Document:

Conformed copy of the Supplemental Savings and Thrift Plan

 Exhibit 10.15 
 ARTHUR J. GALLAGHER & CO. 
 SUPPLEMENTAL SAVINGS and THRIFT PLAN

 As Amended and Restated Effective December 1, 2009 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1
	 	Introduction	  	 	1	  
	 1.1.
	 	Purpose of Plan	  	 	1	  
	 1.2.
	 	Status of Plan	  	 	1	  
			
	 ARTICLE 2
	 	Definitions	  	 	1	  
	 2.1.
	 	“Accounts”	  	 	1	  
	 2.2.
	 	“Board”	  	 	1	  
	 2.3.
	 	“Cause”	  	 	1	  
	 2.4.
	 	“Change of Control”	  	 	1	  
	 2.5.
	 	“Code”	  	 	2	  
	 2.6.
	 	“Company”	  	 	2	  
	 2.7.
	 	“Compensation”	  	 	2	  
	 2.8.
	 	“Effective Date”	  	 	2	  
	 2.9.
	 	“Elective Deferral”	  	 	2	  
	 2.10.
	 	“Eligible Employee”	  	 	2	  
	 2.11.
	 	“Employer”	  	 	2	  
	 2.12.
	 	“ERISA”	  	 	3	  
	 2.13.
	 	“Funding Trust”	  	 	3	  
	 2.14.
	 	“Funding Trustee”	  	 	3	  
	 2.15.
	 	“Gallagher”	  	 	3	  
	 2.16.
	 	“Hour of Service”	  	 	3	  
	 2.17.
	 	“Insolvent”	  	 	3	  
	 2.18.
	 	“LTIC Program”	  	 	3	  
	 2.19.
	 	“Matching Deferral”	  	 	3	  
	 2.20.
	 	“Participant”	  	 	3	  
	 2.21.
	 	“Performance Deferral”	  	 	3	  
	 2.22.
	 	“Plan”	  	 	3	  
	 2.23.
	 	“Plan Administrator”	  	 	3	  
	 2.24.
	 	“Plan Year”	  	 	3	  
	 2.25.
	 	“Qualified Plan”	  	 	3	  
	 2.26.
	 	“Retirement”	  	 	3	  
	 2.27.
	 	“Scheduled Distribution Account”	  	 	4	  

							
	 2.28.
	 	“Separation from Service”	  	 	4	  
	 2.29.
	 	“Separation from Service Account”	  	 	4	  
	 2.30.
	 	“Unforeseeable Emergency”	  	 	4	  
			
	 ARTICLE 3
	 	Participation	  	 	4	  
	 3.1.
	 	Commencement of Participation	  	 	4	  
	 3.2.
	 	Continued Participation	  	 	4	  
			
	 ARTICLE 4
	 	Elective, Matching and Performance Deferrals	  	 	4	  
	 4.1.
	 	Elective Deferrals	  	 	4	  
	 4.2.
	 	Matching Deferrals	  	 	6	  
	 4.3.
	 	Performance Deferrals	  	 	7	  
			
	 ARTICLE 5
	 	Accounts	  	 	7	  
	 5.1.
	 	Accounts	  	 	7	  
	 5.2.
	 	Investments	  	 	9	  
			
	 ARTICLE 6
	 	Vesting	  	 	10	  
	 6.1.
	 	General	  	 	10	  
	 6.2.
	 	Change of Control	  	 	10	  
	 6.3.
	 	Retirement, Death or Disability	  	 	10	  
	 6.4.
	 	Insolvency	  	 	10	  
			
	 ARTICLE 7
	 	Payments	  	 	10	  
	 7.1.
	 	Election as to Time and Form of Payment	  	 	10	  
	 7.2.
	 	Termination of Employment	  	 	12	  
	 7.3.
	 	Death	  	 	12	  
	 7.4.
	 	Withdrawal Due to Unforeseeable Emergency	  	 	12	  
	 7.5.
	 	Restrictive Covenants; Clawback	  	 	13	  
	 7.6.
	 	Taxes	  	 	14	  
			
	 ARTICLE 8
	 	Plan Administrator	  	 	14	  
	 8.1.
	 	Plan Administration and Interpretation	  	 	14	  
	 8.2.
	 	Powers, Duties, Procedures, Etc.	  	 	14	  
	 8.3.
	 	Information	  	 	14	  
	 8.4.
	 	Indemnification of Plan Administrator	  	 	14	  

							
	 ARTICLE 9
	 	Amendment and Termination	  	 	15	  
	 9.1.
	 	Amendments	  	 	15	  
	 9.2.
	 	Termination of Plan	  	 	15	  
	 9.3.
	 	Existing Rights	  	 	15	  
			
	 ARTICLE 10
	 	Miscellaneous	  	 	16	  
	 10.1.
	 	No Funding	  	 	16	  
	 10.2.
	 	Non-assignability	  	 	16	  
	 10.3.
	 	Limitation of Participant’s Rights	  	 	16	  
	 10.4.
	 	Participants Bound	  	 	16	  
	 10.5.
	 	Receipt and Release	  	 	16	  
	 10.6.
	 	Compliance With Section	  	 	16	  
	 10.7.
	 	Governing Law	  	 	17	  
	 10.8.
	 	Headings and Subheadings	  	 	17	  

 ARTICLE 1 
 Introduction 
 1.1. Purpose of Plan 

The Company has adopted the Plan to provide a means by which certain employees may elect to defer receipt of portions of their
compensation and to provide opportunities for such individuals to save for retirement on the terms and conditions set forth herein. 
 1.2. Status of Plan 
 The Plan is intended to be “a plan which is unfunded and
is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, and is further
intended to comply with the requirements of Section 409A of the Code. The Plan shall be interpreted and administered consistently with such intent. The Plan was initially effective January 1, 1999, was amended and restated effective
January 1, 2008, was further amended effective July 1, 2009 and December 1, 2009 and certain clerical corrections were made and the Plan restated effective December 1, 2009. 

