Document:

Exhibit

Exhibit 10.3

McKESSON CORPORATION
SUPPLEMENTAL PSIP II
Effective January 1, 2014
(Amended and Restated July 29, 2014)

	
			
	 
	 
	 

	TABLE OF CONTENTS

				
	 
	 
	 

	A.
	PURPOSE
	1
	

	 
	 
	 

	B.
	ERISA PLAN
	1
	

	 
	 
	 

	C.
	PARTICIPATION
	2
	

	 
	 
	 

	D.
	AMOUNTS OF DEFERRAL
	3
	

	 
	 
	 

	E.
	COMPANY CONTRIBUTIONS
	4
	

	 
	 
	 

	F.
	PAYMENT OF DEFERRED COMPENSATION
	5
	

	 
	 
	 

	G.
	BENEFICIARY DESIGNATION
	9
	

	 
	 
	 

	H.
	SOURCE OF PAYMENT
	9
	

	 
	 
	 

	I.
	MISCELLANEOUS
	10
	

	 
	 
	 

	J.
	ADMINISTRATION OF THE PLAN
	11
	

	 
	 
	 

	K.
	AMENDMENT OR TERMINATION OF THE PLAN
	11
	

	 
	 
	 

	L.
	CLAIMS AND APPEALS
	11
	

	 
	 
	 

	M.    
	DEFINITIONS
	14
	

	 
	 
	 

	N.    
	SUCCESSORS
	16
	

	 
	 
	 

	O.
	EXECUTION
	16
	

	 
	 
	 

	APPENDIX A
	EXAMPLE OF DEFERRALS UNDER PLAN
	A-1
	

	
			
	 
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McKESSON CORPORATION 
SUPPLEMENTAL PSIP II
Effective January 1, 2014

		
	A.
	PURPOSE

		
	1.
	This Plan is established to allow certain executives of the Company to elect to defer compensation which cannot be deferred under the McKesson Corporation Profit Sharing Investment Plan (“PSIP”) because of limitations of tax laws and to provide for a Monthly Company Match and an Additional Company Match on those deferrals at a rate equivalent to the PSIP’s “Matching Employer Contribution” and “Additional Matching Employer Contribution.”

		
	2.
	This Plan is the successor plan to the Supplemental PSIP, as in effect on December 31, 2004 (the “Prior Plan”).  Effective December 31, 2004, the Prior Plan was frozen and no new deferrals shall be made to it nor shall any matching contributions be allocated or vested under it after such date; provided, however, that any deferrals that were made to the Prior Plan or matching contributions that were allocated and vested under the Prior Plan before January 1, 2005 shall continue to be governed by the terms and conditions of the Prior Plan as in effect on December 31, 2004.

		
	3.
	Any deferrals made to or matching contributions that were allocated or vested under the Prior Plan after December 31, 2004 are deemed to have been made or allocated under this Plan and all such deferrals and matching contributions shall be governed by the terms and conditions of this Plan as it may be amended from time to time.

		
	4.
	This Plan is intended to comply with the requirements of Code Section 409A.

		
	5.
	Capitalized terms used in this Plan shall have the meaning set forth in Section M hereof.

		
	B.
	ERISA PLAN

This Plan is an unfunded deferred compensation program for a select group of management or highly compensated employees of the Company.  The Plan, therefore, is covered by Title I of ERISA except that it is exempt from Parts 2, 3, and 4 of Title I of ERISA.

	
			
	 
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	C.
	PARTICIPATION

		
	1.
	Eligibility to Participate.  The Administrator may, at his or her discretion, and at any time, and from time to time, select executives of an Employer who may elect to participate in this Plan (“Eligible Executives”).  Selection of Eligible Executives may be evidenced by the terms of the executive’s employment contract with the Company, or by inclusion among the persons specified in writing by the Administrator.  The Administrator may, at his or her discretion, and at any time, and from time to time, provide that executives previously designated as Eligible Executives are no longer Eligible Executives.  If the Administrator determines that an executive is no longer an Eligible Executive, he or she shall remain a Participant in the Plan until all amounts credited to his or her Account prior to such determination are paid out under the terms of the Plan (or until death, if earlier).

		
	2.
	Election to Participate by Eligible Executives and Deferral Election.  Each Eligible Executive may become a Participant in the Plan by electing to defer Compensation, or by the Company crediting a Discretionary Contribution to an Account on behalf of an Eligible Executive, in accordance with the terms of this Plan.  An election to defer shall be in writing and shall be made at the time and in the form specified by the Administrator.  On electing to defer Compensation (or by accepting a Discretionary Contribution credited by the Company to an Account on behalf of an Eligible Executive) under this Plan, the Eligible Executive shall be deemed to accept all other terms and conditions of this Plan.

		
	(a)
	Timing of Elections.  All elections to defer amounts under this Plan shall be irrevocable and shall be made pursuant to an election executed and filed with the Administrator before the amounts so deferred are earned.  An election to defer Compensation shall be made prior to the beginning of the Plan Year in which it is earned and shall become irrevocable on the December 31 preceding such Plan Year.  

		
	(b)
	Newly Eligible Executive Elections.  However, if an executive becomes an Eligible Executive after the beginning of a Plan Year, he or she may make an election to defer Compensation for that Plan Year no later than 30 days after the date he or she becomes an Eligible Executive, which election shall become irrevocable at the end of the 30-day period or an earlier date that the Administrator prescribed; provided, however, such election shall apply only to Compensation earned after the election becomes irrevocable or at such later time the Administrator prescribes. 

 

	
			
	 
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	(c)
	Modification of Elections.  An election filed in accordance with the provisions of the preceding paragraphs (a) and (b) shall be applicable to the Plan Year with respect to which it is made and shall continue for subsequent Plan Years until suspended or modified in a writing delivered by the Participant to the Administrator, as described in this paragraph (c).  An election to suspend further deferrals or to increase or decrease the amount deferred under the Plan shall apply only to Compensation otherwise payable to the Participant after the end of the Plan Year in which the election is delivered to the Administrator and such election shall become irrevocable on the date that the Administrator prescribes, but in no event later than December 31 of the Plan Year in which such election is made.

		
	3.
	Relation to Other Plans.

		
	(a)
	Other Plans.  An Eligible Executive may participate in this Plan and may also participate in DCAP III or any successor plan.  No amounts may be deferred under this Plan which have been deferred under any other plan of the Company and the Administrator may modify or render invalid a Participant’s election prior to such election becoming irrevocable to accommodate deferrals made under other plan(s).

		
	(b)
	Effect on Other Plans.  For all other benefit programs maintained by the Company, amounts deferred by an Eligible Executive under this Plan may result in a reduction of benefits payable under the Social Security Act, the McKesson Corporation Retirement Plan, the PSIP and the McKesson Corporation Executive Benefit Retirement Plan.

		
	D.
	AMOUNTS OF DEFERRAL

		
	1.
	PSIP Supplement.  This Plan allows an Eligible Executive to defer Compensation, and receive credit for a Monthly Company Match and Additional Company Match, to the extent that such deferrals (and corresponding Monthly Company Match and Additional Company Match) cannot be made under the PSIP because of the limitations in Code Section 401(a)(17) (limiting the amount of annual compensation to be taken into account under the PSIP to $210,000 in 2005, as adjusted from time to time under the Code).

		
	2.
	Amount of Deferrals.  As illustrated in Appendix A, an Eligible Executive may elect to defer under this Plan up to an amount equal to (a) minus (b), where:

		
	(a)
	is the maximum rate of deferral for “Basic Contributions” under the PSIP multiplied by the Eligible Executive’s Compensation, and

		
	(b)
	is the maximum amount that the Eligible Executive is able to defer as a “Basic Contribution” under the PSIP, taking into account the limits of Code Section 401(a)(17).

	
			
	 
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	E.
	COMPANY CONTRIBUTIONS

		
	1.
	Company Match.

		
	(a)
	Eligibility.

		
	(i)
	Monthly Company Match.  A Monthly Company Match shall be credited, with respect to each calendar month, to the Accounts of Eligible Executives who actually defer Compensation under this Plan for such calendar month.

		
	(ii)
	Additional Company Match.  An Additional Company Match may be credited, with respect to each PSIP plan year, to the Accounts of Eligible Executives who actually defer Compensation under this Plan.

		
	(b)
	Amount of Match.

		
	(i)
	Monthly Company Match.  The amount of the Monthly Company Match to be credited to the Account of an Eligible Executive for any calendar month shall be a percentage of the Eligible Executive’s deferrals under this Plan for the calendar month.  This percentage shall be the same percentage as the “Matching Employer Contribution” (as defined in the PSIP) percentage that would have been credited to the Eligible Executive’s PSIP account if the Eligible Executive’s deferrals under this Plan had been made under the PSIP.  In determining this amount, the Administrator shall take into account the different “Matching Employer Contribution” rates that may apply.

