held at the Closing Location at 4:00 p.m., New York City time, on the New York Business Day (as defined below) next preceding such Time of Delivery, at which meeting the final drafts of the documents to be delivered pursuant to the preceding sentence will be available for review by the parties hereto. For the purposes of this Section 4, "New York Business Day" shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York City are generally authorized or obligated by law or executive order to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees with each of the Underwriters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;To prepare the Prospectus in a form approved by the Representatives and to file such Prospectus pursuant to Rule 424(b) under the Act prior to the earlier of (i) the First Time of Delivery and (ii) the Commission's close of business on the second business day following the execution and delivery of this Agreement, or, if applicable, such earlier time as may be required by Rule 430A(a)(3) under the Act; to make no further amendment or any supplement to the Registration Statement or the Prospectus prior to the last Time of Delivery which shall be reasonably disapproved by the Representatives promptly after reasonable notice thereof; to advise the Representatives, promptly after it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective or any amendment or supplement to the Prospectus has been filed and to furnish the Representatives with copies thereof; to file promptly all material required to be filed by the Company with the Commission pursuant to Rule 433(d) under the Act; to advise the Representatives, promptly after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or other prospectus in respect of the Shares, of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding against the Company for any such purpose, or of any request by the Commission for the amending or supplementing of the Registration Statement or the Prospectus or for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or other prospectus relating to the Shares or suspending any such qualification, to promptly use its best efforts to obtain the withdrawal of such order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Promptly from time to time to take such action as the Representatives may reasonably request to qualify the Shares for offering and sale under the securities laws of such jurisdictions as the Representatives may reasonably request and to comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the Shares; provided that in connection therewith the Company shall not be required to (i) qualify as a foreign corporation (where not otherwise required), (ii) subject itself or any of its subsidiaries to taxation in any jurisdiction in which it is

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not otherwise subject to taxation or (iii) file a general consent to service of process in any jurisdiction (where not otherwise required);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Prior to 10:00 a.m., New York City time, on the New York Business Day next succeeding the date of this Agreement (or such other time as may be agreed to by the Company and the Representatives) and from time to time, to furnish the Underwriters with written and electronic copies of the Prospectus in New York City in such quantities as the Representatives may reasonably request, and, if the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required at any time prior to the expiration of nine months after the time of issue of the Prospectus in connection with the offering or sale of the Shares and if at such time any event shall have occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is delivered, not misleading, or, if for any other reason it shall be necessary during such same period to amend or supplement the Prospectus in order to comply with the Act, to notify the Representatives and upon the Representatives' request to prepare and furnish without charge to each Underwriter and to any dealer in securities (whose name and address the Representatives shall furnish to the Company in connection with such request) as many written and electronic copies as the Representatives may from time to time reasonably request of an amended Prospectus or a supplement to the Prospectus which will correct such statement or omission or effect such compliance; and in case any Underwriter is required to deliver a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) in connection with sales of any of the Shares at any time nine months or more after the time of issue of the Prospectus, upon the Representatives' reasonable request but at the expense of such Underwriter, to prepare and deliver to such Underwriter as many written and electronic copies as the Representatives may reasonably request of an amended or supplemented Prospectus complying with Section 10(a)(3) of the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;To make generally available to its securityholders as soon as practicable, but in any event not later than sixteen months after the effective date of the Registration Statement (as defined in Rule 158(c) under the Act), an earnings statement of the Company and its subsidiaries (which need not be audited) complying with Section 11(a) of the Act and the rules and regulations of the Commission thereunder (including, at the option of the Company, Rule 158); provided, however, that the Company may satisfy the requirements of this Section 5(d) by filing such information through the Commission's Electronic Data Gathering, Analysis and Retrieval system ("EDGAR");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;(i) During the period beginning from the date hereof and continuing to and including the date 180 days after the date of the Prospectus (the "Lock-Up Period"), not to (i) offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or file with or confidentially submit to the Commission a registration statement under the Act relating to, any securities of the Company that are substantially similar to the Shares, including but not limited to any options or warrants to purchase shares of Stock or any securities that are convertible into or exchangeable for, or that represent the right to receive, Stock or any such substantially similar securities, or publicly disclose the intention to make any offer, sale, pledge, disposition or filing or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Stock or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Stock or such other securities, in cash or

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otherwise, without the prior written consent of the Representatives; provided that the restrictions contained in this paragraph shall not apply to (A) the Shares to be sold by the Company hereunder, (B) any transaction or actions (including, for the avoidance of doubt, any transfers) to facilitate the Separation or the Divestment (as such term is defined in the Registration Statement under the caption "The Separation and Divestment Transactions—The Divestment") or otherwise in connection therewith; *provided* that no securities of the Company may be sold, distributed or exchanged to effect the Divestment prior to the expiration of the Lock-Up Period, (C) the issuance by the Company of shares of Stock or any other security pursuant to the exercise of an option or warrant or the conversion or exchange of a security in each case outstanding on the date hereof and described in the Registration Statement and the Prospectus, (D) issuances by the Company of grants of options, restricted shares, restricted share units, performance share units or other equity-based awards (including any securities convertible into Stock) to officers, directors, employees and consultants of the Company in accordance with the terms of an equity incentive plan described in the Registration Statement and the Prospectus, or the issuance by the Company of shares of Stock upon the exercise thereof, (E) the filing by the Company of a registration statement with the Commission on Form S-8, (F) the public filing with or confidential submission to the Commission of a registration statement under the Act relating to the Divestment, including on Form S-4, and any offers thereunder; provided that, in the case of a public filing with the Commission, the registration statement does not effectuate the sale, distribution or exchange of securities of the Company prior to the expiration of the Lock-Up Period, (G) any issuance of Shares to Medtronic plc to the extent necessary to maintain Medtronic plc's ownership of at least 80.1% of the outstanding Shares, (H) any issuance of Shares to Medtronic plc at or prior to the First Time of Delivery in connection with the Separation or (I) the issuance of shares of Stock, or any securities convertible into or exercisable or exchangeable for shares of Stock, or the entry into an agreement to issue shares of Stock, in each case in connection with any bona fide merger, joint venture, strategic alliance, commercial or other collaborative transaction, or the acquisition or license by the Company of the business, property, technology or other assets of another individual or entity that is an unaffiliated third party of the Company, or the assumption of an employee benefit plan in connection with such a merger or acquisition; provided that the aggregate number of shares of Stock or securities convertible into or exercisable for Stock (on an as-converted or as exercised basis, as the case may be) that the Company may sell or issue or agree to sell or issue pursuant to clause (I) above shall not exceed 10% of the total number of shares of the Company's Stock issued and outstanding immediately following the completion of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Representatives, in their sole discretion, agree to release or waive the restrictions set forth in a lock-up letter described in Section 8(j) hereof for an officer or director of the Company, and provide the Company with notice of the impending release or waiver at least three business days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of Annex III hereto through a major news service at least two business days before the effective date of the release or waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;During a period of two years from the effective date of the Registration Statement, to furnish to its stockholders as soon as practicable after the end of each fiscal year an annual report (including a balance sheet and statements of income, stockholders' equity and cash flows of the Company and its consolidated subsidiaries certified by independent public accountants) and, as soon as practicable after the end of each of the first three quarters of each fiscal year (beginning with the fiscal quarter ending after the effective date of the Registration Statement),

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to make available to its stockholders consolidated summary financial information of the Company and its subsidiaries for such quarter in reasonable detail; provided, however, that the Company may satisfy the requirements of this Section 5(f) by filing such information through EDGAR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;During a period of two years from the effective date of the Registration Statement, so long as the Company is subject to the reporting requirements of either Section 13 or Section 15(d) of the Exchange Act, to furnish to the Representatives copies of all reports or other communications (financial or other) furnished to stockholders, and to deliver to the Representatives, as soon as they are available, copies of any reports and financial statements furnished to or filed with the Commission or any national securities exchange on which any class of securities of the Company is listed; provided, however, that (i) the Company may satisfy the requirements of this Section 5(g) by filing such information through EDGAR and (ii) no such information is required to be furnished pursuant to this Section 5(g) if furnishing such information would require disclosure by the Company under Regulation FD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;To use the net proceeds received by it from the sale of the Shares pursuant to this Agreement in the manner specified in the Pricing Prospectus under the caption "Use of Proceeds";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;To use its best efforts to list, subject to notice of issuance, the Shares on the __________ (the "Exchange");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;During a period of three years from the effective date of the Registration Statement, to file with the Commission such information on Form 10-Q or Form 10-K as may be required by Rule 463 under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;If the Company elects to rely upon Rule 462(b) under the Act, the Company shall file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by 10:00 P.M., Washington, D.C. time, on the date of this Agreement, and the Company shall at the time of filing either pay to the Commission the filing fee for the Rule 462(b) Registration Statement or give irrevocable instructions for the payment of such fee pursuant to Rule 111(b) under the Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Upon written request of any Underwriter, to furnish, or cause to be furnished, to such Underwriter an electronic version of the Company's trademarks, servicemarks and corporate logo (together, the "Marks") for use on the website, if any, operated by such Underwriter for the purpose of facilitating the on-line offering of the Shares (the "License"); provided, however, that the Marks shall be used solely for the purpose described above and solely in a manner that is not intended or reasonably likely to harm, disparage or otherwise adversely affect the Company's reputation or goodwill. Such License is granted without any fee and may not be assigned or transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. &nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company represents and agrees that, without the prior consent of the Representatives, it has not made and will not make any offer relating to the Shares that would constitute a "free writing prospectus" as defined in Rule 405 under the Act and each Underwriter represents and agrees that, without the prior consent of the Company and the Representatives, it has not made and will not make any offer relating to the Shares that would constitute a free writing prospectus required to be filed with the Commission; any such free writing prospectus the use of which has been consented to by the Company and the Representatives is listed on Schedule I hereto;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company has complied and will comply in all material respects with the requirements of Rule 433 under the Act applicable to any Issuer Free Writing Prospectus, including timely filing with the Commission or retention where required and legending; and the Company represents that it has satisfied and agrees that it will satisfy the conditions under Rule 433 under the Act to avoid a requirement to file with the Commission any electronic road show;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that if at any time following the issuance or other distribution of an Issuer Free Writing Prospectus or Written Testing-the-Waters Communication authorized by the Company, any event occurred or occurs as a result of which such Issuer Free Writing Prospectus or Written Testing-the-Waters Communication would conflict with the information in the Registration Statement, the Pricing Prospectus or the Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, the Company will give prompt notice thereof to the Representatives and, if requested by the Representatives, will prepare and furnish without charge to each Underwriter an Issuer Free Writing Prospectus, Written Testing-the-Waters Communication or other document which will correct such conflict, statement or omission; provided, however, that this paragraph shall not apply to any statements or omissions in an Issuer Free Writing Prospectus or Written Testing-the-Waters Communication made in reliance upon and in conformity with the Underwriter Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company represents and agrees that (i) it has not engaged in, or authorized any other person to engage in, any Testing-the-Waters Communications, other than Testing-the-Waters Communications with the prior consent of the Representatives with entities that the Company reasonably believes are qualified institutional buyers as defined in Rule 144A under the Act or institutions that are accredited investors as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Act; and (ii) it has not distributed, or authorized any other person to distribute, any Written Testing-the-Waters Communications, other than those distributed with the prior consent of the Representatives that are listed on Schedule IV hereto; and the Company reconfirms that the Underwriters have been authorized to act on its behalf in engaging in Testing-the-Waters Communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Each Underwriter represents and agrees that any Testing-the-Waters Communications undertaken by it were with entities that such Underwriter reasonably believes are qualified institutional buyers as defined in Rule 144A under the Act or institutions that are accredited investors as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Act, and each Underwriter has not distributed or authorized any other person to distribute, and will not distribute or authorize any other person to distribute, any Written Testing-the-Waters Communication other than those distributed with the prior written consent or authorization of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants and agrees with the several Underwriters that the Company will pay or cause to be paid the following: (i) the fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Shares under the Act and all other expenses in connection with the preparation, printing, reproduction and filing of the Registration Statement, any Preliminary Prospectus, any Written Testing-the-Waters Communication, any Issuer Free Writing Prospectus and the Prospectus and amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers; (ii) the cost of printing or producing any Agreement among Underwriters, this Agreement, a Blue Sky Memorandum (if any), closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale and delivery of

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the Shares; (iii) all expenses incurred in connection with the qualification of the Shares for offering and sale under state securities laws as provided in Section 5(b) hereof, including the reasonable and documented fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky survey; (iv) all fees and expenses in connection with listing the Shares on the Exchange; (v) the filing fees incident to, and the reasonable and documented fees and disbursements of counsel for the Underwriters in connection with, any required review by FINRA of the terms of the sale of the Shares (provided that the amount payable by the Company for the fees and disbursements of counsel for the Underwriters pursuant to clauses (iii) and (v) (excluding filing fees) shall not exceed $40,000 in the aggregate); (vi) the cost of preparing stock certificates (if any); (vii) the cost and charges of any transfer agent or registrar; (viii) costs, fees and taxes (including stamp duties, stock transfer taxes or other taxes) incident to, and in connection with, the authorization, issuance, sale and delivery of the Shares and (ix) all other reasonable costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section. It is understood, however, that, except as provided in this Section, and Sections 9 and 12 hereof, the Underwriters will pay all of their own costs and expenses, including their own lodging, travel and meal expenses (including meal expenses for potential investors) in connection with any Roadshow, the fees of their counsel, stock transfer taxes on resale of any of the Shares by them, and any advertising expenses connected with any offers they may make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Underwriters hereunder, as to the Shares to be delivered at each Time of Delivery, shall be subject, in their discretion, to the condition that all representations and warranties and other statements of the Company herein are, at and as of the Applicable Time and such Time of Delivery, true and correct, the condition that the Company shall have performed all of its obligations hereunder theretofore to be performed, and the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Prospectus shall have been filed with the Commission pursuant to Rule 424(b) under the Act within the applicable time period prescribed for such filing by the rules and regulations under the Act and in accordance with Section 5(a) hereof; all material required to be filed by the Company pursuant to Rule 433(d) under the Act shall have been filed with the Commission within the applicable time period prescribed for such filing by Rule 433; if the Company has elected to rely upon Rule 462(b) under the Act, the Rule 462(b) Registration Statement shall have become effective by 10:00 p.m., Washington, D.C. time, on the date of this Agreement; no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued and no proceeding for that purpose or pursuant to Section 8A of the Act shall have been initiated or, to the Company's knowledge, threatened by the Commission; no stop order suspending or preventing the use of the Pricing Prospectus, the Prospectus or any Issuer Free Writing Prospectus shall have been initiated or, to the Company's knowledge, threatened by the Commission; and all requests for additional information on the part of the Commission shall have been complied with to the Representatives' reasonable satisfaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Davis Polk & Wardwell LLP, counsel for the Underwriters, shall have furnished to the Representatives such written opinion or opinions, dated such Time of Delivery, in form and substance satisfactory to the Representatives, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Cleary Gottlieb Steen & Hamilton LLP, counsel for the Company, shall have furnished to the Representatives their written opinion, dated such Time of Delivery, in form and substance satisfactory to the Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;Skadden, Arps, Slate, Meagher & Flom LLP, special tax counsel for the Company, shall have furnished to the Representatives their written opinion, dated such Time of Delivery, in form and substance satisfactory to the Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On the date of the Prospectus concurrently with the execution of this Agreement, at 9:30 a.m., New York City time, on the effective date of any post-effective amendment to the Registration Statement filed subsequent to the date of this Agreement and also at each Time of Delivery, PricewaterhouseCoopers LLP shall have furnished to the Representatives a letter or letters, dated the respective dates of delivery thereof, in form and substance reasonably satisfactory to the Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither the Company nor any of its subsidiaries shall have sustained since the date of the latest audited financial statements included in the Pricing Prospectus any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Pricing Prospectus, and (ii) since the respective dates as of which information is given in the Pricing Prospectus there shall not have been (A) any change in the capital stock of the Company (other than as a result of (1) the exercise, if any, of stock options or settlement of restricted stock units (including any "net" or "cashless" exercises or settlements), or the award, if any, of stock options, restricted stock units, restricted stock or other awards in the ordinary course of business pursuant to the Company's equity incentive plans described in the Pricing Prospectus and the Prospectus, (2) the repurchase of shares of capital stock of the Company upon termination of the holder's employment or service with the Company pursuant to agreements providing for an option to repurchase or a right of first refusal on behalf of the Company or (3) the issuance, if any, of capital stock of the Company upon the exercise or conversion of Company securities (as described in the Pricing Prospectus and the Prospectus)), (B) any increase in long-term debt of the Company or any of its subsidiaries, otherwise than as set forth or contemplated in the Pricing Prospectus, or (C) any change or effect, or any development involving a prospective change or effect, in or affecting (x) the business, properties, general affairs, management, financial position, stockholders' equity or results of operations of the Company and its subsidiaries, taken as a whole, except as set forth or contemplated in the Pricing Prospectus, or (y) the ability of the Company to perform its obligations under this Agreement, including the issuance and sale of the Shares, or to consummate the transactions contemplated in the Pricing Prospectus and the Prospectus, the effect of which, in any such case described in clause (i) or (ii), is in the Representatives' judgment so material and adverse as to make it impracticable or inadvisable to proceed with the public offering or the delivery of the Shares being delivered at such Time of Delivery on the terms and in the manner contemplated in the Pricing Prospectus and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;On or after the Applicable Time (i) no downgrading shall have occurred in the rating accorded the Company's debt securities by any "nationally recognized statistical rating organization", as that term is defined by the Commission for purposes of Rule 436(g)(2) under the Act, and (ii) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company's debt securities; 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;On or after the Applicable Time there shall not have occurred any of the following: (i) a suspension or material limitation in trading in securities generally on the Exchange; (ii) a suspension or material limitation in trading in the Company's securities on the Exchange; (iii) a general moratorium on commercial banking activities declared by either Federal or New York State authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States; (iv) the outbreak or escalation of hostilities involving the United States or the declaration by the United States of a national emergency or war or (v) the occurrence of any other calamity or crisis or any change in financial, political or economic conditions in the United States or elsewhere, if the effect of any such event specified in clause (iv) or (v) in the Representatives' judgment makes it impracticable or inadvisable to proceed with the public offering or the delivery of the Shares being delivered at such Time of Delivery on the terms and in the manner contemplated in the Pricing Prospectus and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Shares to be sold at such Time of Delivery shall have been duly listed, subject to notice of issuance, on the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have obtained and delivered to the Underwriters executed copies of an agreement from each officer, director, and stockholder of the Company listed on Schedule III hereto, substantially to the effect set forth in Annex II hereto or otherwise in form and substance satisfactory to the Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have complied with the provisions of Section 5(c) hereof with respect to the furnishing of prospectuses on the New York Business Day next succeeding the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have furnished or caused to be furnished to the Representatives at such Time of Delivery certificates of officers of the Company reasonably satisfactory to the Representatives as to the accuracy of the representations and warranties of the Company herein at and as of such Time of Delivery, as to the performance by the Company of all of its obligations hereunder to be performed at or prior to such Time of Delivery, as to the matters set forth in subsections (a) and (e) of this Section 8 and as to such other matters as the Representatives may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) On the date of the Prospectus concurrently with the execution of this Agreement, at 9:30 a.m., New York City time, on the effective date of any post-effective amendment to the Registration Statement filed subsequent to the date of this Agreement and also at each Time of Delivery, the Company shall have furnished to the Representatives a certificate or certificates, dated the respective dates of delivery thereof, of its chief financial officer with respect to certain financial data contained in the Pricing Disclosure Package and the Prospectus, providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) &nbsp;&nbsp;&nbsp;&nbsp;The Separation shall have been consummated in all material respects as described in the Pricing Prospectus (except with respect to aspects of the Separation that cannot be, or are not intended to be, completed on or prior to such Time of Delivery).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will indemnify and hold harmless each Underwriter against any losses, claims, damages or liabilities, joint or several, to which such Underwriter may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus, any "roadshow" as defined in Rule 433(h) under

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the Act (a "Roadshow"), any "issuer information" filed or required to be filed pursuant to Rule 433(d) under the Act or any Testing-the-Waters Communication prepared or authorized by the Company, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Underwriter for any legal or other expenses reasonably incurred by such Underwriter in connection with investigating or defending any such action or claim as such expenses are incurred; *provided*, *however*, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus, any Roadshow, any "issuer information" filed or required to be filed pursuant to Rule 433(d) under the Act or any Testing-the-Waters Communication, in reliance upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter, severally and not jointly, will indemnify and hold harmless the Company against any losses, claims, damages or liabilities to which the Company may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus, or any Roadshow, or any Testing-the-Waters Communication, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus, or any Roadshow, or any Testing-the-Waters Communication, in reliance upon and in conformity with the Underwriter Information; and will reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating or defending any such action or claim as such expenses are incurred. As used in this Agreement with respect to an Underwriter and an applicable document, "Underwriter Information" shall mean the written information furnished to the Company by such Underwriter through the Representatives expressly for use therein; it being understood and agreed upon that the only such information furnished by any Underwriter consists of the following information in the Prospectus furnished on behalf of each Underwriter: the names of the Underwriters appearing on the front and back cover pages of the Preliminary Prospectus and the Prospectus; the names of the Underwriters set forth in the table of underwriters in the first paragraph under the caption "Underwriting"; the concession and reallowance figures appearing in the fifth paragraph under the caption "Underwriting", and the information contained in the tenth, eleventh and twelfth paragraphs under the caption "Underwriting".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Promptly after receipt by an indemnified party under subsection (a) or (b) of this Section 9 of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; provided that the failure to notify the indemnifying party shall not relieve it from any liability that it may have under the preceding paragraphs of this Section 9 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the

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failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under the preceding paragraphs of this Section 9. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation. It is understood that the indemnifying party or parties shall not, in connection with any one action or proceeding or separate but substantially similar actions or proceedings arising out of the same general allegations, be liable for the fees and expenses of more than one separate firm of attorneys at any time for all indemnified parties except to the extent that (i) local counsel (in addition to any regular counsel) is required to effectively defend against any such action or proceeding; provided that the fees and expenses of such local counsel shall be reasonably incurred; (ii) the indemnifying party and the indemnified party shall have mutually agreed in writing to the contrary; (iii) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified party; (iv) the indemnified party shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the indemnifying party; or (v) the named parties in any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in this Section 9 is unavailable to or insufficient to hold harmless an indemnified party under subsection (a) or (b) of this Section 9 in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other from the offering of the Shares. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Underwriters on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from the offering

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(after deducting underwriting discounts and commissions but before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Underwriters on the other and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection (d), no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters' obligations in this subsection (d) to contribute are several in proportion to their respective underwriting obligations and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Company under this Section 9 shall be in addition to any liability which the Company may otherwise have and shall extend, upon the same terms and conditions, to each employee, officer and director of each Underwriter and each person, if any, who controls any Underwriter within the meaning of the Act and each broker-dealer or other affiliate of any Underwriter; and the obligations of the Underwriters under this Section 9 shall be in addition to any liability which the respective Underwriters may otherwise have and shall extend, upon the same terms and conditions, to each employee, officer and director of the Company (including any person who, with his or her consent, is named in the Registration Statement as about to become a director of the Company) and to each person, if any, who controls the Company within the meaning of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If any Underwriter shall default in its obligation to purchase the Shares that it has agreed to purchase hereunder at a Time of Delivery, the Representatives may in the Representatives' discretion arrange for the Representatives or another party or other parties to purchase such Shares on the terms contained herein. If within thirty-six hours after such default by any Underwriter, the Representatives do not arrange for the purchase of such Shares, then the Company shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to the Representatives to purchase such Shares on such terms. In the event that, within the respective prescribed periods, the Representatives notify the Company that the Representatives have so arranged for the purchase of such Shares, or the Company notifies the Representatives that it has so arranged for the purchase of such Shares, the Representatives or the Company shall have the right to postpone such Time of Delivery for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus, or in any other

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documents or arrangements, and the Company agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus which in the Representatives' opinion may thereby be made necessary. The term "Underwriter" as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to this Agreement with respect to such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by the Representatives and the Company as provided in subsection (a) of this Section 10, the aggregate number of such Shares which remains unpurchased does not exceed one-eleventh of the aggregate number of all the Shares to be purchased at such Time of Delivery, then the Company shall have the right to require each non-defaulting Underwriter to purchase the number of Shares which such defaulting Underwriter or Underwriters agreed to purchase hereunder at such Time of Delivery and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based on the number of Shares which such defaulting Underwriter or Underwriters agreed to purchase hereunder) of the Shares of such defaulting Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter from liability for its default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by the Representatives and the Company as provided in subsection (a) of this Section 10, the aggregate number of such Shares which remains unpurchased exceeds one-eleventh of the aggregate number of all of the Shares to be purchased at such Time of Delivery, or if the Company shall not exercise the right described in subsection (b) of this Section 10 to require non-defaulting Underwriters to purchase Shares of a defaulting Underwriter or Underwriters, then this Agreement (or, with respect to the Second Time of Delivery, the obligations of the Underwriters to purchase and of the Company to sell the Optional Shares) shall thereupon terminate, without liability on the part of any non-defaulting Underwriter or the Company, except for the expenses to be borne by the Company and the Underwriters as provided in Section 7 hereof and the indemnity and contribution agreements in Section 9 hereof; but nothing herein shall relieve a defaulting Underwriter from liability for its default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;The respective indemnities, rights of contribution, agreements, representations, warranties and other statements of the Company and the several Underwriters, as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Underwriter or any director, officer, employee, affiliate or controlling person of any Underwriter, or the Company, or any officer or director or controlling person of the Company, and shall survive delivery of and payment for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;If this Agreement shall be terminated pursuant to Section 10 hereof, the Company shall not be under any liability to any Underwriter except as provided in Sections 7 and 9 hereof; but, if for any other reason (other than those set forth in subsections (i), (iii), (iv) and (v) of Section 8(h) hereof) any Shares are not delivered by or on behalf of the Company as provided herein, or the Underwriters decline to purchase the Shares for any reason permitted under this Agreement, the Company will reimburse the Underwriters through the Representatives for all reasonable and documented out-of-pocket expenses approved in writing by the Representatives, including fees and disbursements of counsel, reasonably incurred by the Underwriters in making preparations for the purchase, sale and delivery of the Shares not so delivered, but the Company shall then be under no further liability to any Underwriter except as provided in Sections 7 and 9 hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;In all dealings hereunder, the Representatives shall act on behalf of each of the Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of any Underwriter made or given jointly or by either of Goldman Sachs & Co. LLC or BofA Securities, Inc. as the Representatives.

All statements, requests, notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail, telex or facsimile transmission to Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Registration Department and to BofA Securities, Inc., One Bryant Park, New York, New York 10036, Attention: Syndicate Department; if to the Company shall be delivered or sent by mail, telex or facsimile transmission to the address of the Company set forth on the cover of the Registration Statement, Attention: General Counsel; provided, however, that any notice to an Underwriter pursuant to Section 9(c) hereof shall be delivered or sent by mail, telex or facsimile transmission to such Underwriter at its address set forth in its Underwriters' Questionnaire or telex constituting such Questionnaire, which address will be supplied to the Company by the Representatives upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof.

In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, the Company and, to the extent provided in Sections 9 and 11 hereof, the employees, officers and directors of the Company(including any person who, with his or her consent, is named in the Registration Statement as about to become a director of the Company), each person who controls the Company or any Underwriter, or any director, officer, employee, or affiliate of any Underwriter, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Shares from any Underwriter shall be deemed a successor or assign by reason merely of such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;Time shall be of the essence of this Agreement. As used herein, the term "business day" shall mean any day when the Commission's office in Washington, D.C. is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;The Company acknowledges and agrees that (i) the purchase and sale of the Shares pursuant to this Agreement is an arm's-length commercial transaction between the Company, on the one hand, and the several Underwriters, on the other, (ii) in connection therewith and with the process leading to such transaction each Underwriter is acting solely as a principal and not the agent or fiduciary of the Company, (iii) no Underwriter, in its capacity as such, has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) or any other obligation to the Company in connection with such transaction, except the obligations expressly set forth in this Agreement, (iv) the Company has consulted its own legal and financial advisors to the extent it deemed appropriate in connection with such transaction, and (v) none of the activities of the Underwriters in connection with such transaction constitutes a recommendation, investment advice, or solicitation of any action by the Underwriters with respect to any entity or natural person. The Company agrees that it will not claim that the Underwriters, or any of them, in their capacities as such, has rendered advisory services of any nature or respect, or owes a

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fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the Underwriters, or any of them, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and any transaction contemplated by this Agreement and any claim, controversy or dispute arising under or related thereto shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflict of laws that would result in the application of any other law than the laws of the State of New York. The Company and each of the Underwriters agrees that any suit or proceeding arising in respect of this Agreement or any transaction contemplated by this Agreement will be tried exclusively in the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in The City and County of New York and the Company and each of the Underwriters agrees to submit to the jurisdiction of, and to venue in, such courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, the Company is authorized to disclose to any persons the U.S. federal and state income tax treatment and tax structure of the potential transaction and all materials of any kind (including tax opinions and other tax analyses) provided to the Company relating to that treatment and structure, without the Underwriters imposing any limitation of any kind. For this purpose, "tax structure" is limited to any facts that may be relevant to that treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Recognition of the U.S. Special Resolution Regimes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this section:

"BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"Covered Entity" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

If the foregoing is in accordance with the Representatives' understanding, please sign and return to us counterparts hereof, and upon the acceptance hereof by the Representatives, on behalf of each of the Underwriters, this letter and such acceptance hereof shall constitute a binding agreement among each of the Underwriters and the Company. It is understood that the Representatives' acceptance of this letter on behalf of each of the Underwriters is pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company for examination, upon request, but without warranty on the Representatives' part as to the authority of the signers thereof.

*[Signature Pages Follow]*

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| |
|:---|
| Very truly yours, |
| MiniMed Group, Inc. |
| By: |
| Name: |
| Title: |

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Accepted as of the date hereof

on behalf of themselves and the several Underwriters named in Schedule I hereto

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| |
|:---|
| Goldman Sachs & Co. LLC |
| By: |
| Name: |
| Title: |
| BofA Securities, Inc. |
| By: |
| Name: |
| Title: |

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**SCHEDULE I**

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Total Number <br>of <br>Firm Shares<br>to be<br>Purchased** | **Number of <br>Optional <br>Shares to be<br>Purchased if<br>Maximum <br>Option <br>Exercised** |
| | &nbsp;&nbsp;**Total Number <br>of <br>Firm Shares<br>to be<br>Purchased** | **Number of <br>Optional <br>Shares to be<br>Purchased if<br>Maximum <br>Option <br>Exercised** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Underwriter</u>** | &nbsp;&nbsp;**Total Number <br>of <br>Firm Shares<br>to be<br>Purchased** | **Number of <br>Optional <br>Shares to be<br>Purchased if<br>Maximum <br>Option <br>Exercised** |
| Goldman Sachs & Co. LLC |  |  |
| BofA Securities, Inc. |  |  |
| __________ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |

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**SCHEDULE II**

(a)Issuer Free Writing Prospectuses not included in the Pricing Disclosure Package

__________

(b)Additional documents incorporated by reference

__________

(c)Information other than the Pricing Prospectus that comprise the Pricing Disclosure Package

The initial public offering price per share for the Shares is $__________

The number of Shares purchased by the Underwriters is __________.

__________

(d)Written Testing-the-Waters Communications

__________

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**SCHEDULE III**

<u>Officers</u>

1. Que Dallara

2. Chad Spooner

3. Courtney Nelson Wills

4. Ali Dianaty

5. Gillian Chandrasena

<u>Directors</u>

6. Kevin E. Lofton

7. Glenn Eisenberg

8. D. Keith Grossman

9. Robert (Bob) A. Hopkins

10. Laura Mauri

11. Brett A. Wall

12. Matthew (Matt) R. Walter

13. Timothy (Tim) Wicks

<u>Stockholder</u>

14. Medtronic plc

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**SCHEDULE IV**

**SEPARATION DOCUMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Separation Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Tax Matters Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Employee Matters Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.MGH-MM Intellectual Property Cross-License Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.MPLC-MHSS Intellectual Property Cross-License Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Transitional Trademark Cross-License Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Trademark Co-Existence Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Transition Services Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Registration Rights Agreement

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**ANNEX I**

**FORM OF PRESS RELEASE**

**MiniMed Group, Inc.**

**[Date]**

MiniMed Group, Inc. announced today that Goldman Sachs & Co. LLC and BofA Securities, Inc., the lead book-running managers in the recent public sale of&nbsp;&nbsp;&nbsp;&nbsp; shares of the Company's common stock, are [waiving] [releasing] a lock-up restriction with respect to&nbsp;&nbsp;&nbsp;&nbsp; shares of the Company's common stock held by [certain officers or directors] [an officer or director] of the Company. The [waiver] [release] will take effect on&nbsp;&nbsp;&nbsp;&nbsp; , 20&nbsp;&nbsp;&nbsp;&nbsp; , and the shares may be sold on or after such date.

**This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.** 

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**ANNEX II**

**FORM OF LOCK-UP AGREEMENT**

**[Date]**

Goldman Sachs & Co. LLC

BofA Securities, Inc.

As Representatives of the several Underwriters

named in Schedule I to the Underwriting Agreement

c/o Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282-2198

c/o BofA Securities, Inc.

One Bryant Park

New York, New York 10036

Re:&nbsp;&nbsp;&nbsp;&nbsp;<u>MiniMed Group, Inc. - Lock-Up Agreement</u>

Ladies and Gentlemen:

The undersigned understands that you, as representatives (the "Representatives"), propose to enter into an underwriting agreement (the "Underwriting Agreement") on behalf of the several Underwriters named in Schedule I to such agreement (collectively, the "Underwriters"), with MiniMed Group, Inc., a Delaware corporation (the "Company"), providing for a public offering (the "Public Offering") of shares (the "Shares") of the common stock, par value $0.01 per share, of the Company (the "Common Stock") pursuant to a Registration Statement on Form S-1 (as may be amended from time to time, the "Registration Statement") to be filed with the Securities and Exchange Commission (the "SEC").

In consideration of the agreement by the Underwriters to offer and sell the Shares, and of other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the undersigned agrees that, during the period beginning from the date of this Lock-Up Agreement and continuing to and including the date 180 days after the date of the final prospectus relating to the Public Offering (the "Prospectus") (such period, the "Lock-Up Period"), the undersigned shall not, and shall not cause or direct any of its affiliates to, (i) offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of any shares of Common Stock, or any options or warrants to purchase any shares of Common Stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of Common Stock (such shares of Common Stock, options, rights, warrants or other securities, collectively, "Lock-Up Securities"), including without limitation any such Lock-Up Securities now owned or hereafter acquired by the undersigned, (ii) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or

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result in a sale, loan, pledge or other disposition (whether by the undersigned or someone other than the undersigned), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Common Stock or other securities, in cash or otherwise (any such sale, loan, pledge or other disposition, or transfer of economic consequences, a "Transfer") or (iii) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities or (iv) otherwise publicly announce any intention to engage in or cause any action, activity, transaction or arrangement described in clause (i), (ii) or (iii) above (except as permitted under this Lock-Up Agreement or made in connection with the Separation (as defined in the Underwriting Agreement)) that is inconsistent with Medtronic plc's or the Company's prior public disclosure with regard thereto. The undersigned represents and warrants that the undersigned is not, and has not caused or directed any of its affiliates to be or become, currently a party to any agreement or arrangement that provides for, is designed to or which reasonably could be expected to lead to or result in any Transfer during the Lock-Up Period (other than as permitted under this Lock-Up Agreement).

Notwithstanding the foregoing, the undersigned may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)transfer the undersigned's Lock-Up Securities (i) as one or more *bona fide* gifts or charitable contributions, or for *bona fide* estate planning purposes, (ii) upon death by will, testamentary document or intestate succession, (iii) if the undersigned is a natural person, to any member of the undersigned's immediate family (for purposes of this Lock-Up Agreement, "immediate family" shall mean any relationship by blood, current or former marriage, domestic partnership or adoption, not more remote than first cousin) or to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned or, if the undersigned is a trust, to a trustor or beneficiary of the trust or the estate of a beneficiary of such trust, (iv) to a partnership, limited liability company or other entity of which the undersigned and the immediate family of the undersigned are the legal and beneficial owner of all of the outstanding equity securities or similar interests, (v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (a)(i) through (iv) above, (vi) if the undersigned is a corporation, partnership, limited liability company or other business entity, (A) to another corporation, partnership, limited liability company or other business entity that is an affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended (the "Securities Act")) of the undersigned, or to any investment fund or other entity which fund or entity is controlled or managed by, or under common control with, the undersigned or affiliates of the undersigned, or (B) as part of a distribution by the undersigned to its stockholders, partners, members or other equityholders or to the estate of any such stockholders, partners, members or other equityholders, (vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement, (viii) to the Company from an employee of the Company upon death, disability or termination of employment, in each case, of such employee, (ix) if the undersigned is not an officer or director of the Company, in connection with a sale of the undersigned's shares of Common Stock acquired (A) from the Underwriters in the Public Offering or (B) in open market transactions after the closing date of the Public Offering, (x) to the Company in connection with the vesting, settlement or exercise, as applicable, of restricted stock units, performance stock units ,options, warrants or other rights in respect of shares of Common Stock (including, in the case of options and warrants, by way of "net" or

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"cashless" exercise) that are scheduled to expire or vest during the Lock-Up Period, including any transfer to the Company for the payment of tax withholdings or remittance payments due as a result of the vesting, settlement or exercise of such restricted stock units, performance stock units, options, warrants or other rights in respect of shares of Common Stock, or in connection with the conversion of convertible securities, in all such cases pursuant to equity awards granted under a stock incentive plan, stock purchase plan or other equity incentive plan, or pursuant to the terms of convertible securities, each as described in the Registration Statement, the preliminary prospectus relating to the Shares included in the Registration Statement immediately prior to the time the Underwriting Agreement is executed and the Prospectus, *provided* that any securities received upon such vesting, settlement, exercise or conversion shall be subject to the terms of this Lock-Up Agreement, [(xi) in connection with and pursuant to the Separation, which shall include the conversion, reclassification, redemption or exchange of any Lock-Up Securities in connection with and pursuant to the Separation;]<sup>1</sup> [(xii) among the undersigned and/or any of its controlled affiliates as intercompany transfers to facilitate the Divestment (as such term is defined in the registration statement relating to the Public Offering under the caption "The Separation and the Divestment–The Divestment") and transactions related thereto;]<sup>2</sup> or [(xiii) with the prior written consent of Goldman Sachs & Co. LLC and BofA Securities, Inc. on behalf of the Underwriters; provided that (A) in the case of clauses (a)(iii), (iv), (v) and (vi) above, such transfer or distribution shall not involve a disposition for value, (B) in the case of clauses (a)(i), (ii), (iii), (iv), (v), (vi) and (vii) above, it shall be a condition to the transfer or distribution that the donee, devisee, transferee or distributee, as the case may be, shall sign and deliver a lock-up agreement in the form of this Lock-Up Agreement, (C) in the case of clauses (a)(ii), (iii), (iv), (v) and (vi) above, no filing by any party (including, without limitation, any donor, donee, devisee, transferor, transferee, distributor or distributee) under the Securities Exchange Act of 1934, as amended (the "Exchange Act), or other public filing, report or announcement reporting a reduction in beneficial ownership of Lock-Up Securities shall be required or shall be voluntarily made in connection with such transfer or distribution (other than any Form 4 filing or filing of any other required form, which shall clearly indicate in the footnotes thereto the nature and conditions of such transfer in the case of clauses (a)(ii), (iii), (iv) and (v)), and (D) in the case of clauses (a)(i), (vii), (viii), (ix) and (x) above, no filing under the Exchange Act or other public filing, report or announcement shall be voluntarily made, and if any such filing, report or announcement shall be legally required during the Lock-Up Period, such filing, report or announcement shall clearly indicate in the footnotes thereto the circumstances and conditions of such transfer or distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)enter into a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act (a "Rule 10b5-1 Plan") relating to the transfer, sale or other disposition of the undersigned's Lock-Up Securities, if then permitted by the Company, *provided* that none of the securities subject to such plan may be transferred, sold or otherwise disposed of until after the expiration of the Lock-Up Period, *provided*, further, that, to the extent a public announcement, report or filing under the Exchange Act, if any, is required or voluntarily made (by or on behalf of the undersigned or the Company)

<sup>1</sup> **Note to Draft**: To be included in MDT Lock-Up Agreement.

<sup>2</sup> **Note to Draft**: To be included in MDT Lock-Up Agreement.

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regarding, or that otherwise discloses, the establishment of a Rule 10b5-1 Plan, such announcement, report or filing shall include a statement to the effect that no transfer of Common Stock may be made under such plan during the Lock-Up Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)transfer the undersigned's Lock-Up Securities pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board of Directors of the Company and made to all holders of the Company's capital stock involving a Change of Control of the Company (for purposes hereof, "Change of Control" shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons, of shares of capital stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the outstanding voting securities of the Company (or the surviving entity)); provided that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the undersigned's Lock-Up Securities shall remain subject to the provisions of this Lock-Up Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)make any demands or requests for, exercise of any right with respect to or take any action in preparation of the registration by the Company under the Securities Act of the undersigned's Lock-Up Securities or other securities, *provided* that no securities of the Company may be sold, distributed or exchanged prior to the expiration of the Lock-Up Period.

[In addition, the undersigned may, without the prior written consent of Goldman Sachs & Co. LLC and BofA Securities, Inc., (1) file or confidentially submit or cause the Company to file or confidentially submit a registration statement on Form S-4 (a "Divestment Registration Statement") with the SEC relating to a Divestment at any time and make offers thereunder, *provided* that, in the case of a public filing with the SEC, a Divestment Registration Statement does not effectuate the sale, distribution or exchange of securities of the Company prior to the expiration of the Lock-Up Period, and (2) publicly disclose the intention to (a) file with or submit to the SEC such a Divestment Registration Statement in compliance with clause (1) above or (b) effect the Divestment, *provided* that such Divestment will not be completed prior to the expiration of the Lock-Up Period.]<sup>3</sup>

If the undersigned is an officer or director of the Company, the undersigned further agrees that the foregoing provisions shall be equally applicable to any issuer-directed or other Shares the undersigned may purchase in the Public Offering.

If the undersigned is not a natural person, the undersigned represents and warrants that no single natural person, entity or "group" (within the meaning of Section 13(d)(3) of the Exchange Act), other than a natural person, entity or "group" (as described above) that has executed a Lock-Up Agreement in substantially the same form as this Lock-Up Agreement, beneficially owns, directly or indirectly, 50% or more of the common equity interests, or 50% or more of the voting power, in the undersigned.

If the undersigned is an officer or director of the Company, (i) each of Goldman Sachs & Co. LLC and BofA Securities, Inc. agrees that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of shares of

<sup>3</sup> **Note to Draft**: To be included in MDT Lock-Up Agreement.

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Common Stock, Goldman Sachs & Co. LLC and BofA Securities, Inc. will notify the Company of the impending release or waiver, and (ii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service (or such other method approved by Goldman Sachs & Co. LLC and BofA Securities, Inc. that satisfies the requirements of FINRA Rule 5131(d)(2)) at least two business days before the effective date of the release or waiver. Any release or waiver granted by Goldman Sachs & Co. LLC and BofA Securities, Inc. hereunder to any such officer or director shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if (i) the release or waiver is effected solely to permit a transfer not for consideration or that is to an immediate family member as defined in FINRA Rule 5130(i)(5) and (ii) the transferee has agreed in writing to be bound by the same terms described in this Lock-Up Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

The undersigned now has, and, except as contemplated by clauses (a) and (c) of the third paragraph of this Lock-Up Agreement, for the duration of this Lock-Up Agreement will have, good and marketable title to the undersigned's Lock-Up Securities, free and clear of all liens, encumbrances and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with the foregoing restrictions.

The undersigned acknowledges and agrees that none of the Underwriters has made any recommendation or provided any investment or other advice to the undersigned with respect to this Lock-Up Agreement or the subject matter hereof, and the undersigned has consulted its own legal, accounting, financial, regulatory, tax and other advisors with respect to this Lock-Up Agreement and the subject matter hereof to the extent the undersigned has deemed appropriate. The undersigned further acknowledges and agrees that, although the Underwriters may have provided or hereafter provide to the undersigned in connection with the Public Offering a Form CRS and/or certain other disclosures as contemplated by Regulation Best Interest, the Underwriters have not made and are not making a recommendation to the undersigned to enter into this Lock-Up Agreement or to transfer, sell or dispose of, or to refrain from transferring, selling or disposing of, any shares of Common Stock, and nothing set forth in such disclosures or herein is intended to suggest that any Underwriter is making such a recommendation.

This Lock-Up Agreement shall automatically terminate and the undersigned shall be released from all of his, her or its obligations hereunder upon the earlier of (i) the date on which the Registration Statement filed with the SEC with respect to the Public Offering is withdrawn, (ii) the date on which for any reason the Underwriting Agreement is terminated (other than the provisions thereof that survive termination) prior to payment for and delivery of the Shares to be sold thereunder (other than pursuant to the Underwriters' option thereunder to purchase additional Shares), (iii) the date on which the Company notifies the Representatives, in writing and prior to the execution of the Underwriting Agreement, that it does not intend to proceed with the Public Offering and (iv) [Date], in the event that the Underwriting Agreement has not been executed by such date (provided, however, that the Company may, by written notice to the undersigned prior to such date, extend such date by a period of up to an additional 90 days).

The undersigned understands that the Company and the Underwriters are relying upon this Lock-Up Agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding

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upon the undersigned's heirs, legal representatives, successors and assigns. The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement. This Lock-Up Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflict of laws that would result in the application of any law other than the laws of the State of New York. This Lock-Up Agreement may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or www.echosign.com) or other transmission method, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

Very truly yours,

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|:---|:---|:---|:---|
| **IF AN INDIVIDUAL:** | **IF AN INDIVIDUAL:** | **IF AN ENTITY:** | **IF AN ENTITY:** |
| By: |  |  |  |
|  | *(duly authorized signature)* | *(please print complete name of entity)* | *(please print complete name of entity)* |
| Name: |  | By: |  |
|  | *(please print full name)* |  | *(duly authorized signature)* |
|  |  | Name: |  |
|  |  |  | *(please print full name)* |
|  |  | Title: |  |
|  |  |  | *(please print full title)* |

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*[Signature Page to Lock-Up Agreement]*

## Exhibit 3.1

**Exhibit 3.1**

**FORM OF AMENDED AND RESTATED**

**CERTIFICATE OF INCORPORATION OF**

**MINIMED GROUP, INC.**

MiniMed Group, Inc., a corporation organized and existing under the laws of the State of Delaware (the "<u>Corporation</u>"), DOES HEREBY CERTIFY AS FOLLOWS:

**FIRST**: The Corporation was incorporated by the filing of its original Certificate of Incorporation with the Secretary of State of Delaware on February 27, 2025 under the name "Wallabies Inc." (as amended, through the date hereof, the "<u>Certificate of Incorporation</u>").

**SECOND**: The Corporation amended the Certificate of Incorporation on March 13, 2025 to reflect a change in the name of the Corporation to "MDT Sub Holdings, Inc."

**THIRD**: The Corporation amended the Certificate of Incorporation on July 21, 2025 to reflect a change in the name of the Corporation to "MiniMed Group, Inc."

**FOURTH**: The Amended and Restated Certificate of Incorporation attached hereto as Exhibit A and incorporated herein by reference (the "<u>Restated Certificate</u>") integrates, restates and further amends the Certificate of Incorporation in its entirety to read as set forth therein.

**FIFTH**: The Restated Certificate was duly adopted in accordance with the provisions of Sections 242 and 245 of the General Corporation Law of the State of Delaware and by the written consent of its stockholders in accordance with Section 228 of the General Corporation Law of the State of Delaware.

\* \* \* \* \*

IN WITNESS WHEREOF, MiniMed Group, Inc. has caused this Amended and Restated Certificate of Incorporation to be executed by its duly authorized officer on this _________ day of __________.

MINIMED GROUP, INC.,

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| | |
|:---|:---|
| by | |
| | Name: |
| | Chief Executive Officer |

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**Exhibit A**

**AMENDED AND RESTATED**

**CERTIFICATE OF INCORPORATION OF**

**MINIMED GROUP, INC.**

**ARTICLE ONE**

The name of the corporation is MiniMed Group, Inc. (the "<u>Corporation</u>").

**ARTICLE TWO**

The address of the Corporation's registered office in the State of Delaware is 251 Little Falls Drive, City of Wilmington, County of New Castle, Delaware 19808, and the name of the registered agent whose office address will be the same as the registered office is Corporation Service Company.

**ARTICLE THREE**

The nature and purpose of the business of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware ("<u>DGCL</u>").

**ARTICLE FOUR**

SECTION 1&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorized Shares</u>. The total number of shares of all classes of capital stock which the Corporation shall have authority to issue is __________ shares, consisting of two classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;__________ shares of Common Stock, par value $0.01 per share (the "<u>Common Stock</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;__________ shares of Preferred Stock, par value $0.01 per share (the "<u>Preferred Stock</u>").

SECTION 2&nbsp;&nbsp;&nbsp;&nbsp;<u>Common Stock</u>. Except as otherwise provided by the DGCL or this amended and restated certificate of incorporation (as it may be amended and/or restated, the "<u>Certificate of Incorporation</u>") and subject to the rights of holders of any series of Preferred Stock then outstanding, all of the voting power of the stockholders of the Corporation shall be vested in the holders of the Common Stock. Each share of Common Stock shall entitle the holder thereof to one vote for each share held by such holder on all matters voted upon generally by the stockholders of the Corporation; <u>provided</u>, <u>however</u>, that, except as otherwise required by law, holders of Common Stock, as such, shall not be entitled to vote on any amendment to this Certificate of Incorporation (including any certificate of designation relating to any series of Preferred Stock) that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to this Certificate of Incorporation (including any certificate of designation relating to any series of Preferred Stock) or pursuant to the DGCL. Subject to the rights of the holders of any series of Preferred Stock, the number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by a vote of the holders of the outstanding shares of capital stock of the Corporation entitled to vote thereon, voting as a single class, irrespective of the provisions of Section 242(b)(2) of the DGCL.

SECTION 3&nbsp;&nbsp;&nbsp;&nbsp;<u>Preferred Stock</u>. The Board of Directors is authorized, subject to limitations prescribed by law, to provide, by resolution or resolutions for the issuance of shares of Preferred Stock in one or more series, and with respect to each series, to establish the number of shares to be included in each such series,

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and to fix the voting powers (if any), designations, powers, preferences, and relative, participating, optional, or other special rights, if any, of the shares of each such series, and any qualifications, limitations or restrictions thereof. The powers (including voting powers), preferences, and relative, participating, optional and other special rights of each series of Preferred Stock and the qualifications, limitations or restrictions thereof, if any, may differ from those of any and all other series at any time outstanding. Subject to the rights of the holders of any series of Preferred Stock, the number of authorized shares of Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by a vote of the holders of the outstanding shares of capital stock of the Corporation entitled to vote thereon, voting as a single class, irrespective of the provisions of Section 242(b)(2) of the DGCL.

**ARTICLE FIVE**

SECTION 1&nbsp;&nbsp;&nbsp;&nbsp;<u>Board of Directors</u>. Except as otherwise provided in this Certificate of Incorporation, the business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors.

SECTION 2&nbsp;&nbsp;&nbsp;&nbsp;<u>Number of Directors; Voting</u>. Subject to any rights of the holders of any series of Preferred Stock then outstanding to elect additional directors under specified circumstances or otherwise, the number of directors which shall constitute the Board of Directors shall be fixed from time to time exclusively by resolution of the Board of Directors. Each director shall be entitled to one vote with respect to each matter before the Board of Directors, whether by meeting or pursuant to written consent.

SECTION 3&nbsp;&nbsp;&nbsp;&nbsp;<u>Election and Term of Office</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Election</u>. Elections of directors need not be by written ballot unless the Bylaws of the Corporation (as they may be amended, the "<u>Bylaws</u>") shall so provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Classes of Directors</u>. Subject to the rights of the holders of any series of Preferred Stock then outstanding to elect directors, the Board of Directors shall be and is divided into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be possible, of one-third of the total number of directors constituting the entire Board. The Board of Directors is authorized to assign members of the Board of Directors already in office to a class at the time such classification becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Term of Office</u>. Subject to the rights of the holders of any series of Preferred Stock then outstanding to elect directors, each director shall serve for a term expiring at the third annual meeting of stockholders following the annual meeting of stockholders at which such director was elected; <u>provided</u> that each director initially assigned to Class I shall serve for a term expiring at the Corporation's first annual meeting of stockholders to be held in 2026; each director initially assigned to Class II shall serve for a term expiring at the Corporation's second annual meeting of stockholders to be held in 2027; and each director initially assigned to Class III shall serve for a term expiring at the Corporation's third annual meeting of stockholders to be held in 2028; <u>provided further</u>, that each director shall hold office until their successor is duly elected and qualified, or until their earlier death, resignation, disqualification or removal.

SECTION 4&nbsp;&nbsp;&nbsp;&nbsp;<u>Vacancies</u>. Subject to the rights of the holders of any series of Preferred Stock then outstanding, any newly created directorship on the Board of Directors that results from an increase in the number of directors or any vacancy occurring on the Board of Directors, however created, shall be filled only by resolution of a majority of the directors then in office, even if less than a quorum, or by a sole remaining director (other than directors elected by the holders of any series of Preferred Stock then

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outstanding) and may not be filled in any other manner. In the event of any increase in the authorized number of directors, the Board of Directors shall assign the class to which a newly created directorship shall be allocated. A director appointed to fill a vacancy resulting from the death, resignation, disqualification or removal of a director or other cause shall hold office for the unexpired term of such director's predecessor in office, and a director appointed to fill a newly created directorship shall hold office until the next election of the class for which such director shall have been assigned and, in each case, until their successor is duly elected and qualified, or until their earlier death, resignation, disqualification or removal. In no case will a decrease in the authorized number of directors have the effect of removing or shortening the term of any incumbent director.

SECTION 5&nbsp;&nbsp;&nbsp;&nbsp;<u>Removal, Resignation and Disqualification of Directors</u>. For so long as Medtronic (as defined in Section 2 of ARTICLE EIGHT) Beneficially Owns a majority of the voting power of all then-outstanding shares of Voting Stock, any director or the entire Board of Directors may be removed from office at any time, with or without cause, by an affirmative vote of any stockholders holding shares of capital stock representing, in the aggregate, a majority of the total voting power of the then-outstanding shares of all classes of capital stock of the Corporation, whether such vote is of Medtronic as a voting stockholder or Medtronic as a voting stockholder together with any other voting stockholders. From and after the first time at which Medtronic ceases to Beneficially Own a majority of the voting power of all then-outstanding shares of Voting Stock, subject to the rights of the holders of any series of Preferred Stock then outstanding and notwithstanding any other provision of this Certificate of Incorporation, directors may be removed, but only for cause, by the affirmative vote of the holders of at least two-thirds of the voting power of the then-outstanding shares of capital stock of the Corporation then entitled to vote generally in the election of directors (the "<u>Voting Stock</u>"). Any director may resign at any time upon written notice to the Corporation.

SECTION 6&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights of Holders of Preferred Stock</u>. During any period when the holders of any series of Preferred Stock, voting separately as a series or together with one or more series, have the right to elect additional directors, then upon commencement and for the duration of the period during which such right continues: (i) the then otherwise total authorized number of directors of the Corporation shall automatically be increased by such specified number of directors, and the holders of such Preferred Stock shall be entitled to elect the additional directors so provided for or fixed pursuant to said provisions, and (ii) each such additional director shall hold office until such director's successor shall have been duly elected and qualified, or until such director's right to hold such office terminates pursuant to said provisions, whichever occurs earlier, subject to their earlier death, resignation, disqualification or removal. Except as otherwise provided by the Board of Directors in the resolution or resolutions establishing such series, whenever the holders of any series of Preferred Stock having such right to elect additional directors are divested of such right pursuant to the provisions of such stock, the terms of office of all such additional directors elected by the holders of such series, or elected to fill any vacancies resulting from the death, resignation, disqualification or removal of such additional directors, shall forthwith terminate (in which case each such director thereupon shall cease to be qualified as, and shall cease to be, a director) and the total authorized number of directors of the Corporation shall automatically be reduced accordingly.

SECTION 7&nbsp;&nbsp;&nbsp;&nbsp;<u>Advance Notice</u>. Advance notice of stockholder nominations for the election of directors and of business to be brought by stockholders before any meeting of the stockholders of the Corporation shall be given in the manner provided in the Bylaws.

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**ARTICLE SIX**

SECTION 1&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Liability</u>. To the fullest extent permitted by the DGCL as it now exists or may hereafter be amended (but, in the case of any such amendment, only to the extent such amendment permits the Corporation to provide broader exculpation than permitted prior thereto), no director or officer of the Corporation shall be liable to the Corporation or its stockholders for monetary damages arising from a breach of fiduciary duty as a director or officer, respectively.

SECTION 2&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>. To the fullest extent permitted by applicable law, the Corporation is authorized to provide indemnification of (and advancement of expenses to) directors, officers, employees and agents of the Corporation (and any other persons to which the DGCL permits the Corporation to provide indemnification), through provisions in the Bylaws, agreements with such directors, officers, employees or agents or other persons, vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise permitted by Section 145 of the DGCL.

SECTION 3&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment of this Article</u>. No amendment, repeal or modification of this ARTICLE SIX, nor the adoption of any provision of this Certificate of Incorporation inconsistent with this ARTICLE SIX, shall (a) adversely affect any right or protection of a director, officer or agent of the Corporation existing at the time of such amendment, repeal or modification with respect to any act, omission or other matter occurring prior to such amendment, repeal or modification or (b) increase the liability of any director, officer, employee or agent of the Corporation with respect to any acts or omissions of such director, officer, employee or agent occurring prior to, such amendment, repeal or modification.

**ARTICLE SEVEN**

SECTION 1&nbsp;&nbsp;&nbsp;&nbsp;<u>Action by Written Consent</u>. Subject to Section 211(b) of the DGCL and subject to the rights of the holders of any series of Preferred Stock then outstanding, for so long as Medtronic Beneficially Owns a majority of the voting power of all then-outstanding shares of Voting Stock, any action which is required or permitted to be taken by the Corporation's stockholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding stock of the Corporation having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of the Corporation's stock entitled to vote thereon were present and voted. From and after the first time at which Medtronic no longer Beneficially Owns a majority of the voting power of all then-outstanding shares of Voting Stock, any action which is required or permitted to be taken by the Corporation's stockholders may be taken only at a duly called annual or special meeting of the Corporation's stockholders and the Corporation's stockholders shall not have the ability to consent in writing without a meeting. Notwithstanding the foregoing, any action required or permitted to be taken by the holders of any series of Preferred Stock, voting separately as a series or separately as a class with one or more other such series, may be taken without a meeting, without prior notice and without a vote, unless expressly prohibited in the resolutions creating such series of Preferred Stock.

SECTION 2&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meetings of Stockholders</u>. Subject to the rights of the holders of any series of Preferred Stock then outstanding and to the requirements of applicable law, special meetings of stockholders of the Corporation may be called only by or at the direction of (i) the Chair of the Board of Directors, (ii) the Board of Directors pursuant to a written resolution adopted by the affirmative vote of the majority of the total number of directors that the Corporation would have if there were no vacancies or (iii) the Chief Executive Officer. No other person or persons shall have the ability to call a special

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meeting of stockholders. Any business transacted at any special meeting of stockholders shall be limited to the purpose or purposes stated in the notice of the meeting.

SECTION 3&nbsp;&nbsp;&nbsp;&nbsp;<u>No Cumulative Voting</u>. No stockholder shall be entitled to exercise any right of cumulative voting.

**ARTICLE EIGHT**

SECTION 1&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Acknowledgments</u>. It is hereby acknowledged that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Corporation will not be a wholly owned subsidiary of Medtronic and that Medtronic may continue to be a significant stockholder of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) directors, officers or employees of Medtronic may serve as directors, officers or employees of the Corporation, (ii) Medtronic may engage in the same, similar or related lines of business as those in which the Corporation, directly or indirectly, may engage or other business activities that overlap with or compete with those in which the Corporation, directly or indirectly, may engage and (iii) Medtronic may have an interest in the same areas of corporate opportunity as the Corporation and the Affiliated Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the provisions of this ARTICLE EIGHT shall, to the fullest extent permitted by applicable law, regulate and define the conduct of certain of the business and affairs of the Corporation in relation to Medtronic and the conduct of certain affairs of the Corporation as they may involve Medtronic and its directors, officers or employees, including any of the foregoing who serve as directors, officers or employees of the Corporation (Medtronic and all such other persons, each an "<u>Exempted Person</u>" and collectively, the "<u>Exempted Persons</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;this ARTICLE EIGHT constitutes a renunciation of corporate opportunities pursuant to Section 122(17) of the DGCL, which authorizes a corporation to renounce specified classes and categories of business opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Official Synopsis for the Act of the Delaware General Assembly enacting Section 122(17) of the DGCL states that "the classes or categories of business opportunities may be specified by any manner of defining or delineating business opportunities … including, without limitation, by … identity of the originator of the business opportunity, identity of the party or parties to or having an interest in the business opportunity, [and] identity of the recipient of the business opportunity"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;as a result of the renunciations set forth in this ARTICLE EIGHT, (i) each Exempted Person will rely on this ARTICLE EIGHT in declining to communicate or offer a business opportunity to the Corporation or any of its subsidiaries unless Section 4 of this ARTICLE EIGHT applies to such person; (ii) an Exempted Person will rely on this ARTICLE EIGHT to retain or exploit such business opportunity for itself or for the benefit of persons or entities other than the Corporation and the Affiliated Companies; and (iii) Medtronic has approved an initial public offering of the stock of the Corporation in reliance on the adoption of this ARTICLE EIGHT.

SECTION 2&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Definitions</u>. As used in this Certificate of Incorporation, (i) "<u>Medtronic</u>" shall mean Medtronic plc, an Ireland public limited company, any and all successors to Medtronic by way of merger, consolidation or sale of all or substantially all of its assets or equity, and any and all corporations, partnerships, joint ventures, limited liability companies, associations and other entities (A) in which Medtronic owns, directly or indirectly, more than 50% of the outstanding voting stock, voting power,

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partnership interests or similar ownership interests, (B) of which Medtronic otherwise directly or indirectly controls or directs the policies or operations or (C) that would be considered subsidiaries of Medtronic within the meaning of Regulation S-K or Regulation S-X of the general rules and regulations under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), now or hereafter existing; <u>provided</u>, <u>however</u>, that the term "Medtronic" shall not include the Corporation or any entities (x) in which the Corporation owns, directly or indirectly, more than 50% of the outstanding voting stock, voting power, partnership interests or similar ownership interests, (y) of which the Corporation otherwise directly or indirectly controls or directs the policies or operations or (z) that would be considered subsidiaries of the Corporation within the meaning of Regulation S-K or Regulation S-X of the general rules and regulations under the Securities Act now or hereafter existing (such entities described in clauses (x), (y) and (z), the "<u>Affiliated Companies</u>") and (ii) the term "Beneficially Own" shall have the meaning set forth in Section 13(d) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and the rules and regulations thereunder.

SECTION 3&nbsp;&nbsp;&nbsp;&nbsp;<u>Renunciation of Corporate Opportunities</u>. To the fullest extent permitted by the DGCL, but subject to Section 4 of this ARTICLE EIGHT, the Corporation hereby renounces any interest or expectancy in, or being offered an opportunity to participate in, any and all business opportunities: (a) originated or acquired by an Exempted Person; (b) in which the Exempted Person has an interest; or (c) that is received from any person or entity by an Exempted Person. The business opportunities renounced under this Section 3 of ARTICLE EIGHT include any actual or potential investment or business opportunity or prospective economic advantage in which the Corporation could, but for this Section 3 of ARTICLE EIGHT, have an interest or expectancy (including, without limitation, acquisitions, dispositions, business combinations, financings or investment opportunities), whether or not such opportunities are in the same or similar lines of business in which the Corporation is engaged or intends to engage.

SECTION 4&nbsp;&nbsp;&nbsp;&nbsp;<u>Excluded Opportunities</u>. Notwithstanding the foregoing provisions of this ARTICLE EIGHT, but subject to Section 5 of this ARTICLE EIGHT, the Corporation does not renounce any business opportunity: (a) expressly offered to a person in his or her capacity as a director or officer of the Corporation; (b) offered to, or acquired by, a person while he or she is a full-time employee of the Corporation; or (c) that has been developed using the confidential information of the Corporation or the Affiliated Companies.

SECTION 5&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Matters Deemed Not Corporate Opportunities</u>. In addition to and notwithstanding the foregoing provisions of this ARTICLE EIGHT, a corporate opportunity shall not be deemed to belong to the Corporation if it is a business opportunity the Corporation is not financially able or contractually permitted or legally able to undertake, or that is, from its nature, not in the line of the Corporation's business or is of no practical advantage to it, or that is one in which the Corporation has no interest or reasonable expectancy.

SECTION 6&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorized Business Activities</u>. Without limiting the other provisions of this ARTICLE EIGHT, Medtronic shall have no duty to communicate information regarding a corporate opportunity to the Corporation or to refrain from (i) engaging in the same or similar activities or lines of business as the Corporation or any Affiliated Company, (ii) doing business with any client, customer or vendor of the Corporation or any Affiliated Company or (iii) employing or otherwise engaging any director, officer or employee of the Corporation or any Affiliated Company. To the fullest extent permitted by applicable law, except as provided in Section 4 of this ARTICLE EIGHT, no officer, director or employee of the Corporation or any Affiliated Company who is also a director, officer or employee of Medtronic shall be

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deemed to have breached their fiduciary duties, if any, to the Corporation or any Affiliated Company solely by reason of Medtronic's engaging in any such activity.

SECTION 7&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice and Consent</u>. To the fullest extent permitted by applicable law, any person purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Corporation (including shares of Common Stock) shall be deemed to have notice of and to have consented to the provisions of this ARTICLE EIGHT.

SECTION 8&nbsp;&nbsp;&nbsp;&nbsp;<u>No Expansion of Duties</u>. Nothing in this ARTICLE EIGHT creates or is intended to create any fiduciary duty on the part of Medtronic, the Corporation, any Affiliated Company, or any stockholder, director, officer or employee of any of them, that does not otherwise exist under applicable law, and nothing in this ARTICLE EIGHT expands any such duty of any such person that may now or hereafter exist under applicable law.

SECTION 9&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. The foregoing provisions of this ARTICLE EIGHT (but, for the avoidance of doubt, not Section 9 or Section 10 of this ARTICLE EIGHT) shall terminate, expire and have no further force and effect on the first date that (x) Medtronic ceases to Beneficially Own at least 10% of the outstanding shares of capital stock of the Corporation and (y) no person who is a director, officer or employee of Medtronic is also serving as a director or officer of the Corporation. No amendment, repeal, modification, termination or expiration of this ARTICLE EIGHT, nor the adoption of any provision of this Certificate of Incorporation inconsistent with this ARTICLE EIGHT, shall eliminate or reduce the effect of this ARTICLE EIGHT in respect of any matter occurring prior to such amendment, repeal, modification, termination or adoption.

SECTION 10&nbsp;&nbsp;&nbsp;&nbsp;<u>Business Combinations</u>. The Corporation shall not be governed by Section 203 of the DGCL, and the restrictions contained in Section 203 of the DGCL shall not apply to the Corporation, until the moment in time immediately following the first time at which both of the following conditions exist (if ever): (A) Section 203 of the DGCL by its terms would, but for the provisions of this Section 10 of ARTICLE EIGHT, apply to the Corporation; and (B) there occurs a transaction following the consummation of which Medtronic owns (as defined in Section 203 of the DGCL) less than 15% of the voting power of the Corporation's then-outstanding shares of Voting Stock (solely for purposes of this Section 10 of ARTICLE EIGHT, as defined in Section 203 of the DGCL) of the Corporation (the "<u>Applicable Time</u>"). From and after the Applicable Time, this Section 10 of ARTICLE EIGHT shall have no effect and the Corporation shall be governed by Section 203 of the DGCL if and for so long as Section 203 of the DGCL by its terms shall apply to the Corporation.

**ARTICLE NINE**

SECTION 1&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments to the Bylaws</u>. Subject to the rights of holders of any series of Preferred Stock then outstanding, in furtherance and not in limitation of the powers conferred by law, the Bylaws may be amended, altered or repealed and new bylaws made by (i) the Board of Directors or (ii) in addition to any vote required herein (including any certificate of designation relating to any series of Preferred Stock), by the Bylaws or applicable law, the affirmative vote of the holders of at least two-thirds of the voting power of all then-outstanding shares of capital stock of the Corporation entitled to vote thereon, voting together as a single class.

SECTION 2&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments to this Certificate of Incorporation</u>. The Corporation reserves the right, from time to time, to amend, alter or repeal any provision of, or add new provisions to, this Certificate of Incorporation in the manner now or hereafter prescribed in the DGCL, and all rights, preferences,

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privileges and powers of any kind conferred upon any director or stockholder of the Corporation by this Certificate of Incorporation are conferred subject to such right. Except as otherwise provided in this Certificate of Incorporation (including any certificate of designation relating to any series of Preferred Stock then-outstanding that provides for a greater or lesser vote) and in addition to any other vote required by law, the affirmative vote of the holders of a majority of the voting power of all then-outstanding shares of capital stock of the Corporation entitled to vote thereon, voting together as a single class, shall be required to amend, alter, change or repeal any provision of this Certificate of Incorporation, or to adopt any new provision of this Certificate of Incorporation; <u>provided</u>, <u>however</u>, that the affirmative vote of the holders of at least two-thirds in voting power of all then-outstanding shares of capital stock of the Corporation entitled to vote thereon, voting together as a single class, shall be required to amend, alter, change or repeal, or adopt any provision inconsistent with, Sections 2, 3(b), 3(c), 4 and 5 of ARTICLE FIVE, Sections 1 and 2 of ARTICLE SEVEN, ARTICLE EIGHT, and ARTICLE NINE, or in each case, the definition of any capitalized terms used therein or any successor provision (including, without limitation, any such article or section as renumbered as a result of any amendment, alteration, change, repeal or adoption of any other provision of this Certificate of Incorporation). For the avoidance of doubt, the Corporation expressly elects to be governed by Section 242(d) of the DGCL.

**ARTICLE TEN**

SECTION 2&nbsp;&nbsp;&nbsp;&nbsp;<u>Personal Jurisdiction</u>. If any action the subject matter of which is a Covered Proceeding is filed in a court other than the Court of Chancery of the State of Delaware, or, where permitted in accordance with Section 1 of this ARTICLE TEN, the United States District Court for the District of Delaware (each, a "<u>Foreign Action</u>"), in the name of any person or entity (a "<u>Claiming Party</u>") without the prior written approval of the Corporation, such Claiming Party shall be deemed to have consented to (i) the personal jurisdiction of the Court of Chancery of the State of Delaware, or, where applicable, the United States District Court for the District of Delaware, in connection with any action brought in any such courts to enforce Section 1 of this ARTICLE TEN (an "<u>Enforcement Action</u>") and (ii) having

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service of process made upon such Claiming Party in any such Enforcement Action by service upon such Claiming Party's counsel in the Foreign Action as agent for such Claiming Party.

SECTION 3&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice and Consent</u>. To the fullest extent permitted by applicable law, any person purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Corporation (including shares of Common Stock) shall be deemed to have notice of and to have consented to the provisions of this ARTICLE TEN.

**ARTICLE ELEVEN**

If any provision or provisions of this Certificate of Incorporation shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever, the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Certificate of Incorporation (including each portion of any paragraph of this Certificate of Incorporation containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not, to the fullest extent permitted by applicable law, in any way be affected or impaired thereby.

## Exhibit 3.2

**Exhibit 3.2**

**FORM OF AMENDED AND RESTATED BYLAWS**

**OF MINIMED GROUP, INC.**

*A Delaware corporation*

(Adopted as of __________)

MiniMed Group, Inc. (the "<u>Corporation</u>"), pursuant to the provisions of Section 109 of the General Corporation Law of the State of Delaware (the "<u>DGCL</u>"), hereby adopts these Amended and Restated Bylaws (these "<u>Bylaws</u>"), which restate, amend and supersede the bylaws of the Corporation in their entirety as described below:

**ARTICLE ONE**

**<u>OFFICES</u>**

SECTION 1&nbsp;&nbsp;&nbsp;&nbsp;<u>Offices</u>. The Corporation may have an office or offices other than its registered office at such place or places, either within or outside the State of Delaware, as the Board of Directors of the Corporation (the "<u>Board of Directors</u>") may from time to time determine or the business of the Corporation may require. The registered office of the Corporation in the State of Delaware shall be as stated in the Corporation's certificate of incorporation as then in effect (the "<u>Certificate of</u> <u>Incorporation</u>").

**ARTICLE TWO**

**<u>MEETINGS OF STOCKHOLDERS</u>**

SECTION 1&nbsp;&nbsp;&nbsp;&nbsp;<u>Place of Meetings</u>. The Board of Directors may designate a place, if any, either within or outside the State of Delaware, as the place of meeting for any annual meeting or for any special meeting of stockholders. The Board of Directors may, in its sole discretion, determine that a meeting of the stockholders shall not be held at any place, but may instead be held solely by means of remote communication as described in Section 14 of this ARTICLE TWO of these Bylaws in accordance with Section 211(a)(2) of the DGCL.

SECTION 2&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Meeting</u>. An annual meeting of the stockholders shall be held at such date and time as is specified by resolution of the Board of Directors. At the annual meeting, stockholders shall elect directors, in accordance with the requirements of the Certificate of Incorporation, and transact such other business as properly may be brought before the annual meeting pursuant to Section 11 of this ARTICLE TWO of these Bylaws. The Board of Directors may postpone or cancel any annual meeting of stockholders.

SECTION 3&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meetings</u>. Special meetings of the stockholders may only be called in the manner provided in the Certificate of Incorporation. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice. The Board of Directors may postpone or cancel any special meeting of stockholders.

SECTION 4&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Meetings</u>. (a) Whenever stockholders are required or permitted to take action at a meeting, notice of the meeting shall be given not less than 10 nor more than 60 days before the date on which the meeting is to be held, to each stockholder entitled to vote at such meeting as of the record date for determining the stockholders entitled to notice of the meeting, except as otherwise provided herein or required by applicable law or the Certificate of Incorporation. Such notice shall state the place, if any, date and time of the meeting of the stockholders, the means of remote communications, if any, by which stockholders and proxyholders not physically present may be deemed to be present in person and vote at

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such meeting, the record date for determining the stockholders entitled to vote at the meeting, if such date is different from the record date for determining stockholders entitled to notice of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Form of Notice</u>. All such notices shall be delivered in writing or in any other manner permitted by the DGCL. If mailed, such notice shall be deemed given when deposited in the United States mail, postage prepaid, directed to the stockholder's mailing address as the same appears on the records of the Corporation. If given by courier service, such notice shall be deemed given at the earlier of when the notice is received or left at such stockholder's address. Subject to the limitations of Section 4(d) of this ARTICLE TWO, if given by electronic transmission, such notice shall be deemed to be given: (i) if by facsimile telecommunication, when directed to a number at which the stockholder has consented to receive notice by facsimile, (ii) if by electronic mail, when directed to such stockholder's electronic mail address, (iii) if by a posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of (x) such posting and (y) the giving of such separate notice and (iv) if by any other form of electronic transmission, when directed to the stockholder. An affidavit of the Secretary or an Assistant Secretary of the Corporation, the transfer agent of the Corporation or any other agent of the Corporation that the notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Notice</u>. Whenever notice is required to be given under any provisions of the DGCL, the Certificate of Incorporation or these Bylaws, a written waiver thereof, signed by the stockholder entitled to notice, or a waiver by electronic transmission given by the stockholder entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Neither the business to be transacted at, nor the purpose of, any meeting of the stockholders of the Corporation need be specified in any waiver of notice of such meeting. Attendance of a stockholder of the Corporation at a meeting of such stockholders in person or by proxy shall constitute a waiver of notice of such meeting, except when the stockholder attends for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened and does not further participate in the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice by Electronic Transmission</u>. Without limiting the manner by which notice otherwise may be given effectively to stockholders of the Corporation pursuant to the DGCL, the Certificate of Incorporation or these Bylaws, any notice to stockholders of the Corporation given by the Corporation under any provision of the DGCL, the Certificate of Incorporation or these Bylaws shall be effective if given by electronic mail complying with the DGCL or other form of electronic transmission which other form has been consented to by the stockholder of the Corporation to whom the notice is given. Any such consent is revocable by the stockholder by written notice or electronic transmission to the Corporation. Notice may not be given by electronic transmission from and after the time: (i) the Corporation is unable to deliver by electronic transmission two consecutive notices given by the Corporation; and (ii) such inability becomes known to the Secretary or an Assistant Secretary of the Corporation or to the transfer agent or other person responsible for the giving of notice; <u>provided</u>, <u>however</u>, that the inadvertent failure to discover such inability shall not invalidate any meeting or other action. For purposes of these Bylaws, the terms "<u>electronic transmission</u>", "electronic mail" and "electronic mail address" shall have the meanings provided in Section 232 of the DGCL.

SECTION 5&nbsp;&nbsp;&nbsp;&nbsp;<u>List of Stockholders</u>. The Corporation shall prepare, no later than the 10th day before each meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting; <u>provided</u>, <u>however</u>, if the record date for determining the stockholders entitled to vote is less than 10 days before the meeting date, the list shall reflect the stockholders entitled to vote as of the 10th day before the meeting

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date, arranged in alphabetical order and showing the address of each such stockholder and the number of shares registered in the name of each such stockholder. Nothing contained in this Section 5 of ARTICLE TWO shall require the Corporation to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination of any stockholder for any purpose germane to the meeting for a period of at least 10 days ending on the day before the meeting date: (a) on a reasonably accessible electronic network; <u>provided</u> that the information required to gain access to such list is provided with the notice of the meeting, or (b) during ordinary business hours, at the principal place of business of the Corporation. In the event the Corporation determines to make the list available on an electronic network, the Corporation may take reasonable steps to ensure that such information is available only to stockholders of the Corporation. Except as otherwise provided by law, the list shall be the only evidence as to who are the stockholders entitled to examine the list of stockholders required by this Section 5 of ARTICLE TWO or to vote in person or by proxy at any meeting of stockholders.

SECTION 6&nbsp;&nbsp;&nbsp;&nbsp;<u>Quorum</u>. The holders of a majority in voting power of the outstanding capital stock entitled to vote at the meeting, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders, except as otherwise required by law, the Certificate of Incorporation or these Bylaws. If a quorum is not present, the chair of the meeting or the stockholders present thereat, by the affirmative vote of the holders of a majority of the voting power of capital stock present in person or represented by proxy at the meeting and entitled to vote thereon, may adjourn the meeting to another time and/or place, if any, from time to time until a quorum shall be present in person or represented by proxy. When a specified item of business requires a vote by a class or series (if the Corporation shall then have outstanding shares of more than one class or series) voting as a separate class or series, the holders of a majority in voting power of the outstanding stock of such class or series, present in person or represented by proxy, shall constitute a quorum (as to such class or series) for the transaction of such item of business. A quorum once established at a meeting shall not be broken by the withdrawal of enough votes to leave less than a quorum.

SECTION 7&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjourned Meetings</u>. Any meeting of stockholders, annual or special, may adjourn from time to time to reconvene at the same or some other place. When a meeting is adjourned to another time and place (including an adjournment taken to address a technical failure to convene or continue a meeting using remote communication), notice need not be given of the adjourned meeting if the time and place, if any, thereof and the means of remote communications, if any, by which stockholders and proxyholders may be deemed to be present in person and vote at such adjourned meeting are (a) announced at the meeting at which the adjournment is taken, (b) displayed, during the time scheduled for the meeting, on the same electronic network used to enable stockholders and proxy holders to participate in the meeting by means of remote communication or (c) set forth in the notice of meeting given in accordance with Section 4(a) of this ARTICLE TWO (or are otherwise provided in any other manner permitted by the DGCL). At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for stockholders entitled to vote is fixed for the adjourned meeting, the Board of Directors shall fix a new record date for notice of such adjourned meeting, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and, except as otherwise required by law, shall not be more than 60 days nor less than 10 days before the date of such adjourned meeting and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at such adjourned meeting as of the record date fixed for notice of such adjourned meeting.

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SECTION 8&nbsp;&nbsp;&nbsp;&nbsp;<u>Vote Required</u>. Subject to the rights of the holders of any series of preferred stock then outstanding, when a quorum has been established, all matters other than the election of directors shall be determined by the affirmative vote of the holders of a majority of the voting power of capital stock present in person or represented by proxy at the meeting and entitled to vote on the subject matter, unless a minimum or different vote is provided by applicable law, the rules of any stock exchange upon which the Corporation's securities are listed, any regulation applicable to the Corporation or its securities, the Certificate of Incorporation or these Bylaws, in which case such minimum or different vote shall be the applicable vote required on such matter. Subject to the rights of the holders of any series of Preferred Stock then outstanding, each director to be elected at any meeting for the election of directors shall be elected by a plurality of the votes cast with respect to that director's election at any meeting of stockholders at which a quorum is present.

SECTION 9&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting Rights</u>. Subject to the rights of the holders of any series of preferred stock then outstanding, except as otherwise provided by the DGCL or the Certificate of Incorporation, each stockholder entitled to vote at any meeting of stockholders shall be entitled to one vote in person or by proxy for each share of capital stock held by such stockholder which has voting power upon the matter in question. Voting at meetings of stockholders need not be by written ballot.

SECTION 10&nbsp;&nbsp;&nbsp;&nbsp;<u>Proxies</u>. Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to a corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A duly executed proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A proxy may be made irrevocable regardless of whether the interest with which it is coupled is an interest in the stock itself or an interest in the Corporation generally. A stockholder may revoke any proxy that is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary a revocation of the proxy or by delivering a new duly authorized proxy bearing a later date. To the extent any stockholder uses its own proxy card in connection with directly or indirectly soliciting proxies from other stockholders, such proxy card must use a proxy card color other than white, which shall be reserved for the exclusive use by the Board of Directors.

SECTION 11&nbsp;&nbsp;&nbsp;&nbsp;<u>Advance Notice of Stockholder Business and Director Nominations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Business at Annual Meetings of Stockholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Only such business (other than nominations of persons for election to the Board of Directors, which must be made in compliance with and are governed exclusively by Section 11(b) of this ARTICLE TWO) shall be conducted at an annual meeting of the stockholders as shall have been brought before the meeting (A) as specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors or any duly authorized committee thereof, (B) by or at the direction of the Board of Directors or any duly authorized committee thereof or (C) by any stockholder of the Corporation who (1) was a stockholder of record at the time of giving of notice provided for in Section 11(a)(iii) of this ARTICLE TWO, on the record date for determination of stockholders of the Corporation entitled to vote at the meeting and at the time of the annual meeting, (2) is entitled to vote at the meeting and (3) complies with the procedures and requirements set forth in Section 11(a)(iii) of this ARTICLE TWO and all applicable requirements of state law and the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") and the rules, regulations and schedules promulgated thereunder. For the avoidance of doubt, the foregoing clause (C) of this Section 11(a)(i) of ARTICLE TWO

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shall be the exclusive means for a stockholder to propose such business (other than business included in the Corporation's proxy materials submitted pursuant to Rule 14a-8 under the Exchange Act) before an annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;For any business (other than nominations of persons for election to the Board of Directors, which must be made in compliance with and are governed exclusively by Section 11(b) of this ARTICLE TWO) to be properly brought before an annual meeting by a stockholder, the stockholder must have given timely notice thereof in proper written form as described in Section 11(a)(iii) of this ARTICLE TWO to the Secretary, any such proposed business must be a proper matter for stockholder action and the stockholder and any Stockholder Associated Person (as defined in Section 11(e) of this ARTICLE TWO) must have acted in accordance with the representations set forth in the Solicitation Statement (as defined in Section 11(a)(iii) of this ARTICLE TWO) required by these Bylaws. To be timely, a stockholder's notice for such business must be delivered and received by the Secretary at the principal executive offices of the Corporation in proper written form not later than the Close of Business on the 90th day, and not earlier than the 120th day, prior to the first anniversary of the preceding year's annual meeting of stockholders; <u>provided</u>, <u>however</u>, that if and only if the annual meeting is not scheduled to be held within a period that commences 30 days before the first anniversary of the preceding year's annual meeting and ends 30 days after such first anniversary, or if no annual meeting was held in the preceding year, such stockholder's notice must be delivered not earlier than the 120th day before the annual meeting and not later than the Close of Business on the later of the 90th day before the annual meeting or the 10th day following the day the Public Announcement (as defined in Section 11(e) of this ARTICLE TWO) of the date of the annual meeting is first made. In no event shall any adjournment of an annual meeting or postponement of an annual meeting for which notice has been given, or for which a Public Announcement of the date of the meeting has been made by the Corporation, or the Public Announcement of such an adjournment or postponement, commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. Notices delivered pursuant to this Section 11(a) of ARTICLE TWO will be deemed received on any given day only if received prior to the Close of Business on such day (and otherwise shall be deemed received on the next succeeding Business Day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;To be in proper written form, a stockholder's notice to the Secretary must set forth as to each matter of business the stockholder proposes to bring before the annual meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;a brief description of the business desired to be brought before the annual meeting (including the specific text of any resolutions or actions proposed for consideration and, if such business includes a proposal to amend these Bylaws, the specific language of the proposed amendment) and the reasons for conducting such business at the annual meeting,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;the name and address of the stockholder giving the notice as they appear on the Corporation's books, the name and address (if different from the Corporation's books) of such proposing stockholder, and the name and address of any Stockholder Associated Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;the class or series and number of shares of each class or series of capital stock of the Corporation which are directly or indirectly held of record or beneficially owned by such stockholder or by any Stockholder Associated Person, a description of

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any Derivative Positions (as defined in Section 11(e) of this ARTICLE TWO) directly or indirectly held or beneficially held by the stockholder or any Stockholder Associated Person and whether and to the extent to which a Hedging Transaction (as defined in Section 11(e) of this ARTICLE TWO) has been entered into by or on behalf of such stockholder or any Stockholder Associated Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;a description of all agreements, arrangements or understandings between or among such stockholder or any Stockholder Associated Person and any other person or entity (including their names) in connection with the proposal of such business by such stockholder and any material interest of such stockholder, any Stockholder Associated Person or such other person or entity in such business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;a representation that such stockholder is a stockholder of record of the Corporation entitled to vote at such meeting and that such stockholder (or a qualified representative thereof) will appear at the annual meeting to bring such business before the meeting,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;any other information related to such stockholder or any Stockholder Associated Person that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies or consents (even if a solicitation is not involved) by such stockholder or Stockholder Associated Person in support of the business proposed to be brought before the meeting pursuant to Section 14 of the Exchange Act and the rules, regulations and schedules promulgated thereunder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;a representation as to whether such stockholder or any Stockholder Associated Person intends or is part of a group which intends to deliver, or make available, a proxy statement and/or form of proxy to the holders of at least the percentage of the Corporation's outstanding capital stock required to approve the proposal and/or otherwise to solicit proxies or votes from stockholders in support of the proposal (such representation, a "<u>Solicitation Statement</u>").

In addition, any stockholder who submits a notice pursuant to this Section 11(a) of ARTICLE TWO is required to update and supplement the information disclosed in such notice in accordance with Section 11(d) of this ARTICLE TWO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in these Bylaws to the contrary, no business (other than (x) nominations of persons for election to the Board of Directors, which must be made in compliance with and are governed exclusively by Section 11(b) of this ARTICLE TWO and (y) business included in the Corporation's proxy materials submitted pursuant to Rule 14a-8 under the Exchange Act) shall be conducted at an annual meeting except in accordance with the procedures set forth in this Section 11(a) of ARTICLE TWO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Nominations at Annual Meetings of Stockholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Only persons who are nominated in accordance and compliance with the procedures and requirements set forth in this Section 11(b) of ARTICLE TWO shall be eligible for election to the Board of Directors at an annual meeting of stockholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Nominations of persons for election to the Board of Directors may be made at an annual meeting of stockholders only (A) by or at the direction of the Board of Directors or any duly authorized committee thereof or (B) by any stockholder of the Corporation who (1) was a stockholder of record at the time of giving of notice provided for in this Section 11(b) of ARTICLE TWO, on the record date for determination of stockholders of the Corporation entitled to vote at the meeting and at the time of the annual meeting, (2) is entitled to vote at the meeting and (3) complies with the procedures and requirements set forth in this Section 11(b) of ARTICLE TWO and all applicable requirements of state law and the Exchange Act and the rules, regulations and schedules promulgated thereunder, for the avoidance of doubt, including but not limited to Rule 14a-19 under the Exchange Act. For the avoidance of doubt, the foregoing clause (B) of this Section 11(b)(ii) of ARTICLE TWO shall be the exclusive means for a stockholder to make nominations of persons for election to the Board of Directors at an annual meeting of stockholders. For nominations to be properly brought by a stockholder at an annual meeting of stockholders, the stockholder must have given timely notice thereof in proper written form as described in Section 11(b)(iii) of this ARTICLE TWO to the Secretary and the stockholder and any Stockholder Associated Person must have acted in accordance with the representations set forth in the Nomination Solicitation Statement required by these Bylaws. To be timely, a stockholder's notice for the nomination of persons for election to the Board of Directors must be delivered and received by the Secretary at the principal executive offices of the Corporation in proper written form not later than the Close of Business on the 90th day, and not earlier than the 120th day, prior to the first anniversary of the preceding year's annual meeting of stockholders; <u>provided</u>, <u>however</u>, that if and only if the annual meeting is not scheduled to be held within a period that commences 30 days before the first anniversary of the preceding year's annual meeting and ends 30 days after such first anniversary, or if no annual meeting was held in the preceding year, such stockholder's notice must be delivered not earlier than the 120th day before the annual meeting and not later than the Close of Business on the later of the 90th day before the annual meeting or the 10th day following the day the Public Announcement of the date of the annual meeting is first made. In no event shall any adjournment of an annual meeting or postponement of an annual meeting for which notice has been given, or for which a Public Announcement of the date of the meeting has been made by the Corporation, or the Public Announcement of such an adjournment or postponement, commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. Notices delivered pursuant to this Section 11(b) of ARTICLE TWO will be deemed received on any given day only if received prior to the Close of Business on such day (and otherwise shall be deemed received on the next succeeding Business Day). For the avoidance of doubt, a stockholder shall not be entitled to make additional or substitute nominations following the expiration of the time periods set forth in these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;To be in proper written form, a stockholder's notice to the Secretary shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;as to each person that the stockholder proposes to nominate for election or re-election as a director of the Corporation, (1) the name, age, business address and residence address of the person, (2) the principal occupation or employment of the person, (3) the class or series and number of shares of each class or series of capital stock of the Corporation which are directly or indirectly owned beneficially or of record by the person, (4) the date such shares were acquired and the investment intent of such acquisition, (5) any other information relating to the person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with the

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solicitation of proxies or consents for a contested election of directors (even if an election contest or proxy solicitation is not involved) or is otherwise required pursuant to Section 14 of the Exchange Act and the rules, regulations and schedules promulgated thereunder (including such person's written consent to being named in any proxy statement and other proxy materials for the applicable meeting as a nominee of the stockholder, if applicable, and to serving as a director if elected) and (6) the fully completed questionnaire, representation and agreement required by Section 11(f) of this ARTICLE TWO,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;the name and address of the stockholder giving the notice, as they appear on the Corporation's books, and the name and address of any Stockholder Associated Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;the class or series and number of shares of each class or series of capital stock of the Corporation which are directly or indirectly held of record or beneficially owned by such stockholder or by any Stockholder Associated Person with respect to the Corporation's securities, a description of any Derivative Positions directly or indirectly held or beneficially held by the stockholder or any Stockholder Associated Person and whether and the extent to which a Hedging Transaction has been entered into by or on behalf of such stockholder or any Stockholder Associated Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;a description of all agreements, arrangements or understandings (including financial transactions and direct or indirect compensation) between or among such stockholder or any Stockholder Associated Person and each proposed nominee and any other person or entity (including their names) pursuant to which the nomination(s) are to be made by such stockholder, 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;a representation that such stockholder is a stockholder of record of the Corporation entitled to vote at such meeting and that such stockholder (or a qualified representative thereof) will appear at the meeting to nominate the persons named in its notice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;any other information relating to such stockholder or any Stockholder Associated Person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with the solicitation of proxies or consents for a contested election of directors (even if an election contest or proxy solicitation is not involved) or otherwise required pursuant to Section 14 of the Exchange Act and the rules, regulations and schedules promulgated thereunder, for the avoidance of doubt, including but not limited to Rule 14a-19 under the Exchange Act, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;a representation as to whether such stockholder or any Stockholder Associated Person intends or is part of a group which intends to (x)(1) solicit proxies in support of the election of the nominee(s) named in its notice from holders of the Corporation's outstanding capital stock representing at least 67% of the voting power of shares of capital stock entitled to vote on the election of directors, (2) include a statement to that effect in its proxy statement and/or the form of proxy, (3) otherwise comply with Rule 14a-19 under the Exchange Act and (4) provide the Secretary of the Corporation not less than 10 days prior to the meeting or any adjournment or postponement thereof, with reasonable documentary evidence (as determined by the Secretary in good faith) that such

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stockholder and/or beneficial owner complied with such representations, and/or (y) otherwise to solicit proxies or votes from stockholders in support of the election of the nominee(s) named it its notice (such representation, a "<u>Nomination Solicitation</u> <u>Statement</u>").

In addition, any stockholder who submits a notice pursuant to this Section 11(b) of ARTICLE TWO is required to update and supplement the information disclosed in such notice in accordance with Section 11(d) of this ARTICLE TWO and shall comply with Section 11(f) of this ARTICLE TWO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The number of nominees a stockholder may nominate for election at an annual meeting (or in the case of a stockholder giving notice on behalf of a beneficial owner, the number of nominees a stockholder may nominate for election at the annual meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected at such annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meetings of Stockholders</u>. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the notice of meeting. Only persons who are nominated in accordance and compliance with the procedures and requirements set forth in this Section 11(c) of ARTICLE TWO shall be eligible for election to the Board of Directors at a special meeting of stockholders at which directors are to be elected. Nominations of persons for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected pursuant to the notice of meeting only (i) by or at the direction of the Board of Directors or any duly authorized committee thereof or (ii) <u>provided</u> that the Board of Directors has determined that directors are to be elected at such special meeting, by any stockholder of the Corporation who (A) was a stockholder of record at the time of giving of notice provided for in this Section 11(c) of ARTICLE TWO, on the record date for determination of stockholders of the Corporation entitled to vote at the meeting and at the time of the special meeting, (B) is entitled to vote at the meeting and (C) complies with the procedures and requirements set forth in this Section 11(c) of ARTICLE TWO and all applicable requirements of state law and the Exchange Act and the rules, regulations and schedules promulgated thereunder, for the avoidance of doubt, including but not limited to Rule 14a-19 under the Exchange Act. For the avoidance of doubt, the foregoing clause (ii) of this Section 11(c) of ARTICLE TWO shall be the exclusive means for a stockholder to make nominations of persons for election to the Board of Directors at a special meeting of stockholders at which directors are to be elected. For nominations to be properly brought by a stockholder at a special meeting of stockholders, the stockholder must have given timely notice thereof in proper written form as described in this Section 11(c) of ARTICLE TWO to the Secretary and the stockholder and the Stockholder Associated Person must have acted in accordance with the representations set forth in the Nomination Solicitation Statement required by these Bylaws. To be timely, a stockholder's notice for the nomination of persons for election to the Board of Directors must be delivered and received by the Secretary at the principal executive offices of the Corporation in proper written form not earlier than the 120th day prior to such special meeting and not later than the Close of Business on the later of the 90th day prior to such special meeting or the 10th day following the day on which a Public Announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. In no event shall any adjournment or postponement of a special meeting or the Public Announcement thereof commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. The number of nominees a stockholder may nominate for election at a special meeting (or in the case of a stockholder giving notice on behalf of a beneficial owner, the number of nominees a stockholder may nominate for election at the special meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected at such special meeting. Notices delivered pursuant to this Section 11(c) of

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ARTICLE TWO will be deemed received on any given day only if received prior to the Close of Business on such day (and otherwise shall be deemed received on the next succeeding Business Day). For the avoidance of doubt, a stockholder shall not be entitled to make additional or substitute nominations following the expiration of the time periods set forth in these Bylaws. To be in proper written form, such stockholder's notice shall set forth all of the information required by, and otherwise be in compliance with, Section 11(b)(iii) of this ARTICLE TWO. In addition, any stockholder who submits a notice pursuant to this Section 11(c) of ARTICLE TWO is required to update and supplement the information disclosed in such notice, if necessary, in accordance with Section 11(d) of this ARTICLE TWO and shall comply with Section 11(f) of this ARTICLE TWO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Update and Supplement of Stockholder's Notice</u>. Any stockholder who submits a notice of proposal for business or nomination for election pursuant to this Section 11 of ARTICLE TWO is required to update and supplement the information disclosed in such notice, if necessary, so that the information provided or required to be provided in such notice shall be true and correct as of the record date for determining the stockholders entitled to notice of the meeting of stockholders and as of the date that is 10 Business Days prior to such meeting of the stockholders or any adjournment or postponement thereof. Any such update and supplement shall be received by the Secretary at the principal executive offices of the Corporation not later than the Close of Business on the fifth Business Day after the record date for the meeting of stockholders (in the case of the update and supplement required to be made as of the record date), and not later than the Close of Business on the eighth business day prior to the date for the meeting of stockholders or any adjournment or postponement thereof (in the case of the update and supplement required to be made as of 10 Business Days prior to the meeting of stockholders or any adjournment or postponement thereof); <u>provided</u> that, in the case of an adjournment, if there are fewer than eight Business Days prior to such adjournment, any such update and supplement shall be received by the Secretary as soon as practicable, but no in event later than the day prior to such adjournment. If a stockholder who submits a notice of nomination for election pursuant to this Section 11 of ARTICLE TWO no longer intends to solicit proxies in accordance with its representation pursuant to Section 11(b)(iii)(G)(1) of this ARTICLE TWO, such stockholder shall inform the Corporation of this change by delivering notice thereof in writing to the Secretary at the principal executive offices of the Corporation not later than the Close of Business on the second Business Day after the occurrence of such change. Notwithstanding anything in this Section 11 of ARTICLE TWO to the contrary, if any information or representation submitted pursuant to this Section 11 of ARTICLE TWO is inaccurate or incomplete, such information or representation shall be deemed not to have been provided in accordance herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. For purposes of this Section 11 of ARTICLE TWO, the term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Business Day</u>" means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, NY are authorized or obligated by law or executive order to close;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Close of Business</u>" means 5:00 p.m. local time at the principal executive offices of the Corporation, and if an applicable deadline falls on the Close of Business on a day that is not a Business Day, then the applicable deadline shall be deemed to be the Close of Business on the immediately preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Derivative Positions</u>" means, with respect to a stockholder or any Stockholder Associated Person, any derivative positions including, without limitation, any short position, profits interest, option, warrant, convertible security, stock appreciation right or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to

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any class or series of shares of the Corporation or with a value derived in whole or in part from the value of any class or series of shares of the Corporation, whether or not such instrument or right shall be subject to settlement in the underlying class or series of capital stock of the Corporation or otherwise and any performance-related fees to which such stockholder or any Stockholder Associated Person is entitled based, directly or indirectly, on any increase or decrease in the value of shares of capital stock of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Hedging Transaction</u>" means, with respect to a stockholder or any Stockholder Associated Person, any hedging or other transaction (such as borrowed or loaned shares) or series of transactions, or any other agreement, arrangement or understanding, the effect or intent of which is to increase or decrease the voting power or economic or pecuniary interest of such stockholder or any Stockholder Associated Person with respect to the Corporation's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Public Announcement</u>" means disclosure in a press release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or comparable news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Stockholder Associated Person</u>" of any stockholder means (A) any beneficial owner of shares of stock of the Corporation, if any, on whose behalf the nomination or proposal is made and (B) any person directly or indirectly controlling, controlled by or under common control with such stockholder or any such beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Submission of Questionnaire, Representation and Agreement</u>. For a person nominated by a stockholder pursuant to Sections 11(b)(ii)(B) or 11(c)(ii) of this ARTICLE TWO to be qualified to stand for election or re-election as a director of the Corporation, such stockholder's notice must include a written questionnaire with respect to the background and qualification of such person and the background of any other person or entity on whose behalf the nomination is being made (which questionnaire shall be provided by the Secretary upon written request of any stockholder of record identified by name within five Business Days of such written request) and a written representation and agreement (in the form provided by the Secretary upon written request of any stockholder of record identified by name within five Business Days of such written request) that such person (i) is not and will not become a party to (A) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the Corporation, will act or vote on any issue or question (a "<u>Voting Commitment</u>") that has not been disclosed to the Corporation or (B) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the Corporation, with such person's fiduciary duties under applicable law, (ii) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director of the Corporation or nominee therefor that has not been disclosed to the Corporation and (iii) would be in compliance, and if elected as a director of the Corporation, whether such person intends to comply, with all applicable publicly disclosed corporate governance, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Information</u>. The Corporation may also, as a condition to any such nomination or business being deemed properly brought before a meeting of stockholders, require the stockholder, any Stockholder Associated Person or a proposed nominee to deliver to the Secretary, within five Business Days of any such request, such other information as may reasonably be requested by the Corporation,

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including such other information as the Board of Directors, in good faith, determines (A) is reasonably necessary to determine whether such nominee satisfies any qualifications, requirements, criteria or standards imposed by the Certificate of Incorporation, these Bylaws or any law, rule, regulation or listing standard that may be applicable to the Corporation, (B) is reasonably necessary to determine whether such nominee qualifies as an "independent director" or "audit committee financial expert" under any law, rule, regulation or listing standard that may be applicable to the Corporation or any publicly disclosed corporate governance guideline or committee charter of the Corporation and (C) could be material to a stockholder's understanding of the independence (including from the stockholder or any Stockholder Associated Person), or lack thereof, of such nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Authority of Chair; General Provisions</u>. Except as otherwise provided by applicable law, the Certificate of Incorporation or these Bylaws, and subject to the oversight of the Board of Directors, the chair of the meeting shall have the power and duty to determine whether any nomination or other business proposed to be brought before the meeting was made or brought in accordance with the procedures and requirements set forth in these Bylaws (including whether the stockholder or Stockholder Associated Person, if any, on whose behalf the nomination or proposal is made or solicited (or is part of a group which solicited) or did not so solicit, as the case may be, proxies or votes in support of such stockholder's nominee or proposal in compliance with such stockholder's representation as required by Section 11(a)(iii)(G) or Section 11(b)(iii)(G), as applicable, of this ARTICLE TWO) or any applicable law, rule or regulation identified herein and, if any nomination or other business is not made or brought in compliance with these Bylaws (including any applicable law, rule or regulation identified herein), to declare that such nomination or proposal of other business be disregarded and not acted upon (and any such nominee shall be disqualified from standing for election or re-election), notwithstanding that proxies in respect of such vote may have been received by the Corporation. Notwithstanding the foregoing provisions of this Section 11 of ARTICLE TWO, unless otherwise required by law, if the stockholder (or a qualified representative of the stockholder) does not appear at the annual or special meeting of stockholders of the Corporation to present a nomination or proposed business, such nomination shall be disregarded (and any such nominee shall be disqualified from standing for election or re-election) and such proposed business shall not be transacted, notwithstanding that proxies in respect of such vote may have been received by the Corporation. For purposes of this Section 11 of ARTICLE TWO, to be considered a qualified representative of the stockholder, a person must be (A) a duly authorized officer, manager or partner of such stockholder or (B) authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders, which writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, must be received by the Secretary at the principal executive offices of the Corporation at least 5 Business Days prior to the meeting of stockholders. For purposes of determining the deadline by which a stockholder must deliver a notice of nomination or business in connection with the Corporation's first annual meeting of stockholders following its initial public offering of common stock, the date of the immediately preceding year's annual meeting shall be deemed to have occurred on the fifteenth day of October in such immediately preceding calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Exchange Act</u>. Notwithstanding the foregoing provisions of these Bylaws, a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules, regulations and schedules promulgated thereunder with respect to the matters set forth in these Bylaws, and any failure to comply therewith shall be deemed a failure to comply with these Bylaws; <u>provided</u>, <u>however</u>, that any references in these Bylaws to the Exchange Act or the rules, regulations and schedules promulgated thereunder are not intended to and shall not limit the requirements applicable to any nomination or other business to be considered pursuant to this Section 11 of ARTICLE TWO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect on Other Rights</u>. Nothing in these Bylaws shall be deemed to (A) affect any rights of the stockholders to request inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 under the Exchange Act, (B) confer upon any stockholder a right to have a nominee or any proposed business included in the Corporation's proxy statement, except as set forth in the Certificate of Incorporation, these Bylaws or applicable law, (C) affect any rights of the holders of any series of preferred stock to elect directors pursuant to any applicable provisions of the Certificate of Incorporation or (D) limit the exercise, or the method or timing of the exercise, of any rights expressly granted by the Corporation to any person to nominate directors.

SECTION 12&nbsp;&nbsp;&nbsp;&nbsp;<u>Fixing a Record Date for Stockholder Meetings</u>. In order that the Corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall not be more than 60 days nor less than 10 days before the date of such meeting. If the Board of Directors so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board of Directors determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be the Close of Business on the day next preceding the day on which notice is first given or, if notice is waived, at the Close of Business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; <u>provided</u>, <u>however</u>, that the Board of Directors may fix a new record date for the adjourned meeting in conformity herewith, and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance with the foregoing provisions of this Section 12 of ARTICLE TWO at the adjourned meeting.

SECTION 13&nbsp;&nbsp;&nbsp;&nbsp;<u>Fixing a Record Date for Action by Stockholders Without a Meeting</u>. So long as stockholders of the Corporation have the right to act by written consent in accordance with Section 1 of ARTICLE SEVEN of the Certificate of Incorporation, for the purposes of determining the stockholders entitled to consent to corporate action without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date on which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall not be more than 10 days after the date upon which the resolution fixing the record date is adopted by the Board of Directors. If no record date has been fixed by the Board of Directors, the record date for determining stockholders entitled to consent to corporate action without a meeting, when no prior action by the Board of Directors is required by applicable law, shall be the first date on which a signed consent setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with Section 228 of the DGCL. If no record date has been fixed by the Board of Directors and prior action by the Board of Directors is required by applicable law, the record date for determining stockholders entitled to consent to corporate action without a meeting shall be at the Close of Business on the day on which the Board of Directors adopts the resolution taking such prior action.

SECTION 14&nbsp;&nbsp;&nbsp;&nbsp;<u>Conduct of Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Generally</u>. Meetings of stockholders shall be presided over by the chair of the meeting who shall be the Chair of the Board of Directors, if any, or in the Chair's absence or disability, by the Chief Executive Officer, or in the Chief Executive Officer's absence or disability, by a Senior Vice President (in the order as determined by the Board of Directors), or in the absence or disability of the

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foregoing persons by a chair designated by the Board of Directors, or in the absence or disability of such person, by a chair chosen at the meeting; <u>provided</u> that, notwithstanding anything to the contrary herein, the chair of the meeting may delegate any of their rights and responsibilities with respect to such meeting to any other person. The Secretary shall act as secretary of the meeting, but in the Secretary's absence or disability the chair of the meeting may appoint any person to act as secretary of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Rules, Regulations and Procedures</u>. The Board of Directors may adopt by resolution such rules, regulations and procedures for the conduct of any meeting of stockholders of the Corporation as it shall deem appropriate including, without limitation, such guidelines and procedures as it may deem appropriate regarding the participation by means of remote communication of stockholders and proxyholders not physically present at a meeting. Except to the extent inconsistent with such rules, regulations and procedures as adopted by the Board of Directors, the chair of any meeting of stockholders shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chair, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chair of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders of record of the Corporation, their duly authorized and constituted proxies or such other persons as the chair of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; (v) limitations on the time allotted to questions or comments by participants; and (vi) restrictions on the use of mobile phones, audio or video recording devices and similar devices at the meeting. Unless and to the extent determined by the Board of Directors or the chair of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure. The chair of the meeting shall have the power, right and authority, for any or no reason, to convene, recess and/or adjourn any meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Inspectors of Elections</u>. The Corporation may, and to the extent required by law shall, in advance of any meeting of stockholders, appoint one or more inspectors of election to act at the meeting and make a written report thereof. The Corporation may designate one or more other persons as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting of stockholders, the chair of the meeting shall appoint one or more inspectors to act at the meeting. Unless otherwise required by law, inspectors may be officers, employees or agents of the Corporation. No person who is a candidate for an office at an election may serve as an inspector at such election. Each inspector, before entering upon the discharge of such inspector's duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of such inspector's ability. The inspector shall have the duties prescribed by law and, when the vote is completed, shall make a certificate of the result of the vote taken and of such other facts as may be required by law. The inspectors may appoint or retain other persons or entities to assist the inspectors in the performance of the duties of the inspectors.

SECTION 15&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery to the Corporation</u>. Whenever this ARTICLE II requires one or more persons (including a record or beneficial owner of capital stock) to deliver a document or information to the Corporation or any officer, employee or agent thereof (including any notice, questionnaire, representation, agreement or other document), such document or information shall be (i) in writing, which shall be delivered by hand (including, without limitation, overnight courier service) or by certified or registered mail, return receipt requested and (ii) delivered by email to __________, and the Corporation shall not be required to accept delivery of any document not in such form or so delivered.

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**ARTICLE THREE**

**<u>DIRECTORS</u>**

SECTION 1&nbsp;&nbsp;&nbsp;&nbsp;<u>General Powers</u>. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors.

SECTION 2&nbsp;&nbsp;&nbsp;&nbsp;<u>Number and Term of Office</u>. Subject to the rights of the holders of any series of preferred stock to elect directors, the number of Directors shall be fixed from time to time exclusively by resolution of the Board of Directors. Subject to the rights of the holders of any series of preferred stock to elect directors, the directors shall be divided into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be possible, of one-third of the total number of directors constituting the entire Board. Subject to the rights of the holders of any series of preferred stock to elect directors, each director shall serve for a term expiring at the third annual meeting of stockholders following the annual meeting of stockholders at which such director was elected; <u>provided</u> that each director initially assigned to Class I shall serve for a term expiring at the Corporation's first annual meeting of stockholders to be held in 2026; each director initially assigned to Class II shall serve for a term expiring at the Corporation's second annual meeting of stockholders to be held in 2027; and each director initially assigned to Class III shall serve for a term expiring at the Corporation's third annual meeting of stockholders to be held in 2028; <u>provided further</u>, that each director shall hold office until their successor is duly elected and qualified, or until their earlier death, resignation, disqualification or removal.

SECTION 3&nbsp;&nbsp;&nbsp;&nbsp;<u>Vacancies</u>. Subject to the rights of the holders of any series of preferred stock then outstanding, any newly created directorship on the Board of Directors that results from an increase in the number of directors or any vacancy occurring on the Board of Directors, however created, shall be filled only by resolution of a majority of the directors then in office, even if less than a quorum, or by a sole remaining director (other than directors elected by the holders of any series of preferred stock then outstanding) and may not be filled in any other manner. In the event of any increase in the authorized number of directors, the Board of Directors shall assign the class to which a newly created directorship shall be allocated. A director appointed to fill a vacancy resulting from the death, resignation, disqualification or removal of a director or other cause shall hold office for the unexpired term of such director's predecessor in office, and a director appointed to fill a newly created directorship shall hold office until the next election of the class for which such director shall have been assigned, and, in each case, until their successor is duly elected and qualified, or until their earlier death, resignation, disqualification or removal. In no case will a decrease in the authorized number of directors have the effect of removing or shortening the term of any incumbent director.

SECTION 4&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Meeting</u>. The annual meeting of the Board of Directors for the purpose of electing officers and transacting all other business properly brought before it shall be held without notice at such time and at such place, if any, as shall be determined by the Board of Directors and publicized among all directors.

SECTION 5&nbsp;&nbsp;&nbsp;&nbsp;<u>Regular Meetings and Special Meetings</u>. Regular meetings, other than the annual meeting, of the Board of Directors may be held without notice at such time and at such place, if any, as shall from time to time be determined by the Board of Directors and publicized among all directors. Special meetings of the Board of Directors may be called by (i) the Chair of the Board of Directors, if any, (ii) the Chief Executive Officer or (iii) by the Secretary upon the written request of a majority of the directors then in office, and in each case shall be held at the place, if any, on the date and at the time as they shall fix. Any and all business may be transacted at a special meeting of the Board of Directors.

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SECTION 6&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Meetings</u>. Notice of regular meetings of the Board of Directors need not be given except as otherwise required by law or these Bylaws. Notice of each special meeting of the Board of Directors, and of each regular and annual meeting of the Board of Directors for which notice is required, shall be given by the Secretary as hereinafter provided in this Section 6 of ARTICLE THREE. Such notice shall state the date, time and place, if any, of the meeting. Notice of any special meeting, and of any regular or annual meeting for which notice is required, shall be given to each director at least (a) 24 hours before the meeting if by telephone or by being personally delivered or sent by overnight courier, telecopy, electronic transmission, email or similar means or (b) five days before the meeting if delivered by mail to the director's residence or usual place of business. Such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage prepaid, or when transmitted if sent by telex, telecopy, electronic transmission, email or similar means. Neither the business to be transacted at, nor the purpose of, any special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting.

SECTION 7&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Notice</u>. Whenever notice is required to be given under the Certificate of Incorporation or these Bylaws, a written waiver, signed by a member of the Board of Directors or a committee entitled to notice, or a waiver by electronic transmission given thereby, whether before or after the time stated therein, shall be deemed equivalent to notice. Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Directors or a committee thereof need be specified in any waiver of notice of such meeting. Any member of the Board of Directors or any committee thereof who is present at a meeting shall have waived notice of such meeting except when such member attends for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened and does not further participate in the meeting.