ARTICLE 2 

Definitions 

Wherever used herein, the following terms have the meanings set forth below, unless a different meaning is clearly required by the
context: 
 2.1. “Accounts” mean, for each Participant, the Separation from Service Accounts and Scheduled
Distribution Accounts established for his or her benefit under Section 5.1. 
 2.2. “Board” means the Board
of Directors of Gallagher. 
 2.3. “Cause” means a Participant’s gross misconduct or a willful and material
breach by a Participant of any agreement between an Employer and the Participant; provided that no act or failure to act on the Participant’s part shall be deemed “willful” unless done, or omitted to be done, by the Participant
not in good faith and without a reasonable belief that the action or omission was in the best interest of the Employer. 
 2.4.
“Change of Control” means: (i) any person or group, as defined in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended, is or becomes the beneficial owner, directly or indirectly of securities of
Gallagher representing fifty percent (50%) or more of the combined voting power of Gallagher’s outstanding securities then entitled to vote for the election of directors; or (ii) during any period of two consecutive years, individuals
who at the beginning of such period constitute the Board of Directors of Gallagher (the “Board”) and any new directors whose election by the Board or nomination for election by Gallagher’s stockholders was approved by at least
two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election was previously so approved cease for any reason to constitute at least a majority thereof; or (iii) the stockholders of
Gallagher shall 

  
 1 

 
approve the sale of all or substantially all of the assets of Gallagher or any merger, consolidation, issuance of securities or purchase of assets, the result of which would be the occurrence of
any event described in clause (i) or (ii) above. 
 2.5. “Code” means the Internal Revenue Code of
1986, as amended from time to time. Reference to any section or subsection of the Code includes reference to any comparable or succeeding provisions of any legislation which amends, supplements or replaces such section or subsection. 

2.6. “Company” means Arthur J. Gallagher & Co. (Illinois), an Illinois corporation, and any successor to all or a
substantial portion of its assets or business that assumes the obligations of the Company (with the consent of the Company if it is still in existence). 
 2.7. “Compensation” shall have the meaning set forth in the Qualified Plan (i) increased by the amount of any Elective Deferrals under this Plan; and (ii) determined without
regard to the limit applicable to the Qualified Plan under Section 401(a)(17) of the Code. 
 2.8. “Effective
Date” means January 1, 1999. 
 2.9. “Elective Deferral” means the portion of Compensation which
is deferred by a Participant under Section 4.1. 
 2.10. “Eligible Employee,” with respect to a Plan Year,
means an employee of an Employer if (i) the employee has completed sixty (60) days of employment with an Employer prior to the first day of such Plan Year and (ii) either (A) the Company determines, in its sole discretion, that
the employee has received or is expected to receive Compensation in the calendar year ending prior to the first day of such Plan Year in an amount equal to or greater than the dollar amount in effect for such Plan Year under Section 401(a)(17)
of the Code or (B) the Company, determines, in its sole discretion, and specifies in a written notice to the employee that such employee is otherwise eligible to participate in the Plan for such Plan Year. In addition to the foregoing, an
employee who is hired by an Employer after the first day of a Plan Year shall be an “Eligible Employee” with respect to such Plan Year if (1) the employee has completed sixty (60) days of employment with such Employer after
such date of hire and (2) either (x) the Company determines, in its sole discretion, that the employee is expected to receive annualized Compensation in such Plan Year in an amount equal to or greater than the annual dollar amount in
effect for such Plan Year under Section 401(a)(17) of the Code or (y) the Company, determines, in its sole discretion, and specifies in a written notice to the employee that such employee is otherwise eligible to participate in the Plan
for such Plan Year. If an Eligible Employee’s actual Compensation is less than the applicable dollar amount prescribed by Section 401(a)(17) of the Code for two consecutive Plan Years, such Eligible Employee will be suspended from making
any additional Elective Deferrals under the Plan for each subsequent Plan Year, until the open enrollment period following the Plan Year in which such Eligible Employee’s Compensation is not less than the applicable dollar amount. 

2.11. “Employer” means the Company and each other entity that is affiliated with the Company and adopts the Plan with the
Company’s consent. 

  
 2 

 2.12. “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time. Reference to any section or subsection of ERISA includes reference to any comparable or succeeding provisions of any legislation that amends, supplements or replaces such section or subsection. 

2.13. “Funding Trust” means the grantor trust established by the Company to hold assets contributed under the Plan.

 2.14. “Funding Trustee” means the trustee or trustees under the Funding Trust. 