		
	(ii)
	Additional Company Match.  The amount of the Additional Company Match to be credited to the Account of an Eligible Executive for any PSIP plan year shall be a percentage of the Eligible Executive’s deferrals under this Plan for the PSIP plan year.  This percentage shall be the same percentage as the “Additional Matching Employer Contribution” (as defined in the PSIP) percentage that would have been credited to the Eligible Executive’s PSIP account if the Eligible Executive’s deferrals under this Plan had been made under the PSIP.  In determining this amount, the Administrator shall take into account the different “Additional Matching Employer Contribution” rates that may apply.

	
			
	 
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	2.
	Discretionary Contribution.  The Compensation Committee shall have the sole discretion to determine an amount credited to an Eligible Executive’s Account as a “Discretionary Contribution.”  A Discretionary Contribution may be subject to such terms or conditions, including but not limited to vesting, as the Compensation Committee may specify in its discretion at the time the Discretionary Contribution is credited to a Participant’s Account.  Except with respect to the Company’s executive officers, the Compensation Committee may delegate its authority under this Section E.2 to the Administrator.  

		
	F.
	PAYMENT OF DEFERRED COMPENSATION

		
	1.
	Book Account and Interest Credit.  Both Compensation deferred by a Participant and any Monthly Company Match, Additional Company Match or vested Discretionary Contribution for the benefit of a Participant shall be credited to a separate bookkeeping account maintained for such Participant (the “Account”).  Interest or earnings shall be credited to each Account for each Plan Year at a rate equal to a rate declared or any other measurement device (the “Declared Rate”) approved by the Compensation Committee acting in its sole discretion after taking into account, among other things, the following factors: McKesson’s cost of funds, corporate tax brackets, expected amount and duration of deferrals, number and age of eligible Participants, expected time and manner of payment of deferred amounts, and expected performance of available fixed-rate insurance contracts covering the lives of Participants.  Notwithstanding the foregoing, if a Change in Control occurs, the Declared Rate for the balance of the calendar year in which the Change in Control occurs and for the two calendar years immediately following the year in which the Change in Control occurs shall not be less than the Declared Rate as in effect on the day before the Change in Control occurs.  Interest or earnings on each Account balance shall be compounded daily on each business day within the Plan Year to yield the Declared Rate for the Plan Year.  Interest or earnings shall be credited to each Account as of the end of each business day.

		
	2.
	Vesting.

		
	(a)
	A Participant shall be 100% vested at all times in the value of the Participant’s elective deferrals and earnings thereon credited to the Participant’s Account.

	
			
	 
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	(b)
	A Participant shall vest in the amounts of Monthly Company Match and the Additional Company Match and earnings thereon credited to the Participant’s Account at the same time and in the same manner as if these amounts were “Matching Employer Contributions” or “Additional Matching Employer Contributions” under the PSIP and as if the rules of the PSIP concerning vesting applied to such amounts.  For this purpose, any Monthly Company Match shall be deemed to be credited to an Account as of the last day of the calendar month with respect to which such Monthly Company Match is determined and any Additional Company Match shall be deemed to be credited to an Account as of the March 31 with respect to which such Company Match is determined.  Any amounts that would be forfeited under the rules of the PSIP applicable to “Matching Employer Contributions” or “Additional Matching Employer Contributions” under the PSIP shall be forfeited hereunder.  Any forfeiture under this Plan of any portion of the Monthly Company Match or the Additional Company Match credited to a Participant’s Account shall eliminate any obligation of the Company to pay the forfeited amount hereunder.

		
	(c)
	Unless the Compensation Committee determines otherwise, a Participant’s Discretionary Contribution will be forfeited at the time of Participant’s Separation from Service for any reason, if such Participant has not satisfied the applicable terms and conditions, including vesting requirements, that the Compensation Committee imposed on the Discretionary Contribution under Section E.2.  Any forfeiture under this Plan of any portion of the Discretionary Contribution credited to a Participant’s Account shall eliminate any obligation of the Company to pay the forfeited amount hereunder.

		
	3.
	Election of Methods of Payment.  A Participant shall elect in writing, and file with the Administrator, a method of payment of benefits under this Plan from the following methods based upon the nature of the Payment Event.  This election must be made no later than the later of (i) December 31, 2007 or (ii) 30 days after the date the Participant first becomes an Eligible Executive.  

		
	(a)
	Retirement or Disability.  If the Payment Event is due to the Participant’s Retirement or Disability, the Participant may choose one of the following payment methods:

	
			
	 
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	(i)
	Payment of the vested amounts credited to the Participant’s Account in any specified number of approximately equal annual installments, not in excess of the number of whole years remaining of the Participant’s life expectancy, determined as of his or her Retirement or Disability and based upon the mortality tables then in use under the McKesson Corporation Retirement Plan, the first installment to be paid at a designated interval following the Payment Event.  For purposes of the Plan, installment payments shall be treated as a single distribution under Code Section 409A.

		
	(ii)
	Payment of the vested amounts credited to the Participant’s Account in a single lump sum upon the occurrence of the Retirement or Disability.

		
	(iii)
	If a Participant does not make any election with respect to the payment of the Participant’s Account, then such benefit shall be payable in a lump sum upon the occurrence of Participant’s Retirement or Disability, whichever is applicable.

Payment under this paragraph (a) pursuant to Participant’s Retirement, is subject to Section 5.
		
	(b)
	Death.  Each Participant shall make an election of the manner in which any amount remaining in the Participant’s Account at the time of the Participant’s death shall be paid to his or her Beneficiary if such Participant has not yet received or begun receiving a distribution under the Plan.  At the election of the Participant, benefits shall be paid in a lump sum or in up to ten annual installments; provided, however, if a Participant is in-pay status at the time of death, distribution of the Account, or portion of the Account, that is in-pay shall continue to be distributed to the Beneficiary as Participant elected to receive such distribution.  A Beneficiary may not elect to accelerate, change the form of the payments pursuant to the Participant’s election, or further defer the payment of the Participant’s Account as described in Section F.4.

		
	(c)
	Separation from Service Not Due to Retirement or Death.  If the Payment Event occurs as a result of the Participant’s Separation from Service, and such separation is not due to the Participant’s death or Retirement, payment of the vested amounts credited to the Participant’s Account shall be made in a single lump sum upon the occurrence of the Participant’s Separation from Service, subject to Section 5.

	
			
	 
	7
	 

(If any Monthly Company Match or Additional Company Match is payable under Section E hereunder, that amount or first installment amount, whichever is applicable, may be paid separately and at a later date as provided in such section but not later than the end of the calendar year in which the Monthly Company Match or Additional Company Match is credited to the Participant’s Account.)
		
	4.
	Subsequent Change in Form of Payment.  Once an election is made as to the form of payment upon a Payment Event, a Participant may alter the form of payment of amounts deferred under the Plan by a writing filed with the Administrator; provided that such alteration is made at least one year prior to the earliest Payment Event and does not provide for the receipt of such amounts earlier than five years from the previously scheduled Payment Event.  A change to the form of a distribution may be modified or revoked until one year prior to the time a distribution is originally scheduled to be made, at which time such change shall become irrevocable.  The last valid election accepted by the Administrator shall govern the payout.  A change to the form of distribution may be modified or revoked until 12 months prior to the earliest scheduled Payment Event, at which time any such modification or revocation shall become irrevocable.  The last valid election accepted by the Administrator shall govern the form of payment.  

		
	5.
	Deminimis Cashout.  Notwithstanding the Participant’s election, the Administrator in its sole discretion may distribute an Account to a Participant or a Beneficiary in a single payment if the value of the Account, and any other plan or arrangement with respect to which deferrals of compensation are treated as having been deferred under a single nonqualified deferred compensation plan under Treasury Regulation section 1.409A-1(c)(2), is less than the Code Section 401(g)(1)(B) limit.

		
	6.
	Special Distribution Election on or before December 31, 2006.  Participants who are identified by the Compensation Committee, in its sole discretion, may make a special distribution election to receive a distribution of their Account in calendar year 2007 or later; provided that the distribution election is made at least twelve months in advance of the newly elected distribution date (and the previously scheduled distribution date, if any) and the election is made no later than December 31, 2006.  An election made pursuant to this Section F.6 shall be subject to any special administrative rules imposed by the Compensation Committee including rules intended to comply with Code Section 409A.  No election under this Section F.6 shall (i) change the payment date of any distribution otherwise scheduled to be paid in 2006 or cause a payment to be paid in 2006, or (ii) be permitted after December 31, 2006.

