Document:

Incentive Plan

 Exhibit 10(e) 
 DARDEN RESTAURANTS, INC. 
 MANAGEMENT AND PROFESSIONAL 
 INCENTIVE PLAN 

 TABLE OF CONTENTS 
  

			
	 	  	PAGE
	 PART I.        DEFINITIONS
	  	1
		
	 A.     Actively Employed
	  	1
	 B.     Additional Incentive Award
	  	1
	 C.     Agent
	  	1
	 D.     Award
	  	1
	 E.     Base Incentive Award
	  	1
	 F.      Board
	  	1
	 G.     Change of Control
	  	1
	 H.     Committee
	  	2
	 I.       Common Stock
	  	2
	 J.      Company
	  	2
	 K.     Consolidated Earnings
	  	2
	 L.     Management Employee
	  	3
	 M.    Matching Restricted Stock
	  	3
	 N.     Original Deposit
	  	3
	 O.     Participant
	  	3
	 P.      Plan
	  	3
	 Q.     Plan Year
	  	3
	 R.     Professional Employee
	  	3
	 S.      Stock Matching
	  	3
	 T.     Stock Matching Provisions
	  	3
		
	 PART II.      GENERAL PROVISIONS
	  	3
		
	 A.     Objective Of The Plan
	  	3
	 B.     Eligibility
	  	4
	 C.     Participation
	  	4
		
	 PART III.    BASE INCENTIVE AWARDS
	  	4
		
	 A.     Individual Performance
	  	4
	 B.     Corporate Performance
	  	4
	 C.     Determination Of Amounts Of Award
	  	4
		
	 PART IV.    ADDITIONAL INCENTIVE AWARDS
	  	5
		
	 A.     Cash Or Other Awards
	  	5
	 B.     Participation In Stock Matching
	  	5
		
	 PART V.      DEFERRAL OF CASH INCENTIVE AWARDS
	  	7
		
	 PART VI.    PLAN ADMINISTRATION
	  	7

  

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 PART I 
 DEFINITIONS 
  

	A.	Actively Employed 

 The term “Actively
Employed” means the Participant is deemed to be an active employee of the Company, as determined in accordance with the Company’s policies and procedures, provided that the period during which a Participant is “Actively Employed”
will not include any leave of absence period, except as otherwise determined by the Company’s policies and procedures. 
  

	B.	Additional Incentive Award 

 The term
“Additional Incentive Award” means a Participant’s additional incentive award granted under Part IV of this Plan. 
  

	C.	Agent 

 The term “Agent” means the
Company or such other entity as the Committee may designate to fulfill the responsibilities of “Agent” under this Plan. 
  

	D.	Award 

 The term “Award” means any
Base Incentive Award and/or Additional Incentive Award granted under this Plan. 
  

	E.	Base Incentive Award 

 The term “Base
Incentive Award” means a Participant’s base incentive award granted under Part III of this Plan. 
  

	F.	Board 

 The term “Board” means the
Board of Directors of the Company. 
  

	G.	Change of Control 

 The term “Change of
Control” shall mean: 
 (a) Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (i) the then-outstanding shares
of common stock of the Corporation (the “Outstanding Corporation Common Stock”) or (ii) the combined voting power of the then-outstanding voting securities of the Corporation entitled to vote generally in the election of directors
(the “Outstanding Corporation Voting Securities”); provided, however, that, for purposes of this Section 4(a), the following acquisitions shall not constitute a Change of Control: (A) any acquisition directly from
the Corporation, (B) any acquisition by the Corporation, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any company controlled by, controlling or under common control with
the Corporation (an “Affiliated Company”) or (D) any acquisition pursuant to a transaction that complies with Sections 4(c)(i), 4(c)(ii) and 4(c)(iii); 
 (b) Individuals who, as of the date hereof, constitute the Board of Directors of the Corporation (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors of
the Corporation (the “Board”); provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Corporation’s stockholders, was approved by

  

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a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual was a member of the
Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 
 (c) Consummation of a reorganization,
merger, statutory share exchange or consolidation or similar transaction involving the Corporation or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Corporation, or the acquisition of assets or
securities of another entity by the Corporation or any of its subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (i) all or substantially all of the individuals and entities that
were the beneficial owners of the Outstanding Corporation Common Stock and the Outstanding Corporation Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding
shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity,
equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Corporation or all or substantially all of the
Corporation’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Corporation Common Stock and the Outstanding
Corporation Voting Securities, as the case may be, (ii) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Corporation or such entity resulting from such Business
Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) of the entity resulting from such Business Combination or the
combined voting power of the then-outstanding voting securities of such entity, except to the extent that such ownership existed prior to the Business Combination, and (iii) at least a majority of the members of the board of directors (or, for
a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such
Business Combination; or 
 (d) Approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation.

  

	H.	Committee 

 The term “Committee”
means the Compensation Committee of the Board. 
  

	I.	Common Stock 

 The term “Common
Stock” or “Stock” means the common stock of the Company. 
  

	J.	Company or Corporation 

 The term
“Company” or “Corporation” means Darden Restaurants, Inc. and its subsidiaries. 
  

	K.	Consolidated Earnings 

 The term
“Consolidated Earnings” means consolidated net income for the year for which an Award is made, adjusted to omit the effects of unusual and extraordinary items, discontinued operations and the cumulative effects of changes in accounting
principles, all as shown on the audited consolidated statement of earnings of the Company and its subsidiaries and as determined in accordance with generally accepted accounting principles. 
  

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	L.	Management Employee 

 The term
“Management Employee” means any active key management employee of the Company or its subsidiaries, to the extent designated by the Senior Vice President, Human Resources, including such members of the Board and the Chairman as are actively
employed by the Company or its subsidiaries. 
  

	M.	Matching Restricted Stock 

 The term
“Matching Restricted Stock” means shares described in Part IV(B) of this Plan. 
  

	N.	Original Deposit 

 The term “Original
Deposit” means shares deposited pursuant to Part IV(B) of this Plan. 
  

	O.	Participant 

 The term
“Participant” means an individual selected to be a Participant in accordance with Part II of this Plan. 
  

	P.	Plan 

 The term “Plan” means the
Darden Restaurants, Inc. Management and Professional Incentive Plan, formerly known as the Darden Restaurants, Inc. Management Incentive Plan. 
  

	Q.	Plan Year 

 The term “Plan Year”
means the Company’s fiscal year. 
  

	R.	Professional Employee 

 The term
“Professional Employee” means any professional employee to the extent designated by the Vice President, Compensation. 
  

	S.	Stock Matching 

 The term “Stock
Matching” means incentive compensation in the form of Common Stock made available by the Company on the condition the Participant deposits a specified amount of Common Stock with the Company. 
  