2.15. “Gallagher” means Arthur J. Gallagher & Co., a Delaware corporation, and any successor to all or a
substantial portion of Gallagher’s assets or business that assumes the obligations of Gallagher (with Gallagher’s consent if it is still in existence). 
 2.16. “Hour of Service” means an Hour of Service as calculated for purposes of the Qualified Plan. 
 2.17. “Insolvent” means either (i) an Employer is unable to pay its debts as they become due, or (ii) the Employer is subject to a pending proceeding as a debtor under the United
States Bankruptcy Code. 
 2.18. “LTIC Program” means a long-term incentive compensation program maintained by
Gallagher or the Company. 
 2.19. “Matching Deferral” means a contribution by an Employer for the benefit of a
Participant who is an Eligible Employee, as described in Section 4.2. 
 2.20. “Participant” means any
individual who participates in the Plan in accordance with Article 3. 
 2.21. “Performance Deferral” means a
discretionary contribution by an Employer for the benefit of a Participant who is an Eligible Employee, as described in Section 4.3. 
 2.22. “Plan” means the Arthur J. Gallagher & Co. Supplemental Savings and Thrift Plan as provided herein and as amended from time to time. 

2.23. “Plan Administrator” means the person, persons or entity designated by the Company to administer the Plan. If no
such person or entity is so serving at any time, the Company shall be the Plan Administrator. 
 2.24. “Plan
Year” means the 12-month period ending on December 31. 
 2.25. “Qualified Plan” means the Arthur
J. Gallagher & Co. Employees’ 401(k) Savings and Thrift Plan, or any successor thereto. 
 2.26.
“Retirement” means the retirement of a Participant from employment with an Employer on or after his or her 65th birthday, or as otherwise determined by the Company in its sole discretion, and excluding terminations for Cause and
terminations under such other circumstances as shall be specified by the Participant’s Employer. 

  
 3 

 2.27. “Scheduled Distribution Account” means a Scheduled Distribution Account
established by a Participant pursuant to Section 5.1. 
 2.28. “Separation from Service” shall have the
meaning set forth in Treasury regulations promulgated under Section 409A of the Code. 
 2.29. “Separation from
Service Account” means a Separation from Service Account established on behalf of a Participant pursuant to Section 5.1. 
 2.30. “Unforeseeable Emergency” means a severe financial hardship of a Participant resulting from an illness or accident of the Participant or the Participant’s spouse or dependent (as
defined in Section 152(a) of the Code), a loss of the Participant’s property due to casualty (including the need to rebuild a home following damage not otherwise covered by insurance), or any other similar extraordinary and unforeseeable
circumstance arising as a result of events beyond the control of the Participant, all within the meaning of Section 409A of the Code. 
 ARTICLE 3 
 Participation 

3.1. Commencement of Participation 
 An Eligible Employee shall become a Participant in the Plan as of the date on which he or she begins to defer compensation in accordance with Section 4.1 or on the date determined by the Plan
Administrator with respect to a Matching Deferral under Section 4.2 or a Performance Deferral under Section 4.3. 

3.2. Continued Participation 
 A Participant in the Plan shall continue to be a Participant so long as any amount remains credited to his or her Account. 
 ARTICLE 4 
 Elective, Matching and Performance Deferrals 

4.1. Elective Deferrals 
 (a) Base Salary. An Eligible Employee may elect to defer a percentage or dollar amount of his or her base salary. An Eligible Employee who desires to elect a deferral described in this Section 4.1(a)
shall complete and submit to the Plan Administrator a deferral election which shall designate either (A) the percentage of each payment to be deferred in one percent (1%) increments to a maximum of ninety percent (90%) or (B) the
whole dollar amount of each payment to be deferred. Elections pursuant to this Section 4.1(a) to defer base salary earned in a Plan Year must be made prior to the first day of such Plan Year; provided that an individual who first becomes an
Eligible Employee following the commencement of a Plan Year and who is in his or her “first year of eligibility,” as defined under Section 409A of the Code, 

  
 4 

 
may submit an irrevocable deferral election within 30 days after the date such individual becomes an Eligible Employee, and such election shall be effective with respect to compensation earned
after the date of such election. An election to defer a percentage or dollar amount of base salary for any Plan Year shall apply for subsequent Plan Years unless changed or revoked by the Participant by submitting a new deferral election with the
Plan Administrator on or before the date on which elections are due with respect to such Plan Year. 
 (b) Annual Bonuses and
Commissions. An Eligible Employee may elect to defer a percentage or dollar amount of his or her annual bonus or commissioned earnings, to the extent payable to the Eligible Employee in cash. An Eligible Employee who desires to elect a deferral
described in this Section 4.1(b) shall complete and submit to the Plan Administrator a deferral election which shall designate either (A) the percentage of each payment to be deferred in one percent (1%) increments to a maximum of one
hundred percent (100%) or (B) the whole dollar amount of each payment to be deferred. Elections pursuant to this Section 4.1(b) to defer an annual bonus or commissioned earnings earned in a Plan Year must be made prior to the first
day of such Plan Year; provided that (i) an election to defer an annual bonus that is considered performance-based compensation within the meaning of Section 409A of the Code may be made as of a date specified by the Plan Administrator
that is at least six months prior to the last day of the applicable performance period and (ii) to the extent the election period described in clause (i) is not available, an individual who first becomes an Eligible Employee following the
commencement of a Plan Year and who is in his or her “first year of eligibility,” as defined under Section 409A of the Code, may submit an irrevocable deferral election within 30 days after the date such individual becomes an Eligible
Employee, and such election shall be effective with respect to the portion of the annual bonus or commission earned after the date of such election. An election to defer a percentage or dollar amount of an annual bonus or commission for any Plan
Year shall apply for subsequent Plan Years unless changed or revoked by the Participant by submitting a new election with the Plan Administrator on or before the date on which elections are due with respect to such Plan Year. The annual bonuses that
are subject to a bonus deferral election under this Section 4.1(b) shall include all annual, production and performance-based bonuses, but not other types of bonuses, such as sign-on, retention and educational bonuses. 