	
			
	 
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	7.
	Date Payment Occurs.  Payment shall be made or commence not later than ninety (90) days following the date the earliest Payment Event occurs.  Notwithstanding the foregoing, a distribution scheduled to be made upon Separation from Service to a Participant who is identified as a Specified Employee as of the date he or she Separates from Service shall be delayed for a minimum of six months following the Participant’s Separation from Service.  Any payment that otherwise would have been made pursuant to this Section F during such six-month period, if any, shall be paid on the first day of the seventh month following the Participant’s Separation from Service.  The identification of a Participant as a Specified Employee shall be made by the Administrator in his or her sole discretion in accordance with Section M.28 of the Plan and Code Sections 416(i) and 409A and the regulations promulgated thereunder.

		
	8.
	Prohibition on Acceleration.  Notwithstanding any other provision of the Plan to the contrary, no distribution will be made from the Plan that would constitute an impermissible acceleration of payment as defined in Code Section 409A(a)(3) and the regulations promulgated thereunder.

		
	G.
	BENEFICIARY DESIGNATION

A Participant may designate any person or entity as his or her Beneficiary, but may not designate more than one person or any person that is not a natural person without the approval of the Administrator.  Designation shall be in writing and shall become effective only when filed with McKesson.  Such filing must occur before the Participant’s death.  A Participant may change the Beneficiary, from time to time, by filing a completed beneficiary designation with McKesson in the manner prescribed by McKesson in its sole discretion.  If the Participant fails to effectively designate a Beneficiary in accordance with the Administrator’s procedures or the person designated by the Participant is not living at the time the distribution is to be made, then his or her Beneficiary shall be his or her beneficiary under the PSIP.
		
	H.
	SOURCE OF PAYMENT

Amounts paid under this Plan shall be paid from the general funds of McKesson, and each Participant and his or her Beneficiaries shall be no more than unsecured general creditors of McKesson with no special or prior right to any assets of the Company for payment of any obligations hereunder.  Nothing contained in this Plan shall be deemed to create a trust of any kind for the benefit of any Participant or Beneficiary or create any fiduciary relationship between an Employer and any Participant or Beneficiary with respect to any assets of the Company.

	
			
	 
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	I.
	MISCELLANEOUS

		
	1.
	Withholding.  Each Participant and Beneficiary shall make appropriate arrangements with McKesson for the satisfaction of any federal, state, or local income tax withholding requirements and Social Security or other employment tax requirements applicable to the payment of benefits under this Plan.  If no other arrangements are made, McKesson may provide, at its discretion, for such withholding and tax payments as may be required.

		
	2.
	No Assignment.  Except as otherwise provided in this Section I.2 or by applicable law, the benefits provided under this Plan may not be alienated, assigned, transferred, pledged, or hypothecated by any person, at any time.  These benefits shall be exempt from the claims of creditors or other claimants and from all orders, decrees, levies, garnishments or executions.

If a court of competent jurisdiction determines pursuant to a judgment, order or approval of a marital settlement agreement that all or any portion of the benefits payable hereunder to a Participant constitute community property of the Participant and his or her spouse or former spouse (hereafter, the "Alternate Payee") or property which is otherwise subject to division by the Participant and the Alternative Payee, a division of such property shall not constitute a violation of this Section I.2, and any portion of such property may be paid or set aside for payment to the Alternate Payee.  The preceding sentence, however, shall not create any additional rights and privileges for the Alternate Payee (or the Participant) not already provided under the Plan; in this regard, the Administrator shall have the right to refuse to recognize any judgment, order or approval of a martial settlement agreement that provides for any additional rights and privileges already not already provided under the Plan, including without limitation with respect to form and time of payment.
		
	3.
	Applicable Law; Severability.  The Plan hereby created shall be construed, administered, and governed in all respects in accordance with ERISA and the laws of the State of California to the extent that the latter are not preempted by ERISA.  If any provision of this instrument shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereunder shall continue to be effective.

		
	4.
	No Right to Continued Employment, Etc.  Neither the establishment or maintenance of the Plan nor the crediting of any amount to any Participant’s Account, nor the designation of an executive as an Eligible Executive, shall confer upon any individual any right to be continued as an employee of an Employer or shall affect the right of an Employer to terminate any executive’s employment or change any terms of any executive’s employment at any time.

	
			
	 
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	J.
	ADMINISTRATION OF THE PLAN

		
	1.
	In General.  The Plan Administrator shall be the Executive Vice President, Human Resources of McKesson.  If the Executive Vice President, Human Resources is a Participant, any discretionary action taken as Administrator which directly affects him or her as a Participant shall be specifically approved by the Compensation Committee.  The Compensation Committee shall have authority and responsibility to interpret the Plan and shall adopt such rules and regulations for carrying out the Plan as it may deem necessary or appropriate.  Decisions of the Compensation Committee shall be final and binding on all parties who have or claim any interest in the Plan.  The Plan Administrator or Compensation Committee shall have the authority to delegate its authority under the Plan to an officer or group of officers of McKesson.

		
	2.
	Elections and Notices.  All elections and notices made under this Plan shall be in writing and filed with the Administrator at the time and in the manner specified by him or her.  

		
	K.
	AMENDMENT OR TERMINATION OF THE PLAN

		
	1.
	Amendment.  The Compensation Committee may at any time, and from time to time, amend the Plan.  Unless otherwise specified, such action shall be prospective only and shall not adversely affect the rights of any Participant or Beneficiary to any benefit previously earned under the Plan.

		
	2.
	Termination.  The Board in its discretion may at any time terminate the Plan in accordance with Treasury Regulation section 1.409A-3(j)(4)(ix).

		
	L.
	CLAIMS AND APPEALS

		
	1.
	Informal Resolution of Questions.  Any Participant or Beneficiary who has questions or concerns about his or her benefits under the Plan is encouraged to communicate with the Human Resources Department of McKesson.  If this discussion does not give the Participant or Beneficiary satisfactory results, a formal claim for benefits may be made in accordance with the procedures of this Section L.                                                                          

	
			
	 
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	2.
	Formal Benefits Claim – Review by Executive Vice President, Human Resources.  A Participant or Beneficiary may make a written request for review of any matter concerning his or her benefits under this Plan.  The claim must be addressed to the Executive Vice President, Human Resources, McKesson Corporation, One Post Street, San Francisco, California 94104.  The Executive Vice President, Human Resources or his or her delegate ("Executive Vice President") shall decide the action to be taken with respect to any such request and may require additional information if necessary to process the request.  The Executive Vice President shall review the request and shall issue his or her decision, in writing, no later than 90 days after the date the request is received, unless the circumstances require an extension of time.  If such an extension is required, written notice of the extension shall be furnished to the person making the request within the initial 90-day period, and the notice shall state the circumstances requiring the extension and the date by which the Executive Vice President expects to reach a decision on the request.  In no event shall the extension exceed a period of 90 days from the end of the initial period.

		
	3.
	Notice of Denied Request.  If the Executive Vice President denies a request in whole or in part, he or she shall provide the person making the request with written notice of the denial within the period specified in Section L.2.  The notice shall set forth the specific reason for the denial, reference to the specific Plan provisions upon which the denial is based, a description of any additional material or information necessary to perfect the request, an explanation of why such information is required, and an explanation of the Plan's appeal procedures and the time limits applicable to such procedures, including a statement of the claimant's right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review.

		
	4.
	Appeal to Executive Vice President.

		
	(a)
	A person whose request has been denied in whole or in part (or such person's authorized representative) may file an appeal of the decision in writing with the Executive Vice President within 60 days of receipt of the notification of denial.  The appeal must be addressed to:  Executive Vice President, Human Resources, McKesson Corporation, One Post Street, San Francisco, California 94104.  The Executive Vice President, for good cause shown, may extend the period during which the appeal may be filed for another 60 days.  The appellant and/or his or her authorized representative shall be permitted to submit written comments, documents, records and other information relating to the claim for benefits.  Upon request and free of charge, the applicant should be provided reasonable access to and copies of, all documents, records or other information relevant to the appellant's claim.

	
			
	 
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	(b)
	The Executive Vice President's review shall take into account all comments, documents, records and other information submitted by the appellant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.  The Executive Vice President shall not be restricted in his or her review to those provisions of the Plan cited in the original denial of the claim.

		
	(c)
	The Executive Vice President shall issue a written decision within a reasonable period of time but not later than 60 days after receipt of the appeal, unless special circumstances require an extension of time for processing, in which case the written decision shall be issued as soon as possible, but not later than 120 days after receipt of an appeal.  If such an extension is required, written notice shall be furnished to the appellant within the initial 60-day period.  This notice shall state the circumstances requiring the extension and the date by which the Executive Vice President expects to reach a decision on the appeal.