	T.	Stock Matching Provisions 

 The term
“Stock Matching Provisions” means the provisions set forth in Part IV(B) of this Plan. 
 PART II 
 GENERAL PROVISIONS 
  

	A.	Objective Of The Plan 

 It is the intent of
the Company to provide financial rewards to key management and professional employees in recognition of individual contributions to the success of the Company under the provisions of this Plan. As such, the Committee has designed this Plan to
accomplish such objectives. Participant Awards will be based on the comparative impact of the Participant’s position to the overall corporate results as measured by the degree to which the individual is able to affect division/subsidiary, group
and corporate results. 
  

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	B.	Eligibility 

 Any Management Employee and any
Professional Employee will be eligible to participate in the Plan. Eligibility will not carry any rights to participation nor to any fixed Awards under the Plan. 
  

	C.	Participation 

 As early as possible in each
Plan Year, management will recommend a list of proposed Participants in the Plan, and the Committee thereupon will determine those who have been selected as Participants for the current Plan Year. Participants will be those persons holding
positions, which significantly affect operating results, while providing the opportunity to contribute to current earnings and the future success of the Company. During the year, other Participants may be added because of promotion or for other
reasons warranting their inclusion, and Participants may be excluded from active participation because of demotion or other reasons warranting their exclusion. In order to receive an Award, a Participant must be Actively Employed as of the end of
the Plan Year for which such Award is made, unless the Participant’s termination is due to death or retirement on or after age 55 and 10 years of service during the Plan Year. In all events in which a Participant is eligible to receive an
Award, the Award will be prorated based on the total days employed during the Plan Year in a position eligible for participation in the Plan. 
 PART III 
 BASE INCENTIVE AWARDS 
 The size of a Participant’s Base Incentive Award under this Plan will be based on both individual and corporate performance, relative to pre-established performance objectives. 
  

	A.	Individual Performance 

 Individual
performance for the Plan Year will be determined as follows: 
  

	 	1.	At the beginning of each Plan Year, each Participant will develop written objectives for the year, which are directly related to specific job accountabilities.

  

	 	2.	The individual objectives will be reviewed with each Participant’s supervisor for acceptance and will become the primary basis for establishing the individual’s
performance for the year. For the Chief Executive Officer, such objectives will be reviewed and approved by the Committee. 

  

	 	3.	Near the end of each Plan Year, each Participant will submit to his or her supervisor, a summary of accomplishments related to individual performance during the year. Based on this
information and other information related to individual performance or job accountabilities, the supervisor will assess the individual’s performance. 

  

	B.	Corporate Performance 

 At the beginning of
each Plan Year, the Committee will establish corporate and/or unit performance targets, and near the end of each Plan Year, the Committee will establish corporate and/or unit performance ratings, based on generally accepted performance measures to
be selected by the Committee such as, but not limited to, earnings per share, return on cash, return on sales, cash flow, market share, revenue growth, earnings growth, return on gross investment, total shareholder return and operating profits.

  

	C.	Determination Of Amounts Of Award 

 The
Committee acting in its discretion, subject to the maximum amounts set forth below, will determine the amounts of Awards to Participants for any Plan Year. Such determinations, except in the case of the Award for the Chairman of the Board, will be
made after considering the recommendations of the 

  

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Chairman and such other matters as the Committee will deem relevant. The Committee’s determination of Awards for any Plan Year shall be made no later
than the 90th day of the Plan Year. Any Award which is granted for a period of more than one Plan Year shall be made no later than the 90th day of the first Plan Year. 
 Notwithstanding the foregoing, the maximum Awards payable with respect to any Plan Year to any Participant will not exceed two tenths of one percent (0.2%) of the Company’s annual sales for such year (as
reflected in the Company’s annual audited financial statements for such year). For this purpose, the value of the Common Stock, restricted stock or restricted stock units that are part of any Award will be based on the fair market value of the
Common Stock subject to the Award on the date the Award is made. In all events, however, any Award in the form of cash shall not be paid, and any Award in the form of Common Stock, restricted stock or restricted stock units shall be forfeited,
unless the Company has Consolidated Earnings for the Plan Year for which the Award is granted. Further, an Award based on a period of more than one year will be limited to the aggregate Consolidated Earnings and sales of the Company for such period
of years, excluding any year which the Company has no Consolidated Earnings. 
 Any Award in the form of cash shall not be paid, and any Award
in the form of Common Stock, restricted stock or restricted stock units shall remain subject to risk of forfeiture, until: (a) the Committee receives assurances from both the Company’s Chief Financial Officer and its independent
accountants that the Company has achieved Consolidated Earnings for the Plan Year(s) and that the amount of such Award does not exceed the applicable limitation under this Part III; and (b) the Committee certifies in writing to the Board that
the Consolidated Earnings have been achieved and the applicable limitation has not been exceeded. 
 Awards will be paid in cash, Common
Stock, restricted stock or restricted stock units, or any combination of the foregoing, as determined by the Senior Vice President, Human Resources. Any such Common Stock, restricted stock or restricted stock units shall be issued pursuant to the
terms of the Company’s Stock Option and Long-Term Incentive Plan of 1995, Restaurant Management and Employee Stock Plan of 2000, 2002 Stock Incentive Plan or any successor plan or plans, each as may be amended from time to time. 
 PART IV 
 ADDITIONAL
INCENTIVE AWARDS 
  

	A.	Cash Or Other Awards 

 Subject to the terms
and conditions of Part III of this Plan and, where applicable, to the Stock Matching Provisions, a Management Employee is eligible to receive an Additional Incentive Award in the form of cash, or if so determined by the Senior Vice President, Human
Resources, Common Stock, restricted stock or restricted stock units, or any combination of the foregoing. Any Additional Incentive Award, or any part thereof, may be made subject to the Stock Matching Provisions if so determined by the Senior Vice
President, Human Resources. 
  

	B.	Participation In Stock Matching 

 If an
Additional Incentive Award, or any part thereof, is designated as being made subject to the Stock Matching Provisions, then the following provisions shall apply: 
  

	 	1.	A Management Employee under age 55 as of the last day of the Plan Year who is selected to participate in the Stock Matching Provisions of the Plan may do so by depositing shares of
Common Stock based on a percentage of his or her Base Incentive Award, which percentage the Committee will set on an annual basis. Such percentage may vary by employee group and from year to year. 

  

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	 	2.	Participants age 55 or over as of the last day of the Plan Year who are selected for Stock Matching may elect full, partial or no participation in the Stock Matching Provisions,
with immediate cash payments being made in an amount equal to 60% of the amount of the Base Incentive Award otherwise eligible for Stock Matching for which the employee has elected to receive cash payment in lieu of Stock Matching.