(c) Restricted Stock Awards. An Eligible Employee who has been granted (or is to be granted) a restricted stock unit award with respect
to the common stock of Gallagher (“Gallagher Common Stock”) as part of, or in lieu, of an annual bonus award or an award under an LTIC Program, may elect to defer the receipt of the shares of Gallagher Common Stock issuable upon the
vesting of such award (a “Share Deferral”). An Eligible Employee who desires to elect a Share Deferral shall complete and submit to the Plan Administrator a deferral election which shall designate the percentage of the award to be deferred
in one percent (1%) increments to a maximum of one hundred percent (100%). Share Deferral elections must be made on or prior to the date determined by the Plan Administrator that is both (i) not later than 30 days after the date on which
the applicable restricted stock unit award is granted; and (ii) at least 12 months prior to the date on which such award is first scheduled to vest. In his or her Share Deferral election, a Participant may elect whether restricted stock units,
upon vesting, shall remain credited to the Participant’s Account as notional units representing shares of Gallagher Common Stock or whether such restricted stock units shall be converted to another notional investment option available under the
Plan. After such restricted stock units are credited to a Participant’s 

  
 5 

 
Account, the manner in which notional earnings and losses are credited to such Account, including the right of the Participant to change the notional investment of such Account, shall be
determined in accordance with Section 5.2. 
 (d) Long-Term Incentive Compensation Program—Cash Awards. An Eligible
Employee who has been granted (or is to be granted) a cash-based award under an LTIC Program may elect to defer the receipt of the amount payable pursuant to such award by completing and submitting to the Plan Administrator a deferral election which
shall designate either (A) the percentage of the award to be deferred in one percent (1%) increments to a maximum of one hundred percent (100%) or (B) a percentage of the award to be deferred in one percent (1%) increments,
but only to the extent the award exceeds a specified dollar amount. Such deferral elections must be made on or prior to the date determined by the Plan Administrator that is both (i) not later than 30 days after the date on which the applicable
award is granted; and (ii) at least 12 months prior to the date on which such award is first scheduled to vest; provided that an election to defer an award that is considered performance-based compensation within the meaning of
Section 409A of the Code may be made as of a date specified by the Plan Administrator that is at least six months prior to the last day of the applicable performance period. An election to defer a percentage of an award under this
Section 4.1(d) for any Plan Year shall apply only to the award for which such election is made and shall not apply to subsequent awards. 
 (e) Suspension of Deferrals. Any election pursuant to this Section 4.1 shall be irrevocable from and after the deadline for such election provided that a deferral election may be terminated, or the
amount of the deferral may be reduced, after such deadline in the event of (and consistent with) an Unforeseeable Emergency, as determined by the Plan Administrator. 
 4.2. Matching Deferrals 
 (a) Not later than the date required by law for matching
contributions under the Qualified Plan (or any later date as of which the need for a contribution hereunder is determined), each Employer shall credit a Matching Deferral to the Account of each Eligible Employee who is employed by such Employer on
the last day of the Plan Year or who terminated employment during such Plan Year by reason of death, total and permanent disability (as determined by the Plan Administrator), Retirement, or for any reason other than Cause during the 12-month period
immediately following a Change of Control, to the extent described in Section 4.2(b). 
 (b) For each Plan Year beginning
on or after January 1, 2006, the Matching Deferral for each Eligible Employee shall be equal to the excess of (i) 100% of his or her Elective Deferrals under Sections 4.1(a) and 4.1(b) of the Plan for such Plan Year but taking into account
only Elective Deferrals which in the aggregate do not exceed 5% of such Eligible Employee’s Compensation for such Plan Year, minus (ii) the maximum amount of matching contributions the Eligible Employee could have received under the
Qualified Plan for such Plan Year if he or she had elected to defer the maximum amount permitted under such plan for the full Plan Year; provided, however, that in no event shall such Matching Deferral exceed 100% of the amount of such Eligible
Employee’s Elective Deferrals under Sections 4.1(a) and 4.1(b) of the Plan for such Plan Year. 