		
	(d)
	If the decision on the appeal denies the claim in whole or in part, written notice shall be furnished to the appellant.  Such notice shall state the reason(s) for the denial, including references to specific Plan provisions upon which the denial was based.  The notice shall state that the appellant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits.  The notice shall describe any voluntary appeal procedures offered by the Plan and the appellant's right to obtain the information about such procedures.  The notice shall also include a statement of the appellant's right to bring an action under Section 502(a) of ERISA.

		
	(e)
	The decision of the Executive Vice President on the appeal shall be final, conclusive and binding upon all persons and shall be given the maximum possible deference allowed by law.

		
	5.
	Exhaustion of Remedies.  No legal or equitable action for benefits under the Plan shall be brought unless and until the claimant has submitted a written claim for benefits in accordance with Section L.2, has been notified that the claim is denied in accordance with Section L.3, has filed a written request for a review of the claim in accordance with Section L.4, and has been notified in writing that the Executive Vice President has affirmed the denial of the claim in accordance with Section L.4.

	
			
	 
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	M.
	DEFINITIONS

For purposes of the Plan, the following terms shall have the meanings indicated:
		
	1.
	“Account” shall mean the “Account” specified in Section F.l.

		
	2.
	“Additional Company Match” shall mean, with respect to any Plan Year, the amount credited to the Account of an Eligible Executive in accordance with Section E.l(a)(ii).

		
	3.
	“Administrator” shall mean the person specified in Section J.1.

		
	4.
	“Beneficiary” shall mean the person or entity described by Section G.

		
	5.
	“Board” shall mean the Board of Directors of McKesson.

		
	6.
	“Code” shall mean the Internal Revenue Code of 1986, as amended.

		
	7.
	“Company” shall mean McKesson and any affiliate that would be considered a service recipient for purposes of Treasury Regulation section 1.409A-1(g).

		
	8.
	“Compensation” shall mean “Compensation” as defined in Section 15.17 of the PSIP; provided, however, that Compensation for purposes of this Plan shall be determined without regard to the limit of Code Section 401(a)(17).

		
	9.
	“Compensation Committee” shall mean the Compensation Committee of the Board.

		
	10.
	“DCAP III” shall mean the McKesson Corporation Deferred Compensation Administration Plan III and predecessor or successor plans, if applicable.

		
	11.
	“Disability” shall mean that an individual is determined to be totally disabled by the Social Security Administration.

		
	12.
	“Discretionary Contribution” shall mean a Company contribution to a Participant’s Account made in the Compensation Committee’s discretion pursuant to Section E.2.

		
	13.
	“Eligible Executive” shall mean an employee of the Employer, or its affiliate or subsidiary, who is eligible to participate in this Plan under Section C.

		
	14.
	“Employer” shall mean McKesson and any other affiliate that would be considered a service recipient or employer for purposes of Treasury Regulation section 1.409A-1(h)(3).

		
	15.
	 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

		
	16.
	“Identification Date” shall mean each December 31.

	
			
	 
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	17.
	“McKesson” shall mean McKesson Corporation, a Delaware corporation.

		
	18.
	“Monthly Company Match” shall mean, with respect to a calendar month, the amount credited to the Account of an Eligible Executive in accordance with Section E.1(a)(i).

		
	19.
	“Participant” shall be any Eligible Executive or former Eligible Executive for whom amounts are credited to an Account under this Plan.  Upon a Participant’s death his or her Beneficiary shall be a Participant until all amounts are paid out of the decedent-Participant’s Account.

		
	20.
	“Payment Event” shall mean the earliest of the following:  Retirement, death, Separation from Service other than due to Retirement or death, or Disability.

		
	21.
	“Plan” shall mean the McKesson Corporation Supplemental PSIP II.

		
	22.
	“Plan Year” shall mean the calendar year.

		
	23.
	“Prior Plan” shall mean the McKesson Corporation Supplemental PSIP.

		
	24.
	“PSIP” shall mean the McKesson Corporation Profit-Sharing Investment Plan, as amended from time to time.

		
	25.
	“Retirement” shall mean Separation from Service from the Employer after the date on which the Participant has attained age 50 and has at least five Years of Service.

		
	26.
	“Separation from Service” shall mean termination of employment with the Employer, except in the event of death or Disability, as provided under Treasury Regulation section 1.409A-1(h)(1)(ii).  A Participant shall be deemed to have had a Separation from Service if the Participant’s service with the Employer is reduced to an annual rate that is equal to or less than twenty percent of the services rendered, on average, during the immediately preceding three years of service with the Employer (or if providing service to the Employer less than three years, such lesser period).

		
	27.
	“Service” shall mean an Eligible Executive’s employment with the Company, commencing with the first day of such employment and ending on the day the Eligible Executive has a Separation from Service. 

	
			
	 
	15
	 

		
	28.
	“Specified Employee” shall mean a Participant who, on an Identification Date, is:

		
	(a)
	An officer of the Company having annual compensation greater than the compensation limit in Section 416(i)(1)(A)(i) of the Code, provided that no more than fifty officers of the Company shall be determined to be Specified Employees as of any Identification Date;

		
	(b)
	A five percent owner of the Company; or

		
	(c)
	A one percent owner of the Company having annual compensation from the Company of more than $150,000.

For purposes of determining whether a Participant is a Specified Employee, Treasury Regulation section 1.415(c)-2(d)(4) shall be used to calculate compensation.  If a Participant is identified as a Specified Employee on an Identification Date, then such Participant shall be considered a Specified Employee for purposes of the Plan during the period beginning on the first April 1 following the Identification Date and ending on the next March 31.
		
	29.
	“Year of Service” shall mean a period of 365 aggregate days of Service (including holidays, weekends and other non-working days).

N.    SUCCESSORS
This Plan shall be binding on the Company and any successors or assigns thereto.
O.    EXECUTION
To record the adoption of the amended and restated Plan by the Compensation Committee of the Board of McKesson Corporation at a meeting held on July 29, 2014, effective as of January 1, 2014.
McKESSON CORPORATION

By /s/ Jorge L. Figueredo___________________
Jorge L. Figueredo
Executive Vice President, Human Resources
    

	
			
	 
	16
	 

APPENDIX A 
 
EXAMPLE OF DEFERRALS UNDER PLAN
The following example illustrates the extent to which a Participant could make deferrals under this Plan.  The example assumes that the applicable compensation limit under Code Section 401(a)(17) is $210,000.
E’s Compensation is $350,000.  E elects to make Basic Contributions under PSIP at the rate of 5% of his Compensation.  Because Code Section 401(a)(17) limits the amount of E’s compensation which may be considered by PSIP to $210,000, E’s Basic Contributions for the year are limited to $10,500 (5% of $210,000).  Accordingly, E may defer $7,000 (5% of his Compensation in excess of $210,000) into this Plan.  This deferral will then be eligible for a Monthly Company Match and an Additional Company Match based on the PSIP’s “Matching Employer Contribution” and “Additional Matching Employer Contribution” for the relevant PSIP calendar months and plan year.

AMENDMENT NO. 1
TO
McKESSON CORPORATION 
SUPPLEMENTAL PSIP II 
Effective January 1, 2014
Amendment No. 1 Effective July 1, 2018

WHEREAS, McKesson Corporation (the “Company”) has established the McKesson Corporation Supplemental PSIP II, as amended and restated through January 1, 2014 (the “Plan”);
WHEREAS, effective January 1, 2018, the Company has changed the name of its tax-qualified defined contribution plan from “McKesson Corporation Profit Sharing Investment Plan” to “McKesson Corporation 401(k) Retirement Savings Plan”;
WHEREAS, McKesson’s Executive Vice President, Human Resources has requisite authority under Section J.1 of the Plan to adopt rules and regulations for carrying out the Plan;
NOW, THEREFORE, the Plan is hereby amended as follows:
		
	1.
	The name of the Plan shall be McKesson Corporation Supplemental Retirement Savings Plan.

		
	2.
	All references in the Supplemental Retirement Savings Plan to the McKesson Corporation Profit Sharing Investment Plan, or “PSIP”, shall be references to the McKesson Corporation 401(k) Retirement Savings Plan, or “401(k) Plan”, respectively.

Except as modified hereby, the Plan shall remain in full force and effect.
Executed and effective as of July 1, 2018.