SECTION 8&nbsp;&nbsp;&nbsp;&nbsp;<u>Chair of the Board of Directors, Quorum, Required Vote and Adjournment</u>. The Board of Directors may elect, by the affirmative vote of a majority of the directors then in office, a Chair of the Board of Directors. The Chair of the Board of Directors must be a director. Unless expressly designated as such by the Board of Directors, the Chair of the Board of Directors shall not be deemed to be an officer of the Corporation. Subject to the provisions of these Bylaws and the direction of the Board of Directors, the Chair of the Board of Directors shall perform all duties and have all powers which are commonly incident to the position of Chair of the Board of Directors, preside at all meetings of the Board of Directors at which they are present and have such powers and perform such duties as may from time to time be prescribed by the Board of Directors or these Bylaws. If the Chair of the Board of Directors is not present at a meeting of the Board of Directors, the Chief Executive Officer (if the Chief Executive Officer is a director and is also not the Chair of the Board of Directors) shall preside at such meeting, and, if the Chief Executive Officer is not present at such meeting, a majority of the directors present at such meeting shall elect one of the directors present at the meeting to so preside. At all meetings of the Board of Directors, a majority of the directors then in office shall constitute a quorum for the transaction of business; <u>provided</u>, <u>however</u>, that a quorum shall never be less than one-third of the total number of directors. Unless by express provision of an applicable law, the Certificate of Incorporation or these Bylaws a different vote is required, the vote of a majority of directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. At any meeting of the Board of Directors, business shall be transacted in such order and manner as the Board of Directors may from time to time determine. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may, to the fullest extent permitted by law, adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

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SECTION 9&nbsp;&nbsp;&nbsp;&nbsp;<u>Committees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors may designate one or more committees, including an executive committee and any committees required by the rules and regulations of such exchange as any securities of the Corporation are listed, consisting of one or more of the directors of the Corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. Except to the extent restricted by applicable law or the Certificate of Incorporation, each such committee, to the extent provided by the DGCL and in the resolution creating it, shall have and may exercise all the powers and authority of the Board of Directors, and may authorize the seal of the Corporation to be affixed to all papers which may require it. Each such committee shall serve at the pleasure of the Board of Directors. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each committee of the Board of Directors may fix its own rules of procedure and shall hold its meetings as provided by such rules, except as may otherwise be provided by a resolution of the Board of Directors designating such committee. Unless otherwise provided in such a resolution, the presence of at least a majority of the members of the committee shall be necessary to constitute a quorum. All matters shall be determined by a majority vote of the members present at a meeting at which a quorum is present. Unless otherwise provided in such a resolution, in the event that a member of such committee is or are absent or disqualified, the member or members present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in place of any such absent or disqualified member.

SECTION 10&nbsp;&nbsp;&nbsp;&nbsp;<u>Action by Written Consent</u>. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all members of the Board of Directors or such committee, as the case may be, consent thereto in writing or by electronic transmission. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of proceedings of the Board of Directors or committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.

SECTION 11&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation</u>. The Board of Directors shall have the authority to fix the compensation, including fees, reimbursement of expenses and equity compensation, of directors for services to the Corporation in any capacity, including for attendance of meetings of the Board of Directors or participation on any committees. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor.

SECTION 12&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance on Books and Records</u>. A member of the Board of Directors, or a member of any committee designated by the Board of Directors, shall, in the performance of such member's duties, be fully protected in relying in good faith upon records of the Corporation and upon such information, opinions, reports or statements presented to the Corporation by any of the Corporation's officers or employees, or committees of the Board of Directors, or by any other person as to matters the member reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation.

SECTION 13&nbsp;&nbsp;&nbsp;&nbsp;<u>Telephonic and Other Meetings</u>. Unless restricted by the Certificate of Incorporation, any one or more members of the Board of Directors or any committee thereof may participate in a meeting of the Board of Directors or such committee by means of conference telephone or other communications

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equipment by means of which all persons participating in the meeting can hear each other. Participation by such means shall constitute presence in person at a meeting.

**ARTICLE FOUR**

**<u>OFFICERS</u>**

SECTION 1&nbsp;&nbsp;&nbsp;&nbsp;<u>Election; Term of Office; Appointments</u>. The elected officers of the Corporation shall be elected by the Board of Directors and shall consist of a Chief Executive Officer, a Chief Financial Officer, one or more Senior Vice Presidents, a Treasurer, a Secretary, one or more Assistant Secretaries and such other officers as the Board of Directors from time to time may deem proper. All elected officers shall each have such powers and duties as generally pertain to their respective offices, subject to the specific provisions of this ARTICLE FOUR. Such officers shall also have such powers and duties as from time to time may be conferred by the Board of Directors or by any committee thereof. In addition, the Chair of the Board of Directors or the Chief Executive Officer may appoint such other officers and such agents, as may be necessary or desirable for the conduct of the business of the Corporation. Such other officers and agents shall have such duties and shall hold their offices for such terms as shall be provided in these Bylaws or as may be prescribed by the Board of Directors or such committee or by the Chair of the Board of Directors or the Chief Executive Officer, as the case may be. Elected officers of the Corporation shall hold office until their successors are elected and qualified or until their earlier death, resignation or removal. Two (2) or more offices may be held by the same person.

SECTION 2&nbsp;&nbsp;&nbsp;&nbsp;<u>Removal and Resignation</u>. Any officer of the Corporation may be removed from office with or without cause at any time by the Board of Directors, by a duly authorized committee thereof or, to the extent appointed by such person and unless otherwise provided by resolution of the Board of Directors, by the Chair of the Board of Directors or by the Chief Executive Officer. Any officer may resign at any time upon written notice to the Corporation. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice. Unless otherwise specified in the notice of resignation, the acceptance of the resignation shall not be necessary to make it effective.

SECTION 3&nbsp;&nbsp;&nbsp;&nbsp;<u>Vacancies</u>. Any vacancy in any elected office because of death, resignation, removal or otherwise may be filled by the Board of Directors. A vacancy in any other office may be filled by the Chair of the Board of Directors or the Chief Executive Officer.

SECTION 4&nbsp;&nbsp;&nbsp;&nbsp;<u>Chief Executive Officer</u>. The Chief Executive Officer shall have general supervision of the business of the Corporation and shall see that all orders and resolutions of the Board of Directors are carried into effect. The Chief Executive Officer shall have the power to execute all bonds, mortgages, contracts and other instruments of the Corporation requiring a seal, under the seal of the Corporation, except where required or permitted by applicable law to be otherwise signed and executed and except that the other officers of the Corporation may sign and execute documents when so authorized by these Bylaws, the Board of Directors or the Chief Executive Officer. The Chief Executive Officer shall have such authority and perform such duties in the management of the Corporation as from time to time shall be prescribed by the Board of Directors and, to the extent not so prescribed, the Chief Executive Officer shall have such authority and perform such duties in the management of the Corporation, subject to the control of the Board of Directors, as generally pertain to the office of Chief Executive Officer, respectively.

SECTION 5&nbsp;&nbsp;&nbsp;&nbsp;<u>Chief Financial Officer</u>. The Chief Financial Officer shall be responsible for the overall management of the financial affairs of the Corporation. The Chief Financial Officer shall render a statement of the Corporation's financial condition and an account of all transactions whenever requested by the Board of Directors, by the Chair of the Board of Directors or by the Chief Executive Officer. The

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Chief Financial Officer shall perform such other duties as may be prescribed by these Bylaws or as may be assigned to them by the Board of Directors, by the Chair of the Board of Directors or by the Chief Executive Officer, and, except as otherwise prescribed by the Board of Directors, they shall have such powers and duties as generally pertain to the office of Chief Financial Officer.

SECTION 6&nbsp;&nbsp;&nbsp;&nbsp;<u>Senior Vice Presidents</u>. Senior Vice Presidents shall perform such duties as from time to time shall be prescribed by these Bylaws, by the Board of Directors, by the Chair of the Board of Directors or by the Chief Executive Officer, and, except as otherwise prescribed by the Board of Directors, they shall have such powers and duties as generally pertain to such office.

SECTION 7&nbsp;&nbsp;&nbsp;&nbsp;<u>Secretary and Assistant Secretaries</u>. The Secretary or person appointed as secretary at all meetings of the Board of Directors and of the stockholders shall record all votes and the minutes of all proceedings in a book to be kept for that purpose, and they shall perform like duties for the committees of the Board of Directors when required. The Secretary shall give, or cause to be given, notice of all meetings of the stockholders and of the Board of Directors, if required. The Secretary shall have custody of the seal of the Corporation and the Secretary or any Assistant Secretary, if there be one, shall have authority to affix the same to any instrument requiring it and when so affixed, it may be attested by the signature of the Secretary or by the signature of any such Assistant Secretary. The Board of Directors may give general authority to any other officer to affix the seal of the Corporation and to attest to the affixing by such officer's signature. The Secretary shall see that all books and records pertaining to meetings and proceedings of the Board of Directors (and any committee thereof) and of the stockholders required by applicable law to be kept or filed are properly kept or filed, as the case may be. The Secretary shall perform such other duties as may be prescribed by these Bylaws or as may be assigned to them by the Board of Directors, Chair of the Board of Directors or the Chief Executive Officer, and, except as otherwise prescribed by the Board of Directors, they shall have such powers and duties as generally pertain to the office of Secretary. The Assistant Secretary, or if there be more than one, any of the Assistant Secretaries, shall in the absence or disability of the Secretary, perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board of Directors, the Chair of the Board of Directors, the Chief Executive Officer or Secretary may, from time to time, prescribe.

SECTION 8&nbsp;&nbsp;&nbsp;&nbsp;<u>Treasurer</u>. The Treasurer shall have responsibility for the Corporation's funds and securities. They shall perform such other duties as may be prescribed by these Bylaws or as may be assigned to them by the Chair of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer or the Board of Directors, and, except as otherwise prescribed by the Board of Directors, they shall have such powers and duties as generally pertain to the office of Treasurer.

**ARTICLE FIVE**

**<u>STOCK</u>**

SECTION 1&nbsp;&nbsp;&nbsp;&nbsp;<u>Uncertificated Shares</u>. Unless otherwise provided by resolution of the Board of Directors, each class or series of shares of the Corporation's capital stock shall be issued in uncertificated form.

SECTION 2&nbsp;&nbsp;&nbsp;&nbsp;<u>Form of Certificates</u>. If shares are represented by certificates, the certificates shall be in such form as required by applicable law and as determined by the Board of Directors. Each such certificate shall represent the number of shares registered in certificate form and shall be signed by or in the name of the Corporation by two authorized officers of the Corporation. Any or all signatures on any such certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed, or whose facsimile signature or signatures have been used on, any such certificate or certificates shall cease to be such officer, transfer agent or registrar of the Corporation whether because of death, resignation or

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otherwise before such certificate or certificates have been issued by the Corporation, such certificate or certificates may nevertheless be issued as though the person or persons who signed such certificate or certificates or whose facsimile signature or signatures have been used thereon had not ceased to be such officer, transfer agent or registrar of the Corporation at the date of issue. All certificates for shares shall be consecutively numbered or otherwise identified.

SECTION 3&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer</u>. The Board of Directors may appoint a transfer agent or registrar, or both, for any class or series of securities of the Corporation. The Corporation, or its designated transfer agent or other agent, shall keep a book or set of books to be known as the stock transfer books of the Corporation, containing the name of each holder of record, together with such holder's address and the number and class or series of shares held by such holder and the date of issue. When shares are represented by certificates, such shares shall only be transferred on the books of the Corporation by the holder of record thereof or by such holder's attorney duly authorized in writing, upon surrender to the Corporation or its designated transfer agent or other agent of the certificate or certificates for such shares endorsed by the appropriate person or persons, with such evidence of the authenticity of such endorsement, transfer, authorization and other matters as the Corporation may reasonably require and accompanied by all necessary stock transfer stamps. When shares are in uncertificated form, such shares shall only be transferred on the books of the Corporation by the holder of record thereof or by such holder's attorney duly authorized in writing, with such evidence of the authenticity of such transfer, authorization and other matters as the Corporation may reasonably require, and accompanied by all necessary stock transfer stamps, and within a reasonable time after the issuance or transfer of such shares, the Corporation shall, if required by applicable law, send the holder to whom such shares have been issued or transferred a written statement of the information required by applicable law. Unless otherwise provided by applicable law, the Certificate of Incorporation, the Bylaws or any other instrument, the rights and obligations of the holders of uncertificated stock and the rights and obligations of the holders of certificates representing stock of the same class and series shall be identical.

SECTION 4&nbsp;&nbsp;&nbsp;&nbsp;<u>Lost Certificates</u>. The Corporation may issue or direct a new certificate or certificates or uncertificated shares to be issued in place of any certificate or certificates previously issued by the Corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the owner of the lost, stolen or destroyed certificate. When authorizing such issue of a new certificate or certificates or uncertificated shares, the Corporation may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or their legal representative, to give the Corporation a bond in such sum as it may direct, sufficient to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.

SECTION 5&nbsp;&nbsp;&nbsp;&nbsp;<u>Registered Stockholders</u>. The Corporation shall be entitled to recognize the exclusive right of a person registered on its records as the owner of shares of stock to receive dividends, to vote, to receive notifications and otherwise to exercise all the rights and powers of an owner, except as otherwise required by applicable law. The Corporation shall not be bound to recognize any equitable or other claim to or interest in such share or shares of stock on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise required by applicable law.

SECTION 6&nbsp;&nbsp;&nbsp;&nbsp;<u>Fixing a Record Date for Purposes Other than Stockholder Meetings or Action by</u> <u>Written Consent</u>. In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment or any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purposes of any

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other lawful action (other than stockholder meetings and stockholder action by written consent, which are expressly governed by Section 12 of ARTICLE TWO and Section 13 of ARTICLE TWO hereof, respectively), the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the Close of Business (as defined in Section 11 of ARTICLE TWO) on the day on which the Board of Directors adopts the resolution relating thereto.

**ARTICLE SIX**

**<u>GENERAL PROVISIONS</u>**

SECTION 1&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividends</u>. Subject to and in accordance with applicable law, the Certificate of Incorporation and any certificate of designation relating to any series of preferred stock, dividends upon the shares of capital stock of the Corporation may be declared and paid by the Board of Directors, in accordance with applicable law. Dividends may be paid in cash, in property or in shares of the Corporation's capital stock, subject to the provisions of applicable law and the Certificate of Incorporation. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends a reserve or reserves for any proper purpose. The Board of Directors may modify or abolish any such reserves in the manner in which they were created.

SECTION 2&nbsp;&nbsp;&nbsp;&nbsp;<u>Checks, Notes, Drafts, Etc</u>. All checks, notes, drafts or other orders for the payment of money of the Corporation shall be signed, endorsed or accepted in the name of the Corporation by such officer, officers, person or persons as from time to time may be designated by the Board of Directors or by an officer or officers authorized by the Board of Directors to make such designation.

SECTION 3&nbsp;&nbsp;&nbsp;&nbsp;<u>Contracts</u>. In addition to the powers otherwise granted to officers pursuant to ARTICLE FOUR hereof, the Board of Directors may authorize any officer or officers, or any agent or agents, in the name and on behalf of the Corporation to enter into or execute and deliver any and all deeds, bonds, mortgages, contracts and other obligations or instruments, and such authority may be general or confined to specific instances.

SECTION 4&nbsp;&nbsp;&nbsp;&nbsp;<u>Fiscal Year</u>. The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.

SECTION 5&nbsp;&nbsp;&nbsp;&nbsp;<u>Corporate Seal</u>. The Board of Directors may provide a corporate seal which shall be in the form of a circle and shall have inscribed thereon the name of the Corporation and the words "Corporate Seal, Delaware." The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise. Notwithstanding the foregoing, no seal shall be required by virtue of this Section 5 of ARTICLE SIX.

SECTION 6&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting Securities Owned By Corporation</u>. Voting securities or interests in any other corporation or entity owned or held by the Corporation may be voted by the Chair of the Board of Directors, Chief Executive Officer or the Chief Financial Officer, unless the Board of Directors specifically confers authority to vote with respect thereto, which authority may be general or confined to specific instances, upon some other person or officer. Any person authorized to vote such securities or interests shall have the power to appoint proxies, with general power of substitution.

SECTION 7&nbsp;&nbsp;&nbsp;&nbsp;<u>Facsimile Signatures</u>. In addition to the provisions for use of facsimile signatures elsewhere specifically authorized in these Bylaws and subject to applicable law, facsimile and any other forms of electronic signatures of any officer or officers of the Corporation may be used.

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SECTION 8&nbsp;&nbsp;&nbsp;&nbsp;<u>Section Headings</u>. Section headings in these Bylaws are for convenience of reference only and shall not be given any substantive effect in limiting or otherwise construing any provision herein.

SECTION 9&nbsp;&nbsp;&nbsp;&nbsp;<u>Inconsistent Provisions</u>. In the event that any provision (or part thereof) of these Bylaws is or becomes inconsistent with any provision of the Certificate of Incorporation, the DGCL or any other applicable law, the provision (or part thereof) of these Bylaws shall not be given any effect to the extent of such inconsistency but shall otherwise be given full force and effect.

**ARTICLE SEVEN**

**<u>INDEMNIFICATION</u>**

SECTION 1&nbsp;&nbsp;&nbsp;&nbsp;<u>Right to Indemnification and Advancement</u>. Each person who was or is made a party or is threatened to be made a party to or is otherwise involved (including involvement, without limitation, as a witness) in any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative (a "<u>proceeding</u>"), by reason of the fact that they are or were a director or officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, partner, member, trustee, administrator, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan (an "<u>indemnitee</u>"), whether the basis of such proceeding is alleged action in an official capacity as a director or officer or in any other capacity while serving as a director or officer, shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the DGCL, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than permitted prior thereto), against all expense, liability and loss (including attorneys' fees and related disbursements, judgments, fines, excise taxes or penalties under the Employee Retirement Income Security Act of 1974, as amended from time to time ("<u>ERISA</u>") and any other penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by such indemnitee in connection therewith and such indemnification shall continue as to an indemnitee who has ceased to be a director or officer of the Corporation or a director, officer, partner, member trustee, administrator, employee or agent of another corporation, as applicable, and shall inure to the benefit of the indemnitee's heirs, executors and administrators; <u>provided</u>, <u>however</u>, that, except as provided in Section 2 of this ARTICLE SEVEN with respect to proceedings to enforce rights to indemnification and advance of expenses (as defined below), the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized in the specific case by the Board of Directors. In addition to the right to indemnification conferred herein, an indemnitee shall also have the right, to the fullest extent not prohibited by law, to be paid by the Corporation the expenses incurred in defending any such proceeding in advance of its final disposition (an "<u>advance of expenses</u>"); <u>provided</u>, <u>however</u>, that an advance of expenses shall be made only upon delivery to the Corporation of an undertaking (an "<u>undertaking</u>"), by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that such indemnitee is not entitled to be indemnified for such expenses under this Section 1 of ARTICLE SEVEN or otherwise. The rights to indemnification and advance of expenses conferred in this Section 1 of ARTICLE SEVEN shall be contract rights. The Corporation may also, by action of its Board of Directors, provide indemnification and advancement to employees and agents of the Corporation. Any reference to an officer of the Corporation in this ARTICLE SEVEN shall be deemed to refer exclusively to the elected officers who are elected by the Board of Directors pursuant to the first sentence of Section 1 of ARTICLE FOUR.

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SECTION 2&nbsp;&nbsp;&nbsp;&nbsp;<u>Procedure for Indemnification</u>. Any claim for indemnification or advance of expenses by an indemnitee under this Section 2 of ARTICLE SEVEN shall be made promptly, and in any event within 45 days (or, in the case of an advance of expenses, 20 days; <u>provided</u> that the director or officer has delivered the undertaking contemplated by Section 1 of this ARTICLE SEVEN), upon the written request of the indemnitee. If the Corporation denies a written request for indemnification or advance of expenses, in whole or in part, or if payment in full pursuant to such request is not made within 45 days (or, in the case of an advance of expenses, 20 days; <u>provided</u> that the indemnitee has delivered the undertaking contemplated by Section 1 of this ARTICLE SEVEN), the right to indemnification or advances as granted by this ARTICLE SEVEN shall be enforceable by the indemnitee in the Delaware Court of Chancery. Such person's costs and expenses incurred in connection with successfully establishing their right to indemnification, in whole or in part, in any such action shall also be indemnified by the Corporation to the fullest extent permitted by applicable law. It shall be a defense to any such action (other than an action brought to enforce a claim for the advance of expenses where the undertaking required pursuant to Section 1 of this ARTICLE SEVEN has been tendered to the Corporation) that the claimant has not met the applicable standard of conduct which makes it permissible under the DGCL for the Corporation to indemnify the claimant for the amount claimed, but the burden of proof shall be on the Corporation to the fullest extent permitted by law. Neither the failure of the Corporation (including its Board of Directors, a committee thereof, independent legal counsel or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because they have met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel or its stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.

SECTION 3&nbsp;&nbsp;&nbsp;&nbsp;<u>Insurance</u>. The Corporation may purchase and maintain insurance on its own behalf and on behalf of any person who is or was a director, officer, employee or agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, partner, member, trustee, administrator, employee or agent of another corporation, partnership, joint venture, limited liability company, trust or other enterprise against any expense, liability or loss asserted against them and incurred by them in any such capacity, or arising out of their status as such, whether or not the Corporation would have the power to indemnify such person against such expenses, liability or loss under the DGCL.

SECTION 4&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance</u>. Persons who after the date of the adoption of this provision become or remain directors or officers of the Corporation or who, while a director or officer of the Corporation, become or remain, at the request of the Corporation, a director, officer, partner, member, trustee, administrator, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan, shall be conclusively presumed to have relied on the rights to indemnity, advance of expenses and other rights contained in this ARTICLE SEVEN in entering into or continuing such service. To the fullest extent permitted by law, the rights to indemnification and to the advance of expenses conferred in this ARTICLE SEVEN shall apply to claims made against an indemnitee arising out of acts or omissions which occurred or occur both prior and subsequent to the adoption hereof. Any amendment, alteration or repeal of this ARTICLE SEVEN that adversely affects any right of an indemnitee or its successors shall be prospective only and shall not limit, eliminate or impair any such right with respect to any proceeding involving any occurrence or alleged occurrence of any action or omission to act that took place prior to such amendment or repeal.

SECTION 5&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Exclusivity of Rights; Continuation of Rights of Indemnification</u>. The rights to indemnification and to the advance of expenses conferred in this ARTICLE SEVEN shall not be exclusive of any other right which any person may have or hereafter acquire under the Certificate of

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Incorporation or under any statute, bylaw, agreement, vote of stockholders or disinterested directors or otherwise. All rights to indemnification under this ARTICLE SEVEN shall be deemed to be a contract between the Corporation and each director or officer of the Corporation who serves or served in such capacity at any time while this ARTICLE SEVEN is in effect. Any repeal or modification of this ARTICLE SEVEN or repeal or modification of relevant provisions of the DGCL or any other applicable laws shall not in any way diminish any rights to indemnification and advancement of expenses of such director or officer or the obligations of the Corporation arising hereunder with respect to any proceeding arising out of, or relating to, any actions, transactions or facts occurring prior to the final adoption of such repeal or modification.

SECTION 6&nbsp;&nbsp;&nbsp;&nbsp;<u>Savings Clause</u>. To the fullest extent permitted by law, if this ARTICLE SEVEN or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify and advance expenses to each person entitled to indemnification under Section 1 of this ARTICLE SEVEN as to all expense, liability and loss (including attorneys' fees and related disbursements, judgments, fines, ERISA excise taxes and penalties and any other penalties and amounts paid or to be paid in settlement) actually and reasonably incurred or suffered by such person and for which indemnification and advancement of expenses is available to such person pursuant to this ARTICLE SEVEN to the fullest extent permitted by any applicable portion of this ARTICLE SEVEN that shall not have been invalidated.

**ARTICLE EIGHT**

**<u>AMENDMENTS</u>**

These Bylaws may be amended, altered, changed or repealed or new Bylaws adopted only in accordance with Section 1 of ARTICLE NINE of the Certificate of Incorporation.

\* \* \* \* \*

## Exhibit 10.1

**Exhibit 10.1**

FORM OF SEPARATION AGREEMENT

by and between

_________

and

__________

Dated as of __________

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **Page** | **Page** |
| Article I Definitions | 2 |
| SECTION 1.01. Definitions | 2 |
| Article II The Separation | 20 |
| SECTION 2.01. Transfer of Assets and Assumption of Liabilities | 20 |
| SECTION 2.02. Certain Matters Governed Exclusively by Ancillary Agreements | 23 |
| SECTION 2.03. Termination of Intercompany Agreements and Intercompany Accounts | 23 |
| SECTION 2.04. Shared Contracts | 24 |
| SECTION 2.05. Disclaimer of Representations and Warranties | 25 |
| SECTION 2.06. Conveyancing and Assumption Instruments | 26 |
| SECTION 2.07. Deferred Markets | 26 |
| SECTION 2.08. Waiver of Bulk Sales | 28 |
| Article III Credit Support | 28 |
| SECTION 3.01. Replacement of Medtronic Credit Support | 28 |
| SECTION 3.02. Replacement of SplitCo Credit Support. | 29 |
| SECTION 3.03. Written Notice of Credit Support Instruments | 30 |
| Article IV Actions Pending the Separation | 30 |
| SECTION 4.01. Actions Prior to the Separation | 30 |
| SECTION 4.02. Conditions Precedent to Consummation of the Separation | 31 |
| SECTION 4.03. Separation Date | 32 |
| SECTION 4.04. Sole Discretion of Medtronic | 33 |
| Article V The Initial Public Offering; Divestment or Other Disposition | 33 |
| SECTION 5.01. The Initial Public Offering | 33 |
| SECTION 5.02. The Divestment or Other Disposition | 33 |
| Article VI Mutual Releases; Indemnification | 34 |
| SECTION 6.01. Release of Pre-Separation Claims | 34 |
| SECTION 6.02. Indemnification by SplitCo | 37 |
| SECTION 6.03. Indemnification by Medtronic | 37 |
| SECTION 6.04. Indemnification Obligations Net of Insurance Proceeds and Third-Party Proceeds. | 37 |
| SECTION 6.05. Procedures for Indemnification of Third-Party Claims | 38 |
| SECTION 6.06. Additional Matters. | 39 |
| SECTION 6.07. TMA Governs | 39 |

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| | |
|:---|:---|
| SECTION 6.08. Right to Contribution. | 39 |
| SECTION 6.09. Remedies Cumulative | 40 |
| SECTION 6.10. Survival of Indemnities | 40 |
| SECTION 6.11. Limitation on Liability | 40 |
| SECTION 6.12. Covenant Not to Sue | 40 |
| SECTION 6.13. Management of Actions | 40 |
| SECTION 6.14. Additional Environmental Terms and Procedures | 42 |
| Article VII Access to Information; Confidentiality | 42 |
| SECTION 7.01. Agreement for Exchange of Information; Archives | 42 |
| SECTION 7.02. Ownership of Information | 43 |
| SECTION 7.03. Compensation for Providing Information | 43 |
| SECTION 7.04. Record Retention | 43 |
| SECTION 7.05. Disclosure and Financial Reporting | 43 |
| SECTION 7.06. No Liability | 51 |
| SECTION 7.07. Production of Witnesses; Records; Cooperation | 51 |
| SECTION 7.08. Privileged Matters | 52 |
| SECTION 7.09. Confidential Information | 54 |
| Article VIII Insurance | 55 |
| SECTION 8.01. Maintenance of Insurance | 55 |
| SECTION 8.02. Claims under Medtronic Insurance Policies | 55 |
| SECTION 8.03. Claims under SplitCo Insurance Policies | 57 |
| SECTION 8.04. Insurance Proceeds | 58 |
| SECTION 8.05. Claims Not Reimbursed | 58 |
| SECTION 8.06. Certain Limitations | 58 |
| SECTION 8.07. Coverage After the Separation | 59 |
| SECTION 8.08. No Assignment of Entire Insurance Policies | 59 |
| SECTION 8.09. Director and Officer Liability Insurance | 59 |
| Article IX Further Assurances and Additional Covenants | 60 |
| SECTION 9.01. Further Assurances | 60 |
| Article X Termination | 61 |
| SECTION 10.01. Termination | 61 |
| SECTION 10.02. Effect of Termination | 61 |
| Article XI Miscellaneous | 61 |
| SECTION 11.01. Counterparts; Entire Agreement; Corporate Power | 61 |

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| | |
|:---|:---|
| SECTION 11.02. Governing Law; Dispute Resolution; Jurisdiction | 62 |
| SECTION 11.03. Assignability | 63 |
| SECTION 11.04. Third-Party Beneficiaries | 63 |
| SECTION 11.05. Notices | 64 |
| SECTION 11.06. Severability | 65 |
| SECTION 11.07. Publicity | 65 |
| SECTION 11.08. Expenses | 66 |
| SECTION 11.09. Headings | 66 |
| SECTION 11.10. Survival of Covenants | 66 |
| SECTION 11.11. Waivers of Default | 66 |
| SECTION 11.12. Specific Performance | 67 |
| SECTION 11.13. No Admission of Liability | 67 |
| SECTION 11.14. Amendments; Waivers | 67 |
| SECTION 11.15. Right of Set-Off | 67 |
| SECTION 11.16. Interpretation | 67 |
| SECTION 11.17. Waiver of Jury Trial | 68 |

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| | | |
|:---|:---|:---|
| SCHEDULES | | |
| Schedule I | - | Medtronic Retained Assets |
| Schedule II | - | Medtronic Retained Liabilities |
| Schedule III | - | SplitCo Equity Interests |
| Schedule IV | - | SplitCo Assets |
| Schedule V | - | SplitCo Business Brands and Product Lines |
| Schedule VI | - | [Reserved] |
| Schedule VII | - | SplitCo Liabilities |
| Schedule VIII | - | Shared Contracts |
| Schedule IX | - | Intercompany Agreements and Intercompany Accounts |
| Schedule X | - | SplitCo Cash Balance |
| Schedule XI | - | SplitCo-Managed Actions |
| Schedule XII | - | Medtronic-Managed Actions |
| Schedule XIII | - | Jointly Managed Actions |
| Schedule XIV | - | Deferred Markets |
| Schedule XV | - | Specified Environmental Liabilities |
| Schedule XVI | - | Financial Reporting |
| Schedule XVII | - | SplitCo Intellectual Property |
| Schedule XVIII | - | Credit Support Instrument Obligations |
| Schedule XIV | - | Environmental Terms and Procedures |
| | - | |

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EXHIBITS

Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;Form of Registration Rights Agreement

Exhibit B&nbsp;&nbsp;&nbsp;&nbsp;Step Plan

iv

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SEPARATION AGREEMENT, dated as of __________, by and between __________ and __________ ("<u>SplitCo</u>"). Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them in <u>Article I</u> hereof.

R E C I T A L S

WHEREAS, Medtronic plc, an Irish public limited company and the ultimate parent company of Medtronic ("<u>Medtronic Parent</u>"), acting through itself and its direct and indirect Subsidiaries, currently conducts the Medtronic Business and the SplitCo Business;

WHEREAS, the board of directors of Medtronic Parent has determined that it is in the best interests of Medtronic Parent and its shareholders to create a new publicly traded company that will operate the SplitCo Business;

WHEREAS, in furtherance of the foregoing, the board of directors of Medtronic Parent has determined that it is desirable and appropriate to effect the transactions constituting the Separation to transfer certain assets and liabilities to SplitCo, a wholly owned Subsidiary of Medtronic Parent, on the terms and conditions set forth in this Agreement;

WHEREAS, to effect the Separation, certain members of the Medtronic Group shall contribute, convey, transfer, assign and deliver to members of the SplitCo Group, and members of the SplitCo Group shall accept and assume from members of the Medtronic Group, all of the right, title and interest of the members of the Medtronic Group in, to and under certain of the Assets and Liabilities relating to the SplitCo Business, in each case on the terms and subject to the conditions of this Agreement;

WHEREAS, following the execution of this Agreement and prior to the Initial Public Offering, SplitCo will merge with and into MiniMed Group, Inc., with MiniMed Group, Inc. surviving (the "<u>SplitCo Merger</u>");

WHEREAS, following the SplitCo Merger, each of the Parties to this Agreement agreed that it is desirable and appropriate to amend and restate this Agreement to reflect MiniMed Group, Inc. as the successor to SplitCo in the SplitCo Merger and party to this Agreement, with all of the accompanying rights and obligations;

WHEREAS, the board of directors of Medtronic Parent has determined in connection with the Separation, on the terms contemplated hereby, to cause SplitCo to offer and sell in the Initial Public Offering a number of shares of SplitCo Common Stock constituting no more than 19.9% of the outstanding shares of SplitCo Common Stock;

WHEREAS, Medtronic Parent will cause SplitCo to implement the Initial Public Offering;

WHEREAS, following the Initial Public Offering, Medtronic Parent intends to transfer at least 80.1% of the shares of SplitCo Common Stock to shareholders of Medtronic Parent by means of a divestment by Medtronic Parent to its shareholders of shares of SplitCo

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Common Stock, an offer to shareholders of Medtronic Parent to exchange shares of Medtronic Parent Ordinary Shares for shares of SplitCo Common Stock, or any combination thereof (the "<u>Divestment</u>"), it being understood that Medtronic, in its sole discretion (as further described in <u>Section 5.02</u> of this Agreement), may choose not to implement the Divestment or to effect a disposition of shares of SplitCo Common Stock pursuant to one or more public or private offerings or other similar transactions, or transfer, exchange or otherwise dispose of shares of SplitCo Common Stock in one or more transactions (including in connection with any debt-for-equity exchange or a subsequent divestment or exchange offer of SplitCo Common Stock) (the "<u>Other Disposition</u>") instead of the Divestment.

WHEREAS, for U.S. federal income tax purposes, the Divestment, if effected, is intended to qualify as a transaction that is generally tax-free for U.S. federal income tax purposes under Section 355 of the United States Internal Revenue Code of 1986, as amended (the "<u>Code</u>");

WHEREAS, it is appropriate and desirable to set forth the principal corporate transactions required to effect the Separation and the Initial Public Offering and describe certain other agreements that will govern certain matters relating to the Separation, the Initial Public Offering and the Divestment or the Other Disposition, as applicable, and the relationship of Medtronic Parent, Medtronic, SplitCo and their respective Subsidiaries following the Separation.

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, the Parties, intending to be legally bound, hereby agree as follows:

Article I

<u>Definitions</u>

SECTION 1.01. <u>Definitions</u>. For the purposes of this Agreement, the following terms shall have the following meanings:

"<u>Action</u>" means any claim, charge, demand, action, suit, countersuit, arbitration, inquiry, proceeding or investigation by or before any Governmental Authority or any Federal, state, local, foreign or international arbitration or mediation tribunal.

"<u>Actual Payor</u>" has the meaning set forth in <u>Section 11.08(b)</u>.

"<u>Adversarial Action</u>" means (a) an Action by a member of the Medtronic Group, on the one hand, against a member of the SplitCo Group, on the other hand, or (b) an Action by a member of the SplitCo Group, on the one hand, against a member of the Medtronic Group, on the other hand.

"<u>Affiliate</u>" of any Person means a Person that controls, is controlled by or is under common control with such Person. As used herein, "control" of any entity means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies

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of such entity, whether through ownership of voting securities or other interests, by Contract or otherwise; <u>provided</u>, <u>however</u>, that for purposes of this Agreement, (a) SplitCo and the other members of the SplitCo Group shall not be considered Affiliates of Medtronic or any of the other members of the Medtronic Group and (b) Medtronic and the other members of the Medtronic Group shall not be considered Affiliates of SplitCo or any of the other members of the SplitCo Group.

"<u>Agreement</u>" means this Separation Agreement, including the Schedules hereto.

"<u>Ancillary Agreements</u>" means the TSA, the TMA, the EMA, the IP Agreements, the Transitional Trademark Cross-License Agreement, the Trademark Co-Existence Agreement, the Supply Agreement, Net Economic Benefit Agreement, Undisclosed Agency Agreement, and any Conveyancing and Assumption Instruments or other agreements executed by a member of the Medtronic Group, on the one hand, and a member of the SplitCo Group, on the other hand, in connection with the implementation of the transactions contemplated by this Agreement.

"<u>Annual Upfront Claims Payment</u>" has the meaning set forth in <u>Section 8.02(c)</u>.

"<u>Assets</u>" means all assets, properties and rights (including goodwill), wherever located (including in the possession of vendors or other third parties or elsewhere), whether real, personal or mixed, tangible or intangible, or accrued or contingent, in each case whether or not recorded or reflected or required to be recorded or reflected on the books and records or financial statements of any Person, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all Information in tangible form, and all accounting and other books, records and files, whether in paper, microfilm, microfiche, computer tape or disc, magnetic tape, electronic recording or any other form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all apparatus, computers and other electronic data processing equipment, fixtures, machinery, furniture, office and other equipment, including hardware systems, circuits and other computer and telecommunication assets and equipment, automobiles, trucks, aircraft, rolling stock, vessels, motor vehicles and other transportation equipment, special and general tools, test devices, prototypes and models and other tangible personal property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all inventories of materials, parts, raw materials, supplies, work-in-process and finished goods and products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;all interests in real property of whatever nature, including buildings, land, structures, improvements, parking lots and fixtures thereon, and all easements and rights-of-way appurtenant thereto, and all leasehold interests, whether as owner, mortgagee or holder of a Security Interest in real property, lessor, sublessor, lessee, sublessee or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;all interests in any capital stock or other equity interests of any Subsidiary or any other Person; all bonds, notes, debentures or other securities issued by any Subsidiary or any other Person; all loans, advances or other extensions of credit or capital contributions to any

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Subsidiary or any other Person; all other investments in securities of any Subsidiary or any other Person; and all rights as a partner, joint venturer or participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;all license agreements, leases of personal property, open purchase orders for raw materials, supplies, parts or services, unfilled orders for the manufacture and sale of products and other Contracts and all rights arising thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;all deposits, letters of credit, performance bonds and other surety bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;all prepaid expenses, trade accounts and other accounts and notes receivable (whether current or non-current);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;all claims or rights against any Person arising from the ownership of any other Asset, all rights in connection with any bids or offers, all Actions, judgments or similar rights, all rights under express or implied warranties, all rights of recovery and all rights of setoff of any kind and demands of any nature, in each case whether accrued or contingent, whether in tort, contract or otherwise and whether arising by way of counterclaim or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;all rights under insurance policies and all rights in the nature of insurance, indemnification or contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;all Permits and all pending applications therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Cash, bank accounts, lock boxes and other deposit arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;interest rate, currency, commodity or other swap, collar, cap or other hedging or similar agreements or arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;all goodwill as a going concern.

"<u>Business Day</u>" means any day, other than a Saturday or a Sunday or a day on which banking institutions are authorized or required by Law to be closed in Dublin, Ireland or New York, New York.

"<u>Cash</u>" means cash, cash equivalents, bank deposits and marketable securities, whether denominated in United States dollars or otherwise.

"<u>Cash Management Arrangements</u>" shall mean all cash management arrangements pursuant to which any member of the Medtronic Group automatically or manually sweep cash from, or automatically or manually transfer cash to, accounts of any member of the SplitCo Group.

"<u>Code</u>" has the meaning set forth in the Recitals to this Agreement.

"<u>Commission</u>" means the U.S. Securities and Exchange Commission.

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"<u>Consents</u>" means any consents, waivers or approvals from, or notification or filing requirements to, any Person other than a member of either Group.

"<u>Contract</u>" means any contract, agreement or other legally binding instrument, including any note, bond, mortgage, deed, indenture, commitment, undertaking, promise, lease, sublease, license or sublicense or joint venture.

"<u>Conveyancing and Assumption Instruments</u>" means, collectively, the various Contracts heretofore entered into and to be entered into to effect the transfer of Assets and the assumption of Liabilities in the manner contemplated by this Agreement and the Step Plan, or otherwise relating to, arising out of or resulting from the transactions contemplated by this Agreement in such form or forms as are consistent with the requirements of <u>Section 2.06</u>.

"<u>Cost of Capital</u>" means, as of any date, Medtronic Parent's weighted average cost of capital as published by Bloomberg L.P. (or any successor thereto) on such date (or if such date is not a Business Day, on the immediately preceding Business Day); provided that if such rate is not available from Bloomberg L.P. on such date, the Cost of Capital shall be determined by Medtronic Parent in its reasonable discretion using the Capital Asset Pricing Model (CAPM) or similar methodologies for its cost of equity and market-based, forward-looking estimates of the Medtronic Parent's cost of borrowing for the cost of debt.

"<u>Credit Support Instruments</u>" has the meaning set forth in <u>Section 3.01(a)</u>.

"<u>D&O Indemnification Liabilities</u>" means all Liabilities of any member of the Medtronic Group or the SplitCo Group in respect of obligations to indemnify or advance expenses to any Persons who at any time prior to the Separation Closing have been directors or officers of any such member (in each case, in their capacities as such) for any Liabilities arising out of alleged wrongful acts or occurrences before the Separation Closing, in each case under (a) the certificate of incorporation, bylaws or similar organizational documents of the applicable member in effect on the date on which the act or occurrence giving rise to such obligation occurred or (b) any Contract in effect prior to the Separation Closing; <u>provided</u>, <u>however</u>, that to the extent the Medtronic Group and the SplitCo Group are covered during the period between the Separation Closing and the Divestment Date under D&O Insurance Policies that cover both the Medtronic Group and the SplitCo Group in the same policy, the term "Separation Closing" shall be deleted and replaced with the term "Divestment Date" wherever "Separation Closing" appears prior to this proviso in this definition.

"<u>D&O Insurance Policies</u>" has the meaning set forth in <u>Section 8.09(a)</u>.

"<u>Deferred Market</u>" has the meaning set forth in <u>Section 2.07(a)</u>.

"<u>Deferred SplitCo Local Business</u>" has the meaning set forth in <u>Section 2.07(a)</u>.

"<u>Dispute</u>" has the meaning set forth in <u>Section 11.02(b)</u>.

"<u>Divestment</u>" has the meaning set forth in the Recitals to this Agreement.

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"<u>Divestment Date</u>" means the date of the Divestment or if no Divestment has occurred, the date that Medtronic Parent ceases to control (as defined in the definition of "Affiliate" herein) SplitCo.

"<u>EMA</u>" means the Employee Matters Agreement dated as of the date of this Agreement by and between Medtronic and SplitCo, and as to be amended and restated following the SplitCo Merger on __________, by and between __________ and __________.

"<u>Environmental Law</u>" means all Laws relating to pollution, protection, preservation or cleanup of the environment or natural resources, human health and safety, or the disposal, generation, handling, labeling, management, manufacture, registration, storage, transportation, treatment, use or Release of, or exposure to, Hazardous Substances.

"<u>Environmental Liability</u>" means any Liability (including fines, penalties, losses and costs) arising under or pursuant to Environmental Law or relating to Hazardous Substances, including those arising or resulting from (a) any violation of, or actual or alleged noncompliance with an Environmental Law, Environmental Permit or Environmental Order, (b) the Release of or exposure to Hazardous Substances, (c) the treatment, storage, disposal or arrangement for disposal of any Hazardous Substance and (d) any Remedial Action or Third-Party Claim under Environmental Law relating to the foregoing.

"<u>Environmental Order</u>" shall mean any written order, demand, directive, consent order, binding agreement or promise of compliance issued or entered into by or with any Governmental Authority under or in relation to any Environmental Law or in relation to any Hazardous Substances.

"<u>Environmental Permit</u>" shall mean any Permit obtained or required under any Environmental Law.

"<u>Exchange</u>" means the Nasdaq Stock Market.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder.

"<u>Financial Statements</u>" has the meaning set forth in <u>Section 7.05(a)(iv)</u>.

"<u>First Post-Divestment Report</u>" has the meaning set forth in <u>Section 11.07</u>.

"<u>GAAP</u>" means United States generally accepted accounting principles as in effect from time to time, consistently applied.

"<u>Governmental Approvals</u>" means any notices, reports or other filings to be given to or made with, or any Consents to be obtained from, any Governmental Authority.

"<u>Governmental Authority</u>" means any federal, state, local, foreign or international court, government, department, commission, board, bureau, agency, official or other legislative, judicial, regulatory, administrative or governmental authority.

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"<u>Group</u>" means either the Medtronic Group or the SplitCo Group, as the context requires.

"<u>Hazardous Substances</u>" means any pollutant, contaminant, chemical, or any toxic, industrial, solid, radioactive or hazardous agent, material, substance or waste, including all agents, materials, substances or wastes for which liability or standards of care or a requirement for investigation or remediation are imposed under, or that are otherwise subject to, Environmental Law, and including petroleum and petroleum products and derivatives, radioactive materials or wastes, asbestos, polychlorinated biphenyls and per-polyfluoroalkyl and poly-fluorinated substances.

"<u>Indemnifying Party</u>" has the meaning set forth in <u>Section 6.04</u>.

"<u>Indemnitee</u>" has the meaning set forth in <u>Section 6.04</u>.

"<u>Indemnity Payment</u>" has the meaning set forth in <u>Section 6.04</u>.

"<u>Information</u>" means information, whether or not patentable, copyrightable or protectable as a trade secret, in written, oral, electronic or other tangible or intangible forms, stored in any medium now known or yet to be created, including studies, reports, records, books, Contracts, instruments, surveys, analyses, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other Software, marketing plans, customer names, communications, memos and other materials (including, for the avoidance of doubt, any of the foregoing that are subject to or may be subject to attorney-client privilege, attorney work product doctrine, common-interest or joint-defense protections, or any other legal privilege or protection, whether or not an attorney is a sender, recipient or participant in the communication or material, which in each case, shall be subject to <u>Section 7.08</u>) and other technical, financial, employee or business information or data, documents, correspondence, materials and files, in each case excluding any Intellectual Property therein.

"<u>Initial Public Offering</u>" means the initial public offering of the SplitCo Common Stock.

"<u>Insurance Proceeds</u>" means those monies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;received by an insured (or its successor-in-interest) from an Insurer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;paid by an Insurer on behalf of an insured (or its successor-in-interest); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;received (including by way of setoff) from any third party in the nature of insurance, contribution or indemnification in respect of any Liability;

in any such case net of any applicable premium adjustments paid by any member of the Medtronic Group or the SplitCo Group (including retroactive or retrospectively rated premium adjustments), net of any costs or expenses incurred in the collection thereof and net of any Taxes

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resulting from the receipt thereof; <u>provided</u>, <u>however</u>, that to the extent any such monies are reimbursed (through retentions, deductibles or otherwise) to the applicable Insurer or other third party by any member of the Medtronic Group or the SplitCo Group (or their captive insurance companies), such monies shall not constitute Insurance Proceeds.

"<u>Insurer</u>" means the insuring entity issuing and/or subscribing to one or more Medtronic Insurance Policies, including, a member of the Medtronic Group, if applicable.

"<u>Intellectual Property</u>" means any and all common law or statutory rights anywhere in the world arising under or associated with the following, whether registered or unregistered: (a) patents, patent applications, statutory invention registrations, registered designs, utility models, and similar or equivalent rights in inventions and designs and all reissues, reexaminations, divisionals, continuations, and extensions of, and counterparts thereof, with respect to any of the foregoing ("<u>Patent</u>s"), (b) trademarks, service marks, trade dress, trade names, logos and other designations of origin, and the goodwill associated therewith ("<u>Trademarks</u>"), (c) rights in domain names and uniform resource locators, social media identifiers and accounts, and other names and locators associated with Internet addresses and sites ("<u>Domain Name</u>"), (d) copyrights and any other equivalent rights in works of authorship (including databases as works of authorship) ("<u>Copyrights</u>"), (e) Trade Secrets, (f) rights in Software, and (g) other similar or equivalent intellectual property rights.

"<u>Intended Tax Treatment</u>" has the meaning set forth in the TMA.

"<u>Intercompany Accounts</u>" has the meaning set forth in <u>Section 2.03(a)</u>.

"<u>Intercompany Agreements</u>" has the meaning set forth in <u>Section 2.03(a)</u>.

"<u>Internal Transactions</u>" means the transactions described on slides __________ through __________ of the Step Plan.

"<u>IP Documentation</u>" means all Intellectual Property prosecution files, registration certificates, litigation files, and related opinions of counsel and correspondence relating thereto.

"<u>IP Agreements</u>" means the (a) MGH-MM Intellectual Property Cross License Agreement between Medtronic and Medtronic MiniMed, Inc. and (b) the MPLC-MHSS Intellectual Property Cross License Agreement between Medtronic Parent and MiniMed Holdings Switzerland Sarl.

"<u>IPO Registration Statement</u>" means the registration statement on Form S-1 filed under the Securities Act (No. __________) pursuant to which the offering of SplitCo Common Stock to be sold by SplitCo in the Initial Public Offering will be registered, as amended from time to time.

"<u>Law</u>" means any statute, law, regulation, ordinance, rule, judgment, rule of common law, order, decree, directive, Tax treaty, requirement or other governmental restriction or any similar binding and enforceable form of decision of, or determination by, or agreement

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with, or any interpretation or administration of any of the foregoing by, any Governmental Authority, whether now or hereinafter in effect and, in each case, as amended.

"<u>Liabilities</u>" means any and all claims, debts, demands, actions, causes of action, suits, damages, obligations, accruals, accounts payable, deferred revenue or other liability, reckonings, bonds, indemnities and similar obligations, agreements, promises, guarantees, make-whole agreements and similar obligations, and other liabilities and requirements, including all contractual obligations, whether absolute or contingent, matured or unmatured, liquidated or unliquidated, accrued or unaccrued, known or unknown, whenever arising, and including those arising under any Law, Action, threatened or contemplated Action or any award of any arbitrator or mediator of any kind, and those arising under any Contract, commitment or undertaking, including those arising under this Agreement, in each case, whether or not recorded or reflected or required to be recorded or reflected on the books and records or financial statements of any Person. For the avoidance of doubt, Liabilities shall include attorneys' and consultants' fees, the costs and expenses of all assessments, judgments, settlements and compromises, and any and all other costs and expenses whatsoever reasonably incurred in connection with anything contemplated by the preceding sentence (including costs and expenses incurred in investigating, preparing for or defending against any Actions or threatened or contemplated Actions).

"<u>Material Unsettled Intercompany Accounts</u>" has the meaning set forth in <u>Section</u> <u>2.03(b)</u>.

"<u>Mediation Notice</u>" has the meaning set forth in <u>Section 11.02(c)</u>.

"<u>Mediation Period</u>" has the meaning set forth in <u>Section 11.02(c)</u>.

"<u>Mediation Process</u>" has the meaning set forth in <u>Section 11.02(c)</u>.

"<u>Medtronic</u>" has the meaning set forth in the preamble.

"<u>Medtronic Actions</u>" has the meaning set forth in <u>Section 6.13(b)</u>.

"<u>Medtronic Assets</u>" means the following Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all Assets held by the Medtronic Group (other than Intellectual Property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all Medtronic Intellectual Property and any IP Documentation related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all interests in the capital stock of, or other equity interests in, the members of the Medtronic Group (other than Medtronic) and all other equity, partnership, membership, joint venture and similar interests in any other Person (other than the members of the SplitCo Group and the SplitCo Group Entities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Medtronic Retained Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the rights related to the Medtronic Portion of any Shared Contract;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;all other Assets that are expressly provided by this Agreement or any Ancillary Agreement as Assets to be assigned to or retained by, or allocated to, any member of the Medtronic Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;to the extent not addressed in subsections <u>(a)</u>-<u>(f)</u> of this definition, all Assets held by a member of the SplitCo Group that are determined by Medtronic in good faith to be primarily related to or used or held for use primarily in connection with the business or operations of the Medtronic Business.

Notwithstanding the foregoing, except as set forth in <u>Section 2.02</u>, the Medtronic Assets as set forth in clauses <u>(b)</u>-<u>(g)</u> above shall not include (i) any Assets governed by the TMA, (ii) any Assets governed by the EMA, or (iii) any SplitCo Assets.

"<u>Medtronic Auditors</u>" has the meaning set forth in <u>Section 7.05(a)(xi)</u>.

"<u>Medtronic Business</u>" means the business and operations conducted (including business and operations not yet commercialized) by Medtronic and its Subsidiaries other than the SplitCo Business.

"<u>Medtronic Credit Support Instruments</u>" has the meaning set forth in <u>Section</u> <u>3.01(a)</u>.

"<u>Medtronic Disclosure Sections</u>" means all material set forth in, or incorporated by reference into, the IPO Registration Statement to the extent relating exclusively to (a) the Medtronic Group, (b) the Medtronic Business, (c) Medtronic's intentions with respect to any Divestment or Other Disposition or (d) the terms of the Divestment or Other Disposition, including the form, structure and terms of any transaction(s) or offering(s) to effect the Divestment or Other Disposition and the timing of and conditions to the consummation of the Divestment or Other Disposition.

"<u>Medtronic Environmental Liabilities</u>" means (a) the Specified Medtronic Environmental Liabilities and (b) all Environmental Liabilities to the extent relating to, arising out of or resulting from (i) the operation or conduct of the Medtronic Business (other than the SplitCo Business) as conducted at any time prior to, on or after the Separation Closing, (ii) any Medtronic Real Property; (iii) any product of the Medtronic Business or (iv) any terminated, divested or discontinued businesses or operations of the Medtronic Business (including any real property formerly owned, leased or operated by such businesses or operations); <u>provided</u>, that, notwithstanding the foregoing, Medtronic Environmental Liabilities shall not include any Specified SplitCo Environmental Liabilities.

"<u>Medtronic Group</u>" means Medtronic Parent and each of its Subsidiaries, but excluding any member of the SplitCo Group and the SplitCo Group Entities.

"<u>Medtronic Indemnitees</u>" has the meaning set forth in <u>Section 6.02</u>.

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"<u>Medtronic Insurance Policies</u>" means all insurance policies of Medtronic and the other members of the Medtronic Group, including (a) any policies issued, reinsured or reimbursed by any member of the Medtronic Group, including any wholly-owned captive insurance company, (b) any self-insurance programs, mechanisms or funding arrangements or similar program, mechanism or arrangement, including any deductibles, retentions or accruals for uninsured or self-insured risks or (c) any policies issued by a third-party insurer that is not a member of the Medtronic Group or the SplitCo Group.

"<u>Medtronic Intellectual Property</u>" means all Intellectual Property owned by any member of the Medtronic Group or the SplitCo Group as of immediately prior to the Separation Closing, other than the SplitCo Intellectual Property, including all rights to prosecute and perfect the foregoing through administrative prosecution, registration, recordation, or other proceeding, and all causes of action and rights to sue or seek other remedies arising from or relating to the foregoing, including for any past or ongoing infringement, misuse, or misappropriation.

"<u>Medtronic Liabilities</u>" means the following Liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities to the extent relating to, arising out of or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the operation or conduct of the Medtronic Business as conducted at any time prior to the Separation Closing (including any Liability to the extent relating to, arising out of or resulting from any act or failure to act by any director, officer, employee, agent or representative (whether or not such act or failure to act is or was within such Person's authority), which act or failure to act relates to the Medtronic Business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the operation or conduct of the Medtronic Business or any other business conducted by Medtronic or any other member of the Medtronic Group at any time after the Separation Closing (including any Liability relating to, arising out of or resulting from any act or failure to act by any director, officer, employee, agent or representative (whether or not such act or failure to act is or was within such Person's authority));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;any terminated, divested or discontinued businesses or operations of the Medtronic Business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Medtronic Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Medtronic Retained Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any obligations related to the Medtronic Portion of any Shared Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Medtronic Environmental Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;any D&O Indemnification Liabilities; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;all other Liabilities that are expressly provided by this Agreement or any Ancillary Agreement as Liabilities to be assumed or retained by, or allocated to, any member of the Medtronic Group.

Notwithstanding the foregoing, except as set forth in <u>Section 2.02</u>, the Medtronic Liabilities shall not include (w) any Liabilities governed by the TMA, (x) any Liabilities governed by the EMA or (y) any SplitCo Liabilities.

"<u>Medtronic Parent</u>" has the meaning set forth in the Recitals.

"<u>Medtronic Parent Ordinary Shares</u>" means the ordinary shares, $0.0001 par value per share, of Medtronic Parent.

"<u>Medtronic Policy Pre-Separation Insurance Claims</u>" means any Action, demand, claim (threatened or otherwise), notice of claim, incident, loss, event, condition or occurrence (whether existing before, on, or after the Separation Date) made against or reported directly to any member of the SplitCo Group or Medtronic Group (whether or not any formal proceeding is made by or before any Governmental Authority or any Federal, state, local, foreign or international arbitration or mediation tribunal), and reported to the applicable insurer(s) that arises from any event, act or omission occurring prior to the Separation Date and that is covered under a Medtronic Insurance Policy in effect prior to the Separation Date.

"<u>Medtronic Portion</u>" has the meaning set forth in <u>Section 2.04</u>.

"<u>Medtronic Real Property</u>" means any property or facility owned, operated or leased by Medtronic or any other member of the Medtronic Group.

"<u>Medtronic Retained Assets</u>" means the Assets to be retained by the Medtronic Group set forth on <u>Schedule I</u>.

"<u>Medtronic Retained Liabilities</u>" means the Liabilities set forth on <u>Schedule II</u>.

"<u>Mixed Actions</u>" has the meaning set forth in <u>Section 6.13(c)</u>.

"<u>Negotiation Notice</u>" has the meaning set forth in <u>Section 11.02(b)</u>.

"<u>Net Economic Benefit Agreement</u>" means the Net Economic Benefit Agreement dated as of the date of this Agreement by and between Medtronic and SplitCo.

"<u>Other Disposition</u>" has the meaning set forth in the Recitals to this Agreement.

"<u>Party</u>" means either party hereto, and "<u>Parties</u>" means both parties hereto.

"<u>Permit</u>" means any approval, concession, grant, franchise, license, permit, certificate, exemption, registration, waiver or other authorization granted or issued by any Governmental Authority, including those required to conduct a clinical investigation, study or trial on one or more human subjects under applicable Law.

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"<u>Person</u>" means an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization, a limited liability company, any other entity and any Governmental Authority.

"<u>Prospectus</u>" means the prospectus or prospectuses included in any of the Registration Statements, as amended or supplemented by any prospectus supplement and by all other amendments and supplements to any such prospectus, including post-effective amendments and all material incorporated by reference in such prospectus or prospectuses.

"<u>Real Property Remedial Action</u>" means any Remedial Action at any real property that is owned or leased by either Party on the Separation Date and at the time the Remedial Action is being conducted.

"<u>Registration Rights Agreement</u>" means the Registration Rights Agreement in substantially the form attached hereto as <u>Exhibit A</u>, to be entered into by and between Medtronic Parent and SplitCo.

"<u>Registration Statements</u>" means the IPO Registration Statement and any registration statement in connection with the Divestment or Other Disposition, including in each case the Prospectus related thereto, amendments and supplements to any such Registration Statement or Prospectus, including post-effective amendments, all exhibits thereto and all materials incorporated by reference in any such Registration Statement or Prospectus.

"<u>Release</u>" means any actual or threatened release, spill, emission, discharge, leaking, pumping, injection, dumping, deposit, disposal, dispersal, abandonment, leaching or migration into or through the environment (including ambient air, surface water, groundwater and surface or subsurface strata).

"<u>Remedial Action</u>" means all actions undertaken to clean up, remove, treat, respond to or otherwise address any presence or Release of a Hazardous Substance, prevent a Release or threat of Release, or minimize the further Release of any Hazardous Substance, including investigation, inspection, removal, cure, containment, monitoring, neutralization, treatment, clean-up or remediation activities, pre-remedial studies and investigations, and post-remedial monitoring and care.

"<u>Reporting Period</u>" has the meaning set forth in <u>Section 7.05(a)</u>.

"<u>Roll-Forward Amount</u>" has the meaning set forth in <u>Section 8.02(c)</u>.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Security Interest</u>" means any mortgage, security interest, pledge, lien, charge, claim, option, right to acquire, voting or other restriction, right-of-way, covenant, condition, easement, encroachment, restriction on transfer or other encumbrance of any nature whatsoever.

"<u>Senior Negotiation</u>" has the meaning set forth in <u>Section 11.02(b)</u>.

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"<u>Separation</u>" means (a) the Internal Transactions that are contemplated by the Step Plan to occur on or prior to the Separation Date, (b) any actions to be taken on or prior to the Separation Date pursuant to <u>Article II</u> and (c) any other transfers of Assets and assumptions of Liabilities, in each case, between a member of one Group and a member of the other Group, to occur on or prior to the Separation Date and provided for in this Agreement or in any Ancillary Agreement.

"<u>Separation Closing</u>" means the closing of the Separation on the Separation Date.

"<u>Separation Date</u>" has the meaning set forth in <u>Section 4.03</u>.

"<u>Shared Contract</u>" means any Contract of any member of either Group that relates in any material respect to both the Medtronic Business and the SplitCo Business, including the Contracts set forth on <u>Schedule VIII-A</u>; provided, that no Contract (or portion thereof) shall constitute a Shared Contract to the extent that (x) such Contract is listed on Schedule VIII-B or (y) the services provided thereunder are provided pursuant to the TSA; <u>provided</u>, further, that the Parties may, by mutual written consent, elect to include in, or exclude from, this definition any Contract. 

"<u>Software</u>" means any and all (a) computer programs and applications, including software implementation of algorithms, models and methodologies, whether in source code, object code, human readable form or other form, (b) databases and compilations, including any and all data and collections of data, whether machine readable or otherwise, (c) descriptions, flow charts and other work product used to design, plan, organize and develop any of the foregoing, (d) screens, user interfaces, report formats, firmware, development tools, templates, menus, buttons and icons and (e) all documentation, including user manuals and other training documentation relating to any of the foregoing; provided that in each case of (a)-(e), excluding any Intellectual Property therein.

"<u>Specified Medtronic Environmental Liabilities</u>" means the Environmental Liabilities set forth in <u>Schedule XV(i)</u>.

"<u>Specified SplitCo Environmental Liabilities</u>" means the Environmental Liabilities set forth in <u>Schedule XV(ii)</u>.

"<u>SplitCo</u>" has the meaning set forth in the preamble.

"<u>SplitCo Actions</u>" has the meaning set forth in <u>Section 6.13(a)</u>.

"<u>SplitCo Assets</u>" means the following Assets: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all Assets held by the SplitCo Group (other than Intellectual Property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all interests in the capital stock of, or other equity interests in, the members of the SplitCo Group (other than SplitCo) and all other equity, partnership, membership, joint venture and similar interests set forth on <u>Schedule III</u> under the captions "Joint Ventures" and "Minority Investments";

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all Assets (other than Intellectual Property) reflected on the SplitCo Business Balance Sheet, and all Assets (other than Intellectual Property) acquired after the date of the SplitCo Business Balance Sheet that, had they been acquired on or before such date and owned as of such date, would have been reflected on the SplitCo Business Balance Sheet if prepared in accordance with GAAP applied on a consistent basis, subject to any dispositions of such Assets subsequent to the date of the SplitCo Business Balance Sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Assets listed or described on <u>Schedule IV</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the SplitCo Intellectual Property and any IP Documentation related exclusively thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the rights related to the SplitCo Portion of any Shared Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;all other Assets that are expressly provided by this Agreement or any Ancillary Agreement as Assets to be assigned to or retained by, or allocated to, any member of the SplitCo Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;to the extent not addressed in subsections <u>(a)</u>-<u>(g)</u> of this definition, all Assets (other than Intellectual Property or IP Documentation) held by a member of the Medtronic Group that are determined by Medtronic in good faith to be primarily related to or used or held for use primarily in connection with the business or operations of the SplitCo Business (unless otherwise expressly provided in this Agreement).

Notwithstanding the foregoing, except as set forth in <u>Section 2.02</u>, the SplitCo Assets shall not include (i) any Medtronic Retained Assets, (ii) any Medtronic Intellectual Property, (iii) any Assets governed by the TMA, (iv) any Assets governed by the EMA, (v) the rights related to the Medtronic Portion of Shared Contracts, (vi) any Assets that are determined by Medtronic in good faith to be primarily related to or used or held for use primarily in connection with the business or operations of the Medtronic Business (unless otherwise listed or described on <u>Schedule IV</u>), (vii) any equity, partnership, membership, joint venture or similar interests in any Person other than as contemplated by <u>clause (b)</u> of this definition or (viii) any insurance policies or programs of the Medtronic Group.

"<u>SplitCo Auditors</u>" has the meaning set forth in <u>Section 7.05(a)(x)</u>.

"<u>SplitCo Business</u>" means the business and operations constituting Medtronic's Diabetes operating unit (as further described in the IPO Registration Statement), including the brands and product lines (i) sold by such segment as of or prior to the Separation Date or (ii) otherwise set forth on <u>Schedule V</u>. Notwithstanding the foregoing, the brands and product lines of all Medtronic operating units and businesses other than the Diabetes operating unit shall be deemed part of the Medtronic Business, and not part of the SplitCo Business.

"<u>SplitCo Business Balance Sheet</u>" means the combined balance sheet of the SplitCo Business, including the notes thereto, as of the most recent fiscal period for which

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financial statements are included in the IPO Registration Statement (or, as of such date that is otherwise agreed in writing by Medtronic and SplitCo).

"<u>SplitCo Common Stock</u>" means the common stock, $0.01 par value per share, of SplitCo.

"<u>SplitCo Copyrights</u>" means unregistered Copyrights that are owned by any member of the Medtronic Group or the SplitCo Group as of immediately prior to the Separation Closing and that are exclusively used in or related to the SplitCo Business.

"<u>SplitCo Credit Support Instruments</u>" has the meaning set forth in <u>Section</u> <u>3.02(a)</u>.

"<u>SplitCo Domain Names</u>" means the Domain Names listed on <u>Schedule XVII</u>.

"<u>SplitCo Environmental Liabilities</u>" means (a) the Specified SplitCo Environmental Liabilities and (b) all Environmental Liabilities to the extent relating to, arising out of or resulting from (i) the operation or conduct of the SplitCo Business as conducted at any time prior to, on or after the Separation Closing, (ii) any SplitCo Real Property; (iii) any product of the SplitCo Business or (iv) any terminated, divested or discontinued businesses or operations of the SplitCo Business (including any real property formerly owned, leased or operated by such businesses or operations); <u>provided</u>, that, notwithstanding the foregoing, SplitCo Environmental Liabilities shall not include any Specified Medtronic Environmental Liabilities.

"<u>SplitCo Financing Arrangements</u>" means the debt financing arrangements to be entered into and consummated by members of the SplitCo Group at or prior to the Separation Closing.

"<u>SplitCo Group</u>" means (a) SplitCo, (b) each Person that will be a Subsidiary of SplitCo immediately after the Separation Closing, including the entities set forth on <u>Schedule III</u> under the caption "Subsidiaries" and (c) each Person that becomes a Subsidiary of SplitCo after the Separation Date, including in each case any Person that is merged or consolidated with or into SplitCo or any Subsidiary of SplitCo, including as part of the Internal Transactions.

"<u>SplitCo Group Entities</u>" means the entities, the equity, partnership, membership, joint venture or similar interests of which are set forth on <u>Schedule III</u> under the captions "Joint Ventures" and "Minority Investments".

"<u>SplitCo IDs</u>" means the invention disclosures listed or described on <u>Schedule</u> <u>XVII</u>.

"<u>SplitCo Indemnitees</u>" has the meaning set forth in <u>Section 6.03</u>.

"<u>SplitCo Intellectual Property</u>" means (a) the SplitCo Patents, (b) the SplitCo Copyrights, (c) the SplitCo Domain Names, (d) the SplitCo Trade Secrets, (e) the SplitCo Trademarks, (f) the SplitCo IDs, (g) all other Intellectual Property (other than Patents) owned by any member of the Medtronic Group or the SplitCo Group as of immediately prior to the

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Separation Closing that are exclusively used in or related to the SplitCo Business (including such SplitCo Domain Names and SplitCo Trademarks listed on <u>Schedule XVII</u>, respectively), and (h) including in each case of the foregoing (a)-(g), all rights to prosecute and perfect the foregoing through administrative prosecution, registration, recordation, or other proceeding, and all causes of action and rights to sue or seek other remedies arising from or relating to the foregoing, including for any past or ongoing infringement, misuse, or misappropriation.

"<u>SplitCo Liabilities</u>" means the following Liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities of the SplitCo Group and the SplitCo Group Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities to the extent relating to, arising out of or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the operation or conduct of the SplitCo Business as conducted at any time prior to the Separation Closing (including any Liability to the extent relating to, arising out of or resulting from any act or failure to act by any director, officer, employee, agent or representative (whether or not such act or failure to act is or was within such Person's authority), which act or failure to act relates to the SplitCo Business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the operation or conduct of the SplitCo Business or any other business conducted by SplitCo or any other member of the SplitCo Group at any time after the Separation Closing (including any Liability relating to, arising out of or resulting from any act or failure to act by any director, officer, employee, agent or representative (whether or not such act or failure to act is or was within such Person's authority));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;any terminated, divested or discontinued businesses or operations of the SplitCo Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the SplitCo Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities reflected as liabilities or obligations on the SplitCo Business Balance Sheet, and all Liabilities arising or assumed after the date of the SplitCo Business Balance Sheet that, had they arisen or been assumed on or before such date and been existing obligations as of such date, would have been reflected on the SplitCo Business Balance Sheet if prepared in accordance with GAAP applied on a consistent basis, subject to any discharge of such Liabilities subsequent to the date of the SplitCo Business Balance Sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Liabilities listed or described on <u>Schedule VII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;any obligations related to the SplitCo Portion of any Shared Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the SplitCo Environmental Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;all other Liabilities that are expressly provided by this Agreement or any Ancillary Agreement as Liabilities to be assumed or retained by, or allocated to, any member of the SplitCo Group; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities to the extent relating to, arising out of or resulting from any untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, with respect to all information contained in, or incorporated by reference into, the IPO Registration Statement and any other documents filed with the Commission in connection with the Initial Public Offering or as contemplated by this Agreement, other than with respect to the Medtronic Disclosure Sections.

Notwithstanding the foregoing, except as set forth in <u>Section 2.02</u>, the SplitCo Liabilities shall not include (i) any Medtronic Retained Liabilities, (ii) any Liabilities governed by the TMA, (iii) any Liabilities governed by the EMA, (iv) any obligations related to the Medtronic Portion of any Shared Contract, (v) any Medtronic Environmental Liabilities, (vi) any D&O Indemnification Liabilities and (vii) any Liabilities of the SplitCo Group to the extent relating to, arising out of or resulting from (x) the operation or conduct of the Medtronic Business as conducted at any time prior to the Separation Closing (unless otherwise expressly provided in this Agreement), (y) any terminated, divested or discontinued businesses or operations of the Medtronic Business or (z) the Medtronic Assets.

"<u>SplitCo Merger</u>" has the meaning set forth in the Recitals to this Agreement.

"<u>SplitCo Non-Voting Stock</u>" means any class or series of SplitCo's capital stock, and any warrant, option or right in such stock, other than SplitCo Voting Stock.

"<u>SplitCo Patents</u>" means the Patents listed on Exhibit B to each of the IP Agreements.

"<u>SplitCo Policy Pre-Separation Insurance Claims</u>" means any Action (whether made before, on, or after the Separation Date) made against any member of the SplitCo Group or Medtronic Group, and reported to the applicable insurer(s) that arises from any event, act or omission occurring prior to the Separation Date and that is covered under an insurance policy of the SplitCo Group in effect prior to the Separation Date.

"<u>SplitCo Portion</u>" has the meaning set forth in <u>Section 2.04</u>.

"<u>SplitCo Real Property</u>" means any property or facility owned, leased or operated by SplitCo or any other member of the SplitCo Group.

"<u>SplitCo Trade Secrets</u>" means the Trade Secrets that are owned by any member of the Medtronic Group or SplitCo Group as of immediately prior to the Separation Closing and that are exclusively used in or related to the SplitCo Business.

"<u>SplitCo Trademarks</u>" means the Trademarks identified on <u>Schedule XVII</u>.

"<u>SplitCo Voting Stock</u>" means all classes of the then outstanding capital stock of SplitCo entitled to vote generally with respect to the election of directors.

"<u>Step Plan</u>" means the restructuring step plan attached as <u>Exhibit B</u>.

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"<u>Subsidiary</u>" of any Person means any corporation or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others performing similar functions with respect to such corporation or other organization, is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries.

"<u>Supply Agreement</u>" means the Master Manufacturing and Supply Agreement dated as of the date of this Agreement by and between __________ and SplitCo.

"<u>Tax Certificates</u>" has the meaning set forth in the TMA.

"<u>Tax Contest</u>" has the meaning set forth in the TMA.

"<u>Tax Records</u>" has the meaning set forth in the TMA.

"<u>Tax Return</u>" has the meaning set forth in the TMA.

"<u>Taxes</u>" has the meaning set forth in the TMA.

"<u>Third-Party Claim</u>" means any assertion by a Person (including any Governmental Authority) who is not a member of the Medtronic Group or the SplitCo Group of any claim, or the commencement by any such Person of any Action, against any member of the Medtronic Group or the SplitCo Group.

"<u>Third-Party Proceeds</u>" has the meaning set forth in <u>Section 6.04</u>.

"<u>TMA</u>" means the Tax Matters Agreement dated as of the date of this Agreement by and between Medtronic and SplitCo, and as to be amended and restated following the SplitCo Merger on __________, by and between __________ and __________.

"<u>Trade Secrets</u>" means all (i) confidential or proprietary information and (ii) all other forms and types of financial, business, scientific, technical, economic or engineering information, including patterns, plans, compilations, program devices, formulas, designs, prototypes, methods, techniques, processes, procedures, know-how, programs or codes, whether tangible or intangible, and whether or how stored, compiled or memorialized physically, electronically, graphically, photographically or in writing, to the extent that the owner thereof has taken reasonable measures to keep such information secret and the information derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable through proper means by, the public.

"<u>Trademark Co-Existence Agreement</u>" means the Trademark Co-Existence Agreement dated as of the date of this Agreement by and between Medtronic and SplitCo.

"<u>Transaction Expenses</u>" means all reasonable out-of-pocket fees, costs and expenses incurred by any member of the Medtronic Group or the SplitCo Group in connection with the Separation, the Initial Public Offering or any of the other transactions contemplated by

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this Agreement or the Ancillary Agreements (other than the Divestment and the Other Disposition); <u>provided</u>, that Transaction Expenses shall not include (i) any Taxes covered by the TMA or (ii) any amounts required to be paid between a member of the Medtronic Group, on the one hand, and a member of the SplitCo Group, on the other hand, pursuant to the terms of an Ancillary Agreement.

"<u>Transitional Trademark Cross-License Agreement</u>" means the Transitional Trademark Cross-License Agreement dated as of the date of this Agreement by and between Medtronic and SplitCo.

"<u>Treasury Regulations</u>" has the meaning set forth in the TMA.

"<u>TSA</u>" means the Transition Services Agreement dated as of the date of this Agreement by and between Medtronic and SplitCo and as to be amended and restated following the SplitCo Merger on __________, by and between __________and __________.

"<u>Underwriters</u>" means the managing underwriters for the Initial Public Offering.

"<u>Underwriting Agreement</u>" means the Underwriting Agreement to be entered into by and among SplitCo and the Underwriters in connection with the offering of SplitCo Common Stock by SplitCo in the Initial Public Offering.

"<u>Undisclosed Agency Agreement</u>" means the Undisclosed Agency Agreement dated as of the date of this Agreement by and between Medtronic and SplitCo.

Article II

<u>The Separation</u>

SECTION 2.01. <u>Transfer of Assets and Assumption of Liabilities</u>. In accordance with the Step Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the Initial Public Offering, and subject to <u>Section 2.01(e)</u>, <u>Section</u> <u>2.01(f)</u> and <u>Section 2.07</u>, the Parties shall cause, or shall have caused, the Internal Transactions to be completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section 2.01(e)</u>, <u>Section 2.01(f)</u> and <u>Section 2.07</u>, on or prior to the Separation Date, the Parties shall, and shall cause their respective Group members to, execute such Conveyancing and Assumption Instruments and take such other corporate actions as are necessary to (i) transfer and convey to one or more members of the SplitCo Group all of the right, title and interest of the Medtronic Group in, to and under all SplitCo Assets not already owned by the SplitCo Group, (ii) transfer and convey to one or more members of the Medtronic Group all of the right, title and interest of the SplitCo Group in, to and under all Medtronic Assets not already owned by the Medtronic Group, (iii) cause one or more members of the SplitCo Group to assume all of the SplitCo Liabilities to the extent such Liabilities would otherwise remain obligations of any member of the Medtronic Group and (iv) cause one or more

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members of the Medtronic Group to assume all of the Medtronic Liabilities to the extent such Liabilities would otherwise remain obligations of any member of the SplitCo Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that it is discovered any time after the Separation Date that there was an omission of (i) the transfer or conveyance by SplitCo (or a member of the SplitCo Group) or the acceptance or assumption by Medtronic (or a member of the Medtronic Group) of any Medtronic Asset or Medtronic Liability, as the case may be, or (ii) the transfer or conveyance by Medtronic (or a member of the Medtronic Group) or the acceptance or assumption by SplitCo (or a member of the SplitCo Group) of any SplitCo Asset or SplitCo Liability, as the case may be, the Parties shall, subject to <u>Section 2.01(e)</u>, <u>Section 2.01(f)</u> and <u>Section 2.07</u>, use reasonable best efforts to promptly effect such transfer, conveyance, acceptance or assumption of such Asset or Liability. The Party to whom the applicable Asset is to be transferred or conveyed or by whom the applicable Liability is to be accepted or assumed shall reimburse the other Party for any costs directly related to retaining or maintaining such Asset, or managing or defending such Liability, promptly after receiving a request therefor. Any transfer, conveyance, acceptance or assumption made pursuant to this <u>Section 2.01(c)</u> shall be treated by the Parties for all purposes as if it had occurred on the earlier of (i) immediately prior to the Separation Closing and (ii) the time such Assets and Liabilities would have been transferred, conveyed, accepted or assumed had they been subject to the Conveyancing and Assumption Instrument for the jurisdiction to which such Assets relate, in each case except as otherwise required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that it is discovered any time after the Separation Date that there was (i) a transfer or conveyance by SplitCo (or a member of the SplitCo Group) to, or the acceptance or assumption by, Medtronic (or a member of the Medtronic Group) of any SplitCo Asset or SplitCo Liability, as the case may be, or (ii) a transfer or conveyance by Medtronic (or a member of the Medtronic Group) to, or the acceptance or assumption by, SplitCo (or a member of the SplitCo Group) of any Medtronic Asset or Medtronic Liability, as the case may be, the Parties shall use reasonable best efforts to promptly transfer or convey such Asset or Liability back to the transferring or conveying Party or to rescind any acceptance or assumption of such Asset or Liability, as the case may be. The Party to whom the applicable Asset is to be transferred or conveyed or by whom the applicable Liability is to be accepted or assumed shall reimburse the other Party for any costs directly related to retaining or maintaining such Asset, or managing or defending such Liability, promptly after receiving a request therefor. Any transfer or conveyance made or acceptance or assumption rescinded pursuant to this <u>Section 2.01(d)</u> shall be treated by the Parties for all purposes as if such Asset or Liability had never been originally transferred, conveyed, accepted or assumed, as the case may be, except as otherwise required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that any transfer or conveyance of any Asset (other than Shared Contracts, which are governed solely by <u>Section 2.04</u>, and Deferred SplitCo Local Businesses, which are governed solely by <u>Section 2.07</u>) or acceptance or assumption of any Liability (other than Shared Contracts, which are governed solely by <u>Section 2.04</u>, and Deferred SplitCo Local Businesses, which are governed solely by <u>Section 2.07</u>) required by this Agreement to be so transferred, conveyed, accepted or assumed shall not have been completed on or prior to the Separation Date, the Parties shall use reasonable best efforts to effect such transfer, conveyance,

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acceptance or assumption as promptly following the Separation Date as shall be reasonably practicable. In the event that any such transfer, conveyance, acceptance or assumption (as applicable) has not been completed effective on or prior to the Separation Date, unless otherwise expressly agreed in writing by the Parties, the Party retaining such Asset or Liability (or the member of the Party's Group retaining such Asset or Liability) shall thereafter hold such Asset for the use and benefit of the Party entitled thereto (at the expense of the Party entitled thereto, who shall reimburse the other Party for any costs directly related to retaining or maintaining such Asset or managing or defending such Liability promptly after receiving a request therefor) or retain such Liability for the account, and at the expense, of the Party by whom such Liability should have been assumed or accepted pursuant to this Agreement, as the case may be, and take such other actions as may be required by Law, including the terms and conditions of any applicable order, decree, ruling judgment, agreement or Action pending or in effect as of the Separation Date with respect to such Asset or Liability, or otherwise reasonably requested by the Party to which such Asset should have been transferred or conveyed, or by whom such Liability should have been assumed or accepted, as the case may be, in order to place both Parties, insofar as reasonably possible, in the same position as would have existed had such Asset or Liability been transferred, conveyed, accepted or assumed (as applicable) as contemplated by this Agreement, including with respect to possession, use, risk of loss, potential for gain and control over such Asset or Liability. As and when any such Asset or Liability becomes transferable or assumable, the Parties shall use reasonable best efforts to promptly effect such transfer, conveyance, acceptance or assumption (as applicable). Any transfer, conveyance, acceptance or assumption made pursuant to this <u>Section 2.01(e)</u> shall be treated by the Parties for all purposes as if it had occurred on the earlier of (i) immediately prior to the Separation Closing and (ii) the time such Assets and Liabilities would have been transferred, conveyed, accepted or assumed had they been subject to the Conveyancing and Assumption Instrument for the jurisdiction to which such Assets and Liabilities relate, in each case except as otherwise required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing in this Agreement shall be deemed to require the transfer or conveyance of any Assets or the acceptance or assumption of any Liabilities which by their terms or operation of Law cannot be so transferred, conveyed, accepted or assumed; <u>provided</u>, <u>however</u>, that the Parties shall use reasonable best efforts to obtain and submit any necessary Governmental Approvals or other Consents for the transfer, conveyance, acceptance or assumption (as applicable) of all Assets and Liabilities required by this Agreement to be so transferred, conveyed, accepted or assumed including, to the extent applicable, the substitution of a member of the SplitCo Group for a member of the Medtronic Group in connection with any order, decree, ruling, judgment, agreement or Action pending or in effect as of the Separation Date with respect to any SplitCo Liabilities or the substitution of a member of the Medtronic Group for a member of the SplitCo Group in connection with any order, decree, ruling, judgment, agreement or Action pending or in effect as of the Separation Date with respect to any Medtronic Liabilities; <u>provided</u>, <u>further</u>, that neither Party nor any member of its Group shall be required to pay or grant any consideration or concession in any form (including providing any letter of credit, guaranty or other financial accommodation) to any Person in order to obtain or submit any such Governmental Approval or Consent (other than reasonable out-of-pocket expenses, attorneys' fees and filing, recording or similar fees, all of which, if incurred following

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the Separation Closing, shall be borne by SplitCo (and SplitCo shall promptly reimburse members of the Medtronic Group upon request for any such expenses or fees incurred thereby)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except as set forth in <u>Section 2.01(f)</u> or <u>Section 2.07</u>, the Party retaining any Asset or Liability due to the deferral of the transfer and conveyance of such Asset or the deferral of the acceptance and assumption of such Liability pursuant to this <u>Article II</u> or otherwise shall not be obligated by this Agreement, in connection with this <u>Article II</u>, to expend any money or take any action that would require the expenditure of money unless and to the extent the Party entitled to such Asset or the Party intended to assume such Liability advances or agrees to reimburse it for the applicable expenditures.

SECTION 2.02. <u>Certain Matters Governed Exclusively by Ancillary Agreements</u>. Each of Medtronic and SplitCo agrees on behalf of itself and the members of its Group that, except as expressly provided in this Agreement or any Ancillary Agreement, (a) the TMA shall exclusively govern all matters relating to Taxes between such parties, (b) the EMA shall exclusively govern all matters related to employees and employee benefits between such parties (it being understood that any Assets and Liabilities allocated pursuant to the EMA shall constitute SplitCo Assets, SplitCo Liabilities, Medtronic Assets or Medtronic Liabilities, as applicable, for purposes of <u>Article VI</u> hereof), (c) the TSA shall exclusively govern all matters relating to the provision of certain services identified therein to be provided by each Party to the other on a transitional basis following the Separation Date and (d) the Supply Agreement shall exclusively govern all matters relating to the supply of the services identified therein. In the case of any conflict between this Agreement and either the TMA or the EMA in relation to any matters related to Taxes, the TMA or the EMA, as applicable, shall prevail.

SECTION 2.03. <u>Termination of Intercompany Agreements and Intercompany Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in <u>Section 2.03(c)</u> or as otherwise provided by the Step Plan, in furtherance of the releases and other provisions of <u>Section 6.01</u>, effective as of the consummation of the Separation on the Separation Date, SplitCo and each other member of the SplitCo Group, on the one hand, and Medtronic and each other member of the Medtronic Group, on the other hand, hereby terminate any and all agreements, arrangements, commitments and understandings, oral or written, between such parties as of such date ("<u>Intercompany</u> <u>Agreements</u>") including all intercompany accounts payable or accounts receivable between such parties ("<u>Intercompany Accounts</u>") and in effect or accrued as of such time. No such terminated Intercompany Agreement or Intercompany Account (including any provision thereof that purports to survive termination) shall be of any further force or effect after the Separation Date. Each Party shall, at the reasonable request of the other Party, take, or cause to be taken, such other actions as may be necessary to effect the foregoing. The Parties, on behalf of the members of their respective Groups, hereby waive any advance notice provision or other termination requirements with respect to any Intercompany Agreement. For the avoidance of doubt, the termination of Intercompany Agreements pursuant to this <u>Section 2.03(a)</u> shall be effective as of the Separation Date regardless of whether all amounts owing under such Intercompany Agreements have been settled as of such date. The settlement of amounts owing under terminated Intercompany Agreements shall be governed by <u>Section 2.03(b)</u> and <u>Section 2.03(d)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the termination of Intercompany Accounts described in <u>Section 2.03(a)</u> each of Medtronic and SplitCo shall use its reasonable best efforts to cause each Intercompany Account between a member of the SplitCo Group, on the one hand, and a member of the Medtronic Group, on the other hand, that is outstanding as of the Separation Closing to be settled at or as promptly as practicable following the Separation Closing in accordance with the Step Plan. Within ninety (90) days following the Separation Closing, to the extent (i) there exist Intercompany Accounts that were not settled at or prior to the Separation Closing and (ii) such Intercompany Accounts have an aggregate outstanding balance in excess of $__________ million (the "<u>Material Unsettled Intercompany Accounts</u>"), the Parties shall reconcile all such Intercompany Accounts. The Parties shall work together in good faith to determine the final amounts payable with respect to the Material Unsettled Intercompany Accounts, and any amounts so determined shall be paid by the applicable Party within fifteen (15) Business Days following such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of <u>Section 2.03(a)</u> and <u>Section 2.03(b)</u> shall not apply to any of the following Intercompany Agreements or Intercompany Accounts (or to any of the provisions thereof): (i) this Agreement and the Ancillary Agreements (and each other Intercompany Agreement or Intercompany Account expressly contemplated by this Agreement or any Ancillary Agreement to be entered into by either Party or any other member of its Group); (ii) any Intercompany Agreements that this Agreement or any Ancillary Agreement expressly contemplates will survive the Separation Closing; (iii) any Intercompany Agreements or Intercompany Accounts between a Deferred SplitCo Local Business, on the one hand, and a member of the Medtronic Group, on the other hand, prior to the legal transfer of such Deferred SplitCo Local Business to the SplitCo Group and (iv) any other Intercompany Agreements or Intercompany Accounts set forth on <u>Schedule IX</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of Medtronic and SplitCo shall, and shall cause their respective Subsidiaries to, take all necessary actions to remove each member of the SplitCo Group from all Cash Management Arrangements to which such member of the SplitCo Group is a party, in each case prior to the close of business on the Business Day immediately prior to the Separation Date; <u>provided</u>, that this <u>Section 2.03(d)</u> shall not require any members of the SplitCo Group that comprise a Deferred SplitCo Local Business to be removed from any such Cash Management Arrangements prior to the legal transfer of such Deferred SplitCo Local Business to the SplitCo Group.

SECTION 2.04. <u>Shared Contracts</u>. The Parties shall, and shall cause the members of their respective Groups to, use their respective reasonable best efforts to work together (and, if necessary and desirable, to work with the third party to such Shared Contract) in an effort to divide, partially assign, modify or replicate (in whole or in part) the respective rights and obligations under and in respect of any Shared Contract, such that (a) a member of the SplitCo Group is the beneficiary of the rights and is responsible for the obligations related to that portion of such Shared Contract relating to the SplitCo Business (the "<u>SplitCo Portion</u>"), which rights shall be a SplitCo Asset and which obligations shall be a SplitCo Liability, and (b) a member of the Medtronic Group is the beneficiary of the rights and is responsible for the obligations related to such Shared Contract not relating to the SplitCo Business (the "<u>Medtronic Portion</u>"), which

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rights shall be a Medtronic Asset and which obligations shall be a Medtronic Liability. If the Parties, or their respective Group members, as applicable, are not able to enter into an arrangement to formally divide, partially assign, modify or replicate such Shared Contract on or prior to the Separation Date as contemplated by the previous sentence, then the Parties shall, and shall cause their respective Group members to, reasonably cooperate in any lawful arrangement to provide that, following the Separation Closing and until the earlier of two (2) years after the Separation Date and such time as the formal division, partial assignment, modification or replication of such Shared Contract as contemplated by the previous sentence is effected, a member of the SplitCo Group shall receive the interest in the benefits and obligations of the SplitCo Portion under such Shared Contract and a member of the Medtronic Group shall receive the interest in the benefits and obligations of the Medtronic Portion under such Shared Contract; <u>provided</u>, that if, following such two-year period, any such Shared Contract remains in effect and the formal division, partial assignment, modification or replication of such Shared Contract as contemplated by the previous sentence has not yet been effected, the Parties shall discuss in good faith extending any such lawful arrangement then in place; provided that, for the avoidance of doubt, no Party shall have any obligation to so extend any such lawful arrangement then in place. Nothing in this <u>Section 2.04</u> shall require (x) the division, partial assignment, modification or replication of a Shared Contract unless and until any necessary Consents are obtained or made, as applicable, or (y) unless otherwise agreed by the Parties, either Party or any member of their respective Groups to pay or grant any consideration or concession in any form (including providing any letter of credit, guaranty or other financial accommodation) to any Person (other than reasonable out-of-pocket expenses, attorneys' fees and recording or similar fees, all of which, if incurred following the Separation Closing, shall be borne by SplitCo (and SplitCo shall promptly reimburse members of the Medtronic Group upon request for any such expenses or fees incurred thereby)).

SECTION 2.05. <u>Disclaimer of Representations and Warranties</u>. Each of Medtronic (on behalf of itself and each other member of the Medtronic Group) and SplitCo (on behalf of itself and each other member of the SplitCo Group) understands and agrees that, except as expressly set forth in this Agreement, any Ancillary Agreement or the Tax Certificates, no party to this Agreement, any Ancillary Agreement or any other agreement or document contemplated by this Agreement or any Ancillary Agreement, nor any other Person, is representing or warranting in any way as to any Assets or Liabilities transferred or assumed as contemplated hereby or thereby, as to the sufficiency of the Assets or Liabilities transferred or assumed hereby or thereby for the conduct and operations of the SplitCo Business or the Medtronic Business, as applicable, as to any Governmental Approvals or other Consents required in connection therewith or in connection with any past transfers of the Assets or assumptions of the Liabilities, as to the value or freedom from any Security Interests of, or any other matter concerning, any Assets or Liabilities of such party, or as to the absence of any defenses or rights of setoff or freedom from counterclaim with respect to any claim or other Asset, including any accounts receivable, of any such party, or as to the legal sufficiency of any assignment, document or instrument delivered hereunder to convey title to any Asset or thing of value upon the execution, delivery and filing hereof or thereof. Except as may expressly be set forth herein or in any Ancillary Agreement or the Tax Certificates, any such Assets are being transferred on an "as is," "where is" basis and the respective transferees shall bear the economic and legal risks that (a) any conveyance shall prove

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to be insufficient to vest in the transferee good and marketable title, free and clear of any Security Interest, and (b) any necessary Governmental Approvals or other Consents are not obtained or that any requirements of Laws or judgments are not complied with.

SECTION 2.06. <u>Conveyancing and Assumption Instruments</u>. In connection with, and in furtherance of, the transfers of Assets and the acceptance and assumptions of Liabilities contemplated by this Agreement, the Parties (a) have executed prior to the date hereof certain Conveyancing and Assumption Instruments and (b) shall execute and deliver to each other or cause to be executed and delivered, on or after the date hereof by the appropriate entities, any Conveyancing and Assumption Instruments, in each case necessary to evidence the valid and effective assumption by the applicable Party or a member of such Party's Group of its assumed Liabilities and the valid transfer to the applicable Party or member of such Party's Group of all right, title and interest in and to its transferred Assets for such assumptions and transfers to be effected pursuant to Delaware Law, the Laws of one of the other states of the United States or the Laws of the country in which such Assets are located, as applicable, including the transfer of real property with deeds as may be appropriate and in form and substance as may be required by the jurisdiction in which the real property is located. Except to the extent required by applicable Law, the Conveyancing and Assumption Instruments shall not contain any representations or warranties or indemnities, shall not conflict with this Agreement and, to the extent that any provision of a Conveyancing and Assumption Instrument does conflict with any provision of this Agreement, this Agreement shall govern and control unless specifically stated otherwise in such Conveyancing and Assumption Instrument. The transfer of capital stock may be effected by means of executed stock powers and notation on the stock record books of the corporation or other legal entities involved, or by such other means as may be required in any jurisdiction to transfer title to stock and, only to the extent required by applicable Law, by notation on public registries or other required procedure.

SECTION 2.07. <u>Deferred Markets</u>. (a) Notwithstanding anything to the contrary herein, in order to ensure compliance with applicable Law, to obtain necessary Governmental Approvals and other Consents and for other business reasons, the Parties will defer until after the Separation Date the transfer and conveyance of legal title to all or a portion of the SplitCo Assets to, and the assumption of all or a portion of the SplitCo Liabilities by, SplitCo or a member of the SplitCo Group, in each case, in each of the jurisdictions listed on <u>Schedule XIV</u> (each, a "<u>Deferred Market</u>" and the SplitCo Assets and SplitCo Liabilities in any such Deferred Market, a "<u>Deferred</u> <u>SplitCo Local Business</u>"), and Medtronic or a member of the Medtronic Group will continue to operate certain activities of the SplitCo Business in the Deferred Markets following the Separation in accordance with <u>Section 2.07(b)</u>. Notwithstanding the foregoing, any Deferred SplitCo Local Business shall constitute SplitCo Assets or SplitCo Liabilities, as applicable, for all other purposes of this Agreement. The transfer of each Deferred SplitCo Local Business shall occur in accordance with the terms and conditions set forth in the Net Economic Benefit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any Deferred SplitCo Local Business between the Separation Date and such time as the Deferred SplitCo Local Business has been transferred to SplitCo (the "<u>Deferred Separation Date</u>"), and subject to the Net Economic Benefit Agreement: (i) Medtronic

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shall, and shall cause each member of the Medtronic Group to, use reasonable best efforts to (A) provide SplitCo with the economic and operational claims, rights, benefits and burdens that would accrue to it if such Deferred SplitCo Local Businesses were conveyed and transferred to (or assumed by) it as of the Separation Date, including the net profits or losses associated with the ownership of such Deferred SplitCo Local Business (it being understood, that such net profits or losses shall be net of all Taxes incurred by Medtronic or a member of the Medtronic Group, the Deferred SplitCo Local Business or their respective affiliates in connection with the operation (or ownership) of the relevant Deferred SplitCo Local Business between the Separation Date and the applicable Deferred Separation Date), and Medtronic and SplitCo shall use reasonable best efforts after the date hereof to enter into an arrangement to document the foregoing and (B) reasonably cooperate with SplitCo, at SplitCo's expense, to enforce any rights of the Deferred SplitCo Local Business that are available against any third party; (ii) Medtronic and, if applicable, such Deferred SplitCo Local Business shall hold in trust for and pay to the SplitCo or a member of the SplitCo Group promptly upon receipt thereof, any income, proceeds and other monies received in respect of the Deferred SplitCo Local Business, net of any Liabilities and Taxes with respect thereto; (iii) SplitCo shall (I) pay, perform and discharge (whether as agent or subcontractor or otherwise) fully when due all obligations, burdens, and Liabilities, including Taxes of the Deferred SplitCo Local Business and indemnify the Medtronic Group in respect of the foregoing and (II) provide such Deferred SplitCo Local Business, Medtronic and any member of the Medtronic Group, as applicable, such maintenance, support or other services, products or payments as may be required in furtherance of the provisions of this <u>Section 2.07(b)</u>; and (iv) the Parties acknowledge and agree that Medtronic Group shall perform the aforementioned operation and management of the Deferred SplitCo Local Business solely in its capacity as service provider to, and as third party agent acting on behalf, at the direction and for the benefit of, the SplitCo Group, and that the SplitCo Group will bear the profit and/or loss associated with ownership of the Deferred SplitCo Local Business from and after the Separation Date in the manner described in this Agreement and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to the SplitCo Assets and SplitCo Liabilities described in <u>Section</u> <u>2.07(a)</u> (including any Deferred SplitCo Local Business transferred pursuant to <u>Section 2.07(c))</u>, each of Medtronic and SplitCo shall, and shall cause the members of its respective Group to (i) treat for all purposes, including U.S. federal (and applicable U.S. state and local) income Tax purposes (A) the SplitCo Assets as assets having been transferred to and owned by the SplitCo Group not later than the Separation Closing or, in the case of any Deferred SplitCo Local Business, immediately prior to the Separation Closing, and (B) the SplitCo Liabilities as Liabilities having been assumed and owned by the SplitCo Group not later than the Separation Closing or, in the case of any Deferred SplitCo Local Business, immediately prior to the Separation Closing (except as otherwise required by applicable Law or as otherwise expressly provided in the Net Economic Benefit Agreement and any applicable Conveyancing and Assumption Instrument) and (ii) neither report nor take any Tax position (on a Tax Return or otherwise) inconsistent with such treatment (unless required by a change in applicable Law or good faith resolution of a Tax Contest).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this Agreement, certain Assets and Contracts that are subject to Undisclosed Agency Agreements shall not transfer at the

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Separation Closing but shall instead transfer on a delayed basis following the Separation Closing. The identification of such Assets and Contracts, and the timing, terms, and conditions governing such delayed transfers, shall be as set forth in the applicable Undisclosed Agency Agreement.

SECTION 2.08. <u>Waiver of Bulk Sales</u>. SplitCo hereby waives compliance by each and every member of the Medtronic Group with the requirements and provisions of any "bulk-sale" or "bulk-transfer" Laws of any jurisdiction that may otherwise be applicable with respect to the transfer or sale of any or all of the SplitCo Assets to any member of the SplitCo Group. Medtronic hereby waives compliance by each and every member of the SplitCo Group with the requirements and provisions of any "bulk-sale" or "bulk-transfer" Laws of any jurisdiction that may otherwise be applicable with respect to the transfer or sale of any or all of the Medtronic Assets to any member of the Medtronic Group.

Article III

<u>Credit Support</u>

SECTION 3.01. <u>Replacement of Medtronic Credit Support</u>. (a) Other than as set forth on <u>Schedule XVIII-A</u>, SplitCo shall use reasonable best efforts to arrange, at its sole cost and expense and effective on or prior to the Separation Date, the termination or replacement of all guarantees, covenants, indemnities, surety bonds, letters of credit or similar assurances or credit support ("<u>Credit Support Instruments</u>") provided by or through Medtronic or any other member of the Medtronic Group for the benefit of SplitCo or any other member of the SplitCo Group ("<u>Medtronic Credit Support Instruments</u>") with alternate arrangements that do not require any credit support from Medtronic or any other member of the Medtronic Group, and shall use reasonable best efforts to obtain from the beneficiaries of such Medtronic Credit Support Instruments written releases (which (i) in the case of a letter of credit or bank guarantee would be effective upon surrender of the original Medtronic Credit Support Instrument to the originating bank and such bank's confirmation to Medtronic of cancelation thereof and (ii) shall expressly release any collateral in respect of such Medtronic Credit Support Instrument) indicating that Medtronic or such other member of the Medtronic Group will, effective upon the Separation Closing, have no liability with respect to such Medtronic Credit Support Instruments, in each case reasonably satisfactory to Medtronic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In furtherance of <u>Section 3.01(a)</u>, to the extent required to obtain a removal or release from a Medtronic Credit Support Instrument, SplitCo or an appropriate member of the SplitCo Group shall execute an agreement substantially in the form of the existing Medtronic Credit Support Instrument or such other form as is agreed to by the relevant parties to such agreement, except to the extent that such existing Medtronic Credit Support Instrument contains representations, covenants or other terms or provisions (i) with which SplitCo or the appropriate member of the SplitCo Group would be reasonably unable to comply or (ii) which would be reasonably expected to be breached by SplitCo or the appropriate member of the SplitCo Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If SplitCo is unable to obtain, or is not required to obtain, or to cause to be obtained, all releases from Medtronic Credit Support Instruments pursuant to <u>Section 3.01(a)</u> and <u>Section 3.01(b)</u> on or prior to the Separation Date, (i) without limiting SplitCo's obligations

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under <u>Article VI</u>, SplitCo shall, and shall cause the relevant member of the SplitCo Group that has assumed the Liability with respect to such Medtronic Credit Support Instrument, to indemnify and hold harmless the guarantor or obligor for any Liability arising from or relating thereto in accordance with the provisions of <u>Article VI</u> and to, as agent or subcontractor for such guarantor or obligor, pay, perform and discharge fully all the obligations or other Liabilities of such guarantor or obligor thereunder, (ii) with respect to each such Medtronic Credit Support Instrument, SplitCo, on behalf of itself and the other members of the SplitCo Group, agrees, except as otherwise expressly required by the terms of a Contract with a third party in effect as of the Separation Date, not to renew or extend the term of, increase its obligations under or transfer to a third Person any loan, guarantee, lease, sublease, license, Contract or other obligation for which Medtronic or any other member of the Medtronic Group is or may be liable under such Medtronic Credit Support Instrument unless all obligations of Medtronic and the other members of the Medtronic Group with respect thereto are thereupon terminated by documentation reasonably satisfactory in form and substance to Medtronic, and (iii) with respect to each such Medtronic Credit Support Instrument, SplitCo shall prepare and provide, or cause to be prepared and provided, as promptly as reasonably practicable following reasonable written request by Medtronic, to the extent reasonably necessary for Medtronic to prepare financial statements or complete an audit or review of financial statements or an audit of internal control over financial reporting, any relevant information or data regarding the Liability with respect to such Medtronic Credit Support Instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On and after the Separation Date, SplitCo shall, and shall cause each member of the SplitCo Group to, comply with the obligations set forth on <u>Schedule XVIII-B</u> with respect to the Medtronic Credit Support Instruments and related Contracts set forth therein.

SECTION 3.02. <u>Replacement of SplitCo Credit Support</u>. (a) Medtronic shall use reasonable best efforts to arrange, at its sole cost and expense and effective on or prior to the Separation Date, the termination or replacement of all Credit Support Instruments provided by or through SplitCo or any other member of the SplitCo Group for the benefit of Medtronic or any other member of the Medtronic Group ("<u>SplitCo Credit Support Instruments</u>") with alternate arrangements that do not require any credit support from SplitCo or any other member of the SplitCo Group, and shall use reasonable best efforts to obtain from the beneficiaries of such SplitCo Credit Support Instruments written releases (which (i) in the case of a letter of credit or bank guarantee would be effective upon surrender of the original SplitCo Credit Support Instrument to the originating bank and such bank's confirmation to SplitCo of cancelation thereof and (ii) shall expressly release any collateral in respect of such Credit Support Instrument) indicating that SplitCo or such other member of the SplitCo Group will, effective upon the Separation Closing, have no liability with respect to such SplitCo Credit Support Instruments, in each case reasonably satisfactory to SplitCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In furtherance of (a), to the extent required to obtain a removal or release from a SplitCo Credit Support Instrument, Medtronic or an appropriate member of the Medtronic Group shall execute an agreement substantially in the form of the existing SplitCo Credit Support Instrument or such other form as is agreed to by the relevant parties to such agreement, except to the extent that such existing SplitCo Credit Support Instrument contains

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representations, covenants or other terms or provisions (i) with which Medtronic or the appropriate member of the Medtronic Group would be reasonably unable to comply or (ii) which would be reasonably expected to be breached by Medtronic or the appropriate member of the Medtronic Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Medtronic is unable to obtain, or to cause to be obtained, all releases from SplitCo Credit Support Instruments pursuant to <u>Section 3.02(a)</u> and <u>Section 3.02(b)</u> on or prior to the Separation Date, (i) without limiting Medtronic's obligations under <u>Article VI</u>, Medtronic shall, and shall cause the relevant member of the Medtronic Group that has assumed the Liability with respect to such SplitCo Credit Support Instrument to, indemnify and hold harmless the guarantor or obligor for any Liability arising from or relating thereto in accordance with the provisions of <u>Article VI</u> and to, as agent or subcontractor for such guarantor or obligor, pay, perform and discharge fully all the obligations or other Liabilities of such guarantor or obligor thereunder, (ii) with respect to each such SplitCo Credit Support Instrument, Medtronic, on behalf of itself and the other members of the Medtronic Group, agrees, except as otherwise expressly required by the terms of a Contract with a third party in effect as of the Separation Date, not to renew or extend the term of, increase its obligations under or transfer to a third Person, any loan, guarantee, sublease, license, Contract or other obligation for which SplitCo or any other member of the SplitCo Group is or may be liable under such SplitCo Credit Support Instrument unless all obligations of SplitCo and the other members of the SplitCo Group with respect thereto are thereupon terminated by documentation reasonably satisfactory in form and substance to SplitCo and (iii) with respect to each such SplitCo Credit Support Instrument, Medtronic shall prepare and provide, or cause to be prepared and provided, as promptly as reasonably practicable following reasonable written request by SplitCo, to the extent reasonably necessary for SplitCo to prepare financial statements or complete an audit or review of financial statements or an audit of internal control over financial reporting, any relevant information or data regarding the Liability with respect to such SplitCo Credit Support Instrument.

SECTION 3.03. <u>Written Notice of Credit Support Instruments</u>. Medtronic and SplitCo shall use reasonable best efforts to provide each other with written notice of the existence of all Credit Support Instruments within a reasonable period prior to the Separation.

Article IV

<u>Actions Pending the Separation</u>

SECTION 4.01. <u>Actions Prior to the Separation</u>. Subject to the conditions specified in <u>Section</u> <u>4.02</u> and subject to <u>Section 4.04</u>, Medtronic and SplitCo shall use reasonable best efforts to consummate the Separation. Such efforts shall include taking the actions specified in this <u>Section</u> <u>4.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) SplitCo shall prepare, file with the Commission and use its reasonable best efforts to cause to become effective the IPO Registration Statement and any registration statements or amendments thereto required to effect the establishment of, or amendments to, any employee benefit and other plans necessary or appropriate in connection with the transactions contemplated by this Agreement or any of the Ancillary Agreements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Medtronic and SplitCo shall take all such action as may be necessary or appropriate under the securities or blue sky laws of the states or other political subdivisions of the United States or of other foreign jurisdictions in connection with the Initial Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) SplitCo shall prepare and file, and shall use reasonable best efforts to have approved prior to the completion of the Initial Public Offering, an application for the listing of the SplitCo Common Stock to be offered and sold in the Initial Public Offering on the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the Separation Closing, Medtronic shall have duly elected the individuals listed as members of the SplitCo board of directors in the IPO Registration Statement, and such individuals shall be the members of the SplitCo board of directors effective as of immediately after the Separation Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prior to the Separation Closing, Medtronic shall have duly appointed the individuals listed as executive officers of SplitCo in the IPO Registration Statement, and such individuals shall be the executive officers of SplitCo as of immediately after the Separation Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Immediately prior to the Separation Closing, the Amended and Restated Certificate of Incorporation and the Amended and Restated By-laws of SplitCo, each in substantially the form filed as an exhibit to the IPO Registration Statement, shall be in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) SplitCo shall enter into the Underwriting Agreement, in form and substance reasonably satisfactory to Medtronic, and shall comply with its obligations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) SplitCo shall participate in the preparation of materials and presentations as any of Medtronic and the Underwriters shall deem reasonably desirable in connection with the Initial Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Medtronic and SplitCo shall, subject to <u>Section 4.04</u>, take all reasonable steps necessary and appropriate to cause the conditions set forth in <u>Section 4.02</u> to be satisfied and to effect the Separation on the Separation Date.

SECTION 4.02. <u>Conditions Precedent to Consummation of the Separation</u>. The obligations of the Parties to consummate the Separation (other than the Internal Transactions that are contemplated by the Step Plan to occur prior to the Separation Date) shall be conditioned on the satisfaction, or waiver by Medtronic, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The board of directors of Medtronic Parent shall have authorized and approved the Separation and not withdrawn such authorization and approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Ancillary Agreement (other than any Conveyancing and Assumption Instruments to be executed at or following the Separation Closing, including with respect to the Deferred Markets) shall have been executed by each party to such agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Commission shall have declared effective the IPO Registration Statement, no stop order suspending the effectiveness of the IPO Registration Statement shall be in effect and no proceedings for that purpose shall be pending before or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The SplitCo Common Stock shall have been accepted for listing on the Exchange or another national securities exchange approved by Medtronic Parent, subject to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Internal Transactions that are contemplated by the Step Plan to occur on or prior to the Separation Date shall have been completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Medtronic Parent shall be satisfied in its sole discretion that it will, directly or indirectly, own at least 80.1% of the outstanding SplitCo Common Stock (and that it will have "control" of SplitCo within the meaning of Section 368(c) of the Code) following the Initial Public Offering, and Medtronic shall be satisfied in its sole discretion that all other conditions to permit the Divestment to qualify for the Intended Tax Treatment shall, to the extent applicable as of the time of the Initial Public Offering, be satisfied, and there shall be no event or condition that is likely to cause any of such conditions not to be satisfied as of the time of the Divestment or thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No order, injunction or decree issued by any Governmental Authority of competent jurisdiction or other legal restraint or prohibition preventing the consummation of the Separation or the Initial Public Offering shall be in effect, and no other event shall have occurred or failed to occur that prevents the consummation of the Separation or the Initial Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No other events or developments shall have occurred prior to the Separation that, in the judgment of the board of directors of Medtronic, would result in the Separation or the Initial Public Offering having a material adverse effect on Medtronic or the shareholders of Medtronic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SplitCo shall have entered into the Underwriting Agreement and all conditions to the obligations of SplitCo and the Underwriters thereunder shall have been satisfied or waived by the party that is entitled to the benefit thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The actions set forth in Sections <u>4.01(d)</u>, <u>(e)</u> and <u>(f)</u> shall have been completed.

The foregoing conditions are for the sole benefit of Medtronic and shall not give rise to or create any duty on the part of Medtronic or the Medtronic board of directors to waive or not waive such conditions or in any way limit the right of Medtronic to terminate this Agreement as set forth in <u>Article X</u> or alter the consequences of any such termination from those specified in such <u>Article X</u>. Any determination made by the Medtronic board of directors prior to the Separation concerning the satisfaction or waiver of any or all of the conditions set forth in this <u>Section 4.02</u> shall be conclusive.

SECTION 4.03. <u>Separation Date</u>. Subject to the terms and conditions of this Agreement, the consummation of the Separation shall take place remotely via the electronic exchange of

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documents and signature pages on the date on which the Initial Public Offering closes or in such other manner or on such other date as Medtronic and SplitCo may mutually agree upon in writing (the day on which such closing takes place being the "<u>Separation Date</u>"). In connection with the direct or indirect transfer of SplitCo Assets to SplitCo pursuant to this Agreement, SplitCo shall cause MiniMed Holding B.V. and Medtronic MiniMed, Inc., on the closing date of the Initial Public Offering, and, to the extent and in the manner contemplated by the Step Plan, to pay to Medtronic or one of its designated Affiliates, by wire transfer of immediately available funds to an account designated by Medtronic to SplitCo in writing, an amount of Cash of the SplitCo Group sufficient to repay certain intercompany debt between the Medtronic Group and the SplitCo Group; <u>provided</u> that the SplitCo Group shall retain an amount in Cash as determined pursuant to <u>Schedule X</u>, after giving effect to the Initial Public Offering, the SplitCo Financing Arrangements and the settlement of Intercompany Accounts as contemplated by the Internal Transactions and <u>Section 2.03(b)</u>, or as otherwise elected by Medtronic in its sole discretion. The amount payable to Medtronic pursuant to this <u>Section 4.03</u> shall initially be based on a good faith estimate by Medtronic of the net proceeds from the Initial Public Offering and the Cash to be retained by the SplitCo Group. As promptly as practicable following the Separation Date, the Parties shall reasonably and in good faith determine the final amount payable pursuant to this <u>Section 4.03</u>, taking into account the actual net proceeds received in the Initial Public Offering and the amount of Cash determined pursuant to <u>Schedule X</u>. The calculation shall be made in good faith and, upon mutual agreement of the Parties, shall be final and binding, and any difference between such final amount and the amount initially recorded as a note payable on the opening balance sheet of the SplitCo Business as of the Separation Date shall be settled by payment or refund, as applicable, promptly following such determination.

SECTION 4.04. <u>Sole Discretion of Medtronic</u>. Prior to the Separation Closing, Medtronic shall, in its sole and absolute discretion, determine all terms of the Separation, including the form, structure and terms of any transactions or offerings to effect the Separation and the timing of and conditions to the consummation thereof. In addition and notwithstanding anything to the contrary set forth below, Medtronic may at any time and from time to time until the Separation Closing decide to abandon, modify or change any or all of the terms of the Separation, including by accelerating or delaying the timing of the consummation of all or part of the Separation. For the purposes of this <u>Section 4.04</u> only, the term "Separation" shall include any transfers contemplated by <u>Section 2.07</u>.

Article V

<u>The Initial Public Offering; Divestment or Other Disposition</u>

SECTION 5.01. <u>The Initial Public Offering</u>. SplitCo shall consult with, and cooperate in all respects with and take all actions reasonably requested by, Medtronic in connection with the Initial Public Offering.