  

	 	3.	The Company will notify each Management Employee who participates in the Stock Matching Provisions of the maximum number of shares of Common Stock which he or she is permitted to
deposit under the Plan, and each Participant may choose to deposit all or any portion of the number of shares permitted to be deposited. Participants may make their Original Deposit at any time after they receive their Base Incentive Award, but, to
participate in the Stock Matching Provisions of this Plan, Participants must deposit such shares with the Agent no later than the December 31 immediately following the end of the Plan Year for which the Base Incentive Award has been paid.

  

	 	4.	Any Participant who dies, retires on or after attaining age 65, elects early retirement after attaining age 55 and completing 10 years of service, or is permanently disabled and
unable to work as determined by the Senior Vice President, Human Resources, either during a Plan Year or prior to the final date for depositing the Original Deposit shares for such Plan Year (December 31), will not be eligible to participate in the
Stock Matching Provisions, but instead, such Participant, or the Participant’s legal representative, will receive an Additional Incentive Award in Stock or cash, as determined by the Senior Vice President, Human Resources, for the Plan Year in
an amount equal to the amount otherwise eligible for Stock Matching. 

  

	 	5.	On or before the December 31 immediately preceding the end of the Plan Year, Participants must notify the Company in writing of the applicable participation alternatives
elected under the Stock Matching Provisions. Elections regarding Stock Matching participation are effective for the current Plan Year. 

  

	 	6.	As soon as practical following the Original Deposit by a Participant, the Company will match these shares and either deposit with the Agent for the Participant’s account
matching Common Stock for each share of the Original Deposit or evidence the issuance of matching Common Stock for each share of the Original Deposit in book entry form as reflected on the master stockholder records of the Company. All such
deposited Stock will be Matching Restricted Stock, which will be delivered to the Participant upon vesting. Matching Restricted Stock shall have such terms as may be determined from time to time pursuant to the terms of the applicable plan under
which such Matching Restricted Stock is issued; provided, however, that any Matching Restricted Stock granted prior to June 19, 2003 shall include the following terms: 

 The vesting period will be from one (1) to ten (10) years (the “Restricted Period”) as determined by the Committee, and may be
accelerated based on performance goals established by the Committee. In the event of termination after attainment of age 55 and 10 years of service but prior to the completion of the Restricted Period, provided the Participant leaves his or her
shares, if any, on deposit, the Participant will vest in all corresponding shares of Matching Restricted Stock as of the earlier of attainment of age 65 or the end of the Restricted Period. If the Company terminates the Participant’s employment
involuntarily and not for cause (as determined by the Committee) prior to the completion of the Restricted Period, and the sum of the Participant’s age and years of service with the Company equals or exceeds seventy (70), any shares that have
not vested on the date of termination of the Participant’s employment but that would have vested within two (2) years from the date of termination if the Participant’s employment had continued shall become immediately vested on the
date of the Participant’s termination of employment. In the event the Original Deposit Stock is withdrawn or a required deposit was not made, all Matching Restricted Stock will be forfeited to the Company. If termination of employment occurs
prior to attainment of age 55 and completion of 10 years of service or prior to the time that the sum of the Participant’s age and years of 

  

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service with the Company equals or exceeds seventy (70), and prior to completion of the Restricted Period (except for death), such Matching Restricted Stock
will be forfeited to the Company. In the event of the death of a Participant prior to vesting in the Matching Restricted Stock, a pro-rata portion of such shares will vest and be delivered to the Participant’s beneficiary, based on the ratio of
the number of months during which the shares were on deposit prior to the Participant’s death to the number of months in the Restricted Period, with all remaining shares being forfeited. In the event of the death of a Participant prior to
completion of a performance cycle, as established in accordance with the terms of a performance accelerated vesting schedule, a pro-rata portion of such shares will vest and be delivered to the Participant’s beneficiary, at the end of the
performance cycle, based on the ratio of the number of months during which the shares were on deposit prior to the Participant’s death to the number of months completed in the performance cycle, with all remaining shares being forfeited.

  

	 	7.	A Participant may temporarily withdraw all or a portion of the shares on deposit for all Plan Years (other than Matching Restricted Stock) in order to exercise Company stock
options, subject to an equal number of shares of Common Stock being immediately re-deposited with the Agent after such exercise. 

 PART V 
 DEFERRAL OF CASH INCENTIVE AWARDS 
 Subject to rules adopted by the Committee, a Participant may elect to defer all or a portion of a cash Award during each calendar year in accordance with the terms and
conditions of the Company’s FlexComp Plan or any successor plan. 
 In order to defer all or a portion of the cash Award for a particular bonus period,
a Participant must make a valid election under the FlexComp Plan by executing and filing a deferral election form with the Company pursuant to the terms of the FlexComp Plan. 
 PART VI 
 PLAN ADMINISTRATION 
 This Plan will be effective in each fiscal year of the Company and will be administered by the Committee and the Committee will have full authority to interpret the
Plan. Such interpretations of the Committee will be final and binding on all parties, including the Participants, survivors of the Participants, and the Company. 
 The Committee will have the authority to delegate the duties and responsibilities of administering the Plan, maintaining records, issuing such rules and regulations as it deems appropriate, and making the payments hereunder to such
employees or agents of the Company as it deems proper. 
 The Board, or if specifically delegated, its delegate, may amend, modify or terminate the Plan at
any time, provided, however, that no such amendment, modification or termination will adversely affect any benefit earned (but not necessarily vested) under the Plan prior to the date of such amendment or termination, unless the Participant, or the
Participant’s beneficiary, becomes entitled to an amount equal to or greater than the value of the adversely affected portion of such benefit under another plan, program or practice adopted by the Company. Notwithstanding the above, an
amendment, modification, or termination affecting previously accrued benefits may not occur after a Change of Control without the written consent of a majority of the Participants determined as of the day before such Change of Control. 

 