McKESSON CORPORATION

		
	By:
	/s/ Jorge L. Figueredo___________________ 
Jorge L. Figueredo 
Executive Vice President, Human ResourcesEX-10.1

 Exhibit 10.1 
  

 
 

 
 78 WHITFIELD ST., 5TH FLOOR 

LONDON W1T 4EZ 

UNITED KINGDOM 

July 20, 2018 
 Walé Adepoju 

c/o Global Eagle Entertainment Limited 
 78 Whitfield St., 5th
Floor 
 London W1T 4EZ 
 United Kingdom 

Re:    Offer of Employment 

Dear Walé: 
 Global
Eagle Entertainment Limited (the “Company” or “we”) is pleased to offer you employment on the terms set forth herein. The terms herein shall be effective from and after your Relocation Date (as defined
below), from and after which date this letter agreement shall supersede in all respects your previous Employment Letter Agreement dated July 30, 2014 (your “US Employment Agreement”) with Global Eagle Entertainment Inc.
(“ParentCo”) and your US Employment Agreement shall thereupon terminate and be of no further force or effect. Your US Employment Agreement however continues to govern the terms of your employment with ParentCo prior to the
Relocation Date. 
 1.    Position. Your initial title at the Company will be Executive Vice
President and Chief Strategy Officer. You will initially report to ParentCo’s Chief Executive Officer. 

2.    Relocation and Commencement Dates. You will relocate your principal place of employment to
the Company’s London office (from ParentCo’s Los Angeles office) on August 1, 2018. We refer to this date herein as your “Relocation Date.” Your employment with the Company will commence on your Relocation Date
and will continue until you resign from the Company or the Company terminates you. 
 Notwithstanding the above, your
“period of continuous employment” with our company for purposes of U.K. employment law commenced on December 31, 2002, when you were an employee of Inflight Management Development Centre Ltd. (“IMDC”) (one of
our predecessor companies through our M&A activity), although we note that it may in fact have commenced earlier depending on your employment start date with IMDC (which we and you have been unable to substantiate). 

 3.    Location. You shall initially perform your
employment duties at the Company’s London office at the address indicated above. 

4.    Salary. Your initial salary will be at a rate of GBP 310,270 per year (“Base
Salary”), payable in accordance with the Company’s standard payroll schedule from time to time and subject to all tax withholdings and other deductions are required or permitted by law. Any incentive, variable, one-off or non-guaranteed payments (including any Annual Bonus (as defined below)) that you may receive from the Company from time to time will not form part of your Base
Salary and shall be excluded for the purposes of calculating any annual leave, severance pay and notice pay due to you by law or under the terms of this letter agreement. 

5.    Annual Bonus. You will be eligible for an annual performance bonus under ParentCo’s
Annual Incentive Plan (as in effect from time to time), with an initial target of 75% of your Base Salary (the “Annual Bonus”). Your actual Annual Bonus (if any) will however be subject to the achievement of individual and
ParentCo performance metrics to be established by ParentCo for you from time to time, and the final calculation and bonus determination (including determination of achievement of performance objectives) will be in the sole discretion of the
Compensation Committee of ParentCo’s Board of Directors (the “Compensation Committee”), such that your actual Annual Bonus (if any) may be at, below or above its target. The Company typically pays its Annual Bonuses in
March following each performance-year end, e.g., in March 2019 for the 2018 performance year, but the Company will determine the actual date of payment in its sole discretion. Your employment with ParentCo prior to the Relocation Date will
count towards your service with the Company for the purposes of determining your 2018 Annual Bonus (if any), i.e., your 2018 Annual Bonus will be determined without regard to your having changed employing entities at our company mid-year. You must be employed on the payment date to receive any Annual Bonus, and if are not employed for any reason on the payment date, then you will not be entitled to any Annual Bonus or any portion of it.

 6.    Equity Incentives. The Compensation Committee may consider you for ParentCo equity
grants from time to time. 
 7.    Employee Benefits. You will be eligible to participate in
customary employee benefit plans and programs made generally available by the Company to its executive-level employees from time to time. In addition, we will automatically enroll you into a pension scheme, and we will match your contributions into
it at a level that we provide to our other executive-level employees from time to time. We will provide the full details of the scheme to you when we enroll you, including the minimum contribution level that you will be required to make and your
right to opt out if you do not want to join the scheme. While participating in the scheme, you agree that we may deduct worker pension contributions from your salary. The scheme is subject to its rules as may be amended from time to time. The
Company reserves the right to add, terminate, replace and/or amend any employee benefit plans, policies, programs and/or arrangements (including any medical cover, pension scheme and matching pension contributions) from time to time without notice
or consideration paid to you. 

  
 2 

 8.    Relocation Expenses. The Company or
ParentCo will provide you with a one-time relocation allowance (the “Relocation Allowance”) consisting of (x) up to USD $20,000 (or its GBP equivalent) as a relocation expense
reimbursement (subject to the Company’s customary relocation policies, and payable promptly following your submitting the appropriate documentation thereunder) plus (y) a USD $30,000 relocation stipend (or its GBP equivalent) (with
this stipend grossed up for tax) in connection with the relocation of your permanent residence to the UK so that you can work principally out of the Company’s London office (which stipend shall be payable in August 2018). For the avoidance of
doubt, this Section 8 supersedes ParentCo’s relocation-expense reimbursement obligation in the last sentence of Section 8 of your US Employment Agreement, and you shall have no further entitlement to any such reimbursement right under
your US Employment Agreement. 
 9.    Working Hours. The Company’s normal working hours
are from 9:00 a.m. to 5:30 p.m., Monday to Friday. However, given the nature of the Company’s operations and your seniority, you will be expected to work any hours as may be reasonably necessary for the efficient running of the business of the
Company and the proper performance of your duties, including on weekends, public holidays, or outside of what may be regarded as normal working hours. You shall not be entitled to be paid for any “overtime” worked. 

10.    Termination of Employment Relationship. The Company may terminate its employment
relationship with you at any time for misconduct, poor work performance, incapacity due to ill health or injury or the operational requirements of the Company, or for any other reason justified in law. Subject to the Company’s right to
terminate your employment without notice in circumstances justifying a summary dismissal and statutory minimum notice periods, your employment may be terminated either by you or by the Company by giving not less than twelve (12) weeks’
written notice, provided that the Company shall be entitled, at its election, to pay you in lieu of notice. Any payments that you receive from us during such a notice period (or as payment-in-lieu-of-notice) shall reduce any cash severance benefit owed to you under the Executive Severance Plan (as defined below). In addition, during any
period of notice or suspension, the Company may require you not to attend at the Company’s premises, and/or not to perform any work, and/or not to have any contact with any or all of the Company’s employees, contractors, customers or
suppliers, except that during any such period the Company shall continue to pay you your normal remuneration referred to above in the normal course. 

Upon termination of your employment with the Company for any reason, your appointment to any director or officer position at
the Company or at any member of the Company group shall terminate automatically, and you agree to enter into any documents and instruments that give effect to the same. 

If you decide to resign from your employment, we will consider your notice of resignation effective only when delivered in
writing to ParentCo’s Chief Executive Officer. 
 11.    Change in Control and Severance
Protection. You will continue to participate in ParentCo’s Change in Control and Severance Plan for Senior Management (as amended from time to time, the “Executive Severance Plan”) as a “Tier II
Participant” thereunder. As provided for under Section 10 above, any cash severance benefit paid to you under the Executive Severance Plan shall be reduced by any payments that the Company owes to you during any required notice or payment-in-lieu-of-notice period. 

  
 3 

 12.    Restrictive Covenant Agreement. As a
condition to your employment with the Company, you are required to concurrently enter into an Employee Statement and Agreements Regarding Confidentiality, Proprietary Information, Invention Assignment,
Non-Competition and Non-Solicitation (the “Restrictive Covenant Agreement”), which is attached hereto as Attachment A.

 13.    Leave Entitlement.    Your leave entitlements set out below
shall be governed by the provisions of the Company’s leave policies and procedures, which may be amended from time to time at the Company’s discretion. 

Annual leave 

In addition to official UK public holidays, you shall be entitled to twenty-five (25) working days’ annual leave
during every twelve (12) months of continued employment with the Company (the annual leave cycle is January to December) and shall be paid your normal remuneration during such annual leave. You are required to take your annual leave
during each annual leave cycle. Annual leave may not be accumulated, and any annual leave not taken in the annual leave cycle shall be forfeited. Annual leave must be taken at times convenient to the Company and must be approved in writing by
ParentCo’s Chief Executive Officer prior to your going on leave. The Company shall be entitled to require you to take annual leave during any other period of shutdown. On termination of employment, you will receive payment only in respect of
annual leave which has accrued in the current annual leave cycle and which is untaken as at the termination date. Should your services be terminated part-way through the calendar year, you agree that in
respect of leave taken in excess of your entitlement deductions may be made from your final salary on termination of your employment. 