SECTION 5.02. <u>The Divestment or Other Disposition</u>. (a) Subject to applicable Law, Medtronic Parent shall, in its sole and absolute discretion, determine (i) whether and when to proceed with all or part of the Divestment or Other Disposition and (ii) all terms of the Divestment or Other Disposition, as applicable, including the form, structure and terms of any transaction(s) or

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offering(s) to effect the Divestment or Other Disposition and the timing of and conditions to the consummation of the Divestment or Other Disposition. In addition, in the event that Medtronic Parent determines to proceed with the Divestment or Other Disposition, Medtronic Parent may, subject to applicable Law, at any time and from time to time until the completion of the Divestment or Other Disposition abandon, modify or change any or all of the terms of the Divestment or Other Disposition, including by accelerating or delaying the timing of the consummation of all or part of the Divestment or Other Disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SplitCo shall cooperate with Medtronic Parent and any member of the Medtronic Group to accomplish the Divestment or Other Disposition and shall, at Medtronic Parent's reasonable request, promptly take any and all actions necessary or desirable to effect the Divestment or Other Disposition, including the registration under the Securities Act of the offering of the SplitCo Common Stock on an appropriate registration form as reasonably designated by Medtronic Parent, the filing of any necessary documents pursuant to the Exchange Act and the filing of any necessary application or related documents with the Exchange in connection with listing the SplitCo Common Stock that is the subject of such Divestment or Other Disposition. Subject to applicable Law and contractual requirements among the Parties, Medtronic Parent shall select any investment bank, manager, transfer agent, underwriter or dealer manager in connection with the Divestment or Other Disposition, as well as any financial printer, solicitation or exchange agent and financial, legal, accounting, tax and other advisors and service providers in connection with the Divestment or Other Disposition, as applicable. Medtronic Parent and SplitCo, as the case may be, will provide to the exchange agent, if any, all share certificates and any information required in order to complete the Divestment or Other Disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained in this Agreement, the Registration Rights Agreement shall control the terms and conditions of any Other Disposition to the extent contemplated therein.

Article VI

<u>Mutual Releases; Indemnification</u>

SECTION 6.01. <u>Release of Pre-Separation Claims</u>. (a) Except as provided in <u>Section 6.01(d)</u> or elsewhere in this Agreement or the Ancillary Agreements, effective as of the Separation Closing, SplitCo does hereby, for itself and each other member of the SplitCo Group, their respective Affiliates, and to the extent it may legally do so, successors and assigns and all Persons who at any time on or prior to the Separation Closing have been shareholders, directors, officers, agents or employees of any member of the SplitCo Group (in each case, in their respective capacities as such), remise, release and forever discharge Medtronic and the other members of the Medtronic Group, their respective successors and assigns and all Persons who at any time on or prior to the Separation Closing have been shareholders, directors, officers, agents or employees of any member of the Medtronic Group (in each case, in their respective capacities as such), and their respective heirs, executors, administrators, successors and assigns, from any and all SplitCo Liabilities whatsoever, whether at Law or in equity (including any right of contribution or recovery and including any remedy under Environmental Laws), whether arising under any

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Contract, by operation of Law or otherwise, existing or arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed on or before the Separation Closing, including in connection with the Separation, the Initial Public Offering and any Divestment or Other Disposition and all other activities to implement any such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in <u>Section 6.01(d)</u> or elsewhere in this Agreement or the Ancillary Agreements, effective as of the Separation Closing, Medtronic does hereby, for itself and each other member of the Medtronic Group, their respective Affiliates, and to the extent it may legally do so, successors and assigns and all Persons who at any time on or prior to the Separation Closing have been shareholders, directors, officers, agents or employees of any member of the Medtronic Group (in each case, in their respective capacities as such), remise, release and forever discharge SplitCo and the other members of the SplitCo Group, their respective successors and assigns and all Persons who at any time on or prior to the Separation Closing have been shareholders, directors, officers, agents or employees of any member of the SplitCo Group (in each case, in their respective capacities as such), and their respective heirs, executors, administrators, successors and assigns, from any and all Medtronic Liabilities whatsoever, whether at Law or in equity (including any right of contribution or recovery and including any remedy under Environmental Laws), whether arising under any Contract, by operation of Law or otherwise, existing or arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed on or before the Separation Closing, including in connection with the Separation, the Initial Public Offering and any Divestment or Other Disposition and all other activities to implement any such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parties expressly understand and acknowledge that it is possible that unknown losses or claims exist or might come to exist or that present losses may have been underestimated in amount, severity, or both. Accordingly, the Parties are deemed expressly to understand and acknowledge any federal, state or non-U.S. Law or right, rule or legal principle of the State of Delaware or any other jurisdiction that may be applicable herein which provides that: A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH A CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN SUCH CREDITOR'S FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY SUCH CREDITOR MUST HAVE MATERIALLY AFFECTED SUCH CREDITOR'S SETTLEMENT WITH A DEBTOR. The Parties are hereby deemed to agree that any such or similar federal, state or non-U.S. Laws or rights, rules or legal principles of the State of Delaware or any other jurisdiction that may be applicable herein, are hereby knowingly and voluntarily waived and relinquished with respect to the releases in <u>Section 6.01(a)</u> and <u>Section 6.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing contained in <u>Section 6.01(a)</u> or <u>Section 6.01(b)</u> shall impair any right of any Person to enforce this Agreement, any Ancillary Agreement or any Intercompany Agreement or Intercompany Account that is specified in <u>Section 2.03(c)</u> not to terminate as of

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the Separation Closing, in each case in accordance with its terms. Nothing contained in <u>Section</u> <u>6.01(a)</u> or <u>(b)</u> shall release:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person from any Liability provided in or resulting from any Contract among any members of the Medtronic Group or the SplitCo Group that is specified in <u>Section</u> <u>2.03(c)</u> as not to terminate as of the Separation, or any other Liability specified in such <u>Section</u> <u>2.03(c)</u> as not to terminate as of the Separation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Person from any Liability, contingent or otherwise, assumed, transferred, assigned or allocated to the Group of which such Person is a member in accordance with, or any other Liability of any member of any Group under, this Agreement or any Ancillary Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Person from any Liability provided in or resulting from any other Contract that is entered into after the Separation between one Party (or a member of such Party's Group), on the one hand, and the other Party (or a member of such Party's Group), on the other hand; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Person from any Liability that the Parties may have with respect to indemnification or contribution pursuant to this Agreement or any Ancillary Agreement for claims brought against the Parties, the members of their respective Groups or any of their respective directors, officers, employees or agents, by third Persons, which Liability shall be governed by the provisions of this <u>Article VI</u> or, if applicable, the appropriate provisions of the relevant Ancillary Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) SplitCo shall not make, and shall not permit any other member of the SplitCo Group to make, any claim or demand, or commence any Action asserting any claim or demand, including any claim of contribution or any indemnification, against Medtronic or any other member of the Medtronic Group, or any other Person released pursuant to <u>Section 6.01(a)</u>, with respect to any Liabilities released pursuant to <u>Section 6.01(a)</u>. Medtronic shall not make, and shall not permit any other member of the Medtronic Group to make, any claim or demand, or commence any Action asserting any claim or demand, including any claim of contribution or any indemnification against SplitCo or any other member of the SplitCo Group, or any other Person released pursuant to <u>Section 6.01(b)</u>, with respect to any Liabilities released pursuant to <u>Section</u> <u>6.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It is the intent of each of Medtronic and SplitCo, by virtue of the provisions of this <u>Section 6.01</u>, to provide for a full and complete release and discharge of all Liabilities existing or arising from all acts and events occurring or failing to occur or alleged to have occurred or to have failed to occur and all conditions existing or alleged to have existed on or before the Separation Date, between or among SplitCo or any other member of the SplitCo Group, on the one hand, and Medtronic or any other member of the Medtronic Group, on the other hand (including any contractual agreements or arrangements existing or alleged to exist between or among any such members on or before the Separation Date), except as set forth in <u>Section 6.01(d)</u> or elsewhere in this Agreement or in any Ancillary Agreement. At any time, at the request of the other Party, each Party shall cause each member of its respective Group to execute and deliver releases reflecting the provisions hereof.

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SECTION 6.02. <u>Indemnification by SplitCo</u>. Subject to <u>Section 6.04</u>, SplitCo shall indemnify, defend and hold harmless Medtronic, each other member of the Medtronic Group and each of their respective former and current shareholders, directors, officers, agents and employees, and each of the heirs, executors, successors and assigns of any of the foregoing (collectively, the "<u>Medtronic Indemnitees</u>"), from and against any and all Liabilities of the Medtronic Indemnitees relating to, arising out of or resulting from any of the following items (without duplication):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the SplitCo Liabilities, including the failure of SplitCo or any other member of the SplitCo Group or any other Person to pay, perform or otherwise promptly discharge any SplitCo Liability in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach by SplitCo or any other member of the SplitCo Group of this Agreement or any Ancillary Agreement unless such Ancillary Agreement expressly provides for separate indemnification therein (which shall be controlling); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any breach by SplitCo of any of the representations and warranties made by SplitCo on behalf of itself and the members of the SplitCo Group in <u>Section 11.01(c)</u>.

SECTION 6.03. <u>Indemnification by Medtronic</u>. Subject to <u>Section 6.04</u>, Medtronic shall indemnify, defend and hold harmless SplitCo, each other member of the SplitCo Group and each of their respective former and current shareholders, directors, officers, agents and employees, and each of the heirs, executors, successors and assigns of any of the foregoing (collectively, the "<u>SplitCo Indemnitees</u>"), from and against any and all Liabilities of the SplitCo Indemnitees relating to, arising out of or resulting from any of the following items (without duplication):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Medtronic Liabilities, including the failure of Medtronic or any other member of the Medtronic Group or any other Person to pay, perform or otherwise promptly discharge any Medtronic Liability in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach by Medtronic or any other member of the Medtronic Group of this Agreement or any Ancillary Agreement unless such Ancillary Agreement expressly provides for separate indemnification therein (which shall be controlling); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any breach by Medtronic of any of the representations and warranties made by Medtronic on behalf of itself and the members of the Medtronic Group in <u>Section 11.01(c)</u>.

SECTION 6.04. <u>Indemnification Obligations Net of Insurance Proceeds and Third-Party</u> <u>Proceeds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties intend that any Liability subject to indemnification or reimbursement pursuant to this Agreement will be net of (i) Insurance Proceeds that actually reduce the amount of, or are paid to the applicable Indemnitee in respect of, such Liability and (ii) other amounts recovered from any third party that actually reduce the amount of, or are paid to the applicable Indemnitee in respect of, such Liability ("<u>Third-Party Proceeds</u>"). Accordingly, the amount that either Party (an "<u>Indemnifying Party</u>") is required to pay to any Person entitled to indemnification or reimbursement pursuant to this Agreement (an "<u>Indemnitee</u>") will be

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reduced by any Insurance Proceeds or Third-Party Proceeds theretofore actually recovered by or on behalf of the Indemnitee from a third party in respect of the related Liability. If an Indemnitee receives a payment required by this Agreement from an Indemnifying Party in respect of any Liability (an "<u>Indemnity Payment</u>") and subsequently receives Insurance Proceeds or Third-Party Proceeds in respect of such Liability, then the Indemnitee will pay to the Indemnifying Party an amount equal to the excess of the Indemnity Payment received over the amount of the Indemnity Payment that would have been due if such Insurance Proceeds or Third-Party Proceeds had been received, realized or recovered before the Indemnity Payment was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No provision in this Agreement or any Ancillary Agreement is intended to relieve any Insurer of any responsibility to pay any claim, grant any insurer any subrogation rights with respect to any claim or provide any Insurer with a "wind-fall" (i.e., a benefit they would not be entitled to receive, or the reduction or elimination of an insurance coverage provision obligation that they would otherwise have, in the absence of such provision). Notwithstanding the foregoing, an Indemnifying Party may not delay making an indemnification payment required under the terms of this Agreement, or otherwise satisfying any indemnification obligation, pending the outcome of any Actions to collect or recover any Insurance Proceeds, and an Indemnitee need not attempt to collect any Insurance Proceeds prior to making a claim for indemnification or receiving any Indemnity Payment otherwise owed to it under this Agreement or any Ancillary Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The calculation and Tax treatment of any Indemnity Payments required by this Agreement shall be subject to Section 5.4 of the TMA.

SECTION 6.05. <u>Procedures for Indemnification of Third-Party Claims</u>. If an Indemnitee shall receive notice or otherwise learn of a Third-Party Claim with respect to which an Indemnifying Party may be obligated to provide indemnification to such Indemnitee pursuant to this Agreement or any Ancillary Agreement, such Indemnitee shall give such Indemnifying Party written notice thereof as soon as reasonably practicable, but no later than 30 calendar days after becoming aware of such Third-Party Claim. Any such notice shall describe the Third-Party Claim in reasonable detail and include copies of all notices and documents (including court papers) received by the Indemnitee relating to the Third-Party Claim; provided however, that any such notice need only specify such information to the knowledge of the Indemnitee as of the date of such notice and shall not limit or prejudice any of the rights or remedies of any Indemnitee on the basis of any limitations on the information included in such notice, including any such limitations made in good faith to preserve the attorney-client privilege, work product doctrine or any other privilege. Notwithstanding anything to the contrary set forth in this <u>Section 6.05</u> and <u>Section 6.06</u>, the failure of any Indemnitee or other Person to give notice as provided in this <u>Section 6.05</u> or <u>Section 6.06</u> shall not relieve the related Indemnifying Party of its obligations under this <u>Article VI</u>, except to the extent that such Indemnifying Party is actually prejudiced by such failure to give notice in accordance with this <u>Section 6.05</u>. Any Third-Party Claim shall be managed by Medtronic and SplitCo in accordance with the provisions of <u>Section 6.13</u>, as if such Third-Party Claim were an Action.

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SECTION 6.06. <u>Additional Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any claim on account of a Liability that does not result from a Third-Party Claim shall be asserted by written notice given by the Indemnitee to the Indemnifying Party. The Indemnifying Party shall have a period of 30 calendar days after the receipt of such notice within which to respond thereto. If the Indemnifying Party does not respond within such 30-day period or rejects such claim in whole or in part, such Indemnitee shall be free to pursue such remedies as may be available to such Indemnitee as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of payment by or on behalf of an Indemnifying Party to any Indemnitee in connection with any Third-Party Claim, such Indemnifying Party shall be subrogated to and shall stand in the place of such Indemnitee as to any events or circumstances in respect of which such Indemnitee may have any right, defense or claim relating to such Third-Party Claim against any claimant or plaintiff asserting such Third-Party Claim or against any other Person. Such Indemnitee shall cooperate with the Indemnifying Party in a reasonable manner, and at the cost and expense of the Indemnifying Party, in prosecuting any subrogated right, defense or claim.

SECTION 6.07. <u>TMA Governs</u>. The above provisions of <u>Section 6.05</u> and <u>Section 6.06</u> do not apply to Taxes (it being understood and agreed that Taxes and Tax matters, including the control of Tax Contests, shall be governed by the TMA).

SECTION 6.08. <u>Right to Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any right of indemnification contained in <u>Section 6.02</u> or <u>Section 6.03</u> is held unenforceable, is unavailable for any reason, or is insufficient to hold harmless any Indemnitee in respect of any Liability for which such Indemnitee is entitled to indemnification hereunder, then the Indemnifying Party shall contribute to the amounts paid or payable by any Indemnitees as a result of such Liability (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and the members of its Group, on the one hand, and such Indemnitee and any other Indemnitees entitled to contribution in respect of such Liability, on the other hand, as well as any other relevant equitable considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Solely for purposes of determining relative fault pursuant to this <u>Section 6.08</u>: (i) any fault associated with the business conducted with SplitCo Assets or the SplitCo Liabilities or with the ownership, operation or activities of the SplitCo Business prior to the Separation Closing shall be deemed to be the fault of SplitCo and the other members of the SplitCo Group, and no such fault shall be deemed to be the fault of Medtronic or any other member of the Medtronic Group; and (ii) any fault associated with the business conducted with Medtronic Assets or the Medtronic Liabilities or with the ownership, operation or activities of the Medtronic Business prior to the Separation Closing shall be deemed to be the fault of Medtronic and the other members of the Medtronic Group, and no such fault shall be deemed to be the fault of SplitCo or any other member of the SplitCo Group.

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SECTION 6.09. <u>Remedies Cumulative</u>. The remedies provided in this <u>Article VI</u> shall be cumulative and, subject to the provisions of <u>Article X</u>, shall not preclude assertion by any Indemnitee of any other rights or the seeking of any and all other remedies against any Indemnifying Party.

SECTION 6.10. <u>Survival of Indemnities</u>. The rights and obligations of each of Medtronic and SplitCo and their respective Indemnitees under this <u>Article VI</u> shall survive the sale or other transfer by any Party or its Affiliates of any Assets or businesses or the assignment by it of any Liabilities.

SECTION 6.11. <u>Limitation on Liability</u>. None of Medtronic, SplitCo or any other member of either Group shall in any event have any Liability to the other or to any other member of the other's Group, or to any other Medtronic Indemnitee or SplitCo Indemnitee, as applicable, under this Agreement for any indirect, special, punitive or consequential damages, whether or not caused by or resulting from negligence or breach of obligations hereunder and whether or not informed of the possibility of the existence of such damages; <u>provided</u>, <u>however</u>, that the provisions of this <u>Section 6.11</u> shall not limit an Indemnifying Party's indemnification obligations hereunder with respect to any Liability any Indemnitee may have to any third party not affiliated with any member of the Medtronic Group or the SplitCo Group for any indirect, special, punitive or consequential damages.

SECTION 6.12. <u>Covenant Not to Sue</u>. Each Party hereby covenants and agrees that none of it, the members of its Group or any Person claiming on behalf of it or its Group shall bring suit or otherwise assert any claim against any Indemnitee, or assert a defense against any claim asserted by any Indemnitee, before any Governmental Authority, alleging that: (a) the assumption or retention of any SplitCo Liabilities by SplitCo or any other member of the SplitCo Group on the terms and conditions set forth in this Agreement or any Ancillary Agreement is void or unenforceable for any reason; (b) the assumption or retention of any Medtronic Liabilities by Medtronic or any other member of the Medtronic Group on the terms and conditions set forth in this Agreement or any Ancillary Agreement is void or unenforceable for any reason; or (c) the provisions of this <u>Article VI</u> are void or unenforceable for any reason.

SECTION 6.13. <u>Management of Actions</u>. This <u>Section 6.13</u> shall govern the management and direction of pending and future Actions in which members of the Medtronic Group or the SplitCo Group are named as parties, but shall not alter the allocation of Liabilities set forth in <u>Article II</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the Separation Closing, the SplitCo Group shall direct the defense or prosecution of, and otherwise manage, any (i) Actions set forth on <u>Schedule XI</u> and (ii) Actions (other than Actions set forth on <u>Schedule XII</u> or <u>Schedule XIII</u>) that solely relate to (A) the SplitCo Business, SplitCo Liabilities or SplitCo Assets or (B) activities of the SplitCo Group following the Separation (such Actions in <u>clauses (i)</u> and <u>(ii)</u>, "<u>SplitCo Actions</u>"). If a member of the Medtronic Group is named as a party or otherwise made subject to any SplitCo Action, (x) SplitCo and Medtronic shall use their reasonable best efforts to have SplitCo substituted for such member of the Medtronic Group (or to otherwise cause such member of the Medtronic Group to be removed as a party to such SplitCo Action) and (y) such member of the

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Medtronic Group shall not admit any liability with respect to, or settle, compromise or discharge, such SplitCo Action without the prior written consent of SplitCo (such consent not to be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From and after the Separation Closing, the Medtronic Group shall direct the defense or prosecution of, and otherwise manage, any (i) Actions set forth on <u>Schedule XII</u> and (ii) Actions (other than Actions set forth on <u>Schedule XI</u> or <u>Schedule XIII</u>) that solely relate to (A) the Medtronic Business, Medtronic Liabilities or Medtronic Assets or (B) activities of the Medtronic Group following the Separation (such Actions in <u>clauses (i)</u> and <u>(ii)</u>, "<u>Medtronic</u> <u>Actions</u>"). If a member of the SplitCo Group is named as a party or otherwise made subject to any Medtronic Action, (x) Medtronic and SplitCo shall use their reasonable best efforts to have Medtronic substituted for such member of the SplitCo Group (or to otherwise cause such member of the SplitCo Group to be removed as a party to such SplitCo Action) and (y) such member of the SplitCo Group shall not admit any liability with respect to, or settle, compromise or discharge, such Medtronic Action without the prior written consent of Medtronic (such consent not to be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From and after the Separation Closing, the Parties shall separately but cooperatively manage (including as co-defendants or co-plaintiffs or Actions in which only one Party is named) any (i) Actions set forth in <u>Schedule XIII</u> and (ii) Actions (other than Actions set forth on <u>Schedule XI</u> or <u>Schedule XII</u>) that relate to both the Medtronic Business, Medtronic Assets or Medtronic Liabilities, on the one hand, and the SplitCo Business, SplitCo Assets or SplitCo Liabilities, on the other hand (such Actions in <u>clauses (i)</u> and <u>(ii)</u>, the "<u>Mixed Actions</u>"). The Parties shall reasonably cooperate and consult with each other, and to the extent legally permissible and necessary or advisable, maintain a joint defense in a manner that would preserve for both Parties and their respective Affiliates any attorney-client privilege, joint defense or other privilege with respect to any Mixed Action. In any Mixed Action, each of Medtronic and SplitCo may pursue separate defenses, claims, counterclaims or settlements to those claims relating to the Medtronic Business or the SplitCo Business, respectively; <u>provided</u> that each Party shall in good faith use its reasonable best efforts to avoid adverse effects on the other Party. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Party managing an Action pursuant to <u>Section 6.13(a)</u> or <u>(b)</u> shall consent to entry of any judgment or enter into any settlement of or compromise any such Action without the prior written consent of the other Party (not to be unreasonably withheld, conditioned or delayed) if such entry of judgment, settlement or compromise (i) contains any finding or admission of any violation of Law or any violation of the rights of any Person by such other Party, (ii) would result in any non-monetary remedy or relief being imposed upon any member of such other Party's Group (other than customary non-disclosure obligations) or (iii) to the extent such other Party (or a member of such other Party's Group) is named as a party to such Action, does not include a full and unconditional release of such other Party (or such member of such other Party's Group).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein, in the event any such pending or future Action requires, results in or relates to any Real Property Remedial Action,

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such Real Property Remedial Action shall be managed in accordance with the provisions of <u>Schedule XIV</u>.

SECTION 6.14. <u>Additional Environmental Terms and Procedures</u>. Notwithstanding any provision of this Agreement to the contrary, Schedule <u>XIV</u> shall govern the conduct and management of any Environmental Liabilities that are subject to indemnification or reimbursement pursuant to this Agreement.

Article VII

<u>Access to Information; Confidentiality</u>

SECTION 7.01. <u>Agreement for Exchange of Information; Archives</u>.

(a) Except in the case of an Adversarial Action or threatened Adversarial Action, and subject to <u>Section 7.01(b)</u> and each Party's applicable document retention and destruction policies as in effect from time to time, each of Medtronic and SplitCo, on behalf of its respective Group, shall provide, or cause to be provided, to the other Party, as soon as reasonably practicable after written request therefor, any Information (or a copy thereof) created on or prior to the Separation Date that remains in the possession or under the control of such respective Group, which Medtronic or SplitCo, or any member of its respective Group, as applicable, reasonably needs (i) at any time after the Separation Closing, to comply with reporting, disclosure, filing, notification or other requirements applicable to Medtronic or SplitCo, or any member of its respective Group, as applicable (including under applicable securities laws), by any national securities exchange or by any Governmental Authority having jurisdiction over Medtronic or SplitCo, or any member of its respective Group, as applicable, (ii) at any time after the Separation Closing, but prior to the fifth (5<sup>th</sup>) anniversary of the Separation Date, for use in any other judicial, regulatory, administrative or other Action, internal investigation or internal audit or in order to satisfy audit, accounting, regulatory, litigation, regulatory request for information or other similar requirements or (iii) at any time after the Separation Closing, to comply with its obligations under this Agreement, any Ancillary Agreement or any other Contract in effect as of the Separation Closing. The receiving Party shall use any Information received pursuant to this <u>Section 7.01(a)</u> solely to the extent reasonably necessary to satisfy the applicable obligations or requirements described in <u>clause (i)</u>, <u>(ii)</u> or <u>(iii)</u> of the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that either Medtronic or SplitCo reasonably determines that the disclosure of any Information pursuant to <u>Section 7.01(a)</u> could (i) be competitively sensitive, (ii) violate any Law or Contract or (iii) waive or jeopardize any attorney-client privilege or attorney work product protection for which such Party has the sole right to control the assertion or waiver under Section 7.08, such Party shall not be required to provide access to or furnish such Information to the other Party; <u>provided</u>, <u>however</u>, that, if any access or Information is withheld by a Party pursuant to this <u>Section 7.01(b)</u>, such Party shall inform the other Party as to the general nature of what is being withheld and the basis for withholding such access or Information, and both Parties shall use reasonable best efforts to permit compliance with <u>Section</u> <u>7.01(a)</u> in a manner that avoids any such harm or consequence. Both Medtronic and SplitCo intend that any provision of access to or the furnishing of Information pursuant to this <u>Section</u> 

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<u>7.01</u> that would otherwise be within the ambit of any legal privilege shall not operate as waiver of such privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein, nothing in this <u>Section 7.01</u> shall apply to the provision of any Information to the extent relating to Tax matters or Tax Records (such matters being governed by the TMA) or employee, compensation and benefits matters (such matters being governed by the EMA).

SECTION 7.02. <u>Ownership of Information</u>. The provision of Information to a requesting Party hereunder shall not be deemed, in and of itself, to transfer ownership of such Information. Except as specifically set forth herein or in the Ancillary Agreements, nothing herein shall be construed as granting or conferring rights of license or otherwise in any such Information.

SECTION 7.03. <u>Compensation for Providing Information</u>. The Party receiving access to any Information pursuant to this <u>Article VII</u> shall reimburse the providing Party for the reasonable costs, if any, in complying with a request for Information pursuant to this <u>Article VII</u>.

SECTION 7.04. <u>Record Retention</u>. To facilitate the possible exchange of Information pursuant to this <u>Article VII</u> and other provisions of this Agreement, each Party shall, and solely with respect to the Information required to be shared under this <u>Article VII</u>, (a) implement and maintain commercially reasonable and legally compliant information retention policies and procedures applicable to its systems and any records of the other Party in its possession (including quality records, FCA records and similar records) and (b) use reasonable best efforts to comply with such policies. For the avoidance of doubt, such policies and procedures set forth in the preceding clause (a) and (b) shall be deemed to apply solely to any Information in a Party's possession or control on or after the Separation Date relating to (i) the other Party or any member of its Group or (ii) any Liabilities for which the other Party or members of its Group are responsible under this Agreement or any Ancillary Agreement. The Parties agree that Medtronic's information retention policies and procedures currently in use as of the date of this Agreement are deemed to be commercially reasonable and legally compliant for purposes of the foregoing clauses (a) and (b). In addition to the foregoing, each Party shall establish, continue and enforce legally compliant information retention policies and procedures (including, litigation holds, legal hold notices and similar preservation measures where applicable) so as to preserve potentially relevant Information and mitigate the risk of sanctions for loss or destruction of materials in pending or future reasonably anticipated litigation, investigations or regulatory matters, including, for the avoidance of doubt, all matters identified in <u>Schedule XI</u>, <u>Schedule XII</u> and <u>Schedule XIII</u>. Notwithstanding anything to the contrary set forth in this <u>Section 7.04</u>, Tax Records in the Information shall be retained in compliance with any additional retention protocols set forth in the TMA and, in case of conflict, the TMA shall prevail.

SECTION 7.05. <u>Disclosure and Financial Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reporting Period Obligations</u>. The Parties agree that the obligations set forth in this <u>Section 7.05(a)</u> shall apply for so long as Medtronic Parent is required under GAAP to consolidate the results of operations and financial position of SplitCo and any other members of the SplitCo Group, or account for its investment in SplitCo or any other member of the SplitCo Group under the equity method of accounting (determined in accordance with GAAP

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consistently applied and consistent with Commission reporting requirements), including if any restatement is required with respect to such period (the "<u>Reporting Period</u>"). SplitCo shall provide all information, cooperation and support reasonably necessary for Medtronic Parent to comply with applicable financial reporting and disclosure requirements promulgated or enforced by the Commission and any other applicable governing bodies and local regulators:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Disclosure and Financial Controls</u>. SplitCo will, and will cause each other member of the SplitCo Group to, maintain, as of and after the Separation Date, (i) disclosure controls and procedures and internal control over financial reporting as defined in Exchange Act Rule 13a-15 and (ii) internal systems and procedures that provide reasonable assurance that (A) SplitCo's Financial Statements are reliable and timely prepared in accordance with GAAP and applicable Law, (B) all transactions of members of the SplitCo Group are recorded as necessary to permit the preparation of SplitCo's Financial Statements, (C) the receipts and expenditures of members of the SplitCo Group are authorized at the appropriate level within SplitCo and (D) unauthorized use or disposition of the assets of any member of the SplitCo Group that could have a material effect on SplitCo's Financial Statements is prevented or detected and communicated in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Fiscal Year and Monthly Accounting Periods</u>. SplitCo will, and will cause each member of the SplitCo Group to, maintain a fiscal year for purposes of GAAP reporting that commences and ends on the same calendar days as Medtronic Parent's fiscal year commences and ends and maintain monthly accounting periods for purposes of GAAP reporting that commence and end on the same calendar days as Medtronic Parent's monthly accounting periods commence and end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Financial Reporting</u>. SplitCo will, and will cause each member of the SplitCo Group to, deliver to Medtronic Parent monthly, quarterly and annual financial reports and such supporting schedules, workpapers, and other financial information, as Medtronic Parent may reasonably request in accordance with Medtronic Parent's policies, procedures, practices and timelines with respect to the provision of financial information to Medtronic Parent in effect as of the Separation Date, as such policies, procedures, practices and timelines may be reasonably modified by Medtronic Parent from time to time. SplitCo shall deliver such information within such timeframes as Medtronic Parent may reasonably specify to meet its reporting calendar, provided that Medtronic Parent shall provide SplitCo with reasonable advance notice of its reporting requirements and deadlines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Quarterly and Annual Financial Statements</u>. As soon as practicable after the end of each quarterly and annual accounting period of SplitCo, SplitCo will deliver to Medtronic Parent drafts of (A) the consolidated financial statements of SplitCo and notes thereto (including all underlying schedules, workpapers, reconciliations, analyses, tie-outs, and other support reasonably necessary for Medtronic Parent to prepare its consolidated financial statement footnotes and related disclosures) for such period, including applicable comparisons to prior periods, all in reasonable detail and prepared in accordance with Regulation S-X and GAAP and (B) a discussion and analysis by management of the SplitCo Group's financial condition and results of operations for such period, including an explanation of any material period-to-period

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change and any off-balance sheet transactions, all in reasonable detail and prepared in accordance with Items 303(a) and 305 of Regulation S-K (the information set forth in <u>clauses (A)</u> and <u>(B)</u>, the "<u>Financial Statements</u>"). From and after the delivery of such draft Financial Statements, SplitCo shall deliver to Medtronic Parent all revisions to such drafts as and when such revisions are made. No later than one (1) Business Day prior to the date SplitCo publicly files any Financial Statements with the Commission or otherwise makes such Financial Statements publicly available, SplitCo will deliver to Medtronic Parent the final form of such Financial Statements; <u>provided</u>, <u>however</u>, that SplitCo may continue to revise such Financial Statements prior to the filing thereof in order to make corrections and non-substantive changes so long as such corrections and changes are delivered to Medtronic Parent by SplitCo as soon as practicable, and in any event within eight (8) hours of the making thereof; <u>provided</u>, <u>further</u>, that Medtronic Parent's and SplitCo's financial representatives will actively consult with each other regarding any changes that SplitCo considers making to the Financial Statements and related disclosures during the period after delivery of the final form of Financial Statements pursuant to this sentence. In addition, SplitCo shall notify Medtronic Parent within eight (8) hours after any officer, employee, or agent of SplitCo becomes aware of (a) any error, inaccuracy, or omission in any Financial Statements or other financial information previously delivered to Medtronic Parent that could reasonably be expected to affect Medtronic Parent's financial statements or Commission filings, or (b) any significant deficiency or material weakness in the design or operation of internal controls over financial reporting. Notwithstanding anything to the contrary in this <u>(iv)</u>, Medtronic Parent and SplitCo will use reasonable best efforts to ensure that its Financial Statements for any fiscal period are filed in accordance with the scheduling requirements set forth on <u>Schedule XVI</u>, unless otherwise required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>SplitCo Reports Generally</u>. SplitCo shall, and shall cause each other member of the SplitCo Group that files information with the Commission to, deliver to Medtronic Parent drafts, as soon as the same are prepared, of (A) all releases, reports, notices and proxy and information statements to be sent or made available by any such member of the SplitCo Group to its security holders or the public, (B) all regular, periodic and other reports to be filed or furnished under Sections 13, 14 and 15 of the Exchange Act (including reports on Forms 10-K, 10-Q and 8-K and annual reports to shareholders) and (C) all registration statements and prospectuses to be filed by any such member of the SplitCo Group with the Commission or any securities exchange (the documents identified in <u>clauses (A)</u>, <u>(B)</u> and <u>(C)</u>, the "<u>SplitCo Public</u> <u>Documents</u>"). From and after the delivery of such draft SplitCo Public Documents, SplitCo shall, and shall cause each such other member of the SplitCo Group to, deliver to Medtronic Parent all material revisions to such drafts as and when such revisions are made. No later than five (5) Business Days (or, with respect to reports on Form 8-K, no later than one (1) Business Day) prior to the earliest of the dates the same are printed, sent or filed, SplitCo shall, and shall cause each such other member of the SplitCo Group to, deliver to Medtronic Parent substantially final drafts of SplitCo Public Documents; <u>provided</u>, however, that SplitCo may continue to revise such SplitCo Public Documents prior to the filing thereof so long as any such revisions are delivered to Medtronic Parent by SplitCo as soon as practicable, and in any event within eight (8) hours of the making thereof; <u>provided</u>, <u>further</u>, that Medtronic Parent's and SplitCo's financial representatives will actively consult with each other regarding any changes that SplitCo considers making to the SplitCo Public Documents and related disclosures during the period

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prior to any anticipated filing with the Commission. In addition, SplitCo shall notify Medtronic Parent immediately upon becoming aware of any event or circumstance that could reasonably be expected to require disclosure in a Form 8-K filing by SplitCo or Medtronic Parent. Notwithstanding anything to the contrary in this <u>Section 7.05(a)(v)</u>, SplitCo will not file its Form 10-K or Form 10-Q for the corresponding fiscal period with the Commission prior to the time that Medtronic Parent files its Form 10-K or Form 10-Q for the corresponding fiscal period with the Commission unless otherwise required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Budgets and Financial Projections</u>. SplitCo will deliver to Medtronic Parent budgets and financial projections relating to SplitCo on a consolidated basis consistent with the manner and timing that SplitCo prepared such information as of the Separation Date in accordance with Medtronic Parent's policies, procedures, practices and timelines with respect to the preparation of budgets and financial projections in effect as of the Separation Date, as such policies, procedures, practices and timelines may be reasonably modified by Medtronic Parent from time to time. SplitCo will provide Medtronic Parent an opportunity to meet with management of SplitCo to discuss such budgets and projections (it being understood that such obligation shall not grant Medtronic Parent any control over or authority with regards to SplitCo's budgets and financial projections); provided, that, for the avoidance of doubt, SplitCo shall have sole and exclusive authority over the preparation, approval and implementation of its budgets and financial projections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Additional Information</u>. SplitCo shall promptly deliver to Medtronic Parent any financial and other data with respect to the SplitCo Group and its business, properties, financial position, results of operations and prospects as is reasonably requested by Medtronic Parent in connection with the preparation of Medtronic Parent's annual and quarterly financial statements and reports. Such information shall include, on a quarterly basis, comprehensive reports identifying all internal control deficiencies (regardless of severity level) and copies of all internal audit reports completed during such quarter, together with management's remediation plans and status updates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Earnings Releases and Financial Guidance</u>. SplitCo and Medtronic Parent will consult with each other as to the timing of their annual and quarterly earnings releases and any interim financial guidance for a current or future period and will give each other the opportunity to review the information therein relating to the SplitCo Group and to comment thereon. Medtronic Parent and SplitCo will use their reasonable best efforts to issue their respective annual and quarterly earnings releases, and to hold any related conference calls, in accordance with the scheduling requirements set forth on <u>Schedule XVI</u>. No later than three (3) Business Days prior to the date that SplitCo intends to publish its regular annual or quarterly earnings release or any financial guidance for a current or future period, SplitCo will deliver to Medtronic Parent copies of drafts of all related press releases, investor presentations and other statements to be made available to SplitCo's employees or to the public; <u>provided</u>, that SplitCo shall also deliver substantially final drafts of any such materials at least one (1) Business Day prior to the issuance thereof, and shall consult with Medtronic Parent regarding any changes (other than typographical or other similar minor changes) to such substantially final drafts. Notwithstanding anything to the contrary in this <u>Section 7.05(a)(viii)</u>, SplitCo will not issue its

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annual and quarterly earnings releases for a fiscal period prior to the time that Medtronic Parent issues its earnings release for the corresponding fiscal period without the express consent of Medtronic Parent unless otherwise required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) <u>Cooperation on Medtronic Filings</u>. SplitCo will cooperate fully with Medtronic Parent to the extent reasonably requested by Medtronic Parent in the preparation of (A) all releases, reports, notices and proxy and information statements to be sent or made available by any member of the Medtronic Group to its security holders or the public, (B) all regular, periodic and other reports to be filed or furnished under Sections 13, 14 and 15 of the Exchange Act (including reports on Forms 10-K, 10-Q and 8-K and annual reports to shareholders) and (C) all registration statements and prospectuses to be filed by any member of the Medtronic Group with the Commission or any securities exchange (the documents identified in <u>clauses (A)</u>, <u>(B)</u> and <u>(C)</u>, the "<u>Medtronic Public Documents</u>"). SplitCo agrees to provide to Medtronic Parent all information that Medtronic Parent reasonably requests in connection with any Medtronic Public Documents or that, in the judgment of Medtronic Parent's counsel, is required to be disclosed or incorporated by reference therein under applicable Law. SplitCo will provide such information in a timely manner on the dates reasonably requested by Medtronic Parent (which may be earlier than the dates on which SplitCo otherwise would be required to have such information available) to enable Medtronic Parent to prepare, print and release all Medtronic Public Documents on such dates as Medtronic Parent may determine. SplitCo will use its reasonable best efforts to cause the SplitCo Auditors to consent to any reference to them as experts in any Medtronic Public Documents required under applicable Law. If and to the extent requested by Medtronic Parent, SplitCo will diligently and promptly review all drafts of such Medtronic Public Documents and prepare in a diligent and timely fashion any portion of such Medtronic Public Documents pertaining to SplitCo. Prior to any printing or public release of any Medtronic Public Document, an appropriate executive officer of SplitCo will, if requested by Medtronic Parent, certify that the information relating to any member of the SplitCo Group or the SplitCo Business in such Medtronic Public Document is accurate, true, complete and correct in all material respects. Unless otherwise required by applicable Law, SplitCo will not publicly release any financial or other information that conflicts with the information with respect to any member of the SplitCo Group or the SplitCo Business that is included in any Medtronic Public Document without Medtronic Parent's prior written consent. Prior to the release or filing thereof, Medtronic Parent will provide SplitCo with a draft of any portion of a Medtronic Public Document containing information relating to the SplitCo Group and will give SplitCo an opportunity to review such information and comment thereon; <u>provided</u> that Medtronic Parent will determine in its sole and absolute discretion the final form and content of all Medtronic Public Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Selection of SplitCo Auditors</u>. Unless required by Law, SplitCo will not select an accounting firm other than PricewaterhouseCoopers LLP (or its affiliate accounting firms) (unless so directed by Medtronic Parent in accordance with a change by Medtronic Parent in its accounting firm) to serve as its independent certified public accountants ("<u>SplitCo Auditors</u>") without Medtronic Parent's prior written consent, not to be unreasonably withheld, conditioned or delayed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) <u>Information Needed by Auditors</u>. SplitCo shall provide all required financial information with respect to the SplitCo Group to the SplitCo Auditors in a sufficient and reasonable time and in sufficient detail to permit the SplitCo Auditors to take all steps and provide all reviews necessary to provide sufficient assistance to PricewaterhouseCoopers LLP (the "<u>Medtronic Auditors</u>") with respect to information to be included or contained in Medtronic Parent's annual and quarterly financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) <u>Access to SplitCo Auditors</u>. SplitCo will authorize the SplitCo Auditors to make available to the Medtronic Auditors both the personnel who performed, or are performing, the annual audit and quarterly reviews of SplitCo and work papers related to the annual audit and quarterly reviews of SplitCo, in all cases within a reasonable time prior to the SplitCo Auditors' opinion date, so that the Medtronic Auditors are able to perform the procedures they consider necessary to take responsibility for the work of the SplitCo Auditors as it relates to the Medtronic Auditors' report on Medtronic Parent's financial statements, all within sufficient time to enable Medtronic Parent to meet its timetable for the printing, filing and public dissemination of Medtronic Parent's annual financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) <u>Access to Records</u>. If Medtronic Parent determines in good faith that there may be some inaccuracy in the financial statements of a member of the SplitCo Group or a deficiency or inadequacy in the internal accounting controls or operations of a member of the SplitCo Group that could materially impact Medtronic Parent's financial statements, at Medtronic Parent's request, SplitCo will provide the Medtronic Auditors and Medtronic Parent's other representatives with access to the SplitCo Group's books and records so that Medtronic Parent may conduct reasonable audits relating to the financial statements provided by SplitCo under this Agreement as well as to the internal accounting controls and operations of the SplitCo Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) <u>Notice of Changes</u>. SplitCo will give Medtronic Parent as much prior notice as reasonably practicable of any proposed determination of, or any significant changes in, SplitCo's accounting estimates or accounting policies and principles from those in effect on the Separation Date. SplitCo will consult with Medtronic Parent and, if requested by Medtronic Parent, SplitCo will consult with the Medtronic Auditors with respect thereto. Unless otherwise required by applicable Law, SplitCo will not make any such determination or changes without Medtronic Parent's prior written consent if such a determination or a change would be sufficiently material to be required to be disclosed in SplitCo's or Medtronic Parent's financial statements as filed with the Commission or otherwise publicly disclosed therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) <u>Special Reports of Deficiencies or Violations</u>. SplitCo will report in reasonable detail to Medtronic Parent the following events or circumstances promptly after any executive officer of SplitCo or any member of the board of directors of SplitCo becomes aware of such matter: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect SplitCo's ability to record, process, summarize and report financial information, (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in SplitCo's internal controls over financial reporting, (iii) any illegal act within the meaning

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of Section 10A(b) and (f) of the Exchange Act, (iv) any report of a material violation of Law that an attorney representing any member of the SplitCo Group has formally made to any officers or directors of SplitCo pursuant to the Commission's attorney conduct rules, (v) any determination that there may be some inaccuracy in the financial statements of a member of the SplitCo group or a deficiency or inadequacy in the internal accounting controls or operations of a member of the SplitCo Group that could materially impact Medtronic Parent's Financial Statements and (vi) the occurrence of any event following a reporting period that would reasonably be expected to be required by GAAP to be disclosed as a subsequent event in the consolidated financial statements of Medtronic Parent or SplitCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) <u>Certifications</u>. In order to enable the principal executive officer(s) and principal financial and accounting officer(s) (as such terms are defined in the rules and regulations of the Commission) of Medtronic Parent to make any certifications required of them under Section 302 or 906 of the Sarbanes-Oxley Act of 2002, SplitCo shall, within a reasonable period of time following a request from Medtronic Parent in anticipation of filing such reports, cause its principal executive officer(s), principal accounting officer(s) and principal financial officer(s) to provide Medtronic Parent with certifications of such officers, in a form reasonably acceptable to Medtronic Parent, in support of the certifications of Medtronic Parent's principal executive officer(s) and principal financial officer(s) required under Section 302 or 906 of the Sarbanes-Oxley Act of 2002 with respect to each Quarterly Report on Form 10-Q and Annual Report on Form 10-K of Medtronic Parent for which Medtronic Parent is required by Law to consolidate the financial results or financial position of SplitCo and any other members of the SplitCo Group in its financial statements (either on a consolidation or equity accounting basis, determined in accordance with GAAP and consistent with Commission reporting requirements) or complete a financial statement audit for any period during which the financial results or financial position of the SplitCo Group were consolidated with those of Medtronic Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) <u>Designees</u>. Except as expressly set forth in this <u>Section 7.05</u>, all reports, drafts, statements, data, certifications or other information required to be delivered to a Party pursuant to this <u>Section 7.05</u> shall be required to be delivered to the designees of such Party set forth on <u>Schedule XVI</u>. Each Party may, by notice to the other Party, change the designees to which such information is required to be delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Post-Reporting Period Audit Obligations</u>. Following the end of the Reporting Period, the Parties agree that the obligations set forth in this subsection (b) shall apply for so long as Medtronic Parent's financial statements are subject to audit or review for financial reporting purposes under the Irish Companies Act 2014, as amended, or the Securities Exchange Act of 1934, as amended, for any fiscal year or interim period during which the Reporting Period occurred, which period shall end upon the later of the filing of Medtronic Parent's Form 10-K with the Commission and Medtronic Parent's Irish statutory financial statements with the Irish Companies Registration Office for the final fiscal year in which the Reporting Period occurred,

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including if any restatement is required with respect to such period. During such period, SplitCo shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Cooperation on Medtronic Filings</u>. SplitCo will cooperate fully with Medtronic Parent and provide such schedules, workpapers, footnote support schedules, and other financial information as Medtronic Parent may reasonably request to complete its Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K for periods that include any portion of the Reporting Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Selection of SplitCo Auditors</u>. Unless required by Law, SplitCo will not select an accounting firm other than PricewaterhouseCoopers LLP (or its affiliate accounting firms) (unless so directed by Medtronic Parent in accordance with a change by Medtronic Parent in its accounting firm) to serve as its SplitCo Auditors without Medtronic Parent's prior written consent, not to be unreasonably withheld, conditioned or delayed, for so long as Medtronic Parent's financial statements remain subject to audit or review under the Irish Companies Act 2014 or the Securities Exchange Act of 1934 for any fiscal year or interim period during which the Reporting Period occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Access to SplitCo Auditors</u>. SplitCo will authorize the SplitCo Auditors to make available to the Medtronic Auditors both the personnel who performed, or are performing, the annual audit and quarterly reviews of SplitCo and work papers related to the annual audit and quarterly reviews of SplitCo, in all cases within a reasonable time prior to the SplitCo Auditors' opinion date, so that the Medtronic Auditors are able to perform the procedures they consider necessary to take responsibility for the work of the SplitCo Auditors as it relates to the Medtronic Auditors' report on Medtronic Parent's financial statements, all within sufficient time to enable Medtronic Parent to meet its timetable for the printing, filing and public dissemination of Medtronic Parent's annual financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Access to Records</u>. If Medtronic Parent determines in good faith that there may be some inaccuracy in the financial statements of a member of the SplitCo Group or a deficiency or inadequacy in the internal accounting controls or operations of a member of the SplitCo Group relating to the Reporting Period that could materially impact Medtronic Parent's financial statements, at Medtronic Parent's request, SplitCo will provide the Medtronic Auditors and Medtronic Parent's other representatives with access to the SplitCo Group's books and records relating to the Reporting Period so that Medtronic Parent may conduct reasonable audits relating to the financial statements provided by SplitCo under this Agreement as well as to the internal accounting controls and operations of the SplitCo Group during the Reporting Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Special Reports of Deficiencies or Violations</u>. SplitCo will report in reasonable detail to Medtronic Parent promptly upon discovery of: (A) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting that existed during the Reporting Period which are reasonably likely to have adversely affected SplitCo's ability to record, process, summarize and report financial information during such period, (B) any fraud, whether or not material, that involves management or other employees who have a significant role in SplitCo's internal controls over financial reporting that occurred during the Reporting Period, (C) any illegal act within the meaning of Section 10A(b)

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and (f) of the Exchange Act that occurred during the Reporting Period, (D) any report of a material violation of Law that an attorney representing any member of the SplitCo Group has formally made to any officers or directors of SplitCo pursuant to the Commission's attorney conduct rules relating to the Reporting Period, (E) any determination that there may be some inaccuracy in the financial statements of a member of the SplitCo Group or a deficiency or inadequacy in the internal accounting controls or operations of a member of the SplitCo Group relating to the Reporting Period that could materially impact Medtronic Parent's financial statements and (F) the occurrence of any event following a reporting period within the Reporting Period that would reasonably be expected to be required by GAAP to be disclosed as a subsequent event in the consolidated financial statements of Medtronic Parent or SplitCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Designees</u>. Except as expressly set forth in this subsection (b), all reports, drafts, statements, data, or other information required to be delivered to a Party pursuant to this subsection (b) shall be required to be delivered to the designees of such Party set forth on <u>Schedule XVI</u>. Each Party may, by notice to the other Party, change the designees to which such information is required to be delivered.

SECTION 7.06. <u>No Liability</u>. Neither Medtronic nor SplitCo shall have any Liability to the other Party in the event that any Information exchanged or provided pursuant to this Agreement that is an estimate or forecast, or that is based on an estimate or forecast, is found to be inaccurate in the absence of willful misconduct by the providing Person. Neither Medtronic nor SplitCo shall have any Liability to the other Party hereunder if any Information is destroyed after reasonable best efforts by SplitCo or Medtronic, as applicable, to comply with the provisions of <u>Section 7.04</u>.

SECTION 7.07. <u>Production of Witnesses; Records; Cooperation</u>. (a) Without limiting any of the rights or obligations or the Parties pursuant to <u>Section 7.01</u> or <u>Section 7.04</u>, after the Separation Date, except in the case of an Adversarial Action or threatened or contemplated Adversarial Action, each of Medtronic and SplitCo shall cooperate with and provide reasonable assistance to the other Party in connection with any Action (whether threatened or contemplated) or internal investigation or audit in which the other Party or any Person in its Group may from time to time be involved. Such cooperation and assistance shall include, upon written request and to the extent reasonably practicable, making individuals available for interviews, depositions, testimony or other participation, and providing access to books, records and other documents within the assisting Party's control and possession. The requesting Party shall bear all reasonable costs and expenses in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, Medtronic and SplitCo shall use their reasonable best efforts to cooperate and consult with each other to the extent reasonably necessary with respect to any Actions, threatened or contemplated Actions or internal investigations or internal audits (including in connection with preparation for any such Action, investigation or audit), other than an Adversarial Action or threatened or contemplated Adversarial Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligation of Medtronic and SplitCo to use reasonable best efforts to make available former, current and future directors, officers, employees and other personnel and agents or provide witnesses and experts pursuant to this <u>Section 7.07</u> is intended to be interpreted in a

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manner so as to facilitate cooperation and shall include the obligation to make available employees and other officers without regard to whether such individual or the employer of such individual could assert a possible business conflict (other than in the case of any Adversarial Action or threatened or contemplated Adversarial Action).

SECTION 7.08. <u>Privileged Matters</u>. (a) The Parties recognize that legal and other professional services that have been and will be provided prior to the Separation Closing (whether by outside counsel, in-house counsel or other legal professionals) have been and will be rendered for the collective benefit of each of the members of the Medtronic Group and the SplitCo Group, and that each of the members of the Medtronic Group and the SplitCo Group shall be deemed to be the client with respect to such services for the purposes of asserting all privileges which may be asserted under applicable Law in connection therewith. The Parties recognize that legal and other professional services will be provided following the Separation Closing, which services will be rendered solely for the benefit of the Medtronic Group or the SplitCo Group, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Medtronic shall be entitled, in perpetuity, to control the assertion or waiver of all privileges and immunities in connection with any privileged Information: (x) that relates solely to the Medtronic Business and not to the SplitCo Business; or (y) that relates solely to any Medtronic Assets or Medtronic Liabilities and not any SplitCo Assets or SplitCo Liabilities in connection with any Actions that are now pending or may be asserted in the future, whether or not the privileged Information is in the possession or under the control of any member of the Medtronic Group or any member of the SplitCo Group. Any disclosure of Medtronic's privileged Information shall require Medtronic's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SplitCo shall be entitled, in perpetuity, to control the assertion or waiver of all privileges and immunities in connection with any privileged Information: (x) created after the Separation Date that relates solely to the SplitCo Business and not to the Medtronic Business; or (y) created after the Separation Date that relates solely to any SplitCo Assets or SplitCo Liabilities and not any Medtronic Assets or Medtronic Liabilities in connection with any Actions that are now pending or may be asserted in the future. Any disclosure of SplitCo's privileged Information shall require SplitCo's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Medtronic and SplitCo shall jointly control the assertion or waiver of all privileges and immunities in connection with any privileged Information created before the Separation Date that relates solely to the SplitCo Business, SplitCo Assets, or SplitCo Liabilities in connection with any Actions that are now pending or may be asserted in the future; provided that neither Party may waive such privilege without the other Party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If the Parties do not agree as to whether certain information is privileged Information, then such Information shall be treated as privileged Information, and the Party that believes that such information is privileged Information shall be entitled to control the assertion or waiver of all privileges and immunities in connection with any such information until such time as it is finally judicially determined that such information is not privileged Information or unless the Parties otherwise agree.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the remaining provisions of this <u>Section 7.08</u>, the Parties agree that Medtronic shall be entitled, in perpetuity, to control the assertion or waiver with respect to all privileges and immunities not allocated pursuant to <u>Section 7.08(b)</u> in connection with any Actions or threatened or contemplated Actions or other matters that involve both Parties (or one or more members of their respective Groups) and in respect of which both Parties have Liabilities under this Agreement. Upon the reasonable request of Medtronic, in connection with any Action or threatened or contemplated Action contemplated by this <u>Article VII</u>, other than any Adversarial Action or threatened or contemplated Adversarial Action, Medtronic and SplitCo will enter into a mutually acceptable common interest agreement so as to maintain to the extent practicable any applicable attorney-client privilege or work product immunity of any member of either Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any dispute arises between the Parties or any members of their respective Group regarding whether a privilege or immunity should be waived to protect or advance the interests of either Party or any member of their respective Groups, each Party agrees that it shall (i) negotiate with the other Party in good faith, (ii) endeavor to minimize any prejudice to the rights of the other Party and the members of its Group and (iii) not unreasonably withhold, delay or condition consent to any request for waiver by the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon receipt by either Party, or by any member of its respective Group, of any subpoena, discovery or other request (or of written notice that it will or has received such subpoena, discovery or other request) that may reasonably be expected to result in the production or disclosure of privileged Information subject to a shared privilege or immunity or as to which the other Party has the sole right hereunder to assert a privilege or immunity, or if either Party obtains knowledge or becomes aware that any of its, or any member of its respective Group's, current or former directors, officers, agents or employees have received any subpoena, discovery or other requests (or have received written notice that they will or have received such subpoena, discovery or other requests) that may reasonably be expected to result in the production or disclosure of such privileged Information, such Party shall promptly notify the other Party of the existence of any such subpoena, discovery or other request and shall provide the other Party a reasonable opportunity to review the privileged Information and to assert any rights it or they may have under this <u>Section 7.08</u> or otherwise, to prevent the production or disclosure of such privileged Information; <u>provided</u> that if such Party is prohibited by applicable Law from disclosing the existence of such subpoena, discovery or other request, such Party shall provide written notice of such related information for which disclosure is not prohibited by applicable Law and use reasonable best efforts to inform the other Party of any related information such Party reasonably determines is necessary or appropriate for the other Party to be informed of to enable the other Party to review the privileged Information and to assert its rights, under this <u>Section 7.08</u> or otherwise, to prevent the production or disclosure of such privileged Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Parties agree that their respective rights to any access to Information, witnesses and other Persons, the furnishing of notices and documents and other cooperative efforts between the Parties contemplated by this Agreement, and the transfer of privileged Information between the Parties and members of their respective Groups pursuant to this

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Agreement, shall not be deemed a waiver of any privilege that has been or may be asserted under this Agreement or otherwise. The Parties further agree that (i) the exchange by one Party to the other Party of any Information that should not have been exchanged pursuant to the terms of <u>Section 7.09</u> shall not be deemed to constitute a waiver of any privilege or immunity that has been or may be asserted under this Agreement or otherwise with respect to such privileged Information and (ii) the Party receiving such privileged Information shall promptly return such privileged Information to the Party who has the right to assert the privilege or immunity.

SECTION 7.09. <u>Confidential Information</u>. (a) Each of Medtronic and SplitCo, on behalf of itself and each Person in its respective Group, agrees to hold, and cause its and their respective directors, officers, employees, agents, accountants, counsel and other advisors and representatives to hold, in strict confidence, not release or disclose, and protect, with at least the same degree of care, but no less than a reasonable degree of care, that Medtronic applies to its own confidential and proprietary information pursuant to policies in effect immediately prior to the Separation Date, all Information concerning the other Group or its business that is either in its possession (including Information in its possession prior to the Separation Closing) or furnished by the other Group or its respective directors, officers, employees, agents, accountants, counsel and other advisors and representatives at any time pursuant to this Agreement, and shall not use any such Information other than for such purposes as shall be expressly permitted hereunder, except, in each case, to the extent that such Information is (i) in the public domain through no fault of any member of the Medtronic Group or the SplitCo Group, as applicable, or any of its respective directors, officers, employees, agents, accountants, counsel and other advisors and representatives, (ii) later lawfully acquired from other sources by any member of the Medtronic Group or the SplitCo Group, as applicable, or any of its respective directors, officers, employees, agents, accountants, counsel or other advisors or representatives, as applicable, which sources are not themselves bound by a confidentiality obligation to the knowledge of any member of the Medtronic Group or the SplitCo Group, as applicable, (iii) independently generated after the date hereof without reference to any proprietary or confidential Information of the Medtronic Group or the SplitCo Group, as applicable, or (iv) required to be disclosed by Law; <u>provided</u>, <u>however</u>, that the Person required to disclose such Information pursuant to this <u>clause (iv)</u> gives the applicable Person prompt, and to the extent reasonably practicable and legally permissible, prior notice of such disclosure and an opportunity to contest such disclosure and shall use reasonable best efforts to cooperate, at the expense of the requesting Person, in seeking any reasonable protective arrangements requested by such Person. In the event that such appropriate protective order or other remedy is not obtained, the Person that is required to disclose such Information shall furnish, or cause to be furnished, only that portion of such Information that is legally required to be disclosed and shall use reasonable best efforts to ensure that confidential treatment is accorded such Information. Notwithstanding the foregoing, each of Medtronic and SplitCo may release or disclose, or permit to be released or disclosed, any such Information concerning the other Group (x) to the members of its Group and its and their respective directors, officers, employees, agents, accountants, counsel and other advisors and representatives who need to know such Information (who shall be advised of the obligations hereunder with respect to such Information), and (y) prior to the Separation Date, to any nationally recognized statistical rating organization as it reasonably deems necessary, solely for the purpose of obtaining a rating of securities or other debt instruments upon customary terms and conditions; <u>provided</u>, <u>however</u>,

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that the Party whose Information is being disclosed or released to such rating organization is promptly notified thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, when any Information concerning the other Group or its business is no longer needed for the purposes contemplated by this Agreement or any Ancillary Agreement, each of Medtronic and SplitCo will, reasonably promptly after the request of the other Party, either return all Information in a tangible form (including all copies thereof and all notes, extracts or summaries based thereon) or certify to the other Party, as applicable, that it has destroyed such Information, other than, in each case, any such Information electronically preserved or recorded within any computerized data storage device or component (including any hard-drive or database) pursuant to automatic or routine backup or storage procedures.

Article VIII

<u>Insurance</u>

SECTION 8.01. <u>Maintenance of Insurance</u>. Except as otherwise expressly permitted in this <u>Article VIII</u>, Medtronic and SplitCo acknowledge that, as of immediately prior to the Separation Date, Medtronic intends to take such action as it may deem necessary or desirable to remove the members of the SplitCo Group and their respective employees, officers and directors as insured parties under the Medtronic Insurance Policies. Subject to <u>Section 8.02</u>, the SplitCo Group will not be entitled, on or following the Separation Date, absent the mutual agreement of SplitCo and Medtronic, to make any claims for insurance thereunder to the extent such claims are based upon facts, circumstances, events or matters occurring on or after the Separation Date. No member of the Medtronic Group shall be deemed to have made any representation or warranty to a member of the SplitCo Group or otherwise as to the availability of any coverage under any such Medtronic Insurance Policy. Notwithstanding the foregoing, for a period of two (2) years following the Separation Date, Medtronic shall, and shall cause the other members of the Medtronic Group to, use reasonable best efforts to take such actions as are necessary to cause the Medtronic Insurance Policies that immediately prior to the Separation provide coverage to or with respect to the SplitCo Liabilities to continue to provide such coverage with respect to acts, omissions or events occurring prior to the Separation in accordance with their terms as if the Separation had not occurred.

SECTION 8.02. <u>Claims under Medtronic Insurance Policies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and after the Separation Date, the members of each of the Medtronic Group and the SplitCo Group shall have the right to assert Medtronic Policy Pre-Separation Insurance Claims with respect to SplitCo Liabilities and the members of the SplitCo Group shall have the right to participate with Medtronic to resolve such Medtronic Policy Pre-Separation Insurance Claims under the applicable Medtronic Insurance Policies up to the full extent of the applicable and available limits of liability of such Medtronic Insurance Policy. Medtronic shall have primary control over all Medtronic Policy Pre-Separation Insurance Claims for which the Medtronic Group or the SplitCo Group, respectively, bears the underlying loss, subject to the terms and conditions of the relevant policy of insurance governing such control. If a member of

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the SplitCo Group is unable to assert a Medtronic Policy Pre-Separation Insurance Claim because it is no longer an "insured" under a Medtronic Insurance Policy, then Medtronic shall, to the extent permitted by applicable Law and the terms of such insurance policy, assert such claim in its own name and deliver the Insurance Proceeds to SplitCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to Medtronic Policy Pre-Separation Insurance Claims relating to SplitCo Liabilities, whether or not known or reported on or prior to the Separation Date, SplitCo shall, or shall cause the applicable member of the SplitCo Group to, report such claims as soon as practicable to each of Medtronic and the applicable insurer(s), and SplitCo shall, or shall cause the applicable member of SplitCo Group to, jointly, assume and be responsible (including, upon the request of Medtronic, by reimbursement to Medtronic for amounts paid or payable by it) for the reimbursement liability (including any deductible, coinsurance or retention payment) related to its portion of the liability, unless otherwise agreed in writing by Medtronic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On or before March 1 of each calendar year commencing with the first full calendar year following the Separation Date, SplitCo shall pay to Medtronic an upfront payment (the "<u>Annual Upfront Claims Payment</u>") in an amount not to exceed $1,000,000 per calendar year. The Annual Upfront Claims Payment shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For each calendar year commencing with the first full calendar year following the Separation Date, the Parties shall mutually determine in good faith the Annual Upfront Claims Payment no later than February 1 of such calendar year, taking into account, as applicable, (x) in respect of each calendar year including and after the second full calendar year following the Separation Date, the aggregate amount of Medtronic Policy Pre-Separation Insurance Claims actually paid during the immediately preceding calendar year, and (y) the Parties' good faith projections of anticipated Medtronic Policy Pre-Separation Insurance Claims for the upcoming calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Parties are unable to mutually agree on the Annual Upfront Claims Payment by February 1, such amount shall be (x) for the first full calendar year following the Separation Date, Medtronic's reasonable estimate of such amount and (y) for subsequent calendar years, the aggregate amount of Medtronic Policy Pre-Separation Insurance Claims actually paid during the immediately preceding calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Following the end of each calendar year, the Parties shall conduct an annual true-up to determine the unused portion of the Annual Upfront Claims Payment for such calendar year (the "<u>Roll-Forward Amount</u>"). Any Roll-Forward Amount shall be carried forward and credited dollar-for-dollar against SplitCo's Annual Upfront Claims Payment obligation for the immediately succeeding calendar year. The Parties shall cooperate in good faith with respect to the administration and management of the Annual Upfront Claims Payment, including by (i) confirming the Roll-Forward Amount as part of the annual true-up process, and (ii) meeting on an annual basis (or more frequently as reasonably requested by either Party) to discuss the adequacy of the Annual Upfront Claims Payment based on actual Medtronic Policy Pre-Separation Insurance Claims experience and anticipated future Medtronic Policy Pre-Separation Insurance Claims.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent Medtronic advances or otherwise pays any amounts on account of such Medtronic Policy Pre-Separation Insurance Claims that are subject to reimbursement by SplitCo pursuant to this <u>Section 8.02</u>, Medtronic shall invoice SplitCo on a quarterly basis for any such reimbursable amounts, and, to the extent the aggregate amount of such Medtronic Policy Pre-Separation Insurance Claims exceeds the amount of the Annual Upfront Claims Payment actually paid by SplitCo in respect of a calendar year, SplitCo shall remit (or cause to be remitted) payment in full in the amount of such unpaid excess to the account(s) designated in such invoice within thirty (30) days following receipt of each such invoice. Any amounts owed by SplitCo to Medtronic pursuant to this <u>Section 8.02(e)</u> that are not paid within thirty (30) days of Medtronic's written demand for reimbursement shall bear interest from the date of Medtronic's payment through the date of SplitCo's reimbursement at a rate equal to the Cost of Capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each of Medtronic and SplitCo shall, and shall cause each member of the Medtronic Group and SplitCo Group, respectively, to, cooperate and assist the applicable member of the SplitCo Group and the Medtronic Group, as applicable, with respect to such Medtronic Policy Pre-Separation Insurance Claims. Medtronic agrees that Medtronic Policy Pre-Separation Insurance Claims of members of the SplitCo Group shall receive the same priority as Medtronic Policy Pre-Separation Insurance Claims of members of the Medtronic Group and, subject to the other provisions of this <u>Section 8.02</u>, be treated equitably in all respects, including in connection with deductibles, retentions and coinsurance.

SECTION 8.03. <u>Claims under SplitCo Insurance Policies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and after the Separation Date, the members of each of the SplitCo Group and the Medtronic Group shall have the right to assert SplitCo Policy Pre-Separation Insurance Claims and the members of the Medtronic Group shall have the right to participate with SplitCo to resolve SplitCo Policy Pre-Separation Insurance Claims under the applicable SplitCo insurance policies up to the full extent of the applicable and available limits of liability of such policy. SplitCo or Medtronic, as the case may be, shall have primary control over those SplitCo Policy Pre-Separation Insurance Claims for which the SplitCo Group or the Medtronic Group, respectively, bears the underlying loss, subject to the terms and conditions of the relevant policy of insurance governing such control. If a member of the Medtronic Group is unable to assert a SplitCo Policy Pre-Separation Insurance Claim because it is no longer an "insured" under a SplitCo insurance policy, then SplitCo shall, to the extent permitted by applicable Law and the terms of such insurance policy, assert such claim in its own name and deliver the Insurance Proceeds to Medtronic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to SplitCo Policy Pre-Separation Insurance Claims, whether or not known or reported on or prior to the Separation Date, Medtronic shall, or shall cause the applicable member of the Medtronic Group to, report such claims arising from the Medtronic Business as soon as practicable to each of SplitCo and the applicable insurer(s), and Medtronic shall, or shall cause the applicable member of Medtronic Group to, individually, and not jointly, assume and be responsible (including, upon the request of SplitCo, by reimbursement to SplitCo for amounts paid or payable by it) for the reimbursement liability (including any deductible,

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coinsurance or retention payment) related to its portion of the liability, unless otherwise agreed in writing by SplitCo. Each of SplitCo and Medtronic shall, and shall cause each member of the SplitCo Group and Medtronic Group, respectively, to, cooperate and assist the applicable member of the Medtronic Group and the SplitCo Group, as applicable, with respect to such SplitCo Policy Pre-Separation Insurance Claims. SplitCo agrees that SplitCo Policy Pre-Separation Insurance Claims of members of the Medtronic Group shall receive the same priority as SplitCo Policy Pre-Separation Insurance Claims of members of the SplitCo Group and be treated equitably in all respects, including in connection with deductibles, retentions and coinsurance.

SECTION 8.04. <u>Insurance Proceeds</u>. Any Insurance Proceeds received by the Medtronic Group for members of the SplitCo Group or by the SplitCo Group for members of the Medtronic Group shall be for the benefit, respectively, of the SplitCo Group and the Medtronic Group. Any Insurance Proceeds received for the benefit of both the Medtronic Group and the SplitCo Group shall be distributed pro rata based on the respective share of the underlying loss.

SECTION 8.06. <u>Certain Limitations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Medtronic (or the applicable member of the Medtronic Group) shall retain the exclusive right to control the insurance policies and programs (including the Medtronic Insurance Policies) of the Medtronic Group, including to terminate, exhaust, settle, release, commute, buy-back, amend, modify, waive any rights under or otherwise resolve disputes with respect to any such insurance policies and programs, irrespective of whether any such insurance policies or programs apply to SplitCo Liabilities and/or claims that SplitCo has made or could make in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, from and after the Separation Closing, neither SplitCo nor any member of the SplitCo Group shall have access to, nor the right to make claims under, the Medtronic Insurance Policies to the extent such access or claims are based upon facts, circumstances, events or matters occurring on or after the Separation Date.

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SECTION 8.07. <u>Coverage After the Separation</u>. It is the responsibility of the SplitCo Group to obtain continuing insurance coverage for the Assets of the SplitCo Group and for the Liabilities of the SplitCo Group that arise following the Separation Closing. Medtronic shall provide, and shall cause the other members of the Medtronic Group to provide, such cooperation as is reasonably requested by SplitCo in order for SplitCo to have in effect after the Separation Closing such new insurance policies and programs as SplitCo deems reasonably appropriate to operate its business.

SECTION 8.08. <u>No Assignment of Entire Insurance Policies</u>. This Agreement shall not be considered an attempted assignment of any Medtronic Insurance Policy or any other insurance policy, nor shall it be construed to be a Contract of insurance. Further this Agreement shall not be construed to waive any right or remedy of any member of the Medtronic Group under or with respect to any Medtronic Insurance Policy or any other Contract or insurance policy.

SECTION 8.09. <u>Director and Officer Liability Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Until the Separation Closing, Medtronic shall maintain directors and officers liability insurance policies or fiduciary liability insurance policies (collectively, "<u>D&O Insurance</u> <u>Policies</u>") for officers and directors of the SplitCo Group to the extent commercially available and at premiums not materially different than the coverage in effect as of the date hereof, and shall not take any action that would adversely and disproportionately affect the coverage available to officers and directors of the SplitCo Group for D&O Indemnification Liabilities as compared to the officers and directors of the Medtronic Group; <u>provided</u>, <u>however</u>, that, notwithstanding anything to the contrary in this Agreement, during the period between the Separation Closing and the Divestment Date, Medtronic may elect, in its sole discretion, to cover the applicable Liabilities of the Medtronic Group and the SplitCo Group under D&O Insurance Policies that cover both the Medtronic Group and the SplitCo Group in the same policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On and after the Separation Closing, to the extent that any claims have been duly reported before the Separation Closing or are otherwise covered under the D&O Insurance Policies maintained by members of the Medtronic Group, Medtronic shall not, and shall cause the members of the Medtronic Group not to, take any action intended to limit the coverage of the individuals who acted as directors or officers of SplitCo (or other members of the SplitCo Group) prior to the Separation Closing for D&O Indemnification Liabilities under any D&O Insurance Policies maintained by the members of the Medtronic Group. On and after the Separation Closing, Medtronic shall, and shall cause the other members of the Medtronic Group to, reasonably cooperate with the individuals who acted as directors and officers of SplitCo (or other members of the SplitCo Group) prior to the Separation Closing in their pursuit of any coverage claims under such D&O Insurance Policies for D&O Indemnification Liabilities which could inure to the benefit of such individuals. SplitCo acknowledges that it is the responsibility of the SplitCo Group to obtain continuing insurance coverage for the directors and officers of the members of the SplitCo Group for Liabilities occurring after the Separation Closing.

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Article IX

<u>Further Assurances and Additional Covenants</u>

SECTION 9.01. <u>Further Assurances</u>. (a) In addition to the actions specifically provided for elsewhere in this Agreement, each of the Parties shall, subject to <u>Section 4.04</u> and <u>Section</u> <u>5.02(a)</u>, use reasonable best efforts, prior to, on and after the Separation Date, to take, or cause to be taken, all actions, and to do, or cause to be done, all things, reasonably necessary, proper or advisable under applicable Laws and agreements to consummate and make effective the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, prior to, on and after the Separation Date, each Party shall cooperate with the other Party (i) to execute and deliver, or use reasonable best efforts to execute and deliver, or cause to be executed and delivered, all Conveyancing and Assumption Instruments as such Party may reasonably be requested to execute and deliver by the other Party, (ii) to make, or cause to be made, all filings with, and to obtain, or cause to be obtained, all Governmental Approvals or other Consents required by Law or otherwise necessary or advisable under any ruling, judgment, Permit, Contract, indenture or other instrument, (iii) to obtain, or cause to be obtained, any Governmental Approvals or other Consents required to effect the Separation, any transfers pursuant to <u>Section 2.07</u>, the Initial Public Offering, the Divestment or the Other Disposition and (iv) to take, or cause to be taken, all such other actions as such Party may reasonably be requested to take by the other Party from time to time, consistent with the terms of this Agreement and the Ancillary Agreements, in order to effectuate the provisions and purposes of this Agreement and any transfers of Assets or assignments and assumptions of Liabilities hereunder and the other transactions contemplated hereby; <u>provided</u>, that neither Party nor any member of its Group shall be required to pay or grant any consideration or concession in any form (including providing any letter of credit, guaranty or other financial accommodation) to any Person in order to obtain or submit any such Governmental Approval or Consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On or prior to the Separation Date, Medtronic and SplitCo, in their respective capacities as direct and indirect shareholders of their respective Subsidiaries, shall each ratify any actions that are reasonably necessary or desirable to be taken by SplitCo or any other Subsidiary of Medtronic, as the case may be, to effectuate the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the Divestment Date, SplitCo will not, without the prior written consent of Medtronic (which it may withhold in its sole and absolute discretion), issue (i) any shares of SplitCo Voting Stock or any rights, warrants or options to acquire SplitCo Voting Stock (including, securities convertible into or exchangeable for SplitCo Voting Stock) or (ii) any share of SplitCo Non-Voting Stock; <u>provided</u> that, regardless of whether or not Medtronic shall have consented thereto, in no case shall any such issuance (after giving effect to such issuance and considering all the shares of SplitCo Voting Stock or SplitCo Non-Voting Stock acquirable pursuant to any rights, warrants and options that may be outstanding on the date of such issuance (whether or not then exercisable) and any other relevant Contracts or arrangements), result in Medtronic owning directly or indirectly less than the number of shares necessary to (x) constitute control of SplitCo within the meaning of Section 368(c) of the Code

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or (y) meet the stock-ownership requirements described in Section 1504(a)(2) of the Code (in each case, if the number 80.1% were substituted for the number 80 each time it appears in such Sections).

Article X

<u>Termination</u>

SECTION 10.01. <u>Termination</u>. This Agreement may be terminated by Medtronic at any time, in its sole discretion, prior to the Separation Closing.

SECTION 10.02. <u>Effect of Termination</u>. In the event of any termination of this Agreement prior to the Separation Closing, neither Party (nor any of its directors or officers) shall have any Liability or further obligation to the other Party under this Agreement or the Ancillary Agreements.

Article XI

<u>Miscellaneous</u>

SECTION 11.01. <u>Counterparts; Entire Agreement; Corporate Power</u>. (a) This Agreement may be executed in one or more counterparts, all of which counterparts shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each Party and delivered to the other Party. This Agreement may be executed by facsimile or PDF signature and a facsimile or PDF signature shall constitute an original for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement, the Ancillary Agreements and the Exhibits and Schedules hereto and thereto contain the entire agreement between the Parties with respect to the subject matter hereof and supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings between the Parties with respect to the subject matter hereof other than those set forth or referred to herein or therein. Notwithstanding any other provisions in this Agreement to the contrary, it is the intention of the Parties that this Agreement shall be consistent with the terms of the Ancillary Agreements. If there is a conflict between any provision of this Agreement and any specific provision of an applicable Ancillary Agreement, such Ancillary Agreement shall control; <u>provided</u> that with respect to any Conveyancing and Assumption Instrument, this Agreement shall control unless specifically stated otherwise in such Conveyancing and Assumption Instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Medtronic represents on behalf of itself and each other member of the Medtronic Group, and SplitCo represents on behalf of itself and each other member of the SplitCo Group, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each such Person has the requisite corporate or other power and authority and has taken all corporate or other action necessary in order to execute, deliver and perform each of

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this Agreement and each Ancillary Agreement to which it is a party and to consummate the transactions contemplated hereby and thereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement and each Ancillary Agreement to which it is a party has been (or, in the case of any Ancillary Agreement, will be on or prior to the Separation Date) duly executed and delivered by it and constitutes, or will constitute, a valid and binding agreement of it enforceable in accordance with the terms thereof.

SECTION 11.02. <u>Governing Law; Dispute Resolution; Jurisdiction</u>. (a) This Agreement shall be governed by, and construed in accordance with, the Laws of the State of Delaware, regardless of the Laws that might otherwise govern under applicable principles of conflicts of Laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise set forth in this Agreement, in the event of any dispute arising under this Agreement between the Parties (a "<u>Dispute</u>"), either Party may refer such Dispute to the respective senior officers of such Parties by delivering written notice of such Dispute to the other Party (a "<u>Negotiation Notice</u>"). Upon delivery of a Negotiation Notice, each Party shall attempt in good faith to resolve such Dispute by negotiation among their respective senior officers who hold, at a minimum, the title of Vice President and who have authority to settle such Dispute ("<u>Senior Negotiation</u>"). Notwithstanding the foregoing, the Parties may mutually agree in writing to waive the Senior Negotiation and proceed directly to the Mediation Process pursuant to <u>Section 11.02(c)</u> or, if both Parties so agree in writing, to waive both the Senior Negotiation and the Mediation Process and proceed directly to litigation pursuant to <u>Section 11.02(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Parties are unable to resolve any Dispute within 30 calendar days of the delivery of a Negotiation Notice, then either Party shall have the right to initiate non-binding mediation (the "<u>Mediation Process</u>") by delivering written notice to the other Party (a "<u>Mediation</u> <u>Notice</u>"). Upon delivery of a Mediation Notice, the applicable Dispute shall be promptly submitted for non-binding mediation, and the Parties shall participate in such mediation in good faith for a period of 30 calendar days or such longer period as the Parties may mutually agree in writing (the "<u>Mediation Period</u>"). Notwithstanding the foregoing, the Parties may mutually agree in writing to waive the Mediation Process and proceed directly to litigation pursuant to <u>Section</u> <u>11.02(e)</u>. In connection with such mediation, the Parties shall cooperate with each other in selecting a neutral mediator with relevant industry experience and in scheduling the mediation proceedings; provided that, if the Parties fail to agree on a neutral mediator within 30 calendar days of the Mediation Notice, then the Parties will proceed directly to litigation pursuant to <u>Section 11.02(e)</u>. The Parties agree to bear equally the costs of any mediation, including any fees or expenses of the applicable mediator; <u>provided</u>, that each Party shall bear its own costs in connection with participating in such mediation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the avoidance of doubt, any negotiations or mediation conducted in accordance with <u>Section 11.02(b)</u> or <u>Section 11.02(c)</u> shall be subject to Federal Rule of Civil Procedure 408 or any applicable state Law equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Parties are unable to resolve any Dispute via negotiation or mediation in accordance with <u>Section 11.02(b)</u> and <u>Section 11.02(c)</u>, then, following the Mediation Period,

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either Party may commence litigation in a court of competent jurisdiction pursuant to <u>Section</u> <u>11.02(f)</u>. For the avoidance of doubt, except as set forth in <u>Section 11.02(g)</u>, neither Party may commence litigation with respect to a Dispute until and unless the Parties first fail to resolve such Dispute via negotiation and mediation in accordance with <u>Section 11.02(b)</u> and <u>Section</u> <u>11.02(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Party irrevocably consents to the exclusive jurisdiction, forum and venue of the Court of Chancery of the State of Delaware or, if (and only if) the Court of Chancery of the State of Delaware finds it lacks subject matter jurisdiction, the federal court of the United States sitting in Delaware or, if (and only if) the federal court of the United States sitting in Delaware finds it lacks subject matter jurisdiction, the Superior Court of the State of Delaware, and appellate courts thereof, over any and all claims, disputes, controversies or disagreements between the Parties or any of their respective Subsidiaries, Affiliates, successors and assigns under or related to this Agreement or any document executed pursuant to this Agreement or any of the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything in this Agreement to the contrary, a Party may seek a temporary restraining order or a preliminary injunction from any court of competent jurisdiction, at any time, in order to prevent immediate and irreparable injury, loss or damage on a provisional basis, pending the resolution of any dispute hereunder, including under <u>Section</u> <u>11.02(b)</u> or <u>(c)</u> hereof.

SECTION 11.03. <u>Assignability</u>. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of Law or otherwise by either Party without the prior written consent of the other Party. Any purported assignment without such consent shall be void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. Notwithstanding the foregoing, (a) Medtronic may assign this Agreement (or any provision thereof) to any Affiliate of Medtronic and (b) either Party may assign this Agreement without consent of the other Party in connection with (i) a merger transaction in which such Party is not the surviving entity and the surviving entity acquires or assumes all or substantially all of such Party's Assets, or (ii) the sale of all or substantially all of such Party's Assets; <u>provided</u>, <u>however</u>, that the assignee expressly assumes in writing all of the obligations of the assigning Party under this Agreement, and the assigning Party provides written notice and evidence of such assignment and assumption to the non-assigning Party. No assignment permitted by this <u>Section 11.03</u> shall release the assigning Party from liability for the full performance of its obligations under this Agreement.

SECTION 11.04. <u>Third-Party Beneficiaries</u>. Except for the indemnification rights under this Agreement of any Medtronic Indemnitee or SplitCo Indemnitee in their respective capacities as such, (a) the provisions of this Agreement are solely for the benefit of the Parties hereto and are not intended to confer upon any Person except the Parties hereto any rights or remedies hereunder and (b) there are no third-party beneficiaries of this Agreement and this Agreement shall not provide any third person with any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement.

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SECTION 11.05. <u>Notices</u>. All notices or other communications under this Agreement shall be in writing and shall be deemed to be duly given (a) when delivered in person, (b) on the date received, if sent by a nationally recognized delivery or courier service or (c) upon the earlier of confirmed receipt or the fifth Business Day following the date of mailing if sent by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to Medtronic, to:

Medtronic, Inc.

Medtronic Operational Headquarters

710 Medtronic Parkway

Minneapolis, MN 55432

Attention: Vice President, Corporate Development & Ventures

Senior Legal Director, Business Development

Email:&nbsp;&nbsp;&nbsp;&nbsp; chris.e.eso@medtronic.com

rhona.e.shwaid@medtronic.com

with a copy (which shall not constitute notice) to:

Cleary Gottlieb Steen & Hamilton LLP

650 California Street

San Francisco, CA 94108

Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benet J. O'Reilly

Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; boreilly@cgsh.com

and

Cleary Gottlieb Steen & Hamilton LLP

One Liberty Plaza

New York, NY 10006

Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly R. Spoerri

Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kspoerri@cgsh.com

If to SplitCo, to:

__________

with a copy (which shall not constitute notice) to:

Cleary Gottlieb Steen & Hamilton LLP

650 California Street

San Francisco, CA 94108

Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benet J. O'Reilly

Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; boreilly@cgsh.com

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and

Cleary Gottlieb Steen & Hamilton LLP

One Liberty Plaza

New York, NY 10006

Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly R. Spoerri

Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kspoerri@cgsh.com

Either Party may, by notice to the other Party, change the address to which such notices are to be given.

SECTION 11.06. <u>Severability</u>. If any provision of this Agreement or the application thereof to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party. Upon any such determination, any such provision, to the extent determined to be invalid, void or unenforceable, shall be deemed replaced by a provision that such court determines is valid and enforceable and that comes closest to expressing the intention of the invalid, void or unenforceable provision.

SECTION 11.07. <u>Publicity</u>. Other than in connection with an Adversarial Action, each of Medtronic and SplitCo shall consult with the other, and shall, subject to the requirements of <u>Section 7.09</u>, provide the other Party the opportunity to review and comment upon, any press releases or other public statements in connection with the Separation, the Initial Public Offering, the Divestment or the Other Disposition or any of the other transactions contemplated hereby and any filings with any Governmental Authority or national securities exchange with respect thereto, in each case prior to the issuance or filing thereof, as applicable (including the IPO Registration Statement, the Parties' respective Current Reports on Form 8-K to be filed on the Divestment Date, the Parties' respective Quarterly Reports on Form 10-Q filed with respect to the fiscal quarter during which the Divestment Date occurs, or if such quarter is the fourth fiscal quarter, the Parties' respective Annual Reports on Form 10-K filed with respect to the fiscal year during which the Divestment Date occurs (each such Quarterly Report on Form 10-Q or Annual Report on Form 10-K, a "<u>First Post-Divestment Report</u>")). Each Party's aforementioned obligations in this <u>Section 11.07</u> shall terminate on the date on which such Party's First Post-Divestment Report is filed with the Commission. Notwithstanding the foregoing, the Parties agree that immediately following the Separation Closing, Medtronic shall publish a statement regarding the transactions contemplated by this Agreement on its website located at __________ and on its primary social media channels (the wording of the statement in each case to be mutually agreed upon by the Parties), and Medtronic further agrees that it shall maintain the approved statement on __________ for a period of time following the Separation Closing, the duration of such period to be mutually agreed upon by the Parties.

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SECTION 11.08. <u>Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as expressly set forth in this Agreement or in any Ancillary Agreement, or as otherwise agreed to in writing by the Parties, (i) Medtronic shall bear and pay all Transaction Expenses incurred at or prior to the Separation Closing and (ii) SplitCo shall bear and pay all Transaction Expenses incurred after the Separation Closing; <u>provided</u>, that, notwithstanding this <u>clause (ii)</u>, Medtronic shall bear and pay (A) any Transaction Expenses that are primarily related to the stand-up of members of the Medtronic Group and (B) any Transaction Expenses incurred in connection with services expressly requested by Medtronic in writing following the Separation Closing and SplitCo shall bear the Underwriters' discount arising from the Initial Public Offering and any financing fees arising from the SplitCo Financing Arrangements. For the avoidance of doubt, this <u>Section 11.08</u> shall not affect each Party's responsibility to indemnify the SplitCo Liabilities and the Medtronic Liabilities, as applicable, arising from the transactions contemplated by the Divestment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Party (or a member of its Group) actually pays any Transaction Expenses (such Party, the "<u>Actual Payor</u>") that were required to have been borne and paid by the other Party pursuant to this <u>Section 11.08</u> or otherwise (such other Party, the "<u>Required Payor</u>"), the Actual Payor may invoice the Required Payor for the amount of such Transaction Expenses on a quarterly basis (which such invoice shall include reasonable documentation of the amount of such Transaction Expenses), and the Required Payor shall be required to pay such amount to the Actual Payor within sixty (60) days after receipt of such invoice. Any payment not received by the Actual Payor by such date and not otherwise the subject of a good faith dispute shall be subject to a late payment interest charge using the 1-month term secured overnight financing rate (Term SOFR), determined as of such date, plus 0.5%; provided that in the event of any good faith dispute, interest shall not be due on that part of the invoice subject to dispute until after settlement or other resolution of such dispute; provided, further, that a resolution in favor of the Required Payor shall not result in the incurrence of any late-payment interest charges.

SECTION 11.09. <u>Headings</u>. The article, section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

SECTION 11.10. <u>Survival of Covenants</u>. Except as expressly set forth in this Agreement, the covenants in this Agreement and the liabilities for the breach of any obligations in this Agreement shall survive the Separation, the Initial Public Offering and any Divestment or Other Disposition, as applicable, and shall remain in full force and effect.

SECTION 11.11. <u>Waivers of Default</u>. No failure or delay of any Party (or the applicable member of its Group) in exercising any right or remedy under this Agreement or any Ancillary Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. Waiver by any Party of any default by the other Party of any provision of this Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other default.

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SECTION 11.12. <u>Specific Performance</u>. Subject to <u>Section 4.04</u> and <u>Section 5.02(a)</u>, in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the affected Party shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at Law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at Law for any breach or threatened breach hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at Law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived.

SECTION 11.13. <u>No Admission of Liability</u>. The allocation of Assets and Liabilities herein is solely for the purpose of allocating such Assets and Liabilities between Medtronic and the other members of the Medtronic Group, on the one hand, and SplitCo and the other members of the SplitCo Group, on the other hand, and is not intended as an admission of liability or responsibility for any alleged Liabilities vis-à-vis any third party.

SECTION 11.14. <u>Amendments; Waivers</u>. No provisions of this Agreement shall be deemed amended, supplemented or modified by any Party, unless such amendment, supplement or modification is in writing and signed by an authorized representative of each Party, and no waiver of any provisions of this Agreement shall be effective unless in writing and signed by an authorized representative of the Party sought to be bound by such waiver.

SECTION 11.15. <u>Right of Set-Off</u>. Each Party (and its Affiliates) may set off any amounts owed to it by the other Party (or its Affiliates) under this Agreement or any other Ancillary Agreement against any amounts it owes to the other Party (or its Affiliates) under any such Contracts. The Party exercising set-off rights shall provide prompt written notice to the other Party.

SECTION 11.16. <u>Interpretation</u>. Words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the context requires. The terms "hereof," "herein" and "herewith" and words of similar import, unless otherwise stated, shall be construed to refer to this Agreement as a whole (including all of the schedules hereto) and not to any particular provision of this Agreement. Article, Section or Schedule references are to the articles, sections and schedules of or to this Agreement unless otherwise specified. Any capitalized terms used in any Schedule to this Agreement or to any Ancillary Agreement but not otherwise defined therein shall have the meaning as defined in this Agreement or the Ancillary Agreement to which such Schedule is attached, as applicable. Any definition of or reference to any agreement, instrument or other document herein (including any reference herein to this Agreement) shall be construed to refer to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified from time to time (subject to any restrictions on such amendments, supplements or modifications as set forth herein). The word "including" and words of similar import when used in this Agreement shall mean "including, without limitation," unless the context otherwise requires or unless otherwise specified. The word "or" shall not be exclusive. The words "will" and "shall" shall be interpreted to have the same meaning. In the event that an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption

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or burden of proof shall arise favoring or disfavoring either Party by virtue of the authorship of any provisions hereof.

SECTION 11.17. <u>Waiver of Jury Trial</u>. EACH OF THE PARTIES ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH OF THE PARTIES CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF ANY LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH OF THE PARTIES UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH OF THE PARTIES MAKES THIS WAIVER VOLUNTARILY AND (D) EACH OF THE PARTIES HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 11.17</u>.

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized representatives.

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| by | |
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| by | |
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| | Title:  |

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## Exhibit 10.2

**Exhibit 10.2**

**FORM OF TAX MATTERS AGREEMENT**

**by and between**

**__________**

**and**

**__________**

**Dated as of __________**

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| ARTICLE I<br>**DEFINITIONS** | ARTICLE I<br>**DEFINITIONS** | ARTICLE I<br>**DEFINITIONS** |
| 1.1 | Definitions | 2 |
| ARTICLE II<br>**PAYMENTS AND TAX REFUNDS** | ARTICLE II<br>**PAYMENTS AND TAX REFUNDS** | ARTICLE II<br>**PAYMENTS AND TAX REFUNDS** |
| 2.1 | Allocation of Tax Liabilities. | 9 |
| 2.2 | Employment Taxes | 10 |
| 2.3 | Tax Refunds | 10 |
| 2.4 | Tax Benefits | 11 |
| 2.5 | Prior Agreements | 11 |
| 2.6 | Determination of Taxes Attributable to the SplitCo Business. | 12 |
| ARTICLE III<br>**PREPARATION AND FILING OF TAX RETURNS** | ARTICLE III<br>**PREPARATION AND FILING OF TAX RETURNS** | ARTICLE III<br>**PREPARATION AND FILING OF TAX RETURNS** |
| 3.1 | Medtronic's Responsibility | 12 |
| 3.2 | SplitCo's Responsibility | 12 |
| 3.3 | Right To Review Tax Returns | 13 |
| 3.4 | Cooperation | 13 |
| 3.5 | Tax Reporting Practices | 13 |
| 3.6 | Reporting of the Transactions | 14 |
| 3.7 | Payment of Taxes | 14 |
| 3.8 | Amended Returns and Carrybacks | 15 |
| 3.9 | Tax Attributes | 15 |
| ARTICLE IV<br>**INTENDED TAX TREATMENT OF THE TRANSACTIONS** | ARTICLE IV<br>**INTENDED TAX TREATMENT OF THE TRANSACTIONS** | ARTICLE IV<br>**INTENDED TAX TREATMENT OF THE TRANSACTIONS** |
| 4.1 | Representations and Warranties | 16 |
| 4.2 | Certain Restrictions Relating to the Intended Tax Treatment of the Transactions | 17 |

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| | | |
|:---|:---|:---|
| ARTICLE V<br>**INDEMNITY OBLIGATIONS** | ARTICLE V<br>**INDEMNITY OBLIGATIONS** | ARTICLE V<br>**INDEMNITY OBLIGATIONS** |
| 5.1 | Indemnity Obligations | 20 |
| 5.2 | Indemnification Payments | 21 |
| 5.3 | Payment Mechanics | 22 |
| 5.4 | Treatment of Tax Indemnity Payments | 22 |
| ARTICLE VI<br>**TAX CONTESTS** | ARTICLE VI<br>**TAX CONTESTS** | ARTICLE VI<br>**TAX CONTESTS** |
| 6.1 | Notice | 23 |
| 6.2 | Joint Returns | 23 |
| 6.3 | Separate Returns | 23 |
| 6.4 | Obligation of Continued Notice | 24 |
| 6.5 | Tax Contest Cooperation Rights | 24 |
| ARTICLE VII<br>**COOPERATION** | ARTICLE VII<br>**COOPERATION** | ARTICLE VII<br>**COOPERATION** |
| 7.1 | General | 25 |
| ARTICLE VIII<br>**RETENTION OF RECORDS; ACCESS** | ARTICLE VIII<br>**RETENTION OF RECORDS; ACCESS** | ARTICLE VIII<br>**RETENTION OF RECORDS; ACCESS** |
| 8.1 | Retention of Records | 26 |
| 8.2 | Access to Tax Records | 26 |
| 8.3 | Preservation of Privilege | 26 |
| ARTICLE IX<br>**DISPUTE RESOLUTION** | ARTICLE IX<br>**DISPUTE RESOLUTION** | ARTICLE IX<br>**DISPUTE RESOLUTION** |
| 9.1 | Dispute Resolution | 27 |
| ARTICLE X<br>**MISCELLANEOUS** | ARTICLE X<br>**MISCELLANEOUS** | ARTICLE X<br>**MISCELLANEOUS** |
| 10.1 | Survival | 27 |
| 10.2 | Notices | 27 |

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10.3 Waiver 28

10.4 Modification or Amendment 29

10.5 No Assignment; Binding Effect 29

10.6 Payment Terms 29

10.7 Interest on Late Payments 29

10.8 No Set-Off 29

10.9 No Circumvention 29

10.10 Subsidiaries 30

10.11 Third Party Beneficiaries 30

10.12 Titles and Headings 30

10.13 Exhibits and Schedules 30

10.14 Governing Law 30

10.15 Specific Performance 31

10.16 Severability 31

10.17 Construction 31

10.18 Entire Agreement 31

10.19 Counterparts 31

10.20 Confidentiality 32

10.21 WAIVER OF JURY TRIAL 32

10.22 Third-Party Beneficiaries 32

10.23 Separation Agreement 32

10.24 Force Majeure 32

**EXHIBIT(S)**

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| | |
|:---|:---|
| Exhibit A | ATB Entities |
| Exhibit B | Intended Tax Treatments |
| Exhibit C | Certain Tax Matters |
| Exhibit D | Certain Non-U.S. Tax Restrictions |

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**SCHEDULE(S)**

 Schedule A Separation Taxes

iii

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**<u>TAX MATTERS AGREEMENT</u>**

THIS TAX MATTERS AGREEMENT (this "<u>Agreement</u>"), is entered into as of **__________**, by and between **__________** ("<u>Medtronic</u>") and **__________** ("<u>SplitCo</u>") (each a "<u>Party</u>" and together, the "<u>Parties</u>"). Capitalized terms used in this Agreement and not defined herein shall have the meanings ascribed to such terms in the Separation Agreement, dated as of the date hereof, by and among the Parties (the "<u>Separation Agreement</u>").

**<u>R E C I T A L S</u>**

WHEREAS, Medtronic plc, an Irish public limited company and the ultimate parent company of Medtronic ("<u>Medtronic Parent</u>"), acting through itself and its direct and indirect Subsidiaries, currently conducts the Medtronic Business and the SplitCo Business;

WHEREAS, the board of directors of Medtronic Parent has determined that it is in the best interests of Medtronic Parent and its shareholders to create a new publicly traded company that will operate the SplitCo Business;

WHEREAS, in furtherance of the foregoing, the board of directors of Medtronic Parent has determined that it is desirable and appropriate to effect the transactions constituting the Separation to transfer certain assets and liabilities to SplitCo, a wholly owned Subsidiary of Medtronic Parent, on the terms and conditions set forth in the Separation Agreement;

WHEREAS, to effect the Separation, certain members of the Medtronic Group shall contribute, convey, transfer, assign and deliver to members of the SplitCo Group, and members of the SplitCo Group shall accept and assume from members of the Medtronic Group, all of the right, title and interest of the members of the Medtronic Group in, to and under certain of the Assets and Liabilities relating to the SplitCo Business, in each case on the terms and subject to the conditions of the Separation Agreement;

WHEREAS, following the execution of this Agreement and prior to the Initial Public Offering, SplitCo will merge with and into MiniMed Group, Inc., with MiniMed Group, Inc. surviving (the "<u>SplitCo Merger</u>");

WHEREAS, following the SplitCo Merger, each of the Parties to this Agreement agreed that it is desirable and appropriate to amend and restate this Agreement to reflect MiniMed Group, Inc. as the successor to SplitCo in the SplitCo Merger and party to this Agreement, with all of the accompanying rights and obligations;

WHEREAS, the board of directors of Medtronic Parent has determined in connection with the Separation, on the terms contemplated hereby, to cause SplitCo to offer and sell in the Initial Public Offering a number of shares of SplitCo Common Stock constituting no more than 19.9% of the outstanding shares of SplitCo Common Stock;

WHEREAS, Medtronic Parent will cause SplitCo to implement the Initial Public Offering;

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WHEREAS, following the Initial Public Offering, Medtronic Parent intends to transfer at least 80.1% of the shares of SplitCo Common Stock to shareholders of Medtronic Parent by means of a divestment by Medtronic Parent to its shareholders of shares of SplitCo Common Stock, an offer to shareholders of Medtronic Parent to exchange shares of Medtronic Parent Ordinary Shares for shares of SplitCo Common Stock, or any combination thereof (the "<u>Divestment</u>"), it being understood that Medtronic Parent, in its sole discretion (as further described in Section 5.02 of the Separation Agreement), may choose not to implement the Divestment or to effect a disposition of shares of SplitCo Common Stock pursuant to one or more public or private offerings or other similar transactions, or transfer, exchange or otherwise dispose of shares of SplitCo Common Stock in one or more transactions (including in connection with any debt-for-equity exchange or a subsequent divestment or exchange offer of SplitCo Common Stock) (the "<u>Other Disposition</u>") instead of the Divestment;

WHEREAS, for U.S. federal income tax purposes, the Divestment, if effected, is intended to qualify as a transaction that is generally tax-free for U.S. federal income tax purposes under Section 355 of the United States Internal Revenue Code of 1986, as amended (the "<u>Code</u>");

WHEREAS, the Separation Agreement sets forth the principal corporate transactions required to effect the Separation and the Initial Public Offering and describes certain other agreements that will govern certain matters relating to the Separation, the Initial Public Offering and the Divestment or the Other Disposition, as applicable, and the relationship of Medtronic Parent, Medtronic, SplitCo and their respective Subsidiaries following the Separation; and

WHEREAS, the Parties desire to (i) provide for the payment of Tax liabilities and entitlement to refunds thereof, allocate responsibility for, and cooperation in, the filing of Tax Returns and provide for certain other matters relating to Taxes and (ii) set forth certain covenants and indemnities relating to the preservation of the Intended Tax Treatment.

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, the Parties, intending to be legally bound, hereby agree as follows:

ARTICLE I

**<u>DEFINITIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. As used in this Agreement, the following terms shall have the meanings set forth below:

"<u>Accounting Firm</u>" has the meaning set forth in <u>Section 9.1</u>.

"<u>Adjustment</u>" means an adjustment of any item of income, gain, loss, deduction, credit or any other item affecting Taxes of a taxpayer pursuant to a Final Determination.

"<u>Agreement</u>" has the meaning set forth in the preamble.

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"<u>ATB Entities</u>" means the entities listed on <u>Exhibit A</u>.

"<u>Code</u>" has the meaning set forth in the Recitals to this Agreement.

"<u>Controlling Party</u>" means, with respect to a Tax Contest, the Party entitled to control such Tax Contest pursuant to <u>Sections 6.2</u> and <u>6.3</u>.

"<u>Divestment</u>" has the meaning set forth in the Recitals to this Agreement.

"<u>Divestment Date</u>" means the date of the Divestment or if no Divestment has occurred, the date that Medtronic Parent ceases to control (as defined in the definition of "Affiliate" in the Separation Agreement) SplitCo.

"<u>Employment Tax</u>" means those Liabilities for Taxes which are allocable pursuant to the provisions of the EMA.

"<u>Final Determination</u>" means the final resolution of liability for any Tax for any taxable period, by or as a result of (i) a final decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed, (ii) a final settlement with the IRS, a closing agreement or accepted offer in compromise under Section 7121 or 7122 of the Code or a comparable agreement under the Laws of a state, local or non-U.S. taxing jurisdiction, which resolves the entire Tax liability for any taxable period, (iii) any allowance of a refund or credit in respect of an overpayment of Tax, but only after the expiration of all periods during which such refund or credit may be recovered (including by way of withholding or offset) by the jurisdiction imposing the Tax or (iv) any other final resolution, including by reason of the expiration of the applicable statute of limitations or the execution of a pre-filing agreement with the IRS or other Taxing Authority.

"<u>Force Majeure Event</u>" has the meaning set forth in <u>Section 10.24</u>.

"<u>Group</u>" means either the Medtronic Group or the SplitCo Group, as the context requires.

"<u>Indemnifying Party</u>" has the meaning set forth in <u>Section 5.2</u>.

"<u>Indemnitee</u>" has the meaning set forth in <u>Section 5.2</u>.

"<u>Intended Tax Treatment</u>" means (i) the qualification of the Divestment as a transaction in which the SplitCo Common Stock distributed to holders of Medtronic Parent Ordinary Shares is "qualified property" for purposes of Sections 355(c) of the Code, (ii) the nonrecognition of income, gain or loss by Medtronic Parent, SplitCo and holders of Medtronic Parent Ordinary Shares on the divestment and receipt of the SplitCo Common Stock in the Divestment under Sections 355 and 1032 of the Code (except with respect to any cash received by such holders in lieu of fractional SplitCo Common Stock), (iii) the qualification of each Internal Divestment as a tax-free transaction under Section 355 and/or Section 368(a)(1)(D) of the Code, (iv) the qualification of the SplitCo Merger as a reorganization under section 368(a) of the Code, and (v) the qualification of each of the transactions described on <u>Exhibit B</u> as being free from Tax to the extent set forth therein.

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"<u>Internal Distribution</u>" means any transaction (or series of transactions) effected as part of the Transactions (excluding the Divestment) that is intended to qualify as a tax-free transaction under Section 355 and/or Section 368(a)(1)(D) of the Code, as described in the Tax Materials.

"<u>IPO Effective Date</u>" means the date of the closing of the Initial Public Offering.

"<u>IRS</u>" means the U.S. Internal Revenue Service or any successor agency, including, but not limited to, its agents, representatives and attorneys.

"<u>Joint Return</u>" means any Tax Return that includes, by election or otherwise, one or more members of the Medtronic Group and one or more members of the SplitCo Group.

"<u>Medtronic</u>" has the meaning set forth in the preamble.

"<u>Medtronic International</u>" means Medtronic International Trading S.a r.l., a *société à responsabilité limitée* organized under the laws of Switzerland and a member of the Medtronic Group.

"<u>Medtronic Parent</u>" has the meaning set forth in the preamble.

"<u>Medtronic Separate Return</u>" means any Tax Return of or including any member of the Medtronic Group (including any consolidated, combined or unitary return) that does not include any member of the SplitCo Group.

"<u>Medtronic Distribution</u>" means the distribution by Medtronic of all of the stock of SplitCo to its sole shareholder.

"<u>Non-Controlling Party</u>" means, with respect to a Tax Contest, the Party that is not the Controlling Party with respect to such Tax Contest.

"<u>Parties</u>" has the meaning set forth in the preamble.

"<u>Past Practices</u>" has the meaning set forth in <u>Section 3.5</u>.

"<u>Post-IPO Period</u>" means any taxable period (or portion thereof) beginning after the IPO Effective Date, including the portion of any Straddle Period beginning after the IPO Effective Date.

"<u>Pre-IPO Period</u>" means any taxable period (or portion thereof) ending on or before the IPO Effective Date, including the portion of any Straddle Period ending at the end of the day on the IPO Effective Date.

"<u>Preparing Party</u>" means, with respect to a Tax Return, the Party that is required to prepare and file any such Tax Return pursuant to <u>Section 3.1</u> or <u>Section 3.2</u>, as applicable.

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"<u>Proposed Acquisition Transaction</u>" means a transaction or series of transactions (or any agreement, understanding or arrangement, within the meaning of Section 355(e) of the Code and Treasury Regulations Section 1.355-7, or any other Treasury Regulations promulgated thereunder, to enter into a transaction or series of transactions), whether such transaction is supported by SplitCo management or shareholders, is a hostile acquisition or otherwise, as a result of which SplitCo (or any successor thereto) would merge or consolidate with any other Person or as a result of which one or more Persons would (directly or indirectly) acquire, or have the right to acquire, from SplitCo (or any successor thereto) and/or one or more holders of SplitCo Capital Stock, respectively, any amount of SplitCo Capital Stock, that would, when combined with any other direct or indirect changes in ownership of SplitCo Capital Stock pertinent for purposes of Section 355(e) of the Code and the Treasury Regulations promulgated thereunder, comprise thirty-five percent (35%) or more of (i) the value of all outstanding shares of stock of SplitCo as of immediately after such transaction or in the case of a series of transactions, immediately after the last transaction of such series or (ii) the total combined voting power of all outstanding shares of voting stock of SplitCo as of immediately after such transaction or in the case of a series of transactions, immediately after the last transaction of such series. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (i) the adoption by SplitCo of a shareholder rights plan or (ii) issuances by SplitCo that satisfy Safe Harbor VIII (relating to acquisitions in connection with a person's performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulations Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect acquisition, any recapitalization resulting in a shift of voting power or any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof are intended to monitor compliance with Section 355(e) of the Code and the Treasury Regulations promulgated thereunder and shall be interpreted accordingly. Any clarification of, or change in, the statute or Treasury Regulations promulgated under Section 355(e) of the Code shall be incorporated in this definition and its interpretation.

"<u>PRDT</u>" means the Puerto Rico Department of the Treasury (*Departamento de Hacienda de Puerto Rico*) or any successor agency, including, but not limited to, its agents, representatives and attorneys.

"<u>PRDT Ruling</u>" shall mean the Tax ruling Medtronic, or one of its Subsidiaries, has obtained from the PRDT dated September 8, 2025, as amended from time to time, covering Puerto Rican corporate income and sales and use tax consequences in relation to the Transactions.

"<u>PRDT Ruling Request</u>" shall mean the letter filed by Medtronic, or one of its Subsidiaries, with the PRDT dated March 26, 2025, and any subsequent requests to amend the PRDT Ruling from time to time, requesting a ruling regarding certain Puerto Rican corporate income and sales and use tax consequences of the Transactions, together with any supplements or amendments thereto.

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"<u>Reasonable Basis</u>" means a reasonable basis within the meaning of Section 6662(d)(2)(B)(ii)(II) of the Code and the Treasury Regulations promulgated thereunder (or such other level of confidence required by the Code or other applicable Tax Law at that time to avoid the imposition of penalties).

"<u>Refund</u>" means any refund, reimbursement, offset, credit or other similar benefit in respect of Taxes (including any overpayment of Taxes that can be refunded or, alternatively, applied against other Taxes payable), including any interest paid on or with respect to such refund of Taxes.

"<u>Responsible Party</u>" means, with respect to any Tax Return, the Party having responsibility for preparing and filing such Tax Return pursuant to this Agreement.

"<u>Restricted Period</u>" means the period which begins with the date hereof and ends two (2) years after the Divestment Date.

"<u>Reviewing Party</u>" means, with respect to a Tax Return, the Party that is not the Preparing Party.

"<u>Ruling</u>" shall mean (i) the PRDT Ruling and (ii) any other ruling issued by a Taxing Authority in connection with the Transactions.

"<u>Ruling Request</u>" shall mean (i) the PRDT Ruling Request and (ii) any other ruling request submitted to a Taxing Authority, including the exhibits attached thereto and all related amendments or supplements.

"<u>Section 336(e) Election</u>" has the meaning set forth in <u>Section 3.6</u>.

"<u>Separate Return</u>" means a Medtronic Separate Return or an SplitCo Separate Return, as the case may be.

"<u>Separation</u>" has the meaning set forth in the Separation Agreement.

"<u>Separation Agreement</u>" has the meaning set forth in the preamble.

"<u>Separation Taxes</u>" shall mean those Taxes listed on Schedule A, in each case, without regard to (x) the amounts shown on Schedule A and (y) whether such Taxes arose, resulted or were incurred, or were paid or otherwise satisfied, prior to, on, or after the Divestment Date, arising as a result of the Transactions (as determined by Medtronic in its discretion), except for (i) any Tax resulting from a breach by any Party of any covenant in this Agreement and (ii) any Tax attributable to any action set out in <u>Section 4.2</u>.

"<u>SplitCo</u>" has the meaning set forth in the preamble.

"<u>SplitCo Capital Stock</u>" means all classes or series of capital stock of SplitCo, including (i) SplitCo Common Stock, (ii) all options, warrants and other rights to acquire such capital stock

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and (iii) all other instruments properly treated as stock of SplitCo for U.S. federal income tax purposes.

"<u>SplitCo Disqualifying Action</u>" means (i) any action (or failure to take any action) by any member of the SplitCo Group (including entering into any agreement, understanding, arrangement or negotiations with respect to any transaction or series of transactions), (ii) any event (or series of events) after the Divestment involving SplitCo Capital Stock or the assets of any member of the SplitCo Group or (iii) any breach by any member of the SplitCo Group of any representation, warranty or covenant made by them in this Agreement, that, in each case, would adversely affect or could reasonably be expected to adversely affect the Intended Tax Treatment; <u>provided</u>, <u>however</u>, that the term "SplitCo Disqualifying Action" shall not include any action entered into pursuant to any Ancillary Agreement (other than this Agreement) or that is undertaken pursuant to the Separation or the Divestment.

"<u>SplitCo Merger</u>" has the meaning set forth in the Recitals.

"<u>SplitCo Separate Return</u>" means any Tax Return of or including any member of the SplitCo Group (including any consolidated, combined or unitary return) that does not include any member of the Medtronic Group.

"<u>SplitCo Switzerland NewCo</u>" means MiniMed International Trading S.a r.l., a société à responsabilité limitée organized under the laws of Switzerland and a member of the SplitCo Group.

"<u>SplitCo Trade or Business</u>" means the business conducted by each of the ATB Entities (or an entity disregarded as separate from such ATB Entities for U.S. federal income tax purposes) as of the applicable Divestment Date as listed on <u>Exhibit A</u>.

"<u>Straddle Period</u>" means any taxable period that begins on or before, and ends after, the IPO Effective Date.

"<u>Swiss Demerger</u>" means the transfer of certain business assets by way of equity contribution by Medtronic International into SplitCo Switzerland NewCo and the subsequent distribution of SplitCo Switzerland NewCo to Medtronic Holding Switzerland GmbH.

"<u>Swiss Distribution Date</u>" means the date of the distribution by Medtronic International of all of the equity interests in SplitCo Switzerland NewCo to Medtronic Holding Switzerland GmbH.

"<u>Tax</u>" or "<u>Taxes</u>" means (i) all taxes, charges, fees, duties, levies, imposts, rates or other assessments or governmental charges of any kind imposed by any U.S. federal, state, local or non-U.S. governmental entity or political subdivision thereof, including, without limitation, income, gross receipts, employment, estimated, excise, severance, stamp, occupation, premium, windfall profits, environmental, custom duties, property, sales, use, license, capital stock, transfer, franchise, registration, payroll, withholding, social security, unemployment, disability, value added, alternative or add-on minimum or other taxes or contributions, whether disputed or

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not, and including any interest, penalties, charges or additions attributable thereto, (ii) liability for the payment of any amount of the type described in clause (i) above arising as a result of being (or having been) a member of any consolidated, combined, unitary or similar group or being (or having been) included or required to be included in any Tax Return related thereto and (iii) liability for the payment of any amount of the type described in clauses (i) or (ii) above as a result of any express or implied obligation to indemnify or otherwise assume or succeed to the liability of any other Person, whether by contract, by operation of Law or otherwise.

"<u>Tax Advisor</u>" means a tax counsel or accountant of recognized national standing.

"<u>Tax Attribute</u>" means for U.S. federal, state, local and non-U.S. income Tax purposes, net operating losses, capital losses, research and experimentation credit carryovers, investment tax credit carryovers, earnings and profits, foreign tax credit carryovers, overall non-U.S. losses, overall domestic losses, previously taxed earnings and profits, separate limitation losses, all other items that are determined or computed on an affiliated group basis (as defined in Section 1504(a) of the Code determined without regard to the exclusion contained in Section 1504(b)(3) of the Code) and similar Tax items determined under applicable Tax Law and any other losses, deductions, credits or other comparable items that could affect a Tax liability for a past or future taxable period.