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 This paragraph applies only to a Participant who at any time was or is designated as an officer-level employee in the
Company payroll system with the Peoplesoft identifier “OFC” or its equivalent. Notwithstanding the provisions of Parts III, IV and V of this Plan, if (a) the Company is required to restate its financial statements due to fraud and
(b) the Committee determines that a Participant knowingly participated in such fraud, then the Committee may, in its sole and absolute discretion, at any time within two years following such restatement, require such Participant to, and such
Participant shall immediately upon notice of such Committee determination, return to the Company any cash payments, Awards (including cash dividends) or cash in the amount of any proceeds received by such Participant or such Participant’s
personal representative from the disposition or transfer of any such Awards received by such Participant or such Participant’s personal representative pursuant to Parts III, IV and V of this Plan, in each case during the period commencing two
years before the beginning of the restated financial period and ending on the date of such Committee determination. In addition, all of such Participant’s rights to any cash payments or Awards under this Plan that are not vested on the date
that the Committee makes such determination shall be immediately and irrevocably forfeited, including rights to receive any dividends with respect to any Awards made pursuant to Parts III, IV and V of this Plan. The Committee shall have the
authority and discretion to make any determination regarding the specific implementation of this provision with respect to such Participants. 
 In the event
the Company will effect one or more changes, split-ups or combinations of shares of Common Stock or one or more other like transactions, the Board or the Committee may make such adjustment, upward or downward, in the number of shares of Common Stock
to be deposited by the Participants as will appropriately reflect the effect of such transactions. 
 In the event the Company will distribute shares of a
subsidiary of the Company to its stockholders in a spin-off transaction, the shares of stock of the subsidiary distributed to Participants, which are attributable to Restricted Stock, will be vested and delivered to the Participants subject to any
specific instructions of the Committee. 
 Except as otherwise provided in this Plan, neither any benefit payable hereunder nor the right to receive any
future benefit under the Plan may be anticipated, alienated, sold, transferred, assigned, pledged, encumbered, or subjected to any charge or legal process. If any attempt is made to do so, or if a person eligible for any benefits becomes bankrupt,
the Committee, in its sole discretion, may terminate the interest under the Plan of the person affected and may cause the interest to be held or applied for the benefit of one or more of the dependents of such person or may make any other
disposition of such interest that it deems appropriate. 
 All questions pertaining to the construction, validity and effect of the Plan will be determined
in accordance with the laws of the State of Florida and the laws of the United States. 
 Approved by sole stockholder on February 27, 1995, effective
May 28, 1995 
 Amended May 23, 1996 
 Approved by
shareholders September 19, 1996 
 Amended June 21, 1999 
 Amended June 21, 2000 effective as of June 1, 2000, subject to shareholder approval 
 Approved by shareholders September 20, 2000

 Amended June 19, 2003 
 Amended December 17, 2008

 Amended July 23, 2009 
  

 8Continunity Agreement

 Exhibit 10(i) 
 AMENDED AND RESTATED 
 MANAGEMENT CONTINUITY AGREEMENT 
 THIS AMENDED AND RESTATED MANAGEMENT CONTINUITY AGREEMENT (the “Agreement”) between Darden Restaurants, Inc., a Florida corporation (the
“Corporation”), and                      (the “Executive”) is hereby entered into as of
                    , amends and restates the original Management Continuity Agreement between the Corporation and the Executive dated as of
                     (the “Original Agreement”), and is effective as of the date hereof. 
 WITNESSETH: 
 WHEREAS, the Corporation wishes
to attract and retain well-qualified executive and key personnel and to assure both itself and the Executive of continuity of management in the event of any Change of Control (as defined in Section 2) of the Corporation; 
 WHEREAS, the Corporation and the Executive wish to amend and restate the Original Agreement; 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, it is hereby agreed by and between the Corporation and the
Executive as follows: 
 1. Operation of Agreement. The “Effective Date” of this Agreement shall be the date during the
Contract Period (as defined in Section 3) on which a Change of Control occurs. 
 2. Change of Control. For the purpose of this
Agreement, a “Change of Control” shall mean: 
 (a) Any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the 

 
Exchange Act) of 20% or more of either (i) the then-outstanding shares of common stock of the Corporation (the “Outstanding Corporation Common
Stock”) or (ii) the combined voting power of the then-outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Corporation Voting Securities”); provided,
however, that, for purposes of this Section 2, the following acquisitions shall not constitute a Change of Control: (A) any acquisition directly from the Corporation, (B) any acquisition by the Corporation, (C) any
acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any company controlled by, controlling or under common control with the Corporation (an “Affiliated Company”) or (D) any
acquisition pursuant to a transaction that complies with Sections 2(c)(i), 2(c)(ii) and 2(c)(iii); 
 (b) Individuals who, as
of the date hereof, constitute the Board of Directors of the Corporation (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors of the Corporation (the “Board”); provided,
however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Corporation’s stockholders, was approved by a vote of at least a majority of the directors then comprising
the Incumbent Board shall be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election
contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 
 (c) Consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Corporation
or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Corporation, or the acquisition of 

  

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assets or securities of another entity by the Corporation or any of its subsidiaries (each, a “Business Combination”), in each case unless,
following such Business Combination, (i) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Corporation Common Stock and the Outstanding Corporation Voting Securities immediately prior to
such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting
securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity
that, as a result of such transaction, owns the Corporation or all or substantially all of the Corporation’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior
to such Business Combination of the Outstanding Corporation Common Stock and the Outstanding Corporation Voting Securities, as the case may be, (ii) no Person (excluding any entity resulting from such Business Combination or any employee
benefit plan (or related trust) of the Corporation or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then-outstanding shares of common stock (or, for a non-corporate
entity, equivalent securities) of the entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such entity, except to the extent that such ownership existed prior to the Business
Combination, and (iii) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the
time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 
  

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 (d) Approval by the stockholders of the Corporation of a complete liquidation or
dissolution of the Corporation. 
 3. Contract Period. The “Contract Period” is the period commencing on the date hereof and
ending on the second anniversary of such date; provided, however, that commencing on the date one year after the date hereof, and on each anniversary of such date (the date one year after the date hereof, and each anniversary of such
date, is hereinafter referred to as the “Renewal Date”), the Contract Period shall be automatically extended so as to terminate two years from such Renewal Date, unless, at least 60 days prior to the Renewal Date, the Corporation shall
give notice to the Executive that the Contract Period shall not be so extended. 
 4. Certain Definitions. 
 (a) Cause. The Executive’s employment may be terminated for Cause if a majority of the Board, or if the Corporation is not the
ultimate parent corporation of the Affiliated Companies and is not publicly-traded, the board of directors of the ultimate parent of the Corporation (the “Applicable Board”) (excluding the Executive, if the Executive is a member of the
Applicable Board), after the Executive shall have been afforded a reasonable opportunity to appear in person together with counsel before the Applicable Board and to present such evidence as the Executive deems appropriate, determines that Cause
exists. For purposes of this Agreement, “Cause” means (i) an act or acts of fraud or misappropriation on the Executive’s part which result in or are intended to result in his or her personal enrichment at the expense of the
Corporation and which constitute a criminal offense under State or Federal laws or (ii) conviction of a felony. 
  