Sick Leave 

If you are absent from work due to illness you must contact ParentCo’s Chief Executive Officer before the start of your
working day. If you are absent for a period of more than seven (7) consecutive days, or on more than two (2) occasions during an eight (8) week period, or on a Monday or a Friday, or on the day preceding or following a public holiday,
a medical certificate must be submitted to the Company on your return stating the nature and duration of the incapacity. The Company may also require a medical certificate in other circumstances. If no medical certificate is submitted for periods of
absence of more than seven consecutive days, the Company reserves the right not to pay you statutory sick pay for the period during which you were absent. The Company reserves the right to confirm the authenticity of any medical certificate
submitted to it. During periods of absence due to illness that have been reported in line with the Company procedures, the Company will pay up to six (6) weeks’ sick pay, inclusive of statutory sick pay, during the annual leave cycle. 

Other leave 

Any other leave (including family responsibility leave) shall be governed by the provisions of the UK Employment Act, 2002,
as may be amended from time to time as read with Company’s policies and procedures, as amended from time to time. 

  
 4 

 14.    Employee Representations, Warranties and
Covenants; Company Policies. You represent and warrant that you have no contractual commitments or other legal obligations or restrictions (including to a prior employer) that would prohibit or impair you from performing your duties for the
Company. You agree not to violate any confidentiality, restrictive covenant (e.g., a non-solicitation or non-competition obligation) or other obligations that you
owe to any other person (including to a prior employer) during your employment with the Company. You agree to abide by ParentCo’s general employment policies and practices, including those set forth in its Employee Handbook, its Conflicts of
Interest Policy, its Code of Ethics, its Whistleblower Policy and Procedures and Global Business Conduct and Compliance Policies Manual (as each may be amended from time to time) as well as such other policies and procedures as ParentCo establishes
from time to time, and understand that all of such policies and procedures apply to you as an employee of the Company. 

15.    Company Resources. The Company will provide you with the IT and other resources that it
deems reasonably necessary to assist you to carry out your duties and responsibilities. These resources are the property of the Company and may be removed and/or replaced by the Company in its sole discretion. You acknowledge that the Company’s
resources, including but not limited to servers, applications, laptops, workstations, user accounts, hard drives, monitors, networking facilities, computers, printers, telefax machines, telephones, cell phones, smartphones, iPads, postal services,
photocopiers, e-mail facilities and internet facilities (collectively, “Resources”), are for conducting the Company’s business. You have no expectation of privacy in relation to
your use of the Resources provided by the Company. You understand that the Company may (in its discretion) monitor your use of the Resources and intercept, acquire, read, view, inspect, record, reconstruct, retrieve, store, print, copy, transfer,
disclose and/or review any and all communications created, stored, downloaded, transmitted, spoken, sent, received or communicated by or to you on, over or in the Resources or otherwise. 

16.    Data Privacy. You confirm that you have read and understood (i) ParentCo’s
Personal Information Privacy Policy and (ii) ParentCo’s Employee Privacy Notice (as defined below), copies of which are available for review on the Company’s intranet. You shall keep the Company informed of any changes to your
personal data. You acknowledge that in the course of your employment you will have access to personal data and special categories of data relating to the Company’s other employees and clients and customers (or contacts at such clients and
customers), and you agree to comply with the Company’s and ParentCo’s data protection policies and procedures in respect of such data at all times. The Company and ParentCo may change its Personal Information Privacy Policy and update the
Employee Privacy Notice at any time and if so will notify its employees in writing of any such changes. The Personal Information Privacy Policy and Employee Privacy Notice do not form part of this letter agreement or of any contract with you
relating to your employment. 
 For purposes of this Section 16, “Employee Privacy Notice”
means a notice (or notices) (including the Global Eagle Entertainment Employee and Job Candidate Privacy Notice) providing information under Articles 13 and 14 of the General Data Protection Regulation, together with any applicable local data
protection laws regarding the processing of your personal data in connection with this letter agreement and your employment relationship with the Company. 

  
 5 

 17.    Disciplinary and Grievance Procedures.
You are subject to the Company’s disciplinary and grievance procedures, copies of which the Company will make available to you. You shall first refer any grievance that you may have about your employment or an appeal in connection with any
disciplinary decision relating to you to the SVP, People Services in writing. ParentCo’s Chief Executive Officer shall have the right to suspend you from your duties on such terms and conditions as he or she shall determine for the purpose of
carrying out an investigation into any allegation of misconduct or negligence or an allegation of bullying, harassment or discrimination against you and pending any disciplinary hearing. The Company shall be required to continue to pay your salary,
and provide all other contractual or required benefits, to you during any period of suspension as you would have been entitled to if not so suspended. The Company shall not be required to give any reason for exercising its right under this Section.

 18.    General. The Company and you submit as their respective addresses (and for the purpose
of serving any notice or any other correspondence according to this letter agreement) the following: 
  

			
	The Company:	 	 c/o Global Eagle Entertainment Limited

		 	 78 Whitfield St., 5th Floor

		 	 London W1T 4EZ

		 	 United Kingdom

		 	 Attention: People Services

		
		 	 With a copy to:

		
		 	 Global Eagle Entertainment Inc.

		 	 6100 Center Dr., Suite 1050

		 	 Los Angeles, CA 90045

		 	 Attention: General Counsel

		
	You:	 	 Walé Adepoju

		 	 c/o Global Eagle Entertainment Limited

		 	 78 Whitfield St., 5th Floor

		 	 London W1T 4EZ

		 	 United Kingdom

 This letter agreement may be executed in more than one counterpart, each of which shall be
deemed to constitute an original and which taken together shall constitute one and the same document. 
 There are no
collective agreements in force that affect the terms and conditions of this letter agreement. 
 *** 

  
 6 

 Please accept this offer by signing below and by signing the attached
Restrictive Covenant Agreement. 
  

							
		 	Very truly yours,
		
		 	 GLOBAL EAGLE ENTERTAINMENT

LIMITED

				
		 	By:	  	 /s/ Stephen Chu
	  	
		 		  	Name: Stephen Chu	  	
		 		  	Title: Director	  	

  

	
	I hereby accept this employment offer:
	
	/s/ Wale Adepoju                                  
       
	Walé Adepoju
	
	Dated: July 20,
2018                                    

 Attachment 
  

			
	Attachment A:	  	Employee Statement and Agreements Regarding Confidentiality, Proprietary Information, Invention Assignment, Non-Competition and
Non-Solicitation

  
 Signature Page to
Offer of Employment 

 Attachment A 

See attached. 

 GLOBAL EAGLE ENTERTAINMENT LTD. 

EMPLOYEE STATEMENT & AGREEMENTS REGARDING 

CONFIDENTIALITY, PROPRIETARY INFORMATION, INVENTION ASSIGNMENT, NON-COMPETITION AND NON-SOLICITATION 
 In consideration of and as a condition of my employment with Global Eagle
Entertainment Limited (“Global Eagle”) and my receipt of the salary and other compensation to be paid to me by Global Eagle, I, the undersigned employee, do hereby agree to the following (this “Restrictive Covenant Agreement”):

  

	1.	 PROPRIETARY INFORMATION, COPYRIGHTS, MASK WORKS & INVENTIONS 

The success of Global Eagle and the Company Group (as defined below) depends, among other things, upon strictly maintaining confidential and
secret information relating to its trade secrets, technology, accounting, costs, research, development, sales, manufacturing, methods, production, testing, implementation, marketing, financial information, financial results, products, customers,
suppliers, staffing levels, employees, shareholders, officers and other information peculiarly within the knowledge of and relating to Global Eagle’s business, and to which employees may acquire knowledge or have access to during the course of
their employment by the Company Group. All such information is hereinafter collectively referred to as “Proprietary Information.” Proprietary Information shall be broadly defined. It includes, without limitation, all information, data and
trade secrets that has or could have commercial value or other utility in Global Eagle’s business or in which the Company Group contemplates engaging. Proprietary Information also includes all information the unauthorized disclosure of which is
or could be detrimental to the interests of the Company Group, whether or not such information is identified as confidential or proprietary information by the Company Group. For purposes hereof, “Company Group” includes Global Eagle and
any entity that directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with Global Eagle and its subsidiaries, affiliates, successors and assigns. 

Notwithstanding the above, Proprietary Information shall not include any information, data, trade secrets or
know-how that (i) I can unequivocally prove was lawfully known by me prior to the commencement of my employment with the Company Group or (ii) is or becomes publicly known from another source that is
under no obligation of confidentiality to the Company Group without fault or negligence, direct or indirect, on my part or (iii) part of the general skills, know-how and knowledge that I have developed
from my experience. I do not know any information, data or trade secrets that would be Proprietary Information but for this provision. 