"<u>Tax Certificates</u>" means any officer's or representative's certificates, representation letters or similar documents provided by Medtronic Parent or SplitCo to (i) Skadden, Arps, Slate, Meagher & Flom LLP or a [nationally recognized accounting firm] or (ii) any reputable non-U.S. law firms in connection with the Tax Opinions delivered or deliverable to Medtronic Parent in connection with the Transactions.

"<u>Tax Contest</u>" has the meaning set forth in <u>Section 6.1</u>.

"<u>Tax Item</u>" means any item of income, gain, loss, deduction or credit or any other item which increases or decreases Taxes paid or payable in any taxable period.

"<u>Tax Law</u>" means the Law of any governmental entity or political subdivision thereof relating to any Tax.

"<u>Tax Materials</u>" has the meaning set forth in <u>Section 4.1(a)</u>.

"<u>Tax Opinions</u>" means the (i) written opinions delivered or deliverable to Medtronic Parent by Skadden, Arps, Slate, Meagher & Flom LLP and a [nationally recognized accounting firm] and (ii) any other written opinion or memorandum delivered or deliverable to Medtronic Parent by reputable non-U.S. law firms regarding the tax consequences of the Transactions.

"<u>Tax Records</u>" has the meaning set forth in <u>Section 8.1</u>.

"<u>Tax-Related Losses</u>" means, with respect to any Taxes, (i) all reasonable accounting, legal and other professional fees and court costs incurred in connection with such Taxes, as well as any other reasonable out-of-pocket costs incurred in connection with such Taxes and (ii) all

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costs, expenses and damages associated with stockholder litigation or controversies and any amounts paid by Medtronic (or any of its Affiliates) or SplitCo (or any of its Affiliates) in respect of the liability of shareholders, whether paid to shareholders or to the IRS or any other Taxing Authority.

"<u>Tax Return</u>" means any return, report, certificate, form or similar statement or document (including any related supporting information or schedule attached thereto and any information return, amended tax return, claim for refund or declaration of estimated tax) supplied to or filed with, or required to be supplied to or filed with, a Taxing Authority, or any bill for or notice related to ad valorem or other similar Taxes received from a Taxing Authority, in each case, in connection with the determination, assessment or collection of any Tax or the administration of any Laws, regulations or administrative requirements relating to any Tax.

"<u>Taxing Authority</u>" means any governmental authority or any subdivision, agency, commission or entity thereof having jurisdiction over the assessment, determination, collection or imposition of any Tax (including the IRS).

"<u>Transactions</u>" means the Separation, the Divestment, any other transaction described in the Step Plan and any related transactions.

"<u>Treasury Regulations</u>" means the regulations promulgated from time to time under the Code as in effect for the relevant taxable period.

"<u>Unanticipated Separation Taxes</u>" shall mean all Taxes imposed on or with respect to the Transactions, in each case where such Tax is not a Separation Tax (as determined by Medtronic in its discretion), except for (i) any Tax resulting from a breach by any Party of any covenant in this Agreement and (ii) any Tax attributable to any action set out in <u>Section 4.2</u>.

"<u>Unqualified Tax Opinion</u>" means an unqualified "will" opinion of a Tax Advisor, which Tax Advisor is acceptable to Medtronic Parent and Medtronic and on which Medtronic Parent and Medtronic may rely to the effect that a transaction will not affect the Intended Tax Treatment. Any such opinion must assume that the Transactions would have qualified for Intended Tax Treatment if the transaction in question did not occur.

"<u>VAT</u>" means: (i) any Tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112), including in the United Kingdom in accordance with VATA 1994; (ii) any type of goods and services Tax; (iii) any type of consumption Tax; and (iv) any other Tax of a similar nature, whether imposed in substitution for, or levied in addition to, such tax referred to in clauses (i-iii).

"<u>VAT Credit</u>" means any credit, offset or receivable arising out of a payment of VAT where liability for such VAT is allocated to the Medtronic under this Agreement.

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ARTICLE II

**<u>PAYMENTS AND TAX REFUNDS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Allocation of Tax Liabilities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this Agreement, Medtronic shall be responsible for and shall pay or cause to be paid the following Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any and all Taxes due with respect to or required to be reported on any Joint Return (including any increase in such Tax as a result of a Final Determination) for all Pre-IPO Periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any and all Taxes due with respect to or required to be reported on any Joint Return (including any increase in such Tax as a result of a Final Determination) for all Post-IPO Periods, other than those Taxes described in <u>Section 2.1(b)(i)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;any and all Taxes due with respect to or required to be reported on any Medtronic Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;any and all Separation Taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;50% of any and all Unanticipated Separation Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this Agreement, SplitCo shall be responsible for and shall pay or cause to be paid the following Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any and all Taxes due with respect to or required to be reported on any Joint Return (including any increase in such Tax as a result of a Final Determination) for all Post-IPO Periods that are attributable to the SplitCo Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any and all Taxes due with respect to or required to be reported on any SplitCo Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;50% of any and all Unanticipated Separation Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Employment Taxes</u>. Liability for Employment Taxes shall be determined pursuant to the EMA. This Agreement shall not apply to Employment Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Refunds.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Medtronic shall be entitled to all Refunds related to Taxes the liability for which is allocated to Medtronic pursuant to this Agreement. SplitCo shall be entitled to all Refunds related to Taxes the liability for which is allocated to SplitCo pursuant to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this Agreement, Medtronic shall be entitled to all Refunds related to matters set forth in Exhibit C, and Medtronic shall (i) retain sole control over any proceedings, submissions and correspondence with relevant Taxing Authorities relating to such matters and (ii) retain the sole and exclusive right to amend or cause to be amended (including by members of the SplitCo Group) Tax Returns in connection with, or as a result of matters set forth in Exhibit C (or the outcomes thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo shall pay to Medtronic any Refund received by SplitCo or any member of the SplitCo Group that is allocable to Medtronic pursuant to this <u>Section 2.3</u> no later than thirty (30) days after the receipt of such Refund. Medtronic shall pay to SplitCo any Refund received by Medtronic or any member of the Medtronic Group that is allocable to SplitCo pursuant to this <u>Section 2.3</u> no later than thirty (30) days after the receipt of such Refund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo shall cooperate in good faith with any reasonable request by Medtronic to pursue any Refund to which Medtronic may be entitled under this <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this <u>Section 2.3</u>, any Refund that arises as a result of an offset, credit or other similar benefit in respect of Taxes other than a receipt of cash shall be deemed to be received on the earlier of (i) the date on which a Tax Return is filed claiming such offset, credit or other similar benefit and (ii) the date on which payment of the Tax which would have otherwise been paid absent such offset, credit or other similar benefit is due (determined without taking into account any applicable extensions). To the extent that the amount of any Refund in respect of which a payment was made under this <u>Section 2.3</u> is later reduced by a Taxing Authority or in a Tax Contest, such reduction shall be allocated to the Party to which such Refund was allocated pursuant to this <u>Section 2.3</u> and an appropriate adjusting payment shall be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Benefits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If Medtronic determines, in its good faith discretion, that (i) one Party is responsible for a Tax pursuant to this Agreement or under applicable Law and (ii) the other Party is entitled to a deduction, credit or other Tax benefit (including an increase in Tax basis) in respect of such Tax, then the Party entitled to such deduction, credit or other Tax benefit shall pay to the Party responsible for such Tax the amount of the Tax benefit actually realized in cash arising from such deduction, credit or other Tax benefit, no later than thirty (30) days after such Tax benefit is realized. To the extent that the amount of any Tax benefit in respect of which a payment was made under this <u>Section 2.4</u> is later reduced by a Taxing Authority or in a Tax Contest, the Party that received such payment shall reimburse such payment to the Party that made such payment to the extent of such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event that a member of the SplitCo Group realizes, in a Post-IPO Period, a deduction, credit or other Tax benefit arising from a VAT Credit, SplitCo shall make a payment to Medtronic of the amount of such deduction, credit or other Tax benefit (net of any reasonable out-of-pocket expenses incurred in obtaining such deduction, credit or other Tax benefit) no later than thirty (30) days after such deduction, credit or other Tax benefit is received or otherwise realized for Tax purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Prior Agreements</u>. Except as set forth in this Agreement and in consideration of the mutual indemnities and other obligations of this Agreement, any and all prior Tax sharing or allocation agreements or practices between any member of the Medtronic Group and any member of the SplitCo Group shall be terminated with respect to the Medtronic Group and the SplitCo Group as of the IPO Effective Date. No member of the SplitCo Group or the Medtronic Group shall have any continuing rights or obligations to any member of the other Group under any such agreement, and this Agreement shall be the sole Tax sharing agreement between the members of the Medtronic Group, on the one hand, and the members of the SplitCo Group, on the other hand. Each Party shall, after the Divestment, at the reasonable request of the other Party, take, or cause to be taken, such other actions as may be necessary to effect the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Determination of Taxes Attributable to the SplitCo Business</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of <u>Section 2.1(b)(i)</u>, the amount of Taxes attributable to the SplitCo Business shall be reasonably determined by Medtronic on a pro forma Joint Return prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;including only Tax Items of members of the SplitCo Group that were included in the relevant Joint Return; <u>provided</u>, <u>however</u>, that no carryforward of (A) any losses, (B) other deductible Tax Items or (C) Tax Attributes, in each case, shall be treated as attributable to the SplitCo Business for these purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;except as provided in <u>Section 2.6(a)(iv)</u> hereof, using all elections, accounting methods and conventions used on the relevant Joint Tax Return for such taxable period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;applying the highest statutory marginal applicable Tax rate in effect for such taxable period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;assuming that the SplitCo Group elects not to carry back any Tax Item or other Tax Attributes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The amount of Taxes attributable to the SplitCo Business with respect to any Joint Return for any taxable period shall not be less than zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo shall reimburse Medtronic for all reasonable costs and expenses paid or incurred by the Medtronic Group in connection with determining the amount of Taxes attributable to the SplitCo Business with respect to any Joint Return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;To the extent other assumptions and/or determinations are required to be made in connection with the determination of the Taxes attributable to the SplitCo Business, Medtronic shall make all such assumptions and/or determinations in good faith and otherwise in a manner consistent with the principles of this <u>Section 2.6</u>.

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ARTICLE III

**<u>PREPARATION AND FILING OF TAX RETURNS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Medtronic's Responsibility</u>. Medtronic shall prepare and file, or shall cause to be prepared and filed, when due (taking into account any applicable extensions) (a) all Joint Returns and (b) all Tax Returns required to be filed by any member of the Medtronic Group under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>SplitCo's Responsibility</u>. SplitCo shall prepare and file, or shall cause to be prepared and filed, when due (taking into account any applicable extensions) all Tax Returns required to be filed by any member of the SplitCo Group under applicable Law other than those Tax Returns which Medtronic is required to prepare and file under <u>Section 3.1</u>, including any amended Tax Returns. SplitCo shall prepare any transfer pricing documentation required to be prepared with respect to a Tax Return required to be prepared and filed under this <u>Section 3.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Right To Review Tax Returns</u>. To the extent that the positions taken on any Tax Return (i) directly relate to matters for which the Reviewing Party may have an indemnification obligation to the Preparing Party, or that may give rise to a refund to which the Reviewing Party would be entitled under this Agreement or (ii) would reasonably be expected to materially affect the Tax position of the Reviewing Party, the Preparing Party (at its own cost and expense) shall provide a draft of such Tax Return (or the relevant portion thereof) to the Reviewing Party for its review and comment at least thirty (30) days prior to the due date for such Tax Return (taking into account any applicable extensions), and shall use commercially reasonable efforts to modify such Tax Return before filing to include the Reviewing Party's reasonable comments; <u>provided</u>, <u>however</u>, that nothing herein shall prevent the Preparing Party from timely filing any such Tax Return. The Parties shall attempt in good faith to resolve any issues arising out of the review of any such portion of a Tax Return. SplitCo shall provide to Medtronic any transfer pricing documentation required to be prepared with respect to a Tax Return for any taxable period that begins on or before the second (2<sup>nd</sup>) anniversary of the Divestment Date with respect to which SplitCo is the Preparing Party at least thirty (30) days prior to the finalization of such transfer pricing documentation, and Medtronic shall be entitled to review and provide comments on such transfer pricing documentation (which documentation shall include, for the avoidance of doubt, the transfer pricing master file of SplitCo). SplitCo shall modify such transfer pricing documentation prior to its finalization to include all reasonable comments of Medtronic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Cooperation</u>. The Parties shall provide, and shall cause their Affiliates to provide, assistance and cooperation to one another in accordance with <u>Article VII</u> with respect to the preparation and filing of Tax Returns, including providing information required to be provided under <u>Article VIII</u>. Notwithstanding anything to the contrary in this Agreement, Medtronic shall not be required to disclose to SplitCo any consolidated, combined, unitary or other similar Joint Return of which a member of the Medtronic Group is the common parent or any information related to such a Joint Return other than information relating solely to the SplitCo Group; <u>provided</u>, however, that Medtronic shall provide to SplitCo the transfer pricing master file of Medtronic and its Subsidiaries for any taxable year ending prior to or on the IPO Effective Date. If an amended Separate Return that SplitCo is responsible for filing under this <u>Article III</u> is

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required to be filed as a result of an amendment made to a Joint Return pursuant to an audit adjustment, the Parties shall cooperate to ensure that such amended Separate Return can be prepared and filed in a manner that preserves confidential information including through the use of third-party preparers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Reporting Practices</u>. Except as provided in <u>Section 3.6</u> or pursuant to a Final Determination, with respect to any Tax Return for any taxable period that begins on or before the second (2<sup>nd</sup>) anniversary of the Divestment Date with respect to which SplitCo is the Responsible Party, such Tax Return shall be prepared in a manner (a) consistent with past practices, accounting methods and any similar standards, elections and conventions, including with respect to transfer pricing, used with respect to the Tax Returns in question ("<u>Past Practices</u>") (unless there is no Reasonable Basis for the use of such Past Practices) and to the extent any items are not covered by Past Practices (or in the event that there is no Reasonable Basis for the use of such Past Practices), in accordance with reasonable Tax accounting practices selected by SplitCo and (b) that, to the extent consistent with clause (a), minimizes the overall amount of Taxes due and payable on such Tax Return for all of the Parties by cooperating in making such elections or applications for group or other relief or allowances available in the taxing jurisdiction in which such Tax Return is filed. SplitCo shall not take any action inconsistent with the assumptions made (including with respect to any Tax Attribute or other Tax Item) in determining all estimated or advance payments of Taxes on or prior to the Divestment Date. SplitCo (i) shall not be permitted, and shall not permit any member of the SplitCo Group, without Medtronic's prior written consent, to make a change in any of its methods of accounting for Tax purposes for any taxable period that begins on or before the second (2<sup>nd</sup>) anniversary of the Divestment Date (unless there is no Reasonable Basis for not making such change) and (ii) shall notify Medtronic of, and consider in good faith any reasonable comments provided by Medtronic regarding, any such change in method of accounting for any taxable period that begins after the second (2<sup>nd</sup>) anniversary of the Divestment Date and on or before the fifth (5<sup>th</sup>) anniversary of the Divestment Date. Such notification and consideration described in clause (ii) of the preceding sentence shall occur prior to the making of any such change in method of accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Reporting of the Transactions</u>. Unless and until there has been a Final Determination to the contrary, each Party agrees not to, and shall ensure each member of its respective Group agrees not to and does not, take any position on any Tax Return, in connection with any Tax Contest, or otherwise that is inconsistent with (i) the Tax Materials, (ii) the Intended Tax Treatment or (iii) the treatment of payments between the Medtronic Group and the SplitCo Group as set forth in <u>Section 5.4</u>. If Medtronic determines, in its sole and absolute discretion, that a protective election under Section 336(e) of the Code should be made with respect to the Divestment with respect to SplitCo and any other members of the SplitCo Group that are a domestic corporation for U.S. federal income tax purposes (a "<u>Section 336(e) Election</u>"), SplitCo agrees to take any such action that is necessary to effect such Section 336(e) Election, including any corresponding Section 336(e) Elections with respect to any of its Subsidiaries, as determined by Medtronic in its sole and absolute discretion. If such Section 336(e) Election is made, this Agreement shall be amended in such a manner as is determined by Medtronic in its good faith discretion to compensate Medtronic for any tax benefits realized by SplitCo as a result of such Section 336(e) Election. To the extent a Section 336(e) Election

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becomes effective, each Party agrees not to take any position (and to cause each of its Affiliates not to take any position) that is inconsistent with the Section 336(e) Election on any Tax Return, in connection with any Tax Contest or otherwise, except as may be required by a Final Determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Taxes</u>. With respect to any Tax Return required to be filed pursuant to this Agreement, the Responsible Party shall remit or cause to be remitted to the applicable Taxing Authority in a timely manner any Taxes due in respect of any such Tax Return. In the case of any Tax Return for which the Party that is not the Responsible Party is obligated pursuant to this Agreement to pay all or a portion of the Taxes reported as due on such Tax Return, the Responsible Party shall notify the other Party, in writing, of its obligation to pay such Taxes and, in reasonably sufficient detail, its calculation of the amount due by such other Party, and the Party receiving such notice shall pay such amount to the Responsible Party upon the later of ten (10) days prior to the date on which such payment is due and thirty (30) days after the receipt of such notice. With respect to any estimated Taxes, the Party that is or will be the Responsible Party with respect to any Tax Return that will reflect (or otherwise give credit for) such estimated Taxes shall remit or cause to be remitted to the applicable Taxing Authority in a timely manner any estimated Taxes due. In the case of any estimated Taxes for which the Party that is not the Responsible Party is obligated pursuant to this Agreement to pay all or a portion of the Taxes that will be reported as due on any Tax Return that will reflect (or otherwise give credit for) such estimated Taxes, the Responsible Party shall notify the other Party, in writing, of its obligation to pay such estimated Taxes and, in reasonably sufficient detail, its calculation of the amount due by such other Party, and the Party receiving such notice shall pay such amount to the Responsible Party upon the later of ten (10) days prior to the date on which such payment is due and thirty (30) days after the receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Amended Returns and Carrybacks</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo shall not, and shall not permit any member of the SplitCo Group to, file or allow to be filed any request for an Adjustment for any Pre-IPO Period, including any Straddle Period ending at the end of the day on the IPO Effective Date, without the prior written consent of Medtronic, such consent to be exercised in Medtronic's sole and absolute discretion, to the extent that any such request for Adjustment (i) directly relates to matters for which Medtronic may have an indemnification obligation to SplitCo or that may give rise to a refund to which Medtronic would be entitled under this Agreement or (ii) would reasonably be expected to materially affect the Tax position of Medtronic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Medtronic shall not, and shall not permit any member of the Medtronic Group to, file or allow to be filed any request for an Adjustment for any Pre-IPO Period without the prior written consent of SplitCo, such consent to be exercised in SplitCo's sole and absolute discretion, to the extent that any such request for Adjustment (i) directly relates to matters for which the SplitCo may have an indemnification obligation to Medtronic or that may give rise to a refund to which SplitCo would be entitled under this Agreement or (ii) would reasonably be expected to materially affect the Tax position of SplitCo.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo shall, and shall cause each member of the SplitCo Group to, make any available elections to waive the right to carry back any Tax Attribute from a Post-IPO Period to a Pre-IPO Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo shall not, and shall cause each member of the SplitCo Group not to, without the prior written consent of Medtronic, make any affirmative election to carry back any Tax Attribute from a Post-IPO Period to a Pre-IPO Period, such consent to be exercised in Medtronic's sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Receipt of consent by SplitCo or a member of the SplitCo Group from Medtronic pursuant to the provisions of this <u>Section 3.8</u> shall not limit or modify SplitCo's continuing indemnity obligations pursuant to <u>Article V</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Attributes</u>. Upon written request by SplitCo, Medtronic shall use commercially reasonable efforts to advise SplitCo in good faith in writing of the amount (if any) of any Tax Attributes which Medtronic determines, in its sole and absolute discretion, shall be allocated or apportioned to any member of the SplitCo Group under applicable Tax Law. SplitCo and all members of the SplitCo Group shall prepare all Tax Returns in accordance with such written notice. SplitCo agrees that it shall not dispute any determination of Tax Attributes made by Medtronic pursuant to this <u>Section 3.9</u>. Nothing in this Agreement shall require Medtronic to create or cause to be created any books and records or reports or other documents based thereon (including, without limitation, any "E&P studies," "basis studies" or similar determinations) that it does not maintain or prepare in its ordinary course of business. The Parties agree that (i) Medtronic is not providing a representation, warrantee or guarantee regarding the amount of any Tax Attribute pursuant to this <u>Section 3.9</u> and (ii) Medtronic shall not be liable to any member of the SplitCo Group for any failure of any determination under this <u>Section 3.9</u> to be accurate under applicable Law.

ARTICLE IV

**<u>INTENDED TAX TREATMENT OF THE TRANSACTIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Medtronic, on behalf of itself and all other members of the Medtronic Group, hereby represents and warrants that (i) it has examined the Ruling[s],the Ruling Request[s], the Tax Opinions, the Tax Certificates, the Step Plan and any other materials delivered or deliverable in connection with the issuance of the Ruling[s], and the rendering of the Tax Opinions, in each case, as they exist as of the Divestment Date (collectively, the "<u>Tax Materials</u>") and (ii) the facts presented and representations made therein, to the extent descriptive of or otherwise relating to Medtronic or any member of the Medtronic Group or the Medtronic Business, were or will be, at the time presented or represented and from such time until and including the Divestment Date, true, correct and complete in all material respects. Medtronic, on behalf of itself and all other members of the Medtronic Group, hereby confirms and agrees to comply with any and all covenants and agreements in the Tax Materials applicable to Medtronic, any member of the Medtronic Group or the Medtronic Business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo, on behalf of itself and all other members of the SplitCo Group, hereby represents and warrants that (i) it has examined the Tax Materials and (ii) the facts presented and representations made therein, to the extent descriptive of or otherwise relating to SplitCo or any member of the SplitCo Group or the SplitCo Business, were or will be, at the time presented or represented and from such time until and including the Divestment Date, true, correct and complete in all material respects. SplitCo, on behalf of itself and all other members of the SplitCo Group, hereby confirms and agrees to comply with any and all covenants and agreements in the Tax Materials applicable to SplitCo, any member of the SplitCo Group or the SplitCo Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each of Medtronic, on behalf of itself and all other members of the Medtronic Group, and SplitCo, on behalf of itself and all other members of the SplitCo Group, represents and warrants that it knows of no fact or circumstance (after due inquiry) that may cause the Transactions to fail to qualify for the Intended Tax Treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each of Medtronic on behalf of itself and all other members of the Medtronic Group, and SplitCo, on behalf of itself and all other members of the SplitCo Group, represents and warrants that it has no plan or intention to take, fail to take or cause or permit to be taken any action which is inconsistent with any of the statements or representations made or set forth in the Tax Materials or that may cause the Transactions to fail to qualify for the Intended Tax Treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Parties hereby represents and warrants that it has the power and authority to execute, deliver and perform this Agreement, that this Agreement has been duly authorized by all necessary corporate action on the part of such Party, that this Agreement constitutes a legal, valid and binding obligation of each such Party enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors' rights generally and general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Restrictions Relating to the Intended Tax Treatment of the Transactions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo, on behalf of itself and all other members of the SplitCo Group, hereby covenants and agrees that no member of the SplitCo Group will take, fail to take or cause or permit to be taken (i) any action where such action or failure to act would be inconsistent with or cause to be untrue any statement, information, covenant or representation in the Tax Materials or (ii) any action where such action or failure to act constitutes an SplitCo Disqualifying Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Specific Restrictions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;During the Restricted Period, SplitCo shall continue, and cause to be continued, the active conduct of each SplitCo Trade or Business for purposes of Section 355(b)(2) of the Code, taking into account Section 355(b)(3) of the Code;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;During the Restricted Period, SplitCo shall not voluntarily dissolve or liquidate itself or any of its Affiliates (including any action that is treated as a liquidation for U.S. federal income tax purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;During the Restricted Period, SplitCo shall not (1) enter into any Proposed Acquisition Transaction or, to the extent SplitCo has the right to prohibit any Proposed Acquisition Transaction, permit any Proposed Acquisition Transaction to occur, (2) redeem or otherwise repurchase (directly or through an Affiliate) any SplitCo stock, or rights to acquire SplitCo stock, except to the extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by Revenue Procedure 2003-48), (3) amend its certificate of incorporation (or other organizational documents) or take any other action, whether through a stockholder vote or otherwise, affecting the relative voting rights of SplitCo Capital Stock (including through the conversion of any class of SplitCo Capital Stock into another class of SplitCo Capital Stock) or (4) take any other action or actions (including any action or transaction that would be reasonably likely to be inconsistent with any of the statements and representations made or set forth in the Tax Materials) which in the aggregate, when combined with any other direct or indirect changes in ownership of SplitCo Capital Stock pertinent for purposes of Section 355(e) of the Code, would be reasonably likely to have the effect of causing or permitting one or more Persons (whether or not acting in concert) to acquire directly or indirectly stock representing a thirty-five percent (35%) or greater interest in SplitCo (or in any Affiliate of SplitCo that was a party to an Internal Distribution) or otherwise jeopardize the Intended Tax Treatment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;During the Restricted Period, SplitCo shall not, and shall not cause or permit any member of the SplitCo Group to, sell, transfer or otherwise dispose of or agree to, sell, transfer or otherwise dispose of (including in any transaction treated for U.S. federal income tax purposes as a sale, transfer or disposition) assets (including any shares of capital stock of a Subsidiary) that, in the aggregate, constitute more than twenty percent (20%) of the gross assets of any SplitCo Trade or Business or more than twenty percent (20%) of the consolidated gross assets of SplitCo or the SplitCo Group. The foregoing sentence shall not apply to (1) sales, transfers or dispositions of assets in the ordinary course of business, (2) any cash paid to acquire assets from an unrelated Person in an arm's-length transaction, (3) any assets transferred to a Person that is disregarded as an entity separate from the transferor for U.S. federal income tax purposes or (4) any mandatory or optional repayment (or prepayment) of any indebtedness of SplitCo or any member of the SplitCo Group. For any such transactions that would occur on or after the Divestment Date, the percentages of gross assets or consolidated gross assets of SplitCo or the SplitCo Group, as the case may be, sold, transferred or otherwise disposed of, shall be based on the fair market value of the gross assets of SplitCo and the members of the SplitCo Group as of the Divestment Date. For purposes of this <u>Section 4.2(b)(iii)</u>, a merger of SplitCo or one of its Subsidiaries with and into any Person that is not a wholly owned Subsidiary of SplitCo shall constitute a disposition of all of the assets of SplitCo or such Subsidiary.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Swiss Tax Restrictions</u>. From the date hereof until the first Business Day after the third (3<sup>rd</sup>) anniversary of the Swiss Divestment Date, SplitCo shall not, and shall not cause or permit any member of the SplitCo Group to, take any action or enter into any transaction that would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;result in SplitCo Switzerland NewCo ceasing to substantially continue the business activity transferred from Medtronic International within Switzerland (including, but not limited to, a transfer of the business activity to a place outside of Switzerland or an actual or *de facto* liquidation of SplitCo Switzerland NewCo);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;result in SplitCo Switzerland NewCo earning remuneration inconsistent with the historic transfer pricing practices of the Medtronic Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;effectuate a merger of SplitCo Switzerland NewCo with and into another Swiss entity or a demerger of SplitCo Switzerland NewCo.

These restrictions described under this <u>Section 4.2(b)(v)</u> shall be interpreted in a manner consistent with the Direct Federal Tax Act of Switzerland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the restrictions imposed by <u>Section 4.2(b)</u>, SplitCo or a member of the SplitCo Group may take any of the actions or transactions described therein if SplitCo either (i) obtains a Tax ruling with an appropriate Taxing Authority or an Unqualified Tax Opinion, at the election of Medtronic (and in the case of a transaction described in <u>Section 4.2(b)(v)(3)</u>, obtains a Tax ruling issued by the competent Swiss Taxing Authority stating that such merger or demerger (A) will be non-taxable for Swiss Tax purposes, (B) will not retroactively affect the tax-free or tax-neutral nature of the Swiss Demerger and (C) will not result in any other adverse Swiss Tax consequences to Medtronic International), in form and substance satisfactory to Medtronic in Medtronic's sole and absolute discretion or (ii) obtains the prior written consent of Medtronic waiving the requirement that SplitCo obtain a Tax ruling or an Unqualified Tax Opinion, such waiver to be provided in Medtronic's sole and absolute discretion. Medtronic's evaluation of a Tax ruling or an Unqualified Tax Opinion, as applicable, may consider, among other factors, the appropriateness of any underlying assumptions, representations and covenants made in connection with such ruling or opinion (and, for the avoidance of doubt, Medtronic may determine that no ruling or opinion would be acceptable to Medtronic). SplitCo shall bear all costs and expenses of securing any such Tax ruling or an Unqualified Tax Opinion and shall reimburse Medtronic for all reasonable out-of-pocket expenses (including reasonable fees of external legal counsel and external Tax Advisors) that Medtronic or any of its Affiliates may incur in good faith in seeking to obtain or evaluate any such Tax ruling or Unqualified Tax Opinion. Neither the delivery of a Tax ruling or an Unqualified Tax Opinion nor Medtronic's waiver of SplitCo's obligation to deliver Tax ruling or an Unqualified Tax Opinion shall limit or modify SplitCo's continuing indemnity obligations pursuant to <u>Article V</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Parties each (i) shall timely file (or cause to be timely filed) any appropriate information and statements to report the applicable steps of the Transactions as

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qualifying for the Intended Tax Treatment and (ii) shall not (and shall not cause or permit any of their respective Affiliates to) take any position on any Tax Return, financial statement or other document (or otherwise with a Taxing Authority) that is inconsistent with such qualifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Base Erosion Payment Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;For each taxable year of Medtronic ending on or before the Divestment (and in the case of the taxable year of Medtronic during which the Divestment occurs, for the portion of such taxable year ending on the date of the Divestment), SplitCo shall, and shall cause the members of the SplitCo Group, to take all actions necessary to have a "base erosion percentage" (as defined in Section 59A(c)(4) of the Code) of less than three percent (3%) (or such percentage as may be applicable under any amendments to Section 59A of the Code to taxpayers that are not banks and securities dealers); <u>provided</u> that for purposes of this sentence, the "base erosion percentage" shall be determined pursuant to Treasury Regulation Section 1.59A-2(e) and by treating SplitCo as the "applicable taxpayer" of an "aggregate group" that excludes Medtronic Parent and its Subsidiaries (other than SplitCo and its Subsidiaries) (the "<u>SplitCo BEAT Group</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo shall promptly notify Medtronic if it expects that SplitCo and the SplitCo Group will not satisfy the covenant in <u>Section 4.2(e)(i)</u>. With respect to each taxable year of SplitCo (or any member of the SplitCo Group) that ends on or before the Divestment (and in the case of the taxable year of SplitCo (and each member of the SplitCo Group) during which the Divestment occurs, for the portion of such taxable year ending on the date of the Divestment), SplitCo shall, at the request of Medtronic, as determined by Medtronic in its sole discretion to be necessary to cause the SplitCo BEAT Group to have a "base erosion percentage" less than three percent (3%) or such percentage as may be applicable under any amendments to Section 59A of the Code to taxpayers that are not banks and securities dealers) during the applicable taxable year (or portion of a taxable year) of Medtronic, as determined under and for purposes of <u>Section 4.2(e)(i)</u>, waive, and cause applicable members of the SplitCo Group to waive, deductions for U.S. federal income tax purposes as permitted under Treasury Regulation Section 1.59A-3 such that the "base erosion percentage" of the SplitCo BEAT Group is less than three percent (3%) <u>provided</u>, that, Medtronic's non-exercise of its right pursuant to this <u>Section 4.2(e)(ii)</u> shall not limit SplitCo's indemnity obligations as determined under <u>Section 5.1(b)</u>. To effectuate any such waivers, SplitCo shall (1) prepare an election as described in Treasury Regulation Section 1.59A-3(c)(6) consistent with Medtronic's request in this <u>Section 4.2(e)(ii)</u> (a "<u>Deduction Waiver Election</u>"), (2) provide such Deduction Waiver Election to Medtronic at least thirty (30) days prior to the filing of the earliest Tax Return with which such Deduction Waiver Election is to be filed and (3) incorporate into such Deduction Waiver Election any reasonable comments provided by Medtronic at least five (5) days prior to the filing of such Tax Return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Qualified Expenditure Elections</u>. For each taxable year of SplitCo that begins on or before or includes the Divestment Date, SplitCo shall, and shall cause the members

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of the SplitCo Group, as applicable, to make an election pursuant to Section 59(e) of the Code to deduct "qualified expenditures," as such term is defined under Section 59(e)(2) of the Code, ratably over the period applicable to such expenditures as described in Section 59(e)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Other Tax Restrictions</u>. During the applicable period set forth on <u>Exhibit D</u>, SplitCo shall not, and shall not cause or permit any member of the SplitCo Group, to take any actions described on <u>Exhibit D</u>.

ARTICLE V

**<u>INDEMNITY OBLIGATIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnity Obligations</u>. Notwithstanding anything to the contrary in this Agreement (but, for the avoidance of doubt, subject to Section 10.10):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Medtronic shall indemnify and hold harmless SplitCo from and against and will reimburse SplitCo for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all liability for Taxes allocated to Medtronic pursuant to <u>Article II</u> (other than liabilities described in, and for which SplitCo is responsible, pursuant to <u>Sections 5.1(b)(ii)</u> and <u>5.1(b)(iii)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;all Taxes and Tax-Related Losses arising out of, based upon, or relating or attributable to any breach of or inaccuracy in, or failure to perform, as applicable, any representation, covenant or obligation of any member of the Medtronic Group pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the amount of any Refund received by any member of the Medtronic Group that is allocated to SplitCo pursuant <u>Section 2.3(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Without regard to whether a Tax ruling or an Unqualified Tax Opinion may have been provided or whether any action is permitted or consented to hereunder, SplitCo shall indemnify and hold harmless Medtronic from and against and will reimburse Medtronic for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all liability for Taxes allocated to SplitCo pursuant to <u>Article II</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;all Taxes and Tax-Related Losses arising out of, based upon or relating or attributable to any breach of or inaccuracy in, or failure to perform, as applicable, any representation, covenant or obligation of any member of the SplitCo Group pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;any Taxes and Tax-Related Losses attributable to any SplitCo Disqualifying Action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;all Taxes and Tax-Related Losses arising out of, based upon or relating or attributable to any breach of the covenants or obligations in <u>Section 4.2</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the amount of any Refund received by any member of the SplitCo Group that is allocated to Medtronic pursuant to <u>Section 2.3(a)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;any Taxes and Tax-Related Losses arising from the application of Section 59A of the Code if there is a breach of any of the covenants or obligations in <u>Section 4.2(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any Tax or Tax-Related Loss is subject to indemnity pursuant to both <u>Section 5.1(a)(ii)</u> (on the one hand) and <u>Section 5.1(b)(ii)</u> or <u>(iii)</u> or <u>Section</u> <u>5.1(b)(iv)</u> (on the other hand), responsibility for such Tax or Tax-Related Loss shall be shared by Medtronic and SplitCo according to relative fault as determined by Medtronic in its good faith discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this Agreement, if either Party (or its Affiliate) (the "<u>Indemnitee</u>") is required to pay to a Taxing Authority a Tax or to another Person a payment in respect of a Tax for which the other Party (the "<u>Indemnifying Party</u>") is liable under this Agreement, including as a result of a Final Determination, the Indemnitee shall notify the Indemnifying Party, in writing, of the Indemnitee's requirement to pay such Tax and, in reasonably sufficient detail (and shall include any relevant Tax Return, statement, bill or invoice relating to Taxes, costs, expenses or other amounts due and owing), the Indemnitee's calculation of the amount due by such Indemnifying Party to the Indemnitee, including any Tax-Related Losses attributable thereto. The Indemnifying Party shall pay such amount, including any Tax-Related Losses attributable thereto, to the Indemnitee no later than thirty (30) days after the receipt of notice from the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If, as a result of any change or redetermination, any amount previously allocated to and borne by one Party pursuant to the provisions of <u>Article II</u> is thereafter allocated to the other Party, then, no later than thirty (30) days after such change or redetermination, such other Party shall pay to the first Party the amount previously borne by such Party which is allocated to such other Party as a result of such change or redetermination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment Mechanics</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All payments under this Agreement shall be made by Medtronic or, at the discretion of Medtronic, by Medtronic Parent on behalf of Medtronic, directly to SplitCo and by SplitCo directly to Medtronic or, if requested by Medtronic, to Medtronic Parent; <u>provided</u>, <u>however</u>, that if the Parties mutually agree with respect to any such indemnification payment, any member of the Medtronic Group, on the one hand, may make such indemnification payment to any member of the SplitCo Group, on the other hand, and vice versa. All indemnification payments shall be treated in the manner described in <u>Section 5.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the case of any payment of Taxes made by a Responsible Party or Indemnitee pursuant to this Agreement for which such Responsible Party or Indemnitee, as the case may be, has received a payment from the other Party, such Responsible Party or Indemnitee

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shall provide to the other Party a copy of any official Taxing Authority receipt received with respect to the payment of such Taxes to the applicable Taxing Authority (or, if no such official governmental or Taxing Authority receipts are available, executed bank payment forms or other reasonable evidence of payment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Treatment of Tax Indemnity Payments</u>. The Parties agree that any payment made between the Parties pursuant to this Agreement (and under Section 6.04 of the Separation Agreement and Section **__________** of the EMA), unless otherwise required by a Final Determination, shall be treated for all U.S. federal income tax purposes, to the extent permitted by Law, as either (i) a non-taxable contribution by Medtronic to SplitCo or (ii) a distribution by SplitCo to Medtronic, in each case, made immediately prior to the Medtronic Distribution <u>provided</u>, <u>however</u>, that following the SplitCo Merger, any payments shall be made by or to SplitCo (as successor and on behalf of __________). Notwithstanding the foregoing, Medtronic shall notify SplitCo if it determines that any payment made pursuant to this Agreement is to be treated, for any Tax purposes, in a different manner, including, but not limited to, as a payment made by Medtronic or SplitCo, as the case may be, acting as an agent of one of such Person's Subsidiaries to the other Person acting as an agent of one of such other Person's Subsidiaries, and the Parties agree to treat any such payment accordingly, <u>provided</u>, <u>however</u>, that in no event should any payments under this Agreement (or Section 6.04 of the Separation Agreement and Section **__________** of the EMA) be treated as a contribution by Medtronic Parent to SplitCo or a distribution by SplitCo to Medtronic Parent. In the event that any Taxes are imposed on or attributable to any Tax indemnity payment made by a Party (or a Subsidiary of such Party) under this Agreement (and under Section 6.04 of the Separation Agreement and Section **__________** of the EMA), such indemnity payment shall be increased as necessary so that after making all payments in respect of such Taxes, the recipient Party (or Subsidiary of such Party) receives an amount equal to the sum it would have received had no such Taxes been imposed, respectively decreased to take into account any Tax benefit actually realized by the Indemnitee resulting from the incurrence of the liability in respect of which the payment by the Indemnifying Party is made.

ARTICLE VI

**<u>TAX CONTESTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Each Party shall notify the other Party in writing within ten (10) days after receipt by such Party or any member of its Group of a written communication from any Taxing Authority with respect to any pending or threatened audit, examination, claim, dispute, suit, action, proposed assessment or other proceeding (a "<u>Tax Contest</u>") concerning any Taxes for which the other Party may be liable pursuant to this Agreement and/or any Taxes in respect of payments between the Medtronic Group and the SplitCo Group and thereafter shall promptly forward or make available to such Party copies of notices and communications relating to such Tax Contest. A failure by an Indemnitee to give notice as provided in this <u>Section 6.1</u> (or to promptly forward any such notices or communications) shall not relieve the Indemnifying Party of its indemnification obligation under this Agreement, except to the extent that the Indemnifying Party shall have been materially prejudiced by such failure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Joint Returns</u>. In the case of any Tax Contest with respect to any Joint Return, Medtronic shall have the sole responsibility and right to control the prosecution of such Tax Contest, including the exclusive right to communicate with agents of the applicable Taxing Authority and to control, resolve, settle or agree to any deficiency, claim or adjustment proposed, asserted or assessed in connection with or as a result of such Tax Contest, subject to <u>Sections 6.1</u> and <u>6.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Separate Returns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 2.3(b),</u> in the case of any Tax Contest with respect to a Separate Return, the Party having the liability for the Tax pursuant to <u>Article II</u> shall have the sole responsibility and right to control the prosecution of such Tax Contest, including the exclusive right to communicate with agents of the applicable Taxing Authority and to control, resolve, settle or agree to any deficiency, claim or adjustment proposed, asserted or assessed in connection with or as a result of such Tax Contest; <u>provided</u>, that, in the case of any such Tax Contest that relates both to Taxes for which Medtronic has liability pursuant to <u>Section 2.1(a)</u> and to Taxes for which SplitCo has liability pursuant to <u>Section 2.1(a)(v)</u>, (i) any Tax Contest that relates to the treatment of payments between the Medtronic Group and the SplitCo Group shall be jointly controlled by the Parties and (ii) in the case of any other Tax Contest described in this proviso, the Party that has the largest amount of potential Tax liability arising out of such Tax Contest shall be the Controlling Party and the other Party shall be the Non-Controlling Party (with the rights set forth in <u>Sections 6.1</u> and <u>6.5</u>, respectively); <u>provided</u>*,* <u>further</u>, that the Controlling Party in any Tax Contest described in clause (ii) of the preceding proviso shall not resolve, settle or agree to any deficiency, claim or adjustment proposed, asserted or assessed in connection with or as a result of such Tax Contest without the prior written consent of the Non-Controlling Party if any such action would cause the Non-Controlling Party to be liable for an amount of Taxes and Tax-Related Losses in excess of **__________** pursuant to this Agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in <u>Section 6.3(a)</u> above, Medtronic shall have the sole responsibility and right to control the prosecution of any Tax Contest with respect to a Separate Return that could reasonably affect the ability of a Transaction to qualify for the Intended Tax Treatment, including the exclusive right to communicate with agents of the applicable Taxing Authority and to control, resolve, settle or agree to any deficiency, claim or adjustment proposed, asserted or assessed in connection with or as a result of such Tax Contest; <u>provided</u>, that Medtronic shall not resolve, settle or agree to any deficiency, claim or adjustment proposed, asserted or assessed in connection with or as a result of such Tax Contest without the prior written consent of SplitCo if any such action would cause SplitCo to be liable for an amount of Taxes and Tax-Related Losses in excess of **__________** pursuant to this Agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Obligation of Continued Notice</u>. During the pendency of any Tax Contest or threatened Tax Contest, each of the Parties shall provide prompt notice to the other Party of any written communication received by it or a member of its respective Group from a Taxing Authority regarding any Tax Contest for which it is indemnified by the other Party hereunder or

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for which it may be required to indemnify the other Party hereunder. Such notice shall attach copies of the pertinent portion of any written communication from a Taxing Authority and contain factual information (to the extent known) describing any asserted Tax liability in reasonable detail and shall be accompanied by copies of any notice and other documents received from any Taxing Authority in respect of any such matters. Such notice shall be provided in a reasonably timely fashion; <u>provided</u>, <u>however</u>, that in the event that timely notice is not provided, a Party shall be relieved of its obligation to indemnify the other Party only to the extent that such delay results in material increased costs or material prejudice to such other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Contest Cooperation Rights</u>. Unless waived by the Parties in writing, in connection with any potential adjustment in a Tax Contest as a result of which adjustment the Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment to the Controlling Party under this Agreement, (i) the Controlling Party shall keep the Non-Controlling Party informed in a timely manner of all actions taken or proposed to be taken by the Controlling Party with respect to such potential adjustment in such Tax Contest, (ii) the Controlling Party shall timely provide the Non-Controlling Party copies of any written materials relating to such potential adjustment in such Tax Contest received from any Taxing Authority, (iii) the Controlling Party shall timely provide the Non-Controlling Party with copies of any correspondence or filings submitted to any Taxing Authority or judicial authority in connection with such potential adjustment in such Tax Contest, (iv) the Controlling Party shall consult with the Non-Controlling Party and offer the Non-Controlling Party a reasonable opportunity to comment before submitting any written materials prepared or furnished in connection with such potential adjustment in such Tax Contest and (v) the Controlling Party shall defend such Tax Contest diligently and in good faith. The failure of the Controlling Party to take any action specified in the preceding sentence with respect to the Non-Controlling Party shall not relieve the Non-Controlling Party of any liability or obligation which it may have to the Controlling Party under this Agreement, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party.

ARTICLE VII

**<u>COOPERATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Party shall fully cooperate, and shall cause all members of such Party's Group to fully cooperate and in a timely manner (considering the other Party's normal internal processing or reporting requirements), with all reasonable requests in writing from the other Party, or from an agent, representative or advisor of such Party, in connection with the preparation and filing of any Tax Return, claims for Refunds, the conduct of any Tax Contest and calculations of amounts required to be paid pursuant to this Agreement, in each case, related or attributable to or arising in connection with Taxes of either Party or any member of either Party's Group covered by this Agreement and the establishment of any reserve required in connection with any financial reporting (a "<u>Tax Matter</u>"). Such cooperation shall include the provision of any information reasonably necessary by the other Party in connection with the

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preparation of Tax Returns or financial accounting statements, audits, litigation or the resolution of items under this Agreement and shall include, without limitation, at each Party's own cost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the provision of any Tax Returns of either Party or any member of either Party's Group, books, records (including information regarding ownership and Tax basis of property), documentation and other information relating to such Tax Returns, including accompanying schedules, related work papers and documents relating to rulings or other determinations by Taxing Authorities (in each case, subject to <u>Section 3.4</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the execution of any document (including any power of attorney) that may be reasonably helpful in connection with any Tax Contest of either Party or any member of either Party's Group or the filing of a Tax Return or a Refund claim of either Party or any member of either Party's Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the use of the Party's commercially reasonable efforts to obtain any documentation and to provide any additional facts, insights or views as requested by the other Party that may be reasonably helpful in connection with a Tax Matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the use of the Party's commercially reasonable efforts to obtain any Tax Returns (including accompanying schedules, related work papers and documents), documents, books, records or other information that may be reasonably helpful in connection with the filing of any Tax Returns of either Party or any member of either Party's Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the use of the Party's commercially reasonable efforts to resolve any outstanding requests from any Taxing Authority or otherwise cooperate with such Taxing Authority in connection with the issuance of a Tax ruling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Party shall make its and its Subsidiaries' employees and facilities available, as reasonably requested, and available, without charge, on a mutually convenient basis to facilitate such cooperation.

ARTICLE VIII

**<u>RETENTION OF RECORDS; ACCESS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Retention of Records</u>. For so long as the contents thereof may become material in the administration of any matter under applicable Tax Law, but in any event until the later of (i) sixty (60) days after the expiration of any applicable statutes of limitation (including any waivers or extensions thereof) and (ii) seven (7) years after the IPO Effective Date, the Parties shall retain records, documents, accounting data and other information (including computer data) necessary for the preparation and filing of all Tax Returns (collectively, "<u>Tax Records</u>") in respect of Taxes of any member of either the Medtronic Group or the SplitCo Group for any Pre-IPO Period or Straddle Period or for any Tax Contests relating to such Tax Returns. At any time after the IPO Effective Date when the SplitCo Group proposes to destroy any Tax Records, SplitCo shall first notify Medtronic in writing, and the Medtronic Group shall be entitled to receive, at the cost and

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expense of the Medtronic Group, such records or documents proposed to be destroyed. The Parties will notify each other in writing of any waivers or extensions of the applicable statute of limitations that may affect the period for which the foregoing records or other documents must be retained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Access to Tax Records</u>. Subject to <u>Section 3.4</u>, the Parties and their respective Affiliates shall make available to each other for inspection and copying, during normal business hours upon reasonable notice, all Tax Records (including, for the avoidance of doubt, any pertinent underlying data accessed or stored on any computer program or information technology system) in their possession, to the extent reasonably required by the other Party in connection with the preparation of Tax Returns or financial accounting statements, audits, litigation or the resolution of items under this Agreement. Each of the Parties shall permit the other Party and its Affiliates, authorized agents and representatives and any representative of a Taxing Authority or other Tax auditor direct access, during normal business hours upon reasonable notice, to any computer program or information technology system used to access or store any Tax Records, in each case to the extent reasonably required by the other Party in connection with the preparation of Tax Returns or financial accounting statements, audits, litigation or the resolution of items pursuant to this Agreement and subject to any security procedures reasonably required by the Party giving access to protect its information technology systems. The Party seeking access to the records of the other Party shall bear all out-of-pocket third-party costs and expenses associated with such access, including any reasonable professional fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Preservation of Privilege</u>. No member of the SplitCo Group shall provide access to, copies of or otherwise disclose to any Person any documentation relating to Taxes existing as of the date hereof to which attorney-client privilege may reasonably be asserted without the prior written consent of Medtronic, such consent not to be unreasonably withheld.

ARTICLE IX

**<u>DISPUTE RESOLUTION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Dispute Resolution</u>. In the event of any dispute between the Parties as to any matter covered by this Agreement, the Parties shall appoint a nationally recognized independent public accounting firm (the "<u>Accounting Firm</u>") to resolve such dispute. In this regard, the Accounting Firm shall make determinations with respect to the disputed items based solely on representations made by Medtronic, SplitCo and their respective representatives, and not by independent review, and shall function only as an expert and not as an arbitrator and shall be required to make a determination in favor of one Party only. The Parties shall require the Accounting Firm to resolve all disputes no later than thirty (30) days after the submission of such dispute to the Accounting Firm, but in no event later than the due date for the payment of Taxes or the filing of the applicable Tax Return, if applicable, and agree that all decisions by the Accounting Firm with respect thereto shall be final and conclusive and binding on the Parties. The Accounting Firm shall resolve all disputes in a manner consistent with this Agreement and, to the extent not inconsistent with this Agreement, in a manner consistent with the Past Practices of Medtronic and its Affiliates, except as otherwise required by applicable Law. The Parties shall require the Accounting Firm to render all determinations in writing and to set forth, in reasonable

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detail, the basis for such determination. The fees and expenses of the Accounting Firm shall be borne equally by the Parties.

ARTICLE X

**<u>MISCELLANEOUS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival</u>. Except as otherwise contemplated by this Agreement, all representations, covenants and agreements of the Parties contained in this Agreement shall survive the Divestment and remain in full force and effect in accordance with their applicable terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. Notices, requests, instructions or other documents to be given under this Agreement shall be in writing and shall be deemed to have been properly delivered, given and received, (a) on the date of transmission if sent via email (<u>provided</u>, <u>however</u>, that notice given by email shall not be effective unless either (i) a duplicate copy of such email notice is promptly given by one of the other methods described in this <u>Section 10.2</u> or (ii) the receiving Party delivers a written confirmation of receipt of such notice either by email or any other method described in this <u>Section 10.2</u> (excluding "out of office" or other automated replies)), (b) when delivered, if delivered personally to the intended recipient and (c) one Business Day later, if sent by overnight delivery via a national courier service (providing proof of delivery), and in each case, addressed to a Party at the address for such Party set forth below (or at such other address for a Party as shall be specified from time to time in a notice given in accordance with this <u>Section 10.2</u>):

If to Medtronic:

Medtronic, Inc.

Medtronic Operational Headquarters

710 Medtronic Parkway

Minneapolis, MN 55432

Attention: Vice President, Corporate Development & Ventures

Senior Legal Director, Business Development

Email:&nbsp;&nbsp;&nbsp;&nbsp; chris.e.eso@medtronic.com

rhona.e.shwaid@medtronic.com

with a copy (which shall not constitute notice) to:

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, NY 10036

Attn: B. Chase Wink

Email: b.chase.wink@skadden.com

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And

Cleary Gottlieb Steen & Hamilton LLP

650 California Street

San Francisco, CA 94108

Attn: Benet J. O'Reilly

Email: boreilly@cgsh.com

Cleary Gottlieb Steen & Hamilton LLP

One Liberty Plaza

New York, NY 10006

Attn: Kimberly R. Spoerri

Email: kspoerri@cgsh.com

If to SplitCo (including as successor to __________):

__________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Any provision of this Agreement may be waived if, and only if, such waiver is in writing and signed by the Party against whom the waiver is to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;No failure or delay of any Party (or the applicable member of its Group) in exercising any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Waiver by any Party of any default by the other Party of any provision of this Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Modification or Amendment</u>. No provisions of this Agreement shall be deemed amended, supplemented or modified by any Party, unless such amendment, supplement, or modification is in writing and signed by an authorized representative of each Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5&nbsp;&nbsp;&nbsp;&nbsp;<u>No Assignment; Binding Effect</u>. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of Law or otherwise by either Party without the prior written consent of the other Party. Any purported assignment without such consent shall be void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. Notwithstanding the foregoing, (a) Medtronic may assign this Agreement (or any provision thereof) to any Affiliate of Medtronic and (b) either Party may assign this Agreement without consent of the other Party in connection with (i) a merger transaction in which such Party is not the surviving entity and the surviving entity acquires or

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assumes all or substantially all of such Party's Assets, or (ii) the sale of all or substantially all of such Party's Assets; <u>provided</u>, <u>however</u>, that the assignee expressly assumes in writing all of the obligations of the assigning Party under this Agreement, and the assigning Party provides written notice and evidence of such assignment and assumption to the non-assigning Party. No assignment permitted by this <u>Section 10.5</u> shall release the assigning Party from liability for the full performance of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment Terms</u>. Except as expressly provided in this Agreement, any amount payable pursuant to this Agreement by one Party (or any member of such Party's Group) shall be paid within thirty (30) days after presentation of an invoice or a written demand by the party entitled to receive such payments. Such demand shall include documentation (or reasonable explanation if such documentation would be unreasonable to produce or procure) setting forth the basis for the amount payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest on Late Payments</u>. With respect to any payment between the Parties pursuant to this Agreement not made by the due date set forth in this Agreement for such payment, the outstanding amount will accrue interest at a rate per annum equal to the rate in effect for underpayments under Section 6621 of the Code from such due date to and including the payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8&nbsp;&nbsp;&nbsp;&nbsp;<u>No Set-Off</u>. Except as expressly set forth in the Separation Agreement or any Ancillary Agreement or as otherwise mutually agreed to in writing by the Parties, neither Party nor any member of any Party's Group shall have any right of set-off or other similar rights with respect to (a) any amounts received pursuant to this Agreement or any other Ancillary Agreement or the Separation Agreement or (b) any other amounts claimed to be owed to the other Party or any member of its Group arising out of this Agreement or any other Ancillary Agreement or the Separation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9&nbsp;&nbsp;&nbsp;&nbsp;<u>No Circumvention</u>. The Parties agree not to directly or indirectly take any actions, act in concert with any Person who takes an action, or cause or allow any member of any such Party's Group to take any actions (including the failure to take a reasonable action) such that the resulting effect is to materially undermine the effectiveness of any of the provisions of this Agreement (including adversely affecting the rights or ability of any Party to successfully pursue indemnification, contribution or payment pursuant to <u>Article V</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Subsidiaries</u>. Each of the Parties shall cause (or with respect to an Affiliate that is not a Subsidiary or a direct or indirect parent owning all of the equity of such Party, shall use commercially reasonable efforts to cause) to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any Subsidiary or Affiliate of such Party or by any entity that becomes a Subsidiary or Affiliate of such Party on and after the Divestment. This Agreement is being entered into by Medtronic, and SplitCo on behalf of themselves and the members of the Medtronic Group (in the case of Medtronic) and the SplitCo Group (in the case of SplitCo). This Agreement shall constitute a direct obligation of each such entity and shall be deemed to have been readopted and affirmed on behalf of any entity that becomes a Subsidiary or Affiliate of such Party on and after the Divestment. Either Party shall have the right, by giving notice to the other Party, to require that

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any Subsidiary of the other Party execute a counterpart to this Agreement to become bound by the provisions of this Agreement applicable to such Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Third Party Beneficiaries</u>. This Agreement is solely for the benefit of each Party hereto and its respective Affiliates, successors or permitted assigns, and it is not the intention of the Parties to confer third party beneficiary rights upon any other Person and should not be deemed to confer upon any third party any remedy, claim, liability, reimbursement, proceedings or other right in excess of those existing without reference to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Titles and Headings</u>. The article, section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibits and Schedules</u>. The exhibits and schedules hereto shall be construed with and be an integral part of this Agreement to the same extent as if the same had been set forth verbatim herein. Nothing in the exhibits or schedules constitutes an admission of any liability or obligation of any member of the Medtronic Group or the SplitCo Group or any of their respective Affiliates to any third party, nor, with respect to any third party, an admission against the interests of any member of the Medtronic Group or the SplitCo Group or any of their respective Affiliates. The inclusion of any item or liability or category of item or liability on any exhibit or schedule is made solely for purposes of allocating potential liabilities among the Parties and shall not be deemed as or construed to be an admission that any such liability exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. Any disputes arising out of, related to or in connection with this Agreement, including, without limitation, to its execution, performance, or enforcement, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, regardless of the Laws that might otherwise govern under applicable principles of conflicts of Laws thereof. Each Party irrevocably consents to the exclusive jurisdiction, forum and venue of the Court of Chancery of the State of Delaware or, if (and only if) the Court of Chancery of the State of Delaware finds it lacks subject matter jurisdiction, the federal court of the United States sitting in Delaware or, if (and only if) the federal court of the United States sitting in Delaware finds it lacks subject matter jurisdiction, the Superior Court of the State of Delaware, and appellate courts thereof, over any and all claims, disputes, controversies or disagreements between the Parties or any of their respective Subsidiaries, Affiliates, successors and assigns under or related to this Agreement or any document executed pursuant to this Agreement or any of the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Specific Performance</u>. Subject to <u>Article IX</u>, in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the affected Party shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at Law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at Law for any breach or threatened breach hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at Law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. If any provision of this Agreement or the application thereof to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party. Upon any such determination, any such provision, to the extent determined to be invalid, void or unenforceable, shall be deemed replaced by a provision that such court determines is valid and enforceable and that comes closest to expressing the intention of the invalid, void or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Construction</u>. The rules of interpretation set forth in Section **__________** of the Separation Agreement are incorporated by reference into this Agreement, *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. This Agreement, the Separation Agreement, the other Ancillary Agreements and the Exhibits and Schedules hereto and thereto contain the entire agreement between the Parties with respect to the subject matter hereof and supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings between the Parties with respect to the subject matter hereof other than those set forth or referred to herein or therein. Nothing contained in this Agreement is intended or shall be construed to amend or modify in any respect, or constitute a waiver of, any of the rights and obligations of the parties under the Separation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in one or more counterparts, all of which counterparts shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each Party and delivered to the other Party. This Agreement may be executed by facsimile or PDF signature and a facsimile or PDF signature shall constitute an original for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.20&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Each Party hereby acknowledges that confidential Information of such Party or members of its Group may be exposed to employees and agents of the other Party or its Group who have a need to know such confidential Information as a result of, or in connection with, the activities contemplated by this Agreement. Each Party agrees, on behalf of itself and its Affiliates, that such Party's obligation (and the obligation of members of its Group) to use and keep confidential such Information of the other Party or its Group shall be governed by Section **__________** of the Separation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21&nbsp;&nbsp;&nbsp;&nbsp;<u>WAIVER OF JURY TRIAL</u>. EACH OF THE PARTIES ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH OF THE PARTIES CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE

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OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF ANY LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH OF THE PARTIES UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH OF THE PARTIES MAKES THIS WAIVER VOLUNTARILY AND (D) EACH OF THE PARTIES HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 10.21</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.22&nbsp;&nbsp;&nbsp;&nbsp;<u>Third-Party Beneficiaries</u>. Except for the indemnification rights under this Agreement of Medtronic or SplitCo in their respective capacities as such, (a) the provisions of this Agreement are solely for the benefit of the Parties hereto and are not intended to confer upon any Person except the Parties hereto any rights or remedies hereunder and (b) there are no third-party beneficiaries of this Agreement and this Agreement shall not provide any third person with any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23&nbsp;&nbsp;&nbsp;&nbsp;<u>Separation Agreement</u>. The Parties agree that, in the event of a conflict between the terms of this Agreement and the Separation Agreement with respect to the subject matter hereof, the terms of this Agreement shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.24&nbsp;&nbsp;&nbsp;&nbsp;<u>Force Majeure</u>. In case performance of any terms or provisions hereof shall be delayed or prevented, in whole or in part, because of or related to compliance with any Law or requirement of any national securities exchange, or because of riot, war, public disturbance, strike, labor dispute, fire, explosion, storm, flood, earthquake, pandemic, shortage of necessary equipment, materials or labor, or restrictions thereon or limitations upon the use thereof, delays in transportation, act of God or act of terrorism, in each case, that is not within the control of the Party whose performance is interfered with and which, by the exercise of reasonable diligence, such Party is unable to prevent, or for any other reason which is not within the control of such Party whose performance is interfered with and which, by the exercise of reasonable diligence, such Party is unable to prevent (each, a "Force Majeure Event"), then, upon prompt written notice stating the date and extent of such interference and the cause thereof by such Party to the other Party, such Party shall be excused from its obligations hereunder during the period such Force Majeure Event or its effects continue, and no liability shall attach against either Party on account thereof; provided, however, that the Party whose performance is interfered with promptly resumes the required performance upon the cessation of the Force Majeure Event or its effects. No Party shall be excused from performance if such Party fails to use commercially reasonable efforts to remedy the situation and remove the cause and effects of the Force Majeure Event.

[*Signature page follows. The remainder of this page is intentionally left blank.*]

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

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|:---|
| By: |
| Name: |
| Title: |
| By: |
| Name: |
| Title: |

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[*Tax Matters Agreement Signature Page*]

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<u>EXHIBIT A</u>

<u>ATB Entities</u>

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| | |
|:---|:---|
| **Corporation (or Successor) Relying on ATB** | **Business** |
| MiniMed Holdings B.V. | The manufacturing, research and development, sales and marketing activities and operations conducted by MiniMed Puerto Rico Operations Company and its employees |
| Kangaroo US HoldCo 2, Inc. | The manufacturing, research and development, sales and marketing activities and operations conducted by MiniMed Puerto Rico Operations Company and its employees<br>The manufacturing, research and development, sales, marketing, and distribution activities and operations conducted by Medtronic MiniMed, Inc. and its employees |
| MiniMed Group, Inc. | The manufacturing, research and development, sales and marketing activities and operations conducted by MiniMed Puerto Rico Operations Company and its employees<br>The manufacturing, research and development, sales, marketing, and distribution activities and operations conducted by Medtronic MiniMed, Inc. and its employees |

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<u>EXHIBIT B</u>

<u>Certain Non-U.S. Intended Tax Treatment</u>

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| |
|:---|
| • Australia: Treatment of Step AU-5 of the Step Plan as tax-free |
| • Netherlands: Treatment of Step NL-3 of the Step Plan as tax-free. |
| • Puerto Rico: Treatment of Step(s) PR-3 and PR-4 of the Step Plan as tax-free |
| • Switzerland: Treatment of Step(s) CH-4 and CH-5 of the Step Plan as tax-free  |
| • United Kingdom: Treatment of Step(s) UK-3 and UK-4 of the Step Plan as tax-free |

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<u>EXHIBIT C</u>

<u>Certain Tax Matters</u>

Refunds received for SplitCo Separate Returns relating to the following Tax Returns for taxable periods for the Pre-IPO Period:

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| | | | |
|:---|:---|:---|:---|
| Entity | Type | Jurisdiction | Period |
| MINIMED DISTRIBUTION CORPORATION | Income | ALFRN | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Income | AL | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Sales and Use | AL – RDS | January 2017 – February 2018 |
| MINIMED DISTRIBUTION CORPORATION | Income | AR | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Sales and Use | CA | October 2015 – December 2019 |
| MINIMED INC. | Sales and Use | CA | October 2015 – December 2019 |
| MINIMED DISTRIBUTION CORPORATION | Sales and Use | CA | January 2020 – December 2022 |
| MINIMED DISTRIBUTION CORPORATION | Income | DE | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Income | FL | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Income | GA | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Income | IA | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Income | KY – CITIES | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Sales and Use | LA | January 2022 – December 2022 |

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| | | | |
|:---|:---|:---|:---|
| MINIMED DISTRIBUTION CORPORATION | Income | LA | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Income | MD | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Income | MO | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Income | MS | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Income | NC | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Income | OH – CITIES | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Income | OK | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Sales and Use | OK | January 2021 – December 2021 |
| MINIMED DISTRIBUTION CORPORATION | Sales and Use | OK | January 2025 – June 2025 |
| MINIMED DISTRIBUTION CORPORATION | Income | PA | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Income | SC | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Income | TN | All Pre-IPO Periods |
| MINIMED DISTRIBUTION CORPORATION | Income | VA | All Pre-IPO Periods |

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<u>EXHIBIT D</u>

<u>Certain Other Tax Restrictions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions For Purposes of Exhibit D</u>.

For purposes of this Exhibit D, the following terms have the meanings given below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Act 73</u>" means Act 73-2008, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Grant</u>" means the tax exemption grant issued pursuant to Act 73 in Case No. 18-73-I-015

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>IDI</u>" means net industrial development income as used in Act 73.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>MiniMedPR</u>" means MiniMed Puerto Rico Operations LLC, a limited liability company organized under the laws of Puerto Rico and a member of the SplitCo Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>MPROC</u>" means Medtronic Puerto Rico Operations Co., a corporation organized under the laws of the Cayman Islands and duly authorized to do business in Puerto Rico and a member of the Medtronic Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Restricted Period</u>" means the period which begins on the date hereof and ends on the last day of MPROC's fiscal year during which the Divestment Date occurs; provided, however, that the Restricted Period may be extended for up to two (2) years after the last day of MPROC's first fiscal year commenced after the Divestment Date, in Medtronic's sole good faith discretion, to the extent that combining MiniMedPR's headcount, IDI and royalty payments with those of MPROC and USSC PR is needed (1) to meet the Grant headcount requirement and (2) for the IDI special exemption set forth in Section 3A(a)(2)(D) of Act 73 to be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>USSC PR</u>" means U.S.S.C. Puerto Rico, Inc., means a corporation organized under the laws of the Cayman Islands and duly authorized to do business in Puerto Rico and a member of the Medtronic Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgements by the Parties Regarding Requirements Relevant for Puerto</u> <u>Rico Income Taxation.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Parties acknowledge that, as of the close of the fiscal year immediately preceding the Separation, the operations of the portion of the SplitCo Business that will be transferred to MiniMedPR had a headcount of **__________**, IDI of **__________**, and made royalty payments as specified in Section 3A of Act 73 of **__________**, which represent 327.52% of such IDI for purposes of the computation required in Section 3A(a)(2)(D) of Act 73.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Parties acknowledge that, as of the close of the fiscal year immediately preceding the Separation, MPROC and USSC PR had a combined headcount of **__________**, IDI of **__________** and made royalty payments as specified in Section 3A of Act 73 of **__________**, which represent 105.15% of such IDI for purposes of the computation required in Section 3A(a)(2)(D) of Act 73.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo, on behalf of itself and MiniMedPR, and Medtronic on behalf of itself, MPROC and USSC PR, acknowledge that for the IDI special exemption set forth in Section 3A(a)(2)(D) of Act 73 to be applicable, the following requirements must be met by MiniMedPR, MPROC, and USSC PR, in the aggregate, for the immediately preceding taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Maintaining a headcount of no less than 4,000 direct employees as such term is defined in Act 73 for purposes of Section 3A of Act 73; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Making relevant royalty payments that represent at least 90% of IDI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Restricted Actions</u>. During the Restricted Period, SplitCo shall not, and shall not cause or permit any member of the SplitCo Group to take any action or enter into any transaction without the prior written consent of Medtronic, such consent to be exercised or waived in Medtronic's sole and absolute discretion, that would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;result in MiniMedPR having a headcount of less than 1,500 direct employees as such term is defined in Act 73 for purposes of Section 3A; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;result in MiniMedPR's relevant royalty payments to be less than $200,000,000 USD over MiniMedPR's IDI, as specified in Section 3A of Act 73.

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<u>Schedule A</u>

<u>Separation Taxes</u>

**__________**

## Exhibit 10.3

**Exhibit 10.3**

FORM OF EMPLOYEE MATTERS AGREEMENT

by and between

__________

and

__________

Dated as of __________

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| | **Page** |
| ARTICLE I Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.01. Definitions | 1 |
| ARTICLE II General | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.01. Employment of SplitCo Employees | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.02. Refusal Employees | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.03. Comparable Compensation and Benefits | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.04. General Allocation of Employee Liabilities | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.05. General Treatment of Employee Benefits | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.06. Non-Termination of Employment or Benefits | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.07. Power to Amend | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.08. No Right to Continued Employment | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.09. Personnel Records | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.10. Deferred Markets | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11. Post-Standup Date SplitCo Employee Determination | 14 |
| ARTICLE III Collective Bargaining Agreements | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.01. Continuity and Performance of Agreements | 16 |
| ARTICLE IV Welfare Plans | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.01. General | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.02. Participation in SplitCo Welfare Plans | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.03. Claims Incurred | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.04. Transition Services | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.05. No Transfer of Assets Pertaining to Welfare Plans | 19 |
| ARTICLE V Pension Plans | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.01. General | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.02. Transferring Pension Plan Assets and Liabilities | 19 |
| ARTICLE VI Defined Contribution Plans | 20 |
| &nbsp;&nbsp;&nbsp;SECTION 6.01. Establishment of SplitCo U.S. Savings Plan | 20 |
| &nbsp;&nbsp;&nbsp;SECTION 6.02. Transfer and Assumption of Liabilities | 21 |
| &nbsp;&nbsp;&nbsp;SECTION 6.03. Trust to Trust Transfer of Assets | 21 |
| &nbsp;&nbsp;&nbsp;SECTION 6.04. Plan Fiduciaries | 21 |
| &nbsp;&nbsp;&nbsp;SECTION 6.05. Limitation of Liability | 22 |
| &nbsp;&nbsp;&nbsp;SECTION 6.06. Non-U.S. Defined Contribution Plans | 22 |

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| | |
|:---|:---|
| ARTICLE VII Equity-Based Incentive Compensation Awards | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.01. SplitCo Stock Plan | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.02. Restricted Share Unit Awards | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.03. Performance Share Unit Awards | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.04. Option Awards | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.05. Equity Awards Granted in Certain Non-U.S. Jurisdictions | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.06. Settlement; Tax Reporting and Withholding | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.07. Administrative Arrangements | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.08. Retained Medtronic Award Liabilities | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.09. Registration and Other Regulatory Requirements | 26 |
| ARTICLE VIII Certain Other Arrangements | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.01. Annual Incentive Awards | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.02. Long-Term Cash Incentive Awards | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.03. Restrictive Covenants in Individual Agreements | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.04. Severance | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.05. SplitCo Employee Stock Purchase Plan | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.06. Individual Agreements | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.07. Director Compensation | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.08. Vacation and Other Paid Time Off | 29 |
| ARTICLE IX Non-Qualified Deferred Compensation | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.01. Treatment of Medtronic Non-Qualified Plans | 29 |
| ARTICLE X [Reserved] | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.01. Reserved. | 31 |
| ARTICLE XI Cooperation; Payroll Services; Liabilities/Assets and Actions; Access to Information; Confidentiality; Tax Deductions | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.01. Cooperation | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.02. Payroll Services | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.03. Liabilities/Assets and Actions | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.04. Access to Information; Confidentiality | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.05. Tax Deductions | 33 |
| ARTICLE XII Miscellaneous | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.01. Counterparts; Entire Agreement; Corporate Power | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.02. Governing Law; Dispute Resolution; Jurisdiction | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.03. Assignability | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.04. Third-Party Beneficiaries | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.05. Notices | 33 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.06. Severability | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.07. Headings | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.08. Survival of Covenants | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.09. Waivers of Default | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.10. Specific Performance | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.11. No Admission of Liability | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.12. Section 409A | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.13. Termination | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.14. Amendments | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.15. Interpretation | 34 |

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EMPLOYEE MATTERS AGREEMENT, dated as of __________, by and between __________ ("<u>Medtronic</u>") and __________ ("<u>SplitCo</u>" and, each of Medtronic and SplitCo, a "<u>Party</u>" and together, the "<u>Parties</u>"). Capitalized terms used in this Agreement and not defined herein shall have the meanings ascribed to such terms in the Separation Agreement, dated as of the date hereof, by and between the Parties (the "<u>Separation Agreement</u>").

R E C I T A L S

WHEREAS, Medtronic and SplitCo have entered into a Separation Agreement, which sets forth the principal corporate transactions required to effect the Separation and the Initial Public Offering and describes certain other agreements that will govern certain matters relating to the Separation, the Initial Public Offering and the Divestment or the Other Disposition, as applicable, and the relationship of Medtronic, SplitCo and their respective Subsidiaries following the Separation;

WHEREAS, in connection therewith, the Parties have agreed to enter into this Agreement to allocate between them assets, liabilities and responsibilities with respect to certain employee compensation, pension and benefit plans, programs and arrangements and other employment matters.

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, the Parties, intending to be legally bound, hereby agree as follows:

ARTICLE I

<u>Definitions</u>

SECTION 1.01. <u>Definitions</u>. For purposes of this Agreement, the following terms shall have the following meanings.

"<u>Active Participant</u>" has the meaning set forth in <u>Section 5.01</u>.

"<u>Administrative Model</u>" has the meaning set forth in <u>Section 7.07</u>.

"<u>Agreement</u>" means this Employee Matters Agreement.

"<u>Benefit Plan</u>" means, with respect to an entity or any of its Subsidiaries, any plan, program, policy, agreement, arrangement or understanding that is an employment, consulting, deferred compensation, executive compensation, incentive bonus or other bonus, employee pension, profit sharing, savings, retirement, supplemental retirement, stock option, stock purchase, stock appreciation right, restricted stock, restricted stock unit, performance unit, deferred stock unit or other equity-based compensation, severance pay, retention, change in control, salary continuation, life insurance, death benefit, health, hospitalization, workers compensation, welfare benefits, perquisites, sick leave, vacation pay, disability or accident insurance or other employee benefit plan, program, agreement or arrangement, including any "employee benefit plan" (as defined in Section 3(3) of ERISA), whether or not subject to ERISA.

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"<u>CAP</u>" has the meaning set forth in <u>Section 9.01(a)</u>.

"<u>CBA</u>" means either the Medtronic CBA or the SplitCo CBA, as the context requires.

"<u>COBRA</u>" means Part 6 of Subtitle B of Title I of ERISA, Section 4980B of the Code and any similar state Law.

"<u>Collective Bargaining Agreement</u>" means any collective bargaining, works council or other similar agreement, Contract or arrangement with any labor union, works council or other labor representative applicable to any SplitCo Employee.

"<u>Continuation Period</u>" means the period from the Standup Date (or, in respect of Deferred Market Employees or SplitCo Visa Employees, the Deferred Separation Date or the Deferred Employee Date, respectively), through the later of (a) any continuation period required by applicable Law or CBA, and (b) a period of twelve (12) months following the Standup Date (or, in respect of Deferred Market Employees or SplitCo Visa Employees, the Deferred Separation Date or the Deferred Employee Date, respectively).

"<u>Conversion Ratio</u>" means the quotient, rounded to four (4) decimal places, of (a) the average closing trading price of a Medtronic Parent Ordinary Share for the last three consecutive regular trading days (9:30 am to 4:00 pm EST) on the Exchange, ending on the last regular trading day (9:30 am to 4:00 pm EST) ending immediately preceding the Separation Date, *divided by* (b) the average closing trading price of a share of SplitCo Common Stock for three consecutive regular trading days (9:30 am to 4:00 pm EST) on the Exchange, starting with and including the first regular trading day (9:30 am to 4:00 pm EST) on which the Separation occurs.

"<u>DC Compliance Date</u>" has the meaning set forth in <u>Section 6.06</u>.

"<u>Deferred Employee Date</u>" has the meaning set forth in <u>Section 2.01(d)</u>.

"<u>Deferred Market Employee</u>" has the meaning set forth in <u>Section 2.10</u>.

"<u>Dispute</u>" has the meaning set forth in <u>Section 2.11(e)</u>.

"<u>Employment Records</u>" has the meaning set forth in <u>Section 2.09</u>.

"<u>Employment Taxes</u>" means all fees, Taxes, social insurance payments or similar contributions to a fund of a Governmental Authority with respect to wages or other compensation.

"<u>ERISA</u>" means the U.S. Employee Retirement Income Security Act of 1974, as amended. Reference to a specific provision of ERISA also includes any proposed, temporary or final regulation in effect thereunder.

"<u>FICA</u>" has the meaning set forth in <u>Section 9.01(d)</u>.

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"<u>Former Medtronic Employee</u>" means each individual who, as of the Standup Date, is a former employee of a Medtronic Entity and who is not a Former SplitCo Employee.

"<u>Former SplitCo Employee</u>" means (a) each former employee who separated from employment with a SplitCo Entity prior to the Standup Date and (b) each former employee who separated from employment with a Medtronic Entity prior to the Standup Date and who was primarily dedicated to the SplitCo Business as of immediately prior to his or her separation from employment. For purposes of clause (b), an employee shall be deemed "primarily dedicated to the SplitCo Business" if, immediately prior to such individual's separation from employment, (x) such employee was accounted for in the external reporting of the SplitCo Business in Medtronic's financial accounting systems, or (y) the majority (more than 50%) of such employee's working time was allocated to the SplitCo Business.

"<u>German Works Council Completion</u>" means the date on which Medtronic reaches an agreement with the applicable works council of the relevant member of the Medtronic Group on a balance of interest agreement (*Interessenausgleich*) or, if an agreement is not reached following an arbitration (*Eingungsstelle*), the date on which arbitration has failed.

"<u>Individual Agreement</u>" means any individual (a) employment contract, (b) retention, severance or change in control agreement, (c) expatriate (including any international assignee) contract or agreement (including agreements and obligations regarding repatriation, relocation, equalization of Taxes and living standards in the host country), or (d) other agreement containing restrictive covenants (including confidentiality, noncompetition and non-solicitation provisions) between a Medtronic Entity or SplitCo Entity, on the one hand, and a SplitCo Employee, on the other hand, in each case as in effect immediately prior to the Standup Date.

"<u>Medtronic</u>" has the meaning set forth in the preamble.

"<u>Medtronic Benefit Plan</u>" means any Benefit Plan (a) that is sponsored, maintained or contributed to by, or required to be sponsored, maintained or contributed to by, any Medtronic Entity or (b) that is an Individual Agreement to which a Medtronic Entity is a party, but in each case excluding any SplitCo Benefit Plan.

"<u>Medtronic CBA</u>" means each Collective Bargaining Agreement covering Medtronic Employees.

"<u>Medtronic Deferred PSU Award</u>" means a performance share unit granted under the Medtronic Stock Plans (i) that has vested as the Separation Date and remains outstanding, and (ii) for which the holder has elected to defer distribution until a future date in accordance with the terms of the applicable Medtronic Stock Plan, including upon the holder's retirement or termination of employment.

"<u>Medtronic Employee</u>" means each employee of the Medtronic Group or the SplitCo Group who is not a SplitCo Employee.

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"<u>Medtronic Employee Liabilities</u>" means the following Liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities (including those arising under any Action) arising under or related to a Medtronic Benefit Plan and the Retained Medtronic Awards, other than as provided in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities (including those arising under any Action) arising under or related to any Action with respect to all Medtronic Employees or Former Medtronic Employees at any time prior to, on or after the Standup Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities with respect to the employment and termination of all Medtronic Employees and Former Medtronic Employees, whether arising before, on or after the Standup Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;all other Liabilities that are expressly provided by this Agreement or any Ancillary Agreement as Liabilities to be assumed or retained by, or allocated to, any member of the Medtronic Group, including pursuant to <u>Section 5.02</u> and prong (f) of the definition of "SplitCo Employee Liabilities".

"<u>Medtronic Entity</u>" means any member of the Medtronic Group.

"<u>Medtronic ESPP</u>" means the Medtronic plc 2024 Employee Stock Purchase Plan, as amended from time to time.

"<u>Medtronic Non-Qualified Plan</u>" means each Medtronic Benefit Plan that is a nonqualified deferred compensation plan or arrangement, including any such plan that is an excess defined benefit or defined contribution plan.

"<u>Medtronic Option Award</u>" means an option to purchase Medtronic Parent Ordinary Shares granted under the Medtronic Stock Plans and outstanding as of immediately prior to the Separation Date.

"<u>Medtronic OUS Pension Plan</u>" means each Medtronic Benefit Plan that is a defined benefit pension plan providing lump sum and/or pension benefits on retirement or leaving service that is maintained in or is contributed to in respect of current or former employees who are or were principally employed in, any jurisdiction outside of the United States.

"<u>Medtronic 2024 PSU Award</u>" means a performance share unit granted in fiscal year 2024 for the fiscal years 2024-2026 performance period under the Medtronic Stock Plans and outstanding as of immediately prior to the Separation Date but specifically excluding any Medtronic Deferred PSU Awards.

"<u>Medtronic 2025 PSU Award</u>" means a performance share unit granted in fiscal year 2025 for the fiscal years 2025-2027 performance period under the Medtronic Stock Plans and outstanding as of immediately prior to the Separation Date but specifically excluding any Medtronic Deferred PSU Awards.

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"<u>Medtronic 2026 PSU Award</u>" means a performance share unit granted in fiscal year 2026 for the fiscal years 2026-2028 performance period under the Medtronic Stock Plans and outstanding as of immediately prior to the Separation Date but specifically excluding any Medtronic Deferred PSU Awards.

"<u>Medtronic PSU Award</u>" means a performance share unit granted under the Medtronic Stock Plans and outstanding as of immediately prior to the Separation Date but specifically excluding the Medtronic 2024 PSU Awards and Medtronic Deferred PSU Awards.

"<u>Medtronic RSU Award</u>" means a restricted share unit (including any restricted share unit that, as of the Separation Date, was previously earned based on performance-based vesting conditions but remains subject solely to service-based vesting conditions) granted under the Medtronic Stock Plans and outstanding as of immediately prior to the Separation Date.

"<u>Medtronic Stock Plans</u>" means the Medtronic 2003 Long-Term Incentive Plan, the Medtronic 2008 Stock Award and Incentive Plan and the Medtronic 2013 Stock Award and Incentive Plan, each as amended and restated from time to time.

"<u>Medtronic Welfare Plan</u>" means a Welfare Plan that is a Medtronic Benefit Plan.

"<u>Medtronic Workers Compensation Plan</u>" means any workers compensation plan that is a Medtronic Benefit Plan.

"<u>Netherlands Works Council Completion</u>" means the date on which the applicable works council of the relevant member of the Medtronic Group has rendered a neutral or positive opinion in writing and Medtronic has taken a decision in line with the opinion or until Medtronic reasonably concludes that, as a matter of Dutch Law, the applicable works council of the Dutch Medtronic Entity is deemed to have been consulted and to have rendered a negative opinion and Medtronic has taken a decision that is not in line with the negative opinion and the one-month waiting period has lapsed in which the works council has not initiated legal proceedings before the Enterprise Chamber of the Amsterdam Court of Appeal, or the works council has waived the one-month waiting period, in accordance with the provisions of Dutch Law, or in case the works council initiated legal proceedings before the Enterprise Chamber of the Amsterdam Court of Appeal in accordance with the provisions of Dutch Law and the Enterprise Chamber of the Amsterdam Court of Appeal rules that the Dutch Medtronic Entity can implement the decision.

"<u>Non-U.S. DC Pla</u>n" has the meaning set forth in <u>Section 6.06</u>.

"<u>NRPS</u>" has the meaning set forth in <u>Section 9.01(a)</u>.

"<u>Party</u>" has the meaning set forth in the preamble.

"<u>Payroll Transition Date</u>" has the meaning set forth in <u>Section 6.01</u>.

"<u>Periodic Review</u>" has the meaning set forth in <u>Section 2.11(c)</u>.

"<u>Puerto Rico Code</u>" has the meaning set forth in <u>Section 6.01</u>.

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"<u>Refusal Employee</u>" has the meaning set forth in <u>Section 2.02</u>.

"<u>Retained Medtronic Awards</u>" means, collectively, (i) each Medtronic 2024 PSU Award held by any SplitCo Employee as of the Separation Date, and (ii) each Medtronic Option Award held by any SplitCo Employee as of the Separation Date.

"<u>Savings Plan Transfer Date</u>" has the meaning set forth in <u>Section 6.02</u>.

"<u>Second Step Transaction</u>" means the Divestment or the Other Disposition, as applicable.

"<u>Separation Agreement</u>" has the meaning set forth in the preamble.

"<u>Shared-Services Employee</u>" means any employee who, immediately prior to such individual's Standup Date (or, for any such Shared-Services Employee that is a SplitCo Leave Employee, immediately prior to the date on which such individual became a SplitCo Leave Employee), allocated 50% or less of such employee's working to the SplitCo Business but who occupies a role or position that is listed on <u>Schedule I</u> attached hereto (it being understood that such roles and positions provide support to the SplitCo Business and have been selected by the Parties in good faith and in accordance with the methodology mutually established by Parties prior to the date hereof).

"<u>SplitCo</u>" has the meaning set forth in the preamble.

"<u>SplitCo Benefit Plan</u>" means any Benefit Plan (a) that is solely sponsored, maintained or contributed to by, or required to be sponsored, maintained or contributed to by, any SplitCo Entity, (b) that is an Individual Agreement to which a SplitCo Entity and/or a SplitCo Employee or Former SplitCo Employee is a party, (c) that is solely for the benefit of SplitCo Employees and/or Former SplitCo Employees, or (d) assumed or adopted by SplitCo pursuant to the terms of this Agreement.

"<u>SplitCo CBA</u>" means each Collective Bargaining Agreement covering SplitCo Employees or the SplitCo Business.

"<u>SplitCo CBA Liabilities</u>" means all Liabilities arising under or related to any SplitCo CBA, including any Liabilities related to a Medtronic CBA covering SplitCo Employees or Former SplitCo Employee.

"<u>SplitCo Employee</u>" means each employee, including any such employee who is hired or engaged by Medtronic, SplitCo or any of their Affiliates following the date of this Agreement, as of immediately prior to the Standup Date, who is (a) employed by a SplitCo Entity, (b) a SplitCo Transfer Employee, or (c) a SplitCo Offer Employee, including all Shared-Services Employees. During the period commencing on the date hereof and ending on the Divestment Date, the Parties shall work together in good faith to consider and agree (in writing) pursuant to <u>Section 2.11</u> hereof if any additional employees, roles or positions not listed on <u>Schedule I</u> attached hereto, including any Medtronic Employees agreed among the Parties to

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temporarily support SplitCo following the Standup Date as a result of the transactions contemplated by this Agreement, the Separation Agreement and/or the TSA, shall be considered SplitCo Employees.

"<u>SplitCo Employee Liabilities</u>" means the following Liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities (including those arising under any Action) arising under or related to a SplitCo Benefit Plan other than as provided in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities (including those arising under any Action) arising under or related to any Action with respect to all SplitCo Employees or Former SplitCo Employees (including SplitCo Leave Employees) at any time prior to, on or after the Standup Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities with respect to the employment and termination of all SplitCo Employees and Former SplitCo Employees (including SplitCo Leave Employees), whether arising before, on or after the Standup Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the SplitCo CBA Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities arising under or related to SplitCo Employees, to the extent relating to, arising out of or resulting from the ownership, operation or conduct of the SpinCo Business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;all other Liabilities that are expressly provided by this Agreement or any Ancillary Agreement as Liabilities to be assumed or retained by, or allocated to, any member of the SplitCo Group, including pursuant to <u>Section 5.02</u> and as set forth on Schedule VII of the Separation Agreement; <u>provided</u>, that with respect to any Shared-Services Employee, the aforementioned Liabilities, solely to the extent incurred prior such Shared-Services Employee's Standup Date, shall be allocated between Medtronic and SplitCo pro-rata based on, and consistent with, the good-faith allocation of such employee's working time between the respective businesses during the twelve (12) months immediately preceding such Shared-Services Employee's Standup Date (or, for any such Shared-Services Employee that is a SplitCo Leave Employee, immediately prior to the date on which such individual became a SplitCo Leave Employee).

"<u>SplitCo Entity</u>" means any member of the SplitCo Group.

"<u>SplitCo ESPP</u>" has the meaning set forth in <u>Section 8.05(a)</u>.

"<u>SplitCo Leave Employee</u>" means each SplitCo Employee who is (a) receiving long-term disability benefits as of immediately prior to the Standup Date pursuant to a Medtronic Benefit Plan principally covering employees employed in the United States; or (b) employed in an EMEA jurisdiction and who is on an approved long-term leave of absence (including but not limited to long-term illness absence, maternity leave or parental leave) as of immediately prior to and on the Standup Date.

"<u>SplitCo Nonqualified Plans</u>" has the meaning set forth in <u>Section 9.01(a)</u>.

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"<u>SplitCo Offer Employee</u>" means any employee who (a)(i) is primarily dedicated to the SplitCo Business, or (ii) occupies a role or position that is listed on <u>Schedule I</u> attached hereto (it being understood that such roles and positions provide support to the SplitCo Business and have been selected by the Parties in good faith and in accordance with the methodology mutually established by Parties prior to the date hereof), and (b) is employed in a jurisdiction where the local employment Laws do not provide for the automatic transfer of employees upon the transfer of a business or part of a business as a going concern (or in any jurisdiction where the local employment Laws do provide for the automatic transfer of employees upon the transfer of a business or part of a business as a going concern but applicable Law requires that such employee receives an offer of employment or for any reason. For purposes of clause (a)(i), an employee shall be deemed "primarily dedicated to the SplitCo Business" if, immediately prior to such individual's Standup Date, (x) such employee was accounted for in the external reporting of the SplitCo Business in Medtronic's financial accounting systems, or (y) the majority (more than 50%) of such employee's working time was allocated to the SplitCo Business.

"<u>SplitCo Pension Plan</u>" has the meaning set forth in <u>Section 5.02(a)</u>.

"<u>SplitCo RSU Award</u>" has the meaning set forth in <u>Section 7.02</u>.

"<u>SplitCo Stock Plan</u>" has the meaning set forth in <u>Section 7.01</u>.

"<u>SplitCo Transfer Employee</u>" means any employee who (a) is assigned to the SplitCo Business, and (b) is employed in a jurisdiction where the local employment Laws provide for automatic transfer of employees upon the transfer of a business or part of a business as a going concern, including those who are employed in a jurisdiction listed in <u>Schedule II</u> attached hereto. For purposes of clause (a), an employee shall be deemed "assigned to the SplitCo Business" if, immediately prior to such individual's Standup Date, such employee was assigned to the SplitCo Business as prescribed under the local employment Laws providing for automatic transfer of employees upon the transfer of a business or part of a business as a going concern.

"<u>SplitCo U.S. Savings Plan</u>" has the meaning set forth in <u>Section 6.01</u>.

"<u>SplitCo Visa Employee</u>" has the meaning set forth in <u>Section 2.01(d)</u>.

"<u>SplitCo Welfare Plan</u>" has the meaning set forth in <u>Section 4.01</u>.

"<u>Standup Date</u>" means (a) for SplitCo Employees located in the United Kingdom, January 24, 2026, (b) for SplitCo Employees located in the United States and Puerto Rico, February 28, 2026, and (c) for all other SplitCo Employees, March 1, 2026; <u>provided</u>, that for any SplitCo Employee that is also a SplitCo Visa Employee and/or a Deferred Market Employee, the "Standup Date" shall instead refer to the Deferred Employee Date or Deferred Separation Date, respectively and as applicable.

"<u>Taxes</u>" shall have the meaning set forth in the TMA.

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"<u>Transferring Pension Plan</u>" has the meaning set forth in <u>Section 5.02(a)</u>.

"<u>Transfer Regulations</u>" means the Acquired Rights Directive 2001/23 EC of the European Council dated 12 March 2001 and such applicable Law, agreement or other measure in each Directive Country that implements or extends the Directive which shall for the purpose of this Agreement include the Transfer of Undertakings (Protection of Employment) Regulations 2006 and any other legislation under the applicable Laws of any jurisdiction having the effect of automatically transferring employees' employment on the transfer of a business or undertaking.

"<u>Welfare Plan</u>" means any "welfare plan" (as defined in Section 3(1) of ERISA) or a "cafeteria plan" under Section 125 of the Code, and any benefits offered thereunder, and any other plan offering health benefits (including medical, prescription drug, dental, vision, mental health, substance abuse and retiree health), disability benefits, or life, accidental death and dismemberment, and business travel insurance, pre-Tax premium conversion benefits, dependent care assistance programs, employee assistance programs, paid time-off programs, contribution funding toward a health savings account or flexible spending accounts.

ARTICLE II

<u>General</u>

SECTION 2.01. <u>Employment of SplitCo Employees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Employee Transfers</u>*. Subject to applicable local law, and in respect of SplitCo Transfer Employees located in Germany, subject to the German Works Council Completion, and in respect of SplitCo Transfer Employees located in the Netherlands, the Netherlands Works Council Completion, the Parties intend that the contracts of employment of each SplitCo Transfer Employee, will have effect on or prior to the Standup Date (or, in respect of Deferred Market Employees or SplitCo Visa Employees, the Deferred Separation Date or the Deferred Employee Date, respectively), as if originally made between a member of the SplitCo Group and such SplitCo Employees under the applicable Transfer Regulations. If the contract of any SplitCo Transfer Employee does not transfer, or is alleged not to transfer pursuant to the applicable Transfer Regulations other than as a result of such employee's objection to such transfer (where such right exists), such employee shall still be considered a SplitCo Offer Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>SplitCo Offer Employees</u>*. For each SplitCo Offer Employee, and in respect of SplitCo Offer Employees located in Germany, subject to the German Works Council Completion, and in respect of SplitCo Offer Employees located in the Netherlands, the Netherlands Works Council Completion, a SplitCo Entity shall, at least 30 days prior to the Standup Date, Deferred Employee Date or Deferred Separation Date, as applicable, provide to each SplitCo Offer Employee a written offer of employment with a member of the SplitCo Group to commence upon the Standup Date, Deferred Employee Date or Deferred Separation Date, as applicable, or upon such later date as agreed between the Parties. All such offers shall (i) comply with the requirements set forth in, and provide for compensation and benefits on terms that are consistent with, this Agreement and (ii) set forth other terms that satisfy all requirements

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of applicable Law and are sufficient to avoid triggering redundancy, severance, termination or similar entitlements in connection with the transfer of employment from a member of the Medtronic Group to a member of the SplitCo Group. Any offer of employment to a SplitCo Leave Employee will be made in accordance with <u>Section 2.01(c)</u> below. Any offers of employment provided pursuant to this <u>Section 2.01(b)</u> shall be subject to advance review and comment by Medtronic, and SplitCo shall consider in good faith and accept all such reasonable comments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>SplitCo Leave Employees</u>*. With the exception of SplitCo Employees who are automatically transferred pursuant to the applicable Transfer Regulations, in the event that any SplitCo Leave Employee returns to work from his or her leave of absence within one (1) year following the Standup Date, then a SplitCo Entity shall make an offer of employment to such individual as soon as practicable, but in no event later than ten (10) days, following such individual's eligibility to return to active service; <u>provided</u>, that with respect to each such SplitCo Leave Employee who is subject to a SplitCo CBA, the Medtronic Group and the SplitCo Group shall comply with any return-to-work provisions set forth in the applicable SplitCo CBA, and if such SplitCo Leave Employee has a right to return to the Medtronic Group, such SplitCo Leave Employee shall be considered a Medtronic Employee. Offers of employment described in this <u>Section 2.01(c)</u> shall comply with the requirements set forth in, and provide for compensation and benefits on terms that are consistent with, this Agreement. Unless otherwise specified in this Agreement or for purposes of <u>Section 2.01</u>, for any SplitCo Leave Employee, references in this Agreement to the "Standup Date" or "Separation Date" shall be treated as references to the first day and time at which the applicable SplitCo Leave Employee commences employment with the SplitCo Group following such SplitCo Leave Employee's return to work. Each SplitCo Leave Employee shall, until the date such SplitCo Leave Employee commences employment with a SplitCo Entity in accordance with this <u>Section 2.01(c)</u>, remain on Medtronic's payroll and covered by any applicable Medtronic Benefit Plans and any Liabilities incurred as a result of, arising out of or relating to such continuance of payroll and benefits shall be Medtronic Employee Liabilities; <u>provided</u>, that for all other purposes of this Agreement (including if a SplitCo Leave Employee is unable to return to work within one (1) year of the Standup Date), a SplitCo Leave Employee shall be considered a Former SplitCo Employee, unless and until he or she (i) commences active employment with a member of the SplitCo Group or (ii) becomes treated as a Medtronic Employee pursuant to the first sentence of this <u>Section 2.01(c)</u>. In the event that Medtronic terminates a SplitCo Leave Employee as a result of their ineligibility to return to active service within one (1) year of the Standup Date or refusal to accept an offer of employment delivered pursuant to this <u>Section 2.01(c)</u>, any Liabilities (including, but not limited to, any claim for severance or other similar payments or benefits, claims of discrimination, retaliation or violation of leave or employment rights under applicable Law, and/or any related legal or outside counsel fees and expenses) incurred as a result of, arising out of or relating to such termination shall be SplitCo Employee Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>SplitCo Visa Employees</u>*. If any SplitCo Employee requires a visa, work permit or other approval for his or her employment to commence with, transfer to or continue with a member of the SplitCo Group on or after the Standup Date or Deferred Separation Date (as applicable) (each, a "<u>SplitCo Visa Employee</u>"), the SplitCo Group shall promptly file any

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necessary applications or documents and will take all reasonable actions needed to secure the necessary visa, permit or other approval to allow such SplitCo Visa Employee to commence work with effect from the Standup Date or Deferred Separation Date (as applicable), and Medtronic will provide such assistance as reasonably requested by SplitCo in connection therewith; <u>provided</u>, that SplitCo shall be solely responsible for any costs, fees or expenses incurred in connection with such SplitCo Visa Employee applications and actions. If the necessary work approval is not in place in respect of a SplitCo Visa Employee as at the Standup Date or Deferred Separation Date (as applicable), the transfer of any such SplitCo Visa Employee will be deferred until the date that such visa, work permit or other approval is in place (the "<u>Deferred Employee Date</u>"), and such SplitCo Visa Employee shall, until the Deferred Employee Date, remain on Medtronic's payroll and covered by any applicable Medtronic Benefit Plans; <u>provided</u>, that any Liabilities incurred as a result of, arising out of or relating to such continuance of payroll and benefits shall be SplitCo Employee Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>At-Will Status</u>*. Nothing in this Agreement shall create any obligation on the part of any member of the Medtronic Group or any member of the SplitCo Group to (i) continue the employment of any SplitCo Employee or permit the return from a leave of absence for any period after the date of this Agreement (except as required by applicable Law or CBA) or (ii) change the employment status of any SplitCo Employee from "at-will," to the extent that such SplitCo Employee is an "at-will" employee under applicable Law.

SECTION 2.02. <u>Refusal Employees</u>. In the event that a SplitCo Employee is not employed by a SplitCo Entity on the Standup Date, Deferred Employee Date or Deferred Separation Date (as applicable) solely as a result of such individual rejecting an offer of employment that is otherwise compliant with the requirements set forth in, and provides for compensation and benefits on terms that are consistent with, this Agreement (each a "<u>Refusal</u> <u>Employee</u>"), such Refusal Employee's employment shall remain with the Medtronic Group as at the Standup Date, Deferred Employee Date or Deferred Separation Date (as applicable); <u>provided</u>, that the relevant member of the Medtronic Group may terminate such Refusal Employee's employment within six (6) calendar months of the Standup Date, Deferred Employee Date or Deferred Separation Date (as applicable) and any Liabilities arising from or incurred in connection with any such termination (including, without limitation, claims for severance and/or any related legal or outside counsel fees and expenses) shall be Medtronic Employee Liabilities. For the avoidance of doubt, nothing in this Agreement shall create any obligation on the part of any member of the Medtronic Group to continue the employment of any Refusal Employee (except as required by applicable Law or CBA).

SECTION 2.03. <u>Comparable Compensation and Benefits</u>. During the Continuation Period, SplitCo shall provide to each SplitCo Employee: (a) a base salary or wage rate that is not less than that in effect for such SplitCo Employee immediately prior to the Standup Date, (b) short-term incentive compensation opportunities that are no less favorable than those in effect for each such SplitCo Employee immediately prior to the Standup Date, and (c) employee benefits that, in the aggregate, are substantially comparable to those in effect for each such SplitCo Employee immediately prior to the Standup Date (excluding long-term or equity-based incentive compensation, retention payments and other one-time or non-recurring

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compensation payments and any defined benefit pension plans except where required by applicable Law). Any period of continuous service of a SplitCo Employee with a Medtronic Entity which ends on the Standup Date shall be treated as if it were service with a SplitCo Entity for the purposes of determining eligibility for membership of, vesting of benefits under, and other service-related provisions of, any SplitCo Benefit Plan except to the extent (i) not permitted by applicable Law; (ii) which would result in a duplication of benefits for the SplitCo Employee; or (c) recognized for benefit accrual under defined benefit pension schemes.

SECTION 2.04. <u>General Allocation of Employee Liabilities</u>. Except as otherwise expressly provided in this Agreement, effective as of the Standup Date, (a) a member of the SplitCo Group shall assume or retain, and the members of the SplitCo Group hereby agree to perform, fulfill, pay and discharge in accordance with their respective terms, the SplitCo Employee Liabilities, and (b) a member of the Medtronic Group shall assume or retain, and the members of the Medtronic Group hereby agree to perform, fulfill, pay and discharge in accordance with their respective terms, the Medtronic Employee Liabilities. No Party shall be required to reimburse the other Party for Liabilities to the extent that such Liabilities have been satisfied prior to the Standup Date. To the extent that this Agreement does not address particular Liabilities under any Benefit Plan and the Parties later determine that they should be allocated in connection with the Separation or Divestment, the Parties shall agree in good faith on the allocation, taking into account the handling of comparable Liabilities under this Agreement.

SECTION 2.05. <u>General Treatment of Employee Benefits</u>. The Parties acknowledge and agree that, except as otherwise provided in this Agreement, the Separation Agreement or any Ancillary Agreement or as required by the terms of any Medtronic Benefit Plan or by applicable Law, the Medtronic Group will take all actions necessary or appropriate so that active participation in Medtronic Benefit Plans (other than any equity-compensation plans) by all SplitCo Employees will terminate as of immediately prior to the Standup Date (other than in the case Deferred Market Employees or SplitCo Visa Employees, who shall terminate active participation on Deferred Separation Date or the Deferred Employee Date, respectively) and each member of the SplitCo Group will cease to be a participating employer under the terms of such Medtronic Benefit Plans as of such time.

SECTION 2.06. <u>Non-Termination of Employment or Benefits</u>. Except as otherwise required by applicable Law or an Individual Agreement, neither this Agreement, the Separation Agreement nor any Ancillary Agreement shall be construed to create any right or accelerate any entitlement to any compensation or benefit on the part of any Medtronic Employee, SplitCo Employee, Former Medtronic Employee or Former SplitCo Employee. Without limiting the generality of the foregoing, except as otherwise required by applicable Law or an Individual Agreement, neither the Initial Public Offering, the Second Step Transaction nor the transfers of employment contemplated by <u>Section 2.01</u> shall cause any individual to be deemed to have incurred a termination of employment or to have created any entitlement to any severance payments or benefits or the commencement of any other benefits under any Medtronic Benefit Plan or any SplitCo Benefit Plan. Neither the Initial Public Offering nor the Second Step Transaction shall constitute a "change in control" (or term of similar meaning) for purposes of any Medtronic Benefit Plan or any SplitCo Benefit Plan.

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SECTION 2.07. <u>Power to Amend</u>. Subject to the Parties' compliance with the remaining terms of this Agreement, nothing in this Agreement shall prevent any member of the SplitCo Group or any member of the Medtronic Group from amending, merging, modifying, terminating, eliminating, reducing or otherwise altering in any respect any SplitCo Benefit Plan or Medtronic Benefit Plan, any benefit under any SplitCo Benefit Plan or Medtronic Benefit Plan or any trust, insurance policy or funding vehicle related to any SplitCo Benefit Plan or Medtronic Benefit Plan, as applicable.

SECTION 2.08. <u>No Right to Continued Employment</u>. Nothing contained in this Agreement shall confer any right to continued employment on any Medtronic Employee or SplitCo Employee. Except as otherwise expressly provided in this Agreement, this Agreement shall not limit the ability of any member of the SplitCo Group or any member of the Medtronic Group to change the position, compensation or benefits of any of its employees for performance-related, business or any other reasons or require any such entity to continue the employment of any such employee for any period of time; <u>provided</u>, <u>however</u>, that in the event of any such termination of employment or modification of the terms and conditions of employment, any associated Liabilities shall be SplitCo Employee Liabilities or Medtronic Employee Liabilities, as applicable.

SECTION 2.09. <u>Personnel Records</u>. Transmission, access to, storage, retention and the use of any information and records regarding the employment and personnel matters of the Medtronic Employees, SplitCo Employees, Former Medtronic Employees and Former SplitCo Employees (collectively, "<u>Employment Records</u>") shall be governed by Article VII of the Separation Agreement, except as otherwise explicitly provided herein. The Medtronic Group shall, subject to applicable Law, collect and transfer to the SplitCo Group all Employment Records primarily relating to the SplitCo Employees and Former SplitCo Employees as soon as reasonably practicable following the Standup Date; <u>provided</u>, that (a) the collection and transfer of any Employment Records shall be subject to (i) any restrictions or review and approval procedures required by any Collective Bargaining Agreement or (ii) where the Medtronic Group determines it to be necessary or desirable, review and approval by any works council or other employee representative body; and (b) the Medtronic Group shall not be required to collect and transfer any Employment Records where it determines, in its reasonable discretion, that it is not practical to do so, such as in the case of intermingled hard-copy records. Notwithstanding the foregoing, the Medtronic Group shall retain access to and use of all Employment Records relating to SplitCo Employees through the Divestment Date as reasonably necessary for purposes of administering payroll, benefits, and other employment-related obligations following the Standup Date in compliance with applicable data protection Laws. To the extent any Employment Records are transferred to the SplitCo Group prior to the Divestment Date, the Medtronic Group shall retain copies of such records, and the SplitCo Group shall provide the Medtronic Group with reasonable access to the original Employment Records as necessary for the Medtronic Group to fulfill its payroll and administrative obligations through the Divestment Date. Following the Standup Date, the SplitCo Group may reasonably request the collection and transfer of any additional Employment Records primarily related to the SplitCo Employees and Former SplitCo Employees, and the Medtronic Group shall use commercially reasonable efforts to fulfill any such request, taking into consideration applicable Law, the requirements of any

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Collective Bargaining Agreement, the requirements and requests of any works council or other employee representative body and the effort involved in collecting and transferring such Employment Records, including in separating any intermingled Employment Records. Except where prohibited by applicable Law, the Medtronic Group shall be permitted to retain copies of all Employment Records transferred to the SplitCo Group for the maximum period of time permitted by applicable Law. The SplitCo Group shall indemnify and hold harmless the Medtronic Group from and against any and all Liabilities that arise from the SplitCo Group's possession or use of any transferred Employment Records to the extent caused by the SplitCo Group's breach of this Agreement or applicable Law. The Medtronic Group shall indemnify and hold harmless the SplitCo Group from and against any and all Liabilities that arise from the Medtronic Group's possession or use of Employment Records in violation of this Agreement or applicable Law.

SECTION 2.10. <u>Deferred Markets</u>. Notwithstanding anything to the contrary herein, the Parties will defer until after the Separation Date the transfer of any individual who is employed by a member of the Medtronic Group in a Deferred Market and provides services to the SplitCo Business (a "<u>Deferred Market Employee</u>"), and such Deferred Market Employee shall, until the applicable Deferred Separation Date, remain on Medtronic's payroll and covered by any applicable Medtronic Benefit Plan. Notwithstanding the foregoing, any Deferred Market Employee will be considered a SplitCo Employee for all purposes of this Agreement. The transfer of each Deferred Market Employee shall occur on the applicable Deferred Separation Date in accordance with the terms and conditions set forth in Section 2.07 of the Separation Agreement, and Medtronic and SplitCo shall comply with Section 2.07 of the Separation Agreement with respect to the accrual and allocation of all costs and expenses incurred with respect to any Deferred Market Employee between the Separation Date and the applicable Deferred Separation Date. Unless otherwise specified in this Agreement, for any Deferred Market Employee, references in this Agreement to the "Standup Date" or "Separation Date" shall be treated as references to the applicable Deferred Separation Date. In the event SplitCo (a) directs Medtronic to terminate a Deferred Market Employee prior to such Deferred Market Employee's Deferred Separation Date, or (b)(i) fails to make an offer of employment to a Deferred Market Employee that is a SplitCo Offer Employee as of the applicable Deferred Separation Date in accordance with <u>Section 2.01(b)</u> and (ii) the relevant member of the Medtronic Group terminates such Deferred Market Employee, any Liabilities arising from or incurred in connection with any such termination (including, without limitation, claims for severance and/or any related legal or outside counsel fees and expenses) shall be SplitCo Employee Liabilities. Medtronic shall transfer any SplitCo Assets and SplitCo Liabilities that are assumed by SplitCo in connection with this <u>Section 2.11(b)</u>, and the Parties shall prepare their financial statements with respect to such assumptions, in each case in accordance with GAAP.

<u>SECTION 2.11. Post-Standup Date SplitCo Employee Determination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Ongoing Determination and Status Change</u>*. Following the date of this Agreement, Medtronic and SplitCo shall cooperate in good faith to (i) determine whether any additional individuals should be deemed "SplitCo Employees" for purposes of this Agreement, and (ii) assess whether any individuals previously designated as SplitCo Employees should be

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removed from, or reclassified within, the SplitCo Business, in each case due to changes in employment status, business assignment, or role and/or function. Such cooperation shall include evaluating individuals who may fall within the categories of employees contemplated by this Agreement, including any individuals whose employment status or business assignment was not finally determined or ascertained as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Process for Schedule Updates; Removals and Reclassifications</u>*. Upon Medtronic and SplitCo's mutual determination that an individual shall be deemed a SplitCo Employee, removed as a SplitCo Employee, or reclassified within the SplitCo Business, the Parties shall (i) update <u>Schedule I</u> attached hereto and any other applicable employee schedules or exhibits to reflect such determination, removal or reclassification within ten (10) Business Days of the Parties' mutual determination, and (ii) cooperate to implement any necessary payroll, tax withholding, employee benefit plan participation, equity compensation adjustments, and records updates with respect to such individual; <u>provided</u>, that with respect to any individual deemed a SplitCo Employee that is a SplitCo Offer Employee, a SplitCo Entity shall also make an offer of employment to commence on a date to be agreed between the Parties that complies with the requirements set forth in, and provide for compensation and benefits on terms that are consistent with, this Agreement. For any such individual, references in this Agreement to the "Standup Date" or "Separation Date" shall be treated as references to the first day and time at which the applicable individual commences employment with the SplitCo Group. The Parties recognize that transfers of Assets and/or Liabilities will require an initial transfer based on data available several months before the Standup Date, followed by one or more "true-up" adjustments to reflect changes between the time of the initial calculation and the effective date of the applicable transfer of any individual deemed a SplitCo Employee pursuant to this <u>Section 2.11</u>. The Parties shall cooperate to determine and effectuate the "true-up" adjustments, with such adjustments for any relevant Medtronic or SplitCo Benefit Plan to be completed in accordance with an agreed schedule that is acceptable to the plans' actuaries and other service providers and in accordance with the terms of the Separation Agreement and/or the Net Economic Benefit Agreement, as applicable. Medtronic shall transfer any SplitCo Assets and SplitCo Liabilities that are assumed by SplitCo in connection with the true-up adjustments described in this <u>Section 2.11(b)</u>, and the Parties shall prepare their financial statements with respect to such assumptions, in each case in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Periodic Reviews</u>*. For the period commencing on the date hereof and ending on the final Deferred Separation Date, Medtronic shall conduct periodic reviews of the SplitCo Employee Schedules (including <u>Schedules I</u> through <u>II</u> attached hereto) to identify necessary additions, removals and reclassifications, considering current staffing, business needs, and role and/or function assignments(each such review, a "<u>Periodic Review</u>"). Period Reviews shall be conducted quarterly (with the first Periodic Review to occur on the date that is six (6) months following the date hereof), unless otherwise agreed by the Parties in writing. In addition to quarterly Periodic Reviews, Medtronic shall conduct an additional Periodic Review within sixty (60) days prior to any Deferred Separation Date to confirm the Schedules are current and accurate as of such date. For each Periodic Review, (i) Medtronic shall provide SplitCo with written notice of each upcoming Periodic Review at least thirty (30) days prior to the commencement of such review, and (ii) within fifteen (15) days following such notice,

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Medtronic shall share with SplitCo a written summary of proposed Schedule updates, which summary shall include: (A) the specific employees proposed to be added to, removed from, or reclassified within the Schedules; (B) the rationale for each proposed change, including reference to the relevant staffing, business need, or role and/or function assignment supporting such change; and (C) the proposed effective date for each change. SplitCo shall have fifteen (15) Business Days following receipt of Medtronic's information to review such information and provide written comments, questions, or proposed modifications to Medtronic. Medtronic shall consider in good faith any comments that SplitCo timely provides during such fifteen (15) Business Day period. The Parties shall use good faith efforts to agree upon the proposed Schedule updates within ten (10) Business Days following Medtronic's receipt of SplitCo's comments. Any agreed-upon updates shall be documented in writing and signed by authorized representatives of both Parties. The updated Schedules shall be deemed to amend and restate the applicable Schedules attached hereto as of the effective date specified in the written agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>Interim Changes; Effective Dates and Administration</u>*. For any changes in the SplitCo Employee population that occur between Periodic Reviews, Medtronic shall use commercially reasonable efforts to notify SplitCo within ten (10) Business Days of any employee departures, role and/or function changes, or other events affecting any SplitCo Employee status and propose corresponding Schedule updates. Medtronic shall have no obligation to implement new tracking systems, modify its existing human resources information systems, change its accounting practices or principles, or otherwise alter its ordinary course business operations or practices to identify or report such changes. Unless otherwise agreed, removals from the SplitCo Business due to departure or role and/or function change shall be effective as of the date such employee ceases to primarily or materially serve the SplitCo Business, and reclassifications within the SplitCo Business shall be effective as of the date the new role and/or function commences. The Parties shall coordinate effective dates for payroll, tax withholding, benefit plan participation, equity award adjustments, and records changes to minimize disruption and ensure compliance to the extent reasonably practicable and consistent with Medtronic's existing systems and ordinary course practices, subject to the true-up adjustments described in <u>Section 2.11(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>Dispute Resolution</u>*. If the Parties cannot agree on (i) whether an individual should be deemed a SplitCo Employee, (ii) whether an individual should be removed from or reclassified within the SplitCo Business, or (iii) the timing or content of the true-up adjustments described in <u>Section 2.11(b)</u> (a "<u>Dispute</u>"), such Dispute shall be resolved in accordance with the terms and conditions set forth in Section 11.02 of the Separation Agreement.