 4 

 (b) Good Reason. For purposes of this Agreement, “Good Reason” means:

 (i) without the express written consent of the Executive (A) the assignment to the Executive of any duties
inconsistent in any substantial respect with the Executive’s position, authority or responsibilities as in effect during the 90-day period immediately preceding the Effective Date of this Agreement or (B) any other substantial adverse
change in such position (including titles), authority or responsibilities; or 
 (ii) any failure by the Corporation to
furnish the Executive with base salary, target annual bonus opportunity, long-term incentive opportunity or aggregate employee benefits at a level equal to or exceeding those received by the Executive from the Corporation during the 90-day period
preceding the Effective Date of this Agreement, other than (A) an insubstantial and inadvertent failure remedied by the Corporation promptly after receipt of notice thereof given by the Executive or (B) with respect to aggregate employee
benefits only, any such failure resulting from an across-the-board reduction in employee benefits applicable to all similarly situated employees of the Corporation generally; or 
 (iii) the Corporation’s requiring the Executive to be based or to perform services at any office or location more than 30 miles from
the office or location at which the Executive was based as of immediately prior to the Effective Date of this Agreement, except for travel reasonably required in the performance of the Executive’s responsibilities; or 
 (iv) any failure by the Corporation to obtain the assumption and agreement to perform this Agreement by a successor as contemplated by
Section 10(b); or 
  

 5 

 (v) any failure by the Corporation to deposit amounts in the Trust in accordance with
Section 9. 
 For purposes of this Section 4(b), any determination of “Good Reason” made by the Executive shall be conclusive. The
Executive’s mental or physical incapacity following the occurrence of an event described above in clauses (i) through (v) shall not affect the Executive’s ability to terminate employment for Good Reason and the Executive’s
death following delivery of a Notice of Termination for Good Reason shall not affect the Executive’s estate’s entitlement to severance payments benefits provided hereunder upon a termination of employment for Good Reason. 
 (c) Disability. “Disability” means a physical or mental disability which materially interferes with the capacity of the
Executive in fulfilling his or her responsibilities and which will qualify the Executive for disability benefits under the Corporation-sponsored plan in which the Executive participates. 
 (d) Notice of Termination. Any termination by the Corporation for Cause or by the Executive for Good Reason or otherwise shall be
communicated by Notice of Termination to the other party hereto given in accordance with Section 11(b). For purposes of this Agreement, a “Notice of Termination” means a written notice which: (i) indicates the specific
termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated and
(iii) if the Date of Termination (as defined in Section 4(e)) is other than the date of receipt of such notice, specifies such date, which shall be not more than 30 days after the giving of such notice. 
  

 6 

 (e) Date of Termination. “Date of Termination” means the date of receipt
of the Notice of Termination or any later date specified therein (which date shall be not more than 30 days after giving such notice), as the case may be. Notwithstanding the foregoing, in no event shall the Date of Termination occur until the
Executive experiences a “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder (the “Code”), and the date on which such separation
from service takes place shall be the “Date of Termination.” 
 5. Obligations of the Corporation upon Termination of
Employment. 
 (a) Good Reason and other than for Cause, Death or Disability. If, within two years after the
Effective Date of this Agreement, (x) the Corporation terminates the Executive’s employment for any reason other than for Cause, death or Disability or (y) the Executive terminates employment for Good Reason: 
 (i) the Corporation shall pay to the Executive, in a lump sum in cash within 30 days after the Date of Termination, the aggregate of the
following amounts: 
 (A) if not theretofore paid, the Executive’s annual base salary through the Date of Termination at
the rate in effect at the time the Notice of Termination was given without giving effect to any reduction thereof that would constitute grounds for a resignation for Good Reason (the “Accrued Base Salary”), plus an amount equal to the
product of (1) the Average Bonus (as defined in Section 5(a)(i)(B)(2)), and (2) a fraction, the numerator of which is the number of days in the fiscal year in which the Date of Termination occurs through the Date of Termination and
the denominator of which is 365 (such amount, the “Pro Rata Bonus”); and 
  

 7 

 (B) three times the sum of (1) the Executive’s annual base salary at the rate
in effect at the time the Notice of Termination was given (without giving effect to any reduction thereof that would constitute grounds for a resignation for Good Reason) (the “Annual Base Salary”) and (2) an amount equal to the
average bonus paid to the Executive by the Corporation or its predecessor in any of the three fiscal years prior to the Date of Termination (or for such lesser number of full fiscal years prior to the Date of Termination for which the Executive was
eligible to earn such a bonus, and annualized in the case of any pro rata bonus earned for a partial fiscal year) (such amount, the “Average Bonus”); provided, however, that if the Executive has not been eligible to earn such
a bonus for any period prior to the Date of Termination, the “Average Bonus” shall mean the Executive’s target annual bonus for the year in which the Date of Termination occurs; and 
 (C) an amount equal to the excess of (i) the amount of the Corporation or an Affiliated Company’s (as applicable) contributions
under the Corporation’s FlexComp Plan (or similar qualified defined contribution plans and any excess or supplemental defined contribution plans sponsored by an Affiliated Company, if applicable to Executive) in which the Executive participates
as of the Date of Termination (or, if more favorable to the Executive, the plans as in effect immediately prior to the Effective Date) (collectively, the “Savings Plans”) that the Executive would receive if the Executive’s employment
continued for three years following the Date of Termination (the “Continuation Period”), assuming for this purpose that (1) the 

  

 8 

 
Executive’s benefits under such plans are fully vested and that the Executive had retired at the age that the Executive would have attained at the end
of the Continuation Period; (2) the Executive’s compensation during each year of the Benefits Period is equal to the Annual Base Salary and the Average Bonus, and such amounts are paid in equal installments ratably over each year of the
Continuation Period; (3) the Executive received an annual bonus with respect to the year in which the Date of Termination occurs equal to the amount of the Pro Rata Bonus, only to the extent that an accrual in respect of the compensation
described in this clause (3) has not already been credited to the Executive under the Savings Plans; (4) the amount of any employer contributions is equal to the average amount contributed by such employer under the terms of the applicable
Saving Plans during the three years immediately prior to the year in which the Date of Termination occurs (or for such lesser number of full fiscal years prior to the Date of Termination for which the Executive was eligible to receive employer
contributions under the applicable Savings Plans, and annualized in the case of any employer contribution in respect of a partial fiscal year) for a participant whose compensation is as provided in clauses (2) and (3) above; and
(5) to the extent that the Corporation’s contributions are determined based on the contributions or deferrals of the Executive, disregarding the Executive’s actual contributions or deferral elections as of the Date of Termination and
assuming that the Executive had elected to participate in the Savings Plans and to defer that percentage of annual base salary and/or annual bonuses under the Savings Plans equal to the average amount contributed by the Executive under the
applicable 

  