  
 6 

 4.3. Performance Deferrals 

Any Eligible Employee may also receive a Performance Deferral in an amount to be determined by the Employer in its sole discretion. All
determinations by the Employer with regard to the amount or timing of or the eligibility for a Performance Deferral shall be final. 
 ARTICLE 5 
 Accounts 

5.1. Accounts 

(a) The Plan Administrator shall establish deferral Accounts for each Participant reflecting the Elective Deferrals, Matching Deferrals
and Performance Deferrals made for the Participant’s benefit together with any adjustments for income, gain or loss and any payments from the Accounts. Upon the commencement of an Eligible Employee’s participation in the Plan or, if later,
January 1, 2008, the Plan Administrator shall establish for the benefit of such Participant one or more Separation from Service Accounts, which in accordance with Section 7.1 shall be distributed following the Participant’s Separation
from Service. In addition, at the time a Participant submits an Elective Deferral election pursuant to Section 4.1 with respect to any Plan Year, the Participant may in his or her discretion establish a Scheduled Distribution Account to which
such Elective Deferrals shall be credited and which, in accordance with Section 7.1, shall be distributed in the calendar year designated by the Participant at the time such Scheduled Distribution Account is established. The Plan Administrator
may limit the number of Scheduled Distribution Accounts or Separation from Service Accounts maintained on behalf of a Participant at any time. If the distribution of a Scheduled Distribution Account is scheduled to begin during a Plan Year, then no
further Elective Deferrals shall be credited to such Scheduled Distribution Account with respect to such Plan Year, and such Scheduled Distribution Account shall be disregarded for purposes of the limit on the number of Scheduled Distribution
Accounts that may be maintained at any time. To illustrate the foregoing, Elective Deferrals with respect to the 2010 Plan Year may not be credited to a 2010 Scheduled Distribution Account. 

(b) At the time a Participant submits an Elective Deferral election with respect to a Plan Year, the Participant shall elect that such
Elective Deferrals be credited to a Separation from Service Account previously established by such Participant, a new Separation from Service Account, a Scheduled Distribution Account previously established by such Participant, a new Scheduled
Distribution Account at that time established by such Participant, or a combination of such Accounts; provided that any new Scheduled Distribution Account elected by a Participant must provide for distributions to commence more than two years after
the last day of such Plan Year. If a Participant does not affirmatively elect the Account to which any portion of his or her Elective Deferrals shall be credited with respect to any Plan Year, such Elective Deferrals shall be credited as follows:

 (i) If the Participant’s Elective Deferral election for the immediately preceding Plan Year applies automatically to
the Participant’s base salary earned in the current Plan Year pursuant to Section 4.1 and the base salary deferred with respect to such preceding Plan Year was credited either to a Separation from Service Account or to a Scheduled

  
 7 

 
Distribution Account pursuant to which distributions are scheduled to be made or begin later than the current Plan Year, then the base salary deferred for the current Plan Year shall be credited
to the Participant’s Account in accordance with the election applicable to the immediately preceding Plan Year. 
 (ii) If
the Participant’s Elective Deferral election for the immediately preceding Plan Year applies automatically to the Participant’s base salary earned in the current Plan Year pursuant to Section 4.1 and the base salary deferred with
respect to such preceding Plan Year was credited to a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin during the current Plan Year, then the base salary deferred for the current Plan Year shall be
credited to a new Scheduled Distribution Account that provides for distributions to be paid in a lump sum payment during the first calendar year that is more than two years after the last day of the current Plan Year. 

(iii) If the Participant’s Elective Deferral election for the immediately preceding Plan Year applies automatically to the
Participant’s annual bonus and/or commissions earned in the current Plan Year pursuant to Section 4.1 and the annual bonus and/or commissions deferred with respect to such preceding Plan Year were credited either to a Separation from
Service Account or to a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin later than the first Plan Year after the current Plan Year, then the annual bonus and/or commissions deferred for the current
Plan Year shall be credited to the Participant’s Account in accordance with the election applicable to the immediately preceding Plan Year. 
 (iv) If the Participant’s Elective Deferral election for the immediately preceding Plan Year applies automatically to the Participant’s annual bonus and/or commissions earned in the current Plan
Year pursuant to Section 4.1 and the annual bonus and/or commissions deferred with respect to such preceding Plan Year were credited to a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin during
the first Plan Year after the current Plan Year, then the annual bonus and/or commissions deferred for the current Plan Year shall be credited to a new Scheduled Distribution Account that provides for distributions to be paid in a lump sum payment
during the first calendar year that is more than three years after the last day of the current Plan Year. 
 (v) In all other
cases, the Elective Deferrals for the current Plan Year shall be credited to the Separation from Service Account initially established by the Participant, or if none, to a new Separation from Service Account for such Participant that provides for
distributions to be paid in a lump sum. 
 (c) All Matching Deferrals credited to the Account of a Participant pursuant to
Section 4.2 shall be credited to the Separation from Service Account initially established by the Participant, or if none, to a new Separation from Service Account for such Participant that provides for distributions to be paid in a lump sum.

 (d) At the time an Employer credits a Performance Deferral to a Participant’s Account, the Employer shall specify
whether the Performance Deferral shall be credited to a Separation from Service Account previously established by the Participant or an Employer, a 

  
 8 

 
new Separation from Service Account at that time established by the Employer, a Scheduled Distribution Account previously established by the Participant or the Employer, a new Scheduled
Distribution Account at that time established by the Employer, or a combination of such Accounts. Alternatively, the Employer may permit Participants to elect the Account to which such Performance Deferrals shall be credited, provided that such
election is made (i) not later than 30 days after the date on which such Performance Deferral is awarded and at least 12 months prior to the date on which such award is first scheduled to vest or (ii) with respect to a Performance Deferral
that is considered performance-based compensation within the meaning of Section 409A of the Code, as of a date specified by the Plan Administrator that is at least six months prior to the last day of the applicable performance period.