ARTICLE III

<u>Collective Bargaining Agreements</u>

SECTION 3.01. <u>Continuity and Performance of Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the Standup Date (or such other date as is required by applicable Law), to the extent one or more members of the SplitCo Group becomes, or may become, a successor employer to the applicable member of the Medtronic Group under a SplitCo

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CBA pursuant to applicable Law or the terms of such SplitCo CBA, then such members hereby agree to become a successor employer to such SplitCo CBA, to comply with, honor and fulfill their obligations under such SplitCo CBA. Subject to the foregoing, such members of the SplitCo Group assume responsibility for, and Medtronic or the relevant member of the Medtronic Group shall cease to be responsible for or to otherwise have any Liability in respect of, such SplitCo CBA to the extent it pertains to any SplitCo Employee on or after the Standup Date; <u>provided</u>, <u>however</u>, that Medtronic shall retain Liabilities related to a SplitCo CBA that arise with respect to periods occurring prior to the Standup Date solely to the extent such Liabilities arose due to Medtronic's material noncompliance with such SplitCo CBA prior to the Standup Date. To the extent the foregoing sentence is not applicable with respect to a SplitCo CBA, then, with respect to the SplitCo Employees subject to such SplitCo CBA, the members of the SplitCo Group shall be responsible for, and shall comply with, all obligations under applicable Law relating to collective bargaining and representation, including any that may be triggered as a result of the transactions contemplated by this Agreement, the Separation Agreement or any Ancillary Agreement, and shall indemnify the members of the Medtronic Group from any failure to so comply and for any obligations to such SplitCo Employees that may arise under the SplitCo CBAs on or after the Standup Date. Notwithstanding the foregoing, in the event the SplitCo Group negotiates, proposes, implements, or otherwise effectuates any modifications, amendments, replacements, or terminations of any SplitCo CBA (collectively, "<u>CBA</u> <u>Modifications</u>") following the Standup Date, (i) all such CBA Modifications shall be undertaken in compliance with all applicable labor and employment Laws, including without limitation any required consultation periods, information and consultation procedures, or advance notice requirements; any requirements for union consent, agreement, or good faith bargaining; any regulatory notifications, approvals, or authorizations; and any other procedural or substantive requirements imposed by the labor and employment Laws of the applicable jurisdiction, and (ii) Medtronic and the members of the Medtronic Group shall have no Liability whatsoever for, and SplitCo shall indemnify and hold harmless Medtronic and the members of the Medtronic Group from and against, any and all Liabilities, claims, demands, actions, suits, proceedings, losses, damages, costs, and expenses (including reasonable attorneys' fees) arising out of or relating to (x) any CBA Modifications proposed, negotiated, or implemented by SplitCo or any member of the SplitCo Group after the Divestment Date, (y) any failure by SplitCo or any member of the SplitCo Group to comply with applicable labor and employment Laws in connection with any such CBA Modifications, or (z) any disputes, grievances, unfair labor practice charges, or other proceedings initiated by any labor organization, works council, employee representative body, or SplitCo Employee in connection with any such CBA Modifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent required by applicable Law, any SplitCo CBA, Medtronic CBA or any other Collective Bargaining Agreement, each Party shall cooperate and consult in good faith to provide notice, engage in consultation and take any similar action which may be required on its part in connection with the Initial Public Offering or the Second Step Transaction.

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ARTICLE IV

<u>Welfare Plans</u>

SECTION 4.01. <u>General</u>. The Parties agree and acknowledge that, except as otherwise provided in any Ancillary Agreement, as of the Standup Date (or such earlier date as agreed between the Parties), one or more members of the SplitCo Group have established or caused to be established Welfare Plans for the benefit of the SplitCo Employees and their dependents, including any Former SplitCo Employees and their dependents (each such plan, a "<u>SplitCo Welfare Plan</u>"). The SplitCo Group shall be responsible for all Liabilities relating to, arising out of or resulting from health and welfare coverage or claims incurred by or on behalf of SplitCo Employees or their dependents under a SplitCo Welfare Plan on or after the Standup Date.

SECTION 4.02. <u>Participation in SplitCo Welfare Plans</u>. The Parties agree and acknowledge that, except as otherwise provided in any Ancillary Agreement, as of the Standup Date (or such earlier date as agreed between the Parties), the SplitCo Employees shall have become eligible to participate in the SplitCo Welfare Plans, subject to the terms of such plans and such other terms as to which the Parties may agree. Except where prohibited by the terms of an insurance agreement required to establish the SplitCo Welfare Plans, the SplitCo Group has caused, or shall cause the SplitCo Welfare Plans to (i) waive all limitations as to preexisting conditions, exclusions, service conditions and waiting period limitations and any evidence of insurability requirements applicable to any SplitCo Employees and their dependents, other than such limitations, exclusions, conditions and requirements that were in effect with respect to such SplitCo Employees as of immediately prior to the date the applicable SplitCo Employee commenced participation in the SplitCo Welfare Plans, in each case under the applicable Medtronic Welfare Plan, and (ii) for SplitCo Welfare Plans established primarily for the benefit of SplitCo employees in the U.S. and Puerto Rico, use commercially reasonable efforts to honor any deductibles, out-of-pocket maximums and co-payments incurred by the SplitCo Employees under the applicable Medtronic Welfare Plan in satisfying the applicable deductibles, out-of-pocket maximums or co-payments under such SplitCo Welfare Plans for the plan year in which the applicable SplitCo Employee commenced participation in the SplitCo Welfare Plans; <u>provided</u>, that there shall be no duplication of benefits for SplitCo Employees under such SplitCo Welfare Plans.

SECTION 4.03. <u>Claims Incurred</u>. For purposes of this Agreement, claims shall be considered to be incurred as follows: (i) medical, vision, dental and/or prescription drug benefits (including hospital expenses), upon provision of the services, materials or supplies comprising any such benefits; and (ii) short-term and long-term disability, life, accidental death and dismemberment and business travel accident insurance benefits, upon the death, illness, injury or accident giving rise to such benefits. For the avoidance of doubt, the SplitCo Group shall be solely and exclusively responsible for all claims incurred under a SplitCo Welfare Plan on or after the Standup Date, and the Medtronic Group shall maintain responsibility for any claims incurred under a Welfare Plan prior to the Standup Date.

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SECTION 4.04. <u>Transition Services</u>. The Parties acknowledge that the Medtronic Group or the SplitCo Group may provide administrative services for certain of the other Party's compensation and benefit plans for a transitional period under the terms of the TSA, which such administrative services shall be governed by, and provided in accordance with, the terms and conditions of the TSA.

SECTION 4.05. <u>No Transfer of Assets Pertaining to Welfare Plans</u>. Nothing in this Agreement shall require any member of the Medtronic Group or any Medtronic Welfare Plan to transfer Assets or reserves with respect to the Medtronic Welfare Plans to any member of the SplitCo Group or any SplitCo Welfare Plan.

ARTICLE V

<u>Pension Plans</u>

SECTION 5.01. <u>General</u>. Medtronic shall take all such actions as may be necessary to ensure that each SplitCo Employee who was actively accruing benefits under a Medtronic OUS Pension Plan immediately prior to the Standup Date (an "<u>Active Participant</u>") shall cease to be an active participant under such Pension Plan effective as of the Standup Date, regardless of whether such SplitCo Employee remains employed in a position that would otherwise be covered by the applicable Medtronic OUS Pension Plan but for the transfer to the SplitCo Group; <u>provided</u>, <u>however</u>, that such cessation of participation shall occur earlier to the extent required under the terms of the applicable Medtronic OUS Pension Plan or applicable Law. SplitCo shall take all such actions as may be necessary to ensure that each Active Participant shall become a participant in one or more plans established or designated by SplitCo which provide pension and/or lump sum benefits on retirement and/or leaving service (collectively, the "<u>SplitCo Pension Plan</u>") effective as of the Standup Date (or such earlier date to the extent required under the terms of the applicable Medtronic OUS Pension Plan or applicable Law). For the avoidance of doubt, the U.S. defined benefit qualified retirement plans, the "Medtronic Retirement Plan" and the "Medtronic Retirement Plan for Certain Participants and Beneficiaries," will remain with Medtronic and no assets or liabilities will be transferred to SplitCo with respect to such plans. References in this <u>Article V</u> to the "Standup Date" shall be treated as references to the "Deferred Separation Date" or the "Deferred Employee Date" in the case of Deferred Market Employees or SplitCo Visa Employees, respectively.

SECTION 5.02. <u>Transferring Pension Plan Assets and Liabilities</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>General</u>*. Where Assets and/or Liabilities of a Medtronic OUS Pension Plan are required to transfer to one or more members of the SplitCo Group under applicable Law or the governing documentation of the Medtronic OUS Pension Plan as a result of any of the transactions contemplated by this Agreement, or where a transfer of Liabilities upon any such event is otherwise agreed between the Parties, as set forth on Schedule IV or VII of the Separation Agreement, as applicable (in each such case, the applicable Medtronic OUS Pension Plan shall be a "<u>Transferring Pension Plan</u>"), the Parties shall cooperate to ensure that (i) the relevant SplitCo Entity shall provide, or procure the provision of, rights for and in respect of each SplitCo Employee to which such transfer relates which are substantially comparable in the

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aggregate to those for and in respect of each such SplitCo Employee in the relevant Transferring Pension Plan at the effective date of transfer, unless otherwise agreed between the Parties; (ii) if there is to be a transfer of Assets: (A) on or prior to the Standup Date, one or more members of the SplitCo Group shall establish or cause to be established a SplitCo Pension Plan, including any related trust, which is capable of accepting such transfer of Assets; and (B) the amount of Assets to be transferred shall be (x) such amount as is determined in accordance with applicable Law or the governing documentation of the Medtronic OUS Pension Plan; (y) if applicable Law or the governing documentation do not specify an amount, the amount held to or for the benefit of each relevant SplitCo Employee, or (z) if neither (x) nor (y) apply, a proportion of the Assets of the Medtronic OUS Pension Plan which is equal, or referable, to the proportion or allocation of the Liabilities which are being transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Indemnification</u>*. In the event that any transfer of Liabilities and/or Assets pursuant to this <u>Section 5.02</u> occurs after the Standup Date, the SplitCo Group shall indemnify, defend and hold harmless the members of the Medtronic Group and the applicable Transferring Pension Plan from and against all Liabilities incurred by the Medtronic Group or the Transferring Pension Plan relating to, arising out of or resulting from such delayed transfer, but only to the extent such delay is caused by SplitCo's failure to reasonably cooperate with Medtronic or other failure to take actions required of it under this Agreement, including (i) the administrative costs and expenses incurred by the Medtronic Group or the Transferring Pension Plan relating to the continued participation of any SplitCo Employees and each of their beneficiaries in the Transferring Pension Plan after the Standup Date, (ii) other Liabilities incurred by the Medtronic Group or the Transferring Pension Plan as a result of the Medtronic Group permitting the SplitCo Employees and each of their beneficiaries to participate in the Transferring Pension Plan after the Standup Date, (iii) Liabilities incurred by the Medtronic Group or the Transferring Pension Plan as a result of the termination of employment, or changes to the employment terms, of any SplitCo Employee by the SplitCo Group after the Standup Date and (iv) in the event that any transaction contemplated by such arrangement requires the consent of any SplitCo Employee, any payments or benefits that the Medtronic Group makes or provides to such SplitCo Employee in order to obtain such consent, as reasonably determined by the Medtronic Group after consultation with the SplitCo Group. For the avoidance of doubt, the SplitCo Group shall have no indemnification obligation under this <u>Section 5.02</u> to the extent any delay in transfer results exclusively from (A) requirements of applicable Law, (B) a required approval or consent from a third party, or (C) any act or omission of any member of the Medtronic Group.

ARTICLE VI

<u>Defined Contribution Plans</u>

SECTION 6.01. <u>Establishment of SplitCo U.S. Savings Plan</u>. The Parties acknowledge and agree that one or more members of the SplitCo Group has established or caused to be established one or more defined contribution plans and trusts with respect to each Medtronic U.S. Savings Plan for the benefit of the SplitCo Employees (each such plan, a "<u>SplitCo U.S. Savings Plan</u>"). The members of the SplitCo Group have taken, or shall take, all necessary and appropriate actions to establish, maintain and administer the SplitCo U.S. Savings

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Plans so that they qualify under Section 401(a) of the Code and the related trusts thereunder are exempted from U.S. federal income Tax under Section 501(a)(1) of the Code or, to the extent applicable, the applicable provisions of the Internal Revenue Code of Puerto Rico and the regulations and guidance thereunder (the "<u>Puerto Rico Code</u>").

SECTION 6.02. <u>Transfer and Assumption of Liabilities</u>. Subject to the transfer of Assets described in <u>Section 6.03</u>, the Parties acknowledge and agree that, effective as of the Standup Date or such other date to which the Parties have mutually agreed (the "<u>Savings Plan</u> <u>Transfer Date</u>"), members of the SplitCo Group and the applicable SplitCo U.S. Savings Plan have assumed and become solely responsible for all Liabilities under the corresponding Medtronic U.S. Savings Plan for or relating to SplitCo Employees. From and after the Standup Date, the members of the SplitCo Group are responsible for all ongoing rights of or relating to SplitCo Employees for future participation (including the right to make contributions through payroll deductions) in the SplitCo U.S. Savings Plans. SplitCo shall take all necessary action, if any, to qualify the SplitCo U.S. Savings Plans under the applicable provisions of the Code or the Puerto Rico Code and shall make any and all filings and submissions to the appropriate Governmental Authority required to be made by it in connection with the transfer of Assets described in <u>Section 6.03</u>.

SECTION 6.03. <u>Trust to Trust Transfer of Assets</u>. Members of the Medtronic Group have caused, or as soon as practicable following the Standup Date shall cause, the account balances (including outstanding loan balances, if any) in each Medtronic U.S. Savings Plan (or its related trust) attributable to SplitCo Employees to be transferred in cash and in-kind (including participant loans) to the applicable SplitCo U.S. Savings Plan (or its related trust), and members of the SplitCo Group have caused, or shall cause, the applicable SplitCo U.S. Savings Plan (or its related trust) to accept such transfer of account balances (including participant loans), subject in each case to <u>Section 6.04</u>. Such transfers shall be conducted in accordance with applicable Law (including, to the extent applicable, Section 414(l) of the Code, Treasury Regulation Section 1.414(l)-1, Section 208 of ERISA and the Puerto Rico Code). Without limiting the generality of the foregoing, the fiduciaries of the SplitCo U.S. Savings Plans and the Medtronic U.S. Savings Plans shall cooperate in good faith to effect the transfers contemplated by this <u>Section 6.03</u> in an efficient and effective manner and in the best interests of participants and beneficiaries, including determining whether and to what extent any investments held under the Medtronic U.S. Savings Plans (other than participant loans) shall be transferred in-kind or liquidated or remain in the Medtronic U.S. Savings Plan, as will be the case for investments in the Medtronic stock fund, prior to the date of such transfer in order to enable the value of such investments to be transferred to the SplitCo U.S. Savings Plans in cash or cash equivalents.

<u>SECTION 6.04. Plan Fiduciaries</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For all periods on and after the Standup Date, the Parties agree that the applicable fiduciaries of each of the Medtronic U.S. Savings Plans and the SplitCo U.S. Savings Plan, respectively, shall have the authority with respect to the Medtronic U.S. Savings Plans and the SplitCo U.S. Savings Plan, respectively, to determine the investment alternatives, the terms

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and conditions with respect to those investment alternatives and such other matters as are within the scope of their duties under ERISA and the terms of the applicable plan documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Medtronic and SplitCo shall assume sole responsibility for ensuring that their respective savings plans are maintained in compliance with applicable Laws (including the fiduciary requirements under ERISA) with respect to holding shares of their respective common stock and common stock of the other Party.

SECTION 6.05. <u>Limitation of Liability</u>. For the avoidance of doubt, members of the Medtronic Group shall have no responsibility for any failure of any member of the SplitCo Group to properly administer the SplitCo U.S. Savings Plans in accordance with their terms and applicable Law, including any failure to properly administer the accounts of SplitCo Employees and their respective beneficiaries. For clarity, this does not apply to failures to the extent arising exclusively out of Medtronic's acts or omissions (including the provision of inaccurate, incomplete, or untimely data).

SECTION 6.06. <u>Non-U.S. Defined Contribution Plans</u>. Medtronic shall take all such actions to ensure that each SplitCo Employee who is an active participant in a Medtronic Benefit Plan that is a defined contribution plan for the benefit of employees outside of the United States (each, a "<u>Non-U.S. DC Plan</u>") shall cease active participation in such plan as from the Standup Date. One or more members of the SplitCo Group shall procure that, as of the Standup Date and in compliance with <u>Section 2.03</u> hereof and applicable Law, such SplitCo Employees will be offered participation in a pension plan established or designated by a SplitCo Entity. The Parties shall be under no obligation to effect the transfer of any Liabilities under a Non-U.S. DC Plan attributable to service of SplitCo Employees for the period prior to the Standup Date, except as required by applicable Law or the governing documentation of any Non-U.S. DC Plan, and Medtronic shall continue to be liable for such Liabilities except in relation to any such Liabilities which are transferred from such Non-U.S. DC Plan; <u>provided</u>, that where, in order to comply with applicable Law or the governing documentation of such Non-U.S. DC Plan or with the aim of ensuring compliance with <u>Section 2.03</u> hereof, Medtronic has commenced, or committed to, making any enhanced benefits or other employer-funded contributions or payments to any SplitCo Employee or to any Benefit Plan under or in connection with the SplitCo Employee's membership of any Non-U.S. DC Plan (each a "<u>DC Compliance Payment</u>"), which payment is to be made in installments or on a deferred basis after the Standup Date, one or more members of the SplitCo Group shall, from and after the Standup Date, assume and be obligated to continue making such DC Compliance Payments to the applicable SplitCo Employees in accordance with the payment schedule and amounts that would have been payable absent the Separation. SplitCo shall be solely responsible for any and all Liabilities arising out of or relating to post-Standup Date installments of all DC Compliance Payments, including without limitation (a) any funding obligations or shortfalls, (b) compliance with applicable Law governing the timing, amount, and priority of such payments, (c) all administrative obligations and costs associated with making such payments, and (d) any claims, penalties, or other Liabilities resulting from failure to make such payments when due or in the amounts required; <u>provided</u>, <u>further</u>, that Medtronic shall remain responsible for any portion of such DC Compliance Payments that are settled or required to be settled prior to the Standup Date in accordance with applicable Law, the terms of any

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relevant Benefit Plan or otherwise. References in this <u>Article VI</u> to the "Standup Date" shall be treated as references to the "Deferred Separation Date" or the "Deferred Employee Date" in the case of Deferred Market Employees or SplitCo Visa Employees, respectively.

ARTICLE VII

<u>Equity-Based Incentive Compensation Awards</u>

SECTION 7.01. <u>SplitCo Stock Plan</u>. Prior to the Separation Date, the SplitCo Group shall adopt, establish and maintain an equity compensation plan (the "<u>SplitCo Stock</u> <u>Plan</u>"); <u>provided</u>, that the SplitCo Group shall not grant any equity-based incentive compensation awards pursuant to the SplitCo Stock Plan or otherwise prior to the Divestment Date without Medtronic's prior written consent.

SECTION 7.02. <u>Restricted Share Unit Awards</u>. Effective as of the Separation Date, (a) each Medtronic RSU Award that is outstanding and unvested as of immediately prior to the Separation Date and held by a SplitCo Employee shall be converted, as of the Separation Date, into a SplitCo restricted share unit award granted under the SplitCo Stock Plan (a "<u>SplitCo</u> <u>RSU Award</u>"), with such number of shares of SplitCo Common Stock subject to the SplitCo RSU Award equal to the number of Medtronic Parent Ordinary Shares subject to the Medtronic RSU Award as of immediately prior to the Separation Date multiplied by the SplitCo Conversion Ratio, rounded to the nearest whole share, and (b) all dividend equivalents, if any, accrued but unpaid as of the Separation Date with respect to each such Medtronic RSU shall be assumed and become an obligation in connection with the applicable SplitCo RSU Award. Each SplitCo RSU Award shall have substantially the same terms and conditions (including with respect to vesting) as the corresponding Medtronic RSU Award to which it relates, except as provided herein, and shall continue to vest based on continued service with the SplitCo Group.

SECTION 7.03. <u>Performance Share Unit Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of the Separation Date, (i) each Medtronic PSU Award that is outstanding and unvested as of immediately prior to the Separation Date and held by a SplitCo Employee shall be converted, as of the Separation Date, into a SplitCo RSU Award, with such number of shares of SplitCo Common Stock subject to the SplitCo RSU Award equal to (1) the number of Medtronic Parent Ordinary Shares subject to the Medtronic PSU Award as of immediately prior to the Separation Date assuming achievement of performance targets based on (x) in the case of the Medtronic 2025 PSU Award, the projected level of performance as of the Separation Date, as determined by the Compensation and Talent Committee of the Medtronic Board, and (y) in the case of the Medtronic 2026 PSU Award, the target level of performance, multiplied by (2) the SplitCo Conversion Ratio, rounded to the nearest whole share, and (ii) all dividend equivalents, if any, accrued but unpaid as of the Separation Date with respect to each such Medtronic PSU shall be assumed and become an obligation in connection with the applicable SplitCo RSU Award. Each SplitCo RSU Award shall have substantially the same terms and conditions (including with respect to vesting, except that such award shall not be subject to any performance-based vesting conditions) as the corresponding Medtronic PSU

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Award to which it relates, except as provided herein, and shall continue to vest based on continued service with the SplitCo Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Medtronic 2024 PSU Award that is outstanding and unvested as of immediately prior to the Separation Date and held by any SplitCo Employee as of the Separation Date shall remain denominated in Medtronic Parent Ordinary Shares and continue to be eligible to vest based on the actual level of performance through the Medtronic 2026 fiscal year, as determined by the Compensation and Talent Committee of the Medtronic Board. Medtronic may adjust the terms of the Medtronic 2024 PSU Award as Medtronic determines, in its sole discretion, to be appropriate to preserve the intrinsic value of such awards as of immediately prior to and immediately following the Separation Date, which adjustment shall not result in any Liability to the SplitCo Group. Medtronic shall retain all Liabilities with respect to each such Medtronic 2024 PSU Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Reserved].

SECTION 7.04. <u>Option Awards</u>. With respect to each Medtronic Option Award that is outstanding and unvested as of immediately prior to the Separation Date and held by any SplitCo Employee as of the Separation Date, Medtronic shall cause such Medtronic Option Award to be vested as of immediately prior to the Separation Date, and such Medtronic Option Award shall remain denominated in Medtronic Parent Ordinary Shares. In consideration for such acceleration of vesting with respect to the unvested portion of outstanding Medtronic Option Awards, the term of each Medtronic Option Award held by any SplitCo Employee, whether vested or unvested as of immediately prior to the Separation Date, shall be shortened to the earlier of (a) five (5) years from the date of grant and (b) the remaining term of such Medtronic Option Award. Medtronic may further adjust the terms of the Medtronic Option Award as Medtronic determines, in its sole discretion, to be appropriate to preserve the intrinsic value of such awards as of immediately prior to and immediately following the Separation Date, which adjustment shall not result in any Liability to the SplitCo Group. Medtronic shall retain all Liabilities with respect to each such Medtronic Option Award.

SECTION 7.05. <u>Equity Awards Granted in Certain Non-U.S. Jurisdictions</u>. Notwithstanding the foregoing provisions of this <u>Article VII</u>, the provisions of this <u>Article VII</u> may be modified by the Parties to the extent necessary to address legal, regulatory or Tax issues or requirements and/or to avoid undue cost or administrative burden arising out of the application of this <u>Article VII</u> to equity-based incentive compensation awards subject to non-U.S. Laws, including in the case of Deferred Market Employees.

SECTION 7.06. <u>Settlement; Tax Reporting and Withholding</u>. Upon the vesting, payment or settlement, as applicable, of SplitCo RSU Awards, SplitCo shall be solely responsible for ensuring the satisfaction of all applicable Tax withholding requirements on behalf of each SplitCo Employee and shall be responsible for all income Tax reporting in respect of SplitCo RSU Awards. Medtronic shall be solely entitled to claim all income Tax deductions arising from vesting, settlement, exercise, or other payment of compensation in respect of Retained Medtronic Awards, and SplitCo shall not claim, and shall cause each SplitCo Group member not to claim, any Tax deduction with respect to Retained Medtronic Awards. SplitCo

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shall, and shall cause each SplitCo Group member to, cooperate with Medtronic to ensure Medtronic receives all information, documentation, and reporting necessary to claim applicable Tax deductions with respect to Retained Medtronic Awards, including timely provision of settlement data, Tax withholding data, and participant compensation information. If Retained Medtronic Awards are administered through SplitCo's platform pursuant to <u>Section 7.07</u> hereof, SplitCo shall issue all required Tax reporting forms (including Forms W-2, 1099, or applicable non-U.S. equivalents) clearly identifying Medtronic (or the applicable Medtronic Group member) as the entity entitled to the associated Tax deduction. For U.S. federal income Tax purposes, Medtronic (or the applicable Medtronic Group member) shall be treated as the "employer" within the meaning of Section 3401(d) of the Code with respect to Retained Medtronic Awards, and SplitCo (or the applicable SplitCo Group member) shall be treated as Medtronic's agent for Tax withholding and reporting obligations to the extent SplitCo administers such awards pursuant to Section 7.06(c).

SECTION 7.07. <u>Administrative Arrangements</u>. The administrative arrangements for Retained Medtronic Awards shall be mutually determined and agreed. The Parties may, by mutual agreement, elect to administer the Retained Medtronic Awards through (a) Medtronic's existing equity compensation systems and service providers, (b) SplitCo's equity compensation platform and service providers, or (c) such other arrangement as mutually agreed (the "<u>Administrative Model</u>"). The Parties shall determine the Administrative Model no later than sixty (60) days prior to the Separation Date, or such later date as mutually agreed. In the event the Retained Medtronic Awards are administered through SplitCo's platform, SplitCo shall, upon vesting, payment, settlement, or exercise of such Retained Medtronic Awards: (i) calculate and withhold all applicable Taxes in accordance with applicable Law and the Medtronic Stock Plans, (ii) timely remit all withheld Taxes to applicable Governmental Authorities, (iii) facilitate delivery of Medtronic Parent Ordinary Shares to participants (or process cashless exercise transactions), and (iv) provide Medtronic timely notice and documentation of all such transactions. Medtronic shall provide SplitCo with Medtronic Parent Ordinary Shares (or cash, as mutually agreed) necessary to satisfy settlement obligations in advance of settlement dates or on such other timeline as mutually agreed.

SECTION 7.08. <u>Retained Medtronic Award Liabilities</u>. Medtronic shall retain all Liabilities with respect to the Retained Medtronic Awards; <u>provided</u>, that if SplitCo (or any SplitCo Group member) administers Retained Medtronic Awards pursuant to <u>Section 7.07</u> hereof, SplitCo shall indemnify, defend, and hold harmless the Medtronic Group from all Liabilities arising from any failure by SplitCo to (a) properly calculate, withhold, remit, or report Taxes with respect to Retained Medtronic Awards, including any penalties, interest, or additional Taxes imposed on Medtronic, any Medtronic Group member, or any participant, (b) comply with applicable securities Laws, Tax Laws, data protection Laws, or other legal requirements in administering Retained Medtronic Awards, or (c) timely or accurately process exercises, settlements, vesting events, or other transactions with respect to Retained Medtronic Awards, including any damages, costs, or expenses incurred by Medtronic, any Medtronic Group member, or any participant.

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SECTION 7.09. <u>Registration and Other Regulatory Requirements</u>. SplitCo shall file a registration statement on Form S-8 with respect to the shares of SplitCo Common Stock authorized for issuance under the SplitCo Stock Plan on the Separation Date. The Parties shall take such additional actions as are deemed necessary or advisable to effectuate the foregoing provisions of this <u>Article VII</u>, including compliance with securities Laws and other legal requirements associated with equity compensation awards in affected non-U.S. jurisdictions. The adjustments set forth above, as determined by and subject in all cases to the approval of the Medtronic Board and the Compensation and Talent Committee of the Medtronic Board, pursuant to their authority under the applicable Medtronic Stock Plan, shall be the sole adjustments made with respect to the Medtronic equity-based awards in connection with the transactions contemplated by this Agreement, the Separation Agreement or any Ancillary Agreement.

ARTICLE VIII

<u>Certain Other Arrangements</u>

SECTION 8.01. <u>Annual Incentive Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Medtronic shall retain all Liabilities for any annual cash incentive compensation payable to eligible SplitCo Employees in respect of the Medtronic 2025 fiscal year, which amounts shall be paid in the ordinary course of business in accordance with the terms and conditions of the applicable plans and consistent with Medtronic's policies and procedures as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The SplitCo Group shall assume all Liabilities for any cash incentive compensation payable under any Medtronic Benefit Plan or SplitCo Benefit Plan in respect of the portion of the 2026 fiscal year following the Standup Date with respect to the SplitCo Employees, and the Medtronic Group shall have no Liability in respect of such annual incentives; <u>provided</u>, that one or more members of the SplitCo Group shall, from and after the Standup Date, assume and be obligated to make such cash incentive compensation payments in respect of the entire 2026 fiscal year to the applicable SplitCo Employees in accordance with the payment schedule and amounts that would have been payable absent the Separation and pursuant to the applicable Medtronic Benefit Plan or SplitCo Benefit Plan. SplitCo shall be solely responsible for any and all Liabilities arising out of or relating to such payment, including without limitation (i) all administrative obligations and costs associated with making such payments, and (ii) any claims, penalties, or other Liabilities resulting from failure to make such payments when due or in the amounts required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) References in this <u>Article VI</u> to the "Standup Date" shall be treated as references to the "Deferred Separation Date" or the "Deferred Employee Date" in the case of Deferred Market Employees or SplitCo Visa Employees, respectively

SECTION 8.02. <u>Long-Term Cash Incentive Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The SplitCo Group shall assume all Liabilities for any long-term cash incentive awards granted under any Medtronic Benefit Plan that are outstanding as of the

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Separation Date and held by SplitCo Employees, including any such awards subject to cliff vesting requirements. Such awards shall continue to vest and be settled in accordance with their original terms and conditions as set forth in the applicable Medtronic Benefit Plan, except that vesting shall be based on continued service with the SplitCo Group following the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following the Separation Date, any long-term cash incentive awards assumed by the SplitCo Group pursuant to this <u>Section 8.02</u> shall be paid through the SplitCo Group's payroll systems upon vesting in accordance with the terms and conditions of the applicable Medtronic Benefit Plan and the SplitCo Group's policies and procedures as in effect from time to time. The Medtronic Group shall have no Liability in respect of any long-term cash incentive awards assumed by the SplitCo Group pursuant to this <u>Section 8.02</u>.

SECTION 8.03. <u>Restrictive Covenants in Individual Agreements</u>. To the extent permitted under applicable Law, following the Standup Date, the SplitCo Group shall be considered to be successors to the Medtronic Group for purposes of all agreements containing restrictive covenants (including confidentiality provisions) between the Medtronic Group and any SplitCo Employee executed prior to the Standup Date such that the Medtronic Group and the SplitCo Group shall each enjoy the rights and benefits under such agreements, with respect to their respective business operations; <u>provided</u>, <u>however</u>, that (a) in no event shall the Medtronic Group be permitted to enforce any restrictive covenants against any SplitCo Employees (determined as of the Standup Date) solely with respect to their services in their capacity as employees of the SplitCo Group and (b) in no event shall the SplitCo Group be permitted to enforce any restrictive covenants against any Medtronic Employees (determined as of the Standup Date) solely with respect to their services in their capacity as employees of the Medtronic Group.

SECTION 8.04. <u>Severance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting the generality of the definition of SplitCo Employee Liabilities, any severance that becomes payable prior to, on or after the Standup Date (including any severance or termination-related Liabilities arising due to failure of a SplitCo Employee to continue employment on or after the Separation other than in the case of Refusal Employees) to (i) any SplitCo Employee (including SplitCo Leave Employees) or (ii) any Former SplitCo Employee, in each case, under any severance plan, program, agreement or arrangement (whether of the Medtronic Group, the SplitCo Group or otherwise) shall be a SplitCo Employee Liability, and the Medtronic Group shall have no Liability in respect of such severance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, the Parties agree to the allocation of certain severance and termination-related Liabilities expected to arise prior to the Separation in accordance with and pursuant to the terms and principles set forth on <u>Schedule III</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is not intended that any Medtronic Employee or SplitCo Employee will be eligible for severance payments from the Medtronic Group or the SplitCo Group as a result of the transfer or change of employment from the Medtronic Group to the SplitCo Group or from

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the SplitCo Group to the Medtronic Group or the occurrence of the Initial Public Offering or the Second Step Transaction; <u>provided</u> that in the event any Liabilities are incurred as a result of any claim for severance or other similar payments or benefits incurred in connection with any such transfer or change of employment or the occurrence of the Initial Public Offering or the Second Step Transaction, such Liabilities shall be Medtronic Employee Liabilities to the extent relating to a Medtronic Employee or Former Medtronic Employee, or SplitCo Employee Liabilities to the extent relating to a SplitCo Employee or Former SplitCo Employee, as applicable.

SECTION 8.05. <u>SplitCo Employee Stock Purchase Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the Standup Date, the SplitCo Group shall adopt, establish and maintain an employee stock purchase plan (the "<u>SplitCo ESPP</u>") that will provide benefits that are similar to those provided under the Medtronic ESPP immediately before the Standup Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The administrator of the Medtronic ESPP shall take all actions necessary and appropriate to provide that all payroll deductions and other contributions of the participants in the Medtronic ESPP who are SplitCo Employees and Former SplitCo Employees shall cease on or before the Separation Date. Any accumulated contributions of SplitCo Employees and Former SplitCo Employees that remain in such participants' accounts under the Medtronic ESPP as of the Separation Date, if any, shall be returned to such participant as promptly as practicable (but no later than thirty (30) Business Days) following the Standup Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Medtronic shall retain the Medtronic ESPP and except as provided in this Agreement, the SplitCo Group assumes no liability with respect to, and receives no right or interest in, the Medtronic ESPP. Medtronic assumes no liability with respect to, and receives no right or interest in, the SplitCo ESPP.

SECTION 8.06. <u>Individual Agreements</u>. To the extent necessary, Medtronic shall assign, or cause an applicable member of the Medtronic Group to assign, to SplitCo or another member of the SplitCo Group, as designated by SplitCo, all Individual Agreements (including, without limitation, any retention agreements or other agreements providing for payments, benefits, or other obligations following the Standup Date), with such assignment to be effective as of no later than the Standup Date; <u>provided</u>, <u>however</u>, that to the extent that assignment of any such Individual Agreement is not permitted by the terms of such agreement or by applicable Law, effective as of the Standup Date, each member of the SplitCo Group shall be considered to be a successor to each member of the Medtronic Group for purposes of, and a third-party beneficiary with respect to, such Individual Agreement, such that each member of the SplitCo Group shall enjoy all the rights and benefits under such agreement (including rights and benefits as a third-party beneficiary). Effective as of the Standup Date, SplitCo shall, or shall cause an applicable member of the SplitCo Group to, assume and honor any Individual Agreement to the extent assigned to such member of the SplitCo Group pursuant to this <u>Section 8.06</u>, including, without limitation, all obligations to make payments (including retention payments), provide benefits, and bear all costs and expenses arising under or in connection with such Individual Agreements, whether such obligations arise before, on, or after the Standup Date. From and after the Standup Date, SplitCo shall be solely responsible for all such obligations, payments, costs,

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and Liabilities under the Individual Agreements, and Medtronic and the other members of the Medtronic Group shall have no further obligations or Liabilities with respect thereto.

SECTION 8.07. <u>Director Compensation</u>. The Medtronic Group shall be responsible for the payment of any fees for service on the Medtronic Board, and the SplitCo Group shall not have any responsibility for any such payments. With respect to any SplitCo non-employee director, the SplitCo Group shall be responsible for the payment of any fees for service on the SplitCo Board that are earned at any time after the Separation Date and Medtronic shall not have any responsibility for any such payments. Notwithstanding the foregoing, SplitCo shall commence paying quarterly cash retainers to SplitCo non-employee directors in respect of the quarter in which the Separation Date occurs; <u>provided</u>, that (a) if Medtronic has already paid such quarter's cash retainers to non-employee members of the Medtronic Board prior to the Separation Date, then within thirty (30) days after the Separation Date, SplitCo shall pay Medtronic an amount equal to the portion of such payment that is attributable to non-employee directors' service to SplitCo after the Separation Date, and (b) if Medtronic has not yet paid such quarter's cash retainers to Medtronic non-employee directors prior to the Separation Date, then within thirty (30) days after the Separation Date, Medtronic shall pay SplitCo an amount equal to the portion of such payment that is attributable to non-employee directors' service to Medtronic on and prior to the Separation Date.

SECTION 8.08. <u>Vacation and Other Paid Time Off</u>. Effective as of the Standup Date, a member of the SplitCo Group shall assume any Liability for vacation and other paid time-off benefits accrued or earned (but not yet taken) by the SplitCo Employees as of immediately prior to the Standup Date (after taking into account any such benefits that are forfeited on the Standup Date under the applicable policy of the Medtronic Group) or accrued or earned by SplitCo Employees thereafter, and shall be obligated to reimburse the members of the Medtronic Group with respect to required payments to the SplitCo Employees by the Medtronic Group in lieu of such vacation or other paid time-off benefits pursuant to applicable Law or any SplitCo CBA.

ARTICLE IX

<u>Non-Qualified Deferred Compensation</u>

SECTION 9.01. <u>Treatment of Medtronic Non-Qualified Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Establishment of SplitCo Nonqualified Deferred Compensation Plans</u>*. As of the Standup Date, the SplitCo Group shall establish and maintain nonqualified deferred compensation plans substantially in the form of, and with terms and conditions that are, in all material respects, the same as the Medtronic Capital Accumulation Plan ("<u>CAP</u>") and the Medtronic Nonqualified Retirement Plan Supplement ("<u>NRPS</u>") (collectively, the "<u>SplitCo</u> <u>Nonqualified Plans</u>"), for the benefit of SplitCo Employees who participated in the CAP or NRPS, as applicable, immediately prior to the Standup Date. To the extent permitted or required by applicable Law, the SplitCo Group shall cause the SplitCo Nonqualified Plans to recognize and maintain, to the extent applicable, all elections (including distribution and investment elections) and beneficiary designations made by SplitCo Employees with respect to liabilities

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transferred from the Medtronic CAP and Medtronic NRPS, until such time as a new election that by its terms supersedes the original election is made by the applicable SplitCo Employee in accordance with applicable Law and the terms and conditions of the SplitCo Nonqualified Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Liability Transfer</u>*. Effective as of the Standup Date, the SplitCo Group shall assume all Liabilities and obligations with respect to SplitCo Employees (but not for Former SplitCo Employees) under the CAP and NRPS, and such Liabilities and obligations shall be transferred to and administered under the SplitCo Nonqualified Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>NRPS Present Value Determination</u>*. To the extent that any NRPS benefit or portion thereof must be converted to a present value in connection with the transfer to the SplitCo Nonqualified Plans, the present value shall be determined by Medtronic, in its sole discretion, in accordance with the terms of the applicable plan and in a manner consistent with past practice and applicable law. The Parties agree to cooperate in good faith to facilitate the calculation and transfer of such present value amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>NRPS FICA Tax Liability and Withholding</u>*. The Parties acknowledge that, in connection with the transfer of NRPS Liabilities to the SplitCo Nonqualified Plans, the payment of Federal Insurance Contributions Act ("<u>FICA</u>") Taxes attributable to SplitCo Employees may be required. Any such FICA Tax liability that arises as a result of the transfer shall be withheld and remitted by the SplitCo Group following the Standup Date, and, to the extent required, shall be withheld from the compensation or other payments made to the affected SplitCo Employees by the SplitCo Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>Coordination with Other Plans</u>*. The SplitCo Nonqualified Plans shall coordinate with the SplitCo U.S. Savings Plan and any other applicable SplitCo retirement or savings plans, as appropriate, and shall not coordinate with any Medtronic qualified defined benefit pension plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *<u>No Distributions</u>*. The Parties acknowledge that none of the transactions contemplated by this Agreement, the Separation Agreement or any Ancillary Agreement shall trigger a payment or distribution of compensation under the NRPS or the CAP and, consequently, the payment or distribution of any compensation to which any such participant is entitled under such plan shall occur only upon such participant's separation from service from the SplitCo Group, as applicable, or at such other time as provided pursuant to the terms of the applicable plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *<u>Miscellaneous</u>*. No assets shall be transferred from Medtronic to the SplitCo Group in connection with the transfer of liabilities under the CAP or NRPS. The Parties shall cooperate in good faith to provide all necessary information and documentation to effectuate the establishment and administration of the SplitCo Nonqualified Plans.

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ARTICLE X

<u>[Reserved]</u>

SECTION 10.01. <u>Reserved</u>.

ARTICLE XI

<u>Cooperation; Payroll Services; Liabilities/Assets and Actions; Access to Information; Confidentiality; Tax Deductions</u>

SECTION 11.01. <u>Cooperation</u>. Following the date of this Agreement, the Parties shall, and shall cause their respective Subsidiaries to, use commercially reasonable efforts to cooperate with respect to any employee compensation or benefits matters that either Party reasonably determines require the cooperation of the other Party in order to accomplish the objectives of this Agreement; <u>provided</u>, that Medtronic shall determine in its sole discretion which (if any) Tax or securities filings, rulings or other actions to pursue prior to the Divestment Date regarding the treatment of Medtronic equity-based awards in connection with the Second Step Transaction; <u>provided</u>, <u>further</u>, that any Liabilities that may be incurred as a result of the Parties taking or failing to take any such actions (including in respect of the continuing service credit provided under <u>Section 10.01</u>) shall be SplitCo Employee Liabilities or Medtronic Employee Liabilities, as applicable, unless the Parties otherwise agree. Without limiting the generality of the preceding sentence, the Parties shall cooperate (a) in connection with any audits of any Benefit Plan with respect to which such Party may have Information, (b) in connection with any audits of their respective payroll services (whether by a Governmental Authority in the United States or otherwise) in connection with the services provided by one Party to the other Party, (c) in connection with administering the Medtronic Benefit Plans and SplitCo Benefit Plans, (d) in good faith in connection with notifications to and consultations with works councils, labor unions and other employee representative bodies of employees of the Medtronic Group and the SplitCo Group, (e) in connection with tax reporting and withholding matters, including by: (i) promptly sharing Information regarding employee compensation, benefits, equity awards, and other payments that may be subject to tax reporting or withholding obligations in any jurisdiction; (ii) coordinating their respective tax reporting and withholding positions to ensure consistency in the treatment of employee compensation and benefits matters across both Groups; (iii) providing timely notice to the other Party of any proposed tax reporting or withholding position that may affect employees or former employees of the other Party or that may be inconsistent with positions taken or proposed to be taken by the other Party; and (iv) consulting in good faith to resolve any inconsistencies or conflicts in their respective tax reporting and withholding positions before filing any applicable tax returns or reports; (f) in taking commercially reasonable efforts to avoid duplicated tax liabilities, including by: (i) promptly notifying the other Party of any actual or potential duplicated tax liability, assessment, or claim that may arise in connection with employee compensation or benefits matters; (ii) sharing Information and coordinating strategies to prevent, minimize, or eliminate any duplicated tax liabilities that may be imposed on employees, former employees, or either Party; (iii) cooperating in good faith to determine which Party should bear responsibility for any unavoidable duplicated tax liability in accordance with the principles set forth in this Agreement; and (iv) taking

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reasonable steps to claim available foreign tax credits, treaty benefits, or other relief mechanisms to mitigate duplicated tax liabilities; and (g) in connection with any other matters reasonably necessary to effectuate the purposes of this <u>Section 11.01</u>. The obligations of the Medtronic Group and the SplitCo Group to cooperate pursuant to this <u>Section 11.01</u> shall remain in effect until the later of (i) the date all audits of all Benefit Plans of one Party with respect to which the other Party may have Information have been completed and (ii) the date the applicable statute of limitations with respect to such audits has expired. The Medtronic Group and the SplitCo Group shall indemnify, defend and hold harmless the members of the SplitCo Group or the members of the Medtronic Group, as applicable, from and against any and all Liabilities incurred by the SplitCo Group or the Medtronic Group, as applicable, that arise out of or result from the failure of the Medtronic Group or the SplitCo Group (or successor employer), as applicable, to provide the cooperation described in this <u>Section 11.01</u> on a timely basis.

SECTION 11.02. <u>Payroll Services</u>. Subject to the obligations of the Parties as set forth in the TSA, as of the Standup Date (or such earlier date as agreed between the Parties, the "<u>Payroll Transition Date</u>"), (a) the members of the SplitCo Group shall be solely responsible for providing payroll services (including for any payroll period already in progress) to the SplitCo Employees and for any Liabilities with respect to garnishments of the salary and wages thereof and (b) the members of the Medtronic Group shall be solely responsible for providing payroll services (including for any payroll period already in progress) to the Medtronic Employees and Former Medtronic Employees and for any Liabilities with respect to garnishments of the salary and wages thereof. The Parties acknowledge and agree that the Payroll Transition Date may vary by jurisdiction or SplitCo Employee population to align with applicable pay period cycles, the Fair Labor Standards Act (FLSA) workweek requirements, or other operational considerations, and that SplitCo may assume payroll responsibility for certain SplitCo Employees prior to the Standup Date. Notwithstanding any earlier Payroll Transition Date, the Standup Date shall remain the effective date for all other purposes under this Agreement unless otherwise expressly provided herein.

SECTION 11.03. <u>Liabilities/Assets and Actions</u>. Any Liabilities to be assumed or retained by the SplitCo Group (including as set forth in Schedule VII of the Separation Agreement) or the Medtronic Group pursuant to this Agreement shall be, respectively, SplitCo Employee Liabilities and Medtronic Employee Liabilities, in each case, as defined in, and for purposes of, the Separation Agreement. Any Assets to be transferred to or retained by the SplitCo Group (including as set forth in Schedule IV of the Separation Agreement) or the Medtronic Group pursuant to this Agreement shall be, respectively, SplitCo Assets and Medtronic Assets, in each case, as defined in, and for purposes of, the Separation Agreement. Any Actions relating to Benefit Plans, Medtronic Employees, SplitCo Employees, Former Medtronic Employees and Former SplitCo Employees shall be governed by Section 6.13 of the Separation Agreement.

SECTION 11.04. <u>Access to Information; Confidentiality</u>. Article VII of the Separation Agreement is hereby incorporated into this Agreement *mutatis mutandis*.

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SECTION 11.05. <u>Tax Deductions</u>. Subject to the terms and obligations of the Parties as set forth in the TMA, (a) the Medtronic Group shall be solely entitled to claim any income Tax deductions arising after the Standup Date with respect to any payment or benefit under any Medtronic Benefit Plan, including any Medtronic Stock Plan and the Retained Medtronic Awards, and (b) the SplitCo Group shall be solely entitled to claim any income Tax deduction arising after the Standup Date with respect to any payment or benefit under any SplitCo Benefit Plan, including the SplitCo Stock Plan.

ARTICLE XII

<u>Miscellaneous</u>

SECTION 12.01. <u>Counterparts; Entire Agreement; Corporate Power</u>. Section 11.01 of the Separation Agreement is incorporated by reference herein, *mutatis mutandis*.

SECTION 12.02. <u>Governing Law; Dispute Resolution; Jurisdiction</u>. Section 11.02 of the Separation Agreement is incorporated by reference herein, *mutatis mutandis*.

SECTION 12.03. <u>Assignability</u>. Section 11.03 of the Separation Agreement is incorporated by reference herein, *mutatis mutandis*.

SECTION 12.04. <u>Third-Party Beneficiaries</u>. Section 11.04 of the Separation Agreement is incorporated by reference herein, *mutatis mutandis*.

SECTION 12.05. <u>Notices</u>. Section 11.05 of the Separation Agreement is incorporated by reference herein, *mutatis mutandis*.

SECTION 12.06. <u>Severability</u>. Section 11.06 of the Separation Agreement is incorporated by reference herein, *mutatis mutandis*.

SECTION 12.07. <u>Headings</u>. Section 11.09 of the Separation Agreement is incorporated by reference herein, *mutatis mutandis*.

SECTION 12.08. <u>Survival of Covenants</u>. Section 11.10 of the Separation Agreement is incorporated by reference herein, *mutatis mutandis*.

SECTION 12.09. <u>Waivers of Default</u>. Section 11.11 of the Separation Agreement is incorporated by reference herein, *mutatis mutandis*.

SECTION 12.10. <u>Specific Performance</u>. Section 11.12 of the Separation Agreement is incorporated by reference herein, *mutatis mutandis*.

SECTION 12.11. <u>No Admission of Liability</u>. Section 11.13 of the Separation Agreement is incorporated by reference herein, *mutatis mutandis*.

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SECTION 12.12. <u>Section 409A</u>. The Parties shall cooperate in good faith and use reasonable best efforts to ensure that the transactions contemplated by this Agreement, the Separation Agreement and any other Ancillary Agreement shall not result in adverse Tax consequences under Section 409A of the Code to any SplitCo Employee (or any of their respective beneficiaries), in respect of their benefits under any Benefit Plan.

SECTION 12.13. <u>Termination</u>. Article X of the Separation Agreement is incorporated by reference herein, *mutatis mutandis*.

SECTION 12.14. <u>Amendments; Waivers</u>. Section 11.14 of the Separation Agreement is incorporated by reference herein, *mutatis mutandis*.

SECTION 12.15. <u>Interpretation</u>. Section 11.16 of the Separation Agreement is incorporated by reference herein, *mutatis mutandis*.

*[Remainder of page left intentionally blank]*

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized representatives.

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[*Signature Page to Employee Matters Agreement*]

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**<u>Schedule I</u>**

SplitCo Employees

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**<u>Schedule II</u>**

SplitCo Offer Transfer Jurisdictions

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**<u>Schedule III</u>**

Certain Severance Allocation

## Exhibit 10.4

**Exhibit 10.4**

**FORM OF MGH-MM INTELLECTUAL PROPERTY CROSS-LICENSE AGREEMENT** 

This MGH-MM INTELLECTUAL PROPERTY CROSS-LICENSE AGREEMENT (this "<u>Agreement</u>"), dated as of __________ (the "<u>Agreement</u>") is entered into by and between __________ ("<u>Medtronic</u>") and __________ ("<u>SplitCo</u>"). Medtronic and SplitCo are collectively referred to herein as the "<u>Parties</u>" and individually as a "<u>Party</u>".

**RECITALS**

WHEREAS, in connection with the Separation Agreement, dated as of __________, by and between __________ and Medtronic (the "<u>Separation Agreement</u>"), (a) Medtronic plc, an Irish public limited company and the ultimate parent company of Medtronic ("<u>Medtronic Parent</u>") and its shareholders determined that it is desirable and appropriate to transfer certain assets and liabilities to SplitCo and the other members of the SplitCo Group, and for such entities to conduct and operate the SplitCo Business, and (b) Medtronic and the other members of the Medtronic Group will conduct and operate the Medtronic Business;

WHEREAS, this Agreement is an Ancillary Agreement pursuant to the Separation Agreement; and

WHEREAS, in connection with the transactions contemplated by the Separation Agreement, Medtronic and each of the other members of the Medtronic Group (but *excluding* all of the entities listed on Exhibit A of this Agreement) (the "<u>Medtronic Licensors</u>") wish to grant to SplitCo and the other members of the SplitCo Group (in such capacity, the "<u>SplitCo</u> <u>Licensees</u>") licenses under certain Medtronic Licensed Patents and Medtronic Licensed Other IP, and SplitCo and each of the other members of the SplitCo Group (collectively, the "<u>SplitCo</u> <u>Licensors</u>") wish to grant to Medtronic and each of the other members of the Medtronic Group (*including* the entities listed on Exhibit A of this Agreement) (in such capacity, the "<u>Medtronic</u> <u>Licensees</u>"), licenses to the SplitCo Licensed Patents and SplitCo Licensed Other IP, in each case, as and to the extent set forth herein.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

**ARTICLE 1**

**DEFINITIONS**

**Section 1.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Defined Terms</u>**. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Separation Agreement. As used in this Agreement, the following terms shall have the following meanings:

"<u>Affiliate</u>" of any Person means a Person that controls, is controlled by or is under common control with such Person. As used herein, "control" of any entity means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies

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of such entity, whether through ownership of voting securities or other interests, by Contract or otherwise; <u>provided</u>, <u>however</u>, that for purposes of this Agreement, (a) SplitCo and the other members of the SplitCo Group shall not be considered Affiliates of Medtronic or any of the other members of the Medtronic Group and (b) Medtronic and the other members of the Medtronic Group shall not be considered Affiliates of SplitCo or any of the other members of the SplitCo Group; and <u>provided</u>, <u>further</u>, that MiniMed Group, Inc. shall not be considered part of the Medtronic Group or part of the SplitCo Group prior to the merger of __________ into MiniMed Group, Inc.

"<u>Change of Control</u>" means with respect to any Person, (a) the sale of all or substantially all of the ownership interests in such Person in a single transaction to another Person that is not then an Affiliate of such first Person, (b) any direct or indirect acquisition, consolidation or merger of such Person by, with or into any other Person that is not then an Affiliate of such first Person, or (c) any other corporate reorganization or single transaction or series of related transactions in which direct or indirect control of such Person is transferred to one or more other Persons that are not then Affiliates of such first Person, including by transferring an excess of fifty percent (50%) of such Person's voting power, shares or equity, through a merger, consolidation, tender offer or similar transaction to one or more other Persons that are not then Affiliates of such first Person.

"<u>Contract</u>" means any contract, agreement or other legally binding instrument, including any note, bond, mortgage, deed, indenture, commitment, undertaking, promise, lease, sublease, license or sublicense or joint venture.

"<u>Group</u>" means either the Medtronic Group or the SplitCo Group, as the context requires.

"<u>Held for Use</u>" means that there are books or records, whether in hard copy or electronic or digital format (including emails, data bases, and other file formats) (a) evidencing a specific, good faith intention of future use and (b) that exist as of the Separation Date.

"<u>Intellectual Property</u>" means any and all common law or statutory rights anywhere in the world arising under or associated with the following, whether registered or unregistered: (a) patents, patent applications, statutory invention registrations, registered designs, utility models, and similar or equivalent rights in inventions and designs and all reissues, reexaminations, divisionals, continuations, and extensions of, and counterparts thereof, with respect to any of the foregoing ("<u>Patent</u>s"), (b) trademarks, service marks, trade dress, trade names, logos and other designations of origin, and the goodwill associated therewith ("<u>Trademarks</u>"), (c) rights in domain names and uniform resource locators, social media identifiers and accounts, and other names and locators associated with Internet addresses and sites ("<u>Domain Names</u>"), (d) copyrights and any other equivalent rights in works of authorship (including databases as works of authorship) ("<u>Copyrights</u>"), (e) Trade Secrets, (f) rights in Software (as defined in the Separation Agreement), and (g) other similar or equivalent intellectual property rights.

"<u>Licensee(s)</u>" means the Medtronic Licensees or the SplitCo Licensees, as applicable, in their capacities as the licensees or grantees of the licenses or rights granted to them by the SplitCo Licensors or the Medtronic Licensors, as applicable, pursuant to <u>Article 2</u>.

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"<u>Licensor(s)</u>" means the Medtronic Licensors or the SplitCo Licensors, as applicable, in their capacities as the licensors or grantors of any licenses or rights granted by them to the SplitCo Licensees or the Medtronic Licensees, as applicable, pursuant to <u>Article 2</u>.

"<u>Medtronic Business</u>" means the business and operations conducted (including business and operations not yet commercialized) by the Medtronic Group other than the SplitCo Business.

"<u>Medtronic Group</u>" means Medtronic Parent and each of its Subsidiaries, but excluding any member of the SplitCo Group and the SplitCo Group Entities; and excluding MiniMed Group, Inc.

"<u>Medtronic Intellectual Property</u>" means all Intellectual Property owned by any member of the Medtronic Group or the SplitCo Group as of immediately prior to the Separation Date, other than the SplitCo Intellectual Property, including all rights to prosecute and perfect the foregoing through administrative prosecution, registration, recordation, or other proceeding, and all causes of action and rights to sue or seek other remedies arising from or relating to the foregoing, including for any past or ongoing infringement, misuse, or misappropriation.

"<u>Medtronic Licensed IP</u>" means the (a) Medtronic Licensed Patents and (b) Medtronic Licensed Other IP.

"<u>Medtronic Licensed Other IP</u>" means all Medtronic Intellectual Property (other than Patents, Trademarks and Domain Names) that is owned by a Medtronic Licensor and is used or Held for Use in the operation of the SplitCo Business immediately prior to the Separation Date.

"<u>Medtronic Licensed Patents</u>" means the Medtronic Patents that are used or Held for Use in connection with the business or operation of the SplitCo Business immediately prior to the Separation Date.

"<u>Medtronic Patents</u>" means (a) any Patents under Medtronic Intellectual Property that are owned by a Medtronic Licensor and (b) all continuations, divisionals, continuations-in-part, re-examinations, reissues and revisions of such Patents issuing subsequent to the Separation Date.

"<u>Parties</u>" and "<u>Party</u>" have the meaning assigned in the preamble hereto.

"<u>Person</u>" means an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization, a limited liability company, any other entity and any Governmental Authority.

"<u>Separation Date</u>" means the date on which the Initial Public Offering (as defined in the Separation Agreement) closes or in such other manner or on such other date as Medtronic and Kangaroo US HoldCo 2, Inc. may mutually agree upon in writing.

"<u>SplitCo Business</u>" means the business and operations constituting Medtronic's Diabetes operating unit (as further described in the IPO Registration Statement), including the brands and product lines (a) sold by such segment as of or prior to the Separation Date or (b) otherwise set forth on <u>Schedule V</u> (as listed in the Separation Agreement). Notwithstanding the foregoing, the

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brands and product lines of all Medtronic Group operating units and businesses other than the Diabetes operating unit shall be deemed part of the Medtronic Business, and not part of the SplitCo Business.

"<u>SplitCo Group</u>" means (a) __________, (b) each Person that will be a Subsidiary of __________ immediately after the Separation Date, including the entities set forth on <u>Schedule</u> <u>III</u> under the caption "Subsidiaries" (as listed in the Separation Agreement) and (c) each Person that becomes a Subsidiary of __________ after the Separation Date, including in each case any Person that is merged or consolidated with or into __________ or any Subsidiary of __________, including as part of the Internal Transactions (as defined in the Separation Agreement). "SplitCo Group" excludes MiniMed Group, Inc. prior to the merger of __________ into MiniMed Group, Inc.

"<u>SplitCo Group Entities</u>" means the entities, the equity, partnership, membership, joint venture or similar interests of which are set forth on <u>Schedule III</u> under the captions "Joint Ventures" and "Minority Investments" (as listed in the Separation Agreement).

"<u>SplitCo Intellectual Property</u>" means (a) the SplitCo Patents, (b) the SplitCo Copyrights, (c) the SplitCo Domain Names, (d) the SplitCo Trade Secrets, (e) the SplitCo Trademarks (as defined in the Separation Agreement), (f) the SplitCo IDs (as defined in the Separation Agreement), (g) all other Intellectual Property (other than Patents) owned by any member of the Medtronic Group or the SplitCo Group as of immediately prior to the Separation Date that are exclusively used in or related to the SplitCo Business (including such SplitCo Domain Names and SplitCo Trademarks listed on <u>Schedule</u>__________ and <u>Schedule</u>__________, respectively (each as listed in the Separation Agreement), and (h) including in each case of the foregoing (a)-(g), all rights to prosecute and perfect the foregoing through administrative prosecution, registration, recordation, or other proceeding, and all causes of action and rights to sue or seek other remedies arising from or relating to the foregoing, including for any past or ongoing infringement, misuse, or misappropriation.

"<u>SplitCo Licensed IP</u>" means the (a) SplitCo Licensed Patents and (b) SplitCo Licensed Other IP.

"<u>SplitCo Licensed Other IP</u>" means all SplitCo Intellectual Property (other than Patents, Trademarks and Domain Names) that is used or Held for Use in the operation of the Medtronic Business immediately prior to the Separation Date.

"<u>SplitCo Licensed Patents</u>" means SplitCo Patents that are used or Held for Use in connection with the business or operation of the Medtronic Business immediately prior to the Separation Date.

"<u>SplitCo Patents</u>" means (a) the Patents listed on <u>Exhibit B</u> of this Agreement and (b) and all continuations, divisionals, continuations-in-part, re-examinations, reissues and revisions of such Patents issuing subsequent to the Separation Date.

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"<u>SplitCo Trade Secrets</u>" means the Trade Secrets that are owned by any member of the Medtronic Group or SplitCo Group as of immediately prior to the Separation Date and that are exclusively used in or related to the SplitCo Business.

"<u>Subsidiary</u>" of any Person means any corporation or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others performing similar functions with respect to such corporation or other organization, is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries.

"<u>Successor</u>" means any successor (by purchase, divesture, merger, Change of Control or otherwise) to all or substantially all of the SplitCo Business or brand or product line of the SplitCo Group.

"<u>Third Party</u>" means a Person other than Medtronic Licensors, SplitCo Licensors or any of their respective Affiliates immediately following the Separation Date.

"<u>Trade Secrets</u>" means all (a) confidential or proprietary information and (b) all other forms and types of financial, business, scientific, technical, economic or engineering information, including patterns, plans, compilations, program devices, formulas, designs, prototypes, methods, techniques, processes, procedures, know-how, programs or codes, whether tangible or intangible, and whether or how stored, compiled or memorialized physically, electronically, graphically, photographically or in writing, to the extent that the owner thereof has taken reasonable measures to keep such information secret and the information derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable through proper means by, the public.

**ARTICLE 2**

**LICENSE GRANTS**

**Section 2.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>License Grants</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>License to SplitCo Licensees of Medtronic Licensed IP</u>. Subject to the terms and conditions of this Agreement, the Medtronic Licensors hereby grant, on behalf of themselves and their Subsidiaries, to the SplitCo Licensees a non-exclusive, royalty-free, perpetual, irrevocable, worldwide, non-sublicensable (other than pursuant to <u>Section 2.3</u>) and non-transferable (other than pursuant to <u>Section 6.2</u>) license (i) under the Medtronic Licensed Patents, to make, have made (subject to <u>Section 2.2</u>), use, offer to sell, sell and import any products or services of the SplitCo Business as operated on the Separation Date and any reasonable and natural extensions thereof and (ii) under the Medtronic Licensed Other IP, to use, copy, distribute, display, publish, perform, create derivative works of and otherwise commercially exploit any products and services embodying or practicing the Medtronic Licensed Other IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>License to Medtronic Licensees of SplitCo Licensed IP</u>. Subject to the terms and conditions of this Agreement, SplitCo Licensors hereby grant, on behalf of themselves

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and their Subsidiaries, to the Medtronic Licensees a non-exclusive, royalty-free, perpetual, irrevocable, worldwide, non-sublicensable (other than pursuant to <u>Section 2.3</u>) and non-transferable (other than pursuant to <u>Section 6.2</u>) license (i) under the SplitCo Licensed Patents, to make, have made (subject to <u>Section 2.2</u>), use, offer to sell, sell and import any products or services of the Medtronic Business as operated on the Separation Date and any reasonable and natural extensions thereof and (ii) under the SplitCo Licensed Other IP, to use, copy, distribute, display, publish, perform, create derivative works of and otherwise commercially exploit any products and services embodying or practicing the SplitCo Licensed Other IP.

**Section 2.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Sublicenses</u>**. Each Licensee may sublicense the rights granted to it pursuant to <u>Section 2.1</u> under the Medtronic Licensed IP and SplitCo Licensed IP, as applicable, only to (i) its existing and future Affiliates (solely for the period of time in which such Persons remain Affiliates of such Licensee) and (ii) vendors, suppliers, distributors, contractors, service providers, research organizations, and marketing partners providing non-manufacturing services to Licensees and their respective Affiliates, but not for the independent use of such Persons. Any sublicensee of Licensees must be bound in writing to terms and conditions no less restrictive on the sublicensee and no less protective of the Medtronic Licensed IP or SplitCo Licensed IP, as applicable, than those contained in this Agreement and Licensees will procure that each of their sublicensees complies with the terms of its respective sublicense. Any act or omission of any sublicensee of any Licensee shall be deemed an act or omission of such Licensee and such Licensee shall be responsible and liable for any breach of this Agreement by any of its sublicensees.

**Section 2.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Implied Restrictions or Licenses; Reservation of Rights</u>**. Nothing contained in this Agreement shall be construed as conferring any rights by implication, estoppel or otherwise, under any Intellectual Property other than the rights expressly granted in this Agreement with respect to the Medtronic Licensed IP or SplitCo Licensed IP. All rights not expressly granted in this Agreement are reserved by Licensors. The licenses granted herein shall not be deemed to require the delivery of any documents, materials or information, or the requirement to provide any support or training.

**ARTICLE 3**

**OWNERSHIP, MAINTENANCE. ENFORCEMENT, CONFIDENTIALITY**

**Section 3.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement</u>**. Each Licensee hereby acknowledges that, as between the Parties, (i) Medtronic and the other Medtronic Licensors are the owners of all right, title and interest in and to the Medtronic Licensed IP and (ii) SplitCo and the other applicable

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members of the SplitCo Group are the owner of all right, title and interest in and to the SplitCo Licensed IP.

**Section 3.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Responsibility for Licensed IP</u>**. Each Licensor shall have the exclusive right (but not the obligation) to prepare, file, prosecute, issue, maintain, assign, dispose of, enforce, abandon and terminate the Medtronic Licensed IP or SplitCo Licensed IP, as applicable to the Licensor, at its sole discretion and expense. The Parties shall reasonably cooperate, as needed, to assist the other party with resolution of disputes related to the Licensed IP, including participating in settlement or licensing negotiations. For the avoidance of doubt, such cooperation shall not extend to requiring involuntary joinder of a party to an enforcement proceeding. In the event such Licensor decides to initiate any third party claim of any infringement or threatened infringement or misappropriation of the Medtronic Licensed IP or SplitCo Licensed IP, as applicable to Licensor, Licensee agrees to reasonably cooperate and assist such Licensor in whatever manner Licensor directs. Any actual and reasonable out-of-pocket expenses associated with such cooperation shall be borne by the Licensor, expressly excluding the value of the time of the Licensee's personnel (regarding which the Parties shall agree on a case-by-case basis with respect to reasonable compensation). Recovery of damages resulting from any such action shall be solely for the account of Licensor. Licensee will provide information reasonably requested by Licensor in any such action, including in connection with the calculation of damages.

**Section 3.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>.** Each Party hereby acknowledges that confidential Information of such Party or members of its Group may be exposed to employees and agents of the other Party or its Group who have a need to know such confidential Information as a result of, or in connection with, the licenses and rights granted herein. Each Party agrees, on behalf of itself and its Affiliates, that such Party's obligation (and the obligation of members of its Group) to use and keep confidential such Information of the other Party or its Group, including when exercising "Have-made" rights (pursuant to <u>Section 2.2</u>) or sublicensing rights (pursuant to <u>Section 2.3</u>) shall be governed by Section __________ of the Separation Agreement, in which each Party and Member of its Group shall only share confidential Information of the other Party licensed herein to third parties under <u>Section 2.2</u> and <u>Section 2.3</u> only as reasonably necessary to exercise such rights; provided it has executed a written confidential agreement with the applicable third-party contract manufacturer or sublicensee with appropriate, industry-standard terms no less restrictive than Section __________ of the Separation Agreement.

**ARTICLE 4**

**DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY; INDEMNIFICATION**

**Section 4.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disclaimer of Warranties</u>**. NO EXPRESS OR IMPLIED WARRANTIES ARE GIVEN BY MEDTRONIC LICENSORS OR SPLITCO LICENSORS WITH RESPECT TO ANY MEDTRONIC LICENSED IP OR SPLITCO LICENSED IP OR ANY OTHER MATTER OR SUBJECT ARISING OUT OF THIS AGREEMENT, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ANY IMPLIED WARRANTY ARISING OUT OF COURSE OF

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DEALING OR USAGE OF TRADE, OR REGARDING THE VALIDITY, REGISTRABILITY, SCOPE, ENFORCEABILITY OR NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, EACH LICENSEE ACKNOWLEDGES THAT THE LICENSES GRANTED IN THIS AGREEMENT AND THE MEDTRONIC LICENSED IP AND SPLITCO LICENSED IP ARE PROVIDED "AS IS."

**Section 4.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>LIMITATION OF LIABILITY</u>**. IN NO EVENT SHALL A PARTY BE LIABLE TO ANY OTHER PARTY FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES IN ANY WAY RELATED TO OR ARISING FROM THIS AGREEMENT OR THE MEDTRONIC LICENSED IP OR SPLITCO LICENSED IP, UNDER ANY THEORY OF LAW, INCLUDING, CONTRACT, TORT OR STRICT LIABILITY, WHETHER OR NOT THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

**Section 4.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>**. The provisions of __________ of the Separation Agreement shall govern any and all Liabilities (as defined in the Separation Agreement) or indemnification under or in connection with this Agreement.

**ARTICLE 5**

**TERM**

**Section 5.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Term</u>**. The terms of this Agreement shall remain in effect until the expiration of the last-to-expire of the Intellectual Property licensed under this Agreement, if ever; provided that the term of the Patent licenses granted pursuant to <u>Section 2.1(a)</u> and <u>Section</u> <u>2.1(b)</u>, respectively, shall terminate on a Patent-by-Patent basis upon expiration of the applicable Patent's term, respectively. The irrevocability of the licenses granted pursuant to <u>Section 2.1(a)</u> and <u>Section 2.1(b)</u> shall not limit the availability of damages, specific performance or other legal or equitable remedies of the Parties, other than remedies that would result in a termination of, or limitation on, the licenses.

**Section 5.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival</u>**. The Parties rights and obligations set forth in the following Articles and Sections shall survive the termination of this Agreement: <u>Article 1</u> (Definitions), <u>Article 4</u> (Disclaimer of Warranties; Limitation of Liability; Indemnification), and <u>Article 6</u> (Miscellaneous).

**ARTICLE 6**

**MISCELLANEOUS**

**Section 6.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>**. All notices or other communications under this Agreement shall be in writing and shall be deemed to be duly given (a) when delivered in person, (b) on the date received, if sent by a nationally recognized delivery or courier service or (c) upon the earlier

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of confirmed receipt or the fifth Business Day following the date of mailing if sent by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

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| | |
|:---|:---|
| If to Medtronic: | Medtronic Group Holding, Inc.<br>Medtronic Operational Headquarters<br>710 Medtronic Parkway<br>Minneapolis, MN 55432<br>Attention: Vice President, Corporate Development & Ventures<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Legal Director, Business Development<br>Email:&nbsp;&nbsp;&nbsp;&nbsp; chris.e.eso@medtronic.com<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; rhona.e.shwaid@medtronic.com |
|  | with a copy (which shall not constitute notice) to: |
|  | Cleary Gottlieb Steen & Hamilton LLP<br>650 California Street<br>San Francisco, CA 94108 <br>Attention: Benet J. O'Reilly<br>Email:&nbsp;&nbsp;&nbsp;&nbsp; boreilly@cgsh.com <br>and<br>Cleary Gottlieb Steen & Hamilton LLP<br>One Liberty Plaza<br>New York, New York 10006<br>Tel: (212) 225-2000<br>Attention: Kimberly R. Spoerri<br>Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kspoerri@cgsh.com |
| If to <br>__________: | __________ |
|  | with a copy (which shall not constitute notice) to: |
|  | __________ |

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**Section 6.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment</u>**. This Agreement and the rights hereunder shall be fully assignable or transferrable, in whole or in part, by Medtronic without SplitCo's consent. Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned, transferred or delegated, in whole or in part by SplitCo without the prior written consent of Medtronic, except that SplitCo may assign this Agreement, in whole but not in part (except for partial assignments under Section 6.2(b)), by written notice to Medtronic in connection with (a) the sale of all or substantially all of the SplitCo Business, (b) a sale of a brand or product line of

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the SplitCo Group to which this Agreement relates in a single transaction to a Third Party, (c) a Change of Control of SplitCo or any member of the SplitCo Group, or (d) an internal reorganization where this Agreement is assigned to one or more Affiliates of the SplitCo Group.

Following such event under <u>Sections 6.2</u>(a), (b) and (c), all rights granted to the Successor under <u>Article 2</u>, except for Section 2.1(a)(ii) and rights associated therewith, shall automatically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;be limited to the SplitCo Group products and services that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;were Held for Use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;are commercialized prior to such event under Section 6.2(a)-(c); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;are subject of a SplitCo Group funded program in the product development pipeline, as evidenced by SplitCo Group's written program management documentation prior to such event under Section 6.2(a)-(c) (each of the foregoing being a "<u>SplitCo Covered Products</u>"), as applicable, and subsequent versions of the SplitCo Covered Products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;not include any pre-existing products or services of the Successor or any of its respective Affiliates.

Any purported assignment in contravention of this <u>Section 6.2</u> shall be null and void *ab initio*. Subject to the preceding sentences of this <u>Section 6.2</u>, this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the Parties and their respective successors and permitted assigns.

**Section 6.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Bankruptcy</u>**. The Parties acknowledge and agree that all rights and licenses granted by the other under or pursuant to this Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code, as amended (the "<u>Bankruptcy Code</u>"), licenses of rights to "intellectual property" as defined under Section 101 of the Bankruptcy Code. The Parties agree that, notwithstanding anything else in this Agreement, Medtronic and the other members of the Medtronic Group and SplitCo and the other members of the SplitCo Group, as licensees of such Intellectual Property under this Agreement, shall retain and may fully exercise all of its rights and elections under the Bankruptcy Code (including Medtronic's and the Medtronic Group members' right to the continued enjoyment of the rights and licenses respectively granted under this Agreement).

**Section 6.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Relationship of Parties</u>**. Nothing contained in this Agreement will be deemed or construed as creating a joint venture or partnership between the Parties hereto. No Party is by virtue of this Agreement authorized as an agent, employee or legal representative of the other Parties. No Party will have the power to control the activities and operations of the others and their status is, and at all times will continue to be, that of independent contractors with respect to each other. No Party will have any power or authority to bind or commit the other Parties. No Party will hold itself out as having any authority or relationship in contravention of this <u>Section 6.4</u>.

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**Section 6.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>**. Any and all remedies herein expressly conferred upon a Party will be deemed cumulative with and not exclusive of any other remedy expressly conferred hereby, and the exercise by a Party of any one such remedy will not preclude the exercise of any other such remedy.

**Section 6.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Submission to Jurisdiction; Waiver of Jury</u> <u>Trial</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by, and construed in accordance with, the Laws of the State of Delaware, regardless of the Laws that might otherwise govern under applicable principles of conflicts of Laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Party irrevocably consents to the exclusive jurisdiction, forum and venue of the Court of Chancery of the State of Delaware or, if (and only if) the Court of Chancery of the State of Delaware finds it lacks subject matter jurisdiction, the federal court of the United States sitting in Delaware or, if (and only if) the federal court of the United States sitting in Delaware finds it lacks subject matter jurisdiction, the Superior Court of the State of Delaware, and appellate courts thereof, over any and all claims, disputes, controversies or disagreements between the Parties or any of their respective Subsidiaries, Affiliates, successors and assigns under or related to this Agreement or any document executed pursuant to this Agreement or any of the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;EACH OF THE PARTIES ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH OF THE PARTIES CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF ANY LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH OF THE PARTIES UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH OF THE PARTIES MAKES THIS WAIVER VOLUNTARILY AND (D) EACH OF THE PARTIES HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 6.6(c)</u>.

**Section 6.7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Incorporation of Certain Sections of the Separation Agreement</u>**. Section 11.01 (Counterparts; Entire Agreement), Section 11.02 (Dispute Resolution), Section 11.04 (Third-Party Beneficiaries), Section 11.06 (Severability), Section 11.08 (Expenses), Section 11.09 (Headings), Section 11.12 (Specific Performance), Section 11.14 (Amendments; Waivers), and Section 11.16 (Interpretation) of the Separation Agreement are incorporated herein by reference and shall apply to this Agreement *mutatis mutandis*.

[*Signature Pages Follow*]

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**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

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| |
|:---|
| By:_____________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: |

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[Signature Page to the MGH-MM Intellectual Property Cross-License Agreement]

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| |
|:---|
| By:_____________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: |

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[Signature Page to the MGH-MM Intellectual Property Cross-License Agreement]

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**<u>Exhibit A</u>**

**Excluded Medtronic Licensors**

The following entities are not Medtronic Licensors, even though they are part of the Medtronic Group:<br>

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| | | |
|:---|:---|:---|
| **Entity** | **Entity** | **Jurisdiction** |
| Medtronic Plc | Ireland | Ireland |
| Medtronic Global Investments ULC | Ireland | Ireland |
| Medtronic Luxembourg Global Holdings Sarl | Luxembourg | Luxembourg |
| Medtronic Global Holdings SCA | Luxembourg | Luxembourg |
| Medtronic GP Sarl | Luxembourg | Luxembourg |
| Medtronic (Shanghai) Ltd. | China | China |
| Medtronic China LLC *and its subsidiaries* | Various | Various |
| Medtronic (Shanghai) Ltd. | China | China |
| Medtronic IP Holding International Luxembourg Sarl | Luxembourg | Luxembourg |
| Integrated Health Solutions Internaltional Sarl | Switzerland | Switzerland |
| Makani II Unlimited Company *and its subsidiaries* | Ireland | Ireland |
| Medtronic Malaysia Operations Sdn. Bhd | Malaysia | Malaysia |
| Covidien Int'l Finance SA *and its subsidiaries* | Various | Various |
| Medtronic International Trading Sarl | Switzerland | Switzerland |
| Covidien, L.P. | United States | United States |

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**<u>Exhibit B</u>**

**SplitCo Patents**

**___________**

## Exhibit 10.5

**Exhibit 10.5**

**FORM OF MPLC-MHSS INTELLECTUAL PROPERTY CROSS-LICENSE AGREEMENT**

This MPLC-MHSS INTELLECTUAL PROPERTY CROSS-LICENSE AGREEMENT (this "<u>Agreement</u>"), dated as of __________ (the "<u>Agreement</u>") is entered into by and between __________ ("<u>Medtronic</u>") and __________ ("<u>SplitCo</u>"). Medtronic and SplitCo are collectively referred to herein as the "<u>Parties</u>" and individually as a "<u>Party</u>".

**RECITALS**

WHEREAS, in connection with the Separation Agreement, dated as of __________, by and between __________ and __________ (the "<u>Separation Agreement</u>"), (a) Medtronic and its shareholders determined that it is desirable and appropriate to transfer certain assets and liabilities to SplitCo and the other members of the SplitCo Group, and for such entities to conduct and operate the SplitCo Business, and (b) Medtronic and the other members of the Medtronic Group will conduct and operate the Medtronic Business;

WHEREAS, this Agreement is an Ancillary Agreement pursuant to the Separation Agreement; and

WHEREAS, in connection with the transactions contemplated by the Separation Agreement, Medtronic and each of the entities listed on Exhibit A of this Agreement (the "<u>Medtronic Licensors</u>") wish to grant to SplitCo and each of the entities listed on Exhibit B (the "<u>SplitCo Licensees</u>") licenses under certain Medtronic Licensed Patents and Medtronic Licensed Other IP, and SplitCo and each of the entities listed in Exhibit B (collectively, the "<u>SplitCo</u> <u>Licensors</u>") wish to grant to Medtronic and each of the entities listed in Exhibit A (in such capacity, the "<u>Medtronic Licensees</u>"), licenses to the SplitCo Licensed Patents and SplitCo Licensed Other IP, in each case, as and to the extent set forth herein.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

**ARTICLE 1**

**DEFINITIONS**

**Section 1.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Defined Terms</u>**. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Separation Agreement. As used in this Agreement, the following terms shall have the following meanings:

"<u>Affiliate</u>" of any Person means a Person that controls, is controlled by or is under common control with such Person. As used herein, "control" of any entity means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such entity, whether through ownership of voting securities or other interests, by Contract or otherwise; provided, however, that for purposes of this Agreement, (a) SplitCo and the other

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members of the SplitCo Group shall not be considered Affiliates of Medtronic or any of the other members of the Medtronic Group and (b) Medtronic and the other members of the Medtronic Group shall not be considered Affiliates of SplitCo or any of the other members of the SplitCo Group; and provided, further, that MiniMed Group, Inc. shall not be considered part of the Medtronic Group or part of the SplitCo Group prior to the merger of __________ into MiniMed Group, Inc.

"<u>Change of Control</u>" means with respect to any Person, (a) the sale of all or substantially all of the ownership interests in such Person in a single transaction to another Person that is not then an Affiliate of such first Person, (b) any direct or indirect acquisition, consolidation or merger of such Person by, with or into any other Person that is not then an Affiliate of such first Person, or (c) any other corporate reorganization or single transaction or series of related transactions in which direct or indirect control of such Person is transferred to one or more other Persons that are not then Affiliates of such first Person, including by transferring an excess of fifty percent (50%) of such Person's voting power, shares or equity, through a merger, consolidation, tender offer or similar transaction to one or more other Persons that are not then Affiliates of such first Person.

"<u>Contract</u>" means any contract, agreement or other legally binding instrument, including any note, bond, mortgage, deed, indenture, commitment, undertaking, promise, lease, sublease, license or sublicense or joint venture.

"<u>Group</u>" means either the Medtronic Group or the SplitCo Group, as the context requires.

"<u>Held for Use</u>" means that there are books or records, whether in hard copy or electronic or digital format (including emails, data bases, and other file formats) (a) evidencing a specific, good faith intention of future use and (b) that exist as of the Separation Date.

"<u>Intellectual Property</u>" means any and all common law or statutory rights anywhere in the world arising under or associated with the following, whether registered or unregistered: (a) patents, patent applications, statutory invention registrations, registered designs, utility models, and similar or equivalent rights in inventions and designs and all reissues, reexaminations, divisionals, continuations, and extensions of, and counterparts thereof, with respect to any of the foregoing ("<u>Patent</u>s"), (b) trademarks, service marks, trade dress, trade names, logos and other designations of origin, and the goodwill associated therewith ("<u>Trademarks</u>"), (c) rights in domain names and uniform resource locators, social media identifiers and accounts, and other names and locators associated with Internet addresses and sites ("<u>Domain Names</u>"), (d) copyrights and any other equivalent rights in works of authorship (including databases as works of authorship) ("<u>Copyrights</u>"), (e) Trade Secrets, (f) rights in Software (as defined in the Separation Agreement), and (g) other similar or equivalent intellectual property rights.

"<u>Licensee(s)</u>" means the Medtronic Licensees or the SplitCo Licensees, as applicable, in their capacities as the licensees or grantees of the licenses or rights granted to them by the SplitCo Licensors or the Medtronic Licensors, as applicable, pursuant to <u>Article 2</u>.

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"<u>Licensor(s)</u>" means the Medtronic Licensors or the SplitCo Licensors, as applicable, in their capacities as the licensors or grantors of any licenses or rights granted by them to the SplitCo Licensees or the Medtronic Licensees, as applicable, pursuant to <u>Article 2</u>.

"<u>Medtronic Business</u>" means the business and operations conducted (including business and operations not yet commercialized) by the Medtronic Group other than the SplitCo Business.

"<u>Medtronic Group</u>" means Medtronic and each of its Subsidiaries, but excluding any member of the SplitCo Group and the SplitCo Group Entities; and excluding MiniMed Group, Inc.

"<u>Medtronic Intellectual Property</u>" means all Intellectual Property owned by any member of the Medtronic Group or the SplitCo Group as of immediately prior to the Separation Date, other than the SplitCo Intellectual Property, including all rights to prosecute and perfect the foregoing through administrative prosecution, registration, recordation, or other proceeding, and all causes of action and rights to sue or seek other remedies arising from or relating to the foregoing, including for any past or ongoing infringement, misuse, or misappropriation.

"<u>Medtronic Licensed IP</u>" means the (a) Medtronic Licensed Patents and (b) Medtronic Licensed Other IP.

"<u>Medtronic Licensed Other IP</u>" means all Medtronic Intellectual Property (other than Patents, Trademarks and Domain Names) that is owned by a Medtronic Licensor and is used or Held for Use in the operation of the SplitCo Business immediately prior to the Separation Date.

"<u>Medtronic Licensed Patents</u>" means the Medtronic Patents that are used or Held for Use in connection with the business or operation of the SplitCo Business immediately prior to the Separation Date.

"<u>Medtronic Patents</u>" means (a) any Patents under Medtronic Intellectual Property that are owned by a Medtronic Licensor and (b) all continuations, divisionals, continuations-in-part, re-examinations, reissues and revisions of such Patents issuing subsequent to the Separation Date.

"<u>Parties</u>" and "<u>Party</u>" have the meaning assigned in the preamble hereto.

"<u>Person</u>" means an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization, a limited liability company, any other entity and any Governmental Authority.

"<u>Separation Date</u>" means the date on which the Initial Public Offering (as defined in the Separation Agreement) closes or in such other manner or on such other date as Medtronic and __________ may mutually agree upon in writing.

"<u>SplitCo Business</u>" means the business and operations constituting Medtronic's Diabetes operating unit (as further described in the IPO Registration Statement), including the brands and product lines (a) sold by such segment as of or prior to the Separation Date or (b) otherwise set forth on <u>Schedule V</u> (as listed in the Separation Agreement). Notwithstanding the foregoing, the

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brands and product lines of all Medtronic Group operating units and businesses other than the Diabetes operating unit shall be deemed part of the Medtronic Business, and not part of the SplitCo Business.

"<u>SplitCo Group</u>" means (a) __________, (b) each Person that will be a Subsidiary of __________ immediately after the Separation Date, including the entities set forth on <u>Schedule</u> <u>III</u> under the caption "Subsidiaries" (as listed in the Separation Agreement) and (c) each Person that becomes a Subsidiary of __________ after the Separation Date, including in each case any Person that is merged or consolidated with or into __________or any Subsidiary of __________, including as part of the Internal Transactions (as defined in the Separation Agreement). "SplitCo Group" excludes MiniMed Group, Inc. prior to the merger of __________ into MiniMed Group, Inc.

"<u>SplitCo Group Entities</u>" means the entities, the equity, partnership, membership, joint venture or similar interests of which are set forth on <u>Schedule III</u> under the captions "Joint Ventures" and "Minority Investments" (as listed in the Separation Agreement).

"<u>SplitCo Intellectual Property</u>" means (a) the SplitCo Patents, (b) the SplitCo Copyrights, (c) the SplitCo Domain Names, (d) the SplitCo Trade Secrets, (e) the SplitCo Trademarks (as defined in the Separation Agreement), (f) the SplitCo IDs (as defined in the Separation Agreement), (g) all other Intellectual Property (other than Patents) owned by any member of the Medtronic Group or the SplitCo Group as of immediately prior to the Separation Date that are exclusively used in or related to the SplitCo Business (including such SplitCo Domain Names and SplitCo Trademarks listed on <u>Schedule</u>__________ and <u>Schedule</u>__________, respectively (each as listed in the Separation Agreement), and (h) including in each case of the foregoing (a)-(g), all rights to prosecute and perfect the foregoing through administrative prosecution, registration, recordation, or other proceeding, and all causes of action and rights to sue or seek other remedies arising from or relating to the foregoing, including for any past or ongoing infringement, misuse, or misappropriation.

"<u>SplitCo Licensed IP</u>" means the (a) SplitCo Licensed Patents and (b) SplitCo Licensed Other IP.

"<u>SplitCo Licensed Other IP</u>" means all SplitCo Intellectual Property (other than Patents, Trademarks and Domain Names) that is used or Held for Use in the operation of the Medtronic Business immediately prior to the Separation Date.

"<u>SplitCo Licensed Patents</u>" means SplitCo Patents that are used or Held for Use in connection with the business or operation of the Medtronic Business immediately prior to the Separation Date.

"<u>SplitCo Patents</u>" means (a) the Patents listed on <u>Exhibit C</u> of this Agreement and (b) and all continuations, divisionals, continuations-in-part, re-examinations, reissues and revisions of such Patents issuing subsequent to the Separation Date.

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"<u>SplitCo Trade Secrets</u>" means the Trade Secrets that are owned by any member of the Medtronic Group or SplitCo Group as of immediately prior to the Separation Date and that are exclusively used in or related to the SplitCo Business.

"<u>Subsidiary</u>" of any Person means any corporation or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others performing similar functions with respect to such corporation or other organization, is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries.

"<u>Successor</u>" means any successor (by purchase, divesture, merger, Change of Control or otherwise) to all or substantially all of the SplitCo Business or brand or product line of the SplitCo Group.

"<u>Third Party</u>" means a Person other than Medtronic Licensors, SplitCo Licensors or any of their respective Affiliates immediately following the Separation Date.

"<u>Trade Secrets</u>" means all (a) confidential or proprietary information and (b) all other forms and types of financial, business, scientific, technical, economic or engineering information, including patterns, plans, compilations, program devices, formulas, designs, prototypes, methods, techniques, processes, procedures, know-how, programs or codes, whether tangible or intangible, and whether or how stored, compiled or memorialized physically, electronically, graphically, photographically or in writing, to the extent that the owner thereof has taken reasonable measures to keep such information secret and the information derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable through proper means by, the public.

**ARTICLE 2**

**LICENSE GRANTS**

**Section 2.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>License Grants</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>License to SplitCo Licensees of Medtronic Licensed IP</u>. Subject to the terms and conditions of this Agreement, the Medtronic Licensors hereby grant, on behalf of themselves and their Subsidiaries, to the SplitCo Licensees a non-exclusive, royalty-free, perpetual, irrevocable, worldwide, non-sublicensable (other than pursuant to <u>Section 2.3</u>) and non-transferable (other than pursuant to <u>Section 6.2</u>) license (i) under the Medtronic Licensed Patents, to make, have made (subject to <u>Section 2.2</u>), use, offer to sell, sell and import any products or services of the SplitCo Business as operated on the Separation Date and any reasonable and natural extensions thereof and (ii) under the Medtronic Licensed Other IP, to use, copy, distribute, display, publish, perform, create derivative works of and otherwise commercially exploit any products and services embodying or practicing the Medtronic Licensed Other IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>License to Medtronic Licensees of SplitCo Licensed IP</u>. Subject to the terms and conditions of this Agreement, SplitCo Licensors hereby grant, on behalf of themselves

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and their Subsidiaries, to the Medtronic Licensees a non-exclusive, royalty-free, perpetual, irrevocable, worldwide, non-sublicensable (other than pursuant to <u>Section 2.3</u>) and non-transferable (other than pursuant to <u>Section 6.2</u>) license (i) under the SplitCo Licensed Patents, to make, have made (subject to <u>Section 2.2</u>), use, offer to sell, sell and import any products or services of the Medtronic Business as operated on the Separation Date and any reasonable and natural extensions thereof and (ii) under the SplitCo Licensed Other IP, to use, copy, distribute, display, publish, perform, create derivative works of and otherwise commercially exploit any products and services embodying or practicing the SplitCo Licensed Other IP.

**Section 2.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Sublicenses</u>**. Each Licensee may sublicense the rights granted to it pursuant to <u>Section 2.1</u> under the Medtronic Licensed IP and SplitCo Licensed IP, as applicable, only to (i) its existing and future Affiliates (solely for the period of time in which such Persons remain Affiliates of such Licensee) and (ii) vendors, suppliers, distributors, contractors, service providers, research organizations, and marketing partners providing non-manufacturing services to Licensees and their respective Affiliates, but not for the independent use of such Persons. Any sublicensee of Licensees must be bound in writing to terms and conditions no less restrictive on the sublicensee and no less protective of the Medtronic Licensed IP or SplitCo Licensed IP, as applicable, than those contained in this Agreement and Licensees will procure that each of their sublicensees complies with the terms of its respective sublicense. Any act or omission of any sublicensee of any Licensee shall be deemed an act or omission of such Licensee and such Licensee shall be responsible and liable for any breach of this Agreement by any of its sublicensees.

**Section 2.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Implied Restrictions or Licenses; Reservation of Rights</u>**. Nothing contained in this Agreement shall be construed as conferring any rights by implication, estoppel or otherwise, under any Intellectual Property other than the rights expressly granted in this Agreement with respect to the Medtronic Licensed IP or SplitCo Licensed IP. All rights not expressly granted in this Agreement are reserved by Licensors. The licenses granted herein shall not be deemed to require the delivery of any documents, materials or information, or the requirement to provide any support or training.

**ARTICLE 3**

**OWNERSHIP, MAINTENANCE. ENFORCEMENT, CONFIDENTIALITY**

**Section 3.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement</u>**. Each Licensee hereby acknowledges that, as between the Parties, (i) Medtronic and the other Medtronic Licensors are the owners of all right, title and interest in and to the Medtronic Licensed IP and (ii) SplitCo and the other applicable

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members of the SplitCo Group are the owner of all right, title and interest in and to the SplitCo Licensed IP.

**Section 3.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Responsibility for Licensed IP</u>**. Each Licensor shall have the exclusive right (but not the obligation) to prepare, file, prosecute, issue, maintain, assign, dispose of, enforce, abandon and terminate the Medtronic Licensed IP or SplitCo Licensed IP, as applicable to the Licensor, at its sole discretion and expense. The Parties shall reasonably cooperate, as needed, to assist the other party with resolution of disputes related to the Licensed IP, including participating in settlement or licensing negotiations. For the avoidance of doubt, such cooperation shall not extend to requiring involuntary joinder of a party to an enforcement proceeding. In the event such Licensor decides to initiate any third party claim of any infringement or threatened infringement or misappropriation of the Medtronic Licensed IP or SplitCo Licensed IP, as applicable to Licensor, Licensee agrees to reasonably cooperate and assist such Licensor in whatever manner Licensor directs. Any actual and reasonable out-of-pocket expenses associated with such cooperation shall be borne by the Licensor, expressly excluding the value of the time of the Licensee's personnel (regarding which the Parties shall agree on a case-by-case basis with respect to reasonable compensation). Recovery of damages resulting from any such action shall be solely for the account of Licensor. Licensee will provide information reasonably requested by Licensor in any such action, including in connection with the calculation of damages.

**Section 3.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>.** Each Party hereby acknowledges that confidential Information of such Party or members of its Group may be exposed to employees and agents of the other Party or its Group who have a need to know such confidential Information as a result of, or in connection with, the licenses and rights granted herein. Each Party agrees, on behalf of itself and its Affiliates, that such Party's obligation (and the obligation of members of its Group) to use and keep confidential such Information of the other Party or its Group, including when exercising "Have-made" rights (pursuant to <u>Section 2.2</u>) or sublicensing rights (pursuant to <u>Section 2.3</u>) shall be governed by Section __________ of the Separation Agreement, in which each Party and Member of its Group shall only share confidential Information of the other Party licensed herein to third parties under <u>Section 2.2</u> and <u>Section 2.3</u> only as reasonably necessary to exercise such rights; provided it has executed a written confidential agreement with the applicable third-party contract manufacturer or sublicensee with appropriate, industry-standard terms no less restrictive than Section __________ of the Separation Agreement.

**ARTICLE 4**

**DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY; INDEMNIFICATION**

**Section 4.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disclaimer of Warranties</u>**. NO EXPRESS OR IMPLIED WARRANTIES ARE GIVEN BY MEDTRONIC LICENSORS OR SPLITCO LICENSORS WITH RESPECT TO ANY MEDTRONIC LICENSED IP OR SPLITCO LICENSED IP OR ANY OTHER MATTER OR SUBJECT ARISING OUT OF THIS AGREEMENT, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ANY IMPLIED WARRANTY ARISING OUT OF COURSE OF

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DEALING OR USAGE OF TRADE, OR REGARDING THE VALIDITY, REGISTRABILITY, SCOPE, ENFORCEABILITY OR NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, EACH LICENSEE ACKNOWLEDGES THAT THE LICENSES GRANTED IN THIS AGREEMENT AND THE MEDTRONIC LICENSED IP AND SPLITCO LICENSED IP ARE PROVIDED "AS IS."

**Section 4.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>LIMITATION OF LIABILITY</u>**. IN NO EVENT SHALL A PARTY BE LIABLE TO ANY OTHER PARTY FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES IN ANY WAY RELATED TO OR ARISING FROM THIS AGREEMENT OR THE MEDTRONIC LICENSED IP OR SPLITCO LICENSED IP, UNDER ANY THEORY OF LAW, INCLUDING, CONTRACT, TORT OR STRICT LIABILITY, WHETHER OR NOT THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

**Section 4.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>**. The provisions of __________ of the Separation Agreement shall govern any and all Liabilities (as defined in the Separation Agreement) or indemnification under or in connection with this Agreement.

**ARTICLE 5**

**TERM**

**Section 5.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Term</u>**. The terms of this Agreement shall remain in effect until the expiration of the last-to-expire of the Intellectual Property licensed under this Agreement, if ever; provided that the term of the Patent licenses granted pursuant to <u>Section 2.1(a)</u> and <u>Section</u> <u>2.1(b)</u>, respectively, shall terminate on a Patent-by-Patent basis upon expiration of the applicable Patent's term, respectively. The irrevocability of the licenses granted pursuant to <u>Section 2.1(a)</u> and <u>Section 2.1(b)</u> shall not limit the availability of damages, specific performance or other legal or equitable remedies of the Parties, other than remedies that would result in a termination of, or limitation on, the licenses.

**Section 5.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival</u>**. The Parties rights and obligations set forth in the following Articles and Sections shall survive the termination of this Agreement: <u>Article 1</u> (Definitions), <u>Article 4</u> (Disclaimer of Warranties; Limitation of Liability; Indemnification), and <u>Article 6</u> (Miscellaneous).

**ARTICLE 6**

**MISCELLANEOUS**

**Section 6.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>**. All notices or other communications under this Agreement shall be in writing and shall be deemed to be duly given (a) when delivered in person, (b) on the date received, if sent by a nationally recognized delivery or courier service or (c) upon the earlier

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of confirmed receipt or the fifth Business Day following the date of mailing if sent by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

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| | |
|:---|:---|
| If to Medtronic: | Medtronic plc<br>Medtronic Operational Headquarters<br>710 Medtronic Parkway<br>Minneapolis, MN 55432<br>Attention: Vice President, Corporate Development & Ventures<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Legal Director, Business Development<br>Email:&nbsp;&nbsp;&nbsp;&nbsp; chris.e.eso@medtronic.com<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; rhona.e.shwaid@medtronic.com |
|  | with a copy (which shall not constitute notice) to: |
|  | Cleary Gottlieb Steen & Hamilton LLP<br>650 California Street<br>San Francisco, CA 94108 <br>Attention: Benet J. O'Reilly<br>Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;boreilly@cgsh.com <br>and<br>Cleary Gottlieb Steen & Hamilton LLP<br>One Liberty Plaza<br>New York, New York 10006<br>Tel: (212) 225-2000<br>Attention: Kimberly R. Spoerri<br>Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kspoerri@cgsh.com |
| If to __________: | __________ |
|  | with a copy (which shall not constitute notice) to: |
|  | __________ |

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**Section 6.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment</u>**. This Agreement and the rights hereunder shall be fully assignable or transferrable, in whole or in part, by Medtronic without SplitCo's consent. Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned, transferred or delegated, in whole or in part by SplitCo without the prior written consent of Medtronic, except that SplitCo may assign this Agreement, in whole but not in part (except for partial assignments under Section 6.2(b)), by written notice to Medtronic in connection with (a) the sale of all or substantially all of the SplitCo Business, (b) a sale of a brand or product line of the SplitCo Group to which this Agreement relates in a single transaction to a Third Party, (c) a

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Change of Control of SplitCo or any member of the SplitCo Group, or (d) an internal reorganization where this Agreement is assigned to one or more Affiliates of the SplitCo Group.

Following such event under <u>Sections 6.2</u>(a), (b) and (c), all rights granted to the Successor under <u>Article 2</u>, except for Section 2.1(a)(ii) and rights associated therewith, shall automatically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;be limited to the SplitCo Group products and services that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;were Held for Use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;are commercialized prior to such event under Section 6.2(a)-(c); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;are subject of a SplitCo Group funded program in the product development pipeline, as evidenced by SplitCo Group's written program management documentation prior to such event under Section 6.2(a)-(c) (each of the foregoing being a "<u>SplitCo Covered Products</u>"), as applicable, and subsequent versions of the SplitCo Covered Products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;not include any pre-existing products or services of the Successor or any of its respective Affiliates.

Any purported assignment in contravention of this <u>Section 6.2</u> shall be null and void *ab initio*. Subject to the preceding sentences of this <u>Section 6.2</u>, this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the Parties and their respective successors and permitted assigns.

**Section 6.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Bankruptcy</u>**. The Parties acknowledge and agree that all rights and licenses granted by the other under or pursuant to this Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code, as amended (the "<u>Bankruptcy Code</u>"), licenses of rights to "intellectual property" as defined under Section 101 of the Bankruptcy Code. The Parties agree that, notwithstanding anything else in this Agreement, Medtronic and the other members of the Medtronic Group and SplitCo and the other members of the SplitCo Group, as licensees of such Intellectual Property under this Agreement, shall retain and may fully exercise all of its rights and elections under the Bankruptcy Code (including Medtronic's and the Medtronic Group members' right to the continued enjoyment of the rights and licenses respectively granted under this Agreement).

**Section 6.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Relationship of Parties</u>**. Nothing contained in this Agreement will be deemed or construed as creating a joint venture or partnership between the Parties hereto. No Party is by virtue of this Agreement authorized as an agent, employee or legal representative of the other Parties. No Party will have the power to control the activities and operations of the others and their status is, and at all times will continue to be, that of independent contractors with respect to each other. No Party will have any power or authority to bind or commit the other Parties. No Party will hold itself out as having any authority or relationship in contravention of this <u>Section 6.4</u>.

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**Section 6.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>**. Any and all remedies herein expressly conferred upon a Party will be deemed cumulative with and not exclusive of any other remedy expressly conferred hereby, and the exercise by a Party of any one such remedy will not preclude the exercise of any other such remedy.

**Section 6.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Submission to Jurisdiction; Waiver of Jury</u> <u>Trial</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by, and construed in accordance with, the Laws of the State of Delaware, regardless of the Laws that might otherwise govern under applicable principles of conflicts of Laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Party irrevocably consents to the exclusive jurisdiction, forum and venue of the Court of Chancery of the State of Delaware or, if (and only if) the Court of Chancery of the State of Delaware finds it lacks subject matter jurisdiction, the federal court of the United States sitting in Delaware or, if (and only if) the federal court of the United States sitting in Delaware finds it lacks subject matter jurisdiction, the Superior Court of the State of Delaware, and appellate courts thereof, over any and all claims, disputes, controversies or disagreements between the Parties or any of their respective Subsidiaries, Affiliates, successors and assigns under or related to this Agreement or any document executed pursuant to this Agreement or any of the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;EACH OF THE PARTIES ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH OF THE PARTIES CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF ANY LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH OF THE PARTIES UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH OF THE PARTIES MAKES THIS WAIVER VOLUNTARILY AND (D) EACH OF THE PARTIES HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 6.6(c)</u>.

**Section 6.7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Incorporation of Certain Sections of the Separation Agreement</u>**. Section 11.01 (Counterparts; Entire Agreement), Section 11.02 (Dispute Resolution), Section 11.04 (Third-Party Beneficiaries), Section 11.06 (Severability), Section 11.08 (Expenses), Section 11.09 (Headings), Section 11.12 (Specific Performance), Section 11.14 (Amendments; Waivers), and Section 11.16 (Interpretation) of the Separation Agreement are incorporated herein by reference and shall apply to this Agreement *mutatis mutandis*.

[*Signature Pages Follow*]

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**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

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| |
|:---|
| By:___________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;Name: |
| &nbsp;&nbsp;&nbsp;&nbsp;Title: |

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[Signature Page to the Intellectual Property Cross-License Agreement]

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| |
|:---|
| By:___________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: |

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[Signature Page to the Intellectual Property Cross-License Agreement]

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**<u>Exhibit A</u>**

**Medtronic Licensors**

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| | |
|:---|:---|
| **Entity Name** | **Country** |
| Medtronic Plc | Ireland |
| Medtronic Global Investments ULC | Ireland |
| Medtronic Luxembourg Global Holdings Sarl | Luxembourg |
| Medtronic Global Holdings SCA | Luxembourg |
| Medtronic GP Sarl | Luxembourg |
| Medtronic (Shanghai) Ltd. | China |
| Medtronic China LLC *and its subsidiaries* | Various |
| Medtronic (Shanghai) Ltd. | China |
| Medtronic IP Holding International Luxembourg Sarl | Luxembourg |
| Integrated Health Solutions Internaltional Sarl | Switzerland |
| Makani II Unlimited Company *and its subsidiaries* | Ireland |
| Medtronic Malaysia Operations Sdn. Bhd | Malaysia |
| Covidien Int'l Finance SA *and its subsidiaries* | Various |
| Medtronic International Trading Sarl | Switzerland |
| Covidien, L.P. | United States |

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**<u>Exhibit B</u>**

**<u>SplitCo Licensees</u>**

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| | |
|:---|:---|
| MiniMed Holdings Switzerland Sarl | Switzerland |
| Medtronic Diabetes (Chengdu) Co., Ltd. | China |
| Nutrino Health Ltd. | Israel |
| Medtronic MiniMed India Private Ltd. | India |
| Diabeter Nederland BV | Netherlands |
| Diabeter Center Amsterdam BV | Netherlands |
| MiniMed Te Austria GmbH | Austria |
| NPB Belgium B.V. | Belgium |
| MiniMed Canada ULC | Canada |
| MiniMed Denmark ApS | Denmark |
| NPB Finland Oy | Finland |
| MiniMed France S.A.S | France |
| NPB Germany GmbH | Germany |
| MiniMed Hellas Single Member LLC | Greece |
| MiniMed Technologies Ireland Limited | Ireland |
| MiniMed Italy S.R.L. | Italy |
| MiniMed Japan G.K. (f/n/a NPB Japan, Co., Ltd.) | Japan |
| MiniMed Norway AS | Norway |
| MiniMed Philippines Inc. | Philippines |
| MiniMed Portugal, Unipessoal Lda | Portugal |
| MiniMed Spain SL | Spain |
| MMed Sweden AB | Sweden |
| Medtronic Korea Holdings Ltd. | Korea |

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**<u>Exhibit C</u>**

**SplitCo Patents**

**___________**

## Exhibit 10.6

**Exhibit 10.6**

**FORM OF TRANSITIONAL TRADEMARK CROSS-LICENSE AGREEMENT**

This TRANSITIONAL TRADEMARK CROSS-LICENSE AGREEMENT dated as of __________ (the "<u>Agreement</u>") is entered into by and between __________ ("<u>Medtronic</u>") and __________ ("<u>SplitCo</u>"). Medtronic and SplitCo are collectively referred to herein as the "<u>Parties</u>" and individually as a "<u>Party</u>".

**RECITALS**

WHEREAS, in connection with the Separation Agreement, dated as of __________, by and between SplitCo and Medtronic (the "<u>Separation Agreement</u>"), (a) Medtronic and its shareholders determined that it is desirable and appropriate to transfer certain assets and liabilities to SplitCo and for SplitCo to conduct and operate the SplitCo Business, and (b) Medtronic will conduct and operate the Medtronic Business;

WHEREAS, this Agreement is an Ancillary Agreement pursuant to the Separation Agreement; and

WHEREAS, in connection with the transactions contemplated by the Separation Agreement, __________ (in such capacity, the "<u>Medtronic Licensor</u>") wishes to grant to SplitCo and the other members of the SplitCo Group (in such capacity, the "<u>SplitCo Licensees</u>") a limited license under Licensed Medtronic Trademarks, and SplitCo __________ (collectively, the "<u>SplitCo Licensors</u>") wish to grant to Medtronic and each of the other members of the Medtronic Group (in such capacity, the "<u>Medtronic Licensees</u>"), a limited license under the Licensed SplitCo Trademarks, in each case, as and to the extent set forth herein.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

**ARTICLE 1**

**DEFINITIONS**

**Section 1.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Defined Terms</u>**. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Separation Agreement. As used in this Agreement, the following terms shall have the following meanings:

"<u>Affiliate</u>" of any Person means a Person that controls, is controlled by or is under common control with such Person. As used herein, "control" of any entity means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such entity, whether through ownership of voting securities or other interests, by Contract or otherwise; provided, however, that for purposes of this Agreement, (a) SplitCo and the other members of the SplitCo Group shall not be considered Affiliates of Medtronic or any of the other members of the Medtronic Group and (b) Medtronic and the other members of the Medtronic

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Group shall not be considered Affiliates of SplitCo or any of the other members of the SplitCo Group.

"<u>Ancillary Agreements</u>" means the TSA, the TMA, the EMA, the Trademark Related Agreements, the Supply Agreement, the R&D Services Agreement, Net Economic Benefit Agreement, Undisclosed Agency Agreement, and any Conveyancing and Assumption Instruments or other agreements executed by a member of the Medtronic Group, on the one hand, and a member of the SplitCo Group, on the other hand, in connection with the implementation of the transactions contemplated by the Separation Agreement.

"<u>Contract</u>" means any contract, agreement or other legally binding instrument, including any note, bond, mortgage, deed, indenture, commitment, undertaking, promise, lease, sublease, license or sublicense or joint venture.

"<u>Governmental Authority</u>" means any federal, state, local, foreign or international court, government, department, commission, board, bureau, agency, official or other legislative, judicial, regulatory, administrative or governmental authority.

"<u>Intellectual Property</u>" means any and all common law or statutory rights anywhere in the world arising under or associated with the following, whether registered or unregistered: (a) patents, patent applications, statutory invention registrations, registered designs, utility models, and similar or equivalent rights in inventions and designs and all reissues, reexaminations, divisionals, continuations, and extensions of, and counterparts thereof, with respect to any of the foregoing ("<u>Patent</u>s"), (b) trademarks, service marks, trade dress, trade names, logos and other designations of origin, and the goodwill associated therewith ("<u>Trademarks</u>"), (c) rights in domain names and uniform resource locators, social media identifiers and accounts, and other names and locators associated with Internet addresses and sites ("<u>Domain Name</u>"), (d) copyrights and any other equivalent rights in works of authorship (including databases as works of authorship) ("<u>Copyrights</u>"), (e) Trade Secrets, (f) rights in Software (as defined in the Separation Agreement), and (g) other similar or equivalent intellectual property rights.

"<u>Licensed Medtronic Trademarks</u>" means the Trademarks set forth on <u>Exhibit A</u>.

"<u>Licensed SplitCo Trademarks</u>" means the Trademarks set forth on <u>Exhibit B</u>.

"<u>Licensed Trademarks</u>" means the Licensed Medtronic Trademarks or the Licensed SplitCo Trademarks, as applicable.

"<u>Licensee(s)</u>" means the Medtronic Licensees or the SplitCo Licensees, as applicable, in their capacities as the licensees or grantees of the licenses or rights granted to them by the SplitCo Licensors or the Medtronic Licensor, as applicable, pursuant to <u>Article 2</u>.

"<u>Licensor(s)</u>" means the Medtronic Licensor or the SplitCo Licensors, as applicable, in their capacities as the licensors or grantors of any licenses or rights granted by them to the SplitCo Licensees or the Medtronic Licensees, as applicable, pursuant to <u>Article 2</u>.

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"<u>Medtronic Business</u>" means the business and operations conducted (including business and operations not yet commercialized) by Medtronic and its Subsidiaries other than the SplitCo Business.

"<u>Medtronic Group</u>" means Medtronic and each of its Subsidiaries, but excluding any member of the SplitCo Group and the SplitCo Group Entities.

"<u>Medtronic Licensor</u>" means Medtronic and its Affiliates.

"<u>Parties</u>" and "<u>Party</u>" have the meaning assigned in the preamble hereto.

"<u>Person</u>" means an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization, a limited liability company, any other entity and any Governmental Authority.

"<u>Separation Date</u>" means the date on which the Initial Public Offering (as defined in the Separation Agreement) closes or in such other manner or on such other date as Medtronic and SplitCo may mutually agree upon in writing.

"<u>SplitCo Business</u>" means the business and operations constituting Medtronic's Diabetes operating unit (as further described in the IPO Registration Statement), including the brands and product lines (i) sold by such segment as of or prior to the Separation Date or (ii) otherwise set forth on <u>Schedule V</u> (as listed in the Separation Agreement). Notwithstanding the foregoing, the brands and product lines of all Medtronic operating units and businesses other than the Diabetes operating unit shall be deemed part of the Medtronic Business, and not part of the SplitCo Business.

"<u>SplitCo Group</u>" means (a) SplitCo, (b) each Person that will be a Subsidiary of SplitCo immediately after the Separation Date, including the entities set forth on <u>Schedule III</u> under the caption "Subsidiaries" (as listed in the Separation Agreement) and (c) each Person that becomes a Subsidiary of SplitCo after the Separation Date, including in each case any Person that is merged or consolidated with or into SplitCo or any Subsidiary of SplitCo, including as part of the Internal Transactions (as defined in the Separation Agreement).

"<u>SplitCo Group Entities</u>" means the entities, the equity, partnership, membership, joint venture or similar interests of which are set forth on <u>Schedule III</u> under the captions "Joint Ventures" and "Minority Investments" (as listed in the Separation Agreement).