 9 

 
Saving Plans during the three full fiscal years immediately prior to the year in which the Date of Termination occurs (or for such lesser number of full
fiscal years prior to the Date of Termination for which the Executive was eligible to participate in the Savings Plans, and annualized in the case of any employer contribution in respect of a partial fiscal year) over (ii) the Executive’s
actual benefit (paid or payable), if any, under the Savings Plans as of the Date of Termination; 
 (ii) For three years
following the Date of Termination (the “Benefits Period”), the Corporation shall provide the Executive and his spouse and dependents with medical, dental, and vision coverage (the “Health Care Benefits”) and life insurance
benefits no less favorable than those provided by the Corporation for the Executive and his spouse and dependents at any time during the 90-day period immediately preceding the Effective Date of this Agreement, provided, however, that
if as of the Date of Termination the Executive would not qualify for post-retirement benefits under the Corporation’s retiree welfare plans and programs then in effect during such 90-day period for the reason that the Executive has not reached
his 55th birthday, the Executive shall nevertheless be entitled to post-retirement benefits no less favorable than the benefits for which the Executive would have qualified under the Corporation’s retiree welfare plans and programs if the
Executive was of the age of 55 at the Date of Termination; provided, further, however, that the Health Care Benefits shall be provided during the Benefits Period in such a manner that such benefits are excluded from the
Executive’s income for federal income tax purposes. The receipt of the Health Care Benefits shall be conditioned upon the Executive continuing to pay the Applicable COBRA Premium (as 

  

 10 

 
defined below) with respect to the level of coverage that the Executive has elected for the Executive and his spouse and dependents; provided,
however, that if the Executive becomes re-employed with another employer and is eligible to receive health care benefits under another employer-provided plan, the Health Care Benefits provided hereunder shall be secondary to those provided
under such other plan during such applicable period of eligibility. During the portion of the Benefits Period in which the Executive and his spouse and dependents continue to receive Health Care Benefits under the Corporation’s Health Care
Benefits plans, the Corporation shall pay to the Executive a monthly amount equal to the Applicable COBRA Premium in respect of the maximum level of coverage in effect for the Executive and/or his spouse at the Date of Termination, which payment
shall be paid in advance on the first payroll day of each month, commencing with the month immediately following the Executive’s Date of Termination. For purposes of this Provision, “Applicable COBRA Premium” means the monthly premium
in effect from time to time for coverage provided to former employees of the Corporation under Section 4980B of the Code and the regulations thereunder with respect to a particular level of coverage. The period during which the Executive
receives Health Care Coverage pursuant to this Section 5(a)(ii) shall run concurrent with the period during which the Executive may otherwise be eligible for continued health coverage as required by Section 4980B of the Code or other
applicable law (“COBRA Coverage”), and the Corporation shall take such actions as are necessary to cause such COBRA Coverage to be offset by the provision of the Health Care Coverage during the Benefits Period. 
  

 11 

 Notwithstanding the foregoing provisions of Section 5(a), in the event that the Executive is a “specified
employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Corporation as in effect on the Date of Termination (a “Specified Employee”)), amounts and benefits
that constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code that would otherwise be payable or provided under Section 5(a) during the six-month period immediately following the Date of
Termination shall instead be paid, with interest on any delayed payment at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code (“Interest”) determined as of the Date of Termination, or provided on the first
business day after the date that is six months following the Executive’s Date of Termination (the “Delayed Payment Date”). 
 (b) Death or Disability. If, within two years after the Effective Date of this Agreement, the Executive’s employment is terminated by reason of the Executive’s death or Disability, the Corporation
shall provide the Executive with the Accrued Base Salary and the Pro-Rata Bonus within 30 days of the Date of Termination, and shall have no other severance obligations under this Agreement; provided, however, that if the Executive is
a Specified Employee, the Pro Rata Bonus shall be paid to the Executive (or the Executive’s estate or beneficiaries, as applicable) on the Delayed Payment Date. 
 (c) By the Executive other than for Good Reason or by the Corporation for Cause. If, within two years after the Effective Date of
this Agreement, (x) the Executive’s employment is terminated by the Corporation for Cause or (y) the Executive voluntary terminates of his employment other than for Good Reason, the Corporation shall provide the Executive with the
Accrued Base Salary within 30 days of the Date of Termination, and shall have no other severance obligations under this Agreement. 
  

 12 

 6. Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit the
Executive’s continuing or future participation in any benefit, bonus, incentive deferred compensation or other plan or program provided by the Corporation or any of its affiliated companies and for which the Executive may qualify, nor shall
anything herein limit or otherwise affect such rights as the Executive may have under any employment, stock option, performance stock units or other agreements with the Corporation or any of its Affiliated Companies. Amounts which are vested
benefits or which the Executive is otherwise entitled to receive under any plan or program of the Corporation or any of its Affiliated Companies at or subsequent to the Date of Termination shall be payable in accordance with such plan or program,
except as explicitly modified by this Agreement, and shall not in any manner be included in the determination of benefits calculated under Section 5. Without limiting the generality of the foregoing, the Executive’s resignation under this
Agreement with or without Good Reason, shall in no way affect the Executive’s ability to terminate employment by reason of the Executive’s “retirement” under, or to be eligible to receive benefits under, any compensation and
benefits plans, programs or arrangements of the Corporation or the Affiliated Companies, including without limitation any retirement or pension plans or arrangements or substitute plans adopted by the Corporation, the Affiliated Companies or their
respective successors, and any termination which otherwise qualifies as Good Reason shall be treated as such even if it is also a “retirement” for purposes of any such plan. Notwithstanding the foregoing, if the Executive receives payments
and benefits pursuant to Section 5(a) of this Agreement, the Executive shall not be entitled to any severance pay or benefits under any severance plan, program or policy of the Corporation and the Affiliated Companies, unless otherwise
specifically provided therein in a specific reference to this Agreement. 
  

 13 

 7. Full Settlement. The Corporation’s obligation to make the payments
provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any setoff, counterclaim, recoupment, defense or other right which the Corporation may have
against the Executive or others or by any amounts received by Executive from others. In no event shall the Executive be obligated to seek other employment by way of mitigation of the amounts payable to the Executive under any of the provisions of
this Agreement, and except as specifically provided in Sections 5(a)(ii) or 8, such amounts shall not be reduced whether or not the Executive obtains other employment. Subject to the provisions of Section 9, the Corporation agrees to pay as
incurred (within ten days following the Corporation’s receipt of an invoice from the Executive), to the full extent permitted by law, all legal fees and expenses which the Executive may reasonably incur at any time from the Change of Control
through the Executive’s remaining lifetime (or, if longer, through the 20th
anniversary of the Change of Control) as a result of any contest (regardless of the outcome thereof) by the Corporation, the Executive or others of the validity or enforceability of, or liability under any provision of this Agreement or any
guarantee of performance thereof, in each case plus interest, compounded monthly, on the total unpaid amount determined to be payable under this Agreement, such interest to be calculated on the basis of the “Prime Rate” as reported in the
Wall Street Journal determined as of the date such legal fees and expenses were incurred plus 5%. Any payments related to reimbursements for legal fees and expenses in accordance with this Section 7 shall be made before the end of the
Executive’s taxable year following the taxable year in which such fees and expenses are incurred by the Executive, provided, however, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days
before the end of the calendar year next following the calendar year in which such fees and 

  

 14 

 
expenses were incurred. The amount of such legal fees and expenses that the Corporation is obligated to pay in any given calendar year shall not affect the
legal fees and expenses that the Corporation is obligated to pay in any other calendar year, and the Executive’s right to have the Corporation pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.