 (e) Elective Deferrals shall be credited to the Account of a Participant as soon as administratively practicable after the
Elective Deferrals are withheld from the Participant’s Compensation. Matching Deferrals and Performance Deferrals shall be credited to the Account of a Participant as of the later of the date related trust contributions are received by the
Funding Trustee or the date the Funding Trustee receives from the Plan Administrator such instructions as the Funding Trustee may reasonably require to allocate the amount received among the asset accounts maintained by the Funding Trustee. The Plan
Administrator shall make available to each Participant periodic statements of his or her Account reflecting the income, gain and loss, amounts of deferrals, and payments from such Account. 

5.2. Investments 

(a) The assets of the Funding Trust shall be invested in such investments as are designated by the Plan Administrator. The Plan
Administrator shall provide each Participant with the opportunity to indicate how each of his or her Accounts is apportioned to the investments designated by the Plan Administrator in one percent (1%) increments. A Participant’s preference
shall not be binding on the Funding Trustee or Plan Administrator. The Plan Administrator has the authority to direct the investment of all the assets held in the Funding Trust and the Funding Trustee shall invest such assets among the investments
designated by the Plan Administrator as it deems appropriate. 
 (b) Each investment fund’s operating expenses will be
netted against such investment fund’s return for purposes of measuring the earnings and losses credited to each Participant’s Account. Other Plan legal, trustee and administrative expenses will be paid by the Employers. 

(c) To the extent a Participant’s Account is credited with notional units representing shares of Gallagher Common Stock, each such
notional unit shall have a value equal to the fair market value of a share of Common Stock. Upon the payment of a dividend by Gallagher on issued and outstanding shares of Common Stock, an amount equal to such per share dividend amount multiplied by
the number of notional share units credited to each Participant’s Account shall be credited to the Account within 10 days after the dividend payment date and shall be deemed invested in an investment fund designated by the Plan Administrator
for this purpose. Except as set forth in Section 4.1 of the Plan, no Participant shall be permitted to elect that any portion of such Participant’s Account be notionally invested in shares of Gallagher Common Stock. Each Participant whose
Account has been credited with units representing shares of Gallagher Common Stock shall be permitted, in accordance with such procedures, conditions and limitations as may be prescribed by the Plan Administrator, to elect that such units be
converted to one or more other notional investment alternatives available under the Plan. 

  
 9 

 ARTICLE 6 
 Vesting 
 6.1. General 

A Participant shall at all times have a fully vested and nonforfeitable right to all Elective Deferrals and Matching Deferrals credited to
his or her Account, adjusted for income, gain and loss attributable thereto. Subject to earlier vesting as provided in Sections 6.2, 6.3 and 6.4, a Participant shall be or become vested in the portion of his or her Account attributable to
Performance Deferrals, adjusted for income, gain and loss attributable thereto, as determined by the Employer at the time the Performance Deferral is made. If the vesting or vested percentage is based on the Participant’s “Years of
Service,” the Participant shall receive credit for a Year of Service for each Plan Year (including Plan Years before the date as of which the Performance Deferral is made and the Effective Date only to the extent determined by the Employer)
during which he or she completed at least 1,000 of Hours of Service. 
 6.2. Change of Control 

Any unvested portion of a Participant’s Account shall become fully vested upon a Change of Control. 

6.3. Retirement, Death or Disability 
 Any unvested portion of a Participant’s Account shall become fully vested upon a termination of such Participant’s employment by reason of the Participant’s Retirement, death or total and
permanent disability (as determined by the Plan Administrator). 
 6.4. 6.4. Insolvency 

Any unvested portion of a Participant’s Account shall become fully vested immediately prior to the Employer’s becoming
Insolvent, in which case the Participant will have the same rights as a general creditor of the Employer with respect to his or her Account balance. 
 ARTICLE 7 
 Payments 

7.1. Election as to Time and Form of Payment 
 (a) In the deferral election submitted by a Participant for each Plan Year in which such Participant makes Elective Deferrals under the Plan, the Participant shall elect that such Elective Deferrals be
credited to a Separation from Service Account previously established by such Participant, a new Separation from Service Account at that time established by such Participant, a Scheduled Distribution Account previously established by such
Participant, a new Scheduled Distribution Account at that time established by such Participant, or any combination 

  
 10 

 
of such Accounts. At the time a Participant establishes a new Separation from Service Account, the Participant shall elect the form in which the amounts credited to such Account are to be
distributed, which may be a single lump sum payment or annual installments over a period of not less than two years and not more than 10 years. At the time a Participant establishes a new Scheduled Distribution Account, the Participant shall elect
(i) the year in which such Scheduled Distribution Account is to be payable, which must be more than two years after the end of the Plan Year during which Elective Deferrals are first credited to such Account and not later than the year in which
the Participant will attain age 70 and (ii) the form in which the amounts credited to such Account are to be distributed, which may be a single lump sum payment or annual installments over a period of not less than two years and not more than
10 years. If a Participant fails to elect the form in which any Account is to be distributed, such Account shall be distributed in a single lump sum payment. 
 (b) A Participant who is actively employed by an Employer may change the time at which and/or the form in which any of the Participant’s Accounts is to be distributed or commence to be distributed by
submitting a new election to the Plan Administrator; provided that (i) such new election is submitted at least one year prior to the date on which such Account was previously scheduled to be distributed or commence to be distributed,
(ii) such new election shall not take effect for 12 months after it is submitted to the Plan Administrator and (iii) the distribution subject to such new election is scheduled to be made or commence at least five years later than the date
on which such distribution was previously scheduled to have been made or commence. Such new election shall be void if it would result in any payment being made later than the year in which the Participant will attain age 70. 