"<u>SplitCo Licensor</u>" means SplitCo and its Affiliates.

"<u>Subsidiary</u>" of any Person means any corporation or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others performing similar functions with respect to such corporation or other organization, is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries.

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"<u>Third Party</u>" means a Person other than Medtronic Licensor, Splitco Licensors or any of their respective Affiliates immediately following the Separation Date.

**ARTICLE 2**

**LICENSE GRANTS**

**Section 2.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>License Grant from Medtronic to SplitCo.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of this Agreement, Medtronic Licensor hereby grants to SplitCo Licensees a non-exclusive, non-sublicensable (except as set forth in <u>Section 2.1(b)</u>), non-assignable (except as set forth in <u>Section 6.2</u>), royalty-free, fully paid up worldwide license, to use the Licensed Medtronic Trademarks as such Licensed Medtronic Trademarks were used as of the Separation Date in the SplitCo Business (including any proposed uses in progress at the Separation Date that cannot be suspended without significant cost) and for the time periods set forth in <u>Article 5</u> herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any SplitCo Licensee may sublicense any of the rights granted to it pursuant to <u>Section 2.1(a)</u> and <u>Section 2.3</u> to its Affiliates; provided any such sublicense must be bound in writing and contain terms and conditions no less restrictive on the sublicensee and no less protective of the Licensed Medtronic Trademarks than those contained in this Agreement. SplitCo will ensure that each of its sublicensees complies with the terms of its sublicense, and any act or omission of any sublicensee of SplitCo shall be deemed an act or omission of SplitCo and SplitCo shall be responsible and liable for any breach of this Agreement by any of its sublicensees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo Licensees may grant permissions (not sublicenses), subject to the restrictions, limitation and obligations of the rights granted under this <u>Section 2.1</u> and <u>Section 2.3</u> to their customers, suppliers, and distributors to make limited use, during the Term, of the Licensed Medtronic Trademarks to designate the source of the Licensed Products in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Medtronic shall have the right to exercise reasonable quality control over the use of the Licensed Medtronic Trademarks by the SplitCo Licensees as reasonably required to maintain the validity and enforceability of the Licensed Medtronic Trademarks and to protect the goodwill associated therewith, provided that the Parties acknowledge and agree that continued use of the Licensed Medtronic Trademarks consistent with the use thereof prior to the Separation Date shall constitute an acceptable degree of quality with respect to such use. Any and all goodwill generated by the use of the Licensed Medtronic Trademarks under this <u>Section 2.1</u> and <u>Section 2.3</u> shall inure solely to the benefit of Medtronic Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo shall, as part of its Exit Plan under Section 2.07 of the Transitional Services Agreement for Regulatory Services, outline its plan for the submission (and associated timing) of all documents that are necessary with any relevant Governmental Authority to change the corporate, entity and business names and trade names of any applicable member of the SplitCo Group whose name contains any of the Licensed Medtronic Trademarks. Any changed

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names of SplitCo should not include any of the Licensed Medtronic Trademarks or any Trademark that is confusingly similar thereto or dilutive thereof.

**Section 2.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>License Grant from SplitCo to Medtronic</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of this Agreement, SplitCo Licensor hereby grants to the Medtronic Licensees a non-exclusive, non-sublicensable (except as set forth in <u>Section 2.2(b)</u>), non-assignable (except as set forth in <u>Section 6.2</u>), royalty-free, fully paid-up worldwide license, to use the Licensed SplitCo Trademarks as such Licensed SplitCo Trademarks were used as of the Separation Date in the Medtronic Business (including any proposed uses in progress at the Separation Date that cannot be suspended without significant cost) and for the time periods set forth in <u>Article 5</u> herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any Medtronic Licensee may sublicense any of the rights granted to it pursuant to <u>Section 2.2(a)</u> and <u>Section 2.3</u> to its Affiliates; provided any such sublicense must be bound in writing and contain terms and conditions no less restrictive on the sublicensee and no less protective of the Licensed SplitCo Trademarks than those contained in this Agreement. Medtronic will ensure that each of its sublicensees complies with the terms of its sublicense, and any act or omission of any sublicensee of Medtronic shall be deemed an act or omission of Medtronic and Medtronic shall be responsible and liable for any breach of this Agreement by any of its sublicensees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Medtronic Licensees may grant permissions (not sublicenses), subject to the restrictions, limitation and obligations of the rights granted under this <u>Section 2.2</u> and <u>Section 2.3</u> to their customers, suppliers, and distributors to make limited use, during the Term, of the Licensed SplitCo Trademarks to designate the source of the Licensed Products in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo Licensors shall have the right to exercise reasonable quality control over the use of the Licensed SplitCo Trademarks by the Medtronic Licensees as reasonably required to maintain the validity and enforceability of the Licensed SplitCo Trademarks and to protect the goodwill associated therewith, provided that the Parties acknowledge and agree that continued use of the Licensed SplitCo Trademarks consistent with the use thereof prior to the Separation Date shall constitute an acceptable degree of quality with respect to such use. Any and all goodwill generated by the use of the Licensed SplitCo Trademarks under this <u>Section 2.2</u> and <u>Section 2.3</u> shall inure solely to the benefit of SplitCo or the applicable member of the SplitCo Group.

**Section 2.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Mutual Grant of Limited Trademark Licenses For Providing</u> <u>Services</u>**. Each Party hereby grants to the other Party a limited, non-exclusive, royalty free, fully paid-up, non-sublicensable (except as set forth in <u>Section 2.1(b)</u> and <u>Section 2.2(b)</u>, as applicable), non-transferable (other than pursuant to <u>Section 6.2</u>), worldwide license under the Licensed Medtronic Trademarks or Licensed SplitCo Trademarks, as applicable, solely to the extent reasonably necessary to perform the services under the applicable Ancillary Agreements in a form and manner, and with standards of quality, substantially consistent with past practice of the use of the Licensed Medtronic Trademarks or Licensed SplitCo Trademarks, as applicable.

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Each Licensor shall have the right to exercise reasonable quality control over the use of the Licensed Medtronic Trademarks by the SplitCo Licensees, or the use of the Licensed SplitCo Trademarks by the Medtronic Licensees, as applicable, as reasonably required to maintain the validity and enforceability of the Licensed Medtronic Trademarks or the Licensed SplitCo Trademarks to protect the goodwill associated therewith. Such limited licenses set forth in this <u>Section 2.3</u> shall terminate upon the termination of such applicable Ancillary Agreement.

**Section 2.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Implied Restrictions or Licenses; Reservation of Rights</u>**. Nothing contained in this Agreement shall be construed as conferring any rights by implication, estoppel or otherwise, under any Intellectual Property other than the rights expressly granted in this Agreement with respect to the Licensed Medtronic Trademarks or Licensed SplitCo Trademarks, as applicable. All rights not expressly granted in this Agreement are reserved by Licensors.

**ARTICLE 3**

**LICENSED IP OWNERSHIP, MAINTENANCE AND ENFORCEMENT, USE OF LICENSED TRADEMARKS**

**Section 3.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement</u>**. Each Licensee hereby acknowledges that, as between the Parties, (i) Medtronic Licensor is the sole and exclusive owner of all right, title and interest in and to the Licensed Medtronic Trademarks and (ii) a SplitCo Licensor is the sole and exclusive owner of all right, title and interest in and to the Licensed SplitCo Trademarks.

**Section 3.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Responsibility for Licensed IP</u>**. Each Licensor shall have the exclusive right (but not the obligation) to prepare, file, prosecute, issue, maintain, assign, dispose of, enforce, abandon and terminate the Licensed Medtronic Trademarks or Licensed SplitCo Trademarks, as applicable, at its sole discretion and expense. In the event such Licensor decides to take action against any infringement or threatened infringement or misappropriation of the Licensed Medtronic Trademarks or Licensed SplitCo Trademarks, as applicable, Licensee agrees to reasonably assist such Licensor in whatever manner Licensor directs, at the expense of such Licensor. Recovery of damages resulting from any such action shall be solely for the account of Licensor. Licensee will provide information reasonably requested by Licensor in any such action, including in connection with the calculation of damages.

**Section 3.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions on Use</u>**. Each Licensee shall not use the Licensed Trademarks in a manner that could be detrimental to the value of, or goodwill symbolized by, the Licensed Trademarks or that is reasonably likely to injure, harm or reflect unfavorably on the reputation of Licensor or its Affiliates. Each Licensee shall not use the Licensed Trademarks in any manner that would tarnish or dilute them in any way and shall not use the Licensed Trademarks in a descriptive or generic manner. In no event shall Licensee use or register (or permit the use or registration of) the Licensed Trademarks, or any Trademark confusingly similar thereto, as part of a legal entity name or trade name or Domain Names (except as set forth in <u>Section 5.1</u>) or any other type of name or authorize others to do so or as part of any combination of marks, sub-branding or co-branding (e.g., Licensor/Licensee, Licensee/Licensor or any other combination of Licensor and Licensee), without the express written approval of Licensor.

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**ARTICLE 4**

**DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY; INDEMNIFICATION**

**Section 4.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disclaimer of Warranties</u>**. NO EXPRESS OR IMPLIED WARRANTIES ARE GIVEN BY MEDTRONIC LICENSOR OR SPLITCO LICENSORS WITH RESPECT TO ANY LICENSED MEDTRONIC TRADEMARKS OR LICENSED SPLITCO TRADEMARKS OR ANY OTHER MATTER OR SUBJECT ARISING OUT OF THIS AGREEMENT, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ANY IMPLIED WARRANTY ARISING OUT OF COURSE OF DEALING OR USAGE OF TRADE, OR REGARDING THE VALIDITY, REGISTRABILITY, SCOPE, ENFORCEABILITY OR NON-INFRINGEMENT OF ANY TRADEMARKS. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, EACH LICENSEE ACKNOWLEDGES THAT THE LICENSES GRANTED IN THIS AGREEMENT AND THE LICENSED MEDTRONIC TRADEMARKS AND LICENSED SPLITCO TRADEMARKS ARE PROVIDED "AS IS."

**Section 4.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>LIMITATION OF LIABILITY</u>**. IN NO EVENT SHALL A PARTY BE LIABLE TO ANY OTHER PARTY FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES IN ANY WAY RELATED TO OR ARISING FROM THIS AGREEMENT OR THE LICENSED MEDTRONIC TRADEMARKS OR LICENSED SPLITCO TRADEMARKS, UNDER ANY THEORY OF LAW, INCLUDING, CONTRACT, TORT OR STRICT LIABILITY, WHETHER OR NOT THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

**Section 4.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>**. The provisions of Article VI of the Separation Agreement shall govern any and all Liabilities or indemnification under or in connection with this Agreement.

**ARTICLE 5**

**TERM**

**Section 5.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Term</u>**. The term of this Agreement shall commence on the Separation Date and continue for a period of five (5) years following the Separation Date (the "<u>Term</u>"). Notwithstanding the foregoing, the Parties agree that (i) the licenses granted in <u>Section 2.3</u> shall terminate upon the termination of the applicable Ancillary Agreement and (ii) the following uses of the Licensed Medtronic Trademarks shall be limited to the time periods for use of the same, as described in detail below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Use of the Licensed Medtronic Trademarks on any internal and external product packaging and labels (including images of such product packaging and labels in other materials) shall terminate within four (4) years from the Separation Date. If at such termination date SplitCo continues to make such uses of the Licensed Medtronic Trademarks despite commercially reasonable efforts to terminate use (as certified in writing to Medtronic), this period shall be extended by additional one-year extensions from such termination (each one-year

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period subject to prior written certification), but, in any event, not to exceed five (5) years from the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Use of the Licensed Medtronic Trademarks in the corporate name of any SplitCo legal entity (other than use on labels or other packaging and related product materials in use as of the Separation Date) shall terminate: within four (4) years from the Separation Date, or, where the name change for such legal entities occurs after the Separation Date, within one (1) year of such change of name. If at such termination date SplitCo continues to make such uses of the Licensed Medtronic Trademarks despite commercially reasonable efforts to terminate use (as certified in writing to Medtronic), this period shall be extended by additional one-year extensions from such termination (each one-year period subject to written certification), but, in any event not to exceed five (5) years from the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Use of the Licensed Medtronic Trademarks in any stationery, administrative, employment, communications (internal and external) and similar materials shall terminate within one (1) year from the Separation Date. Notwithstanding the foregoing, if the use of the Licensed Medtronic Trademarks in such materials is incorporated in a legal entity name, then the termination date for such use shall be within one (1) year of the change of such legal entity name but not to exceed five (5) years from the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Use of the Licensed Medtronic Trademarks in any website (intranet or extranet) content (other than images of product packaging and labels as permitted under Section 5.01(a)), social media content (except historical posts), and other digital content uses shall terminate within one (1) year from the Separation Date. Notwithstanding the foregoing, if the use of the Licensed Medtronic Trademarks in such materials is incorporated in a legal entity name, then the termination date for such use shall be within one (1) year of the change of such legal entity name but not to exceed five (5) years from the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Active SplitCo websites with Domain Names containing Licensed Medtronic Trademarks ("<u>Transitional Domain Names</u>") shall be reassigned to a new Domain Name which does not contain any Licensed Medtronic Trademarks ("<u>New SplitCo Domain Name</u>") (i) within one (1) year after the Separation Date, or (ii) for Transitional Domain Names that correspond to a legal entity name, within one (1) year after the change of the associated legal entity name, but in no event longer than five (5) years. After transitioning, SplitCo shall be permitted to maintain such Transitional Domain Names solely to redirect to the corresponding New SplitCo Domain Name, but it shall terminate all such uses of the Transitional Domain Names within five (5) years after the Separation Date. If at such termination date, SplitCo continues to make such uses of the Transitional Domain Names, despite commercially reasonable efforts to terminate use (as certified in writing to Medtronic), this period for continued use solely for redirecting to the New SplitCo Domain Name shall be extended by an additional three (3) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Use of the Licensed Medtronic Trademarks in interior and exterior facilities signage, manufacturing and supply chain machinery, and vehicles shall terminate within two (2) years from the Separation Date. Notwithstanding the foregoing, if the use of the Licensed Medtronic Trademarks in such materials is incorporated in a legal entity name, then the termination date for such use shall be within two (2) years of the change of such legal entity name but not to exceed five (5) years from the Separation Date.

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To the extent SplitCo Licensees are not able to cease use of any of the Licensed Medtronic Trademarks within the Term for Sections 5.1(a) and (b) due solely to any requirement of applicable Law or any delay or other action of any Governmental Authority, which SplitCo can show with evidence sufficient for Medtronic to verify such delay, upon SplitCo's request, Medtronic may grant, at its discretion, the SplitCo Licensees a reasonable extension of any such deadline not to exceed an additional six (6) months for each such request to accommodate such circumstances; <u>provided</u> that SplitCo continues to use all reasonable efforts to prosecute any applicable name changes with any relevant Government Authority.

**Section 5.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>**. Either Party may terminate this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if the other Party materially breaches the terms of this Agreement (including the quality control provisions and the trademark use provisions) and such breach is not cured within one-hundred and twenty (120) days after notice thereof (except to the extent that such breach is not reasonably capable of being cured, in which case the license may be terminated immediately upon written notice to the other Party); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if at any time and to the extent the license granted under this Agreement is no longer permitted under applicable Law.

**Section 5.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Termination</u>**. Upon expiration or earlier termination of this Agreement, the licenses set forth herein shall terminate immediately, and Licensee and its Affiliates shall refrain immediately from all further use of the Licensed Trademarks, except for limited historical and archival purposes, and shall not distribute, sell or otherwise dispose of any product or service, or related materials or literature, bearing any Licensed Trademarks.

**Section 5.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival</u>**. The Parties rights and obligations set forth in the following Articles and Sections shall survive the termination of this Agreement: <u>Article 1</u> (Definitions), <u>Section 3.1</u> (Acknowledgment), <u>Article 4</u> (Disclaimer of Warranties; Limitation of Liability; Indemnification), and <u>Article 6</u> (Miscellaneous).

**ARTICLE 6**

**MISCELLANEOUS**

**Section 6.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>**. All notices or other communications under this Agreement shall be in writing and shall be deemed to be duly given (a) when delivered in person, (b) on the date received, if sent by a nationally recognized delivery or courier service or (c) upon the earlier of confirmed receipt or the fifth Business Day following the date of mailing if sent by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;If to Medtronic: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc<br>Medtronic Operational Headquarters<br>710 Medtronic Parkway<br>Minneapolis, MN 55432<br>Attention: Senior Vice President, Corporate Development<br>Senior Legal Director, Business Development<br>Email:&nbsp;&nbsp;&nbsp;&nbsp;chris.e.eso@medtronic.com<br>__________ |
|  | with a copy (which shall not constitute notice) to: |
|  | Cleary Gottlieb Steen & Hamilton LLP<br>650 California Street<br>San Francisco, CA 94108 <br>Attention: Benet J. O'Reilly<br>Email: &nbsp;&nbsp;&nbsp;&nbsp;boreilly@cgsh.com <br>and<br>Cleary Gottlieb Steen & Hamilton LLP<br>One Liberty Plaza<br>New York, New York 10006<br>Tel: (212) 225-2000<br>Attention: Kimberly R. Spoerri<br>Email: kspoerri@cgsh.com |
| &nbsp;&nbsp;&nbsp;&nbsp;If to<br>__________: | __________ |
|  | with a copy (which shall not constitute notice) to: |
|  | __________ |

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**Section 6.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment</u>**. Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned, transferred or delegated, in whole or in part by either Party, whether in a single transaction or in a series of transactions, without the express written consent of the other Party, and any purported assignment, transfer, license, sublicense or delegation in contravention of this <u>Section 6.2</u> shall be null and void *ab initio*. Subject to the preceding sentences of this <u>Section 6.2</u>, this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the Parties and their respective successors and permitted assigns.

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**Section 6.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Relationship of Parties</u>**. Nothing contained in this Agreement will be deemed or construed as creating a joint venture or partnership between the Parties hereto. No Party is by virtue of this Agreement authorized as an agent, employee or legal representative of the other Parties. No Party will have the power to control the activities and operations of the others and their status is, and at all times will continue to be, that of independent contractors with respect to each other. No Party will have any power or authority to bind or commit the other Parties. No Party will hold itself out as having any authority or relationship in contravention of this <u>Section 6.3</u>.

**Section 6.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>**. Any and all remedies herein expressly conferred upon a Party will be deemed cumulative with and not exclusive of any other remedy expressly conferred hereby, and the exercise by a Party of any one such remedy will not preclude the exercise of any other such remedy.

**Section 6.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Submission to Jurisdiction; Waiver of Jury</u> <u>Trial</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by, and construed in accordance with, the Laws of the State of Delaware, regardless of the Laws that might otherwise govern under applicable principles of conflicts of Laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Party irrevocably consents to the exclusive jurisdiction, forum and venue of the Court of Chancery of the State of Delaware or, if (and only if) the Court of Chancery of the State of Delaware finds it lacks subject matter jurisdiction, the federal court of the United States sitting in Delaware or, if (and only if) the federal court of the United States sitting in Delaware finds it lacks subject matter jurisdiction, the Superior Court of the State of Delaware, and appellate courts thereof, over any and all claims, disputes, controversies or disagreements between the Parties or any of their respective Subsidiaries, Affiliates, successors and assigns under or related to this Agreement or any document executed pursuant to this Agreement or any of the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;EACH OF THE PARTIES ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH OF THE PARTIES CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF ANY LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH OF THE PARTIES UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH OF THE PARTIES MAKES THIS WAIVER VOLUNTARILY AND (D) EACH OF THE PARTIES HAS BEEN INDUCED TO ENTER

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INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 1.1(c)</u>.

**Section 6.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Incorporation of Certain Sections of the Separation Agreement</u>**. Section 11.01 (Counterparts; Entire Agreement), Section 11.02 (Dispute Resolution), Section 11.04 (Third-Party Beneficiaries), Section 11.06 (Severability), Section 11.08 (Expenses), Section 11.09 (Headings), Section 11.12 (Specific Performance), Section 11.14 (Amendments; Waivers), and Section 11.16 (Interpretation) of the Separation Agreement are incorporated herein by reference and shall apply to this Agreement *mutatis mutandis*.

[*Signature Pages Follow*]

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**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

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| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to the Transitional Trademark Cross-License Agreement]

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| | |
|:---|:---|
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to the Transitional Trademark Cross-License Agreement]

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**<u>Exhibit A</u>**

**Licensed Medtronic Trademarks**

**Medtronic word mark**

**Medtronic logo**

[Exhibit C to the Transitional Trademark Cross-License Agreement]

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**<u>Exhibit B</u>**

**Licensed SplitCo Trademarks**

**MiniMed**

__________

[Exhibit B to Transitional Trademark Cross-License Agreement]

## Exhibit 10.7

**Exhibit 10.7**

**FORM OF CO-EXISTENCE AGREEMENT**

This CO-EXISTENCE AGREEMENT (this "<u>Agreement</u>") is entered into effective as of the date last signed below by and between __________ ("<u>Medtronic</u>"), and __________ ("<u>SplitCo</u>"); (Medtronic and SplitCo each a "<u>Party</u>," and together, the "<u>Parties</u>").

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.WHEREAS, in connection with the Separation Agreement, dated as of __________, by and between SplitCo and Medtronic (the "<u>Separation</u> <u>Agreement</u>"), (a) Medtronic and its shareholders determined that it is desirable and appropriate to transfer certain assets and liabilities to SplitCo and for SplitCo to conduct and operate the SplitCo Business, and (b) Medtronic will conduct and operate the Medtronic Business; and pursuant to which Medtronic assigned to SplitCo certain trademarks including but not limited to those on Exhibit A; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Whereas, this Agreement is an Ancillary Agreement pursuant to the Separation Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Whereas, SplitCo is now the owner of record of the trademark registrations and applications listed on Exhibit A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Whereas, Medtronic is the owner of record of the trademark registrations and applications listed on Exhibit B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Whereas, Medtronic does not object to SplitCo registering, using and exercising all the rights of ownership of the marks on Exhibit A, or any other mark incorporating the word CARELINK, so long as the registration and use of each such mark is restricted to the SplitCo Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Whereas, SplitCo does not object to Medtronic registering, using and exercising all the rights of ownership of the marks on Exhibit B, or any other mark incorporating the word CARELINK, so long as the registration and use of each such mark is unrelated to the SplitCo Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.Whereas Medtronic and SplitCo recognize and acknowledge they offer their goods and services in different fields and target different consumers, and that Medtronic's goods and services offered under the marks on Exhibit B and/or any other CARELINK formative marks that Medtronic may use at any time in the future or at present, whether registered or unregistered, are unrelated to the SplitCo Business, and that SplitCo's goods and services offered under the marks on Exhibit A and/or any other CARELINK formative marks that SplitCo may use at any time in the future or at present, whether registered or unregistered, are offered only in connection with the SplitCo Business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.Whereas, the Parties agree that, based upon their experience in their respective industries and the differences between the Parties' marks in certain cases, differences in their respective goods and services, differences in the consumers and the sophistication of the consumers, and/or channels of trade, there is no likelihood of confusion, mistake, or deception caused by Medtronic's registration and/or use of the marks on Exhibit B and/or any other CARELINK formative marks that Medtronic may use at any time in the future or at present, whether registered or unregistered, and SplitCo's registration and/or use of the marks on Exhibit A and/or any other CARELINK formative marks that SplitCo may use at any time in the future or at present, whether registered or unregistered, so long as SplitCo's use is restricted to the SplitCo Business and Medtronic's use is unrelated to the SplitCo Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.Medtronic has no objection to SplitCo's continued use and registration of SplitCo's marks listed on Exhibit A so long as SplitCo's use is restricted to the SplitCo Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.SplitCo has no objection to Medtronic's continued use and registration of the marks listed on Exhibit B so long as Medtronic's use is unrelated to the SplitCo Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.The Parties desire to continue to avoid any likelihood of confusion, mistake, or deception as a result of their respective use and registration of their marks.

**AGREEMENT**

NOW THEREFORE, in consideration of the promises and mutual obligations and undertakings set forth herein, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Separation Agreement. As used in this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;"<u>Medtronic Business</u>" means the business and operations conducted (including business and operations not yet commercialized) by Medtronic and its Subsidiaries other than the SplitCo Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;"<u>Parties</u>" and "<u>Party</u>" have the meaning assigned in the preamble hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;"<u>Person</u>" means an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization, a limited liability company, any other entity and any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;<u>"SplitCo Business</u>" means the business and operations constituting Medtronic's Diabetes operating unit (as further described in the IPO Registration

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Statement), including the brands and product lines (i) sold by such segment as of or prior to the Separation Date or (ii) otherwise set forth on <u>Schedule V</u> (as listed in the Separation Agreement). Notwithstanding the foregoing, the brands and product lines of all Medtronic operating units and businesses other than the Diabetes operating unit shall be deemed part of the Medtronic Business, and not part of the SplitCo Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subsidiary</u>" of any Person means any corporation or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others performing similar functions with respect to such corporation or other organization, is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;SplitCo consents to Medtronic's continued use and registration of the marks on Exhibit B and any other CARELINK formative marks that Medtronic may register and/or use at any time in the future or at present, whether registered or unregistered, including in any and all territories and/or jurisdictions where SplitCo has or may acquire earlier registered rights, so long as Medtronic's use of any CARELINK formative mark is not in connection with the SplitCo Business. SplitCo further agrees it will not oppose, seek to cancel, take action against, or otherwise object to or challenge any use of, application for, or registration of a CARELINK formative mark owned by Medtronic so long as the proposed or actual use of the mark is not in connection with the SplitCo Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Medtronic consents to SplitCo's continued use and registration of the marks on Exhibit A and any other CARELINK formative marks that SplitCo may register and/or use at any time in the future or at present, whether registered or unregistered, including in any and all territories and/or jurisdictions where Medtronic has or may acquire earlier registered rights, so long as SplitCo's use of any CARELINK formative mark is solely in connection with the SplitCo Business. Medtronic further agrees it will not oppose, seek to cancel, take any action against, or otherwise object to or challenge any use of, application for, or registration of a CARELINK formative mark owned by SplitCo so long as the proposed or actual use of the mark is solely in connection with the SplitCo Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The Parties agree that if, in the future, either Party is apprised of any evidence of actual confusion, mistake, or deception with regard to the respective use of their marks that is materially adversely affecting the SplitCo Business or Medtronic Business, as the case may be, the Party receiving and possessing such information shall promptly make the same available in detail to the other Party. Thereafter, the Parties, through their authorized officers, representatives, and/or attorneys, shall confer for the purpose of jointly considering such evidence and taking the necessary steps to eliminate such confusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The Parties agree that the use and registration by SplitCo of CARELINK formative marks, including but not limited to those in Exhibit A, for use solely in connection with the SplitCo Business, and use and registration by Medtronic of CARELINK formative

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marks, including but not limited to those in Exhibit B, for uses unrelated to the SplitCo Business, is not likely to cause confusion, to cause mistake, or to deceive consumers because of differences in appearance between some or all of SplitCo's CARELINK formative marks and Medtronic's CARELINK formative marks, differences in the goods and services offered by SplitCo and the goods and services offered by Medtronic, and differences in the consumers of SplitCo's goods and services and the consumers of Medtronic's goods and services, and the sophistication of the consumers of SplitCo and Medtronic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;The Parties agree that the use and registration by SplitCo of CARELINK formative marks is not likely to cause confusion, to cause mistake, or to deceive so long as SplitCo's use is related to the SplitCo Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;The Parties agree that use and registration by Medtronic of CARELINK formative marks is not likely to cause confusion, to cause mistake, or to deceive so long as Medtronic's use is unrelated to the SplitCo Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;The Parties agree that neither Party will oppose or object to the use and registration of CARELINK formative marks by the other Party and the other Party's successors, assigns, affiliates, subsidiaries and related companies so long as such use and registration is in accord with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;The Parties agree to execute and deliver any further documents, agreements, letters and the like, including but not limited to agreements to temporarily assign and assign back any application(s) for a CARELINK-formative mark, as may be needed and/or reasonably necessary in any jurisdiction to carry out the intended purpose of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;The Parties will cooperate in good faith in connection with the enforcement of CARELINK formative marks by the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;All provisions of this Agreement shall be severable. The validity of any provision shall not affect the validity of the remaining provisions. In the event of the invalidity of any provision, this Agreement shall be interpreted and enforced as if such provision were not contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;The Parties represent and warrant that they have full authority to execute, deliver and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be worldwide in application and may be filed with any Trademark Office in the world including the United States Patent and Trademark Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be binding on the Parties and their respective affiliates, subsidiaries and related companies and permitted successors and assigns. Neither Party may assign or otherwise transfer any of its rights, or delegate or other transfer any of its obligations or performance, under this Agreement, in each case whether voluntarily, involuntarily, by operation of law, or otherwise, without the other Party's prior written consent. Any successor or assign shall assume all obligations of its predecessor or assignor, as applicable, under this Agreement.

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SplitCo may not assign or otherwise transfer any of its rights in the marks on Exhibit A, or any other mark that is subject to this Agreement, and Medtronic may not assign or otherwise transfer any of its rights in the marks on Exhibit B, or any other mark that is subject to this Agreement, in either case, to any other individual, corporation, partnership, joint venture, limited liability company, governmental authority, unincorporated organization, trust, association or other entity (including any of its affiliates), unless that individual or entity agrees in writing to be bound by the terms and conditions of this Agreement and the transferring Party provides prior written notification of the assignment to the non-transferring Party. For purposes of this Section 14, any merger, consolidation, or reorganization involving a Party (regardless of whether that Party is a surviving or disappearing entity) will be deemed to be a transfer of rights, obligations, or performance under this Agreement or a transfer of such Party's mark subject to the requirements of this Section 14. No delegation or other transfer will relieve the delegating or transferring Party of any of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may not be modified except in writing signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;Article VI (Indemnification), Section 11.01 (Counterparts; Entire Agreement), Section 11.02 (Dispute Resolution), Section 11.04 (Third-Party Beneficiaries), Section 11.08 (Expenses), Section 11.09 (Headings), Section 11.12 (Specific Performance), and Section 11.16 (Interpretation) of the Separation Agreement are incorporated herein by reference and shall apply to this Agreement *mutatis mutandis*.

[*Signature Pages Follow*]

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**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by their respective officers thereunto duly authorized.

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[Signature Page to Trademark Co-Existence Agreement]

## Exhibit 10.8

**Exhibit 10.8**

FORM OF TRANSITION SERVICES AGREEMENT

by and between

__________

and

__________

Dated as of __________

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<u>**TABLE OF CONTENTS**</u>

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| | | |
|:---|:---|:---|
| | <u>Page</u> | <u>Page</u> |
| ARTICLE I Definitions | ARTICLE I Definitions | 1 |
| Section 1.01 | Definitions | 1 |
| ARTICLE II Services | ARTICLE II Services | 6 |
| Section 2.01 | Provision of Services | 6 |
| Section 2.02 | Service Amendments and Additions | 10 |
| Section 2.03 | Migration Projects | 11 |
| Section 2.04 | No Management Authority | 11 |
| Section 2.05 | Acknowledgement and Representation | 12 |
| Section 2.06 | SplitCo Operations | 12 |
| Section 2.07 | Exit Plans; Transactions | 12 |
| ARTICLE III Additional Arrangements | ARTICLE III Additional Arrangements | 13 |
| Section 3.01 | Cooperation and Access | 13 |
| Section 3.02 | Data Privacy | 14 |
| Section 3.03 | Intellectual Property | 15 |
| Section 3.04 | Misdirected Funds | 16 |
| ARTICLE IV Compensation | ARTICLE IV Compensation | 16 |
| Section 4.01 | Compensation for Services | 16 |
| Section 4.02 | Payment Terms. | 17 |
| Section 4.03 | DISCLAIMER OF WARRANTIES | 20 |
| Section 4.04 | Books and Records | 20 |
| ARTICLE V Term |  | 20 |
| Section 5.01 | Commencement | 20 |
| Section 5.02 | Service Extension | 20 |
| Section 5.03 | Termination | 21 |
| Section 5.04 | Partial Termination | 22 |
| Section 5.05 | Effect of Termination | 22 |
| ARTICLE VI Indemnification; Limitation of Liability | ARTICLE VI Indemnification; Limitation of Liability | 24 |
| Section 6.01 | Indemnification by SplitCo | 24 |

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| | | |
|:---|:---|:---|
| | <u>Page</u> | <u>Page</u> |
| Section 6.02 | Indemnification by Medtronic | 24 |
| Section 6.03 | Indemnification Procedures | 25 |
| Section 6.04 | Exclusion of Other Remedies | 25 |
| Section 6.05 | Other Indemnification Obligations Unaffected | 25 |
| Section 6.06 | Limitation on Liability | 25 |
| ARTICLE VII Other Covenants | ARTICLE VII Other Covenants | 26 |
| Section 7.01 | Further Assurances | 26 |
| ARTICLE VIII Dispute Resolution | ARTICLE VIII Dispute Resolution | 26 |
| Section 8.01 | General | 26 |
| Section 8.02 | Functional Leads; Transition Committee | 27 |
| Section 8.03 | Vice President Referral | 27 |
| Section 8.04 | Court-Ordered Interim Relief | 27 |
| ARTICLE IX Miscellaneous | ARTICLE IX Miscellaneous | 28 |
| Section 9.01 | Title to Equipment; Title to Data | 28 |
| Section 9.02 | Force Majeure | 28 |
| Section 9.03 | Separation Agreement | 29 |
| Section 9.04 | Relationship of Parties | 29 |
| Section 9.05 | Confidentiality | 29 |
| Section 9.06 | Counterparts; Entire Agreement | 29 |
| Section 9.07 | Governing Law; Jurisdiction | 29 |
| Section 9.08 | WAIVER OF JURY TRIAL | 30 |
| Section 9.09 | Specific Performance | 30 |
| Section 9.10 | Assignability | 30 |
| Section 9.11 | Third-Party Beneficiaries | 31 |
| Section 9.12 | Notices | 31 |
| Section 9.13 | Severability | 31 |
| Section 9.14 | Headings | 31 |
| Section 9.15 | Waivers of Default | 31 |
| Section 9.16 | Amendments | 31 |
| Section 9.17 | Interpretation | 32 |

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ii

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<u>Schedules</u>:

Schedule A&nbsp;&nbsp;&nbsp;&nbsp;Services to be provided to SplitCo Group

Schedule B&nbsp;&nbsp;&nbsp;&nbsp;Services to be provided to Medtronic Group

Schedule C&nbsp;&nbsp;&nbsp;&nbsp;Related Services

Schedule D&nbsp;&nbsp;&nbsp;&nbsp;Service Coordinators

<u>Exhibits</u>:

Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data Protection

i

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TRANSITION SERVICES AGREEMENT (this "<u>Agreement</u>"), dated as of __________ (the "<u>Effective Date</u>"), by and between __________ ("<u>Medtronic</u>") and __________ ("<u>SplitCo</u>").

**RECITALS**

WHEREAS, the parties have entered into that certain Separation Agreement (the "<u>Separation Agreement</u>"), dated as of __________;

WHEREAS, effective upon the Separation, (a) SplitCo desires to purchase from Medtronic (and/or its designee(s)), and Medtronic (and/or its designee(s)) is willing to provide to SplitCo, certain services, in order to (i) facilitate SplitCo's operation of the SplitCo Business after the Separation Date and (ii) provide SplitCo the opportunity to obtain alternate sources of such services within a reasonable time after the Separation Date and (b) Medtronic desires to purchase from SplitCo (and/or its designee(s)), and SplitCo (and/or its designee(s)) is willing to provide to Medtronic, certain services, in order to (i) facilitate Medtronic's operation of the Medtronic Business after the Separation Date and (ii) provide Medtronic the opportunity to obtain alternate sources of such services within a reasonable time after the Separation Date; and

WHEREAS, each of Medtronic and SplitCo desires to reflect the terms of their agreement with respect to such services.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged by this Agreement, Medtronic and SplitCo, for themselves, their successors and assigns, agree as follows:

**ARTICLE I**

**Definitions**

Section 1.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. Capitalized terms used but not defined herein shall have the meaning set forth in the Separation Agreement. As used in this Agreement, the following terms have the following meanings:

"<u>Additional Services</u>" has the meaning ascribed thereto in <u>Section 2.02(b)</u>.

"<u>Affiliate</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Agreement</u>" has the meaning ascribed thereto in the preamble.

"<u>Ancillary Agreements</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Applicable End Date</u>" means, with respect to each Service, the final date of the Applicable Original Duration with respect to such Service that follows an Applicable

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Termination Date for such Service; provided that, in no event will the Applicable End Date be later than two (2) years after the Separation Date.

"<u>Applicable Original Duration</u>" means, with respect to each Service, the duration of the period from the Separation Date to the Applicable Termination Date with respect to such Service.

"<u>Applicable Termination Date</u>" means, with respect to each Service, the date that is twelve (12) months following the Separation Date, or such earlier or later termination date specified with respect to such Service, as applicable, in <u>Schedule A</u> or <u>Schedule B</u>, as applicable.

"<u>Assets</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Background Assets</u>" means any Assets (including Intellectual Property): (i) existing as of the Separation Date and that are owned by a Party or its Affiliates; (ii) acquired by a Party or its Affiliates after the Separation Date; or (iii) made, conceived, or developed by a Party or its Affiliates outside of any Services provided under this Agreement.

"<u>Cap</u>" has the meaning ascribed thereto in <u>Section 6.06(c)</u>.

"<u>Consents</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Cost of Services</u>" means, with respect to each Service, the amount specified with respect to such Service in <u>Schedule A</u> or <u>Schedule B,</u> as applicable, to be paid by a Service Recipient in respect of such Service to the Service Provider of such Service.

"<u>Data Protection Laws</u>" has the meaning ascribed thereto in <u>Exhibit A</u>.

"<u>Deliverables</u>" has the meaning ascribed thereto in <u>Section 3.03(b)</u>.

"<u>Dispute</u>" has the meaning ascribed thereto in <u>Section 8.01</u>.

"<u>Dispute Notice</u>" has the meaning ascribed thereto in <u>Section 8.02</u>.

"<u>Excluded Services</u>" means any services that would be provided by Medtronic's Financial Planning & Analysis, Investor Relations, Treasury, Tax, Internal Audit or Legal & Compliance functions were they to be provided, other than those explicitly set forth in <u>Schedule A</u>.

"<u>Exit Plans</u>" has the meaning ascribed thereto in <u>Section 2.07</u>.

"<u>Force Majeure Event</u>" has the meaning ascribed thereto in <u>Section 9.02</u>.

"<u>Functional Leads</u>" has the meaning ascribed thereto in <u>Section 2.01(d)</u>.

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"<u>Functional Leads Negotiations</u>" has the meaning ascribed thereto in <u>Section 2.01(c)</u>.

"<u>Governmental Authority</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Group</u>" means either the Medtronic Group or the SplitCo Group, as the context requires.

"<u>Indemnitee</u>" means a Medtronic Indemnitee or a SplitCo Indemnitee, as the context requires.

"<u>Information</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Intangible Developments</u>" has the meaning ascribed thereto in <u>Section 3.03(b)</u>.

"<u>Intellectual Property</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Intended Tax Treatment</u>" has the meaning ascribed thereto in the Tax Matters Agreement.

"<u>Interruption</u>" has the meaning ascribed thereto in <u>Section 2.01(k)</u>.

"<u>Law</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Liabilities</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Medtronic</u>" has the meaning ascribed thereto in the preamble.

"<u>Medtronic Business</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Medtronic Change of Contro</u>l" means any transaction or series of transactions by which a third party acquires all or a material portion of the Medtronic Business or the operation thereof, whether through an asset or stock sale, merger or other business combination.

"<u>Medtronic Group</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Medtronic Indemnitees</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Omitted Services</u>" has the meaning ascribed thereto in <u>Section 2.02(a)</u>.

"<u>Partial Termination Estimate</u>" has the meaning ascribed thereto in <u>Section</u> <u>5.04(a)</u>.

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"<u>Party</u>" means either party hereto, and "<u>Parties</u>" means both parties hereto.

"<u>Person</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Personal Data</u>" has the meaning ascribed thereto in <u>Exhibit A</u>.

"<u>Processed</u>" and "<u>Processing</u>" have the meaning ascribed thereto in <u>Exhibit A</u>.

"<u>Project Work</u>" has the meaning ascribed thereto in <u>Section 2.03</u>.

"<u>Project Work Request</u>" has the meaning ascribed thereto in <u>Section 2.03</u>.

"<u>Related Service</u>" has the meaning ascribed thereto in <u>Section 5.02</u>.

"<u>Separation</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Separation Agreement</u>" has the meaning ascribed thereto in the recitals.

"<u>Separation Date</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Service Coordinator</u>" has the meaning ascribed thereto in <u>Section 2.01(c)</u>.

"<u>Service Extension</u>" has the meaning ascribed thereto in <u>Section 5.02</u>.

"<u>Service Provider</u>" means any member of the SplitCo Group or the Medtronic Group, as applicable, in its capacity as the provider of any Services to any member of the Medtronic Group or the SplitCo Group, respectively.

"<u>Service Recipient</u>" means any member of the SplitCo Group or the Medtronic Group, as applicable, in its capacity as the recipient of any Services from any member of the Medtronic Group or the SplitCo Group, respectively.

"<u>Services</u>" means the individual services identified in <u>Schedule A</u> or <u>Schedule B</u>, as applicable; <u>provided</u>, <u>that</u>, in no event any Excluded Services be Services.

"<u>Shutdown</u>" has the meaning ascribed thereto in <u>Section 2.01(j)</u>.

"<u>SplitCo</u>" has the meaning ascribed thereto in the preamble.

"<u>SplitCo Business</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>SplitCo Change of Contro</u>l" means any transaction or series of transactions by which a third party acquires all or a material portion of the SplitCo Business or the operation thereof, whether through an asset or stock sale, merger or other business combination.

"<u>SplitCo Group</u>" has the meaning ascribed thereto in the Separation Agreement.

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"<u>SplitCo Indemnitees</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Sub-Contractor</u>" has the meaning ascribed thereto in <u>Section 2.01(f)</u>.

"<u>Subsidiary</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Tax Matters Agreement</u>" means the Tax Matters Agreement dated as of the date of the Separation Agreement by and between Medtronic and SplitCo, as such Tax Matters Agreement may be amended from time to time.

"<u>Taxes</u>" has the meaning ascribed thereto in the Tax Matters Agreement.

"<u>Taxing Authority</u>" has the meaning ascribed thereto in the Tax Matters Agreement.

"<u>Termination Charges</u>" has the meaning ascribed thereto in <u>Section 5.05(d)</u>.

"<u>Termination Estimate Request Notice</u>" has the meaning ascribed thereto in <u>Section 5.04(a)</u>.

"<u>Third-Party Acquiror</u>" means any Person that acquires all or a portion of the SplitCo Business or the operation thereof, whether through an asset or stock sale, merger or other business combination.

"<u>Third-Party Claim</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Trademarks</u>" has the meaning ascribed thereto in the Separation Agreement.

"<u>Transfer Taxes</u>" has the meaning ascribed thereto in <u>Section 4.01(c)</u>.

"<u>Transition Committee</u>" has the meaning ascribed thereto in <u>Section 8.02</u>.

"<u>Transition Committee Negotiations</u>" has the meaning ascribed thereto in <u>Section</u> <u>8.02</u>.

"<u>VAT</u>" has the meaning ascribed thereto in <u>Section 4.01(c)</u>.

"<u>Vice President Resolutions</u>" has the meaning ascribed thereto in <u>Section 8.03</u>.

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**ARTICLE II**

**Services**

Section 2.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Provision of Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Commencing immediately after the Separation, Medtronic shall, and shall cause the applicable members of the Medtronic Group to, (i) provide, or otherwise make available, to SplitCo and the applicable members of the SplitCo Group the Services set forth in <u>Schedule A</u> and (ii) pay, perform, discharge and satisfy, as and when due, its and their respective obligations as Service Recipients of the Services set forth in <u>Schedule B</u>, in each case in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Commencing immediately after the Separation, SplitCo shall, and shall cause the applicable members of the SplitCo Group to, (i) provide, or otherwise make available, to Medtronic and the applicable members of the Medtronic Group the Services set forth in <u>Schedule B</u> and (ii) pay, perform, discharge and satisfy, as and when due, its and their respective obligations as Service Recipients of the Services set forth in <u>Schedule A</u>, in each case in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Service Recipient and its respective Service Provider shall cooperate in good faith with each other in connection with the performance of the Services hereunder. Each of Medtronic and SplitCo agrees to appoint an employee representative (each such representative, a "<u>Service Coordinator</u>") with the requisite skills, knowledge and experience who will have overall responsibility for implementing, managing and coordinating the Services pursuant to this Agreement on behalf of Medtronic and SplitCo, respectively. Initially, the Service Coordinators will be the individuals set forth on <u>Schedule D</u>. Either Party may change its designated Service Coordinator at any time upon notice given to the other Party in accordance with <u>Section 9.12</u>. The Service Coordinators will consult and coordinate with each other on a regular basis, and no less frequently than quarterly, during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Medtronic and SplitCo shall establish and maintain a committee to oversee, manage and coordinate provision of Services pursuant to this Agreement (the "<u>Transition Committee</u>"). The Transition Committee shall be comprised of representatives from each of Medtronic and SplitCo consisting with the requisite skills, knowledge and experience to perform such tasks, including (i) a lead coordinator from each party to act as the primary contact person with respect to all issues relating to the provision of Services pursuant to this Agreement (such persons, the "<u>Lead Coordinators</u>") and (ii) Functional Leads from each of Medtronic and SplitCo for each functional area for which Services are being provide or received pursuant to this Agreement, as applicable (such persons, the "<u>Functional Leads</u>"). The Transition Committee shall hold review meetings by telephone, video conference or in person, as mutually agreed upon by the Lead Coordinators, approximately once per month, which such meetings shall be attended by the Lead Coordinators and such Functional Leads as are necessary for the relevant discussion. The Transition Committee meetings will address matters related to this Agreement, including (i) any issues relating to the provision of the Services, (ii) to the extent Service changes are to be implemented, the implementation of such changes and (iii) the Exit Plans pursuant to <u>Section</u> 

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<u>2.07</u>. Further, at each such meeting, the Lead Coordinator for Service Recipient shall provide an update on the status of the Exit Plans pursuant to <u>Section 2.07</u>. Each party may replace its appointed Lead Coordinator or other Transition Committee representatives at any time upon written notice to the other party. No such Lead Coordinator or delegate shall have the authority to amend this Agreement or any exhibit attached hereto in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Service Provider shall determine the personnel who shall perform the Services to be provided by it. All personnel providing Services will remain at all times, and be deemed to be, employees or representatives solely of the Service Provider, responsible for providing such Services (or its Affiliates or Sub-Contractors) for all purposes, and not to be deemed employees or representatives of the Service Recipient. All such personnel will be under the sole direction, control and supervision of the Service Provider and the Service Provider has the sole right to exercise all authority with respect to the employment, engagement, substitution, termination, assignment and compensation of such personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Service Provider may, at its option, from time to time, delegate any or all of its obligations to perform Services under this Agreement to any one or more of its Affiliates or engage the services of other professionals, consultants or other third parties (each, a "<u>Sub-Contractor</u>") in connection with the performance of the Services; <u>provided</u>, <u>however</u>, that (i) the Service Provider shall remain ultimately responsible for ensuring that all of its obligations with respect to the manner, scope, time-frame, nature, quality or level, and other aspects of the Services are satisfied with respect to any Services provided by any such Affiliate or Sub-Contractor and shall be liable for any failure of a Sub-Contractor to so satisfy such obligations (or if a Sub-Contractor otherwise breaches any provision hereof) and (ii) such Sub-Contractor agrees in writing to be bound by confidentiality provisions at least as restrictive to it as the terms of <u>Section 9.05</u> of this Agreement. Except as agreed by the Parties in <u>Schedule A</u> or <u>Schedule B</u> or otherwise in writing, and subject to <u>Section 2.01(h)</u>, any costs associated with engaging the services of an Affiliate of the Service Provider or a Sub-Contractor shall not affect the Cost of Services payable by the Service Recipient under this Agreement, and the Service Provider shall remain solely responsible with respect to payment for such Affiliate's or Sub-Contractor's costs, fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Except as mutually agreed upon, the Services shall be performed in substantially the same scope, time-frame, nature, quality, with the same care, and to the same extent and service level as such Services (or substantially similar services) were provided to the SplitCo Business or the Medtronic Business, as applicable, immediately prior to the Separation Date, unless the Services are being provided by a Sub-Contractor who is also providing the same services to the Service Provider or a member of such Service Provider's Group, in which case the Services shall be performed for the Service Recipient in the same manner, scope, time-frame, nature, quality or level, with the same care, and to the same extent and service level as they are being performed for the Service Provider or such member of such Service Provider's Group, as applicable. If the Service Provider has not provided such Services (or substantially similar services) immediately prior to the Separation Date and such Services are not being performed by a Sub-Contractor who is also providing the same services to such Service Provider's Group, then the Services shall be performed in a competent, professional and workmanlike manner consistent

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with industry standards. The Services shall be used solely for the operation of the SplitCo Business or the Medtronic Business, as applicable, for substantially the same purpose as used by the applicable Service Recipient immediately prior to the date of this Agreement. Notwithstanding anything to the contrary set forth herein, in no event (including any internal reorganization or restructuring or expansion of Service Recipient) shall the Service Provider be required to (i) increase or expand the scope, time-frame, nature, or quality of any Service during the term of the Service or (ii) expend additional internal resources to provide such Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The Parties acknowledge that the Service Provider may make changes from time to time in the manner of performing Services (including in respect of those Services provided by a Sub-Contractor) (i) if the Service Provider is making similar changes in performing the same or substantially similar Services for itself or other members of its Group or (ii) to the extent required for the provision of such Services to be in compliance with applicable Law; <u>provided</u>, <u>however</u>, that if any such changes actually increase the cost of providing such Services, Service Provider may increase the Cost of Services to the extent of such increase in cost (for the avoidance of doubt, such increase may be additive to any additional costs for the provision of services contemplated by the Cost of Services contemplated in <u>Schedule A</u> or <u>Schedule B)</u>; <u>provided</u>, <u>that</u>, that unless expressly contemplated in <u>Schedule A</u> or <u>Schedule B</u>, such changes shall not decrease the manner, scope, time-frame, nature, quality or level of the Services provided to the Service Recipient, except upon prior written approval of the Service Recipient; <u>provided</u>, <u>further</u>, that to the extent such increase in cost exceeds 15% of the Cost of Services contemplated in <u>Schedule A</u> or <u>Schedule B</u>, Service Provider shall provide Service Recipient with at least thirty (30) days' prior written notice of such cost increase and Service Recipient may, within fifteen (15) days following receipt of such notice, elect to terminate the affected Services by providing written notice to Service Provider, which termination shall be effective on the later of (x) thirty (30) days following Service Provider's receipt of such termination notice or (y) the date on which the cost increase would become effective; <u>provided</u>, <u>further</u>, that if the Services that the Service Recipient elects to terminate have Related Services designated on <u>Schedule C</u>, Service Recipient shall (i) comply with the obligations set forth in <u>Section 5.04(a)</u>, including simultaneous termination of all Related Services and payment of the increased Cost of Services through the termination effective date, and (ii) pay the Termination Charges in accordance with <u>Section 5.05(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Agreement shall be deemed to require the provision of any Service by any Service Provider (or any Affiliate or Sub-Contractor of a Service Provider) to any Service Recipient if the provision of such Service requires the Consent of any Person (including any Governmental Authority), whether under applicable Law, by the terms of any contract to which such Service Provider or any other member of its Group is a party or otherwise, unless and until, subject to the fourth-to-last sentence of this <u>Section 2.01(i)</u>, such Consent has been obtained. The Service Provider shall use commercially reasonable efforts to obtain as promptly as possible any Consent of any Person that may be necessary for the performance of the Service Provider's obligations pursuant to this Agreement; <u>provided</u>, <u>however</u>, "commercially reasonable efforts" shall not require the Service Provider to amend or extend the term of any contract or agreement with any third party in order to obtain such Consent. Any fees, expenses or extra costs incurred in connection with obtaining any such

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Consents shall be paid by the Service Recipient, and the Service Recipient shall use commercially reasonable efforts to provide assistance as necessary in obtaining such Consents. In the event that the Consent of any Person, if required in order for the Service Provider to provide Services, is not obtained reasonably promptly after the Separation Date, the Service Provider shall notify the Service Recipient and the Parties shall cooperate in good faith in devising an alternative manner for the provision of the Services affected by such failure to obtain such Consent and the Cost of Services associated therewith, such alternative manner and Cost of Services to be reasonably satisfactory to both Parties and agreed to in writing. If the Parties elect such an alternative plan, the Service Provider shall provide the Services in such alternative manner and the Service Recipient shall pay for such Services based on the alternative Cost of Services. The Services shall not include, and no Service Provider (or any Affiliate or Sub-Contractor of a Service Provider) shall be obligated to provide, any service the provision of which to a Service Recipient following the Separation would constitute a violation of any Law. In addition, notwithstanding anything to the contrary herein, the Service Provider (and the Affiliates and Sub-Contractors of the Service Provider) will not be required to perform or to cause to be performed any of the Services for the benefit of any third party or any other Person other than the applicable Service Recipient. The Parties acknowledge and agree that obtaining any necessary Consent is an express condition to the Service Provider's obligation to provide any Services requiring the use of third-party software, technology or Intellectual Property under this Agreement, and the Service Provider shall not be considered in breach of this Agreement for failure to provide any such Service due to the fact that the Parties were unable to acquire such Consent in accordance with this <u>Section 2.01(i)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Service Recipient acknowledges that Services may, from time to time, in the reasonable discretion of Service Provider, be suspended in whole or in part for modifications and ordinary maintenance to the assets needed to provide Services and any other matters of a short-term nature (the "<u>Shutdown</u>"). Service Provider shall consider in good faith the impact of any such Shutdown on Service Recipient (and its Affiliates) and shall cooperate with Service Recipient in good faith to minimize any adverse consequences to Service Recipient (and its Affiliates) resulting from such Shutdown. Except in emergency situations, Service Provider shall notify Service Recipient as promptly as practicable before any Shutdown. In the event that a particular Cost of Services is based on the duration of time for which Service Provider provides the applicable suspended Service, Service Provider shall reduce the charges related to such suspended Services on a pro rata basis based on the number of days such Services are suspended; provided that no Cost of Services shall be reduced in such manner if the applicable Shutdown lasts for less than 5 consecutive days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;The Parties acknowledge that there may be unanticipated temporary interruptions in the provision of a Service, in each case for a period of less than forty-eight (48) hours (any such event, an "<u>Interruption</u>"). Service Provider shall use commercially reasonable efforts to provide Service Recipient with notice of such Interruption as soon as possible (including information regarding the nature and the projected length of such Interruption), and thereafter such Service Provider shall use commercially reasonable efforts to cooperate with Service Recipient to minimize any impact on the Services caused by such

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Interruption. The Service Provider shall not be excused from performance if it fails to use commercially reasonable efforts to remedy the situation causing such Interruption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;In the event the obligations of Service Provider to provide any Service shall be suspended in accordance with <u>Section 2.01(j)</u> or <u>Section 2.01(k)</u>, Service Provider and its Affiliates shall not have any liability whatsoever to Service Recipient arising out of or relating to such suspension of Service Provider's provision of such Service, except to the extent resulting from a breach by Service Provider of any agreement or covenant required to be performed or complied with by Service Provider pursuant to <u>Section 2.01(j)</u> or <u>Section 2.01(k)</u> (but subject to the other limitations on liability set forth in this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Neither Party nor any of their respective Affiliates shall have any obligation to purchase, upgrade, enhance or otherwise modify any computer hardware, software or network environment currently used by such Party or such Party's Affiliates, or to provide any support or maintenance services for any computer hardware, software or network environment that has been upgraded, enhanced or otherwise modified from the computer hardware, software or network environments that are currently used by such Party or such Party's Affiliates.

Section 2.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Service Amendments and Additions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Within the first six (6) months following the Separation Date, each of Medtronic and SplitCo may request in writing that the other Party provide services that (i) were provided by the Medtronic Business or the SplitCo Business, as applicable, within the twelve (12) months prior to the Separation Date and (ii) are reasonably necessary for the operation of the Medtronic Business or the SplitCo Business, as applicable, as conducted within the twelve (12) months prior to the Separation Date and that are not otherwise set forth in Schedule A or Schedule B ("<u>Omitted Services</u>") and (iii) are not Excluded Services. Any request for an Omitted Service shall be in writing and shall specify, as applicable, (A) the type and the scope of the requested service, (B) who is requested to perform the requested service, (C) where and to whom the requested service is to be provided and (D) the proposed term for the requested service. The Parties shall discuss in good faith the terms under which such Omitted Services may be provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Within the first six (6) months following the Separation Date, each of Medtronic and SplitCo may also request the other Party to provide additional services that are not Services and that are not Omitted Services ("<u>Additional Services</u>"); <u>provided</u>, <u>that</u>, in no event shall any Excluded Services be Additional Services. Any request for an Additional Service shall be in writing and shall specify, as applicable, (A) the type and the scope of the requested service, (B) who is requested to perform the requested service, (C) where and to whom the requested service is to be provided and (D) the proposed term for the requested service. In the event that a Party requests an Additional Service, the other Party may elect in its sole discretion to provide such Additional Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If a Party agrees to provide an Omitted Service pursuant to <u>Section</u> <u>2.02(a)</u> or an Additional Service pursuant to <u>Section 2.02(b)</u>, then the Parties shall in good faith negotiate an amendment to <u>Schedule A</u> or <u>Schedule B</u>, as applicable, which will describe in

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detail the service, project scope, term, price and payment terms to be charged for such Omitted Service or Additional Service; provided, that the Cost of Services payable for any Omitted Service shall be calculated in a manner consistent with the methodology used to calculate the Cost of Services payable for the Services included on <u>Schedule A or Schedule B</u> hereto, as applicable. Once agreed to in writing, the amendment to <u>Schedule A</u> or <u>Schedule B</u>, as applicable, shall be deemed part of this Agreement as of such date and the Omitted Services or Additional Services, as applicable, shall be deemed "Services" provided hereunder, in each case subject to the terms and conditions of this Agreement; <u>provided</u>, <u>however</u>, that no Service Provider shall be required to provide any Services, at any price, that would prevent, or be reasonably likely to prevent, or be inconsistent with the Intended Tax Treatment.

Section 2.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Migration Projects</u>. Prior to the end of the applicable term, each Service Provider will provide the Service Recipient, upon written request (the "<u>Project Work</u> <u>Request</u>"), with such commercially reasonable support as may be necessary to migrate the Services to the Service Recipient's internal organization or to a third party provider (the "<u>Project</u> <u>Work</u>"), including without limitation exporting and providing (subject to applicable Law and <u>Exhibit A</u>) all relevant data and information of the applicable Service Recipient from the systems of the applicable Service Provider or any party performing the Services on its behalf. After the Service Provider receives the Project Work Request, the Parties shall meet to discuss and agree on the scope, schedule and cost of the Project Work, taking into consideration the Service Provider's then available resources; <u>provided</u> that in no event shall the Service Provider be required to provide the Project Work unless and until the scope, schedule and cost of the Project Work are mutually agreed between the Parties. To the extent that third party vendors are required for such Project Work, Service Recipient may provide Service Provider with reasonable input into the selection of such third party vendors; provided that Service Provider shall have the sole discretion to select any such third party vendors. Where required for migrating the Services, Service Recipient's personnel will be granted reasonable access to the respective facilities of the Service Provider during normal business hours. Project Work may be out-sourced to external service partners (including those involving conversion programs or other programming, or extraordinary management supervision or coordination); <u>provided</u> that the Service Provider shall be responsible for the performance or non-performance of such partners. The Service Recipient shall pay its internal costs incurred in connection with all Project Work performed by its personnel and the internal costs of the Service Provider and the cost of all third-party providers engaged in completing a Project Work all shall be charged by the Service Provider to the Service Recipient on a pass-through basis calculated at an hourly rate *plus* 15%. For the avoidance of doubt, any portion of the cost of Project Work associated with the setup of the Service Recipient's data warehousing infrastructure or hosting environment shall be charged by the Service Provider to the Service Recipient on a pass-through basis calculated at an hourly rate *plus* 15%.

Section 2.04&nbsp;&nbsp;&nbsp;&nbsp;<u>No Management Authority</u>. No Service Provider (or any Affiliate or Sub-Contractor of a Service Provider) shall be authorized by, or shall have any responsibility under, this Agreement to manage the affairs of the business of any Service Recipient, or to hold itself out as an agent or representative of the Service Recipient.

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Section 2.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement and Representation</u>. Each Party understands that the Services provided hereunder are transitional in nature. Each Party understands and agrees that the other Party is not in the business of providing Services to third parties and, except as set forth in <u>Section 5.02</u>, that neither Party has any interest in continuing (i) any Service beyond the Applicable Termination Date or (ii) this Agreement beyond the expiration of all Applicable Termination Dates or the termination of all Services in accordance with <u>Section 5.04</u>. As a result, the Parties have allocated responsibilities and risks of loss and limited liabilities of the Parties as stated in this Agreement based on the recognition that each Party is not in the business of providing Services to third parties. Such allocations and limitations are fundamental elements of the basis of the bargain between the Parties and neither Party would be able or willing to provide the Services without the protections provided by such allocations and limitations. During the term of this Agreement, each Party agrees to work diligently and expeditiously to establish its own logistics, infrastructure and systems, and to obtain all necessary regulatory permits, to enable a transition to its own internal organization or other third-party providers of the Services and agrees to use its reasonable good faith efforts to reduce or eliminate its and its Affiliates' dependency on the other Party's provision of the Services as soon as is reasonably practicable.

Section 2.06&nbsp;&nbsp;&nbsp;&nbsp;<u>SplitCo Operations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If SplitCo modifies the operation of the SplitCo Business or the facilities of the SplitCo Business or conducts any other operations or activities or constructs any other facilities during the term of this Agreement, and such modified operations, facilities or activities would materially affect or interfere with the Services provided to SplitCo hereunder by Medtronic, then unless the parties otherwise agree, Medtronic shall not be required to provide (or arrange for the provision of), and SplitCo shall not be required to pay for, the relevant Services to the extent affected by such modifications. If the parties agree that Medtronic shall provide the relevant Services to such modified operations of the SplitCo Business, SplitCo shall reimburse Medtronic for any and all agreed upon fees and costs of providing such Services as a result thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, in no event shall Medtronic be required to provide the Services (i) to any Third-Party Acquiror or (ii) to SplitCo, following any SplitCo Change of Control.

Section 2.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Exit Plans; Transactions</u>. SplitCo shall, within one hundred twenty (120) days following the Separation Date, develop and finalize comprehensive exit plans necessary to complete the transition of each Service (such exit plans, the "<u>Exit Plans</u>"). The Exit Plans shall include details of any projects required to complete the transition of each Service, including the parameters, timelines and responsibilities of each party in connection therewith. Medtronic shall cooperate in good faith with SplitCo to develop and finalize the Exit Plans, as needed. SplitCo shall provide Medtronic with reasonable opportunity to review and comment on the Exit Plans prior to finalization, and shall consider any such comments in good faith, <u>provided</u> <u>that</u> any proposed obligations of Medtronic under the Exit Plans are subject to Medtronic's consent, and such Exit Plans will not be deemed finalized until such consent is granted. SplitCo

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shall work diligently and expeditiously to establish and effectuate the Exit Plans and agrees to use its reasonable good faith efforts to complete the transition of each Service as soon as is reasonably practicable. SplitCo shall promptly notify Medtronic in writing of any proposed changes to the Exit Plans, describing such changes in reasonable detail (including, without limitation, any changes to timelines, scope, or Medtronic obligations thereunder) and shall not implement or permit the implementation of any such modification without Medtronic's prior written consent, which may be granted or withheld in Medtronic's sole discretion.

**ARTICLE III**

**Additional Arrangements**

Section 3.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Cooperation and Access</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Service Recipients shall cooperate with the Service Providers to the extent necessary or appropriate to facilitate the performance of the Services in accordance with the terms of this Agreement. Without limiting the generality of the foregoing, (i) each Party shall make available on a timely basis to the other Party all information and materials requested by such Party to the extent reasonably necessary for the performance or receipt of the Services, (ii) each Party shall, and shall cause the members of its Group to, upon reasonable notice, give or cause to be given to the other Party and its Affiliates and Sub-Contractors reasonable access, during regular business hours and at such other times as are reasonably required, to the relevant premises and personnel to the extent reasonably necessary for the performance or receipt of the Services, (iii) each Party shall, and shall cause the members of its Group to, give the other Party and its Affiliates and Sub-Contractors reasonable access to, and all necessary rights to utilize, such Party's, and its Group's, information, facilities, personnel, assets, systems and technologies to the extent reasonably necessary for the performance or receipt of the Services, and (iv) SplitCo may request, and Medtronic may, in its sole discretion, provide or cause the members of its Group to, provide to SplitCo reasonable access to, and all necessary rights to use Medtronic-developed policies, procedures, configurations or similar materials, solely to the extent reasonably necessary for SplitCo's performance or receipt of the Services. The Parties acknowledge that the timely completion of Services by Medtronic, its Affiliates or its Service Providers may depend upon the provision of certain materials and information and/or the taking of certain actions by SplitCo, and Medtronic shall not be responsible for the failure of it, its Affiliates or its Service Providers to provide Services to the extent that such failure results from the failure of SplitCo to provide such materials or information or take such actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Party shall (and shall cause the members of its Group and its personnel and the personnel of its Affiliates and Sub-Contractors providing or receiving Services to): (i) not attempt to obtain access to or use any information technology systems of the other Party or any member of its Group, or any confidential Information, Personal Data or competitively sensitive information owned, used or Processed by the other Party, except where it has been granted in writing the right to do so or, to the extent reasonably necessary to do so, to provide or receive Services as provided herein; (ii) maintain reasonable security measures to protect the information technology systems of the other Party and the members of its Group to

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which it has access pursuant to this Agreement from access by unauthorized third parties; (iii) follow applicable Laws and all of the other Party's security and confidentiality rules, access agreements, and procedures for restricting access and use, when allowed, to such other Party's information technology systems; (iv) when on the property of the other Party or any of its Affiliates, or when given access to any facilities, infrastructure or personnel of the other Party or any of its Affiliates, follow applicable Laws and all of the other Party's policies and procedures concerning health, safety, conduct and security which are made known to the Party receiving such access from time to time and (v) not disable, damage or erase or disrupt, interfere with or impair the normal operation of the information technology systems of the other Party or any member of its Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Service Provider shall (i) promptly notify Service Recipient of any confirmed misuse, disclosure or loss of, or inability to account for, any Personal Data or any confidential or competitively sensitive Information, and any confirmed unauthorized access to Service Provider's facilities, systems or network, in each case, of which it becomes aware and solely to the extent related to the Service Recipient; and Service Provider will investigate such confirmed security incidents and reasonably cooperate with Service Recipient's incident response team, supplying logs and other necessary information to mitigate and limit the damages resulting from such a security incident; <u>provided</u> that the Service Recipient agrees to reimburse Service Provider for time spent and actual travel expenses incurred in connection with any such investigation; and (ii) subject to applicable Law, use commercially reasonable efforts to comply with any commercially reasonable requests to assist Service Recipient with its electronic discovery obligations related to Services provided to the Service Recipient; <u>provided</u> that the Service Recipient agrees to reimburse Service Provider for actual expenses incurred for such response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a security breach that relates to the Services, the Parties shall, subject to any applicable Law, reasonably cooperate with each other regarding the timing and manner of (a) notification to their respective customers, potential customers, employees or agents concerning a breach or potential breach of security and (b) disclosures to appropriate Governmental Authorities.

Section 3.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this <u>Section 3.02</u> shall apply only to the extent that the provision of the Services requires the Processing of Personal Data by the Service Provider or any applicable Sub-Contractor on behalf of the Service Recipient and one or more of the applicable Data Protection Laws apply to such processing. Where Service Provider or the applicable Sub-Contractor carries out the Processing of Personal Data which is subject to Data Protection Laws in connection with the Services, the Parties shall comply with the terms of <u>Exhibit A</u>, which are incorporated into and made a part of this Agreement by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Parties agree to comply with Data Protection Laws in connection with the processing of Personal Data in the course of receipt and provision of the applicable Services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Parties shall take all further actions and execute all further documents as are reasonably necessary to comply with applicable Laws (including applicable Data Protection Laws) in connection with the provision and receipt of Services under this Agreement.

Section 3.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Intellectual Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>License for Services</u>. Each Party, on behalf of itself and its Affiliates, hereby grants to the other Party and to its Affiliates and Sub-Contractors providing Services under this Agreement a nonexclusive, nontransferable, world-wide, royalty-free, non-sublicensable (only to those Persons providing goods or services to such Party, but not for the independent use by such Persons or for any other purpose) license, for the term of this Agreement, to use each Party's Intellectual Property included in the Background Assets (excluding Trademarks) owned by such Party and the members of its Group that is required for the provision or receipt of the Services, solely to the extent necessary for the other Party and the members of its Group to perform their obligations hereunder or receive the Services provided hereunder, as applicable. The Parties agree that their rights under each other's Trademarks, if any, are governed by the Transitional Trademark Cross-License Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Ownership.</u> Each Service Provider acknowledges and agrees that all records, data, reports, materials and other deliverables created for or on behalf of the Service Recipient in the performance of the Services ("<u>Deliverables</u>") shall be owned by Service Recipient to be used in the business of the Service Recipient (SplitCo Business or Medtronic Business, as applicable). Deliverables do not include (i) any Intellectual Property conceived by or (in the case of copyrightable works) authored by Service Provider, its employees and agents in the performance of Services ("<u>Intangible Developments</u>") or (ii) Background Assets. Ownership of Intangible Developments shall vest exclusively in the Service Provider, whether conceived solely by Service Provider or jointly with Service Recipient. In the event that any Service Recipient or its Affiliates obtains ownership of any Intangible Developments in contravention of the foregoing, Service Recipient and its Affiliates hereby irrevocably assigns all right, title, and interest in such Intangible Development to Service Provider and shall execute any documentation to perfect such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Licenses for Deliverables</u>. The Parties agree that the IPA governs any license to Background Assets, as applicable, for Deliverables. Service Provider hereby grants to Service Recipient an irrevocable, perpetual, royalty-free, fully paid-up, non-exclusive, sublicensable (only to those Persons providing goods or services to Service Recipient, but not for the independent use by such Persons or for any other purpose), worldwide license under its Intangible Developments to make, have made, have, use, offer to sell and sell, import or otherwise transfer products and services embodying or practicing the Intangible Developments to the extent those Intangible Developments are embedded in or included in the Deliverables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Third Party Software</u>. The Parties acknowledge that it may be necessary for each Party to make proprietary or third-party software available to the other in the course and for the purpose of performing Services, subject to <u>Section 2.01(i)</u> in the case of third-party software. Each Party (i) shall comply with all known license terms and conditions

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applicable to any and all proprietary or third-party software made available to such Party by the other Party in the course of the provision of Services hereunder and (ii) agrees that it shall use commercially reasonable efforts to identify and provide to the other Party a copy of the applicable license terms (or, solely with respect to open source software or other software with publicly available license terms, information sufficient to direct such other Party to a copy thereof) for any and all proprietary or third-party software first made available to such other Party as of or after the Separation Date, solely to the extent such provision would not violate the providing Party's duty of confidentiality owed to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusions</u>. Except as expressly specified in this <u>Section 3.03</u>, nothing in this Agreement will be deemed to grant one Party, by implication, estoppel or otherwise, any license rights, ownership rights or other rights in Background Assets of the other Party.

Section 3.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Misdirected Funds</u>. In the event that, on or after the date of this Agreement, either Party shall receive any payments or other funds due to the other pursuant to the terms hereof or otherwise, then the Party receiving such payments or funds shall promptly forward such payments or funds to the proper Party. The Parties acknowledge that there is no right of offset regarding such payments and a Party may not withhold funds received from third parties for the account of the other Party in the event there is a dispute regarding any other issue under this Agreement.

**ARTICLE IV**

**Compensation**

Section 4.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation for Services</u>. In each case except as expressly provided in <u>Schedule A</u> or <u>Schedule B</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;As compensation for each Service rendered pursuant to this Agreement, the Service Recipient shall be required to pay to the Service Provider a fee for the Service equal to the Cost of Services specified for such Service in <u>Schedule A</u> or <u>Schedule B</u>, as applicable; <u>provided</u> <u>that</u> the Cost of Service for each Service shall increase by 3% on each anniversary of the date hereof that such Service continues to be provided. The Service Recipient shall also bear all reasonable and documented one-time costs and expenses, if any, incurred following the Separation Date by Service Provider or its Affiliates in order to enable the provision of each Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;During the term of this Agreement, the amount of a Cost of Service for a Service may increase during a Service Extension, in accordance with <u>Section 5.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Service Recipient shall be responsible for (i) any excise, sales, use, transfer, stamp, documentary, filing, recordation and other similar Taxes, (ii) any value added, goods and services or similar recoverable indirect Taxes ("<u>VAT</u>") and (iii) any interest and penalties related to those Taxes described in clause (i) or (ii) that are required to be assessed

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under applicable Law in connection with the Services provided hereunder, whether or not shown on any invoice (collectively, "<u>Transfer Taxes</u>"). Notwithstanding the foregoing, unless stated otherwise in this Agreement, all sums payable by the Service Recipient under this Agreement are exclusive of any applicable VAT. The amount of Transfer Taxes that is required to be remitted by the Service Provider will be promptly paid to the Service Provider by the Service Recipient in accordance with <u>Section 4.02</u>. Such payment shall be in addition to the Cost of Services set forth in <u>Schedule A</u> or <u>Schedule B</u>, as applicable (unless such Transfer Tax is expressly already accounted for in the applicable Cost of Services). Notwithstanding the foregoing, in the case of VAT, the Service Recipient shall not be obligated to pay such Transfer Taxes, unless the Service Provider has issued to the Service Recipient a valid VAT invoice in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in this Agreement or as required by Law, each Party shall pay all sums due under this Agreement free and clear of any deduction or withholding. If any deduction or withholding is required by Law from any payment by the Service Recipient, the Service Recipient shall pay such additional amount as shall, after the deduction or withholding has been made, leave the relevant Service Provider with the full amount that it would have received if no deduction or withholding had been required; <u>provided</u>, <u>however</u>, that each Party shall notify the other Party in writing of any anticipated deduction or withholding at least fifteen (15) business days prior to making any such deduction or withholding and will cooperate with the other Party in obtaining any available exemption from or reduction of such deduction or withholding. The Party making such deduction or withholding shall promptly provide to the other Party tax receipts or other documents evidencing the payment of any such deducted or withheld amount to the applicable Taxing Authority. The Parties shall use commercially reasonable efforts to cooperate in good faith to eliminate or reduce any deduction or withholding applicable to sums due under this Agreement (including through the request and provision of any statements, forms or other documents to eliminate or reduce any such deduction or withholding).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If the Service Provider (i) receives any refund (whether by payment, offset, credit or otherwise) or (ii) utilizes any overpayment of Transfer Taxes that are borne by Service Recipient pursuant to this Agreement, then the Service Provider shall promptly pay, or cause to be paid, to the Service Recipient an amount equal to the deficiency or excess, as the case may be, with respect to the amount that the Service Recipient has borne if the amount of such refund or overpayment (including, for the avoidance of doubt, any interest or other amounts received with respect to such refund or overpayment) had been included originally in the determination of the amounts to be borne by Service Recipient pursuant to this Agreement, net of any additional Transfer Taxes the Service Provider incurs or will incur as a result of the receipt of such refund or such overpayment.

Section 4.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment Terms.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Subject to (ii)<u>Section 4.02(a)(ii)</u>, the Service Provider shall bill the Service Recipient monthly within thirty (30) business days after the end of each month, or at such other interval specified with respect to a particular Service in <u>Schedule A</u> or <u>Schedule</u> 

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<u>B</u>, as applicable, an amount equal to the aggregate Cost of Services due for all Services provided in such month or other specified interval, as applicable, plus any Transfer Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary set forth in <u>Section 4.02(a)(i)</u>, in the event that SplitCo is the Service Provider, the Parties agree that the invoices shall be issued under a self-billing arrangement. Pursuant to such arrangement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;Medtronic agrees:

1)&nbsp;&nbsp;&nbsp;&nbsp;To issue self-billed invoices for all Services made to them by SplitCo until the Applicable End Date;

2)&nbsp;&nbsp;&nbsp;&nbsp;To complete self-billed invoices showing SplitCo's name, address and VAT registration number, together with all the other details which constitute a full VAT invoice;

3)&nbsp;&nbsp;&nbsp;&nbsp;To make a new self-billing agreement in the event that its VAT registration number changes; and

4)&nbsp;&nbsp;&nbsp;&nbsp;To inform SplitCo if the issue of self-billed invoices will be outsourced to a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo agrees:

1)&nbsp;&nbsp;&nbsp;&nbsp;To accept invoices raised by Medtronic on its behalf until the Applicable End Date; and

2)&nbsp;&nbsp;&nbsp;&nbsp;Not to raise sales invoices for the transactions contemplated by this Agreement; and

3)&nbsp;&nbsp;&nbsp;&nbsp;To notify Medtronic immediately if SplitCo (i) change its VAT registration number; (ii) ceases to be VAT registered, or (iii) sells its business or part of its business.

If SplitCo fails to notify Medtronic of any objections or discrepancies to a self-billed invoice within five (5) business days of receipt, the invoice shall be deemed accepted by SplitCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Invoices (other than self-billed invoices as described under <u>Section</u> <u>4.02(a)(ii)</u>) shall set forth a description of the Services provided and reasonable documentation to support the charges thereon, which invoice and documentation shall be in the same level of detail and in accordance with the procedures for invoicing as provided to the Service Provider's other businesses. Invoices shall be directed to the Service Coordinator appointed by Medtronic or SplitCo, as applicable, or to such other Person designated in writing from time to time by such Service Coordinator. The Service Recipient shall pay such amount in full by wire transfer of

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immediately available funds to the account designated by the Service Provider for this purpose within thirty (30) days after (i) the date the invoice is deemed accepted, if Medtronic is the Service Recipient, or (ii) receipt of the invoice, if SplitCo is the Service Recipient. If the thirtieth (30th) day falls on a weekend or a holiday, the Service Recipient shall pay such amount on or before the following business day. Each invoice shall set forth in reasonable detail the calculation of the charges and amounts and applicable Transfer Taxes for each Service during the month or other specified interval to which such invoice relates. In addition to any other remedies for non-payment, if any payment is not received by the Service Provider on or before the date such amount is due, then a late payment interest charge, calculated at the annual rate equal to the "Prime Rate" as reported on the thirtieth (30th) day after the date of the invoice in *The Wall Street Journal* (or, if such day is not a business day, the first business day immediately after such day), calculated on the basis of a year of 360 days and the actual number of days elapsed between the end of the thirty (30)-day payment period and the actual payment date, shall immediately begin to accrue and any such late payment interest charges shall become immediately due and payable in addition to the amount otherwise owed under this Agreement. The Parties shall cooperate in good faith with respect to all tax matters relating to the invoicing and payment terms in this <u>Section 4.02</u>, including to achieve an invoicing structure that minimizes Transfer Taxes for both Parties to the extent legally permissible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Service Recipient shall notify the Service Provider promptly, and in no event later than thirty (30) days following receipt of the Service Provider's invoice, of any disputed amounts. If the Service Recipient does not notify the Service Provider of any disputed amounts within such thirty (30)-day period, then Service Recipient will be deemed to have accepted the Service Provider's invoice. Any objection to the amount of any invoice shall be deemed to be a Dispute hereunder subject to the provisions applicable to Disputes set forth in <u>Article VIII</u>. The Service Recipient shall pay any undisputed amount, and all Transfer Taxes (whether or not disputed), in accordance with this <u>Section 4.02</u>. The Service Provider shall, upon the written request of a Service Recipient, furnish such reasonable documentation to substantiate the amounts billed, including listings of the dates, times and amounts of the Services in question where applicable and practicable. The Service Recipient may withhold any payments subject to a Dispute other than Transfer Taxes; <u>provided</u> that any disputed payments, to the extent ultimately determined to be payable to the Service Provider, shall bear interest as set forth in <u>Section</u> <u>4.02(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Service Provider shall have the right to designate one or more of its Affiliates, upon not less than ten (10) days' prior notice to the Service Recipient, to receive certain of the Cost of Services and other amounts that become payable to the Service Provider hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 4.02(c)</u>, no Service Recipient shall withhold any payments to a Service Provider under this Agreement in order to offset payments due to such Service Recipient pursuant to this Agreement, the Separation Agreement, any Ancillary Agreement or otherwise, unless such withholding is mutually agreed by the Parties or is provided for in the final ruling of a court having jurisdiction pursuant to <u>Section 9.07</u>. Any required adjustment to payments due hereunder will be made as a subsequent invoice.

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Section 4.03&nbsp;&nbsp;&nbsp;&nbsp;<u>DISCLAIMER OF WARRANTIES</u>. WITHOUT LIMITATION TO THE COVENANTS RELATING TO THE PROVISION OF SERVICES SET FORTH IN <u>SECTION 2.01(g)</u>, THE SERVICES TO BE PROVIDED UNDER THIS AGREEMENT ARE FURNISHED WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY, NON-INFRINGEMENT OR FITNESS FOR ANY PARTICULAR PURPOSE. NO MEMBER OF THE MEDTRONIC GROUP OR OF THE SPLITCO GROUP, AS SERVICE PROVIDER, MAKES ANY REPRESENTATION OR WARRANTY THAT ANY SERVICE COMPLIES WITH ANY LAW, DOMESTIC OR FOREIGN.

Section 4.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Books and Records</u>. Medtronic and SplitCo shall each, and shall each cause the members of their Group to, maintain complete and accurate books of account as necessary to support calculations of the Cost of Services for Services rendered by it or the other members of its Group as Service Providers and shall make such books available to the other, upon reasonable notice, during normal business hours; <u>provided</u>, <u>however</u>, that to the extent Medtronic's or SplitCo's books, or the books of the members of their Group, contain Information relating to any other aspect of the Medtronic Business or the SplitCo Business, as applicable, Medtronic and SplitCo shall negotiate a procedure to provide the other Party with necessary access while preserving the confidentiality of such other records.

**ARTICLE V**

**Term**

Section 5.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Commencement</u>. This Agreement is effective as of the date hereof and shall remain in effect with respect to a particular Service until the occurrence of the Applicable Termination Date applicable to such Service (or, subject to the terms of <u>Section 5.02</u>, the expiration of any Service Extension applicable to such Service), unless earlier terminated (i) in its entirety or with respect to a particular Service, in each case in accordance with <u>Section 5.03</u> or <u>Section 5.04</u>, or (ii) by mutual consent of the Parties. Notwithstanding anything to the contrary contained herein, if the Separation Agreement shall be terminated in accordance with its terms, this Agreement shall be automatically terminated and void *ab initio* with no further action by the Parties and shall be of no force and effect.

Section 5.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Service Extension</u>. Except as expressly provided in <u>Schedule A</u> or <u>Schedule B</u>, and subject to <u>Section 5.03(b)</u>, if the Service Recipient reasonably determines that it will require a Service to continue beyond the Applicable Termination Date or the end of a subsequent extension period, the Service Recipient may request the Service Provider to extend the term of such Service for the desired renewal period(s) (each, a "<u>Service Extension</u>") by written notice to the Service Provider no less than ninety (90) days prior to end of the then-current Service term; <u>provided</u> that a Service Recipient may only request to extend a Service that is included on <u>Schedule C</u> if it requests to extend all other Services that are designated on <u>Schedule C</u> as a "<u>Related Service</u>" with respect to such Service. The Service Provider shall respond in its sole discretion to any such request for a Service Extension within fifteen (15) days of receipt; <u>provided</u> <u>that</u> in no event shall the Service Provider be required to provide a Service

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Extension; <u>provided</u>, <u>further</u>, that (i) the Service Extensions with respect to each Service shall not extend the term of such Service to a date beyond the Applicable End Date, (ii) the Service Provider will not be in breach of its obligations under this <u>Section 5.02</u> if it is unable to comply with a Service Extension request through the use of commercially reasonable efforts, including where a Consent that is required in order for the Service Provider to continue to provide the applicable Service during the requested Service Extension cannot be obtained by the Service Provider through the use of commercially reasonable efforts, (iii) the Service Provider shall not be required to contribute capital, pay or grant any consideration or concession in any form (including by providing any letter of credit, guaranty or other financial accommodation) to any Person in order to obtain or make any Consent that is required in order for the Service Provider to continue to provide the applicable Service during the requested Service Extension (other than reasonable out-of-pocket expenses, attorneys' fees and recording or similar fees, all of which shall be reimbursed by the Service Recipient, as promptly as reasonably practicable) and (iv) each Service Extension is permissible under applicable Law. With respect to <u>Schedule A</u> or <u>Schedule B</u>, as applicable, the Cost of Services specified for such Service in <u>Schedule A</u> or <u>Schedule B</u>, as applicable, shall be amended to include (i) for the period from the Applicable Termination Date until the date that is three (3) months following the Applicable Termination Date, an incremental surcharge of 25% and (ii) for the period from the date that is three (3) months from the Applicable Termination Date to the date that is six (6) months from the Applicable Termination Date, an incremental surcharge of an additional 25% above such prior incremental surcharge; <u>provided</u>, <u>that</u>, in no event shall a Service Extension exceed the date that is six (6) months from the Applicable Termination Date; provided, further, that notwithstanding anything to the contrary contained herein, in no event shall the term of any such Service exceed the Applicable End Date. The Parties shall amend the terms of <u>Schedule A</u> or <u>Schedule B</u>, as applicable, to reflect the new Service term and Cost of Services within five (5) business days following the Service Provider's agreement to a Service Extension, subject to the conditions set forth in this <u>Section 5.02</u>. Each such amended <u>Schedule A</u> or <u>Schedule B</u>, as applicable, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement.

Section 5.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;by either Medtronic or SplitCo at any time upon written notice to the other Party (which notice shall specify the basis for such claim for breach of this Agreement), if the other Party materially breaches this Agreement (and the period for resolution of the Dispute relating to such breach set forth in <u>Section 8.01</u> has expired), effective upon not less than thirty (30)-days' written notice of termination to the breaching Party, if the breaching Party does not cure such default within thirty (30) days after receiving written notice thereof from the non-breaching Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise provided by Law, by either Medtronic or SplitCo at any time upon written notice to the other Party, if (i) the other Party is adjudicated as bankrupt, (ii) any insolvency, bankruptcy or reorganization proceeding is commenced by the

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other Party under any insolvency, bankruptcy or reorganization act, (iii) any action is taken by others against the other Party under any insolvency, bankruptcy or reorganization act and such Party fails to have such proceeding stayed or vacated within ninety (90) days or (iv) if the other Party makes an assignment for the benefit of creditors, or a receiver is appointed for the other Party which is not discharged within thirty (30) days after the appointment of the receiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, this Agreement shall terminate on the date that is twenty-four (24) months following the Separation Date.

Section 5.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Partial Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this Agreement or <u>Schedule A</u> or <u>Schedule B</u>, a Service Recipient shall be entitled to terminate one (1) or more Services in their entirety being provided by any Service Provider for any reason or no reason at all, by providing at least (i) ninety (90) days' prior written notice of its intent to terminate, if such notice does not include a request for the Service Provider's good faith estimate of the Termination Charges, or (ii) one hundred and twenty (120) days' prior written notice of its intent to terminate, if such notice includes a request for the Service Provider's good faith estimate of the Termination Charges (as defined in <u>Section 5.05(d)</u>) that would be incurred in connection with such termination (the "<u>Termination Estimate Request Notice</u>"). If applicable, the Service Provider shall respond with a good faith estimate of the Termination Charges (the "<u>Partial Termination</u> <u>Estimate</u>") within fifteen (15) days of receipt of the Termination Estimate Request Notice. If a Termination Estimate Request Notice is delivered, following receipt of the Service Provider's estimate, a Service Recipient may elect to proceed with its decision to terminate by providing no less than ninety (90) days' prior written notice to the Service Provider. In connection with any termination pursuant to this <u>Section 5.04(a)</u>, the Service Recipient shall be responsible for all Termination Charges actually incurred by the Service Provider as a result of such early termination; provided, that, with respect to any termination pursuant to clause (ii) above, the Service Provider's Partial Termination Estimate was provided in good faith. For the avoidance of doubt, a Service Recipient may only terminate a Service pursuant to this <u>Section 5.04(a)</u> if it simultaneously terminates all Related Services; <u>provided</u> <u>further</u> that no Service may be terminated in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event that a Service Provider reduces or suspends the provision of any Service due to a Force Majeure Event and such reduction or suspension continues for fifteen (15) days, the Service Recipient may immediately terminate such Service, upon written notice and without any obligations therefor, including any Cost of Services in respect thereof; <u>provided</u>, <u>however</u>, that Service Recipient shall remain obligated to Service Provider for any Cost of Services actually incurred by Service Provider prior to such termination.

Section 5.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Party agrees and acknowledges that the obligations of each Party to provide the Services, or to cause the Services to be provided, hereunder shall immediately cease upon (i) the termination of any (or all) such Service(s) at the Applicable Termination Date applicable to each such Service (or, subject to the terms of <u>Section 5.02</u>, the

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expiration of any Service Extension applicable to such Service), (ii) termination of (A) this Agreement or (B) any particular Service, in each case in accordance with <u>Section 5.04</u>, or (iii) upon termination of the Agreement or any Service by mutual consent of the Parties. Upon cessation of the Service Provider's obligation to provide any Service, the Service Recipient shall stop using, directly or indirectly, such Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In the event that any Service is terminated other than at the end of a month, and the Cost of Service associated with such Service is determined on a monthly basis, the Service Provider shall bill the Service Recipient for the entire month in which such Service is terminated. The Parties acknowledge that there may be interdependencies among the Services being provided under this Agreement that may not be identified on <u>Schedule A</u>, <u>Schedule B</u> or <u>Schedule C</u>, as applicable, and agree that, if the Service Provider's ability to provide a particular Service in accordance with this Agreement is materially and adversely affected by the termination of another Service in accordance with <u>Section 5.04</u>, then the Parties shall negotiate in good faith to amend the <u>Schedule A</u> or <u>Schedule B</u>, as applicable, relating to such affected continuing Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a termination under <u>Section 5.04</u>, the Service Recipient shall pay to the Service Provider any out-of-pocket breakage or termination fees, and other termination costs actually paid or payable by the Service Provider to third parties, solely as a result of the early termination of such Service, with respect to any resources or pursuant to any other third-party agreements that were used by the Service Provider to provide such Service (or an equitably allocated portion thereof, in the case of any such equipment, resources or agreements that also were used for purposes other than providing Services) ("<u>Termination</u> <u>Charges</u>"). For the avoidance of doubt, the Service Recipient's obligation to pay Termination Charges shall apply to the actual costs incurred or payable by the Service Provider and shall not be based upon any estimate provided by the Service Provider pursuant to <u>Section 5.04</u>. The

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Service Provider will provide to the Service Recipient an invoice for the Termination Charges, within thirty (30) days following the date of any termination of a Service under <u>Section 5.04</u> and will provide reasonable documentary evidence to substantiate such Termination Charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any termination of this Agreement in its entirety or with respect to any Service, each Party, Service Provider and Service Recipient shall remain liable for all of their respective obligations that accrued hereunder prior to the date of such termination, including all obligations of each Service Recipient to pay any Cost of Service due to any Service Provider hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The following matters shall survive the termination of this Agreement, including the rights and obligations of each Party thereunder, in addition to any claim for breach arising prior to termination: <u>Article I</u>, <u>Section 3.02(b)</u>, <u>Article IV</u>, <u>Article VI</u> (including liability in respect of any indemnifiable Liabilities under this Agreement arising or occurring on or prior to the date of termination), this <u>Section 5.05</u>, <u>Article VIII</u>, <u>Article IX</u> and all confidentiality obligations under this Agreement.

**ARTICLE VI**

**Indemnification; Limitation of Liability**

Section 6.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification by SplitCo</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo, on behalf of each member of its Group in its capacity as a Service Recipient, shall indemnify, defend and hold harmless Medtronic and the other Medtronic Indemnitees from and against any and all third party Liabilities incurred by such Medtronic Indemnitee and arising out of, in connection with or by reason of any Services provided by any member of the Medtronic Group hereunder, except to the extent such Liabilities arise out of a Medtronic Group member's (i) breach of this Agreement, (ii) violation of Laws in providing the Services or (iii) gross negligence or willful misconduct in providing the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;SplitCo, on behalf of each member of its Group in its capacity as a Service Provider, shall indemnify, defend and hold harmless Medtronic and the other Medtronic Indemnitees from and against any and all third party Liabilities incurred by such Medtronic Indemnitee and arising out of, in connection with or by reason of any Services provided by any member of the SplitCo Group hereunder, which Liabilities result from a SplitCo Group member's (i) breach of this Agreement, (ii) violation of Laws in providing the Services or (iii) gross negligence or willful misconduct in providing the Services.

Section 6.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification by Medtronic</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Medtronic, in its capacity as a Service Recipient and on behalf of each member of its Group in its capacity as a Service Recipient, shall indemnify, defend and hold harmless SplitCo and the other SplitCo Indemnitees from and against any and all third party Liabilities incurred by such SplitCo Indemnitee and arising out of, in connection with or by

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reason of any Services provided by any member of the SplitCo Group hereunder, except to the extent such Liabilities arise out of a SplitCo Group member's (i) breach of this Agreement, (ii) violation of Laws in providing the Services or (iii) gross negligence or willful misconduct in providing the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Medtronic, in its capacity as a Service Provider and on behalf of each member of its Group in its capacity as a Service Provider, shall indemnify, defend and hold harmless SplitCo and the other SplitCo Indemnitees from and against any and all third party Liabilities incurred by such SplitCo Indemnitee and arising out of, in connection with or by reason any Services provided by any member of the Medtronic Group hereunder, which Liabilities result from a Medtronic Group member's (i) breach of this Agreement, (ii) violation of Laws in providing the Services or (iii) gross negligence or willful misconduct in providing the Services.

Section 6.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification Procedures</u>. The provisions of Section 6.05 of the Separation Agreement shall govern claims for indemnification under this Agreement, <u>provided</u> that, for purposes of this <u>Section 6.03</u>, in the event of any conflict between the provisions of Section 6.05 of the Separation Agreement and this <u>Article VI</u>, the provisions of this Agreement shall control.

Section 6.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Other Remedies</u>. Without limiting the rights under <u>Section 9.09</u>, the provisions of <u>Sections 6.01</u> and <u>6.02</u> shall, to the maximum extent permitted by applicable Law, be the sole and exclusive remedies of the Medtronic Group and the SplitCo Group, as applicable, for any Liability, whether arising from statute, principle of common or civil law, principles of strict liability, tort, contract or otherwise under this Agreement.

Section 6.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Indemnification Obligations Unaffected</u>. For avoidance of doubt, this <u>Article VI</u> applies solely to the specific matters and activities covered by this Agreement (and not to matters specifically covered by the Separation Agreement or the other Ancillary Agreements).

Section 6.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;No Service Provider, in its capacity as such, nor any member of its Group acting in the capacity of a Service Provider, nor any Indemnitee thereof, shall be liable (whether such liability is direct or indirect, in contract or tort or otherwise) to the other Party (or any of such other Party's Indemnitees) for any Liabilities arising out of, related to or in connection with the Services or this Agreement, except to the extent that such Liabilities arise out of such Service Provider's (or a member of its Group's) (i) breach of this Agreement, (ii) violation of Laws in providing the Services or (iii) gross negligence or willful misconduct in providing the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;IN NO EVENT SHALL ANY SERVICE PROVIDER, IN ITS CAPACITY AS SUCH, NOR ANY MEMBER OF ITS GROUP ACTING IN THE CAPACITY OF A SERVICE PROVIDER, NOR ANY INDEMNITEE THEREOF, BE LIABLE, WHETHER IN CONTRACT, IN TORT (INCLUDING NEGLIGENCE AND STRICT

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LIABILITY) OR OTHERWISE TO THE SERVICE RECIPIENT (OR ANY OF ITS INDEMNITEES) FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES (INCLUDING LOSS OF PROFITS) AS A RESULT OF ANY BREACH, PERFORMANCE OR NON-PERFORMANCE BY SUCH SERVICE PROVIDER UNDER THIS AGREEMENT, EXCEPT AS MAY BE PAYABLE TO A CLAIMANT IN A THIRD-PARTY CLAIM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;EACH GROUP'S TOTAL LIABILITY, IN ITS CAPACITY AS A SERVICE PROVIDER, TO THE OTHER GROUP ARISING OUT OF, RELATED TO OR IN CONNECTION WITH THE SERVICES OR THIS AGREEMENT FOR ALL CLAIMS SHALL NOT EXCEED IN THE AGGREGATE AN AMOUNT EQUAL TO THE TOTAL AMOUNT PAID TO SUCH SERVICE PROVIDER FOR ALL SERVICES PROVIDED BY IT UNDER THIS AGREEMENT IN THE TWELVE MONTHS PRECEDING SUCH CLAIM (THE "<u>CAP</u>"); PROVIDED, THAT (I) IF A CLAIM IS MADE PRIOR TO THE TWELVE (12) MONTH ANNIVERSARY OF THE EFFECTIVE DATE, THE CAP SHALL BE THE TOTAL AMOUNT PAID FOR ALL SERVICES FROM THE EFFECTIVE DATE THROUGH THE DATE SUCH CLAIM IS MADE, AND (II) SUCH SERVICE PROVIDER'S LIABILITY UNDER THE CAP SHALL BE REDUCED BY THE AGGREGATE AMOUNT OF ANY DAMAGES PREVIOUSLY PAID BY SUCH SERVICE PROVIDER IN RESPECT OF ANY PRIOR CLAIMS MADE DURING THE APPLICABLE TWELVE (12) MONTH PERIOD (OR, IF APPLICABLE, THE PERIOD FROM THE EFFECTIVE DATE THROUGH THE DATE OF THE SUBSEQUENT CLAIM).

**ARTICLE VII**

**Other Covenants**

Section 7.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Assurances</u>. Each Party hereto shall take, or cause to be taken, any and all reasonable actions, including the execution, acknowledgment, filing and delivery of any and all documents and instruments that any other Party hereto may reasonably request in order to effect the intent and purpose of this Agreement and the transactions contemplated hereby.

**ARTICLE VIII**

**Dispute Resolution**

Section 8.01&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. Except as expressly provided in this <u>Article VIII</u>, the Parties shall resolve all disputes arising out of, related to or in connection with this Agreement (each, a "<u>Dispute</u>") in accordance with the following procedures set forth in this <u>Article VIII</u> (including, for the avoidance of doubt, any Dispute relating to payments with respect to the Services).

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Section 8.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Functional Leads; Transition Committee</u>. All Disputes will be first considered in person, by teleconference or by video conference by the Service Coordinators within five (5) business days after receipt of notice from either Party specifying the nature of the Dispute (a "<u>Dispute Notice</u>"). The Service Coordinators shall coordinate in good faith to resolve any such Dispute. If the Service Coordinators are unable to resolve any such dispute within twenty (20) business days, then such Disputes will be considered in person, by teleconference or by video conference by the Functional Leads within five (5) business days after the escalation thereof. The Functional Leads shall enter into negotiations aimed at resolving any such Dispute (the "<u>Functional Lead Negotiations</u>"). If the Functional Leads are unable to reach a resolution with respect to the Dispute within ten (10) business days after receipt by the Functional Leads of a Dispute Notice, the Dispute shall be referred to the Transition Committee comprised of specified transition leaders from Medtronic and SplitCo. On or as promptly as practicable following the Separation Date, each Party shall provide the other Party with the name and relevant contact information for its respective initial Transition Committee members, and either Party may replace its Transition Committee members at any time with other persons of similar seniority by providing written notice in accordance with <u>Section 9.12</u>. The Transition Committee will meet (by telephone or in person) during the next ten (10) business days following the referral to the Transition Committee and attempt to resolve the Dispute (the "<u>Transition</u> <u>Committee Negotiations</u>"). In the event that the Transition Committee is unable to reach a resolution with respect to the Dispute within ten (10) business days following the referral of the Dispute to the Transition Committee, then the Dispute shall be referred to a senior executive of each Party in accordance with <u>Section 8.03</u> and the Parties shall retain all rights with respect to remedies hereunder. For the avoidance of doubt, the negotiations and any resolutions related to Disputes under this <u>Section 8.02</u> shall not modify the terms of this Agreement or otherwise modify or waive any of the Parties' rights or obligations hereunder or with respect to any future Disputes. Notwithstanding the foregoing, the Parties may mutually agree in writing to waive the Functional Lead Negotiations and proceed directly to the Transition Committee Negotiations pursuant to this <u>Section 8.02</u>.

Section 8.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Vice President Referral</u>. If, with respect to any Dispute, no resolution is reached in accordance with <u>Section 8.02</u>, then a senior employee who holds, at a minimum, the title of Vice President, and has authority to settle such a Dispute on behalf of each Party shall, in good faith, attempt to resolve any such Dispute within the thirty (30) days following the referral of the Dispute to such persons (the "<u>Vice President Resolutions</u>"). If, with respect to any Dispute, no resolution is reached in accordance with the procedures contained in <u>Section 8.02</u> and this <u>Section 8.03</u>, then the Parties may seek to resolve such Dispute in accordance with <u>Section 9.07</u>, <u>Section 9.08</u> and <u>Section 9.09</u>. Notwithstanding the foregoing, the Parties may mutually agree in writing (x) to waive any or all of the Functional Lead Negotiations, the Transition Committee Negotiations or the Vice President Resolutions or (y) to proceed directly to resolve such Dispute in accordance with <u>Section 9.07</u>, <u>Section 9.08</u> and <u>Section 9.09</u>.

Section 8.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Court-Ordered Interim Relief</u>. In accordance with this <u>Section 8.04</u> and <u>Section 9.08</u>, at any time after giving a Dispute Notice, each Party shall be entitled to interim measures of protection if duly granted by a court of competent jurisdiction: (a) to preserve the

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status quo pending resolution of the Dispute; (b) to prevent the destruction or loss of documents and other information or things relating to the Dispute; or (c) to prevent the transfer, disposition or hiding of assets. Any such interim measure (or a request therefor to a court of competent jurisdiction) shall not be deemed incompatible with the provisions of <u>Section 9.07</u> and <u>Section</u> <u>9.08</u>. Until such Dispute is resolved in accordance with this <u>Article VIII</u> or final judgment is rendered in accordance with <u>Section 9.07</u> and <u>Section 9.08</u>, each Party agrees that such Party shall continue to perform its obligations under this Agreement and that such obligations shall not be subject to any defense or set-off, counterclaim, recoupment or termination.

**ARTICLE IX**

**Miscellaneous**

Section 9.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Title to Equipment; Title to Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided herein, each of SplitCo and Medtronic acknowledges that all procedures, methods, systems, strategies, tools, equipment, facilities and other resources used by any Service Provider in connection with the provision of Services shall remain the property of such Service Provider and shall at all times be under the sole direction and control of such Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each of SplitCo and Medtronic acknowledges that it will acquire no right, title or interest (including any license rights or rights of use) in any firmware or software, or the licenses therefor that are owned by the other Party or its Affiliates, Subsidiaries or divisions, by reason of the provision of the Services hereunder, except as expressly provided in <u>Section 3.03</u>.

Section 9.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Force Majeure</u>. In case performance of any terms or provisions hereof shall be delayed or prevented, in whole or in part, because of or related to compliance with any Law or requirement of any national securities exchange, or because of riot, war, public disturbance, strike, labor dispute, fire, explosion, storm, flood, earthquake, pandemic, shortage of necessary equipment, materials or labor, or restrictions thereon or limitations upon the use thereof, delays in transportation, act of God or act of terrorism, in each case, that is not within the control of the Party whose performance is interfered with and which, by the exercise of reasonable diligence, such Party is unable to prevent, or for any other reason which is not within the control of such Party whose performance is interfered with and which, by the exercise of reasonable diligence, such Party is unable to prevent (each, a "<u>Force Majeure Event</u>"), then, upon prompt written notice stating the date and extent of such interference and the cause thereof by such Party to the other Party, such Party shall be excused from its obligations hereunder during the period such Force Majeure Event or its effects continue, and no liability shall attach against either Party on account thereof; <u>provided</u>, <u>however</u>, that the Party whose performance is interfered with promptly resumes the required performance upon the cessation of the Force Majeure Event or its effects. No Party shall be excused from performance if such Party fails to use commercially reasonable efforts to remedy the situation and remove the cause and effects of the Force Majeure Event.

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Section 9.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Separation Agreement</u>. The Parties agree that, in the event of a conflict between the terms of this Agreement and the Separation Agreement with respect to the subject matter hereof, the terms of this Agreement shall govern.

Section 9.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Relationship of Parties</u>. Nothing in this Agreement shall be deemed or construed by the Parties or any third party as creating a relationship of principal and agent, partnership or joint venture between the Parties, between Service Providers and Service Recipients or with any individual providing Services, it being understood and agreed that no provision contained herein, and no act of any Party or members of their respective Groups, shall be deemed to create any relationship between the Parties or members of their respective Groups other than the relationship set forth herein. Each Party and each Service Provider shall act under this Agreement solely as an independent contractor and not as an agent or employee of any other Party or any of such Party's Affiliates.

Section 9.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Each Party hereby acknowledges that confidential Information of such Party or members of its Group may be exposed to employees and agents of the other Party or its Group who have a need to know such confidential Information as a result of, or in connection with, the activities contemplated by this Agreement. Each Party agrees, on behalf of itself and its Affiliates, that such Party's obligation (and the obligation of members of its Group) to use and keep confidential such Information of the other Party or its Group shall be governed by Section 7.09 of the Separation Agreement.

Section 9.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts; Entire Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in one or more counterparts, all of which counterparts shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each Party and delivered to the other Party. This Agreement may be executed by facsimile or PDF signature and a facsimile or PDF signature shall constitute an original for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, the Separation Agreement, the other Ancillary Agreements and the Exhibits and Schedules hereto and thereto contain the entire agreement between the Parties with respect to the subject matter hereof and supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings between the Parties with respect to the subject matter hereof other than those set forth or referred to herein or therein. Nothing contained in this Agreement is intended or shall be construed to amend or modify in any respect, or constitute a waiver of, any of the rights and obligations of the parties under the Separation Agreement.

Section 9.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Jurisdiction</u>. Any disputes arising out of, related to or in connection with this Agreement, including, without limitation, to its execution, performance, or enforcement, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, regardless of the Laws that might otherwise govern under applicable principles of conflicts of Laws thereof. Each Party irrevocably consents to the exclusive jurisdiction, forum and venue of the Court of Chancery of the State of Delaware or, if (and only

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if) the Court of Chancery of the State of Delaware finds it lacks subject matter jurisdiction, the federal court of the United States sitting in Delaware or, if (and only if) the federal court of the United States sitting in Delaware finds it lacks subject matter jurisdiction, the Superior Court of the State of Delaware, and appellate courts thereof, over any and all claims, disputes, controversies or disagreements between the Parties or any of their respective Subsidiaries, Affiliates, successors and assigns under or related to this Agreement or any document executed pursuant to this Agreement or any of the transactions contemplated hereby or thereby. Each Party agrees that a final, unappealable judgment or order in any legal proceeding resolved in accordance with <u>Article VIII</u>, this <u>Section 9.07</u>, <u>Section 9.08</u>, and <u>Section 9.09</u> shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law.

Section 9.08&nbsp;&nbsp;&nbsp;&nbsp;<u>WAIVER OF JURY TRIAL</u>. EACH OF THE PARTIES ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH OF THE PARTIES CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF ANY LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH OF THE PARTIES UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH OF THE PARTIES MAKES THIS WAIVER VOLUNTARILY AND (D) EACH OF THE PARTIES HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 9.08</u>.

Section 9.09&nbsp;&nbsp;&nbsp;&nbsp;<u>Specific Performance</u>. Subject to <u>Article VIII</u>, in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the affected Party shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at Law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at Law for any breach or threatened breach hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at Law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived.

Section 9.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignability</u>. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of Law or otherwise by either Party without the prior written consent of the other Party. Any purported assignment without such consent shall be void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. Notwithstanding the foregoing, Medtronic may assign this Agreement (or any provision thereof) (i) to any Affiliate of Medtronic or (ii) pursuant to any

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Medtronic Change of Control; <u>provided</u>, <u>however</u>, that the assignee expressly assumes in writing all of the obligations of the assigning Party under this Agreement, and the assigning Party provides written notice and evidence of such assignment and assumption to the non-assigning Party. Nothing in this <u>Section 9.10</u> shall affect or impair a Service Provider's ability to delegate any or all of its obligations under this Agreement to one or more Affiliates or Sub-Contractors pursuant to <u>Section 2.01(f)</u>.

Section 9.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Third-Party Beneficiaries</u>. Except for the indemnification rights under this Agreement of any Medtronic Indemnitee or SplitCo Indemnitee in their respective capacities as such, (a) the provisions of this Agreement are solely for the benefit of the Parties hereto and are not intended to confer upon any Person except the Parties hereto any rights or remedies hereunder and (b) there are no third-party beneficiaries of this Agreement and this Agreement shall not provide any third person with any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement.

Section 9.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. All notices or other communications under this Agreement shall be in writing and shall be provided in the manner set forth in the Separation Agreement.

Section 9.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. If any provision of this Agreement or the application thereof to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party. Upon any such determination, any such provision, to the extent determined to be invalid, void or unenforceable, shall be deemed replaced by a provision that such court determines is valid and enforceable and that comes closest to expressing the intention of the invalid, void or unenforceable provision.

Section 9.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings</u>. The article, section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

Section 9.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Waivers of Default</u>. No failure or delay of any Party (or the applicable member of its Group) in exercising any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. Waiver by any Party of any default by the other Party of any provision of this Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other default.

Section 9.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments</u>. No provisions of this Agreement shall be deemed amended, supplemented or modified by any Party, unless such amendment, supplement or modification is in writing and signed by an authorized representative of each Party, and no

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waiver of any provisions of this Agreement shall be effective unless in writing and signed by an authorized representative of the Party sought to be bound by such waiver.

Section 9.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation</u>. The rules of interpretation set forth in Section 11.16 of the Separation Agreement are incorporated by reference into this Agreement, *mutatis mutandis*.

[*Remainder of page intentionally blank.*]

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

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| By: |  |
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**<u>SCHEDULE A</u>**

**SERVICES TO BE PROVIDED TO SPLITCO GROUP**

__________

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**<u>SCHEDULE B</u>**

**SERVICES TO BE PROVIDED TO MEDTRONIC GROUP**

__________

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**<u>SCHEDULE C</u>**

**RELATED SERVICES**

__________

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**<u>SCHEDULE D</u>**

**SERVICE COORDINATORS**

__________

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**EXHIBIT A**

**DATA PROTECTION**

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## Exhibit 10.9

**Exhibit 10.9**

**Form of Registration Rights Agreement**

**REGISTRATION RIGHTS AGREEMENT** (this "<u>Agreement</u>"), dated as of _________, 2026, between Medtronic plc, an Irish public limited company ("<u>Medtronic</u>"), and MiniMed Group, Inc., a Delaware corporation (the "<u>Company</u>").

WHEREAS the Company intends to offer and sell in an initial public offering (the "<u>IPO</u>"), by means of a Registration Statement on Form S-1 (File No. 333-_________) filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>"), shares of common stock, par value $0.01 per share, of the Company (the "<u>Common Stock</u>");

WHEREAS, in connection with the IPO, Medtronic Group Holding, Inc., a Minnesota corporation, and the Company have entered into the Amended and Restated Separation Agreement of even date herewith (the "<u>Separation Agreement</u>") and certain other Ancillary Agreements (as defined in the Separation Agreement);

WHEREAS Medtronic currently owns, directly or indirectly, all of the issued and outstanding shares of the Common Stock;

WHEREAS Medtronic intends to preserve its ability to evaluate strategic options with respect to its remaining ownership interest in the Company after the IPO consistent with its rights and obligations under the Separation Agreement, including pursuant to Section 5.02 thereunder after the Separation Date (as defined in the Separation Agreement); and

WHEREAS Medtronic and the Company desire to make certain arrangements to provide Medtronic with registration rights with respect to the shares of the Common Stock directly or indirectly owned by Medtronic.

NOW, THEREFORE, in consideration of the mutual agreements, provisions, and covenants contained in this Agreement, the parties, intending to be legally bound, hereby agree as follows:

Section 1. <u>Effectiveness of Agreement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Effective Time.</u> This Agreement shall become effective upon the Separation Closing (as defined in the Separation Agreement) (the "<u>Effective Time</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Shares Covered.</u> This Agreement covers all shares of the Common Stock that are directly or indirectly owned by Medtronic as of the Effective Time and any shares of the Common Stock that may be issued by the Company in connection with the Divestment (as defined in the Separation Agreement) after the Effective Time (the "<u>Shares</u>"). The Shares shall include any securities issued or issuable with respect to the Shares by way of a stock dividend or a stock split or in connection with a combination of shares, recapitalization, merger, consolidation, or other reorganization.

Medtronic and any Permitted Transferees (as defined in <u>Section 2.5</u>) are each referred to herein as a "<u>Holder</u>" and collectively as the "<u>Holders</u>," and the Holders of Shares proposed to be included in any registration under this Agreement are each referred to herein as a "<u>Selling Holder</u>" and collectively as the "<u>Selling Holders</u>."