The success of the Company Group also depends upon the timely disclosure of inventions made by the Company Group employees in the course of
their employment and, in appropriate circumstances, the full cooperation of employee inventors in filing, maintaining and enforcing patent applications and patents covering such inventions across all jurisdictions where Global Eagle and the Company
Group operate or may operate. 
 In view of the foregoing and in consideration of my employment by Global Eagle and as a further condition
thereof, I agree as follows: 
  

	 	A.	 PREVIOUS EMPLOYMENT 

I acknowledge that it is the policy of Global Eagle to require that its employees strictly honor all obligations regarding
proprietary information of former employers. I acknowledge and agree that I have a continuing obligation to protect and safeguard the proprietary information of my former employer(s), if any. I will not use any confidential or proprietary
information of my former employer(s) in connection with my employment by Global Eagle. 

	 	B.	 PROPRIETARY INFORMATION 

I shall exercise utmost diligence to protect and guard the Proprietary Information of the Company Group. Neither during my
employment by Global Eagle nor thereafter shall I, directly or indirectly, use for myself or another, or disclose to another, any Proprietary Information (whether acquired, learned, obtained or developed by me alone or in conjunction with others) of
the Company Group except as such disclosure or use is (i) required in connection with my employment with Global Eagle, (ii) consented to in writing by Global Eagle, or (iii) legally required to be disclosed pursuant to a subpoena or
court order, and in the case of (iii), disclosure may only be made after I have informed Global Eagle of such requirement and assisted Global Eagle in taking reasonable steps to seek a protective order or other appropriate action and then only to
the extent permitted by law. Except in connection with the performance of my duties and responsibilities as provided for in the Offer of Employment to which this Restrictive Covenant Agreement is attached, I agree not to remove any materials
relating to the work performed at the Company Group without the prior written permission of ParentCo’s Chief Executive Officer. Upon request by Global Eagle at any time, including in the event of my termination of employment with Global Eagle,
I shall promptly deliver to Global Eagle, without retaining any copies, notes or excerpts thereof, all memoranda, journals, notebooks, diaries, notes, records, plats, sketches, plans, specifications, or other documents (including documents on
electronic media and all records of inventions, if any) relating directly or indirectly to any Proprietary Information made or compiled by or delivered or made available to or otherwise obtained by me. Each of the foregoing obligations shall apply
with respect to Proprietary Information of customers, contractors and others with whom any member of the Company Group has a business relationship, learned or acquired by me during the course of my employment by the Company Group. The provisions of
this Section shall continue in full force and effect after my termination of employment for whatever reason. Notwithstanding anything herein to the contrary, nothing in this Restrictive Covenant Agreement shall (i) prohibit me from making a
protected disclosure as defined by section 43B of the Employment Rights Act 1996 or participating in the investigation of possible violations of any applicable law or for the purposes of the whistleblower protection provisions of any applicable law,
or (ii) require notification to or prior approval by the Company Group of any reporting described in clause (i). If you are uncertain about whether any information is to be treated as Proprietary Information in terms of this Restrictive
Covenant Agreement, you will be obliged to treat it as such until otherwise advised in writing by ParentCo’s Chief Executive Officer. 
  

	 	C.	 COPYRIGHT & MASK WORKS 

All rights in and to any copyrightable material (including, but not limited to, computer programs) or material protectable as
a mask work under the Semiconductor Chip Protection Act of 1984 which I may originate pursuant to or in connection with the Business, and which are not expressly released by Global Eagle in writing, shall be deemed as a work for hire and shall be
the sole and exclusive property of the Company Group. Without derogating from the foregoing, you hereby waive, in favour of Global Eagle, any and all moral rights (including in terms of the UK Copyright, Designs and Patents Act 1988 as amended) in
works created, invented, authored, conceived of, or made in course and scope of your employment with Global Eagle or the Company Group. 

  
 2 

	 	D.	 INVENTIONS 

Any and all intellectual property rights of any nature throughout the world, including all past, current and future rights,
conferred under statute, common law and equity, whether registered or unregistered, including but not limited to all rights in and in relation to any inventions, discoveries, patents, designs, trademarks, service marks, trade names, business names,
domain names, logos and get-up, goodwill and the right to sue for passing off or unfair competition, know-how, confidential information, trade secrets, circuit layouts,
computer software or source codes (whether capable of directing the operation of a computer to bring about a result, or not), copyright, database rights, author’s rights and rights of attribution, and includes applications and the right to make
applications, for any of the foregoing (including applications for the registration of any of the foregoing), and any other proprietary rights and intellectual property rights and equivalent forms of protection existing anywhere in the world, which
I may conceive or first reduce to practice (or cause to be conceived or first reduced to practice), either alone or with others during the period of my employment with the Company Group (hereinafter referred to as “Inventions”), shall be
the sole and exclusive property of the Company Group, its successors, assigns, designees, or other legal representatives (“Company Group Representatives”) and shall be promptly disclosed to Global Eagle in writing. 

To the extent that any of the Inventions or rights therein are not vested in Global Eagle by operation of law, and without
detracting from my obligations in terms of this Restrictive Covenant Agreement, in consideration for the obligations and undertakings of Global Eagle in terms of the Offer of Employment, which shall comprise good and sufficient consideration, I
hereby: (i) assign, transfer and make over to Global Eagle all my rights, title and interest in and to any Inventions or rights therein, together with any improvements, additions or modifications, for any country in the world and Global Eagle
hereby accepts the assignment, transfer and making over; and (ii) irrevocably undertake, insofar as the aforementioned assignment, transfer and making over cannot or may not be made in advance, to so assign, transfer and make over the
Inventions and rights therein in the future, without charge, as and when Global Eagle so requires. 
 I agree to keep and
maintain adequate and current written records of all Inventions and their development that I make (solely or jointly with others) during the period of employment. These records will be in the form of notes, sketches, drawings, and any other format
that may be specified by the Company Group. The records will be available to and remain the sole property of the Company Group at all times. 

I shall, without further compensation or consideration, but at no expense to me: 

 

	 	(a)	communicate to Global Eagle any facts known by me respecting the Inventions; 

  

	 	(b)	do all lawful acts, including the execution and delivery of all papers and proper oaths and the giving of testimony deemed necessary or desirable by Global Eagle or the Company Group, with regard to said Inventions, for
protecting, obtaining, securing rights in, maintaining and enforcing any and all copyrights, patents, mask work rights or other intellectual property rights throughout the world for said Inventions, and for perfecting, affirming, recording and
maintaining in the Company Group and Company Group Representatives sole and exclusive right, title and interest in and to the Inventions, and any copyrights, Patents, mask work rights or other intellectual property rights relating thereto; and

  
 3 

	 	(c)	generally cooperate to the fullest extent in all matters pertaining to said Inventions, original works of authorship, concepts, trade secrets, improvements, developments and discoveries, any and all applications,
specifications, oaths, assignments and all other instruments which Global Eagle shall deem necessary in order to apply for and obtain such rights and in order to assign and convey to Global Eagle, its successors, assigns and nominees the sole and
exclusive rights, title and interest in and to such Inventions, and any copyrights, patents, mask work rights or other intellectual property rights relating thereto. 

I acknowledge and agree that my obligations with respect to the foregoing shall continue after the termination of my
employment with Global Eagle. If I am unable because of my mental or physical incapacity or for any other reason to secure my signature to apply for or to pursue any application for any patents or copyright registrations covering Inventions or
original works of authorship assigned to the Company Group as above anywhere in the world, then I hereby irrevocably designate and appoint Global Eagle and its duly authorized officers and agents as my agent and attorney in fact, to act for and in
my behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters, patents or copyright registrations thereon with the same legal force and effect as if
executed by me. 
 Listed on the attached sheet by descriptive title for purposes of identification only are all of the
inventions made by me (conceived and reduced to practice) prior to my employment by Global Eagle that I consider to be my property and excluded from this Restrictive Covenant Agreement. If I have not attached any such sheet, and it is not
countersigned by the Company, then I acknowledge that there are no such inventions. 
  