 8. Certain Reduction of Payments by the Corporation. 
 (a) Anything in this Agreement to the contrary notwithstanding, in the event that Ernst & Young LLP or such other nationally
recognized accounting firm as shall be designated by the Executive (the “Accounting Firm”) shall determine that receipt of all payments or distributions in the nature of compensation to or for the benefit of Executive, whether paid or
payable pursuant to this Agreement or otherwise (“Payments”) would subject the Executive to tax under Section 4999 of the Code, the Accounting Firm shall determine whether to the Payments paid or payable pursuant to this Agreement the
(“Agreement Payments”) shall be reduced (but not below zero) to meet the definition of Reduced Amount. The Agreement Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines that the Net After-Tax Receipt (as
defined below) of unreduced aggregate Payments would be equal to or less than 110 percent of the Net After-Tax Receipt of the aggregate Payments if the Executive’s Agreement Payments were reduced to the Reduced Amount. If such a determination
is not made by the Accounting Firm, the Executive shall receive all Agreement Payments to which Executive is entitled under this Agreement. 
 (b) If the Accounting Firm determines that aggregate Payments should be reduced to the Reduced Amount, the Corporation shall promptly give the Executive notice to that effect and a copy of the detailed calculation
thereof. All determinations made by the Accounting 

  

 15 

 
Firm under this Section 8 shall be binding upon the Corporation and the Executive and shall be made as soon as reasonably practicable and in no event
later than 5 business days following the Effective Date, or such later date on which there has been a Payment. For purposes of reducing the Agreement Payments to the Reduced Amount, only amounts payable under this Agreement (and no other Payments)
shall be reduced. The reduction of the Agreement Payments, if applicable, shall be made by reducing the payments and benefits under the following sections in the following order: (i) Section 5(a)(i)(A); (ii) Section 5(a)(i)(B);
and (iii) Section 5(a)(i)(C). All fees and expenses of the Accounting Firm in implementing the provisions of this Section 8 shall be borne by the Corporation. To the extent requested by the Executive, the Corporation shall cooperate
with the Executive in good faith in valuing services provided or to be provided by the Executive (including without limitation, the Executive’s agreeing to refrain from performing services pursuant to a covenant not to compete or similar
covenant) before, on or after the date of a change in ownership or control of the Corporation (within the meaning of Q&A-2(b) of Section 280G of the Code), such that payments in respect of such services may be considered reasonable
compensation within the meaning of Q&A-9 and Q&A-40 to Q&A-44 of Section 280G of the Code and/or exempt from the definition of the term “parachute payment” within the meaning of Q&A-2(a) of Section 280G of the
Code in accordance with Q&A-5(a) of Section 280G of the Code. 
 (c) As a result of the uncertainty in the
application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Corporation to or for the benefit of the Executive pursuant
to this Agreement which should not have been so paid or distributed (“Overpayment”) or that additional amounts which will have not been paid or distributed by the 

  

 16 

 
Corporation to or for the benefit of the Executive pursuant to this Agreement could have been so paid or distributed (“Underpayment”), in each
case, consistent with the calculation of the Reduced Amount hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either the Corporation or the Executive which the
Accounting Firm believes has a high probability of success determines that an Overpayment has been made, the Executive shall pay any such Overpayment to the Corporation together with Interest; provided, however, that no amount shall be
payable by the Executive to the Corporation if and to the extent such payment would not either reduce the amount on which the Executive is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In
the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be paid promptly (and in no event later than 60 days following the date on which
the Underpayment is determined) by the Corporation to or for the benefit of the Executive together with Interest. 
 (d) For
purposes of this Section 8, the following terms have the meanings set forth below: 
 (i) “Reduced Amount”
shall mean $1000.00 less than the greatest amount of Agreement Payments that can be paid that would not result in the imposition of the excise tax under Section 4999 of the Code if the Accounting Firm determines to reduce Agreement Payments
pursuant to this Section 8, and 
 (ii) “Net After-Tax Receipt” shall mean the present value (as determined in
accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on the Executive with respect thereto 

  

 17 

 
under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the
Code and under state and local laws which applied to the Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Executive certifies, in the Executive’s sole discretion, as likely to apply to him
in the relevant tax year(s). 
 9. Trustee. 
 (a) The Corporation has entered into a Benefits Trust Agreement dated as of October 3, 1995 (as amended from time to time, the
“Trust Agreement”) with Wells Fargo Bank, National Association, as successor to Wells Fargo Bank Minnesota, National Association, formerly known as Norwest Bank Minnesota, National Association, as trustee (the “Trustee”) to hold
assets of the Corporation under certain circumstances as a reserve for the discharge of the Corporation’s obligations under this Agreement and certain plans of deferred compensation of the Corporation. Within five business days after the event
of a Change of Control as defined in Section 2 hereof, the Corporation shall be obligated to contribute such amounts to the trust created under the Trust Agreement (the “Trust”) as may be necessary to fully fund all benefits payable
under this Agreement, and the Executive shall have the right to demand and secure specific performance of this provision; provided, however, that under no circumstances (i) will the Corporation fund or be obligated to fund the
Trust, solely to the extent that and solely for so long as, doing so would result in taxable income to the Executive by reason of Section 409A(b) of the Code or (ii) will any Trust assets at any time be located or transferred outside of
the United States (within the meaning of Section 409A(b) of the Code), and for the avoidance of 
  

 18 

 doubt, if funding the Trust is prohibited under the foregoing clause (i) at the time of the Change of Control, the
Corporation shall fund the Trust at the earliest time after the Change of Control, if any, that funding the Trust would not result in taxable income to the Executive by reason of Section 409A(b) of the Code. All assets held in the Trust shall
remain subject only to the claims of the Corporation’s general creditors whose claims against the Corporation are not satisfied because of the Corporation’s bankruptcy or insolvency (as those terms are defined in the Trust Agreement). The
Executive shall not have any preferred claim on, or beneficial ownership interest in, any assets of the Trust before the assets are paid to the Executive and all rights created under the Trust, as under this Agreement, are unsecured contractual
claims of the Executive against the Corporation. Except in the case of a breach of fiduciary duty by the Trustee, (A) neither the Executive nor the Executive’s legal representatives, heirs or legatees shall have any claim or right of
action against the Trustee for the performance of its duties under the Trust or the payment of the Corporation’s obligations under this Agreement, and (B) except as provided in Section 7 hereof, the Corporation shall not be liable for
the payment of any legal fees or expenses incurred by the Executive or his or her legal representatives, heirs or legatees in pursuing any such action or claim against the Trustee. All charges, fees and expenses of the Trustee shall be paid by the
Corporation. 
 (b) In the event the funding of the Trust described in Section 9(a) does not occur, upon written demand
by the Executive given at any time after a Change of Control occurs, the Corporation shall deposit within five business days of receipt of such written demand in another trust (“Alternative Trust”) with an institutional trustee designated
by the Executive in such demand (“Institutional Trustee”) amounts which may become payable to the Executive pursuant to this Agreement with irrevocable instructions to pay amounts to the Executive when 