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Section 2. <u>Demand Registration.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Notice.</u> Upon the terms and subject to the conditions set forth herein, upon written notice of any Holder requesting that the Company effect the registration under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), of all or a portion of the Shares held by such Holder, which notice shall specify the Shares intended to be disposed of by such Holder and the intended method or methods of disposition of such Shares (which methods may include a Shelf Registration (as such term is defined in <u>Section 2.6</u>)), the Company will, no less than five calendar days after receipt of such notice from any Holder, give written notice of the proposed registration to all other Holders, if any, and will use its reasonable best efforts to effect (at the earliest reasonable date) the registration under the Securities Act of such Shares (and the Shares of any other Holders joining in such registration request as specified in a written notice received by the Company within 10 calendar days after receipt of the Company's written notice of the proposed registration, or two calendar days if the proposed registration is an underwritten offering pursuant to a Shelf Registration) for disposition in accordance with the intended method or methods of disposition stated in such registration request (each registration request pursuant to this <u>Section 2.1</u> is sometimes referred to herein as a "<u>Demand Registration</u>"); <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be obligated to effect registration with respect to any Shares pursuant to this <u>Section 2.1</u> (i) in violation of the underwriting agreement entered into in connection with the IPO, (ii) in violation of any underwriting agreement entered into in connection with any other offering effected in accordance with this Agreement (so long as the lock-up period in such underwriting agreement does not exceed 90 calendar days), or (iii) within 60 calendar days after the effective date of a previous registration, other than a Shelf Registration, effected with respect to Shares pursuant to this <u>Section 2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if at the time a Demand Registration is requested pursuant to this <u>Section 2</u>, the Company reasonably determines in good faith that (i) such Demand Registration would require the disclosure of material nonpublic information, the disclosure of which would be reasonably likely to have a material adverse effect on the Company, (ii) such Demand Registration would materially impede, delay, or interfere with any material acquisition, divestiture, joint venture, merger, consolidation, other business combination, corporate reorganization, tender offer, or other material transaction of the Company, or (iii) the Company is unable to comply with SEC requirements for effectiveness of such Demand Registration (each of clauses (i) through (iii), a "<u>Disadvantageous Condition</u>"), the Company may, upon giving prompt written notice of such determination to the Holders (or, if such determination occurs after the applicable deadline for written notice to join in such Demand Registration as provided in this <u>Section 2.1</u> has passed, to the Selling Holders), postpone the filing or effectiveness (but not the preparation) of such registration until the earlier of (A) seven calendar days after the date on which the Disadvantageous Condition no longer exists or (B) 60 calendar days after the date on which the Company makes such determination that a Disadvantageous Condition exists; <u>provided</u>, <u>however</u>, that the postponement rights in this <u>Section 2.1(b)</u> and <u>Section 4.3(a)</u> shall not be applicable to the Holders for more than a total of 120 days during any 12-month period;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the number of Shares originally requested to be registered pursuant to any registration requested pursuant to this <u>Section 2</u> shall cover Shares that represent an aggregate offering price reasonably expected to generate gross proceeds of at least $10,000,000 or such lesser amount that constitutes all Shares owned by the Holders requesting such registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the intended method of disposition is a Demand Registration that is an underwritten offering and the managing underwriter(s) advise the Company in writing that in their opinion the number of Shares requested to be included in such offering exceeds the number of Shares which can be sold in an orderly manner in such offering within a price range acceptable to the Holders of a majority of the Shares initially requesting such registration or without materially adversely affecting the market for the Common Stock, the Company shall include in such registration the number of Shares requested by Holders of a majority of the Shares to be included therein which, in the opinion of such Holders based upon advice of the managing underwriter(s), can be sold in an orderly manner within the price range of such offering and without materially adversely affecting the market for the Common Stock, in accordance with the following priorities: (x) first, up to the number of Shares requested to be included in such registration by Medtronic and its Affiliates (as defined in <u>Section 2.1</u>) and (y) second, up to the number of Shares requested to be included in such registration by Selling Holders other than Medtronic and its Affiliates, pro rata among such Selling Holders of such Shares on the basis of the number of Shares requested to be registered by each such Selling Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Company shall not be obligated to effect more than two Demand Registrations in any 12-month period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) notwithstanding anything in this Agreement to the contrary, the requirement for the Company to give written notice of a Demand Registration to other Holders and the rights of other Holders to join a Demand Registration, as described in this <u>Section 2.1</u>, shall not apply to an underwritten offering that constitutes a block trade.

For the purposes of this Agreement, an "<u>Affiliate</u>" of any Person (as defined in the Separation Agreement) means a Person that controls, is controlled by, or is under common control with such Person. As used herein, "control" of any entity means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such entity, whether through ownership of voting securities or other interests, by contract, or otherwise; <u>provided</u>, <u>however</u>, that (a) the Company and the other members of the SplitCo Group (as defined in the Separation Agreement) shall not be considered Affiliates of Medtronic or any of the other members of the Medtronic Group (as defined in the Separation Agreement) and (b) Medtronic and the other members of the Medtronic Group shall not be considered Affiliates of the Company or any of the other members of the SplitCo Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Registration Expenses.</u> All Registration Expenses (as defined in <u>Section 8</u>) for any registration requested pursuant to this <u>Section 2</u> (including any registration that is delayed or withdrawn, subject to the provisions of <u>Section 2.9</u>) shall be paid by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Selection of Professionals.</u> Medtronic, in the event Medtronic is participating, or the Holders of a majority of the Shares included in any Demand Registration, in the event

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Medtronic is not participating, shall have the right to select the investment bankers and managers to underwrite or otherwise administer the offering, the financial printer for the offering, and counsel for the Selling Holders; <u>provided</u> that, in the event Medtronic is not participating, such investment bankers, managers, financial printer, and counsel shall also be approved by the Company, such approval not to be unreasonably withheld, conditioned, or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Third-Person Shares.</u> The Company shall have the right to cause the registration of securities for sale for the account of any Person (as defined in <u>Section 6(e)</u>) (including the Company) other than the Selling Holders (the "<u>Third-Person Shares</u>") in any registration of the Shares requested pursuant to this <u>Section 2</u> so long as the Third-Person Shares are disposed of in accordance with the intended method or methods of disposition requested pursuant to this <u>Section 2</u>.

If a Demand Registration in which the Company proposes to include Third-Person Shares is an underwritten offering and the managing underwriter(s) advise the Company in writing that in their opinion the number of Shares and Third-Person Shares requested to be included in such offering exceeds the number of Shares and Third-Person Shares which can be sold in an orderly manner in such offering within a price range acceptable to the Holders of a majority of the Shares initially requesting such registration or without materially adversely affecting the market for the Common Stock (the "<u>Maximum Number</u>"), the Company shall not include in such registration any Third-Person Shares unless all of the Shares initially requested to be included therein are so included, and then only to the extent of the Maximum Number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Permitted Transferees.</u> As used in this Agreement, "<u>Permitted Transferees</u>" shall mean any transferee, whether direct or indirect, of Shares that (a) (i) as of the time of transfer of the Shares to such transferee is, and as of immediately prior to the sale of Shares pursuant to the Demand Registration or Piggyback Registration (as defined in <u>Section 3.1</u>), as the case may be, will be, a member of the Medtronic Group (as defined in the Separation Agreement) or (ii) acquires from any member or members of the Medtronic Group at least 5% of the number of shares of Common Stock directly or indirectly owned by Medtronic immediately following the Separation Closing and executes an agreement to be bound by this Agreement, a copy of which shall be furnished the Company and (b) is designated by Medtronic (or a subsequent Holder) in a written notice to the Company. Any Permitted Transferee of the Shares shall be subject to and bound by and benefit from all of the terms and conditions herein applicable to Holders. For the avoidance of doubt, any Permitted Transferee of Shares that is not a member of the Medtronic Group shall be subject to and bound by and benefit from all of the terms and conditions applicable to Holders generally and not those applicable to Medtronic (or any member of the Medtronic Group) specifically, and any Permitted Transferee of Shares that is a member of the Medtronic Group shall be subject to and bound by and benefit from all of the terms and conditions applicable to Holders generally and those applicable to Medtronic (or any member of the Medtronic Group) specifically. The notice required by this <u>Section 2.5</u> shall be signed by both the transferring Holder and the Permitted Transferees so designated and shall include an undertaking by the Permitted Transferees to comply with the terms and conditions of this Agreement applicable to Holders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Shelf Registration; Divestment.</u> With respect to any Demand Registration, the requesting Holders may, but shall not be required to, request the Company to effect a registration of the Shares (a) at any time after the date hereof when the Company is eligible to register the Shares on Form S-3 (or any successor form), under a registration statement pursuant to Rule 415 under the Securities Act (or any successor rule) (a "<u>Shelf Registration</u>") or (b) in the form of a Divestment or an Other Disposition (as such terms are defined in the Separation Agreement). The Company shall use its reasonable best efforts to comply with any such request, subject to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>SEC Form; Information.</u> The Company shall use its reasonable best efforts to cause Demand Registrations to be registered on Form S-3 (or any successor form), and if the Company is not then eligible under the Securities Act to use Form S-3, such Demand Registrations shall be registered on Form S-1 (or any successor form), or, in the case of an exchange offer, Form S-4 (or any successor form). The Company shall use its reasonable best efforts to become eligible to use Form S-3 and, after becoming eligible to use Form S-3, shall use its reasonable best efforts to remain so eligible. All such Demand Registrations shall comply with the applicable requirements of the Securities Act and the SEC's rules and regulations thereunder, and, together with each prospectus included, filed, or otherwise furnished by the Company in connection therewith, shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading. The Company shall be and remain in compliance with the periodic filing requirements imposed under the SEC's rules and regulations, including the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and any other applicable laws or rules, and shall timely file such information, documents, and reports as the SEC may require or prescribe under Sections 13 or 15(d) of the Exchange Act. If the Company is not required to file such reports, it will, upon the request of any Holder, make publicly available such necessary information for so long as necessary to permit sales pursuant to Rule 144 under the Securities Act (or any successor provision) ("<u>Rule 144</u>"), and it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Shares without registration under the Securities Act within the limitation of the exemptions provided by Rule 144. From and after the date hereof through the earlier of (a) the expiration or termination of this Agreement or (b) the first anniversary of the date upon which no Holder owns any Shares, the Company shall forthwith upon written request by Medtronic (i) furnish any Holder (A) a written statement by the Company as to whether it has complied with such requirements and, if not, the specifics thereof, (B) a copy of the most recent annual or quarterly report of the Company, and (C) such other reports and documents filed by the Company with the SEC and (ii) take such further action as such Holder may reasonably request in availing itself of an exemption for the sale of Shares without registration under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Other Registration Rights.</u> The Company shall not grant to any Persons the right to request that the Company register any equity securities of the Company, or any securities convertible or exchangeable into or exercisable for such securities, whether pursuant to "demand," "piggyback," or other rights, unless (i) such rights are subject and subordinate to the

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rights of the Holders under this Agreement or (ii) Medtronic has consented in writing to the granting of any rights that are equal or senior to any of the rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Withdrawal.</u> At any time prior to the effective date of the registration statement or the filing of a prospectus statement relating to such registration or, in the case of a Demand Registration or Piggyback Registration (as defined in <u>Section 3.1</u>) that is an underwritten offering, at any time prior to the execution of an underwriting agreement with respect thereto, the Holder making such request for registration or inclusion in registration may withdraw such request, without liability to any of the other Holders, by providing a written notice to the Company withdrawing such request. A request for a Demand Registration, so withdrawn, shall be considered to be a Demand Registration unless (i) such withdrawal arose out of the fault of the Company (in which case the Company shall be obligated to pay all Registration Expenses in connection with such withdrawn request) or (ii) the Holder making such request for registration reimburses the Company for all Registration Expenses (other than the expenses set forth under <u>Section 8(g)</u>) in connection with such withdrawn request; <u>provided</u>, <u>however</u>, that if a Holder requests a Demand Registration within 60 calendar days after the Holder withdrew a Demand Registration pursuant to this <u>Section 2.9</u>, then such previously withdrawn Demand Registration shall not be deemed to be a Demand Registration for purposes of <u>Section 2.1(e)</u>.

Section 3. <u>Piggyback Registrations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Notice and Registration.</u> If the Company proposes to register any shares of its securities for public sale under the Securities Act (whether proposed to be offered for sale by the Company or any other Person), on a form and in a manner that would permit registration of the Shares for sale to the public under the Securities Act (a "<u>Piggyback Registration</u>"), it will give at least 20 calendar days' advance written notice to the Holders of its intention to do so, and upon the written request of any or all of the Holders delivered to the Company within 15 calendar days after the giving of any such notice (which request shall specify the Shares intended to be disposed of by such Holders), the Company will use its reasonable best efforts to effect, in connection with the registration of such other securities, the registration under the Securities Act of all of the Shares which the Company has been so requested to register by such Holders (which shall then become Selling Holders), to the extent required to permit the disposition (in accordance with the same method of disposition as the Company proposes to use to dispose of the other securities) of the Shares to be so registered; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if, at any time after giving such written notice of its intention to register any of its other securities and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason to delay registration of, or not to register, such other securities, the Company may, at its election, give written notice of such determination to the Selling Holders (or, if prior to the expiration of the 20-day period described above in this <u>Section 3.1</u>, the Holders) and thereupon the Company shall be relieved of its obligation to register such Shares in connection with the registration of such other securities (but not from its obligation to pay Registration Expenses to the extent incurred in connection therewith as provided in <u>Section 3.3</u>), without prejudice, however, to the rights (if any) of any Selling Holders immediately to request (subject to the terms and conditions of <u>Section 2</u>) that

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such registration be effected as a registration under <u>Section 2</u> or to include such Shares in any subsequent Piggyback Registration pursuant to this <u>Section 3</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company shall not be required to effect any registration of the Shares under this <u>Section 3</u> incidental to the registration of any of its securities (i) on Form S-4 or S-8 or any successor or similar forms, (ii) relating to equity securities issuable upon exercise of employee stock or similar options or in connection with any employee benefit or similar plan of the Company, or (iii) in connection with an acquisition of, or an investment in, another entity by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company's filing of a Shelf Registration shall not be deemed to be a Piggyback Registration; <u>provided</u>, <u>however</u>, that the proposal to file any prospectus supplement filed pursuant to a Shelf Registration with respect to an offering of shares of the Common Stock (whether proposed to be offered for sale by the Company or any other Person) will be a Piggyback Registration unless such offering qualifies for an exemption under this <u>Section 3.1</u>; <u>provided further</u> that, if the Company files a Shelf Registration, the Company agrees that it shall use its reasonable best efforts to include in such registration statement such disclosures as may be required by Rule 430B under the Securities Act in order to ensure that the Holders may be added to such Shelf Registration at a later time through the filing of a prospectus supplement rather than a post-effective amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if a Piggyback Registration is an underwritten registration on behalf of the Company (whether or not selling security holders are included therein) and the managing underwriter(s) advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number that can be sold in such offering without materially adversely affecting the marketability of the offering or the market for the Common Stock (the "<u>Piggyback Maximum Number</u>"), the Company shall include the following securities in such registration up to the Piggyback Maximum Number and in accordance with the following priorities: (w) first, the securities the Company proposes to sell, (x) second, up to the number of Shares requested to be included in such registration by Medtronic, (y) third, up to the number of Shares requested to be included in such registration by Selling Holders other than Medtronic, pro rata among such Selling Holders of such Shares on the basis of the number of Shares requested to be registered by each such Selling Holder, and (z) fourth, up to the number of any other securities requested to be included in such registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no registration of the Shares effected under this <u>Section 3</u> shall relieve the Company of its obligation to effect a registration of Shares pursuant to, and subject to, <u>Section 2</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) at any time prior to the execution of an underwriting agreement with respect thereto, any Selling Holder may withdraw any or all of its Shares from a Piggyback Registration by providing a written notice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Selection of Professionals.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Piggyback Registration is an underwritten offering in which the Company is offering Shares for its own account (a "<u>MiniMed Public Sale</u>"), then (x) the

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Company shall select the investment bankers and managers to underwrite or otherwise administer the offering and the financial printer for the offering and (y) Medtronic, in the event Medtronic is participating, or the Holders of a majority of the Shares being included in such MiniMed Public Sale, in the event Medtronic is not participating, shall have the right to select counsel for the Selling Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Piggyback Registration is an underwritten offering that is not a MiniMed Public Sale, then (x) in the event Medtronic is participating, Medtronic shall have the right to select the investment bankers and managers to underwrite or otherwise administer the offering, the financial printer for the offering, and counsel for the Selling Holders and (y) in the event Medtronic is not participating, then the Holders of a majority of the Shares included in such Piggyback Registration shall have the right to select the investment bankers and managers to underwrite or otherwise administer the offering, the financial printer for the offering, and counsel for the Selling Holders; <u>provided</u> that such investment bankers, managers, financial printer, and counsel shall also be approved by the Company, such approval not to be unreasonably withheld, conditioned, or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Registration Expenses.</u> The Company shall pay all of the Registration Expenses in connection with any registration pursuant to this <u>Section 3</u>.

Section 4. <u>Registration Procedures.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Registration and Qualification.</u> If and whenever the Company is required to use its reasonable best efforts to effect the registration of any of the Shares under the Securities Act as provided in <u>Section 2</u> and <u>Section 3</u>, including an underwritten offering pursuant to a Shelf Registration, the Company shall use its reasonable best efforts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as promptly as practicable (and in any event within 45 calendar days) after the date of any request for registration under <u>Section 2</u>, prepare and file with the SEC a registration statement with respect to such Shares and cause such registration statement to become effective as expeditiously as possible after the initial filing thereof; <u>provided</u> that, before filing a registration statement or prospectus or any amendment or supplement thereto, the Company shall furnish to the Selling Holders and the underwriter(s), if any, copies of all such documents proposed to be filed (which documents shall be subject to the review and comment of such parties) and the Company shall not file with the SEC any registration statement or prospectus or amendments or supplements thereto to which the Selling Holders or the underwriter(s), if any, shall reasonably object;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except in the case of a Shelf Registration effected on Form S-3, prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all such Shares until the earlier of (i) such time as all such Shares have been disposed of in accordance with the intended methods of disposition set forth in such registration statement or (ii) the expiration of 90 calendar days after such registration statement becomes effective, plus the number of days that any filing or effectiveness has been delayed under <u>Section 2.1(b)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a Shelf Registration effected on Form S-3, prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all Shares subject thereto for a period ending on the earlier of (i) 36 months after the effective date of such registration statement plus the number of days that any filing or effectiveness has been delayed under <u>Section 2.1(b)</u> or suspended under <u>Section 4.3(a)</u> and (ii) the date on which all the Shares subject thereto have been sold pursuant to such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) furnish to the Selling Holders and the underwriter(s), if any, such number of conformed copies of such registration statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus), in conformity with the requirements of the Securities Act, such documents incorporated by reference in such registration statement or prospectus, and such other documents as the Selling Holders or such underwriter(s) may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) register or qualify all of the Shares covered by such registration statement under such other securities or blue sky laws of such jurisdictions as the Selling Holders or any underwriter(s) shall reasonably request, and do any and all other acts and things which may be necessary or advisable to enable the Selling Holders or any underwriter(s) to consummate the disposition in such jurisdictions of the Shares covered by such registration statement, except that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction where it is not so qualified, subject itself to taxation in any such jurisdiction or consent to general service of process in any such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the case of an underwritten offering, (i) furnish to the underwriter(s), addressed to them, an opinion of counsel for the Company and (ii) furnish to the underwriter(s), addressed to them, a "cold comfort" letter signed by the independent public accountants who have certified the Company's financial statements included in such registration statement, covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants' letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer's counsel and in accountants' letters delivered to underwriters in underwritten public offerings of securities and such other matters as the underwriter(s) may reasonably request, in each case, in form and substance and as of the dates reasonably satisfactory to the underwriter(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) enter into such customary agreements (including, if applicable, an underwriting agreement containing customary provisions for indemnification and contribution covering the underwriter(s) and their Affiliates) and take such other actions as the Selling Holders shall reasonably request in order to expedite or facilitate the disposition of such Shares (it being understood that the relevant Selling Holders may be parties to any such underwriting agreement and may, at their option, require that the Company make to and for the benefit of such Selling Holders the representations, warranties, and covenants of the Company which are being made to and for the benefit of such underwriter(s));

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) notify the Selling Holders and the managing underwriter(s), if any, and (if requested) confirm such advice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company, (i) when the applicable registration statement or any amendment thereto has been filed or becomes effective, and when the applicable prospectus or any amendment or supplement to such prospectus has been filed, (ii) of any comments (written or oral) by the SEC or any request by the SEC or any other federal or state governmental authority (written or oral) for amendments or supplements to such registration statement or such prospectus or for additional information, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of such registration statement or any order preventing or suspending the use of any preliminary or final prospectus or the initiation or threatening of any proceedings for such purposes, (iv) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct in all material respects, and (v) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) comply with all applicable rules and regulations of the SEC, and make generally available to its security holders, as soon as reasonably practicable after the effective date of the relevant registration statement (and in any event within 90 calendar days after the end of such 12-month period described hereafter), an earnings statement (which need not be audited) covering the period of at least 12 consecutive months beginning with the first day of the Company's first calendar quarter after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) immediately notify the Selling Holders and the managing underwriter(s), if any, at any time when a prospectus relating to a registration pursuant to <u>Section 2</u> or <u>Section 3</u> is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and at the request of the Selling Holders or the underwriter(s) prepare and file with the SEC (and furnish to the Selling Holders and the underwriter(s) a reasonable number of copies of) a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Shares, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) permit any Selling Holders comprising holders of a majority of the Shares to be included in such registration to participate in the preparation of such registration statement (including having prompt access to any SEC comment letters or other communications in connection with such registration and the Company's responses thereto) and to require the insertion therein of material, furnished to the Company in writing, which in the reasonable judgment of such Selling Holders and their counsel should be included, subject to the Company's approval, such approval not to be unreasonably withheld, conditioned, or delayed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) provide and cause to be maintained a transfer agent and registrar for all such Shares covered by such registration statement not later than the effective date of such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) provide a CUSIP number for all such Shares, not later than the effective date of such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) in the case of a Demand Registration relating to an underwritten offering, cause the senior executive officers of the Company, as selected by mutual agreement of the Company and the Selling Holders, to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related thereto, including participation of such officers in road show presentations, during normal business hours, upon reasonable notice, and in a manner that does not unreasonably interfere with the operations of the Company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) cooperate with the Selling Holders and the managing underwriter(s), if any, to facilitate the timely preparation and delivery of certificates not bearing any restrictive legends representing the Shares to be sold, and cause such Shares to be issued in such denominations and registered in such names in accordance with the underwriting agreement prior to any sale of Shares to the underwriter(s) or, if not an underwritten offering, in accordance with the instructions of the Selling Holders at least three Business Days (as defined in the Separation Agreement) prior to any sale of Shares and instruct any transfer agent and registrar of Shares to release any stop transfer orders in respect thereof; <u>provided</u> that the Company may satisfy its obligations under this <u>Section 4.1(o)</u> without issuing physical stock certificates through the use of the Depository Trust Company's Direct Registration System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) take no direct or indirect action prohibited by Regulation M under the Exchange Act; <u>provided</u>, <u>however</u>, that, to the extent that any prohibition is applicable to the Company, the Company will take such action as is necessary to make any such prohibition inapplicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) in the event of the issuance of any stop order suspending the effectiveness of such registration statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any securities included in such registration statement for sale in any jurisdiction, the Company shall use its reasonable best efforts promptly to obtain the withdrawal of such order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) cause the Shares covered by such registration statement to be registered with or approved by such other government agencies or authorities, as may be necessary to enable the sellers thereof to consummate the disposition of such Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of such Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) without limiting the applicability of, and obligations described in, clauses (a) through (s) above, in the case of any Demand Registration in the form of a Divestment or Other Disposition, the Company shall take such corresponding actions described in clause (a) through

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(s) above that are customarily applicable to such transactions and shall use its reasonable best efforts to effect such Divestment or Other Disposition.

The Company may require the Selling Holders to furnish the Company with such information regarding the Selling Holders and the distribution of such Shares, and other customary certifications and agreements, as the Company may from time to time reasonably request in writing and as shall be required by law, the SEC, or any securities exchange on which any shares of Common Stock are then listed for trading in connection with any registration.

Each Selling Holder will as promptly as reasonably practicable notify the Company, at any time when a prospectus relating thereto is required to be delivered (or deemed delivered) under the Securities Act, of the occurrence of an event, of which such Selling Holder has knowledge, relating to such Selling Holder or its disposition of Shares thereunder requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered (or deemed delivered) to the purchasers of such Shares, such prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

Medtronic agrees, and any other Selling Holder agrees by acquisition of such Shares, that, upon receipt of any written notice from the Company of the occurrence of any event of the kind described in <u>Section 4.1(j)</u>, such Selling Holder will forthwith discontinue disposition of Shares pursuant to such registration statement until such Selling Holder's receipt of the copies of the supplemented or amended prospectus contemplated by <u>Section 4.1(j)</u>, or until such Selling Holder is advised in writing by the Company that the use of the prospectus may be resumed, and if so directed by the Company, such Selling Holder will deliver to the Company (at the Company's expense) all copies of the prospectus covering such Shares current at the time of receipt of such notice. In the event the Company shall give any such notice, the period during which the applicable registration statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller of Shares covered by such registration statement either receives the copies of the supplemented or amended prospectus contemplated by <u>Section 4.1(j)</u> or is advised in writing by the Company that the use of the prospectus may be resumed.

No Selling Holder may participate in any underwritten offering or registered exchange offer hereunder unless such Selling Holder (a) agrees to sell such Selling Holder's securities on the basis provided in any underwriting agreements or other applicable agreements, approved by the Company or other Persons entitled to approve such agreements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, other applicable agreements, and other documents reasonably required under the terms of such underwriting or other agreements or this Agreement.

Each Selling Holder other than Medtronic agrees that, in connection with any offering pursuant to this Agreement, it will not prepare, use, or refer to any "free writing prospectus" (as defined in Rule 405 of the Securities Act) without the prior written authorization of the Company, such approval not to be unreasonably withheld, conditioned, or delayed, and

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will not distribute any written materials in connection with any offering of the Shares under any registration statement registered pursuant to this Agreement other than the applicable prospectus and any such free writing prospectus so authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Underwriting.</u> If requested by the underwriter(s) for any underwritten offering (or exchange agent for an exchange offer) in connection with a registration requested hereunder (including any registration under <u>Section 3</u> which involves, in whole or in part, an underwritten offering), the Company will enter into an underwriting agreement with such underwriter(s) (or exchange agent agreement with such exchange agents) for such offering, such agreement to contain such representations and warranties by the Company and such other terms and provisions as are customarily contained in underwriting agreements or exchange offers, as applicable, with respect to that offering, including indemnification and contribution obligations and the provision of opinions of counsel and accountants' letters to the effect and to the extent provided in <u>Section 4.1(f)</u>. The Company may require that the Shares requested to be registered pursuant to <u>Section 3</u> be included in such underwritten offering on the same terms and conditions as shall be applicable to the other securities being sold through underwriter(s) under such registration; <u>provided</u>, <u>however</u>, that no Selling Holder shall be required to make any representations or warranties to the Company or the underwriter(s) (other than representations and warranties regarding such Holder and such Holder's intended method of distribution) or to undertake any indemnification obligations to the Company or the underwriter(s) with respect thereto, except as otherwise provided in <u>Section 6</u> hereof. The Selling Holders shall be parties to any such underwriting agreement, and the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriter(s) shall also be made to and for the benefit of such Selling Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Blackout Periods for Shelf Registrations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time when a Shelf Registration effected pursuant to <u>Section 2</u> relating to the Shares is effective, upon written notice from the Company to the Selling Holders that the Company has determined in good faith that (i) the Selling Holders' sale of the Shares pursuant to the Shelf Registration would require the disclosure of material nonpublic information, the disclosure of which would be reasonably likely to have a material adverse effect on the Company, (ii) the Selling Holders' sale of the Shares pursuant to the Shelf Registration would materially impede, delay, or interfere with any material acquisition, divestiture, joint venture, merger, consolidation, other business combination, corporate reorganization, tender offer, or other material transaction of the Company, or (iii) the Company is unable to comply with SEC requirements for continued use or effectiveness of the Shelf Registration (each of clauses (i) through (iii), an "<u>Information Blackout</u>"), the Selling Holders shall suspend sales of the Shares pursuant to such Shelf Registration until the earlier of (A) the date upon which such material information is disclosed to the public or ceases to be material (or the Company otherwise complies with applicable SEC requirements), (B) 60 calendar days after the date on which the Company makes such good faith determination that an Information Blackout exists (unless resuming use of the Shelf Registration is then prohibited by applicable SEC rules or published interpretations), or (C) such time as the Company notifies the Selling Holders that sales pursuant to such Shelf Registration may be resumed (the number of days from such suspension of sales of the Shares until the day when such sales may be resumed hereunder is hereinafter called a "<u>Sales</u> 

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<u>Blackout Period</u>"). The postponement rights in this <u>Section 4.3(a)</u> and <u>Section 2.1(b)</u> shall not be applicable to the Holders for more than a total of 120 days during any 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If there is an Information Blackout and the Selling Holders do not notify the Company in writing of their desire to cancel such Shelf Registration, the period set forth in <u>Section 4.1(c)(i)</u> shall be extended for a number of days equal to the number of days in the Sales Blackout Period. The fact that a Sales Blackout Period is required under this <u>Section 4.3</u> or SEC rules shall not relieve the contractual duty of the Company as set forth in <u>Section 2.7</u> to file timely reports and otherwise file material required to be filed under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Listing and Other Requirements.</u> In connection with the registration of any offering of the Shares pursuant to this Agreement, the Company agrees to use its reasonable best efforts to effect the listing of such Shares on any securities exchange on which any shares of the Common Stock are then listed and otherwise facilitate the public trading of such Shares. The Company will take all other lawful actions reasonably necessary and customary under the circumstances to expedite and facilitate the disposition by the Selling Holders of Shares registered pursuant to this Agreement as described in the prospectus relating thereto, including timely preparation and delivery of stock certificates, if any, in appropriate denominations and furnishing any required instructions or legal opinions to the Company's transfer agent in connection with Shares sold or otherwise distributed pursuant to an effective registration statement; <u>provided</u> that the Company may satisfy its obligations under this <u>Section 4.4</u> without issuing physical stock certificates through the use of the Depository Trust Company's Direct Registration System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Holdback Agreements.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the intended method of disposition is a Demand Registration or Piggyback Registration that is an underwritten offering, then, to the extent requested by the managing underwriter(s) in such underwritten offering, the Company shall not, and shall use reasonable best efforts to obtain agreements (in the managing underwriter(s)' customary form) from its directors, executive officers, and holders of 5% or more of the Company's outstanding voting securities not to, effect any public sale or distribution of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities, during the seven calendar days prior to, and during the 90-calendar-day period beginning on, the pricing date of such underwritten offering, except pursuant to such Demand Registration or Piggyback Registration or registrations on Form S-8 or S-4 or any successor form, or unless the underwriter(s) managing any such underwritten offering otherwise agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Company completes an underwritten offering with respect to any Shares (whether offered for sale by the Company or any other Person) on a form and in a manner that would have permitted registration of the Shares as a Piggyback Registration pursuant to <u>Section 3</u>, if a Holder did not request the inclusion of Shares in such Piggyback Registration (each such Holder, a "<u>Non-Participating Holder</u>"), and if, pursuant to <u>Section 3</u>, the Company gave such Non-Participating Holder at least 20 calendar days' prior written notice of the approximate date on which such offering was expected to be commenced, the Non-Participating Holder shall not effect any public sales or distributions of equity securities of the Company, or any securities convertible into or exchangeable or exercisable for such securities, until the termination of the

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holdback period required from the Company by any underwriter(s) in connection with such underwritten offering; <u>provided</u> that the holdback period applicable to any Non-Participating Holder pursuant to this <u>Section 4.5(b)</u> shall (i) in no event be longer than a period of seven calendar days prior to, and during the 90-calendar-day period beginning on, the pricing date of such underwritten offering, (ii) not apply to any Divestment or Other Disposition under the Separation Agreement, and (iii) not apply unless all directors and executive officers of the Company and holders of 5% or more of the Company's outstanding voting securities (other than any Holders) are subject to substantially comparable restrictions as those proposed to be imposed on the Non-Participating Holder.

Section 5. <u>Preparation; Reasonable Investigation.</u> In connection with the preparation and filing of each registration statement registering the Shares under the Securities Act and each sale of the Shares thereunder, the Company will give each Selling Holder and the underwriter(s), if any, and their respective counsel and accountants representing such Selling Holders and underwriter(s), access to its reasonably requested financial and other records, pertinent corporate documents and properties of the Company, and such opportunities to discuss the business of the Company with its officers and the independent public accountants who have certified its financial statements as shall be necessary, in the opinion of the Selling Holders and such underwriter(s) or such counsel, to conduct a reasonable investigation within the meaning of the Securities Act; <u>provided</u> that each Selling Holder agrees that the information obtained by it pursuant to this <u>Section 5</u> shall be kept confidential by it and, except as required by law, not disclosed by it, in each case, unless and until such information is made generally available to the public other than by such Selling Holder, and each Selling Holder further agrees that it will, upon learning that disclosure of such information is sought in a court of competent jurisdiction, promptly give notice to the Company and allow the Company, at the Company's expense, to undertake appropriate action to prevent disclosure of the information deemed confidential; <u>provided further</u> that for purposes of this <u>Section 5</u>, all members of the Medtronic Group shall be treated as a single Selling Holder.

Section 6. <u>Indemnification and Contribution.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of any registration of any of the Shares hereunder, the Company agrees to indemnify and hold harmless each of the Selling Holders, each of their respective directors, officers, employees, advisors, and agents, each Person who participates as an underwriter in the offering or sale of such securities, each director, officer, employee, advisor, and agent of each underwriter, and each Person, if any, who controls each such Selling Holder or any such underwriter within the meaning of the Securities Act (collectively, the "<u>Holder Covered Persons</u>") against any losses, claims, damages, liabilities, and expenses, joint or several, to which such Person may be subject under the Securities Act or otherwise insofar as such losses, claims, damages, liabilities, or expenses (or actions or proceedings in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any related registration statement filed under the Securities Act, any preliminary prospectus or final prospectus included therein, or any amendment or supplement thereto, or any document incorporated by reference therein, or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus, in light of the circumstances under which they were

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made), and the Company will reimburse each such Holder Covered Person, as incurred, for any legal or any other expenses reasonably incurred by such Holder Covered Person in connection with investigating or defending any such loss, claim, liability, action, or proceeding; <u>provided</u>, <u>however</u>, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability, or expense (or action or proceeding in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, any such preliminary prospectus or final prospectus, or any amendment or supplement thereto in reliance upon and in conformity with written information furnished to the Company by such Selling Holder or such underwriter specifically for use in the preparation thereof. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of any such Holder Covered Person and shall survive the transfer of such securities by the Selling Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Selling Holders, by virtue of exercising its respective registration rights hereunder, agrees to indemnify and hold harmless (in the same manner and to the same extent as set forth in <u>Section 6(a)</u>) the Company, its directors, officers, employees, advisors, and agents, each Person who participates as an underwriter in the offering or sale of such securities, each director, officer, employee, advisor, and agent of each underwriter, and each Person, if any, who controls the Company or any such underwriter within the meaning of the Securities Act or the Exchange Act (collectively, the "<u>Company Covered Persons</u>"), with respect to any statement in or omission from such registration statement, any preliminary prospectus or final prospectus included therein, or any amendment or supplement thereto, if such statement or omission is contained in written information furnished by such Selling Holder to the Company specifically for inclusion in such registration statement or prospectus; <u>provided</u>, <u>however</u>, that the obligation for each Selling Holder to indemnify shall be several and not joint, and shall be limited to the net amount of proceeds received by such Selling Holder from the sale of Shares pursuant to such registration statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of any Company Covered Person and shall survive the transfer of the registered securities by the Selling Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Person entitled to indemnification hereunder (each, an "<u>Indemnified Party</u>") shall (i) give prompt written notice to the Person against whom such indemnity may be sought (the "<u>Indemnifying Party</u>") of any claim with respect to which it seeks indemnification; <u>provided</u>, <u>however</u>, that the failure to give prompt notice shall not impair any Indemnified Party's rights to indemnification hereunder to the extent such failure has not materially prejudiced the Indemnifying Party; and (ii) unless in such Indemnified Party's reasonable judgment a conflict of interest between such Indemnified Party and Indemnifying Party may exist with respect to such claim, permit such Indemnifying Party to assume the defense of such claim with counsel reasonably satisfactory to the Indemnified Party. For any such claim, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel, (ii) in the reasonable judgment of such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them, including one or more defenses or counterclaims that are different from or in addition to those

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available to the Indemnifying Party, or (iii) such Indemnifying Party shall have failed to assume the defense within a reasonable time of notice pursuant to this <u>Section 6(c)</u>. If such defense is assumed by the Indemnifying Party, no Indemnified Party will consent to entry of any judgment or enter into any settlement without the Indemnifying Party's written consent to such judgment or settlement (but such consent shall not be unreasonably withheld, conditioned, or delayed). No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement (i) includes an unconditional release of such Indemnified Party from all liability arising out of such proceeding and (ii) does not include any injunctive or other equitable or non-monetary relief applicable to or affecting such Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If for any reason the indemnification pursuant to this <u>Section 6</u> is unavailable to an Indemnified Party or insufficient to hold it harmless as contemplated by this <u>Section 6</u>, then the Indemnifying Party shall contribute to the amount paid or payable by the Indemnified Party as a result of such losses, claims, damages, liabilities, or expenses (or actions or proceedings in respect thereof) in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on one hand and the Indemnified Party on the other hand. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement or the omission or alleged omission to state a material fact relates to information supplied by the Indemnifying Party or the Indemnified Party and the parties' relative intent, knowledge, access to information, and opportunity to correct or prevent such untrue statement or omission; <u>provided</u>, <u>however</u>, that, in any such case: (i) no Indemnifying Party (other than the Company) will be required to contribute any amount in excess of the amount by which the net proceeds received by such Indemnifying Party from the sale of Shares in the offering to which the losses, claims, damages, liabilities, or expenses (or actions or proceedings in respect thereof) of the Indemnified Party relate and (ii) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. The parties hereto agree that it would not be just and equitable if the contribution pursuant to this <u>Section 6(d)</u> were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in this <u>Section 6(d)</u>. The amount paid or payable by an Indemnified Party hereunder shall be deemed to include, for purposes of this <u>Section 6(d)</u>, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend, defending against, or appearing as a third-party witness in respect of, or otherwise incurred in connection with, any such losses, claims, damages, liabilities, or expenses (or actions or proceedings in respect thereof). If indemnification is available under this <u>Section 6</u>, the Indemnifying Parties shall indemnify each Indemnified Party to the full extent provided in <u>Section 6(a)</u> and <u>Section 6(b)</u> hereof without regard to the relative fault of said Indemnifying Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Person</u>" means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, and a governmental entity, or any department, agency, or political subdivision thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The rights and obligations of the Company and the Selling Holders under this <u>Section 6</u> shall survive the termination of this Agreement.

Section 7. <u>Benefits and Termination of Registration Rights.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Holders may exercise the registration rights granted hereunder in such manner and proportions as they shall agree among themselves. The registration rights hereunder shall cease to apply to any particular Shares and such securities shall cease to be Shares when: (i) a registration statement with respect to the sale of such Shares shall have become effective under the Securities Act and such Shares shall have been disposed of in accordance with such registration statement; (ii) (x) as to Medtronic, any other member of the Medtronic Group, or any Holder who acquires from any member or members of the Medtronic Group at least 5% of the number of shares of Common Stock directly or indirectly owned by Medtronic immediately following the Separation Closing, such Shares shall have been sold to the public pursuant to Rule 144 and (y) as to any other Holder not enumerated in the immediately preceding clause (x), such Shares may be sold to the public pursuant to Rule 144 without being subject to the volume or manner of sale limitations of such rule; (iii) such Shares shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company (if applicable), and subsequent public distribution of them shall not require registration or qualification of them under the Securities Act or any similar state law then in force; or (iv) such Shares shall have ceased to be outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Shares are held in non-certificated book-entry form and are subject to any stop transfer or similar instructions or restrictions, the Company shall, at the request of the applicable Holder, promptly cause such stop transfer or similar instructions or restrictions to be promptly terminated and removed if (i) such Shares are registered for resale under the Securities Act or (ii) the applicable Holder provides the Company with reasonable assurance that such Shares can be sold, assigned, or transferred pursuant to Rule 144 or otherwise without registration under the applicable requirements of the Securities Act, including, if requested by the Company, an opinion of outside legal counsel, reasonably acceptable to the Company, to such effect. Following the effective date of any Registration Statement pursuant to which Shares are registered for resale, the Company shall cause any stop transfer or similar instructions or restrictions relating to such Shares to be terminated and removed.

Section 8. <u>Registration Expenses.</u> As used in this Agreement, the term "<u>Registration Expenses</u>" means all expenses incident to the Company's performance of or compliance with the registration requirements set forth in this Agreement, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fees, disbursements, and expenses of the Company's counsel and accountants in connection with the registration of the Shares to be disposed of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all expenses in connection with the preparation, printing, and filing of the registration statement, any preliminary prospectus or final prospectus, any other offering document, and amendments and supplements thereto, and the mailing and delivering of copies thereof to the underwriter(s);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the cost of printing and producing any agreements among underwriters, any underwriting agreements, any blue sky or legal investment memoranda, any selling agreements, and any amendments thereto or other documents in connection with the offering, sale, or delivery of the Shares to be disposed of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all registration, qualification, and filing fees, including the filing fees incident to securing any required review by the Nasdaq Stock Market, and any other securities exchange on which the Common Stock is then traded or listed, of the terms of the sale of the Shares to be disposed of and the trading or listing of all such Shares on each such exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all expenses in connection with the qualification of the Shares to be disposed of for offering and sale under state securities laws, including the fees and disbursements of counsel for the underwriter(s) in connection with such qualification and in connection with any blue sky and legal investment surveys;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all expenses and application fees incurred in connection with any filing with, and clearance of an offering by the Financial Industry Regulatory Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) internal expenses of the Company (including all salaries and expenses of its officers and employees performing legal or accounting duties);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) expenses incurred in connection with any road show presentation to potential investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the costs of preparing stock certificates (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the costs and charges of the Company's transfer agent and registrar; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the fees and disbursements of any custodians or agents.

Registration Expenses shall not include (i) underwriting discounts and underwriting commissions attributable to the Shares being registered for sale on behalf of the Selling Holders, which shall be paid by the Selling Holders, (ii) stock transfer taxes, which shall be paid by the Selling Holders, and (iii) the fees, disbursements, and expenses of the Selling Holders' counsel and accountants in connection with the registration of the Shares to be disposed of under the Securities Act.

Section 9. <u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Ownership Reporting.</u> The Company agrees that it will provide assistance to the Medtronic Group in connection with the filing of beneficial ownership reports on Schedule 13D or Schedule 13G (or any successor form) or any amendment thereto pursuant to Rule 13d-1 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Nominees for Beneficial Owners.</u> If Shares are held by a nominee for the beneficial owner thereof, the beneficial owner thereof may, at its option, be treated as the Holder of such Shares for purposes of any request or other action by any Holder pursuant to this Agreement (or any determination of any number or percentage of shares constituting Shares held

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by any Holder contemplated by this Agreement); <u>provided</u> that the Company shall have received assurances reasonably satisfactory to it of such beneficial ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Counterparts.</u> This Agreement may be executed in one or more counterparts, all of which counterparts shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each party and delivered to the other party. This Agreement may be executed by facsimile or PDF signature and a facsimile or PDF signature shall constitute an original for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Entire Agreement.</u> This Agreement, the Separation Agreement, all the other Ancillary Agreements (as defined in the Separation Agreement), and all other exhibits and schedules attached hereto and thereto contain the entire agreement between the parties with respect to the subject matter hereof and thereof and supersede all previous agreements, negotiations, discussions, writings, understandings, commitments, and conversations with respect to such subject matter, and there are no agreements or understandings between the parties with respect to the subject matter hereof other than those set forth or referred to herein or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Authority.</u> Each of the parties hereto represents to the other that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has the requisite corporate or other power and authority and has taken all corporate or other action necessary in order to execute, deliver, and perform this Agreement and to consummate the transactions contemplated herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this Agreement has been duly executed and delivered by it and constitutes, or will constitute, a valid and binding agreement of it enforceable in accordance with the terms thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement is a legal, valid, and binding obligation, enforceable against it in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting creditors' rights generally and general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Governing Law; Dispute Resolution; Jurisdiction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise set forth in this Agreement, in the event of any dispute arising under this Agreement between the parties (a "<u>Dispute</u>"), either party may refer such Dispute to the respective senior officers of such parties by delivering written notice of such Dispute to the other party (a "<u>Negotiation Notice</u>"). Upon delivery of a Negotiation Notice, each party shall attempt in good faith to resolve such Dispute by negotiation among their respective senior officers who hold, at a minimum, the title of Vice President at Medtronic or Vice President at the Company and who have authority to settle such Dispute (the "<u>Senior Negotiation</u>"). Notwithstanding the foregoing, the parties may mutually agree in writing to waive the Senior Negotiation and proceed directly to the Mediation Process pursuant to <u>Section 9.6(c)</u> or, if both parties so agree in writing, to waive both the Senior Negotiation and the Mediation

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Process (as defined in <u>Section 9.6(c)</u>) and proceed directly to litigation pursuant to <u>Section 9.6(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the parties are unable to resolve any Dispute within 30 calendar days of the delivery of a Negotiation Notice, then either party shall have the right to initiate non-binding mediation (the "<u>Mediation Process</u>") by delivering written notice to the other party (a "<u>Mediation Notice</u>"). Upon delivery of a Mediation Notice, the applicable Dispute shall be promptly submitted for non-binding mediation conducted, and the parties shall participate in such mediation in good faith for a period of 30 calendar days or such longer period as the parties may mutually agree in writing (the "<u>Mediation Period</u>"). Notwithstanding the foregoing, the parties may mutually agree in writing to waive the Mediation Process and proceed directly to litigation pursuant to <u>Section 9.6(e)</u>. In connection with such mediation, the parties shall cooperate with each other in selecting a neutral mediator with relevant industry experience and in scheduling the mediation proceedings. The parties agree to bear equally the costs of any mediation, including any fees or expenses of the applicable mediator; <u>provided</u> that each party shall bear its own costs in connection with participating in such mediation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the avoidance of doubt, any negotiations or mediation conducted in accordance with <u>Section 9.6(b)</u> or <u>Section 9.6(c)</u> shall be subject to Federal Rule of Civil Procedure 408 or any applicable state Law (as defined in the Separation Agreement) equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the parties are unable to resolve any Dispute via negotiation or mediation in accordance with <u>Section 9.6(b)</u> and <u>Section 9.6(c)</u>, then, following the Mediation Period, either party may commence litigation in a court of competent jurisdiction pursuant to <u>Section 9.6(e)</u>. For the avoidance of doubt, except as set forth in <u>Section 9.6(g)</u>, neither party may commence litigation with respect to a Dispute until and unless the parties first fail to resolve such Dispute via negotiation and mediation in accordance with <u>Section 9.6(b)</u> and <u>Section 9.6(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each party irrevocably consents to the exclusive jurisdiction, forum, and venue of the Court of Chancery of the State of Delaware or, if (and only if) the Court of Chancery of the State of Delaware finds it lacks subject matter jurisdiction, the federal court of the United States sitting in Delaware or, if (and only if) the federal court of the United States sitting in Delaware finds it lacks subject matter jurisdiction, the Superior Court of the State of Delaware, and appellate courts thereof, over any and all claims, disputes, controversies, or disagreements between the parties or any of their respective subsidiaries, affiliates, successors, and assigns under or related to this Agreement or any document executed pursuant to this Agreement or any of the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything in this Agreement to the contrary, a party may seek a temporary restraining order or a preliminary injunction from any court of competent jurisdiction, at any time, in order to prevent immediate and irreparable injury, loss, or damage on a provisional basis, pending the resolution of any dispute hereunder, including under <u>Section 9.6(b)</u> or <u>Section 9.6(c)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Assignment.</u> This Agreement may not be assigned by any party hereto other than by Medtronic to a Permitted Transferee as provided for in <u>Section 2.5</u>. Notwithstanding the foregoing, Medtronic may assign this Agreement in connection with a merger transaction in

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which Medtronic is not the surviving entity, or the sale of all or substantially all of its assets; <u>provided</u>, <u>however</u>, that the assignee expressly assumes in writing all of the obligations of Medtronic under this Agreement, and Medtronic provides written notice and evidence of such assignment and assumption to the Company. No assignment permitted by this <u>Section 9.7</u> shall release the assigning party from liability for the full performance of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Third-Party Beneficiaries.</u> Except for the indemnification rights under this Agreement of any Holder Covered Person or Company Covered Person in their respective capacities as such, (a) the provisions of this Agreement are solely for the benefit of the parties hereto and are not intended to confer upon any Person except the parties hereto any rights or remedies hereunder and (b) there are no third-party beneficiaries of this Agreement and this Agreement shall not provide any third person with any remedy, claim, liability, reimbursement, cause of action, or other right in excess of those existing without reference to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Notices.</u> All notices or other communications under this Agreement shall be in writing and shall be deemed to be duly given (a) when delivered in person, (b) on the date received, if sent by a nationally recognized delivery or courier service, or (c) upon the earlier of confirmed receipt or five calendar days after the date of mailing if sent by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

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| | |
|:---|:---|
| If to Medtronic, to: | If to Medtronic, to: |
| Medtronic, Inc. | Medtronic, Inc. |
| Medtronic Operational Headquarters | Medtronic Operational Headquarters |
| 710 Medtronic Parkway | 710 Medtronic Parkway |
| Minneapolis, MN 55432 | Minneapolis, MN 55432 |
| Attention: General Counsel | Attention: General Counsel |
| with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
| Cleary Gottlieb Steen & Hamilton LLP | Cleary Gottlieb Steen & Hamilton LLP |
| One Liberty Plaza | One Liberty Plaza |
| New York, NY 10006 | New York, NY 10006 |
| Attention: | Adam E. Fleisher |
|  | Kimberley R. Spoerri |
|  | Synne D. Chapman |
| Email: | afleisher@cgsh.com |
|  | kspoerri@cgsh.com |
|  | schapman@cgsh.com |
| If to the Company, to: | If to the Company, to: |

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| |
|:---|
| MiniMed Group, Inc. |
| 18000 Devonshire St. |
| Northridge, CA 91325 |
| Attention: General Counsel |

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Either party may, by notice to the other party, change the address to which such notices are to be given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 <u>Severability.</u> If any provision of this Agreement or the application thereof to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired, or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either party. Upon any such determination, any such provision, to the extent determined to be invalid, void, or unenforceable, shall be deemed replaced by a provision that such court determines is valid and enforceable and that comes closest to expressing the intention of the invalid, void, or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 <u>Waivers of Default.</u> No failure or delay of any party in exercising any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. Waiver by any party of any default by the other party of any provision of this Agreement shall not be deemed a waiver by the waiving party of any subsequent or other default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 <u>Specific Performance.</u> In the event of any actual or threatened default in, or breach of, any of the terms, conditions, and provisions of this Agreement, the affected party shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The parties hereto agree that the remedies at law for any breach or threatened breach hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 <u>Amendments; Waivers.</u> No provisions of this Agreement shall be deemed amended, supplemented, or modified by any party, unless such amendment, supplement, or modification is in writing and signed by the authorized representative of each party, and no waiver of any provisions of this Agreement shall be effective unless in writing and signed by the authorized representative of the party sought to be bound by such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14 <u>Interpretation.</u> The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

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When a reference is made in this Agreement to an Article or a Section, such reference shall be to an Article or Section of this Agreement unless otherwise indicated. All references made herein to the Company as a party which operate as of the Separation Closing shall be deemed to refer to the Company and its subsidiaries as a single party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15 <u>Waiver of Jury Trial</u>. EACH OF THE PARTIES ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH OF THE PARTIES CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT, OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF ANY LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH OF THE PARTIES UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH OF THE PARTIES MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH OF THE PARTIES HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 9.15</u>.

[SIGNATURES ON FOLLOWING PAGE]

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

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[*Signature Page to Registration Rights Agreement*]

## Exhibit 10.12

**Exhibit 10.12**

**INTEGRATION, SUPPLY AND DISTRIBUTION AGREEMENT**

This INTEGRATION, SUPPLY AND DISTRIBUTION AGREEMENT ("**Agreement**") is entered into as of July 31, 2024 (the "**Effective Date**"), by and between **Abbott Diabetes Care Inc.***,* a Delaware corporation having its principal office at 1420 Harbor Bay Parkway, Alameda, CA 94502 ("**ADC**"), and **Medtronic MiniMed, Inc.**, a Delaware corporation with offices at 18000 Devonshire Street, Northridge, CA 91325 ("**MDT**"). ADC and MDT are sometimes referred to herein individually as a "**Party**" and collectively as the "**Parties**."

**RECITALS**

**WHEREAS**, ADC has developed, among other things, a glucose monitoring system that is marketed by ADC as the "FreeStyle Libre" system and that includes an *in vivo* glucose sensor and associated electronics that measures, processes, and communicates glucose data to a dedicated handheld reader device or a third-party mobile communication device;

**WHEREAS**, ADC desires to supply a version of its FreeStyle Libre sensors that will be co-branded and customized to work exclusively with certain MDT Devices; and

**WHEREAS**, ADC desires to grant MDT the right to market, sell and distribute the ADC MDT Glucose Sensors in connection with the Designated MDT Devices to customers in the Launch Countries, subject to the terms and conditions set forth in this Agreement.

**NOW, THEREFORE**, in consideration of the premises and the mutual promises and conditions hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties intending to be legally bound, do hereby agree as follows.

**Article I**

**DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1&nbsp;&nbsp;&nbsp;&nbsp;**[\*\*\*] means each [\*\*\*] for which the ADC-MDT System has been Commercialized for at least [\*\*\*] after Commercial Launch in such [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2&nbsp;&nbsp;&nbsp;&nbsp;**"**Abbott**" means Abbott Laboratories, an Illinois corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3&nbsp;&nbsp;&nbsp;&nbsp;**"**ADC HCI Folder**" means a mutually agreed data site folder expressly identified as the ADC Highly Confidential Information Folder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4&nbsp;&nbsp;&nbsp;&nbsp;**"**ADC Highly Confidential Information**" means any FreeStyle Libre Technology (including technical specifications (*e.g.*, APIs and SDKs) and supporting documentation), or other Confidential Information of ADC, in each case that is posted by ADC to the ADC HCI Folder in accordance with Section 3.6(a).

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Information. For the avoidance of doubt, any ADC Improvement IP expressly excludes ADC's Background IP and Joint IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6&nbsp;&nbsp;&nbsp;&nbsp;**[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7&nbsp;&nbsp;&nbsp;&nbsp;**"**ADC Libre System**" means a glucose monitoring system consisting of the ADC MDT Glucose Sensors, FreeStyle Libre Technology and ADC proprietary software that enables the receipt, control and display of glucose values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8&nbsp;&nbsp;&nbsp;&nbsp;**"**ADC Licensed Background IP**" means ADC's Background IP under its Control (including, the ADC Highly Confidential Information). Notwithstanding the foregoing, in the event of a Merge Transaction involving ADC, any Intellectual Property Controlled by the Merged Third Party immediately before the consummation of such Merge Transaction shall be excluded from ADC Licensed Background IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9&nbsp;&nbsp;&nbsp;&nbsp;**"**ADC Marks**" means those Abbott and ADC Trademarks set forth on **Schedule 1.7**, as may be updated from time to time by ADC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10&nbsp;&nbsp;&nbsp;&nbsp;**"**ADC MDT Glucose Sensors**" means, (a) the FreeStyle Libre 3 Plus Sensor [\*\*\*] to be supplied by or on behalf of ADC to MDT for a Launch Country in accordance with Article IX that are configured to work only with Designated MDT Devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11&nbsp;&nbsp;&nbsp;&nbsp;**"**ADC-MDT System**" means an insulin delivery system developed pursuant to the Integration Plan combining an ADC Libre System with a Designated MDT Device.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12&nbsp;&nbsp;&nbsp;&nbsp;"ADC-MDT System Data**" means all data generated by the ADC MDT Glucose Sensors or the Designated MDT Device when part of the ADC-MDT System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13&nbsp;&nbsp;&nbsp;&nbsp;**"**ADC Potentially Infringing Item**" has the meaning set forth in Section 16.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14&nbsp;&nbsp;&nbsp;&nbsp;**"**ADC Proportionate Share**" has the meaning set forth in Section 16.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15&nbsp;&nbsp;&nbsp;&nbsp;**"**ADC Sensors**" means the FreeStyle Libre 3 Plus Sensor [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16&nbsp;&nbsp;&nbsp;&nbsp;**"**ADC Sensor Data**" means all data generated by the ADC MDT Glucose Sensors when incorporated with or used in conjunction with the Designated MDT Devices in the ADC-MDT System. ADC Sensor Data expressly includes: (i) ADC MDT Glucose Sensor information (serial number, model number, and firmware version), (ii) glucose information (interpreted glucose values and glucose rate of change), (iii) output by the ADC MDT Glucose Sensor, and (iv) ADC MDT Glucose Sensor operating information (sensor life counter, sensor status, and error flags). ADC Sensor Data does not include MDT System Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17&nbsp;&nbsp;&nbsp;&nbsp;**"**ADC Specifications**" means, with respect to each ADC MDT Glucose Sensor, the written specifications and standards established by ADC. Any material changes to the ADC Specifications will be subject to mutual agreement in accordance with Section 4.1 or Section 4.2; provided that (i) any changes to the ADC Specifications specified in the Integration Plan are deemed mutually agreed; and (ii) any changes required pursuant to Applicable Laws or based on

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a change of a component manufacturer due to insolvency or manufacturer's failure to supply may be implemented by ADC with written notice to MDT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.18&nbsp;&nbsp;&nbsp;&nbsp;**"**Affiliates**" means any Person that controls, is controlled by or is under common control with a Party (or other Person). For purposes of this definition, "control" shall mean (a) in the case of corporate Persons, direct or indirect ownership of at least fifty percent (50%) of the stock or shares entitled to vote for the election of directors; and (b) in the case of non-corporate Persons, direct or indirect ownership of at least fifty percent (50%) of the equity interest with the power to direct the management and policies of the subject Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.19&nbsp;&nbsp;&nbsp;&nbsp;**"**Alliance Manager**" has the meaning set forth in Section 2.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.20&nbsp;&nbsp;&nbsp;&nbsp;**"**API**" means application program interface.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.21&nbsp;&nbsp;&nbsp;&nbsp;**"**Applicable Law**" means any national, international, supranational, multinational, provincial, federal, state or local law (in each case, whether United States or non-United States or otherwise, and whether statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, statute, regulation or other similar requirement enacted, issued, adopted, promulgated, entered into or applied by an Authority that may be in effect from time to time during the Term and applicable to a particular activity or country or other jurisdiction hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.22&nbsp;&nbsp;&nbsp;&nbsp;**"**Approved Person**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;with respect to MDT, [\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;with respect to ADC, [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.23&nbsp;&nbsp;&nbsp;&nbsp;**"**Background IP**" has the meaning set forth in Section 5.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.24&nbsp;&nbsp;&nbsp;&nbsp;**"**Best Efforts**" means efforts that a prudent entity desirous of promptly achieving a result of critical importance would use in similar circumstances to ensure that such result is achieved. Without limiting the foregoing, Best Efforts of MDT with respect to obtaining regulatory clearance for the ADC MDT Glucose Sensors in a country requires that MDT: (a) promptly assign responsibility for such obligation to its specific, sufficiently skilled employees who are held accountable for progress and monitor such progress on an ongoing basis; (b) set and consistently seek to achieve specific and meaningful objectives for promptly carrying out such obligation; (c) consistently make and implement decisions and allocate sufficient resources designed to advance progress with respect to such objectives, (d) perform any required clinical study requested by a regulatory authority in such country, (e) file for all necessary regulatory approvals and clearances as soon as possible, and (f) promptly respond to any requests from the applicable regulatory authorities in such country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.25&nbsp;&nbsp;&nbsp;&nbsp;**"**Business Days**" means any day other than Saturday or Sunday on which banking institutions in New York, New York are open for business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.26&nbsp;&nbsp;&nbsp;&nbsp;**"**Calendar Quarter**" means each period of three (3) consecutive months commencing respectively on January 1, April 1, July 1 and October 1 and ending respectively on March 31, June 30, September 30 and December 31, except that the first Calendar Quarter of the Term shall commence on the Effective Date and end on the last day of the quarter in which the Effective Date occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.27&nbsp;&nbsp;&nbsp;&nbsp;**"**Calendar Year**" means each period commencing on January 1 and ending on December 31, except that the first Calendar Year of the Term shall commence on the Effective Date and December 31st of that year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.28&nbsp;&nbsp;&nbsp;&nbsp;**"**cGMPs**" means the current good manufacturing practices applicable to the manufacturing of a product, including the current good manufacturing practices as specified and enforced under various Applicable Laws and standards including the Quality System Regulation, 21 C.F.R. Part 820, ISO 13485, and similar Applicable Laws and standards in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.29&nbsp;&nbsp;&nbsp;&nbsp;**"**Change of Control**" means, with respect to a Party, (a) the acquisition of such Party by means of any transaction or series of related transactions (including, without limitation, any stock acquisition, reorganization, merger or consolidation) in which the voting securities of such Party outstanding immediately prior thereto cease to represent at least 50% of the combined voting power of the surviving entity immediately after the transaction, (b) a sale, lease or other conveyance of all or substantially all of the assets of such Party to a third party including without limitation, a grant of an exclusive license to all or substantially all of such Party's Intellectual Property or (c) the formation of a joint venture, partnership, or other similar agreement that effectively transfers the management, operations, or control of a Party to another entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.30&nbsp;&nbsp;&nbsp;&nbsp;**"**Claim**" means any and all Third Party claims, defenses, demands, causes of action, suits, choses in action, controversies, actions, judgments, liens, indebtedness, damages, losses, attorney's fees, expert's fees, expenses, liabilities, and proceedings of whatever kind and character.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.31&nbsp;&nbsp;&nbsp;&nbsp;**"**Commercialize**" or "**Commercialization**" means activities directed at the promoting, marketing, offering for sale, selling, distributing, importing and exporting of a product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.32&nbsp;&nbsp;&nbsp;&nbsp;**"**Commercial Launch**" means, on a country-by-country basis, the date of the first commercial sale of the ADC MDT Glucose Sensors in a Launch Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.33&nbsp;&nbsp;&nbsp;&nbsp;**"**Commercialization Plans**" has the meaning set forth in Section 7.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.34&nbsp;&nbsp;&nbsp;&nbsp;**"**Commercially Reasonable Efforts**" means [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.35&nbsp;&nbsp;&nbsp;&nbsp;**"**Competitor**" means a Person other than MDT or ADC or their Affiliates that a Party, upon due inquiry, [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.36&nbsp;&nbsp;&nbsp;&nbsp;**"**Confidential Information**" means all information, including information relating to products (including development or production), customers, suppliers, data, processes,

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prototypes, samples, plans, marketing plans, reports, forecasts, software (including source code), technical, financial, commercial or personal information or data, research, research results, strategies, and trade secrets that: (i) is disclosed by or on behalf of one Party ("**Disclosing Party**") to the other Party ("**Receiving Party**") in writing, orally, visually or in another form, including any such information disclosed prior to the Effective Date; and (ii) if disclosed in writing or visually, is conspicuously marked as Confidential Information of the Disclosing Party. Confidential Information does not include any information that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;already known to the Receiving Party, as evidenced by its written records, prior to receipt thereof under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;disclosed to the Receiving Party by a Third Party who has no obligations of confidentiality to the Disclosing Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;generally known or accessible to the public or in the public domain at the time of disclosure, or becomes generally known or accessible to the public or part of the public domain other than through breach of this Agreement by the Receiving Party (in which instance, the Receiving Party's obligations and liabilities for treatment of such information prior to its entering the public domain shall not be affected or diminished); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;independently developed by or for the Receiving Party as evidenced by its written records, without reference to Confidential Information received from the Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.37&nbsp;&nbsp;&nbsp;&nbsp;**"**Consent**" means a form of consent that is legally valid under applicable Data Protection Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.38&nbsp;&nbsp;&nbsp;&nbsp;**"**Control**" or "**Controlled**" means, with respect to any Intellectual Property rights that a Party has the legal authority or right, whether by ownership, license, covenant not to sue, or otherwise (other than by operation of the license and other grants in this Agreement) to grant to the other Party a license or sublicense under, or access or right to use, such Intellectual Property rights, on the terms and conditions set forth herein, in each case without breaching the terms of any agreement with a Third Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.39&nbsp;&nbsp;&nbsp;&nbsp;**"**Critical Issues**" has the meaning set forth in Section 12.3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.40&nbsp;&nbsp;&nbsp;&nbsp;**"**CSII System**" means a continuous subcutaneous insulin infusion delivery system.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.41&nbsp;&nbsp;&nbsp;&nbsp;**"**Data Protection Laws**" means all Applicable Laws, as well as all generally applicable industry or self-regulatory standards in each country within the Territory relating to the Processing or release, transfer, provision of, providing access to, or divulging in any other manner of Personal Information, data protection, data security, and data privacy, including where applicable the guidance and codes of practice and decisions issued by any Governmental Authority, as amended or superseded from time to time, in each case, that are in effect as of the Effective Date, as they become effective, and as amended or superseded, from time to time. To the extent applicable to the Territory, such Data Protection Laws include Health Insurance Portability and Accountability Act of 1996 and its implementing regulations, as amended, (collectively, "**HIPAA**"); the CAN-SPAM Act of 2003; the Telephone Consumer Protection Act, the General Data Protection Regulation ((EU) 2016/679) ("**GDPR**"), EU member state laws implementing GDPR, the UK Data Protection Act 2018 and any other applicable data protection laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.42&nbsp;&nbsp;&nbsp;&nbsp;**"**Data Security Breaches**" means any actual or reasonably suspected (a) unauthorized access to, acquisition of, or use of Personal Information; (b) unauthorized or accidental loss, alteration, disclosure, or destruction of Personal Information; (c) compromise, intrusion, interference with, or unauthorized access to networks, systems, databases, servers, or electronic or other media on which Personal Information is Processed or from which Personal Information may be accessed, including those of an agent or subcontractor; or (d) other circumstance that actually or is reasonably suspected of compromising, or could compromise, the privacy, security, confidentiality, availability, or integrity of any Personal Information or the proper functioning of the network resources of ADC or MDT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.43&nbsp;&nbsp;&nbsp;&nbsp;**"**Designated MDT Device**" means a MDT Insulin Device designed to receive and process data from, and perform certain other functions in connection with, an ADC MDT Glucose Sensor, including without limitation any MDT Insulin Device identified on **Schedule 1.32** and any updates, upgrades, improvements, enhancements, new versions and successor devices of any of the foregoing that is an MDT Insulin Device. A Designated MDT Device does not include an ADC MDT Glucose Sensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.44&nbsp;&nbsp;&nbsp;&nbsp;**"**Dosing Algorithms**" means algorithms that process estimated analyte values received from a continuous analyte monitoring system to automatically control the delivery of insulin to a patient through a continuous subcutaneous insulin infusion device or to provide insulin dosing recommendations for delivery through a connected insulin pen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.45&nbsp;&nbsp;&nbsp;&nbsp;**"**Disclosing Party**" has the meaning set forth in Section 1.35.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.46&nbsp;&nbsp;&nbsp;&nbsp;**"**Existing Users**" means users of the ADC-MDT System as of the date of termination or expiration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.47&nbsp;&nbsp;&nbsp;&nbsp;**"**Failure to Supply**" has the meaning set forth in Section 7.3(a)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.48&nbsp;&nbsp;&nbsp;&nbsp;**"**Firm Order Period**" has the meaning set forth in Section 9.2(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.49&nbsp;&nbsp;&nbsp;&nbsp;**"**FOSS**" means any software (object code or source code) (a) which is distributed as free software or open source software (including under any license meeting the Open Source Initiative's Open Source Definition as amended, revised or updated from time to time (http://www.opensource.org/docs/osd), or (b) which is distributed with access to its source code (or any part thereof) and where the recipient could be placed under an obligation to ensure that any further distribution of such software (or source code of software derived from such software, if required by the applicable open source license) takes place on the same or similar terms, or (c) which is distributed as free software or open source software on terms that could require or condition the use or distribution of any portion of such software, other material, or derivatives thereof, on (i) the distribution of any data or material therewith, or (ii) the granting to licensees of the right to make derivative works or other modifications to such software or other material or portions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.50&nbsp;&nbsp;&nbsp;&nbsp;**"**FreeStyle Libre 3 Plus Sensor**" means the on-body device (including an in vivo continuous glucose monitoring sensor, electronics and functions performed by the electronics (*e.g*., communication)) as well as any updates to such on-body device, that is part of the system marketed by ADC as the "FreeStyle Libre 3 Plus system."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.51&nbsp;&nbsp;&nbsp;&nbsp;**"**FreeStyle Libre Documentation**" means the specifications, libraries or applications provided by or on behalf of ADC to MDT and its Affiliates for use with the ADC MDT Glucose Sensors including [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.52&nbsp;&nbsp;&nbsp;&nbsp;**"**FreeStyle Libre Security Credentials**" means the security credentials provided by or on behalf of ADC to MDT and its Affiliates including [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.53&nbsp;&nbsp;&nbsp;&nbsp;**"**FreeStyle Libre Technology**" means the FreeStyle Libre Documentation and FreeStyle Libre Security Credentials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.54&nbsp;&nbsp;&nbsp;&nbsp;**[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.55&nbsp;&nbsp;&nbsp;&nbsp;**"**Highly Confidential Information**" means the ADC Highly Confidential Information or the MDT Highly Confidential Information, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.56&nbsp;&nbsp;&nbsp;&nbsp;**"**HIPAA**" has the meaning set forth in Section 1.40.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.57&nbsp;&nbsp;&nbsp;&nbsp;**"**Initial Commercialization Plan**" has the meaning set forth in Section 7.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.58&nbsp;&nbsp;&nbsp;&nbsp;**"**Initial Forecast**" has the meaning set forth in Section 9.2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.59&nbsp;&nbsp;&nbsp;&nbsp;**"**Initial Launch Country**" has the meaning set forth in Section 7.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.60&nbsp;&nbsp;&nbsp;&nbsp;**"**Integration Plan**" has the meaning set forth in Section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.61&nbsp;&nbsp;&nbsp;&nbsp;**"**Intellectual Property**" or "IP" means all patents, patent applications, continuations or continuations-in-part of patents or patent applications, divisionals of patents or patent applications, copyrights, works of authorship, copyrightable subject matter, moral rights,

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trade secrets, know-how, and all other proprietary and intellectual property rights in discoveries and inventions (whether or not patentable), but not including Trademarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.62&nbsp;&nbsp;&nbsp;&nbsp;**"**Joint IP**" has the meaning set forth in Section 5.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.63&nbsp;&nbsp;&nbsp;&nbsp;**"**JSC**" has the meaning set forth in Section 2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.64&nbsp;&nbsp;&nbsp;&nbsp;**"**Label**" and "**Labeling**" mean any written, printed, or graphic material that is affixed to an ADC MDT Glucose Sensor, Designated MDT Device or their respective packaging.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.65&nbsp;&nbsp;&nbsp;&nbsp;**"**Launch Country(ies)**" has the meaning set forth in Section 7.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.66&nbsp;&nbsp;&nbsp;&nbsp;**"**Launch Country Commercialization Plan**" has the meaning set forth in Section 7.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.67&nbsp;&nbsp;&nbsp;&nbsp;**"**Licensed ADC Improvement IP**" has the meaning set forth in Section 6.2 (a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.68&nbsp;&nbsp;&nbsp;&nbsp;**"**Licensed MDT Improvement IP**" has the meaning set forth in Section 6.2 (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.69&nbsp;&nbsp;&nbsp;&nbsp;**"**Losses**" shall have the meaning set forth in Section 16.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.70&nbsp;&nbsp;&nbsp;&nbsp;**"**Mandatory Disclosure**" has the meaning set forth in Section 13.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.71&nbsp;&nbsp;&nbsp;&nbsp;**"**Master Materials**" has the meaning set forth in Section 7.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.72&nbsp;&nbsp;&nbsp;&nbsp;**"**Master Packaging & Labeling**" has the meaning set forth in Section 7.4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.73&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT ADC Code**" means any code developed by MDT using the FreeStyle Libre Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.74&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT App(s)**" means a cloud-based mobile application, including the application currently marketed as the MiniMed Mobile<sup>TM</sup> app or InPen<sup>TM</sup> app, capable of (a) receiving and displaying the ADC-MDT System Data; (b) providing software updates to the Designated MDT Devices; or (c) providing insulin dosing advice, or remote bolus advice for the applicable Designated MDT Device.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.75&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT Dosing Sub-System**" means the subset of the MDT System, which includes Dosing Algorithms and receives, interprets, and deciphers data and information from the ADC MDT Glucose Sensors or ADC-MDT System and will, among other things, automatically dose insulin via the applicable Designated MDT Device.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.76&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT Cloud**" means the MDT owned or Controlled cloud-based system and data management platform that is used in conjunction with, and may be accessed by, the MDT Web Application and MDT App.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.77&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT Connected Pen**" means a connected smart pen designated and capable of administering insulin and used for dosing decision-making for multiple-daily injections of insulin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.78&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT HCI Folder**" means a mutually agreed data site folder expressly identified as the MDT Highly Confidential Information Folder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.79&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT Highly Confidential Information**" means the technical specifications and documentation for the Designated MDT Devices or other Confidential Information of MDT, in each case that is posted by MDT to the MDT HCI Folder in accordance with Section 3.7(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.81&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT Indemnitees**" means ADC, its Affiliates, and any directors, officers, agents, and employees of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.82&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT Infusion Pump**" means a subcutaneous infusion pump capable of infusing insulin to manage blood glucose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.83&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT Insulin Devices**" means an insulin delivery device that is either MDT Connected Pens or MDT Infusion Pumps, together with the relevant disposable supplies (*e.g*., cartridges and infusion sets)) and components that (a) are used in connection with the MDT Infusion Pump or MDT Connected Pen, (b) communicate with or control the MDT Infusion Pump or MDT Connected Pen, and (c) may store, process or display data related to the ADC-MDT System. MDT Insulin Devices shall not include a standalone continuous glucose monitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.84&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT Licensed Background IP**" means MDT's Background IP under its Control (including, the MDT Highly Confidential Information). Notwithstanding the foregoing, in the event of a Merge Transaction involving MDT, any Intellectual Property Controlled by the Merged Third Party immediately before the consummation of such Merge Transaction shall be excluded from MDT Licensed Background IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.85&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT Marks**" means those Trademarks set forth on **Schedule 1.72**, as may be updated from time to time by MDT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.86&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT Potentially Infringing Item**" has the meaning set forth in Section 16.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.87&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT Proportionate Share**" has the meaning set forth in Section 16.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.88&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT Protection Technology**" has the meaning set forth in Section 3.6(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.89&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT System**" means an insulin delivery system that is comprised of the following components that are all designed, developed and manufactured by, or on behalf of, or

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otherwise owned or Controlled by MDT (a) Designated MDT Devices, (b) the MDT Dosing Sub-System, (c) the MDT App, and (d) MDT Cloud. The MDT System expressly excludes the ADC Libre System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.90&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT System Data**" means all data generated by the MDT System. MDT System Data does not include ADC Sensor Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.91&nbsp;&nbsp;&nbsp;&nbsp;**"**MDT Web Application**" means a MDT developed or Controlled web-based diabetes management application accessible by end users or professional users that displays ADC-MDT System Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.92&nbsp;&nbsp;&nbsp;&nbsp;**"**Merge Transaction**" means the acquisition by a Third Party of a Party, or any transaction in which all or substantially all the assets of a Third Party merge with the assets of a Party or in which all or substantially all of the assets of a Party are sold to a Third Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.93&nbsp;&nbsp;&nbsp;&nbsp;**"**Merged Third Party**" means a Third Party involved in a Merge Transaction, including any of such Third Party's Affiliates existing immediately before the consummation of such Merge Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.94&nbsp;&nbsp;&nbsp;&nbsp;**[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.95&nbsp;&nbsp;&nbsp;&nbsp;**"**Minimum Order Quantity**" shall have the meaning set forth in Schedule 1.81.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.96&nbsp;&nbsp;&nbsp;&nbsp;**[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.97&nbsp;&nbsp;&nbsp;&nbsp;**"**Non-Conforming Product**" shall have the meaning set forth in Section 9.3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.98&nbsp;&nbsp;&nbsp;&nbsp;**"**Offer Period**" has the meaning set forth in Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.99&nbsp;&nbsp;&nbsp;&nbsp;**"**Person**" means an individual, corporation, partnership, limited liability company, association, company, joint venture, estate, trust, other entity or organization of any kind or nature, including an Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.100&nbsp;&nbsp;&nbsp;&nbsp;**"**Personal Information**" means any information or set of information relating to an identified or identifiable individual, directly or indirectly, Processed by MDT through the ADC-MDT System, regardless of the medium in which such information is displayed or contained, which shall include (a) all information that identifies that individual or could reasonably be used to identify such individual, (b) all "protected health information" as defined by HIPAA, (c) all information, "personal data" such as identification number, location data, an online identifier or one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of a natural individual, as defined by or to which any applicable Data Protection Laws apply, and (d) any information subject to an express written agreement of MDT to treat such information not otherwise included by applicable Data Protection Laws as Personal Information. For the purposes of this Agreement, Personal Information includes ADC-MDT System Data.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.101&nbsp;&nbsp;&nbsp;&nbsp;**"**Process**", "**Processing**" and "**Processed**" means any operation or set of operations that is performed on Personal Information within an entity that maintains such information, including use, collection, recording, maintaining, organization, storage, adaptation, modification, retrieval, consultation, retention, alteration, dissemination, transmission, access, transfer, combination, erasure, destruction, deidentification, or pseudonymization or as defined by applicable Data Protection Laws. Processing does not mean Disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.102&nbsp;&nbsp;&nbsp;&nbsp;**"**Project Leader**" has the meaning set forth in Section 2.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.103&nbsp;&nbsp;&nbsp;&nbsp;**"**Purchase Order(s)**" means a purchase order issued by MDT under this Agreement that sets forth (a) the quantities and types of ADC MDT Glucose Sensors requested for delivery by ADC to MDT or its designee(s), (b) the requested delivery dates, (c) shipment destination (which shall be limited to destinations defined under this Agreement), (d) preferred carrier, and (e) address for submission of invoices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.104&nbsp;&nbsp;&nbsp;&nbsp;**"**Purchase Price**" means [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.105&nbsp;&nbsp;&nbsp;&nbsp;**"**Purchase Price Payment**" has the meaning set forth in Section 10.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.106&nbsp;&nbsp;&nbsp;&nbsp;**"**Purchase Volume High Threshold**" means when MDT sales of ADC MDT Glucose Sensors pursuant to this Agreement, directly or indirectly through multiple tiers of distribution, for an individual [\*\*\*] meet or exceed [\*\*\*], directly or indirectly through multiple tiers of distribution, in that [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.107&nbsp;&nbsp;&nbsp;&nbsp;**"**Purchase Volume Threshold**" means, when MDT sales of ADC MDT Glucose Sensors pursuant to this Agreement, directly or indirectly through multiple tiers of distribution, in aggregate for all [\*\*\*], directly or indirectly through multiple tiers of distribution, in aggregate for all [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.108&nbsp;&nbsp;&nbsp;&nbsp;**"**Quality Agreement**" has the meaning set forth in Section 8.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.109&nbsp;&nbsp;&nbsp;&nbsp;**"**Receiving Party**" has the meaning set forth in Section 1.36.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.110&nbsp;&nbsp;&nbsp;&nbsp;**"**Regulatory Approval**" means, with respect to any particular country or other jurisdiction, the technical, medical and scientific licenses, registrations, authorizations and approvals of any Governmental Authority necessary for the development, pre-clinical and clinical testing, manufacture, distribution, marketing, promotion, offering for sale, use, import, export, sale or other commercialization of a medical device in such country or other jurisdiction, including pre- and post-approvals, pricing or reimbursement approvals, Labeling approvals and technical, medical and scientific licenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.111&nbsp;&nbsp;&nbsp;&nbsp;**"**Regulatory Plan**" has the meaning set forth in Section 3.41.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.112&nbsp;&nbsp;&nbsp;&nbsp;**"**Restricted ADC Sensor Data**" means the following subparts of the ADC Sensor Data: (a) [\*\*\*]; (b) [\*\*\*]; (c) other proprietary glucose data parameters of the ADC MDT Glucose Sensors that could not be obtained through the use of FreeStyle Libre 3 Plus Sensor as a stand-alone system; and (d) ADC clinical trial data that is not in the public domain.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.113&nbsp;&nbsp;&nbsp;&nbsp;**"**Restriction**" has the meaning set forth in Section 15.1(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.114&nbsp;&nbsp;&nbsp;&nbsp;**"**Rolling Forecast**" has the meaning set forth in Section 9.2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.115&nbsp;&nbsp;&nbsp;&nbsp;**"**Senior Officers**" means, in the case of ADC, the President of ADC and, in the case of MDT, the President of MDT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.116&nbsp;&nbsp;&nbsp;&nbsp;**"**Service Provider**" means any Person that Processes or receives Personal Information for a business purpose pursuant to a written agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.117&nbsp;&nbsp;&nbsp;&nbsp;**"**Software Protection Provider**" has the meaning set forth in Section 3.6(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.118&nbsp;&nbsp;&nbsp;&nbsp;**"**Sole IP**" has the meaning set forth in Section 5.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.119&nbsp;&nbsp;&nbsp;&nbsp;**"**Stand Alone Sensor**" shall mean a continuous glucose monitor on body component that is not integrated with nor forms part of an integrated solution that uses a MDT Insulin Device. [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.120&nbsp;&nbsp;&nbsp;&nbsp;**"**System Pen Testing**" has the meaning set forth in Section 12.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.121&nbsp;&nbsp;&nbsp;&nbsp;**"**Tax**" means any income, net income, gross income, gross receipts, profits, capital stock, franchise, property, ad valorem, stamp, excise, severance, occupation, service, sales, use, license, lease, transfer, import, export, customs duties, value added, alternative minimum, estimated or other similar tax (including any fee, assessment, or other charge in the nature of or in lieu of any tax) imposed by any Governmental Authority, and any interest, penalties, additions to tax or additional amounts with respect to the foregoing imposed on any taxpayer or consolidated, combined or unitary group of taxpayers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.122&nbsp;&nbsp;&nbsp;&nbsp;**"**Territory**" means worldwide

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.123&nbsp;&nbsp;&nbsp;&nbsp;**"**Third Parties**" means any Person other than ADC or MDT or their respective Affiliates or Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.124&nbsp;&nbsp;&nbsp;&nbsp;**[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.125&nbsp;&nbsp;&nbsp;&nbsp;**"**Trademarks**" means all trademarks, trade names, brand names, domain names, service marks, trade dress, logos, taglines, slogans, certification marks, Internet domain names, corporate names, business names and all other source indicators, whether registered or unregistered, including all goodwill associated therewith and all applications, registrations and renewals in connection therewith throughout the world, and all rights therein provided by international treaties and conventions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.126&nbsp;&nbsp;&nbsp;&nbsp;**"**Unit**" means one (1) 15-day ADC MDT Glucose Sensor contained in an individually packed single-unit box [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.127&nbsp;&nbsp;&nbsp;&nbsp;**[\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.128&nbsp;&nbsp;&nbsp;&nbsp;**[\*\*\*]

**Article II**

**GOVERNANCE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1&nbsp;&nbsp;&nbsp;&nbsp;Joint Steering Committee**. The Parties hereby form a joint steering committee ("**JSC**") to facilitate communications between the Parties related to the activities under this Agreement and to aid in long-range planning in connection with the development and Commercialization of the ADC-MDT System. The JSC shall include [\*\*\*]. The initial Members of the JSC [\*\*\*] are set forth on **Schedule 2.1**. Each Party shall use Commercially Reasonable Efforts to maintain the continuity of its representation, but may, if needed and by giving prior email notification to the other Party, (a) replace any or all of its representatives at any time by giving prior written notification to the other Party, (b) appoint a proxy at any time by giving prior written notification to the other Party, or (c) designate an alternative lead member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2&nbsp;&nbsp;&nbsp;&nbsp;JSC Meetings**. The JSC shall meet at least quarterly during the Term, or more frequently as agreed to by the Parties. Such meetings alternating between locations designated by ADC and locations designated by MDT. Any costs and expenses incurred by a Party or its representatives related to a JSC meeting, including, if applicable, travel or telecommunication expenses, shall be borne by such Party. If a representative of a Party is unable to attend a meeting, the Party may designate an alternate to attend such meeting in place of the absent representative. Each Party may, in its reasonable discretion, invite other employees of such Party to attend meetings of the JSC. Each Party shall provide advance notice of any additional attendees it will include at a meeting of the JSC and shall keep the JSC reasonably informed of its progress and activities under this Agreement. Each Party shall be responsible for calling meetings with reasonable advance notice. Any member of the JSC may make proposals for agenda items and shall provide all appropriate information with respect to such proposals reasonably in advance of the applicable meeting. The Parties shall alternate in preparing and circulating for review and approval of the other Party minutes of each meeting of the JSC within five (5) business days after each such meeting. The Parties shall agree on the minutes of each meeting promptly thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3&nbsp;&nbsp;&nbsp;&nbsp;JSC Responsibilities**. The JSC shall provide oversight for the collaboration between the Parties under this Agreement, including [\*\*\*]. For clarity, notwithstanding the role of the JSC in reviewing and approving the initial Regulatory Plan and initial Commercialization Plan, MDT will have and retain final responsibility for and right to control, subject to good faith discussions between the Parties and except to the extent it relates to ADC Libre Matters (i) all actions regarding regulatory filings and procedures for approval of the Designated MDT Devices and the ADC-MDT System in each Launch Country, as applicable, and (ii) the marketing, sales, and go-to-market strategy for the Designated MDT Devices, ADC MDT Glucose Sensors, and the ADC-MDT System in each Launch Country. The Parties shall mutually agree on regulatory matters regarding the ADC MDT Glucose Sensors and any components of the ADC-MDT System that discusses the ADC MDT Glucose Sensors in their filings or communications with Regulatory Authorities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4&nbsp;&nbsp;&nbsp;&nbsp;Procedural Rules**. The JSC shall have the right to adopt such standing rules as shall be necessary for its work to the extent that such rules are not inconsistent with this Agreement. A quorum of the JSC shall exist whenever there is present at a meeting at least one (1) member appointed by each Party, and a quorum shall be required for adoption of standing rules. Members of the JSC may attend a meeting either in person or by telephone, video conference or similar means in which each participant can hear what is said by, and be heard by, the other participants. The JSC shall take actions by unanimous affirmative vote, with each Party having a single vote irrespective of the number of representatives of such Party in attendance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5&nbsp;&nbsp;&nbsp;&nbsp;JSC Dispute Resolution**. The JSC shall act in good faith to resolve all issues before it. If the JSC cannot, or does not, reach consensus on an issue, then the dispute shall be first referred to the Senior Officers of the Parties, who shall confer in good faith on a resolution of the issue. Each Party may designate a JSC member and legal representative to attend such meetings of the Senior Officers. Any final decision mutually agreed to by the Senior Officers of the Parties shall be conclusive and binding on the Parties. If the Senior Officers are not able to agree on the resolution of any such issue within thirty (30) days after such issue was first referred to them, then, such dispute shall be resolved pursuant to Section 17.11(b). Disputes arising between the Parties under this Agreement that are outside of the responsibilities of the JSC, shall be resolved pursuant to Section 17.11(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6&nbsp;&nbsp;&nbsp;&nbsp;No Binding Powers**. Each Party shall retain the rights, powers, and discretion granted to it under this Agreement, and no such rights, powers, or discretion shall be given to the JSC beyond those in this Article II. The JSC shall not have the power to bind the Parties (except for the approval rights expressly provided for in this Article II, or to amend, modify or waive compliance with this Agreement, which may only be amended or modified as provided in Sections 17.4 and 17.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7&nbsp;&nbsp;&nbsp;&nbsp;Project Leaders**. Within thirty (30) days after the Effective Date, each Party shall appoint one of its employees as the project leader for such Party (the "**Project Leader**"). The Project Leaders shall meet on a monthly basis or as mutually agreed by the Parties at such locations or by such means as the Parties agree. The Project Leaders will jointly coordinate the day-to-day work of the Parties under this Agreement and jointly report progress to the JSC. Each Party may replace its Project Leader or appoint a proxy at any time by giving prior written notification to the other Party. Any costs and expenses incurred by a Party or its representatives related to a Project Leader's time and activities, including, if applicable, travel or telecommunication expenses, shall be borne by such Party. Project Leaders may attend a meeting either in person or by telephone, video conference or similar means in which each participant can hear what is said by, and be heard by, the other participant. The Parties shall be free to appoint the Project Leader as a member of the JSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8&nbsp;&nbsp;&nbsp;&nbsp;Alliance Managers**. Within thirty (30) days after the Effective Date, each Party shall appoint an individual, to act as the alliance manager for such Party (the "**Alliance Manager**"). Each non-member Alliance Manager of the Parties shall thereafter be permitted to attend meetings of the JSC and any subcommittee as an observer. The Alliance Managers shall be the point of contact for the Parties regarding the contractual and business aspects of the

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collaboration during the Term. Each Party may replace its Alliance Manager or appoint a proxy at any time by giving prior written notification to the other parties. Each party shall pay for its own Alliance Manager's time and activities.

**Article III**

**DEVELOPMENT PROGRAM**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1&nbsp;&nbsp;&nbsp;&nbsp;Integration Program Generally**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Integration Plan</u>. Within [\*\*\*] after the Effective Date or such timeframe as decided by the JSC, the Parties shall jointly prepare and submit to the JSC for approval a development plan covering each Party's responsibilities in developing the ADC-MDT System (the "**Integration Plan**"), which plan shall be consistent with the terms of this Article III, and shall take into account any regulatory clearances that may be required for Commercialization of the ADC MDT Glucose Sensors in accordance with this Agreement. Each Party shall keep the JSC informed and updated regarding its conduct of the Integration Plan. The aspects of the final architecture of the ADC-MDT System that impact or may reasonably be expected to impact the performance of the ADC MDT Glucose Sensors (other than the internal architecture and technology of the Designated MDT Devices) shall be mutually agreed by the Parties through the JSC. If the Parties are unable to reach agreement on the terms of the Integration Plan within such [\*\*\*] period (as may be updated by the JSC), then either Party may refer the matter to the Senior Officers for resolution pursuant to Section 2.5. The Integration Plan may be amended by the JSC to include or change roles, responsibilities and timelines for any technical work required for development of the ADC-MDT System. In the event the JSC is unable to reach agreement on any proposed update to the Integration Plan, such dispute shall be resolved in accordance with the terms of Section 2.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Execution of Integration Plan</u>. Subject to the terms of this Agreement, each Party shall use Commercially Reasonable Efforts to complete the activities assigned to it in the Integration Plan and will contribute reasonable time, resources, personnel and materials, including for purposes of clinical trials, as specifically set forth in the Integration Plan. Notwithstanding anything to the contrary herein, neither Party shall be obligated to conduct any development activities related to the ADC-MDT System until the Integration Plan has been approved by the Parties or their Senior Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Knowledge Transfer for Integration and Commercialization</u>. In accordance with this Article III and the Agreement, ADC shall provide sensor related technology to support the integration and development of the ADC MDT Glucose Sensors and the ADC-MDT System, including technical specifications [\*\*\*], supporting documentation and technical support for integration or interfacing of the Designated MDT Devices with the ADC MDT Glucose Sensors and [\*\*\*]. MDT shall provide the Designated MDT Devices and any related technology required to support the integration and development of the ADC MDT Glucose Sensors. ADC will not provide or disclose to MDT or any MDT personnel any ADC Highly Confidential Information except in accordance with Section 3.6(a). MDT will not provide or disclose to ADC or any ADC personnel any MDT Highly Confidential Information except in accordance with Section 3.7(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2&nbsp;&nbsp;&nbsp;&nbsp;MDT Integration Activities**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Integration of ADC-MDT System</u>. MDT shall be primarily responsible for developing the ADC-MDT System in collaboration with ADC in accordance with the Integration Plan; provided that use of the ADC Marks is subject to Section 6.3. MDT shall be responsible for all clinical trials for the ADC-MDT System, and for any Dosing Algorithms for the ADC-MDT System and the features and operation of the ADC-MDT System, including [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Assistance</u>. MDT shall provide reasonable assistance to ADC to the extent necessary for the design and development by ADC of the aspects of the ADC MDT Glucose Sensors that allow ADC Sensor Data to be displayed, interpreted and processed by the ADC-MDT System. In particular, subject to Section 3.7, MDT shall provide to ADC the MDT Licensed Background IP. MDT shall also provide ADC with reasonable quantities of test devices and MDT internally created or testing tools, in each case as reasonably necessary for ADC to develop the ADC MDT Glucose Sensors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Management</u>. Each party will provide reasonable assistance to the other party to the extent necessary to enable the ADC-MDT System to receive and Process ADC Sensor Data. MDT shall ensure that its MDT Cloud identifies the ADC Sensor Data in a manner that enables traceability of such ADC Sensor Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3&nbsp;&nbsp;&nbsp;&nbsp;ADC Integration Activities**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Integration of ADC Libre System</u>. ADC shall be responsible for all development of the ADC MDT Glucose Sensors, including any software, APIs, interfaces, and protocols that may be required to transmit data derived from the ADC MDT Glucose Sensors to the ADC-MDT System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Assistance</u>. ADC shall provide reasonable assistance to MDT to the extent necessary for the design and development by MDT of the aspects of the ADC-MDT System that allow ADC Sensor Data to be displayed, interpreted and processed by the ADC MDT Glucose Sensors and the ADC-MDT System. In particular, subject to Section 3.6, ADC shall provide to MDT the FreeStyle Libre Technology. ADC shall also provide MDT with reasonable quantities of test sensors and ADC internally created development or testing tools, in each case as reasonably necessary for MDT to develop, test and conduct clinical trials for the ADC-MDT System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Matters**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Regulatory Plan</u>. Within [\*\*\*], the Parties shall jointly prepare and submit to the JSC for approval a regulatory plan ("**Regulatory Plan**") for the ADC-MDT System, which plan shall be consistent with the terms of this Section 3.4 and include provisions for (i) regulatory governance, (ii) clarification of MDT's right to reference ADC regulatory filings, (iii) regulatory matters, including potential clinical trials to be conducted by MDT; and (iv) coordinated efforts related to regulatory communications for each Party's technologies as may impact the ADC-MDT System. The Parties shall mutually agree on regulatory matters regarding

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the ADC MDT Glucose Sensors and any components of the ADC-MDT System that discusses the ADC MDT Glucose Sensors in their filings or communications with Regulatory Authorities. If the Parties are unable to reach agreement on the Regulatory Plan within such [\*\*\*] period, either Party may refer the matter to the JSC for resolution at its next meeting. If the JSC is unable to resolve the dispute within thirty (30) days after its next meeting, either Party may refer the matter to the Senior Officers for resolution pursuant to Section 2.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Status and Updates</u>. The Parties agree to regularly present and discuss the status of their regulatory activities hereunder, and any proposed updates to the Regulatory Plan, at the JSC meetings, or more frequently as needed to keep each other reasonably informed of regulatory matters related to the ADC-MDT System. MDT shall provide ADC with summaries or copies, as appropriate, of (i) all filings for Regulatory Approvals for the ADC-MDT System contemporaneously with MDT's submission of such filings and (ii) all ADC Libre System-related written or electronic correspondence (other than filings for Regulatory Approvals) relating to the development of the ADC-MDT System received by or on behalf of MDT from, or sent by or on behalf of MDT to, Governmental Authorities. If MDT intends to update its regulatory filings or technical information or documentation necessary for MDT to obtain and maintain Regulatory Approvals for the MDT System or ADC-MDT System related to the ADC Libre System, MDT shall notify ADC in writing of any proposed updates no later than thirty (30) days prior to the filing or implementation, as applicable, so long as such notice doesn't delay MDT's response to FDA deadlines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>MDT Responsibilities</u>. MDT shall be solely responsible for obtaining and maintaining Regulatory Approvals and ongoing communication with Governmental Authorities for the ADC-MDT System and performing all testing (including system, human factors, or clinical) required for such approval as contemplated by the Integration Plan; provided that (i) for the portion of the ADC-MDT System filing that is related to the ADC MDT Glucose Sensors, such Regulatory Approvals and ongoing communication with Governmental Authorities shall be a joint effort between the Parties, and (ii) ADC shall have final decision-making authority with respect to any ADC Libre Matters. When requested by MDT, ADC shall use Commercially Reasonable Efforts to provide support, including participation in joint meetings with Governmental Authorities, as necessary to assist in obtaining and maintaining Regulatory Approval of the ADC-MDT System. For clarity, notwithstanding the role of the JSC in reviewing and approving the initial Regulatory Plan, MDT will have and retain final responsibility for and right to control, subject to good faith discussions between the Parties, all actions regarding regulatory filings and procedures for approval of the Designated MDT Devices, and the ADC-MDT System in each Launch Country, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>ADC Responsibilities</u>. ADC shall be solely responsible for obtaining and maintaining Regulatory Approvals and ongoing communication with Governmental Authorities for the ADC Libre System, and performing all testing (including system, human factors, or clinical) required for such approval. In addition, ADC shall be solely responsible for obtaining and maintaining integrated continuous glucose monitoring approval from the FDA for the ADC Libre System for commercialization in the Launch Countries. When requested by ADC, MDT shall provide reasonable support, including (i) participation in joint meetings with Governmental

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Authorities to assist in obtaining and maintaining Regulatory Approval of the ADC Libre System that can be used with the ADC-MDT System, and (ii) for testing and verification of the incorporation of the data generated by the ADC Libre System into the ADC-MDT System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reasonable Assistance</u>. Each Party shall provide the assistance described in this Section 3.4 and shall otherwise cooperate with the other Party as reasonably necessary to obtain or maintain Regulatory Approval of the ADC MDT Glucose Sensors and the ADC-MDT System, including providing reasonably requested information or documents. Any such information or documents that are non-public shall be used by the receiving Party solely for the purpose of obtaining or maintaining Regulatory Approval. If the disclosing Party determines in its reasonable discretion that any information or documents requested pursuant to this Section 3.4 contains information of a sensitive nature, the disclosing Party shall have the right to provide such information or documents in confidence directly to the applicable Authorities rather than to the other Party, provided that the disclosing Party timely provides the submission to the applicable Authorities and notifies the other Party of the submission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5&nbsp;&nbsp;&nbsp;&nbsp;Costs**. Unless otherwise expressly provided for in this Agreement, the Integration Plan or Regulatory Plan, [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6&nbsp;&nbsp;&nbsp;&nbsp;Use of ADC Highly Confidential Information**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disclosure and Use of ADC Highly Confidential Information</u>. ADC will not disclose or provide any ADC Highly Confidential Information to MDT or its personnel except as set forth in this Section 3.6(a). For any written materials, including any FreeStyle Libre Documentation, FreeStyle Libre Security Credentials, and any other specifications, software code, documentation, APIs, SDKs, data, charts, presentations, or emails, ADC will provide access to such materials only to the MDT Approved Person by posting such materials to the ADC HCI Folder. In addition, certain related Confidential Information of ADC that is disclosed orally may be deemed to be ADC Highly Confidential Information only if (i) prior to disclosing such information, ADC informs the designated MDT Approved Person in writing that ADC intends to disclose ADC Highly Confidential Information together with a general description of such information, (ii) the MDT Approved Person agrees in writing to receive such ADC Highly Confidential Information, and (iii) promptly after disclosure, ADC posts the written notice, general description, and MDT agreement to receive such ADC Highly Confidential Information into the ADC HCI Folder. Subject to the terms and conditions of this Agreement, MDT shall use the ADC Highly Confidential Information solely in accordance with this Agreement and for (A) development of the ADC-MDT System, (B) distribution of the FreeStyle Libre Technology included in the ADC MDT Glucose Sensors and the ADC-MDT System and (C) ongoing support of the ADC-MDT System. MDT shall not provide ADC Highly Confidential Information to any Affiliates or Third Parties (except in accordance with Sections 3.6(b) and 3.6(c)) and shall ensure that only Approved Persons receive access to the ADC Highly Confidential Information. MDT shall maintain a written list of Approved Persons, promptly update the list with any additions or deletions, and provide a copy of the current list to ADC within three (3) Business Days after ADC's request therefor. For clarity, such list shall be MDT's Confidential Information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Responsibilities</u>. MDT shall ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all Approved Persons with access to ADC Highly Confidential Information have been trained by MDT on the procedures for protecting such ADC Highly Confidential Information, including, but not limited to, the requirements set forth in Section 13.1 and this Section 3.6(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the ADC Highly Confidential Information is never checked into any source code management system such as Github, provided that the foregoing shall not preclude MDT's use of a private source control system which is dedicated for MDT's exclusive use and not accessible by Third Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;MDT or MDT Affiliate personnel do not use the ADC Highly Confidential Information for any purpose other than as permitted under Section 3.6 (a) nor modify or bybass the FreeStyle Libre Technology and/ or ADC MDT Glucose Sensor communication interface or encryption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;all filenames relating to the ADC Highly Confidential Information are added to .*gitignore* of any source management system (other than a private source control system allowed under foregoing clause (i)) as soon as they are known;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the ADC Highly Confidential Information shall never be shared via e-mail, Google Drive, Dropbox, or stored on any insecure cloud storage/sharing system provided that, MDT shall be permitted to store the ADC Highly Confidential Information in the same secured cloud storage system where MDT stores its most highly Confidential Information related to building versions of the ADC-MDT System);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;every computer with the ADC Highly Confidential Information on the disk drive has drive encryption and password-protection enabled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;the ADC Highly Confidential Information is never copied onto a USB or other external hard drive; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;it writes an abstraction layer around the FreeStyle Libre Documentation to minimize use of the libraries during developing and testing activities and incorporate such other safeguards with respect to the ADC Highly Confidential Information as may be set forth in the Integration Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>MDT Protection Technology</u>. Except as otherwise set forth in the Integration Plan, MDT represents and warrants that the Designated MDT Devices and MDT App shall only receive, access, store, transfer or otherwise process the FreeStyle Libre Security Credentials through a secured BLE channel that is encrypted by the Designated MDT Devices firmware, which maintains Joint Test Action Group (JTAG) readout protection (collectively, "**MDT Protection Technology**"). Before distribution of the ADC-MDT System (or any of its components) to any Third Party (excluding an Approved Person for development purposes hereunder), MDT shall take any steps reasonably required by ADC and set forth in the

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Integration Plan as necessary to (i) protect the FreeStyle Libre Security Credentials (or any lesser portion thereof to which ADC agrees in writing) using technology provided by [\*\*\*] (the "**Software Protection Provider**"), including the MDT Protection Technology, (ii) obtain, at MDT's sole expense, any necessary licenses from the Software Protection Provider, and (iii) protect the MDT ADC Code in a reasonable manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Noncompliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;MDT agrees that upon request, it shall certify in writing whether it is in compliance with the provisions of this Section 3.6. Immediately (and in any event within seventy-two (72) hours) after MDT becomes aware of any actual or expected noncompliance with this Section 3.6, MDT shall notify ADC in writing. Such written notice shall include the nature and period of existence of the noncompliance and what action MDT is taking or proposes to take to identify and cure such noncompliance. After delivery of such written notice, MDT shall work in good faith with ADC to address and remediate such noncompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Material Breach</u>. A material failure by MDT to comply with its obligations under Sections 3.6(a) – 3.6(d) above shall be a material breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Injunctive Relief</u>. MDT acknowledges that any use or disclosure of the ADC Highly Confidential Information other than as permitted in this Agreement may cause ADC irreparable harm and significant injury to an extent that may be extremely difficult to ascertain. Accordingly, MDT agrees that ADC shall have, in addition to any other rights or remedies available to it at law or in equity, the right to seek a preliminary or permanent injunction to prevent unauthorized use or disclosure of the ADC Highly Confidential Information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Treatment</u>. The ADC Highly Confidential Information constitutes ADC's Confidential Information and shall be treated as such; provided, however, that to the extent this Section 3.6 conflicts with any other provision of the Agreement regarding the treatment of Confidential Information, this Section 3.6 shall control with regard to the ADC Highly Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7&nbsp;&nbsp;&nbsp;&nbsp;Use of MDT Highly Confidential Information**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disclosure and Use of MDT Highly Confidential Information</u>. MDT will not disclose or provide any MDT Highly Confidential Information to ADC or its personnel except as set forth in this Section 3.7(a). For any written materials, including specifications, software code, documentation, APIs, SDKs, data, charts, presentations, or emails, MDT will conspicuously mark such written materials as MDT Highly Confidential Information and will provide access to such materials only to the designed ADC Approved Persons by posting such materials to the MDT HCI Folder. In addition, certain related Confidential Information of MDT that is disclosed orally may be deemed to be MDT Highly Confidential Information only if (i) prior to disclosing such information, MDT informs the designated ADC Approved Person in writing that MDT intends to disclose MDT Highly Confidential Information together with a general description of such information, (ii) the ADC Approved Person agrees in writing to receive such MDT Highly Confidential Information, and (iii) promptly after disclosure, MDT posts the written notice, general description, and ADC agreement to receive such MDT Highly Confidential Information into the MDT HCI Folder. Subject to the terms and conditions of this Agreement, ADC shall use the MDT Highly Confidential Information solely for (A) development of the integration of the ADC MDT Glucose Sensors to make them compatible with Designated MDT Devices and (B) ongoing support of the ADC MDT Glucose Sensors or ADC-MDT System in accordance with this Agreement. ADC shall not use the MDT Highly Confidential Information for any other purpose. ADC shall not provide MDT Highly Confidential Information to any Third Parties (except in accordance with Section 3.7(b)) and shall ensure that only Approved Persons receive access to the MDT Highly Confidential Information. ADC shall maintain a written list of Approved Persons, promptly update the list with any additions or deletions, and provide a copy of the current list to ADC within three (3) Business Days after MDT's request therefor. For clarity, such list shall be ADC's Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Responsibilities</u>. ADC shall ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all Approved Persons with access to MDT Highly Confidential Information has been trained by ADC on the procedures for protecting such MDT Highly Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the MDT Highly Confidential Information is never checked into any source code management system such as Github; provided that the foregoing shall not preclude ADC's use of a private source control system which is dedicated for ADC's exclusive use and not accessible by Third Parties;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;all filenames relating to the MDT Highly Confidential Information are added to .*gitignore* of any source code management system (other than a private source control system allowed under foregoing clause (i)) as soon as they are known;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the MDT Highly Confidential Information shall never be shared via e-mail, Google Drive, Dropbox, or stored on any insecure cloud storage/sharing system, provided that ADC shall be permitted to store the MDT Highly Confidential Information on the secured cloud storage system where ADC has stored its most highly Confidential Information related to building versions of the ADC Libre Systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;every computer with the MDT Highly Confidential Information on the disk drive has drive encryption and password-protection enabled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;the MDT Highly Confidential Information is never copied onto a USB or other external hard drive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Noncompliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;ADC agrees that upon request, it shall certify in writing whether it is in compliance with the provisions of this Section 3.7. [\*\*\*] after ADC becomes aware of any actual or expected noncompliance with this Section 3.7, ADC shall notify MDT in writing. Such written notice shall include the nature and period of existence of the noncompliance and what action ADC is taking or proposes to take to identify and cure such noncompliance. After delivery of such written notice, ADC shall work in good faith with MDT to address and remediate such noncompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Material Breach</u>. A material failure by ADC to comply with its obligations under Sections 3.7(a) – 3.7(c) above shall be a material breach of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Injunctive Relief</u>. ADC acknowledges that any use or disclosure of the MDT Highly Confidential Information other than as permitted in this Agreement may cause MDT irreparable harm and significant injury to an extent that may be extremely difficult to ascertain. Accordingly, ADC agrees that MDT shall have, in addition to any other rights or remedies available to it at law or in equity, the right to seek a preliminary or permanent injunction to prevent unauthorized use or disclosure of the MDT Highly Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Treatment</u>. The MDT Highly Confidential Information constitutes MDT Confidential Information and shall be treated as such; provided, however, that to the extent this Section 3.7 conflicts with any other provision of the Agreement regarding the treatment of Confidential Information, this Section 3.7 shall control with regard to the MDT Highly Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8&nbsp;&nbsp;&nbsp;&nbsp;Pre-Production Environment**. ADC shall provide a pre-production environment and any necessary support to facilitate MDT's testing and, if necessary, modification of the ADC-MDT System required for the conduct of the Integration Plan. MDT shall provide a pre-production environment and any necessary support to facilitate ADC's testing and, if necessary, modification of the ADC MDT Glucose Sensors required for the conduct of the Integration Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9&nbsp;&nbsp;&nbsp;&nbsp;Technical Team Meetings**. During the conduct of the development activities pursuant to the Integration Plan, the relevant technical representatives from each Party will meet as reasonably requested by either Party to discuss the development of the ADC-MDT System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10&nbsp;&nbsp;&nbsp;&nbsp;Use of FOSS and Third Party Software**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>FOSS</u>. MDT represents and warrants to ADC with respect to Designated MDT Devices and any aspects of the ADC-MDT System that are developed and furnished by MDT, and ADC represents and warrants to MDT with respect to the ADC MDT Glucose Sensors and ADC Libre System: (i) that it has satisfied all its obligations to any third parties with respect to all applicable FOSS licenses; (ii) that the FOSS, in the form included in the ADC MDT Glucose Sensors, the ADC-MDT System, and the ADC Libre System, as applicable, is suitable for the intent and purposes furnished hereunder; (iii) that use of the FOSS in such form for such intent and purposes in no manner creates any added obligation on the part of ADC or MDT, or diminishes, conditions or eliminates any of the rights, title, or interest that either Party grants under this Agreement; and (iv) that use of the FOSS in such form for such intent and purposes, with any software of ADC or MDT, does not subject ADC or MDT to any obligation of disclosure or distribution to any third party or to the public of any such proprietary software, or otherwise make such software subject to the terms of any FOSS license or impair ADC's or MDT's rights, title, or interest in or to such software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Third Party Software</u>. Each Party represents and warrants to the other Party that it has obtained all necessary licenses for any third-party software that is not FOSS but is incorporated by it into the MDT ADC Glucose Sensors or the ADC-MDT System, as applicable.

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**Article IV**

**NEW PRODUCTS AND PRODUCT UPDATES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1&nbsp;&nbsp;&nbsp;&nbsp;Update Notices.** Each Party shall keep the other Party reasonably informed of planned ADC-MDT System or ADC MDT Glucose Sensor updates or any planned cloud-to-cloud data API interface updates, as applicable (whether software updates or hardware modifications), if such updates will or could reasonably be expected to impact the integration, features, functions or capabilities of the ADC-MDT System or the interoperability and interfacing of the ADC MDT Glucose Sensors and the Designated MDT Devices (*e.g.*, data sharing, data transfer, user experience, *etc.*). Neither Party will make any such updates or changes without first giving the other Party [\*\*\*] prior written notice and full cooperation in accordance with Section 4.1. Notwithstanding the foregoing, subject to Section 4.2, each Party may implement as soon as practicable any changes that are required to comply with any applicable Regulatory Approval, Applicable Law, cGMPs or by concerns related to the safety, efficacy or cybersecurity of such Party's applicable products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2&nbsp;&nbsp;&nbsp;&nbsp;Change Management**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>ADC Changes</u>. [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>MDT Changes</u>. [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3&nbsp;&nbsp;&nbsp;&nbsp;**[\*\*\*]

**Article V**

**INTELLECTUAL PROPERTY RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1&nbsp;&nbsp;&nbsp;&nbsp;Background IP**. Each Party shall retain all right, title, and interest in any Intellectual Property (a) owned or Controlled by such Party or its Affiliates prior to the Effective Date or (b) developed, invented, discovered, reduced to practice, created or acquired by or for such Party independently of this Agreement and without use of the other Party's Confidential Information or Intellectual Property, whether before or after the Effective Date ("**Background IP**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2&nbsp;&nbsp;&nbsp;&nbsp;Improvement IP**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>ADC Improvement IP</u>. ADC shall own all right, title, and interest in any ADC Improvement IP. MDT will promptly disclose in writing any ADC Improvement IP to ADC, and hereby assigns all right, title and interest in and to any such ADC Improvement IP to ADC. At ADC's request and expense, MDT will execute, or cause its and its Affiliates employees and agents to execute, all documents and take such actions as ADC deems necessary or appropriate to effectuate and maintain ADC's rights in the ADC Improvement IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>MDT Improvement IP</u>. MDT shall own all right, title, and interest in any MDT Improvement IP. ADC will promptly disclose in writing any MDT Improvement IP to MDT, and hereby assigns all right, title and interest in and to any such MDT Improvement IP to

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MDT. At MDT's request and expense, ADC will execute, or cause its and its Affiliates employees and agents to execute, all documents and take such actions as MDT deems reasonably necessary or appropriate to effectuate and maintain MDT's rights in the MDT Improvement IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3&nbsp;&nbsp;&nbsp;&nbsp;Sole IP**. Other than ADC Improvement IP and MDT Improvement IP, each Party shall own all right, title, and interest in any Intellectual Property developed, invented, discovered, reduced to practice, or created solely by or on behalf of such Party under this Agreement ("**Sole IP**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4&nbsp;&nbsp;&nbsp;&nbsp;Joint IP**. The Parties do not anticipate or intend to jointly develop any Intellectual Property rights in connection with this Agreement. Notwithstanding the foregoing, other than ADC Improvement IP and MDT Improvement IP, the Parties shall jointly own all right, title, and interest in any Intellectual Property that may be developed, invented, discovered, reduced to practice or created jointly by or on behalf of both Parties under this Agreement ("**Joint IP**"). Each Party shall promptly disclose to the other Party in writing any such Joint IP. Each Party shall have full rights in the Joint IP as accorded to joint owners under U.S. intellectual property law, including the right, subject to the other Party's Intellectual Property Rights, including Background IP, to exploit the Joint IP and freely grant licenses to Affiliates or Third Parties in the Joint IP without the consent of, or accounting to, the other Party; provided, however, that to the extent that the Joint IP includes a Party's information or materials protected by copyright or as trade secrets, such Party's prior written consent shall be required prior to any exploitation or licensing of such Joint IP. The Joint IP shall be considered the Confidential Information of both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5&nbsp;&nbsp;&nbsp;&nbsp;Determination of Inventorship and Authorship**. Inventorship and authorship of Intellectual Property invented, discovered, or created in relation to this Agreement shall be determined according to U.S. intellectual property law, regardless of the jurisdiction in which the Intellectual Property was invented, discovered, or created.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6&nbsp;&nbsp;&nbsp;&nbsp;Documents and Assistance**. Each Party shall execute and shall cause its employees, contractors and agents to execute all documents necessary to effectuate the Parties' rights set forth in this Article V. Each Party shall also provide the other Party with reasonable assistance necessary for the other Party to obtain or maintain protection of its Intellectual Property.