(c) In accordance with the transition rule set forth in IRS Notice 2005-1, Q&A-19(c), and extended in IRS Notices 2006-79 and
2007-86, which permits the time and form of payment of deferred compensation and short-term deferrals, within the meaning of Section 409A, to be changed pursuant to an election made prior to January 1, 2009, each Participant may change the
time or form of payment of any Account or of any short-term deferral that is deferred under the Plan by making an election on or before December 31, 2008 in accordance with procedures established by the Plan Administrator, provided that
(i) no such change made in 2007 shall cause any amount to be distributed in 2007 or shall apply to any amount that otherwise would be distributable in 2007 and (ii) no such change made in 2008 shall cause any amount to be distributed in
2008 or shall apply to any amount that otherwise would be distributable in 2008. 
 (d) Each of a Participant’s Separation
from Service Accounts shall be distributed or commence to be distributed on the six-month anniversary of such Participant’s Separation from Service. Each Participant’s Scheduled Distribution Account shall be distributed or commence to be
distributed on July 1st of the year of distribution designated by the Participant at the time such Scheduled Distribution Account is established, or at such later date designated pursuant to Section 7.1(b). Each Account shall be
distributed in the form elected by the Participant pursuant to Section 7.1(a), (b) or (c), with annual installments distributed on July 1st of each year; provided, however, that if the value of such account is $25,000 or less at the
time that distribution of such account is scheduled to commence in the form of installments, then such account instead shall be paid in the form of a single lump sum payment. If one of a Participant’s Separation from Service Accounts is payable
in installments, the first installment shall be paid on the six-month anniversary of the Participant’s Separation from Service, and each subsequent installment shall be paid on July 1st of each year in the installment period, beginning
with the July 1st next following the date of such first installment. 

  
 11 

 (e) Amounts credited to a Participant’s Account in the form of deferred shares of
Gallagher Common Stock shall be distributed in shares of Gallagher Common Stock. All other Distributions from a Participant’s Account shall be in cash. 
 7.2. Termination of Employment. 
 Upon the termination of a Participant’s
employment, the unvested portion of the Participant’s Account (excluding any portion that becomes vested pursuant to Section 6.2, 6.3 or 6.4) shall be forfeited and any related amounts held in the Funding Trust shall be used to satisfy the
Employer’s obligation to make contributions to the Funding Trust under the Plan. 
 7.3. Death. 

(a) If a Participant dies prior to the complete distribution of his or her Accounts, the balance of each such Account shall be paid to the
Participant’s beneficiary or beneficiaries, designated in accordance with Section 7.3(b), in a single lump sum payment within 60 days following the date of the Participant’s death. 

(b) A Participant may designate a beneficiary at any time before the Participant’s death, in the manner prescribed by the Plan
Administrator for that purpose. Subject to the last sentence hereof, a Participant may revoke any beneficiary designation or designate a new beneficiary at any time without the consent of a beneficiary or any other person. If no beneficiary is
designated or no designated beneficiary survives the Participant, payment shall be made to the Participant’s surviving spouse, or, if none, to the Participant’s issue per stirpes, in a single payment. If no spouse or issue survives the
Participant, payment shall be made in a single lump sum to the Participant’s estate. If a Participant is married, any designation of a beneficiary other than such Participant’s spouse shall be effective only if the Participant’s
spouse consents to such designation in writing. 
 7.4. Withdrawal Due to Unforeseeable Emergency. 

If a Participant requests an immediate payment on account of an Unforeseeable Emergency, the Plan Administrator shall pay to the
Participant only that portion, if any, of the vested portion of his or her Account which the Plan Administrator determines is necessary to satisfy the emergency need, including any amounts necessary to pay the federal, state or local income taxes
reasonably anticipated to result from the distribution. A Participant requesting an emergency payment shall apply for the payment in writing using a form prescribed by the Plan Administrator for that purpose and shall provide such additional
information as the Plan Administrator shall decide. If a Participant elects an immediate payment on account of an Unforeseeable Emergency, such Participant’s Elective Deferral election shall be cancelled for the remainder of the Plan Year in
which such payment is made. 