	2.	 NON-COMPETITION AND
NON-SOLICITATION 

 I acknowledge that Global Eagle is making a substantial
investment in time, money, effort, goodwill and other resources in the business of the Company Group, and in my continued employment with Global Eagle. I acknowledge and agree that Global Eagle and the Company Group are entitled to protect their
legitimate business interests and investments and prevent me from using my knowledge of its trade secrets and Proprietary Information to the detriment of the Company Group. I also acknowledge that the nature of the business of the Company Group is
such that the on-going relationship among each member of the Company Group and their respective employees, clients and customers is material and has a significant effect on the ability of the Company Group to
obtain business. In view of the foregoing and in consideration of my employment by Global Eagle and as further condition thereof, I agree as follows: 
  

	 	A.	 NON-COMPETITION 

Subject to the following proviso, during the period of my employment and for twelve (12) months following the termination
thereof for any reason (the “Restricted Period”), I, on behalf of myself and any other person or organization, shall not, and shall cause any person or organization not to, without the prior written consent of the Company, directly or
indirectly, in any manner (whether on my or its own account, or as an owner, operator, manager, consultant, officer, director, employee, investor, agent or otherwise), render services for, accept compensation from, or in any other manner engage in
any business (including any new business started by me, or him or her or it, either alone or with others) with any of Gogo Inc., Viasat Inc., Panasonic Corporation, Thales Group, Immarsat plc, Eutelsat S.A., Hughes Communications or SES S.A. with
respect to the sale of connectivity services to aeronautical entities in any jurisdiction where the Company Group has 

  
 4 

 
operations or customers; provided, however, that the foregoing restriction in this Section 2.A. shall not apply following the termination of my employment if I resign my employment
within ninety (90) days of either (x) Global Eagle changing my reporting line such that I do not report to the Company Group’s Executive Chairman or to its CEO or (y) Global Eagle relocating my principal place of employment more
than 50 miles in each direction from my principal place of employment immediately prior to such change in location (provided that such change increases my commute from my principal residence by more than fifty (50) miles in each direction and
more than three (3) times per week on average); but in order for the foregoing restriction in this Section 2.A. to be inapplicable in such events, I must first provide Global Eagle with thirty (30) days to cure the facts and
circumstances constituting such events. 
  

	 	B.	 NON-SOLICITATION OF EMPLOYEES 

During the Restricted Period, I will not, without Global Eagle’s prior written consent, directly or indirectly, on behalf
of myself or any other person or organization, induce, knowingly solicit or encourage to leave the employment of any member of the Company Group, any employee of any member of the Company Group, or any such person who has been an employee thereof
for the twelve months preceding my termination of employment and whom I worked with and/or managed in the 12 months immediately prior to my termination of employment. This restriction shall not apply to any employee employed in an administrative,
clerical, manual or secretarial capacity. 
  

	 	C.	 NON-SOLICITATION OF CUSTOMERS OR CLIENTS 

During the Restricted Period, I will not, directly or indirectly, solicit, induce or attempt to induce, on my own behalf or
on behalf of any other person or organization, any of the Company Group’s customers or clients, who I solicited or with whom I dealt or became acquainted with during the 12 months immediately prior to the termination date of my employment for
the purpose of either (i) inducing said client to terminate, diminish, or materially alter in a manner harmful to the Company Group its relationship with the Company Group or (ii) providing, or offering to provide, services related to the
business of the Company Group to said client. 
 I acknowledge that the limits set forth herein are reasonable and properly required to
adequately protect the Company Group’s legitimate business interests and to prevent unfair competition. However, if in any proceeding, a court or arbitrator shall refuse to enforce this Restrictive Covenant Agreement, whether because the time
limit is too long or because the restrictions contained herein are more extensive (whether as to geographic area, scope of business or otherwise) than is necessary to protect the business of Global Eagle, it is expressly understood and agreed
between the parties hereto that this Restrictive Covenant Agreement is deemed modified and/or severable (including, without limitation, in relation to any restraint period and the geographical ambit of the restraint) to the extent necessary to
permit this Restrictive Covenant Agreement to be enforced in any such proceedings on the basis that notwithstanding a finding that the restraints in their widest sense referred to above are unenforceable, it is the intention of the parties that I
shall be bound by such narrower construction as may be found to be enforceable and that if any one or more of the restraints set out above is invalid or unenforceable for any reason, the validity of any of the other restraints shall not be affected
thereby. I further agree that if there is a breach or threatened breach of the provisions of this Section 2, the Company Group shall be entitled to an injunction restraining me from such breach or threatened breach, in addition to any other
relief permitted under applicable law or pursuant to my Offer of Employment. Global Eagle will not be required to post a bond or other security in connection with, or as a condition to, obtaining such relief before a court of competent jurisdiction.
Nothing herein shall be construed as prohibiting Global Eagle from pursuing any other remedies, at law or in equity, for such breach or threatened breach. 

  
 5 

	3.	 DISPUTE RESOLUTION 

Without in any way derogating from Global Eagle’s right to seek injunctive or equitable relief to enforce the terms of this Restrictive
Covenant Agreement in any court of competent jurisdiction, and with any changes required by the context, the dispute resolution provisions set out in the Offer of Employment shall apply to this Restrictive Covenant Agreement. 

 

	4.	 GENERAL PROVISIONS 

 

	 	A.	 This Restrictive Covenant Agreement will be governed by the laws of England and Wales.

  

	 	B.	 Nothing contained herein shall be construed to require the commission of any act contrary to law.
Should there be any conflict between any provisions hereof and any present or future statute, law, ordinance, regulation, or other pronouncement having the force of law, the latter shall prevail, but the provision of this Restrictive Covenant
Agreement affected thereby shall be curtailed and limited only to the extent necessary to bring it within the requirement of the law, and the remaining provisions of this Restrictive Covenant Agreement shall remain in full force and effect. This
Restrictive Covenant Agreement may not be assigned by me without the prior written consent of Global Eagle. Subject to the foregoing sentence, this Restrictive Covenant Agreement will be binding upon my heirs, executors, administrators
and other legal representatives and will be for the benefit of Global Eagle, its successors, and its assigns, and may be assigned by Global Eagle and shall be binding and inure to the benefit of Global Eagle, its successors and assigns.

  

	 	C.	 The provisions of this Restrictive Covenant Agreement are severable, and if any one or more provisions
may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions or parts thereof shall nevertheless be binding and enforceable. In the event that any provision of this Restrictive Covenant Agreement is
deemed unenforceable, Global Eagle and I agree that a court or an arbitrator chosen pursuant to the terms hereof shall reform such provision to the extent necessary to cause it to be enforceable to the maximum extent permitted by law. Global Eagle
and I agree that each desires the court or arbitrator to reform such provision, and therefore agree that the court or arbitrator will have jurisdiction to do so and that each will abide by the determination of the court or arbitrator.

  

	 	D.	 I have had the opportunity to review this Restrictive Covenant Agreement and have had the opportunity
to ask questions regarding the nature of my employment with Global Eagle I have also been advised that I have been given the opportunity to allow legal counsel to assist me in the review of this Restrictive Covenant Agreement prior to my execution
of this Restrictive Covenant Agreement. I represent that my performance of all the terms of this Restrictive Covenant Agreement will not breach any agreement to keep in confidence proprietary information acquired by me in confidence or in trust
prior to my employment with Global Eagle. I have not entered into, and I agree I will not enter into any oral or written agreements in conflict herewith. 

*** 

  
 6 

 I have read, and I understand and agree to comply with all terms and conditions above without any
reservation whatsoever. 
 IN WITNESS whereof the parties have executed this Restrictive Covenant Agreement as a deed on the date of
this Restrictive Covenant Agreement. 
 by one director in the presence of an attesting witness 

 

									
	  Executed as a deed by GLOBAL EAGLE	  	)	  		  		  	
	  ENTERTAINMENT LIMITED by a director         	  	)	  		  		  	
	  in the presence of a witness:	  	)	  		  		  	
		  	)	  	Signature	  	   /s/ Stephen Chu
	  	July 21, 2018
					
		  		  	Name (block capitals)	  	   Stephen Chu
	  	
		  		  		  	  Director	  	

  

									
	  Witness signature	  	   /s/ Cheryl Chu
	  		  	
				
	     Witness name
	  	   Cheryl Chu
	  		  	
	   (block capitals)
	  		  		  	
				
	   Witness address
	  	  c/o Global Eagle	  		  	
		  	   Entertainment Inc.
	  		  	
				
		  	   6100 Center Dr., Suite 1050
	  		  	
				
		  	   Los Angeles, CA 90045
	  		  	

  

									
					
	Signed as a deed by WALÉ ADEPOJU in the          	  	)	  		  		  	
	presence of:	  	)	  		  		  	
		  	)	  		  		  	
		  	)	  	    Signature	  	   /s/ Wale Adepoju
	  	July 20, 2018

  

									
	  Witness signature	  	   /s/ Chantal Adepoju
	  		  	
				
	     Witness name
	  	   Chantal Adepoju
	  		  	
	   (block capitals)
	  		  		  	
				
	   Witness address
	  	  c/o Global Eagle	  		  	
		  	   Entertainment Limited
	  		  	
				
		  	   78 Whitfield St., 5th Floor    
	  		  	
				
		  	   London W1T 4EZ, UK
	  		  	

  
 Signature Page to
Restrictive Covenant Agreement

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