**Article VI**

**LICENSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1&nbsp;&nbsp;&nbsp;&nbsp;Intellectual Property Licenses for Activities Under Agreement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>ADC Licenses to MDT</u>. Subject to MDT's compliance with this Agreement, during the Term and any survival period provided in Section 14.7, and subject to the terms and conditions of this Agreement, ADC hereby grants to MDT and its Affiliates performing under this Agreement a [\*\*\*] license under ADC Licensed Background IP, ADC Improvement IP and ADC Sole IP solely for the purpose of and to the extent necessary for MDT: (i) to update the Designated MDT Devices and the ADC-MDT System for use with the ADC

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MDT Glucose Sensors and to develop the ADC-MDT System; (ii) to offer for sale, sell, distribute and otherwise Commercialize the ADC MDT Glucose Sensors in the Launch Countries; and (iii) to develop, make, have made, offer for sale, sell, import, export, support, maintain, and Commercialize the ADC-MDT System in the Launch Countries, in each case in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>MDT License to ADC</u>. Subject to ADC's compliance with this Agreement, during the Term and any survival period provided in Section 14.7, and subject to the terms and conditions of this Agreement, MDT hereby grants to ADC and its Affiliates performing under this Agreement a [\*\*\*] license under the MDT Licensed Background IP, MDT Improvement IP and MDT Sole IP solely for the purpose of and to the extent necessary for ADC to update its ADC Sensors to become ADC MDT Glucose Sensors and to sell or distribute such ADC MDT Glucose Sensors to MDT in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2&nbsp;&nbsp;&nbsp;&nbsp;Licenses to Use Improvement IP**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>ADC License to MDT</u>. ADC (on behalf of itself and its Affiliates) hereby grants to MDT and its Affiliates, and their respective manufacturers, distributors, and customers, a [\*\*\*] license under any Licensed ADC Improvement IP to develop, make, have made, use, sell, offer for sale and import products and services. [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>MDT License to ADC</u>. MDT (on behalf of itself and its Affiliates) hereby grants to ADC and its Affiliates, and their respective manufacturers, distributors, and customers, a [\*\*\*] license under any Licensed MDT Improvement IP to develop, make, have made, use, sell, offer for sale and import products and services. [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3&nbsp;&nbsp;&nbsp;&nbsp;Trademark Licenses**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>License to MDT</u>. Subject to compliance with Applicable Law and subject to, and in accordance with, the terms and conditions of this Agreement, ADC hereby grants to MDT [\*\*\*] license to use the ADC Marks for the sole and exclusive purpose of developing the ADC-MDT System and marketing and selling the ADC-MDT System in the Launch Countries, in accordance with the Commercialization Plan. MDT may sublicense its right to use the ADC Marks with ADC's prior written approval. ADC shall provide MDT with copies of the ADC Marks in an appropriate form for the uses contemplated herein. ADC shall have the right to approve the appearance, placement and manner of use of the ADC Marks in advance of their use and to withhold approval of any ADC Marks uses in its sole and absolute discretion. MDT agrees to use the ADC Marks solely in the form provided or approved in writing by ADC and to comply with any standards or guidelines regarding the usage or presentation of the ADC Marks which ADC may communicate from time to time, with any revisions to be effective within a reasonable time after written notice to MDT. ADC or its Affiliate is the sole and exclusive owner of all right, title and interest in and to the ADC Marks. ADC or its Affiliate shall retain all right, title, and interest in and to the ADC Marks, and all goodwill derived from the use of the ADC Marks shall inure solely to the benefit of ADC or its Affiliates. MDT shall not acquire any Trademark rights resulting from its use of the ADC Marks. MDT agrees that neither it nor its agents or Affiliates shall, during or after the Term of the Agreement, anywhere in the world, take any

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action, or assist any other party in taking any action: (i) that in ADC's sole, good faith discretion impairs or contests or tends to impair or contest the validity of ADC's or its Affiliates' right, title and interest in and to the ADC Marks, including using, or filing an application to register, any word, mark, domain name, user name, hashtag, symbol or device, or any combination thereof, that is confusingly similar to or dilutes the distinctiveness of any of the ADC Marks; or (ii) challenging the validity of any of the ADC Marks in any court, tribunal, national trademark office, or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Prosecution of Registrations</u>. Each Party acknowledges and agrees to use Commercially Reasonable Efforts to assist the other Party in the prosecution of any future or current trademark registrations related to the ADC Marks or MDT Marks, as applicable, including tracking use of the other Party's Marks and tracking any other information supporting the establishment of secondary meaning and/or acquired distinctiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Trademark Notice</u>. Unless otherwise approved by the JSC, ADC or MDT, as applicable, shall include the following written trademark notice in clearly legible font on all packaging, labeling, advertising, media, marketing materials, direct to consumer communications, and other materials using the ADC Marks, including all Master Materials and Master Packaging and Labeling: The sensor housing, FreeStyle, and Libre are marks of Abbott Diabetes Care Inc. and used with permission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>License to ADC</u>. Subject to compliance with Applicable Law and subject to, and in accordance with, the terms and conditions of this Agreement, MDT hereby grants to ADC and its Affiliates a [\*\*\*] license to use the MDT Marks for the sole and exclusive purposes of developing and labeling the ADC MDT Glucose Sensors for sale to MDT in accordance with this Agreement. ADC may sublicense its right to use the MDT Marks with MDT's prior written approval. MDT shall provide ADC with copies of the MDT Marks in an appropriate form for the uses contemplated herein. MDT shall have the right to approve the appearance and placement of the MDT Marks in advance of their use. ADC agrees to use the MDT Marks solely in the form provided or approved in writing by MDT and to comply with any standards or guidelines regarding the usage or presentation of the MDT Marks which MDT may communicate from time to time, with any revisions to be effective upon written notice to ADC. ADC acknowledges that MDT is the sole and exclusive owner of all right, title and interest in and the MDT Marks. MDT shall retain all right, title, and interest in and to the MDT Marks, and all goodwill derived from the use of the MDT Marks shall inure solely to the benefit of MDT. ADC shall not acquire any Trademark rights resulting from its use of the MDT Marks. ADC agrees that neither it nor its agents shall, during or after the Term of the Agreement, anywhere in the world, take any action that in MDT's sole, good faith discretion impairs or contests or tends to impair or contest the validity of MDT's right, title and interest in and to the MDT Marks, including using, or filing an application to register, any word, mark, domain name, user name, hashtag, symbol or device, or any combination thereof, that is confusingly similar to or dilutes the distinctiveness of any of the MDT Marks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>MDT Restrictions</u>. Except as expressly permitted pursuant to Section 6.3(a) above and Sections 7.4 and 7.5, MDT shall refrain from any use of ADC's name, trade

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names, Trademarks, trade dress, service marks, designs or logos, including the ADC Marks, in any publication, press release, marketing or promotional materials, domain name, user name, hashtag, web site or otherwise without the prior written approval of ADC, which may be granted or withheld at ADC's sole discretion. MDT shall refrain from any use of the ADC Marks in a manner that threatens to damage the goodwill associated with the ADC Marks or which threatens to tarnish the reputation or otherwise unfavorably reflect upon ADC. MDT shall advise ADC of any instances of possible infringement or other violation of ADC's rights in the ADC Marks in connection with the ADC-MDT System that come to its attention during the Term. MDT agrees to fully cooperate with ADC regarding any action ADC may take with respect to such infringement or violation. ADC shall have the exclusive right, exercisable in its sole and unlimited discretion, to institute in its own name and to control or settle all actions against Third Parties relating to ADC's rights, at ADC's expense. ADC shall be entitled to receive and retain all amounts awarded, if any, as damages, profits or otherwise in connection with such actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>ADC Restrictions</u>. Except as expressly permitted pursuant to Section 6.3(d) above and Sections 7.4 and 7.5, ADC shall refrain from any use of MDT's name, trade names, Trademarks, trade dress, service marks, designs or logos, including the MDT Marks, in any publication, press release, marketing or promotional materials, domain name, user name, hashtag, web site or otherwise without the prior written approval of MDT, which may be granted or withheld at MDT's sole discretion. ADC shall refrain from any use of the MDT Marks in a manner that threatens to damage the goodwill associated with the MDT Marks or which threatens to tarnish the reputation or otherwise unfavorably reflect upon MDT. ADC shall advise MDT of any instances of possible infringement or other violation of MDT's rights in the MDT Marks in connection with the ADC-MDT System that come to its attention during the Term. ADC agrees to fully cooperate with MDT regarding any action MDT may take with respect to such infringement or violation. MDT shall have the exclusive right, exercisable in its sole and unlimited discretion, to institute in its own name and to control or settle all actions against Third Parties relating to MDT's rights, at MDT's expense. MDT shall be entitled to receive and retain all amounts awarded, if any, as damages, profits or otherwise in connection with such actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limited Rights</u>. Except for the limited right to use the ADC Marks granted to MDT as set forth herein, no right, license or other interest with respect to any ADC Marks is granted to MDT under this Agreement. Except for the limited right to use the MDT Marks granted to ADC as set forth herein, no right, license or other interest with respect to any MDT Marks is granted to ADC under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5&nbsp;&nbsp;&nbsp;&nbsp;No Implied Licenses**. No rights or licenses are granted, by implication or otherwise, by either Party to the other Party hereunder except as expressly set forth in this Agreement.

**Article VII**

**COMMERCIALIZATION, DISTRIBUTION AND MARKETING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1&nbsp;&nbsp;&nbsp;&nbsp;Commercialization Plan**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Commercialization Plan</u>. Within [\*\*\*], the Parties shall prepare and present to the JSC for review a preliminary commercialization plan for the ADC-MDT System, which plan will include identification of the initial target jurisdictions within the Territory (each an "**Initial Launch Country**"), target release dates and other actions necessary to achieve Commercial Launch in each Initial Launch Country (the "**Initial Commercialization Plan**"). Throughout the Term, the Parties or the JSC may identify additional target jurisdictions within the Territory (together with the Initial Launch Country, each a "**Launch Country**" and collectively, the "**Launch Countries**") for Commercial Launch and [\*\*\*] prior to the respective Target Launch Date, prepare and approve a commercialization plan for such additional Launch Country (each, a "**Launch Country Commercialization Plan**", and together with the Initial Commercialization Plan, the "**Commercialization Plans**"). The Parties agree that the first Launch Countries shall be [\*\*\*]. The following markets will be considered Launch Countries: [\*\*\*]. Thereafter, additional Launch Countries will be mutually agreed through the JSC. The Commercialization Plans shall each include, with respect to each Launch Country, (i) identification of target markets, (ii) the Designated MDT Device(s) and ADC MDT Glucose Sensor(s) to be launched as a ADC-MDT System in such Launch Country, (iii) agreed launch date(s) for the applicable ADC-MDT System in such Launch Country (the "**Target Launch Date**", for such country), and (iv) other actions necessary to achieve Commercial Launch in such Launch Country and ensure that any such Commercial Launch activities are coordinated with the activities and deliverables in the Integration Plan and Regulatory Plan. For clarity, each Commercialization Plan will focus solely on the activities necessary for the Parties to coordinate timing and announcement of Commercial Launch within each Launch Country, and will not otherwise dictate, control, or govern MDT's marketing, sale, and Commercialization of the ADC MDT Glucose Sensors or the ADC-MDT System. If any amendments to this Agreement are needed to ensure compliance with Data Protection Laws or other Applicable Laws or otherwise needed in connection with the determination by the Parties to launch the ADC-MDT System in a Launch Country, then the Parties shall negotiate in good faith an amendment to this Agreement prior to Commercial Launch.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>JSC Approval</u>. Each Commercialization Plan shall be reviewed for approval by the JSC within [\*\*\*]. The draft Commercialization Plans shall be revised to incorporate any initial feedback and changes based on the input of the JSC. If the JSC is initially unable to reach agreement on any Commercialization Plan within the foregoing time period, then either Party may refer the matter to the JSC for a second attempted resolution at its next meeting. If the JSC is unable to resolve the matter within thirty (30) days after its next meeting, either Party may refer the matter to the Senior Officers for resolution pursuant to Section 2.5. The

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Commercialization Plan shall be consistent with the terms of this Article VII. The Commercialization Plan may thereafter be amended by the JSC. For clarity, notwithstanding the role of the JSC in reviewing and approving the initial Commercialization Plan, MDT will have and retain final responsibility for and right to control, except for any ADC Libre Matters and subject to good faith discussions between the Parties, the marketing, sales, and go-to-market strategy for the Designated MDT Devices, ADC MDT Glucose Sensors, and the ADC-MDT System in each Launch Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2&nbsp;&nbsp;&nbsp;&nbsp;Commercialization Activities**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Commercialization</u>. Subject to the terms of this Agreement, MDT shall be responsible, at its sole expense, for the Commercialization of the ADC-MDT System, Designated MDT Devices and ADC MDT Glucose Sensors in the Launch Countries. All such Commercialization shall be conducted in accordance with the Commercialization Plan and the terms of this Agreement. Each Party shall use Commercially Reasonable Efforts to perform its obligations as set forth in each approved Commercialization Plan and shall provide the other Party with prompt written notice of any occurrence that may substantially affect the Party's ability to perform such obligations. Notwithstanding anything to the contrary herein, neither Party shall be obligated to conduct any Commercialization activities in a Launch Country related to the ADC-MDT System until the Commercialization Plan for such Launch Country has been approved by the JSC in accordance with Section 7.1. MDT shall not have any authority to make any commitments whatsoever on behalf of ADC or any of its Affiliates. ADC reserves the right to distribute, and appoint other authorized distributors or resellers to distribute, the ADC Sensors and related ADC products anywhere in the world for any use, subject to Section 7.3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Designated Territories</u>. Except as otherwise mutually agreed, MDT shall only Commercialize the ADC MDT Glucose Sensors in connection with Designated MDT Devices and in those Launch Countries in which [\*\*\*]. Except as otherwise mutually agreed and without limiting the foregoing, MDT shall not Commercialize MDT Connected Pens with ADC MDT Glucose Sensors in a market unless [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3&nbsp;&nbsp;&nbsp;&nbsp;Exclusivity**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>ADC Exclusivity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;During the Term, ADC shall not enter into any agreement with [\*\*\*] (the "**ADC Excluded Parties**") to supply to any of the ADC Excluded Parties ADC [\*\*\*] customized to work exclusively with devices of any of the ADC Excluded Parties in the Territory, provided that the foregoing restriction shall automatically terminate as of the earliest to occur of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;subject to adjustment as set forth in Section 7.3(a)(ii) if a Failure to Supply occurs for [\*\*\*], if Commercial Launch does not occur in all [\*\*\*] by the later of (x) [\*\*\*], or (y) provided that MDT has used Best Efforts to obtain such regulatory clearance

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(*e.g*., including performing any required clinical study requirements requested by EU regulatory authorities), [\*\*\*] after receipt of regulatory clearance in each of [\*\*\*] for the ADC MDT Glucose Sensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;subject to adjustment as set forth in Section 7.3(a)(ii) if a Failure to Supply occurs for [\*\*\*] or any delay in the Parties' agreement upon a Commercialization Plan for [\*\*\*], the Commercial Launch does not occur in at least three of [\*\*\*] within [\*\*\*] from the Effective Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;subject to adjustment as set forth in Section 7.3(a)(ii) if a Failure to Supply occurs, commencing when at least [\*\*\*] becomes [\*\*\*], if MDT does not achieve the Purchase Volume Threshold in the aggregate for [\*\*\*] within [\*\*\*] after first Commercial Launch in the first [\*\*\*] (measured by evaluating the glucose sensor sales in the last full twelve calendar months within such [\*\*\*] period), and thereafter maintain the Purchase Volume Threshold in each subsequent [\*\*\*] period then the restriction in this Section 7.3(a) shall terminate at the end of such applicable [\*\*\*] period. The foregoing restriction will not terminate if MDT, in its discretion, provides written notice to ADC that it will make a true-up purchase for the shortfall Units (calculated by subtracting the number of Units purchased during the applicable [\*\*\*] period from the Purchase Volume Threshold for such period). MDT shall make such true up purchase and payment within thirty (30) days from the [\*\*\*] anniversary of Commercial Launch or the end of any subsequent any [\*\*\*] period, as applicable. All applicable terms for supply of such additional ADC MDT Glucose Sensors pursuant to a true up purchase, including, but not limited to the Minimum Order Quantity and lead times, shall be consistent with Article IX. If such true up purchase and payment is not made within any such thirty (30) day period, the exclusivity restriction on ADC hereunder shall automatically terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a Failure to Supply or delay in agreement on the Commercialization Plan, the affected timeframes or Purchase Volume Threshold and Purchase Volume High Threshold shall be equitably adjusted as mutually agreed by the Parties in writing to account for such failure. [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Section 7.3(a) shall be construed as restricting ADC from (A) continuing to allow compatibility of its ADC Sensors with Third Party insulin delivery devices, including devices from any of the ADC Excluded Parties, or (B) developing and commercializing its own insulin delivery devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting anything in this Section 7.3(a), ADC agrees that it will not sell, directly or indirectly, the ADC MDT Glucose Sensors to any Person other than MDT and its Affiliates at any time during or after the Term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>MDT Exclusivity</u>. During the Term, MDT shall not purchase, market or distribute any continuous glucose monitors (CGMs) from [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Material Breach</u>. The Parties agree that a breach of this Section 7.3 by either Party shall be considered a material breach of this Agreement. Notwithstanding the

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foregoing, a failure by MDT to meet the aforementioned milestones in Sections 7.3(a)(i)(A) and 7.3(a)(i)(C) above shall not constitute a material breach of this Agreement. [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4&nbsp;&nbsp;&nbsp;&nbsp;Marketing Materials; Packaging and Labelling**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Marketing Materials and Guidelines</u>. MDT shall be responsible, at its expense, for preparing promotional and marketing materials and guidelines for the ADC-MDT System for use in each Launch Country in compliance with (i) Applicable Law, (ii) the regulatory approved label of the ADC-MDT System, and (iii) the terms of this Agreement (such materials and guidelines collectively, the "**Master Materials**"). Any Master Materials referencing the ADC MDT Glucose Sensors or bearing any ADC Marks must be approved by ADC in writing prior to use. The Master Materials may be updated by MDT from time to time, provided that MDT may not update any Master Materials for the ADC MDT Glucose Sensors or bearing any ADC mark without the written agreement of ADC. MDT shall market and re-sell the ADC MDT Glucose Sensors only for use in conjunction with Designated MDT Devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Packaging and Labeling</u>. MDT shall be responsible, at its expense, for developing all packaging and Labeling for the ADC-MDT System (including the Designated MDT Devices) for use throughout the Launch Country in compliance with (i) Applicable Law, and (ii) the regulatory approved label of the ADC-MDT System (collectively, the "**Master Packaging and Labeling**"). ADC shall have final approval and discretion over the depiction of ADC Marks in any and all Master Packaging and Labeling for the ADC MDT Glucose Sensors and for the ADC-MDT System that otherwise bear the ADC Marks. MDT shall have final approval and discretion over any and all packaging and Labeling for the Designated MDT Devices. ADC will deliver each ADC MDT Glucose Sensor for each SKU in the final approved packaging and labeling ready for shipment to distributors, retailers, and end users in each Launch Country with no further packaging, labeling, or repacking by MDT. The ADC MDT Glucose Sensors packaging and insert dimensions shall be defined by ADC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Co-Branding</u>. All Master Materials (including any advertising, media, marketing materials or other direct to consumer communications) and Master Packaging and Labeling for the ADC MDT Glucose Sensors shall be co-branded and bear both MDT Marks and ADC Marks unless stated otherwise in a Commercialization Plan for a Launch Country or otherwise agreed by the JSC. [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Name</u>. Except as provided in this Section 7.4, neither Party nor its Affiliates directly, or through a Third Party, shall publish or distribute any written or electronic marketing, promotional, customer services, or other similar materials that mention the other Party's name or products or use the other Party's Trademark without other Party's prior review and written approval, which approval may be provided by e-mail. The foregoing provision applies to, without limitation, websites, advertising, sales aids, brochures, marketing collateral, emails, social media, and letters or other communications to customers, distributors, healthcare providers, and other Third Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5&nbsp;&nbsp;&nbsp;&nbsp;Publicity and Non-Disparagement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Neither Party shall issue any public announcement, press release or other public disclosure, written or oral, relating to the other Party, the other Party's products, this Agreement, or the existence of an arrangement between the Parties, without the other Party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6&nbsp;&nbsp;&nbsp;&nbsp;Costs**. Unless otherwise expressly provided for in this Agreement or the Commercialization Plan, each Party shall be responsible for all costs and expenses it incurs in connection with its Commercialization, sales and marketing activities conducted hereunder.

**Article VIII**

**QUALITY AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1&nbsp;&nbsp;&nbsp;&nbsp;Negotiation of Quality Agreement**. Within sixty (60) days after the Effective Date, the Parties shall commence negotiations in good faith for a quality agreement to address customer training, service and support, complaint handling, adverse event reporting and other regulatory, operational, and quality responsibilities for the ADC-MDT System (the "Quality Agreement"). If the Parties are unable to reach agreement on the terms of the Quality Agreement within six (6) months from the Effective Date, the matter will be addressed at the next JSC meeting and, if the JSC is unable to resolve the matter, either Party may refer the matter to the Senior Officers for resolution pursuant Section 2.5. In addition, at least ninety (90) days before the Target Launch Date determined by the JSC for the Launch Country, the Parties shall evaluate and, if needed, amend the Quality Agreement to align with the Commercialization Plan for such Launch Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2&nbsp;&nbsp;&nbsp;&nbsp;Content of Quality Agreement**. The Parties agree that, among other things, the Quality Agreement will provide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;ADC will be the legal manufacturer of the ADC MDT Glucose Sensors and MDT will be the legal manufacturer of the Designated MDT Devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;MDT will provide all tier 1 customer support for ADC MDT Glucose Sensors and full customer support for Designated MDT Devices. ADC will provide subsequent tiers of support for the ADC MDT Glucose Sensors as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*] Such customer data will be deemed Confidential Information of MDT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the Parties will adopt a mutually agreed framework to report to one another and cooperate with respect to customer service inquiries and all complaints, failure analysis, recalls, or potential recalls, and related regulatory issues, relating to the ADC-MDT System during the Term and thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;the Parties shall negotiate in good faith and execute a service level agreement (SLA) setting forth the standard operating procedure for providing customer support in accordance with this Agreement and the Quality Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Parties shall work together in good faith to resolve customer service inquiries and all complaints, failure analysis, recalls, or potential recalls, and related regulatory matters, that involve both (i) the ADC MDT Glucose Sensors and (ii) the Designated MDT Devices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;the Parties will adopt a mutually agreed framework to address customer service inquiries and all complaints, failure analysis, recalls, or potential recalls, and related regulatory matters, where it is not clear if the cause is (i) the ADC MDT Glucose Sensors, on the one hand or (ii) any portion of the remainder of the ADC-MDT System, on the other hand, or a combination of both (i) and (ii); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;ADC shall be responsible for fulfilling any warranty obligations to end-users of the ADC MDT Glucose Sensors in accordance with its internal policies. MDT shall be responsible for fulfilling any warranty obligations to customers of the Designated MDT Devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;MDT will not make any warranty with respect to the ADC MDT Glucose Sensors that is different from or exceeds the warranty made by ADC in the product packaging or otherwise set forth in the Quality Agreement.

**Article IX**

**SUPPLY OF ADC MDT GLUCOSE SENSORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1&nbsp;&nbsp;&nbsp;&nbsp;Supply of ADC MDT Glucose Sensors**. Subject to Section 7.2(b) and this Article IX, at ADC's cost, ADC shall manufacture, sell, supply, and deliver to MDT, and MDT shall purchase and take delivery of, the Units of ADC MDT Glucose Sensors in bulk, solely for use with one or more Designated MDT Devices in the Launch Countries, pursuant to Purchase Orders submitted by MDT and in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2&nbsp;&nbsp;&nbsp;&nbsp;Forecast, Order and Delivery of ADC MDT Glucose Sensors**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Forecast</u>. Commencing on the date the Initial Commercialization Plan is approved, and within fifteen (15) days of the end of each calendar month thereafter, MDT shall submit to ADC a good faith forecast of the quantities of ADC MDT Glucose Sensors, by SKU, that MDT anticipates purchasing in each calendar month for the forthcoming [\*\*\*] period (the

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"**Rolling Forecast**"). The first [\*\*\*] of the Rolling Forecast by SKU shall be provided by MDT and constitute a binding "**Firm Order Period**" that cannot be changed by more than [\*\*\*] without ADC's prior written consent. The Firm Order Period shall be evidenced by one or more Purchase Orders submitted in accordance with Section 9.2(b). The remaining [\*\*\*] of each Rolling Forecast shall be non-binding on the Parties. If MDT fails to purchase the Forecast amounts during the Firm Order Period, then MDT shall still be obligated to pay the Purchase Price for the Forecast amounts it fails to purchase during such Firm Order Period and shall make payment within [\*\*\*] from receipt of an invoice from ADC; provided that ADC will deliver the quantities paid for at the request of MDT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase Orders</u>. MDT shall submit a Purchase Order to ADC for ADC MDT Glucose Sensors at least [\*\*\*] prior to the requested delivery date. Nothing contained in any Purchase Order, order acknowledgement or like document submitted by either Party or its Affiliates to the other Party or its Affiliates shall modify or add to the terms of this Agreement and in the event of any inconsistency between a Purchase Order, order acknowledgement or like document, and the terms of this Agreement, the terms of this Agreement shall prevail. Each Purchase Order shall be for the Minimum Order Quantity or multiples thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Obligation to Supply</u>. If MDT submits Purchase Orders requesting delivery of an amount of any ADC MDT Glucose Sensor that is greater than [\*\*\*] more than the amount set forth in the applicable month of a Firm Order Period, ADC will use Commercially Reasonable Efforts to supply such excess but will not be in breach of this Agreement if it is unable to supply such additional ADC MDT Glucose Sensors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Title and Delivery of Product.</u> [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Incoterms</u>. All ADC MDT Glucose Sensors shall be delivered [\*\*\*] to the destination indicated in the MDT Purchase Order. [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Clinical Trials</u>. MDT may order (as set forth above) and ADC shall supply reasonable quantities of ADC MDT Glucose Sensors to MDT for use in required clinical trials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3&nbsp;&nbsp;&nbsp;&nbsp;Inspection; Acceptance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Inspection</u>. MDT shall, within [\*\*\*] after receipt by MDT of such ADC MDT Glucose Sensors conduct a visual inspection of the outside of the containers containing the ADC MDT Glucose Sensors and all accompanying documents and advise ADC, in writing, if it is rejecting a shipment of ADC MDT Glucose Sensors due to physical damage. Subject to Section 9.3(a), failure by MDT to reject a shipment in writing within [\*\*\*] after receipt shall constitute acceptance of such ADC MDT Glucose Sensors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Conforming Product</u>. In the case of any failure (including through physical damage) of one or more ADC MDT Glucose Sensors to meet the applicable ADC Specifications at the time of delivery (in each case, excluding any damage evident from a visual inspection as described in Section 9.3(a), which shall be subject to the provisions of Section 9.3(a) ("**Non-Conforming Product**"), MDT shall promptly notify ADC if it becomes aware of

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such failure. Subject to Section 9.3(c), MDT shall have the right to reject any Non-Conforming Product, and such Non-Conforming Product shall be returned to ADC at ADC's sole cost and expense. ADC shall replace, as soon as practicable, any allegedly Non-Conforming Products. Subject to Section 9.3(c), in the event that ADC is unable to timely replace rejected ADC MDT Glucose Sensors under 9.3(a) or such Non-Conforming Product, then ADC shall refund MDT for any amount paid for such rejected ADC MDT Glucose Sensor or Non-Conforming Product. Such replacement shall be at ADC's sole expense unless MDT is responsible to pay pursuant to Section 9.3(c). Additional terms regarding Non-Conforming Products and procedures for responding to batch or large quantity failures will be mutually agreed and set forth in the Quality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Dispute</u>. ADC shall have the right to dispute in good faith any determination by MDT that any ADC MDT Glucose Sensors are a Non-Conforming Product and MDT shall provide ADC reasonable access upon advance notice to inspect a representative sample. If ADC and MDT agree that the goods are conforming, then MDT will pay for the replacement product pursuant to payment terms in Article IX. Any disagreement regarding whether the ADC MDT Glucose Sensors are Non-Conforming may be escalated in accordance with Section 17.11. If the ADC MDT Glucose Sensors are determined to be Non-Conforming Product, then ADC shall bear the costs for the replacement ADC MDT Glucose Sensors pursuant to Section 9.3(a). If the ADC MDT Glucose Sensors are determined to be conforming, then MDT shall bear all costs for the replacement and pay for same within thirty (30) days of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4&nbsp;&nbsp;&nbsp;&nbsp;Export and Import Matters**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>General Responsibilities</u>. [\*\*\*] With respect thereto, each Party shall take actions reasonably requested by the other Party to ensure compliance in all material respects with any and all Applicable Laws, including the provision of all information requested by a Party to support import or export declarations or otherwise to respond to inquiries from any applicable Governmental Authority. Each Party shall comply as appropriate with any applicable exportation or importation requirements in the relevant jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Commercial Invoice and Other Customs Documents</u>. ADC shall cooperate fully with MDT in preparing the commercial invoice and related documents to ensure acceptance by Customs. ADC understands that these documents are legally required elements of the import process, and agrees to provide accurate information for them to the best of its ability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Country of Origin Marking</u>. ADC shall mark the country of origin on all ADC MDT Glucose Sensors containers based on the design provided by MDT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Offsets</u>. The value of the shipment of ADC MDT Glucose Sensors stated on the customs invoice shall not reflect any adjustment for, or netting against, the value of any other shipment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Security</u>. The Parties are committed to ensuring a secure supply chain and shall take reasonable measures to ensure the security of the supply chain for all shipments made under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5&nbsp;&nbsp;&nbsp;&nbsp;Product Storage**. After delivery by ADC, MDT shall, at its sole cost and expense, be responsible for the storage and handling of all ADC MDT Glucose Sensors according to their respective Labeling and ADC Specifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6&nbsp;&nbsp;&nbsp;&nbsp;Sales Records**. Without limiting Sections 10.2 and 17.15, MDT shall maintain a sales and inventory record showing, at a minimum, date sold, quantity, serial number or lot number, and shipment information of each ADC MDT Glucose Sensor sold. Such records will be on an aggregate and not a country-by-country basis. Copies of such records shall be made available to ADC at ADC's request. Such records and all data therein shall be deemed Confidential Information of MDT and access will be restricted to named personnel within ADC's accounting function who are not involved in product development or sales of any ADC products or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7&nbsp;&nbsp;&nbsp;&nbsp;Records and Audit Rights**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>ADC Audit Rights.</u> ADC may through an independent auditor of nationally recognized standing designated by ADC and approved by MDT, which approval shall not be unreasonably withheld, audit and inspect at reasonable times during normal business hours and upon reasonable prior written notice, the books and records maintained by MDT as they pertain to the Commercialization of ADC MDT Glucose Sensors: (i) as required by Applicable Law, (ii) in the event of a safety, quality control, recall, regulatory, or inspection (including as pursuant to the Quality Agreement), or (iii) as requested by ADC to ensure the accuracy of all reports and payments made hereunder, including with respect to the Purchase Volume Threshold and Purchase High Volume Threshold. With respect to subsection (iii), such examinations may not be (A) conducted [\*\*\*] during the Term, or (B) repeated for any period. The cost of each audit shall be borne by ADC, unless an audit reveals an inaccurate report on the Purchase Volume Threshold or Purchase High Volume Threshold was provided by MDT to the JSC, or an underpayment to ADC of more than [\*\*\*] from such reported amounts, in which case MDT shall bear the cost of such audit. If such audit concludes that (x) additional amounts were owed by MDT to ADC, MDT shall pay the additional amounts (and, if such additional amounts are owed due to an error in a report on the Purchase Volume Threshold and Purchase High Volume Threshold, or such other report by MDT, with interest calculated on the additional amount at the rate set forth in Section 10.3 from the date the amounts should have been paid until such additional amounts are paid), or (y) excess payments were made by MDT to ADC, then ADC shall reimburse such excess payments (and, if such excess payments were made due to an error in an invoice provided by ADC, with interest calculated on the excess payment at the rate set forth in Section 10.3 from the date the excess payment was received until such excess payment is reimbursed, in either case ((x) or (y)), within ninety (90) days after the date on which such audit is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>MDT Audit Rights</u>. MDT shall have the right to audit ADC as set forth in Section 10.4.

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**Article X**

**PRICE AND PAYMENT TERMS FOR DESIGNATED ADC SENSORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1&nbsp;&nbsp;&nbsp;&nbsp;Purchase Price**. Subject to the terms of this Agreement, MDT shall pay ADC the Purchase Price multiplied by the number of Units delivered ("**Purchase Price Payment**"). The Parties agree that MDT shall make all payments hereunder in United States Dollars ("**USD**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2&nbsp;&nbsp;&nbsp;&nbsp;Reporting**. During the Term, MDT shall report to the JSC, and the JSC shall continue to review, the performance of sales in [\*\*\*] to determine if purchases by customers of the ADC MDT Glucose Sensors meet the Purchase Volume Threshold or Purchase High Volume Threshold in accordance with this Section 10.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*] In the Launch Country Commercial Plan, the Parties will define a process for ensuring the share of ADC MDT Glucose Sensors is calculated in a way that both the sales of ADC MDT Glucose Sensors and other MDT sensors are measured consistently, e.g., both measured based on sales to end customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3&nbsp;&nbsp;&nbsp;&nbsp;Payment Terms**. Upon shipment of the ADC MDT Glucose Sensors to MDT pursuant to a Purchase Order, ADC shall issue an invoice to MDT for the Purchase Price. MDT will make payments for ADC MDT Glucose Sensors delivered in accordance with Article IX which shall be due and payable within [\*\*\*] after MDT's receipt of the invoice. In the event MDT fails to pay more than [\*\*\*] from ADC [\*\*\*] on or before their due date per this Section 10.3 or if MDT has an overdue balance of more than [\*\*\*], then in addition to any and all other rights ADC may have, ADC may at its option and without further notice to MDT, limit, suspend or terminate any pending or future shipment to MDT unless MDT pays to ADC all overdue amounts plus all accrued interest within fifteen days after receipt of notice of such overdue amounts from ADC. Overdue invoice amounts shall accrue at the rate of [\*\*\*] unless the highest percentage allowed by Applicable Law is lower, in which case overdue invoice amounts shall accrue at that lower rate. MDT shall notify ADC of any disputed invoice and the basis for such dispute. The Parties shall in good faith attempt to resolve such dispute within thirty (30) days of receipt of the disputed invoice, or such other period as agreed to in writing by the Parties. If a dispute remains unresolved following such period, such dispute shall be resolved in accordance with Section 17.11(b). Any disputed amount that was unpaid and ultimately is determined in accordance with Section 17.11(b) to be due and payable to ADC shall accrue interest at the rate of [\*\*\*] per annum (or, if less, the maximum rate per annum permitted by Applicable Law) from the date such amount was first due until the date paid to ADC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4&nbsp;&nbsp;&nbsp;&nbsp;**[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5&nbsp;&nbsp;&nbsp;&nbsp;Taxes**. [\*\*\*] Any sales, use, value-added and similar Tax imposed on, or payable with respect to the manufacture, sale or transportation of any Designated ADC Sensors sold pursuant to this Agreement shall be paid by MDT.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6&nbsp;&nbsp;&nbsp;&nbsp;Pricing Principles; Example Threshold and Pricing Increase Calculations**. Schedule 10.6 clarifies certain principles relating to Purchase Price. In addition, for illustrative purposes only, Schedule 10.6 provides example calculations of the Purchase Volume Threshold and Purchase Price calculations.

**Article XI**

**DATA PROTECTION, SHARING AND USE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1&nbsp;&nbsp;&nbsp;&nbsp;Data Protection**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Responsibility</u>. MDT is individually responsible for compliance and shall comply with all Data Protection Laws applicable to its respective Processing and Disclosure of Personal Information. The Parties are not joint controllers and as such, any provisions relating to joint controllers (or analogous provisions) under applicable Data Protection Laws do not apply. In no event shall either Party have any liability to the other in relation to any penalty or fine incurred as a result of the Parties being deemed joint controllers by any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. MDT shall draft and incorporate into the ADC-MDT System any Consents, authorizations, privacy notices, and terms and conditions as required by applicable Data Protection Laws to permit the Processing and Disclosure of Personal Information and release, transfer, provision of, providing access to, or divulging in any other manner of Personal Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>MDT Representatives</u>. MDT shall remain fully responsible and liable for the acts and omissions of any Third Party to whom it has disclosed or who is Processing Personal Information, in each case as if they were the acts or omissions of MDT directly. Except with the prior written consent of ADC, MDT shall (i) restrict the ADC Sensor Data to which a Third Party has access to only such data as that Third Party needs in the course of their duties in connection with this Agreement, (ii) be responsible for confirming that each Third Party, in advance of obtaining access to or receiving the ADC Sensor Data, shall have implemented appropriate measures to ensure the protection of such data and compliance with the terms of this Agreement and is obligated to protect such data in accordance with terms no less restrictive than those in this Agreement, (iii) enter into a written agreement with each Third Party Processing or Disclosing Personal Information on its behalf where required by and in accordance with applicable Data Protection Laws, and (iv) except only as required otherwise by Applicable Law, prohibit each Third Party from Processing or Disclosing the ADC Sensor Data or any derivative thereof for other purposes than as agreed between ADC and that Third Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2&nbsp;&nbsp;&nbsp;&nbsp;MDT Disclosure, Use and Processing of ADC Sensor Data**. MDT has the right to Process ADC Sensor Data [\*\*\*], provided that, unless ADC's prior written consent has been obtained, MDT shall not have the right to: (a) Process, disclose, or otherwise use any Restricted ADC Sensor Data for the development of any continuous glucose monitoring system (or any component thereof, including glucose level detection, calibration, measurement or interpretation software or algorithms for any such system or components thereof), (b) disclose or use any Restricted ADC Sensor Data for publications that make comparisons to any ADC sensor or Third

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Party continuous glucose monitoring devices, (c) disclose any Restricted ADC Sensor Data to Competitors; or (d) disclose any Restricted ADC Sensor Data to any Third Party except for purposes of patient treatment, payment or healthcare operations in accordance with HIPAA or other Applicable Laws.

**Article XII**

**DATA AND CYBER SECURITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1&nbsp;&nbsp;&nbsp;&nbsp;Data Security**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;MDT shall implement reasonable and appropriate administrative, technical, physical and organizational data security measures and controls for protecting Personal Information with at least the same degree of care as protecting its own user data and to protect Personal Information against accidental or unlawful destruction, loss, alteration, unauthorized disclosure of, or access to Personal Information transmitted, stored or otherwise Processed and as required by Data Protection Laws and in a manner that also protects the ongoing confidentiality, integrity, availability of Personal Information. Such administrative, technical, physical and organizational security measures must ensure a level of security appropriate to the risk represented by the Processing and the nature of the Personal Information and the nature of the Personal Information and shall be in accordance with industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;During the Term, upon reasonable written request of ADC and limited to one time per twelve (12) month period, MDT shall promptly and accurately complete a written information security questionnaire provided by ADC to confirm compliance with the terms of this Agreement. MDT shall reasonably cooperate with such inquiries to the extent permissible under applicable laws and regulations. Any responses or other information provided in such questionnaire shall remain the Confidential Information of the Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2&nbsp;&nbsp;&nbsp;&nbsp;Data Security Breach**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;MDT shall be responsible for any breach notification for Data Security Breaches affecting the ADC-MDT System as a whole and for Data Security Breaches affecting the components of the ADC-MDT System not expressly described in this Section 12.2(a). Except where required by Applicable Law, MDT agrees not to make any public announcements relating to a Data Security Breach that solely impacts the ADC Libre System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;It will not be a breach of this Agreement if MDT provides a Governmental Authority or user with any Personal Information or ADC-MDT System Data the Governmental Authority requires MDT to provide to the Governmental Authority or which MDT is required to provide to a user in accordance with Applicable Law after the occurrence of a Data Security Breach. To the extent ADC or its Affiliates receive any notifications from Governmental Authorities regarding any Data Security Breaches that impact the ADC Sensor Data, it shall share such notification with MDT and the Parties shall cooperate in good faith to prepare an appropriate response.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3&nbsp;&nbsp;&nbsp;&nbsp;Penetration Testing and Monitoring Procedures**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;As part of the development process, MDT shall cause a Third Party on MDT's behalf to conduct annual penetration and vulnerability testing of the ADC-MDT System ("<u>System Pen Testing</u>"). Such Third Party shall be an appropriately qualified supplier nominated by MDT and approved by ADC to conduct the System Pen Testing. If ADC does not provide such approval within a reasonable period of time, then ADC shall bear any additional cost of an alternative ADC approved System Pen Testing arrangement. From time to time but not more than once per Calendar Year, ADC may request additional System Pen Testing if there is a suspected breach or other event outside of the normal development cycle. The costs of the additional System Pen Testing will be the responsibility of ADC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;MDT will provide an executive summary of the relevant System Pen Testing report to ADC identifying Critical Issues. If the System Pen Testing report identifies any critical, high level or medium level security issues that may impact the ADC Libre System, the ADC MDT Glucose Sensors or ADC Highly Confidential Information ("**Critical Issues**"), the Parties shall work together and cooperate to implement a remediation plan to fully resolve all Critical Issues. Each Party shall bear its own costs with respect to implementation of such remediation plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Upon confirmation that all Critical Issues have been resolved or if the System Pen Testing report does not reveal any Critical Issues, ADC shall provide written confirmation to MDT that the System Pen Testing process has been completed successfully. In all cases where MDT receives a System Pen Testing request by ADC, MDT shall thereafter refrain from initiating the Commercial Launch of the ADC-MDT System in the Territory without fully complying with the provisions of this Section 12.3 and receiving such confirmation from ADC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4&nbsp;&nbsp;&nbsp;&nbsp;Cyber Security Monitoring**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;During the Term, each Party shall establish and maintain commercially reasonable cybersecurity risk management processes and controls for the purposes of ensuring the security of the other Party's Highly Confidential Information, including monitoring, assessing, classifying, mitigating, documenting and reporting to the other Party potential and actual internal and external cybersecurity threats and vulnerabilities which may impact the other Party's Highly Confidential Information. Such processes shall include (i) regular (no less than annual) evaluations of risks to the security, privacy, and confidentiality of the Highly Confidential Information and the effectiveness of safeguards implemented to protect such information (ii) recovery plans in the event of a cybersecurity threat; (iii) maintenance plans that describe security patching processes and frequency; and (iv) operational processes and procedures to enable the Party to detect and log adequate details of all access, use, disclosure, or removal or Highly Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Party agrees that upon request, it shall certify in writing whether it is in compliance with the provisions of this Section 12.4. Without unreasonably delay but no later than [\*\*\*] after a Party becomes aware of its possible or actual noncompliance with this Section

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12.4, such Party shall notify the other Party in writing. Such written notice shall include the nature and period of existence of the possible or actual noncompliance and what action such Party is taking or proposes to take to identify and cure such possible or actual noncompliance. After delivery of such written notice, such Party shall work in good faith with the other Party to address and remediate such possible or actual noncompliance.

**Article XIII**

**CONFIDENTIAL INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1&nbsp;&nbsp;&nbsp;&nbsp;Treatment of Confidential Information**. The Receiving Party shall maintain the Confidential Information in confidence, and shall not disclose, divulge or otherwise communicate such Confidential Information to any Third Party except as expressly permitted under this Agreement. The Receiving Party may not use any Confidential Information for any purpose other than as reasonably necessary to fulfill its obligations and exercise its rights under this Agreement. The Receiving Party hereby agrees to exercise the same standard of care it employs to protect its own Confidential Information (and in no event less than a reasonable standard of care) to prevent and restrain the unauthorized disclosure of Confidential Information by any of its Affiliates or its or their directors, officers, employees, consultants, subcontractors, sublicensees or agents. Without limiting the foregoing, the Receiving Party agrees not to make any disclosure of Confidential Information that will impair the Disclosing Party's ability to obtain U.S. or foreign patents on any patentable invention or discovery described in such Confidential Information. For clarity, Highly Confidential Information is subject to additional restrictions as set forth in this Agreement, including Sections 3.6 and 3.7. Neither Party will use the Confidential Information of the other Party for or in any patent application, claim drafting, prosecution, pre-litigation analysis, litigation, or administrative or court proceeding anywhere in the world other than to enforce the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2&nbsp;&nbsp;&nbsp;&nbsp;Disclosures Required by Law**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Receiving Party shall not be in violation of this Article XIII if Confidential Information of the Disclosing Party is required to be disclosed by the Receiving Party in response to a valid order by a court or other governmental body, provided that the Receiving Party provides the Disclosing Party with as much prior written notice of such disclosure as is reasonably practicable in order to permit the Disclosing Party to seek confidential treatment of such information and cooperates reasonably with Disclosing Party in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Receiving Party may disclose the Disclosing Party's Confidential Information if the Receiving Party determines, based on advice from its legal counsel, that it is required to make such disclosure to comply with Applicable Law or the rules of a securities exchange on which the Receiving Party is listed (each such disclosure, a "**Mandatory Disclosure**"). With respect to each Mandatory Disclosure, as much in advance of each such Mandatory Disclosure as is reasonably practicable, the Receiving Party shall (i) notify the Disclosing Party of the proposed content of the Mandatory Disclosure, (ii) give the Disclosing Party reasonable opportunity to review and comment on the proposed content of the Mandatory Disclosure, and (iii) in good faith, consider revising the content of the Mandatory Disclosure

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based on comments received from the Disclosing Party. The Receiving Party shall include in each Mandatory Disclosure only the information required to be disclosed by Applicable Law, including applicable securities rules, as determined by the Receiving Party's legal counsel, and, to the extent reasonably possible, shall seek confidential treatment of each Mandatory Disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3&nbsp;&nbsp;&nbsp;&nbsp;Permitted Disclosure of Agreement Terms**. Each Party may disclose the terms of this Agreement to [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4&nbsp;&nbsp;&nbsp;&nbsp;Confidential Information Proprietary to Disclosing Party; Return of Confidential Information**. The Receiving Party understands and agrees that (a) the Disclosing Party's Confidential Information is and shall remain at all times the sole property of the Disclosing Party; (b) the Receiving Party shall not obtain any proprietary interest in any of the Disclosing Party's Confidential Information; and (c) subject to Section 14.7, all copies of the Disclosing Party's Confidential Information in the Receiving Party's possession shall, at the Receiving Party's election, be promptly destroyed or returned to the Disclosing Party in their entirety following Disclosing Party s request therefor after expiration or termination of this Agreement. Notwithstanding the foregoing, the Receiving Party (i) may retain this Agreement and one copy of the Disclosing Party's Confidential Information in the legal files of the Receiving Party for the sole purpose of determining the scope of obligations incurred under this Agreement or as otherwise required by Applicable Law; (ii) may retain any electronic copies of the Disclosing Party's Confidential Information held securely in the Receiving Party's electronic backup storage in accordance with its established document retention policies and (iii) may retain Confidential Information to the extent included in the Receiving Party's board of director or board committee materials or minutes or actions, quality systems, or regulatory history; subject in each case to the Receiving Party's continuing confidentiality and non-use obligations under this Agreement with respect to such Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5&nbsp;&nbsp;&nbsp;&nbsp;Breaches of Confidentiality; Assistance in Respect of Same**. The Receiving Party shall promptly notify the Disclosing Party if the Receiving Party becomes aware of any breach of this Article XIII by any Person who has received the Disclosing Party's Confidential Information on the Receiving Party s behalf. The Receiving Party shall provide the Disclosing Party all reasonable assistance requested in connection with any action, demand, claim or proceeding that the Disclosing Party may institute against any such Person in respect of such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6&nbsp;&nbsp;&nbsp;&nbsp;Continuing Obligation**. This Article XIII shall survive for a period of [\*\*\*] after any termination or expiration of this Agreement, provided, however, that the Parties' obligations under this Article XIII with regard to any Confidential Information of the Disclosing Party that is identified in writing to the Receiving Party as a trade secret (including the ADC Highly Confidential Information, which are acknowledged to be ADC's trade secrets, and MDT Highly Confidential Information, which are acknowledged to be MDT's trade secrets) shall survive for as long as the relevant Confidential Information retains its status as a trade secret under Applicable Law.

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**Article XIV**

**TERM, TERMINATION AND CERTAIN BREACHES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1&nbsp;&nbsp;&nbsp;&nbsp;Term**. This Agreement shall commence on the Effective Date and continue for an initial term of seven (7) years thereafter, unless earlier terminated in accordance with this Agreement (the "**Initial Term**"). Upon expiration of the Initial Term, and unless a Party has given written notice at least twenty-four (24) months prior to expiration of non-renewal, this Agreement shall automatically renew for successive terms of two (2) years, unless earlier terminated in accordance with this Agreement (each a "**Renewal Term**" and together with the Initial Term, the "**Term**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2&nbsp;&nbsp;&nbsp;&nbsp;Termination for Material Breach**. Either Party may terminate this Agreement in the event of a material breach; provided, however, that such termination shall not become effective unless and until (a) ninety (90) days have elapsed from the date on which the non-breaching Party gave written notice of such breach to the breaching Party and (b) the breaching Party has not cured such breach within that ninety (90)-day period. If the breaching Party fails to cure such breach, termination of this Agreement shall automatically occur on the 91st day after the non-breaching Party provided notice of the breach as set forth herein. Notwithstanding the foregoing, and except as otherwise provided in this Agreement, if the alleged breaching Party disputes in good faith the existence or materiality of a breach specified in a written notice provided by the other Party in accordance with this Section, and provides the other Party notice of such dispute within the [\*\*\*] period following the date of the non-breaching Party's notice of breach, then the non-breaching Party may not terminate this Agreement under this Section and the Agreement will not automatically terminate unless and until the dispute is finally resolved in accordance with Section with a decision that the alleged breaching Party has materially breached this Agreement, or, (b) [\*\*\*] have passed from the date the alleged breaching Party provided notice disputing the existence or materiality of the alleged breach (provided that (i) the Parties shall act in mutual good faith to reach a final ruling from any proceeding pursuant to **Section 17.11** within such time period, (ii) the terminating Party shall not unreasonably delay any proceeding contemplated by **Section 17.11**, and (iii) nothing in this Section 14.2 shall relieve either Party from any liability arising from breach or a wrongful termination of this Agreement). During the pendency of such dispute, all of the terms and conditions of this Agreement shall remain in effect and the Parties shall continue to perform all of their respective obligations hereunder. In addition to any other rights and remedies of ADC, if the material breach relates to the misuse of, misappropriation of, or wrongful disclosure of Confidential Information of the non-breaching Party, then the non-breaching Party shall be excused from any obligations under this Agreement to continue to provide any Confidential Information or engage or assist in any development or integration activities until the dispute is finally resolved in accordance with Section 17.11 with a decision that the alleged breaching Party has not breached this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3&nbsp;&nbsp;&nbsp;&nbsp;Termination for Insolvency**. Either Party may terminate this Agreement immediately upon written notice to the other Party, if the other Party (a) files in any court or agency a petition for the opening of bankruptcy or insolvency proceedings or for reorganization or for arrangement or for the appointment of a receiver or trustee of it or its assets under Applicable Law; (b) proposes a written agreement of composition or extension of all or

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substantially all of its debts; (c) is served with an involuntary petition against it, filed in any bankruptcy or insolvency proceeding, and such petition has not been dismissed within sixty (60) days after the filing thereof; (d) becomes subject to any dissolution or liquidation or resolution thereof; (e) makes a general assignment for the benefit of its creditors; or (f) is generally not paying its debts as they fall due unless those debts are subject to a bona fide dispute as to liability or amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4&nbsp;&nbsp;&nbsp;&nbsp;ADC Termination Rights**. ADC shall have the right, in its sole discretion, to terminate the Agreement with [\*\*\*] notice if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to adjustment as set forth in Section 7.3(a)(ii) if a Failure to Supply occurs, MDT does not complete a purchase of ADC MDT Glucose Sensors during any continuous six (6) month period after Commercial Launch;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to adjustment as set forth in Section 7.3(a)(ii) if a Failure to Supply occurs, the Commercial Launch does not occur in [\*\*\*] within [\*\*\*] after the Effective Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;MDT or any of its Affiliates directly or indirectly acquires all or substantially all of the assets of an independent continuous glucose monitoring company and either of the following (i) or (ii) occurs: (i) MDT fails to achieve the Purchase Volume Threshold in [\*\*\*] within [\*\*\*] after first Commercial Launch in the Territory (measured by evaluating the last full twelve calendar months within such [\*\*\*] period), or (ii) thereafter MDT fails to maintain the Purchase Volume Threshold in the Top Five Markets in each subsequent [\*\*\*] period. Notwithstanding this clause (c), should MDT purchase volume fail to meet the Purchase Volume Threshold, MDT shall have the right to make a true-up purchase within thirty (30) days from the end of such [\*\*\*] period, as applicable, to maintain a purchase volume consistent with the Purchase Volume Threshold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.5&nbsp;&nbsp;&nbsp;&nbsp;Termination for Change of Control with or Acquisition of a Competitor**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If MDT undergoes a Change of Control with a Competitor ADC may immediately terminate this Agreement with written notice to MDT delivered no later than 90 days following the consummation of the Change of Control. Upon consummation of any such transaction or event, MDT shall promptly put in place appropriate firewalls so that no ADC Highly Confidential Information, ADC Improvement IP or ADC Licensed Background IP may be used in connection with any development, manufacture, distribution, marketing or commercialization of a product, device, equipment or system used to sense, measure, or monitor analytes in humans or operation of an analyte data management platform and upon request from ADC pursuant to Section 13.4, MDT shall return or destroy ADC's Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If ADC undergoes a Change of Control with a Competitor, MDT may immediately terminate this Agreement with written notice to ADC delivered no later than 90 days following the consummation of the Change of Control. Upon consummation of any such transaction or event, ADC shall promptly put in place appropriate firewalls so that no MDT Highly Confidential Information, MDT Improvement IP or MDT Licensed Background IP is

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used in connection with the development, manufacture, distribution, marketing or commercialization of a CSII System or operation of an insulin data management platform and upon request from MDT pursuant to Section 13.4, ADC shall return or destroy MDT's Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.6&nbsp;&nbsp;&nbsp;&nbsp;Effect of Expiration or Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Upon expiration or termination of this Agreement prior to the Commercial Launch, subject to Applicable Law and the requirements of any ongoing, non-terminable clinical trials set forth in the Integration Plan, the licenses set forth in Sections 6.1 and 6.3 shall immediately terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Upon expiration or termination of this Agreement after the Commercial Launch:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;MDT shall have the right to make a final purchase of ADC MDT Glucose Sensors to support ongoing customer demands by placing a final Purchase Order in accordance with Section 9.2(b) within ninety (90) days, after which MDT may request and ADC will accommodate delayed delivery of up to [\*\*\*] after the final purchase order is placed; provided that if this Agreement was terminated by ADC for cause, the purchase price for such ADC MDT Glucose Sensors shall be [\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section 16.4, solely for the purpose of providing continued access and support to Existing Users, the licenses set forth in Sections 6.1 and 6.3 shall continue and the Parties may continue using each other's Confidential Information in each case, for a period of [\*\*\*] following such expiration or termination; provided that, if termination is due to Section 14.5(a), MDT shall ensure that (x) all employees or subcontractors who work with glucose monitoring systems and components thereof, other than the ADC MDT Glucose Sensors (not including any such personnel of MDT whose work with such monitoring systems and components thereof includes only the integration or interoperability of such monitoring systems with the MDT System), do not have access to any of ADC's Confidential Information and (y) appropriate firewalls and other protections are established so the requirement in foregoing clause (x) can be met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.7&nbsp;&nbsp;&nbsp;&nbsp;Survival of Obligations**. Termination or expiration of this Agreement for any reason shall be without prejudice to any rights that shall have accrued to the benefit of a Party prior to such termination or expiration. Notwithstanding anything to the contrary in this Agreement, the following provisions (and the corresponding licenses, covenants and other agreements therein contained) shall survive the expiration of the Term or termination of this Agreement and shall remain in full force and effect thereafter: Article I (to the extent the definitions are used in the other surviving provisions), Article V, Sections 6.1 (for the period described in Section 14.5(b)), Section 6.2, Section 6.3 (provided that the licenses granted therein shall only survive for the period described in Section 14.6(b)), Section 6.3(g), Section 6.4, Section 6.5, Article XI, Article XII, Article XIII (for the time period set forth in Section 13.6), Section 14.5(b), this Section 14.7, Article XVI and Article XVII. The Quality Agreement shall survive in accordance with its terms.

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**Article XV**

**REPRESENTATIONS, WARRANTIES AND COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties by Each Party**. Each Party represents and warrants as of the Effective Date, and where applicable, covenants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;such Party is a corporation duly organized, validly existing, and in good standing under the Applicable Laws of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;such Party has the full corporate power and authority to execute, deliver, and perform under this Agreement, and has taken all corporate action required by Applicable Law and its organizational documents to authorize the execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement constitutes a valid and binding agreement enforceable against such Party in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the execution and delivery of this Agreement and the consummation hereof, do not and shall not (i) conflict with or result in a breach of any provision of such Party's organizational documents, (ii) result in a breach of any agreement to which it is a party that would impair the performance of its obligations hereunder, or (iii) violate any Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;there is no pending or threatened action, suit, claim, investigation or proceeding against such Party with respect to its right to enter into this Agreement or that challenges or seeks to prevent or enjoin its entry into this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;such Party it is not subject to any agreement or order of any Governmental Authority that restricts it from granting the rights and licenses to the other Party set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;such Party is in full compliance at all times and will continue to be in compliance at all times with all Applicable Law (including those related to anti-corruption) and shall not cause the other Party to be in violation of any Applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;on behalf of itself and each of its Affiliates, agents, subcontractors and employees performing activities under this Agreement, that they are not currently, nor have they been within the past five (5) years from the Effective Date, debarred, disqualified, or excluded under any Applicable Law from: (i) providing goods or services to a regulated health care company, (ii) participating in clinical research, (iii) participating in a government procurement or non-procurement program, or (iv) participating in a reimbursed government-funded or financed healthcare program (each, a "**Restriction**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2&nbsp;&nbsp;&nbsp;&nbsp;ADC Representations**. ADC represents and warrants as of the Effective Date, and where applicable, covenants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the ADC MDT Glucose Sensors will be manufactured in conformance with cGMPs, the Quality Agreement and all applicable laws and regulations, including to the

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extent applicable, current good manufacturing practices required by the U.S. FDA, the European Medical Device Regulation and successor requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the ADC MDT Glucose Sensors will conform to the ADC Specifications at the time of delivery and be free from material defects in design and workmanship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the ADC MDT Glucose Sensors will comply with applicable safety and health laws, rules and regulations in each Launch Country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;to the knowledge of ADC, the manufacture, marketing, distribution, sale, and use of the ADC MDT Glucose Sensors in the agreed Launch Countries does not and will not infringe or violate any valid Intellectual Property right of any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;ADC has not entered into any agreement with a third party that would conflict with its obligations under Section 7.3(a) if such agreement were entered into after the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3&nbsp;&nbsp;&nbsp;&nbsp;**MDT represents and warrants as of the Effective Date, and where applicable, covenants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;MDT will only sell or dispense ADC MDT Glucose Sensors for use in connection with the Designated MDT Devices in the agreed Launch Countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Designated MDT Devices will be manufactured in conformance with cGMPs, the Quality Agreement and all applicable laws and regulations, including to the extent applicable, current good manufacturing practices required by the U.S. FDA, the European Medical Device Directive requirements, the European Medical Device Regulation and successor requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;to the knowledge of MDT, the manufacture, marketing, distribution, sale, and use of the Designated MDT Devices in the agreed Launch Countries does not and will not infringe or violate any valid Intellectual Property right of any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Designated MDT Devices will be free from material defects in design and workmanship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Designated MDT Devices will comply with safety and health laws, rules and regulations applicable in each Launch Country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;MDT has not entered into any agreement with a third party that would conflict with its obligations under Section 7.3(b) if such agreement were entered into after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4&nbsp;&nbsp;&nbsp;&nbsp;Covenants**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If any Restriction is proposed, pending or occurs with respect to a Party during the Term, then such Party shall promptly notify the other Party. Upon receipt of notice of

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a pending or actual Restriction, such other Party may elect, in its sole discretion, to immediately terminate this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;No component of the ADC-MDT System shall be provided to any customer unless and until all necessary Regulatory Approvals have been received and thereafter shall only be made available in accordance with such Regulatory Approvals and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5&nbsp;&nbsp;&nbsp;&nbsp;Non-Solicitation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.6&nbsp;&nbsp;&nbsp;&nbsp;Disclaimer**. THE PARTIES HEREBY ACKNOWLEDGE THAT, EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS AGREEMENT, (A) NEITHER PARTY MAKES ANY REPRESENTATION, WARRANTY, OR GUARANTEE OF ANY KIND, EXPRESS OR IMPLIED, AT LAW OR IN EQUITY AND (B) THE PARTIES EXPRESSLY DISCLAIM ALL OTHER REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.7&nbsp;&nbsp;&nbsp;&nbsp;<u>PRODUCT WARRANTY</u>**. EXCEPT FOR THE LIMITED WARRANTY PROVIDED IN THE ADC MDT GLUCOSE SENSORS LABELING AND INSERTS APPROVED BY ADC AND THE WARRANTIES EXPRESSLY PROVIDED IN THIS AGREEMENT, TO THE EXTENT POSSIBLE UNDER LAW, ADC DOES NOT MAKE ANY OTHER WARRANTIES, EXPRESS OR IMPLIED, AND ADC EXCLUDES AND DISCLAIMS ANY OTHER WARRANTIES INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NONINFRINGEMENT. ADC DOES NOT WARRANT THAT OPERATION OF THE ADC MDT GLUCOSE SENSORS WILL BE UNINTERRUPTED OR ERROR FREE. IF ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE IS IMPLIED FROM THE SALE OF THE ADC MDT GLUCOSE SENSORS DESPITE ADC'S SPECIFIC DISCLAIMER OF SUCH WARRANTIES, NO WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE SHALL EXTEND FOR A LONGER DURATION THAN ONE YEAR FROM THE ORIGINAL DATE OF PURCHASE OF THE ADC MDT GLUCOSE SENSORS.

**Article XVI**

**INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1&nbsp;&nbsp;&nbsp;&nbsp;ADC Indemnification of MDT**. Subject to Section 16.3 and except for claims subject to indemnification from MDT under Section 16.2 or Section 16.4, if any Claim is brought against the MDT Indemnitees that: [\*\*\*], then ADC will indemnify, defend and hold harmless the MDT Indemnitees at ADC's expense against any and all damages, losses, liabilities, judgments, fines, amounts paid in settlement, costs and expenses (including the reasonable costs and expenses of attorneys and other professionals) (collectively, "**Losses**") arising in connection

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with such Claim. Notwithstanding the foregoing, ADC's indemnification obligations under this Section 16.1 shall not apply (i) to any Claims based on the use of [\*\*\*], (ii) to Claims based on [\*\*\*]; (iii) Claims based on [\*\*\*]; (iv) Claims that arise due to [\*\*\*]; or (v) those Claims for which MDT, in whole or in part, has an obligation to indemnify ADC pursuant to Section 16.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2&nbsp;&nbsp;&nbsp;&nbsp;MDT Indemnification of ADC**. Subject to Section 16.3 and except for claims subject to indemnification from ADC under Section 16.1 or Section 16.4, if any Claim is brought against the ADC Indemnitees that: [\*\*\*], then MDT will indemnify, defend and hold harmless the ADC Indemnitees at MDT's expense against any and all Losses arising in connection with such Claim. Notwithstanding the foregoing, MDT's indemnification obligations under this Section 16.2 shall not apply (i) to any Claims based on [\*\*\*], or (ii) with respect to those Claims for which ADC, in whole or in part, has an obligation to indemnify MDT pursuant to Section 16.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3&nbsp;&nbsp;&nbsp;&nbsp;Obligations of Party Seeking Indemnification**. With respect to any Claim for which either Party seeks indemnification from the other Party under this Article XVI, the Party seeking indemnification shall (i) provide prompt notice to the other Party of the Claim for which indemnification is sought, (ii) allow the other Party to assume the defense of such Claim, (iii) provide reasonable cooperation and assistance to the other Party in the defense of such Claim, and (iv) not settle or otherwise compromise such Claim, or make an admission of liability in relation to such Claim, without the other Party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4&nbsp;&nbsp;&nbsp;&nbsp;Infringement Claim for ADC IP**. Subject to Section 16.3 and except for claims subject to indemnification from MDT under Section 16.2 or Section 16.5 ADC agrees to indemnify, defend and hold harmless MDT and its Affiliates against all Losses suffered or incurred by MDT or its Affiliates arising out of or in connection with [\*\*\*] (the "**ADC Potentially Infringing Item**"), [\*\*\*]. If MDT is the subject of a Claim in connection with an ADC Potentially Infringing Item, MDT shall immediately notify ADC and ADC shall use Commercially Reasonable Efforts to implement any one of the following actions (i) promptly procure for MDT and its Affiliates and customers a license to such Third Party Intellectual Property, (ii) modify the ADC Potentially Infringing Item(s) to make the ADC Potentially Infringing Item(s) non-infringing with equivalent functionality, or (iii) replace the ADC Potentially Infringing Item(s) with licensed material(s) with equivalent functionality and is non-infringing (an "ADC Potentially Infringing Item Resolution"). If within ninety (90) days of receipt of MDT's notice of a Claim, ADC fails to implement an ADC Potentially Infringing Item Resolution, then either Party may terminate the Agreement; provided that any such termination will be deemed a termination for material breach of ADC's obligations to supply ADC MDT Glucose Sensors in accordance with this Agreement. In the event ADC settles any Intellectual Property infringement Claim pending as of the Effective Date or brought against it or MDT in the future that may involve the ADC MDT Glucose Sensors, ADC shall use Commercially Reasonable Efforts to include in any such settlement a license sufficient to cover ADC's manufacture and supply of ADC MDT Glucose Sensors and MDT's offering for sale, selling, importing, exporting and Commercialization of the ADC MDT Glucose Sensors in accordance with this Agreement. ADC's "**Proportionate Share**" will be [\*\*\*].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.5&nbsp;&nbsp;&nbsp;&nbsp;Infringement Claim for MDT IP**. Subject to Section 16.3 and except for claims subject to indemnification from ADC under Section 16.1 or Section 16.4, MDT agrees to indemnify, defend and hold harmless ADC and its Affiliates against all Losses suffered or incurred by ADC or its Affiliates arising out of or in connection with [\*\*\*] (the "**MDT Potentially Infringing Item**"), [\*\*\*]. If ADC is subject of a Claim in connection with a MDT Potentially Infringing Item, ADC shall immediately notify MDT and MDT shall use Commercially Reasonable Efforts to (i) procure a license to such Third Party Intellectual Property, (ii) modify the MDT Potentially Infringing Item(s) to make the MDT Potentially Infringing Item(s) non-infringing with equivalent functionality, or (iii) replace the MDT Potentially Infringing Item(s) with licensed material(s) with equivalent functionality and is non-infringing (the "**MDT Potentially Infringing Item Resolution**"). If within ninety (90) days of receipt of ADC's notice of a Claim, MDT fails to implement an MDT Potentially Infringing Item Resolution, then either Party may terminate the Agreement. MDT's "**Proportionate Share**" will be [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.6&nbsp;&nbsp;&nbsp;&nbsp;Participation**. ADC may participate in the defense of any Claim under Section 16.2 or 16.5 at its option and in its sole discretion. MDT shall not agree to any settlement or compromise that would be binding on ADC or its Affiliates or involves making an admission of guilt or wrongdoing, without ADC's prior written consent. MDT may participate in the defense of any Claim under Section 16.1 or 16.4 at its option and in its sole discretion. ADC shall not agree to any settlement or compromise that would be binding on MDT or its Affiliates or involves making an admission of guilt or wrongdoing, without MDT's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.7&nbsp;&nbsp;&nbsp;&nbsp;Limitation of Liability**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Liability Cap</u>. Except for Claims under Sections 3.6 and 3.7, Article XI, Article XII, Article XIII, and amounts awarded on a Claim with respect to which a Party is entitled to indemnification under this Article XVI, in no event shall a Party's aggregate liability to the other Party for damages of any nature arising out of or in connection with this Agreement, regardless of the form of action, whether for breach of warranty or contract, in tort (including negligence) or otherwise, exceed [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Consequential Damages</u>. [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;It is agreed that the limitation and exclusions of liability set forth in this Section 16.6 are intended by the Parties to be a reflection of the agreed allocation of the commercial risks that may arise out of or occur in connection with this Agreement. Further, the Parties hereto agree that the provisions of Sections 16.7(a) and 16.7(b) that exclude liability for any consequential damages and limit liability of the Parties for other damages shall in no event be invalidated or deemed unenforceable should any limited warranty or remedy set forth in this Agreement fail of its essential purpose (*i.e*., provide an insufficient remedy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.8&nbsp;&nbsp;&nbsp;&nbsp;Insurance Requirements**. During the Term and for [\*\*\*] after the expiration or termination of this Agreement, each Party shall keep in full force and effect and maintain, at its sole cost and expense, insurance coverage in types and amounts commensurate in its industry (a) for the performance of services substantially similar to the services to be performed hereunder by

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similarly sized companies, (b) to cover its indemnification and other obligations hereunder, including related to cyber security, technology and data risks, and (c) as otherwise prudent or required by Applicable Law. During the Term, each Party agrees to provide the other Party with certificates of insurance if requested and on an annual basis. At minimum, the Parties shall maintain the insurance scheme in **Exhibit 16.8**.

**Article XVII**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1&nbsp;&nbsp;&nbsp;&nbsp;Assignment**. Except as set forth in Section 17.16, neither Party may assign, delegate, or subcontract this Agreement or any of its rights or duties hereunder, in whole or in part, without the prior written consent of the other Party. Notwithstanding the foregoing, a Party may, without such consent, assign this Agreement in its entirety to one of its Affiliates. A Change of Control of a Party shall not be deemed an assignment, unless a Party undergoes a Change of Control with a Competitor, in which case such transaction shall be deemed an assignment for the purposes of this Section 17.1. Upon assignment of this Agreement, the assignee must provide to the non-assigning Party a written confirmation that assignee has assumed the assigning Party's obligations under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and permitted assigns of each Party. Any purported assignment or delegation in violation of the provisions of this Section 17.1 shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2&nbsp;&nbsp;&nbsp;&nbsp;Governing Law**. This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York, without giving effect to the principles of conflicts of law thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3&nbsp;&nbsp;&nbsp;&nbsp;Force Majeure**. If a Party is prevented from performing or is unable to perform any of its obligations under this Agreement (except for payment obligations) due to any cause beyond its reasonable control, such Party shall give prompt written notice to the other Party, and thereupon the affected Party's performance shall be excused and the time for performance shall be extended for the period of delay or inability to perform due to such occurrence. The suspension of performance shall be of no greater scope and no longer duration than is necessary and the non-performing Party shall use Commercially Reasonable Efforts to remedy its inability to perform. Such events shall include: acts of god; acts of the public enemy; terrorist acts; insurrections; riots; injunctions; embargoes; labor disputes, including strikes, lockouts, job actions, or boycotts; fires; explosions; floods; earthquakes; shortages of material or energy; delays in the delivery of raw materials; epidemics; pandemics; or other unforeseeable causes beyond the reasonable control of the Party so affected. The Party so affected shall give prompt notice to the other Party of such cause and shall take whatever reasonable steps are necessary to relieve the effect of such cause as rapidly as reasonably possible. If a force majeure event prevents or will prevent a Party from performance for more than three (3) months, then the other Party may terminate this Agreement upon ten (10) Business Days' written notice to the non-performing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.4&nbsp;&nbsp;&nbsp;&nbsp;No Waiver**. No waiver will be implied from the Parties' course of conduct or any delay or failure to enforce any rights. No provision of this Agreement shall be deemed waived

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unless such waiver is in writing and signed by an authorized representative of the Party against whom it is sought to be enforced, which waiver shall be effective solely with respect to the incidences set forth therein. Waiver by either Party of any default by the other Party of any provision of this Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.5&nbsp;&nbsp;&nbsp;&nbsp;Notices**. Any notice or other communication in connection with this Agreement must be in writing and by certified mail, return receipt requested, or by delivery service that provides a written delivery confirmation. Notice shall be effective and deemed to be given when delivered to the addressee at the address listed below or such other address as the addressee shall have specified in a notice actually received by the addressor.

If to ADC:

Abbott Diabetes Care Inc.

1420 Harbor Bay Parkway

Alameda, CA 94502

Attention: Legal Division

with a copy (which shall not constitute notice) to:

Abbott Laboratories

Attention: Legal Division

100 Abbott Park Rd.

Abbott Park, IL 60064

If to MDT:

Medtronic MiniMed, Inc.

18000 Devonshire Street,

Northridge, CA 91325

Attention: Legal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.6&nbsp;&nbsp;&nbsp;&nbsp;Independent Contractor**. The relationship of the Parties under this Agreement is that of independent contractors. The Parties will not be deemed partners or joint ventures, nor will one Party be deemed an agent or employee of the other Party. Neither Party has any express or implied right under this Agreement to assume or create any obligation on behalf of, or in the name of, the other Party, or to bind the other Party to any contract, agreement, or undertaking with any Third Party, and no conduct of a Party shall be deemed to imply such right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement**. Each Party acknowledges that in entering into this Agreement it does not rely on any statement, representation, or warranty other than those expressly set forth in this Agreement. This Agreement, the Schedules and Exhibits hereto (which Schedules and Exhibits are deemed to be a part of this Agreement for all purposes), the Integration Plan, the Regulatory Plan, the Commercialization Plan and the Quality Agreement contain the entire agreement between the Parties with respect to their respective subject matter, and supersede all

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previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter. In the event of a conflict between this Agreement and the Integration Plan, Regulatory Plan, or Commercialization Plan, this Agreement shall control. In the event of a conflict between this Agreement and the Quality Agreement, the Quality Agreement shall control solely with regard to adverse event reporting and other quality matters, and this Agreement shall control in all other circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.8&nbsp;&nbsp;&nbsp;&nbsp;Amendments**. No provisions of this Agreement shall be deemed amended, supplemented, or otherwise modified unless such amendment, supplement, or other modification is in writing and signed by an authorized representative of each Party. The express terms of this Agreement control and supersede any course of performance or dealing inconsistent with any of the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.9&nbsp;&nbsp;&nbsp;&nbsp;Severability**. In the event that any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable because it is invalid or in conflict with any law of any relevant jurisdiction, the validity of the remaining provisions shall not be affected, and the rights and obligations of the Parties shall be construed and enforced as if this Agreement did not contain the particular provisions held to be unenforceable. The Parties will in such an instance use their reasonable efforts to replace the invalid or unenforceable provision with a valid and enforceable provision that accomplishes, as nearly as possible, the original intention of the Parties with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.10&nbsp;&nbsp;&nbsp;&nbsp;Counterparts**. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same agreement. Each Party acknowledges that an original signature or a copy thereof transmitted by facsimile or by PDF shall constitute an original signature for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.11&nbsp;&nbsp;&nbsp;&nbsp;Dispute Resolution**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>JSC Matters</u>. Any dispute, claim, controversy, or disagreement arising out of, relating to, or in connection with the Integration Plan or Commercialization Plan of the ADC MDT Glucose Sensors and Designated MDT Devices would, in first instance be escalated to the JSC consistent with Section 2.5. If such dispute, claim, controversy, or disagreement (i) cannot be resolved by the JSC or Senior Officers, or (ii) is outside of the scope of the JSC's functions and responsibilities, such dispute, claim, controversy, or disagreement shall be resolved in accordance with Section 17.11(b), below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-JSC Matters</u>. Subject to Section 17.11(a), any dispute, claim, controversy, or disagreement arising out of, relating to, or in connection with this Agreement shall be resolved by the state and federal courts located in the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Injunctive Relief</u>. Notwithstanding Sections 17.11(a) and 17.11(b), the Parties agree that any request for provisional remedies and any request for injunctive relief, whether preliminary or permanent, may be brough before and decided by any court of competent

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jurisdiction and/or through the alternative dispute resolution provisions set forth in **Exhibit 17.11**, in the discretion of the Party seeking such provisional remedies or injunctive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.12&nbsp;&nbsp;&nbsp;&nbsp;Interpretation**. The headings of the Articles and Sections of, and any Schedules and Exhibits to, this Agreement have been added for the convenience of the Parties and shall not be deemed a part hereof. Words in the singular shall be deemed to include the plural and vice versa, and words of one gender shall be deemed to include the other gender, as the context requires. The terms "hereof," "herein," and "herewith" and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole (including any and all of the Exhibits hereto) and not to any particular provision of this Agreement. Article, Section, and Exhibit references are to the Articles, Sections, and Exhibits to this Agreement, unless otherwise specified. Unless otherwise stated, all references to any agreement shall be deemed to include any and all Exhibits to such agreement. The word "including" and words of similar import when used in this Agreement shall mean "including, without limitation," unless the context otherwise requires or unless otherwise specified. The word "or" shall not be exclusive unless the context clearly requires otherwise. Unless otherwise specified in a particular case, the word "days" refers to calendar days. References herein to this Agreement shall be deemed to refer to this Agreement as of the Effective Date and as it may be amended thereafter, unless otherwise specified. References to the performance, discharge, or fulfilment of any liability or obligation in accordance with its terms shall have meaning only to the extent such liability or obligation has terms; if the liability or obligation does not have terms, the reference shall mean performance, discharge, or fulfilment of such liability or obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.13&nbsp;&nbsp;&nbsp;&nbsp;Joint Negotiation**. This Agreement is the joint product of ADC and MDT, and each provision hereof has been subject to the mutual consultation, negotiation, and agreement of the Parties and their respective legal counsel and advisers, and any rule of construction that a document shall be interpreted or construed against the drafting Party shall not be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.14&nbsp;&nbsp;&nbsp;&nbsp;No Other Compensation**. MDT and ADC hereby agree that the terms of this Agreement together with the Integration Plan, Regulatory Plan, Commercialization Plan and the Quality Agreement fully define all consideration, compensation and benefits, monetary or otherwise, to be paid, granted or delivered by MDT to ADC and by ADC to MDT in connection with the transactions contemplated herein. Neither ADC nor MDT previously has paid or entered into any other commitment to pay, whether orally or in writing, any ADC or MDT employee, directly or indirectly, any consideration, compensation or benefits, monetary or otherwise, in connection with the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.15&nbsp;&nbsp;&nbsp;&nbsp;Records**. Each Party shall, and shall ensure that its Affiliates and its and their employees, agents and subcontractors, maintain, in compliance with Applicable Law, complete and accurate records with respect to its performance of the development and Commercialization activities under this Agreement. Such records shall be retained by each Party for at least three (3) years after the termination or expiration of this Agreement, or for such longer period as may be required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.16&nbsp;&nbsp;&nbsp;&nbsp;Performance by Affiliates and Contractors**. Notwithstanding anything else set forth herein, any obligation or right of either Party may be fulfilled or exercised, in whole or in

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part, at such Party's sole option, either by such Party directly or by any of its Affiliates or (sub)contractors. In such case, each Party shall remain liable for any such obligation or right as if performed directly by such Party itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.17&nbsp;&nbsp;&nbsp;&nbsp;No Third Party Beneficiaries**. Nothing in this Agreement, express or implied, is intended to, or shall, confer upon any Third Party any right, benefit, or remedy of any nature whatsoever under, or by reason of, this Agreement.

{Signature Page Follows}

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**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed in their names by their properly and duly authorized officers or representatives as of the dates set forth below.

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| | |
|:---|:---|
| **ABBOTT DIABETES CARE INC.** | **ABBOTT DIABETES CARE INC.** |
| By: | /s/ Jared Watkin |
| Name: Jared Watkin | Name: Jared Watkin |
| Title: President, Abbott Diabetes Care | Title: President, Abbott Diabetes Care |
| Date: | 7/31/2024 |

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---

| | |
|:---|:---|
| **MEDTRONIC MINIMED, INC.** | **MEDTRONIC MINIMED, INC.** |
| By: | /s/ Que Dallara |
| Name: Que Dallara | Name: Que Dallara |
| Title: President, Medtronic Diabetes | Title: President, Medtronic Diabetes |
| Date: | 7/31/2024 |

---

------

**SCHEDULE 1.7**

**ADC MARKS**

• FREESTYLE

• LIBRE

• FREESTYLE LIBRE 3 PLUS

• ![tradedressforfreestylelibra.jpg](tradedressforfreestylelibra.jpg) (trade dress for Freestyle Libre 3 Plus)

• ![circlesensortradedressa.jpg](circlesensortradedressa.jpg) (circle sensor trade dress)

• ABBOTT DIABETES CARE

• ABBOTT

• ![abbotta.jpg](abbotta.jpg)

------

**SCHEDULE 1.32**

**DESIGNATED MDT DEVICES**

The following are Designated MDT Devices. For purposes of this Agreement, MDT Apps and MDT Dosing Sub-System are deemed components of, and are included as, Designated MDT Devices.

---

| | |
|:---|:---|
| MiniMed 780G System | ![minimed780gsystema.jpg](minimed780gsystema.jpg) |
| MiniMed Flex [\*\*\*] | ![minimedflexinternalname8xxa.jpg](minimedflexinternalname8xxa.jpg) |
| MiniMed Fit (patch pump) | |
| InPen | ![inpena.jpg](inpena.jpg) |

---

------

**SCHEDULE 1.72**

**MDT MARKS**

• Medtronic Diabetes

• Medtronic MiniMed

• MiniMed

• MiniMed 780G System

• MiniMed Flex

• MiniMed Fit

• MiniMed InPen

• Companion InPen

• SmartGuard

• Meal Detection

• CareLink

![medtronica.jpg](medtronica.jpg)

![minimeda.jpg](minimeda.jpg)

------

**SCHEDULE 1.81**

**MINIMUM ORDER QUANTITY**

[\*\*\*]

------

**SCHEDULE 2.1**

**INITIAL MEMBERS OF JSC**

[\*\*\*]

------

**Schedule 10.6**

**Example Threshold and Pricing Calculations**

[\*\*\*]

------

**EXHIBIT 16.8**

**INSURANCE**

1. Each Party will obtain and maintain for at least the duration of the Agreement, at its own cost and expense, the following kinds and amounts of insurance providing coverage for their operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1Comprehensive General Liability insurance, including products and completed operations and contractual liability, providing coverage resulting from bodily injury, property damage, personal injury, and advertising injury with a minimum limit of [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2Network Security and Privacy Liability (Cyber) insurance with a minimum limit of [\*\*\*], covering all acts, errors, omissions, negligence, and including coverage for unauthorized access, failure of security, breach of privacy perils, as well at notification costs and regulatory defense. Either Party may meet these insurance requirements by using a combination of primary insurance and excess/umbrella insurance.

2. The above required insurance policies shall be insured through licensed insurers authorized to do business and on policy forms approved for use in the jurisdiction of the Agreement and have a minimum A.M. Best financial rating (or equivalent rating agency outside of the U.S. if a carrier is not rated by A.M. Best) of "A-VII", size "IX". Unless otherwise stated, all policies shall be primary and non-contributory to any other insurance available to an additional insured as required herein.

3. Each Party shall furnish to the other Party on an annual basis a certificate of insurance signed by an authorized representative of the other Party's insurance, giving evidence of such insurance in an acceptable form. In the event of any notice or action to cancel, non-renew, or materially change the above required insurance, each Party shall provide the other advance notice of such change.

4. The acceptance by each Party of certificates of insurance providing for other or different coverage than herein required to be furnished, shall in no event be deemed to be a waiver of any provisions of this Agreement. Furthermore, the minimum limits of liability or conditions required in this Exhibit do not in any way limit any indemnity obligation or other liability of the Parties under this Agreement.

## Exhibit 10.14

**Exhibit 10.14**

![logo1aa.jpg](logo1aa.jpg)

**Medtronic, Inc.**

710 Medtronic Parkway, LC210

Minneapolis, MN 55432-5604

USA

Tel: 1.763.514.4000

www.medtronic.com

---

| | |
|:---|:---|
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 21, 2025 |
| To: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Que Dallara |
| From: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geoff Martha |
| Copy: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matt Walter |
| Subject: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Position Letter of Intent |

---

Que, congratulations! It is with great pleasure that I confirm Medtronic's intention to create a new position for you. As you are aware, Project Kangaroo is intended to create a newly formed stand-alone publicly traded company (to-be-named later in FY26 and referred to as NewCo throughout this letter). The Medtronic Board of Directors confirmed that you will lead this new company as the Chief Executive Officer.

Upon the initial public offering (IPO), which is targeted in the first calendar quarter of 2026, you will assume the role of Chief Executive Officer. Between now and the intended IPO, your existing employment terms and conditions remain in effect as an employee of Medtronic.

Following is a summary of the compensation package for the new position which will be effective upon the IPO of NewCo. At that time, your employment will transfer to NewCo and you will no longer be employed by Medtronic.

**Title**

Chief Executive Officer (NewCo). In this role, you will serve as an employee member of the NewCo Board of Directors.

**Employment Locations**

Your assignment will be based out of NewCo's Northridge, CA office.

------

**Effective Date**

Your position will commence upon the IPO of NewCo.

**Base Salary**

Your base salary will be $980,000 annually ($37,692.31 biweekly), less applicable withholdings and deductions, commencing upon employment and paid in accordance with NewCo's to-be-established standard payroll practices.

**Annual Incentive Plan**

You will be eligible to participate in the NewCo Annual Incentive Plan with a target payout of 120% of your base salary. Please note that the actual terms of the NewCo Annual Incentive Plan are being determined and will govern eligibility, calculations, and payout.

**Annual Long-Term Incentive (LTI) Program**

You will be eligible to participate in the NewCo Annual LTI program. Your target LTI value will be $8,000,000. Please note that the actual terms of the NewCo Annual LTI Program are being determined and will be subject to standard plan terms and provisions described in applicable award agreement(s) as approved by the appropriate Committee / Board of Directors of Medtronic and NewCo.

**Other Reward Elements**

This New Position Letter of Intent covers core elements of your potential future target total direct compensation opportunity (i.e., base salary, target annual incentives and target long-term incentives). Other reward elements (e.g., Medtronic business allowance, health benefits, stock ownership guidelines, etc.) will be determined and communicated at a later date.

Que, I believe that you have an opportunity to make a significant contribution in this new position. I look forward to the contributions you will make as part of the team, and the impact and relationships you will bring to this position.

Please feel free to contact me with any questions you may have.

Q. Dallara New Position Letter of Intent 3.21.2025

## Exhibit 10.15

**Exhibit 10.15**

![medtronicb.jpg](medtronicb.jpg)

**Medtronic, Inc.**

710 Medtronic Parkway, LC210

Minneapolis, MN 55432-5604

USA

Tel: 1.763.514.4000

www.medtronic.com

May 28, 2025

Chad Spooner

Connecticut, USA

Dear Chad,

Congratulations! I am pleased to send you this letter as a formal offer of employment at Medtronic. Here, you can do more than push the boundaries of healthcare - you will find tremendous career opportunities to learn, grow and make a real difference in people's lives.

Following is a summary of the terms and conditions of this offer, subject to approval by the appropriate Committee:

**Title**

SVP and Chief Financial Officer Diabetes

In this role, you will serve as a member of my leadership team.

**Employment Location**

Your assignment with Medtronic will initially be based remotely out of Connecticut and you will be expected to travel as required by the business for this role. Relocation assistance will be provided and is expected to occur on or before November 1, 2025 to our office in Northridge, CA (specific relocation date to be agreed).

**Effective Date**

Your position will commence on July 14<sup>th</sup>, 2025 ("Start Date").

**Base Salary**

Your base salary will be $675,000 annually ($25,961.54 Biweekly), less applicable withholdings and deductions, commencing upon start date and paid in accordance with Medtronic's standard payroll practices.

1

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Medtronic's current practice is to review salary increases on an annual basis. Due to your start date, your first eligibility for a salary increase will be in our first quarter of Fiscal Year 2027. Your starting salary has been set in consideration of this policy.

**Business Allowance**

To defray the cost of an automobile, tax preparation and financial planning, or other related expenses, you will continue to be provided with an annual allowance of $18,000 (paid bi-weekly).

**Medtronic Incentive Plan (MIP)**

This role is eligible to participate in the Medtronic Incentive Plan, effective with your start date in this new position, with a targeted payout of 85% of your eligible earnings. The actual payout for this period will be dependent upon business and your individual performance. Additional details about the incentive plan and how your contributions can help drive success at Medtronic are available at mip.medtronic.com. Your payout will be prorated to reflect your start date in this new position. Please note that the actual terms of the Medtronic Incentive Plan govern eligibility and payout.

**Annual Long-Term Incentive (LTI) Program**

You will be eligible to participate in the annual LTI program. Your target value for your role is $2,500,000, which may be adjusted to recognize individual performance. The Award is typically granted end of July/early August of each year.

Medtronic reserves the right to modify targets in line with plan terms and provisions. These awards are subject to standard plan terms and provisions as described in the applicable award agreement(s) and approval by the appropriate Committee.

**Global Officer's Group and NQSO Grant**

You will be a member of Medtronic's Global Officers Group and eligible to receive an annual Officer's Group Non-Qualified Stock Option award with a target value of USD $25,000. The number of stock options issued will be based on the Black-Scholes value at the time of grant, rounded up to the nearest whole share. Global Officers Group LTI awards are typically granted in Q2 of each fiscal year. This award vests over four years at 25% per year, beginning one year after the date of grant. This award is subject to standard plan terms and provisions as described in the Stock Option Award Agreement and approval by our Internal Stock Committee.

**Total Target Direct Compensation**

Your Total Target Direct Compensation (which consists of base salary + target MIP + target long-term incentives) will be $3,748,750 annually. The options are in addition to your total direct compensation.

2

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**New Hire Cash Bonus**

You are eligible to receive a one-time cash bonus in the amount of $1,400,000 (less standard federal and state withholding and authorized deductions) to be paid in two installments; $500,000 paid in March 2026 and $900,000 paid in June 2026. This payment will be made on the first regularly scheduled pay date following dates referenced above. These one-time cash bonus will continue to payout if your employment is involuntary terminated by the Company without Cause, as defined in the 2023 Stock Award and Incentive Plan, or the Diabetes operating unit does not have an EVP & CFO position for a stand-alone or separate company (NewCo) from Medtronic by September 30, 2026. If you voluntary resign prior to payout, they will be forfeited.

**Special Restricted Stock Unit Grant**

You will be nominated to receive a one-time Restricted Stock Unit (RSU) award with the target value of $2,250,000 which will be granted at the next quarterly grant cycle (1st day of each fiscal quarter). Your actual award value and number of shares granted will depend on the market price of Medtronic stock on the date of grant. This award vest over three years at 1/3 per year, beginning March 3, 2026. These awards will continue to vest if your employment is involuntary terminated by the Company without Cause, as defined in the 2023 Stock Award and Incentive Plan, or the Diabetes operating unit does not have an EVP & CFO position for a stand-alone or separate company (NewCo) from Medtronic by September 30, 2026. These awards are subject to standard plan terms and provisions as described in the RSU Award Agreement and approval by the appropriate Committee. If you voluntarily resign prior to vesting anniversaries, you forfeit the unvested LTI.

**Paid Time Off (PTO)**

You will be able to take time off when it works for you. As a reference point, please note the following guideline provided to other U.S. Medtronic employees: 10 fixed holidays and 4-5 weeks of paid time off.

**Benefits**

You will be offered a competitive benefits package upon meeting eligibility requirements as provided for in the Plan documents. For 2025 Medtronic benefits information, visit <u>benefits.medtronic.com</u> , which provides details about all of our benefit offerings, as well as FAQs, recorded learning modules and links to plan documents and policy information. The site is available from any computer or mobile device with an Internet connection.

**Deferred Compensation Plan**

You will be eligible to participate in Medtronic's Capital Accumulation Plan ("CAP"), a nonqualified deferred compensation plan, within 60 days after your date of hire. You will be eligible to defer a portion of your base salary for calendar year 2025.

**Relocation**

As part of your offer, when your family situation allows, you will receive relocation assistance. To ensure a smooth transition and provide guidance throughout your company sponsored relocation, Medtronic has teamed with Cartus

3

------

as our third-party relocation partner. When ready, a Cartus consultant will contact you to assist with coordination of your benefits. Please note, if you voluntarily resign your employment with Medtronic prior to two years of service, you will be required to repay Medtronic the full cost of your relocation including tax assistance.

**Stock Ownership Policy**

Medtronic's policy requires Senior Vice Presidents (SVPs) to maintain Medtronic stock equal to two (2) times annual salary. Unless noted otherwise by an equity grant agreement, SVPs must retain 50% of the after-tax shares following settlement of equity compensation awards, including stock option exercises and restricted stock vesting, until the stock ownership requirement is met.

**Executive Severance Plan**

Your employment with Medtronic is "at will" and may be terminated at any time by Medtronic or by you. If your employment is terminated by the Company without Cause, as defined in the 2023 Stock Award and Incentive Plan, or the Diabetes operating unit does not have an EVP & CFO position for a stand-alone or separate company (NewCo) from Medtronic by September 30, 2026, you will be eligible to receive the following benefits: 18-months base salary + 18-months target MIP, 18-months of COBRA coverage, and other standard components of the Medtronic Severance Pay Plan for Executives (attached for reference). The 18-month base salary + 18-month target MIP cash severance provision is contingent upon your signing and complying with a severance and release agreement. The 18-month base salary + 18-month target MIP cash severance provision sunsets on a transaction date and will be replaced by NewCo's go-forward severance provisions (currently under discussion)

**Other**

This offer of employment is contingent upon your completing and passing a substance test within 48 hours of accepting our offer, successful verification of your employment and educational history combined with a criminal background check, and signing Medtronic's Employee Agreement, on or before your first day of employment. The Medtronic Employee Agreement that you must sign contains a restrictive covenant. Please note, if you have not taken the substance test within the allotted time period, you risk our offer being withdrawn. Given your current travel plans, we will work with you to schedule a substance test, will make efforts to meet the time requirements while remaining conscious of your travel plans. This offer is also contingent upon you not being subject to the terms of an employment agreement and/or a non-compete agreement that would prevent you from working as SVP and Chief Financial Officer Diabetes.

You have represented that you have no agreement and/or contractual restrictions that would prohibit you from taking this position with Medtronic. This offer is being made based upon that representation and is contingent upon your representation.

As required by federal law all US employers are required to verify your identity and employment eligibility. Upon acceptance of this offer of employment and prior to your first day of work at Medtronic, you will receive an email

4

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welcome letter from Human Resources with detailed information on how to complete the government required Form I-9. The letter will contain a hyperlink to Medtronic's electronic I-9 system and instructions on how to complete Section 1. You will either be prompted to select a convenient date, time, and location to complete Section 2 at a local designated/authorized completer site OR with a local Medtronic I-9 representative. The welcome letter and I-9 system will provide you a list of acceptable documents and instructions on how to complete Form I-9. You are encouraged to complete the process at your earliest convenience. Failure to produce the required documentation within 72 business hours of hire (unless a government authorized extension applies) will result in termination of employment.

Medtronic is a participant in the Department of Homeland Security's E-Verify system. Medtronic does not tolerate the discrimination of applicants and employees based upon their national origin and citizenship (or immigration) status or any protected status when verifying employment eligibility through completion of the Form I-9 and the use of E-Verify.

This offer is contingent on our mutual ability to obtain non-immigrant work authorization approval on your behalf when able. Medtronic will prepare and file the necessary non-immigrant petition with the USCIS. If for any reason the USCIS denies the non-immigrant petition on your behalf or if for any reason you are unable to obtain or maintain the appropriate employment authorization your employment with Medtronic may terminate. \*Please note: The USCIS announced that the H cap has been reached and there will not be any H visas available until October 1, 2025. You must be able to show you have continued work authorization until this date or are eligible for another work authorized status. In addition, Medtronic will review your possibility of immigrant (permanent residence) status after twelve (12) months of employment and after approval of your non-immigrant work authorization.

As you begin employment with Medtronic, you will receive information and be expected to complete a formal on-boarding program. The purpose of the program is to ensure understanding of our company policies and procedures as well as provide you information on resources available to you. Please note that it is your responsibility to complete all requirements of the program and failure to complete the program may result in discipline that could include termination of employment.

Medtronic is offering you this position based on your general skills and background, and believes you can perform your new duties without the use or reliance upon any confidential information or trade secrets of your current or former employers.

Medtronic does not and will not encourage, induce, require, condone, or accept the disclosure or use of such information during your employment with the company. Medtronic further expects you to take reasonable steps to protect your current and former employers' proprietary information (including returning any and all confidential or proprietary materials or documents to your current employer when you leave) and to abide by any other confidentiality and applicable non-solicitation agreements with your current or former employers.

5

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You have indicated that you are familiar with your confidentiality obligations to your current and former employers and that you agree that you can perform your duties for Medtronic without violating these obligations. Your signature below confirms your assurances in this regard and your agreement to abide by the guidelines above. Medtronic has made this offer of employment to you based on these assurances.

There can be no overlap in full-time employment between your current employer and Medtronic. You may not be on both payrolls simultaneously even if you have been relieved of your duties with your current employer, have not assumed substantive duties with Medtronic, or under any other circumstances. Your signature below confirms your understanding that such overlap in employment is prohibited and may result in termination of your employment with Medtronic.

It is understood your employment is at will and if an employment relationship is established, Medtronic and you may terminate the employment relationship at any time and for any reason, with or without notice or prior discipline.

Medtronic is committed to providing reasonable accommodations so that all individuals may participate fully in their employment. If you need accommodations because of a medical condition, or a religious belief or practice, please discuss your request with Human Resources. They will work with you and your manager to evaluate accommodation options.

For sales reps and other patient facing field employees, going into a healthcare setting is considered an essential function of the job and we expect our employees to comply with all credentialing requirements at the hospitals or clinics they support.

Upon acceptance of our offer, you will receive e-mail notifications regarding your onboarding plan, required training, and any New Employee Orientation you may be scheduled to attend. Please watch for this important information as your start date approaches.

6

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Chad, join us to collaborate boldly with others to tackle healthcare's greatest challenges and to help us achieve our Mission to alleviate pain, restore health and extend life for patients everywhere.

Questions regarding this offer may be addressed to me.

Sincerely,

**Que Dallara**

EVP & President, Diabetes

And

**Gillian Chandrasen**

VP, Human Resources, Diabetes

*I, Chad Spooner, accept this offer of employment and agree to the terms and conditions outlined in this letter. I understand that proof of my identity and employment eligibility is a condition of employment, and I must provide Medtronic with proof of my identity and employment eligibility to qualify for employment. I understand that if I provide false or misleading information, I may be disqualified from employment.*

---

| | |
|:---|:---|
| /s/ Chad Spooner | 5/29/2025 |
| Chad Spooner | Date |

---

7

## Exhibit 10.16

**Exhibit 10.16**

![logo1aa.jpg](logo1aa.jpg)

**Medtronic, Inc.**

710 Medtronic Parkway, LC210

Minneapolis, MN 55432-5604

USA

Tel: 1.763.514.4000

www.medtronic.com

---

| | |
|:---|:---|
| Date: | April 24, 2025 |
| To: | Ali Dianaty |
| From: | Que Dallara |
| Copy: | Matt Walter, Gillian Chandrasena |
| Subject: | New Position Letter of Intent |

---

Ali, congratulations! It is with great pleasure that I confirm Medtronic's intention to create a new position for you. As you are aware, Project Kangaroo is intended to create a newly formed stand-alone publicly traded company (to-be-named later in FY26 and referred to as NewCo throughout this letter). The Medtronic Executive Steering Committee confirmed that you will join this new company as the Executive Vice President, Chief Product & Technology Officer. In this role, you will continue to serve as a member of my leadership team.

Upon the initial public offering (IPO), which is targeted in the first calendar quarter of 2026, you will assume the role of Executive Vice President, Chief Product & Technology Officer. Between now and the intended IPO, your existing employment terms and conditions remain in effect as an employee of Medtronic.

Following is a summary of the compensation package for the new position which will be effective upon the IPO of NewCo. At that time, your employment will transfer to NewCo and you will no longer be employed by Medtronic.

**Title**

Executive Vice President, Chief Product & Technology Officer

**Employment Locations**

Your assignment will be based out of NewCo's Northridge, CA office.

Ali Dianaty New Position Letter of Intent April 24, 2025

------

**Effective Date**

Your position will commence upon the IPO of NewCo.

**Base Salary**

Your base salary will be $640,000 annually ($24,615.38 biweekly), less applicable withholdings and deductions, commencing upon employment and paid in accordance with NewCo's to-be-established standard payroll practices.

**Annual Incentive Plan**

You will be eligible to participate in the NewCo Annual Incentive Plan with a target payout of 85% of your base salary. Please note that the actual terms of the NewCo Annual Incentive Plan are being determined and will govern eligibility, calculations, and payout.

**Annual Long-Term Incentive (LTI) Program**

You will be eligible to participate in the NewCo Annual LTI program. Your target LTI value will be 300% of your base salary. Please note that the actual terms of the NewCo Annual LTI Program are being determined and will be subject to standard plan terms and provisions described in applicable award agreement(s) as approved by the appropriate Committee / Board of Directors of Medtronic and NewCo.

**Other Reward Elements**

This New Position Letter of Intent covers core elements of your potential future target total direct compensation opportunity (i.e., base salary, target annual incentives and target long-term incentives). Other reward elements (e.g., Medtronic business allowance, health benefits, stock ownership guidelines, etc.) will be determined and communicated at a later date.

Ali, I believe that you have an opportunity to make a significant contribution in this new position. I look forward to the contributions you will make as part of the team, and the impact and relationships you will bring to this position.

Please feel free to contact me with any questions you may have.

Ali Dianaty New Position Letter of Intent April 24, 2025

------

**Ali Dianaty–**

**NewCo Executive Vice President, Chief Product & Technology Officer**

**Target Compensation Side-by-Side**

---

| | | |
|:---|:---|:---|
| Pay Element | Current | Proposed |
| Base Salary (000s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$574.9 | $640.0 |
| Target STI (% of Base) | 70% | 85% |
| Target Total Cash (000s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$977.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1184.0 |
| **Annual Equity Compensation** |  |  |
| LTI Value (000s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1920.0 |
| Grant as % of Base Salary | 174% | 300% |
| **Target Total Direct Compensation** |  |  |
| Target TDC (000s) | $1977.4 | $3104.0 |
| *% Increase (Total Direct Compensation)* |  | *57 %* |

---

This presentation is for illustrative purposes only and covers core elements of your potential future target total direct compensation opportunity (i.e. base salary, target annual incentives and target long-term incentives). Medtronic cannot guarantee payout under its incentive plans.

Other reward elements (e.g., Medtronic business allowance, health benefits, stock ownership guidelines, etc.) will be determined and communicated at a later date.

Offer will be contingent upon signing NewCo Employee Agreement.

Ali Dianaty New Position Letter of Intent April 24, 2025

## Exhibit 10.17

**Exhibit 10.17**

![logo1ab.jpg](logo1ab.jpg)

**Medtronic, Inc.**

710 Medtronic Parkway, LC210

Minneapolis, MN 55432-5604

USA

Tel: 1.763.514.4000

www.medtronic.com

---

| | |
|:---|:---|
| Date: | May 28, 2025 |
| To: | Courtney Nelson Wills |
| From: | Que Dallara |
| Copy: | Matt Walter, Gillian Chandrasena |
| Subject: | New Position Letter of Intent |

---

Courtney, congratulations! It is with great pleasure that I confirm Medtronic's intention to create a new position for you. As you are aware, Project Kangaroo is intended to create a newly formed stand-alone publicly traded company (to-be-named later in FY26 and referred to as NewCo throughout this letter). The Medtronic Executive Steering Committee confirmed that you will join this new company as the Senior Vice President, General Counsel. In this role, you will continue to serve as a member of my leadership team.

Upon the initial public offering (IPO), which is targeted in the first calendar quarter of 2026, you will assume the role of Senior Vice President, General Counsel. Between now and the intended IPO, your existing employment terms and conditions remain in effect as an employee of Medtronic.

Following is a summary of the compensation package for the new position which will be effective upon the IPO of NewCo. At that time, your employment will transfer to NewCo and you will no longer be employed by Medtronic.

**Title**

Senior Vice President, General Counsel

**Employment Locations**

Your assignment will be based remotely out of Minneapolis, MN.

**Effective Date**

Your position will commence upon the IPO of NewCo.

Courtney Nelson Wills New Position Letter of Intent May 28, 2025

------

**Base Salary**

Your base salary will be $525,000 annually ($20,192.31 biweekly), less applicable withholdings and deductions, commencing upon employment and paid in accordance with NewCo's to-be-established standard payroll practices.

**Annual Incentive Plan**

You will be eligible to participate in the NewCo Annual Incentive Plan with a target payout of 70% of your base salary. Please note that the actual terms of the NewCo Annual Incentive Plan are being determined and will govern eligibility, calculations, and payout.

**Annual Long-Term Incentive (LTI) Program**

You will be eligible to participate in the NewCo Annual LTI program. Your target LTI value will be 200% of your base salary ($1,050,000). Please note that the actual terms of the NewCo Annual LTI Program are being determined and will be subject to standard plan terms and provisions described in applicable award agreement(s) as approved by the appropriate Committee / Board of Directors of Medtronic and NewCo.

**Severance Provision**

In the event that the SVP, General Counsel role of a stand-alone or separate company from Medtronic does not occur by September 30, 2026, you will be eligible for a cash severance provision of 18- months base salary + 18-months target MIP. This cash severance provision described above also includes standard involuntary not-for-cause termination and reduction in force, and sunsets on a transaction date and will be replaced by NewCo's go-forward severance provisions.

**Other Reward Elements**

This New Position Letter of Intent covers core elements of your potential future target total direct compensation opportunity (i.e., base salary, target annual incentives and target long-term incentives). Other reward elements (e.g., Medtronic business allowance, health benefits, stock ownership guidelines, etc.) will be determined and communicated at a later date.

Courtney, I believe that you have an opportunity to make a significant contribution in this new position. I look forward to the contributions you will make as part of the team, and the impact and relationships you will bring to this position.

Please feel free to contact me with any questions you may have.

Courtney Nelson Wills New Position Letter of Intent May 28, 2025

------

**Courtney Nelson Wills –**

**NewCo Senior Vice President, General Counsel**

**Target Compensation Side-by-Side**

---

| | | |
|:---|:---|:---|
| Pay Element | Current | Proposed |
| Base Salary (000s) | $444.3 | $525.0 |
| Target STI (% of Base) | 60% | 70% |
| Target Total Cash (000s) | $710.9 | $892.5 |
| **Annual Equity Compensation** |  |  |
| LTI Value (000s) | $405.0 | $1050.0 |
| Grant as % of Base Salary | 91% | 200% |
| **Target Total Direct Compensation** |  |  |
| Target TDC (000s) | $1115.9 | $1942.5 |
| *% Increase (Total Direct Compensation)* |  | *74%* |

---

This presentation is for illustrative purposes only and covers core elements of your potential future target total direct compensation opportunity (i.e. base salary, target annual incentives and target long-term incentives). Medtronic cannot guarantee payout under its incentive plans.

Other reward elements (e.g., Medtronic business allowance, health benefits, stock ownership guidelines, etc.) will be determined and communicated at a later date.

Offer will be contingent upon signing NewCo Employee Agreement.

Courtney Nelson Wills New Position Letter of Intent May 28, 2025

## Exhibit 10.18

**Exhibit 10.18**

![logo1ac.jpg](logo1ac.jpg)

**Medtronic, Inc.**

710 Medtronic Parkway, LC210

Minneapolis, MN 55432-5604

USA

Tel: 1.763.514.4000

www.medtronic.com

---

| | |
|:---|:---|
| Date: | May 23, 2025 |
| To: | Gillian Chandrasena |
| From: | Que Dallara |
| Copy: | Matt Walter |
| Subject: | New Position Letter of Intent |

---

Gillian, congratulations! It is with great pleasure that I confirm Medtronic's intention to create a new position for you. As you are aware, Project Kangaroo is intended to create a newly formed stand-alone publicly traded company (to-be-named later in FY26 and referred to as NewCo throughout this letter). The Medtronic Executive Steering Committee confirmed that you will join this new company as the Senior Vice President, Chief Human Resources Officer. In this role, you will serve as a member of my leadership team.

Upon the initial public offering (IPO), which is targeted in the first calendar quarter of 2026, you will assume the role of Senior Vice President, Chief Human Resources Officer. Between now and the intended IPO, your existing employment terms and conditions remain in effect as an employee of Medtronic.

Following is a summary of the compensation package for the new position which will be effective upon the IPO of NewCo. At that time, your employment will transfer to NewCo and you will no longer be employed by Medtronic.

**Title**

Senior Vice President, Chief Human Resources Officer

**Employment Locations**

Your assignment will be based out of NewCo's Northridge, CA office.

Gillian Chandrasena New Position Letter of Intent May 23, 2025

------

**Effective Date**

Your position will commence upon the IPO of NewCo.

**Base Salary**

Your base salary will be $475,000 annually ($18,269.23 biweekly), less applicable withholdings and deductions, commencing upon employment and paid in accordance with NewCo's to-be-established standard payroll practices.

**Annual Incentive Plan**

You will be eligible to participate in the NewCo Annual Incentive Plan with a target payout of 70% of your base salary. Please note that the actual terms of the NewCo Annual Incentive Plan are being determined and will govern eligibility, calculations, and payout.

**Annual Long-Term Incentive (LTI) Program**

You will be eligible to participate in the NewCo Annual LTI program. Your target LTI value will be 150% of your base salary. Please note that the actual terms of the NewCo Annual LTI Program are being determined and will be subject to standard plan terms and provisions described in applicable award agreement(s) as approved by the appropriate Committee / Board of Directors of Medtronic and NewCo.

**Other Reward Elements**

This New Position Letter of Intent covers core elements of your potential future target total direct compensation opportunity (i.e., base salary, target annual incentives and target long-term incentives). Other reward elements (e.g., Medtronic business allowance, health benefits, stock ownership guidelines, etc.) will be determined and communicated at a later date.

Gillian, I believe that you have an opportunity to make a significant contribution in this new position. I look forward to the contributions you will make as part of the team, and the impact and relationships you will bring to this position.

Please feel free to contact me with any questions you may have.

Gillian Chandrasena New Position Letter of Intent May 23, 2025

------

**Gillian Chandrasena–**

**NewCo Senior Vice President, Chief Human Resources Officer**

**Target Compensation Side-by-Side**

---

| | | |
|:---|:---|:---|
| Pay Element | Current | Proposed |
| Base Salary (000s) | $445.0 | $475.0 |
| Target STI (% of Base) | 60% | 70% |
| Target Total Cash (000s) | $712.0 | $807.5 |
| **Annual Equity Compensation** |  |  |
| LTI Value (000s) | $405.0 | $712.5 |
| Grant as % of Base Salary | 91% | 150% |
| **Target Total Direct Compensation** |  |  |
| Target TDC (000s) | $1117.0 | $1520.0 |
| *% Increase (Total Direct Compensation)* |  | *36 %* |

---

This presentation is for illustrative purposes only and covers core elements of your potential future target total direct compensation opportunity (i.e. base salary, target annual incentives and target long-term incentives). Medtronic cannot guarantee payout under its incentive plans.

Other reward elements (e.g., Medtronic business allowance, health benefits, stock ownership guidelines, etc.) will be determined and communicated at a later date.

Offer will be contingent upon signing NewCo Employee Agreement.

Gillian Chandrasena New Position Letter of Intent May 23, 2025

## Exhibit 21.1

**Exhibit 21.1**

**MINIMED GROUP, INC.**

**SUBSIDIARIES OF THE REGISTRANT**

---

| | |
|:---|:---|
| **Legal Name** | **Jurisdiction of Incorporation or**<br>**Organization** |
| Companion Medical, Inc. | United States |
| Diabeter Nederland BV | Netherlands |
| Diabeter Center Amsterdam BV | Netherlands |
| Kangaroo US HoldCo 2, Inc.  | United States |
| Kangaroo US HoldCo, Inc.  | United States |
| Klue, Inc. | United States |
| Medtronic Diabetes (Chengdu) Co., Ltd | China |
| Medtronic Korea Holdings Ltd. | Korea |
| Medtronic MiniMed India Private Ltd | India |
| Medtronic MiniMed, Inc. | United States |
| MiniMed (UK) Limited | United Kingdom |
| MiniMed Australia Pty Ltd | Australia |
| MiniMed Canada ULC | Canada |
| MiniMed Denmark ApS | Denmark |
| MiniMed Distribution Corp. | United States |
| MiniMed France S.A.S. | France |
| MiniMed Hellas Single Member LLC | Greece |
| MiniMed Holding B.V. | Netherlands |
| MiniMed Holdings Switzerland Sarl | Switzerland |
| MiniMed International Trading Sarl | Switzerland |
| MiniMed Italy S.R.L. | Italy |
| MiniMed Japan G.K. | Japan |
| MiniMed Netherlands B.V. | Netherlands |
| MiniMed Norway AS | Norway |
| MiniMed Philippines, Inc. | Philippines |
| MiniMed Portugal, Unipressoal Lda | Portugal |
| MiniMed Puerto Rico Operations LLC | Puerto Rico |
| MiniMed Spain S.L.U. | Spain |
| MiniMed Te Austria GmbH | Austria |
| MiniMed Technologies Ireland Limited | Ireland |
| MMed Sweden AB | Sweden |
| NPB Belgium B.V. | Belgium |
| NPB Finland Oy | Finland |
| NPB Germany GmbH | Germany |
| Nutrino Health Ltd. | Israel |

---

## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form S-1 of MiniMed Group, Inc. of our report dated August 26, 2025, except for the net sales by product category information included in Note 3 to the combined financial statements, as to which the date is October 28, 2025, relating to the combined financial statements of the Diabetes Business of Medtronic plc, which appears in this Registration Statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

December 19, 2025

<br>