  

 19 

 
due in accordance with the terms of this Agreement, provided, however, that the Alternative Trust shall, like the Trust, remain subject only to
the claims of the Corporation’s general creditors whose claims against the Corporation are not satisfied because of the Corporation’s bankruptcy or insolvency (as those terms are defined in the Trust Agreement); provided,
further, however, that under no circumstances (i) will the Corporation fund or be obligated to fund the Alternative Trust, solely to the extent that and solely for so long as, doing so would result in taxable income to the
Executive by reason of Section 409A(b) of the Code or (ii) will any Alternative Trust assets at any time be located or transferred outside of the United States (within the meaning of Section 409A(b) of the Code), and for the avoidance
of doubt, if funding the Alternative Trust is prohibited under the foregoing clause (i) at any time after the Change of Control, the Corporation shall fund the Alternative Trust at the earliest time after the Change of Control, if any, that
funding the Trust would not result in taxable income to the Executive by reason of Section 409A(b) of the Code. All charges, fees and expenses of the Institutional Trustee shall be paid by the Corporation. The Institutional Trustee shall be
entitled to rely conclusively on the Executive’s written statement as to the fact that payments are due under this Agreement and the amount of such payments. If the Institutional Trustee is not notified that payments are due under this
Agreement within two years and 60 days after receipt of a deposit hereunder, all amounts deposited with the Institutional Trustee and earnings with respect thereto shall be delivered to the Corporation on demand. 
 10. Successors. (a) This Agreement is personal to the Executive and without the prior written consent of the Corporation shall not be
assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives, heirs and legatees. 
  

 20 

 (b) This Agreement shall inure to the benefit of and be binding upon the Corporation and
its successors. The Corporation shall require any successor to all or substantially all of the business and/or assets of the Corporation, whether directly or indirectly, by purchase, merger, consolidation, acquisition of stock or otherwise, by an
agreement in form and substance satisfactory to the Executive, to assume expressly and agree to perform this Agreement in the same manner and to the same extent as the Corporation would be required to perform if no such succession had taken place.
“Corporation” means the Corporation as hereinbefore defined and any successor to its business and/or assets as aforesaid that assumes and agrees to perform this Agreement by operation of law or otherwise. 
 11. Miscellaneous. (a) This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without
reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the
parties hereto or their respective successors and legal representatives. 
 (b) All notices and other communications shall be
addressed as follows: 
 If to the Executive: 
 At the most recent address on file at the Corporation. 
 If to the Corporation: 
 Darden Restaurants, Inc. 
 5900 Lake Ellenor
Drive 
 Orlando, Florida 32809 
 Attn.: General Counsel 
 or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and
communications shall be effective when actually received by the addressee. 
  

 21 

 (c) The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement. 
 (d) The Corporation may withhold from any
amounts payable under this Agreement such United States federal, state or local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 (e) This Agreement contains the entire understanding with the Executive with respect to the subject matter hereof, and from and after the
Effective Date, except as specifically provided herein, this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof in effect immediately prior to the execution of this Agreement. Notwithstanding
and in addition to the foregoing, in order to comply with Section 409A of the Code, if the Executive becomes entitled to receive any severance payments or benefits pursuant to any other agreement between the parties in connection with the
termination of the Executive’s employment effective as of any time other than within two years after the Effective Date of this Agreement, the payment of such severance payments or benefits shall be delayed until the Delayed Payment Date.

 (f) The Executive and the Corporation acknowledge that, except as may otherwise be provided under any other written
agreement between the Executive and the Corporation, the employment of Executive by the Corporation is “at will” and, subject to Section 1, may be terminated by either the Executive or the Corporation at any time prior to the Change
of Control, in which case the Executive shall have no further rights under this Agreement. Nothing contained in the Agreement shall affect such rights to terminate, provided, however, that nothing in this Section 11(f) shall
prevent the Executive from receiving any amounts payable pursuant to Section 5(a) or Section 5(b) of this Agreement in the event of a termination described in such Section 5(a) or 5(b). 
  

 22 

 12. This Agreement is intended to comply with the requirements of Section 409A of the Code or an
exemption or exclusion therefrom and, with respect to amounts that are subject to Section 409A of the Code, shall in all respects be administered in accordance with Section 409A of the Code. Each payment under this Agreement shall be
treated as a separate payment for purposes of Section 409A of the Code. In no event may the Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement. In no event whatsoever will the
Corporation be liable for any additional tax, interest or penalties that may be imposed on the Executive under Section 409A of the Code or any damages for failing to comply with Section 409A of the Code. If the Executive dies following the
Date of Termination and prior to the payment of the any amounts delayed on account of Section 409A of the Code, such amounts shall be paid to the personal representative of the Executive’s estate within 30 days after the date of the
Executive’s death. To the extent any reimbursements or in-kind benefits due to Executive under this Agreement constitute “a deferred compensation plan” under Section 409A of the Code, any such reimbursements or in-kind benefits
shall be paid or provided in accordance with the requirements of Section 409A of the Code, including, without limitation, (a) in no event shall reimbursements by the Corporation under this Agreement be made later than the last day of the
calendar year next following the calendar year in which the expense was incurred, provided that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar
year in which such fees and expenses were incurred; (b) the amount of any reimbursement (other than medical reimbursements described in Treas. Reg. § 1.409A-3(i)(1)(iv)(B)) or in-kind benefits that the 

  

 23 

 
Corporation is obligation to pay or provide during a given calendar year shall not affect the amount of reimbursement or in-kind benefits that the
Corporation is obligation to pay or provide in any other calendar year; (c) the Executive’s right to have the Corporation pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit; and
(d) in no event shall the Corporation’s obligations to make such reimbursements or to provide such in-kind benefits apply later than the Executive’s remaining lifetime (or if longer, through the 20th anniversary of the Change of
Control). 
 IN WITNESS WHEREOF, the Executive has hereunto set his or her hand and, pursuant to the authorization from its Board of
Directors, the Corporation has caused these presents to be executed in its name on its behalf, and its corporate seal to be hereunder affixed and attested by its secretary or assistant secretary, all as of the day and year first above written.

  

							
	 	 	 	 	DARDEN RESTAURANTS, INC.
				
	 	 		 	By	 	 
	Executive	 		 		 	
		 		 	Its	 	 
			
		 		 	ATTEST:
			
		 		 	 
		 		 	Secretary

  

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