  
 12 

 7.5. Restrictive Covenants; Clawback. 

(a) If, at any time within the later to occur of (i) ten years after a Participant’s Separation from Service; or (ii) two
years after the final payment of any installment due to the Participant from a Participant’s Accounts, the Participant, in the determination of the management of Gallagher, engages in any activity in competition with any activity of Gallagher,
or inimical, contrary or harmful to the interests of Gallagher, including, but not limited to: (1) conduct related to his employment for which either criminal or civil penalties against him may be sought, (2) violation of Gallagher
policies, including, without limitation, Gallagher’s Insider Trading Policy, (3) directly or indirectly, soliciting, placing, accepting, aiding, counseling or consulting in the renewal, discontinuance or replacement of any insurance or
reinsurance by, or handling self-insurance programs, insurance claims or other insurance administrative functions (“insurance services”) for, any existing Gallagher account or any actively solicited prospective account of Gallagher for
which he performed any of the foregoing functions during the two-year period immediately preceding such termination or providing any employee benefit brokerage, consulting, or administration services, in the areas of group insurance, defined benefit
and defined contribution pension plans, individual life, disability and capital accumulation products, investment advisory services and all other employee benefit areas (“benefit services”) Gallagher is involved with, for any existing
Gallagher account or any actively solicited prospective account of Gallagher for which he performed any of the foregoing functions during the two-year period immediately preceding such termination or, if the Participant has not terminated
employment, the date of the prohibited activity (the term Gallagher account as used in this Section shall be construed broadly to include all users of insurance services or benefit services including commercial and individual consumers, risk
managers, carriers, agents and other insurance intermediaries), (4) the rendering of services for any organization which is competitive with Gallagher, (5) employing or recruiting any current or former employee of Gallagher,
(6) disclosing or misusing any confidential information or material concerning Gallagher, or (7) participating in a hostile takeover attempt of Gallagher, then all Matching Deferrals and Performance Deferrals in the Participant’s
Accounts, including any income, gain or loss thereon, shall be forfeited, unless terminated sooner by operation of another term or condition of this Plan, and any payments made from a Participant’s Accounts consisting of Matching Deferrals and
Performance Deferrals to such Participant, including any income, gain or loss thereon, shall be repaid by the Participant to Gallagher. Repayment of any Matching Deferrals and Performance Deferrals by the Participant shall include interest measured
from the date of payments made from the Participant’s Accounts at the highest rate allowable under Delaware law. 
 (b) By
participating in the Plan, each Participant acknowledges that the Participant’s engaging in activities and behavior in violation of Section 7.5(a) above will result in a loss to Gallagher which cannot reasonably or adequately be
compensated in damages in an action at law, that a breach of Section 7.5(a) will result in irreparable and continuing harm to Gallagher and that therefore, in addition to and cumulative with any other remedy which Gallagher may have at law or
in equity, Gallagher shall be entitled to injunctive relief for a breach of Section 7.5(a) by the Participant. By participating in the Plan each Participant acknowledges and agrees that the requirement in Section 7.5(a) above that
Participant disgorge and pay over to Gallagher any payments received from the Participant’s Accounts by such Participant is not a provision for liquidated damages. The Participant agrees to pay any and all costs and expenses, including
reasonable attorneys’ fees, incurred by Gallagher in enforcing any breach of any covenant in this Plan. 

  
 13 

 (c) The provisions of Section 7.5 shall only apply to (i) Matching Deferrals
credited to a Participant’s Accounts with respect to Elective Deferrals made by the Participant for the 2009 Plan Year and succeeding Plan Years; and (ii) Performance Deferrals first granted and credited to a Participant’s Accounts by
the Employer in the 2009 Plan Year or succeeding Plan Years. 
 7.6. Taxes. 

All deferrals and payments under the Plan shall be subject to all applicable federal, state and local tax withholding requirements.

 ARTICLE 8 
 Plan Administrator 
 8.1. Plan Administration and Interpretation 

The Plan Administrator shall oversee the administration of the Plan. The Plan Administrator shall have complete control and authority to
determine the rights and benefits and all claims, demands and actions arising out of the provisions of the Plan of any Participant, beneficiary, deceased Participant, or other person having or claiming to have any interest under the Plan. The Plan
Administrator shall have complete discretion to interpret the Plan and to decide all matters under the Plan. Such interpretation and decision shall be final, conclusive and binding on all Participants and any person claiming under or through any
Participant, in the absence of clear and convincing evidence that the Plan Administrator acted arbitrarily and capriciously. Any individual(s) serving as Plan Administrator who is a Participant will not vote or act on any matter relating solely to
himself or herself. When making a determination or calculation, the Plan Administrator shall be entitled to rely on information furnished by a Participant, a beneficiary, the Employer or the Funding Trustee. The Plan Administrator shall have the
responsibility for complying with any reporting and disclosure requirements of ERISA. 
 8.2. Powers, Duties, Procedures, Etc.

 The Plan Administrator shall have such powers and duties, may adopt such rules and tables, may act in accordance with such
procedures, may appoint such officers or agents, may delegate such powers and duties, and shall follow such claims and appeal procedures with respect to the Plan as it may establish. 

8.3. Information 

To enable the Plan Administrator to perform its functions, the Employer shall supply full and timely information to the Plan Administrator
on all matters relating to the compensation of Participants, their employment, Retirement, death, termination of employment, and such other pertinent facts as the Plan Administrator may require. 

8.4. Indemnification of Plan Administrator 

  
 14 

 The Employer agrees to indemnify and to defend to the fullest extent permitted by law any of
its officer(s) or employee(s) who serve as Plan Administrator (including any such individual who formerly served as Plan Administrator) against all liabilities, damages, costs and expenses (including attorneys’ fees and amounts paid in
settlement of any claims approved by the Employer) occasioned by any act or omission to act in connection with the Plan, if such act or omission is in good faith. 
 ARTICLE 9 
 Amendment and Termination 

9.1. Amendments 

The Company shall have the right to amend the Plan from time to time, subject to Section 9.3, by an instrument in writing which has
been executed on its behalf by a duly authorized officer. 
 9.2. Termination of Plan 

The Plan is strictly a voluntary undertaking on the part of each Employer and shall not be deemed to constitute a contract between the
Employer and any Eligible Employee (or any other employee), as consideration for, or an inducement or condition of employment for, the performance of the services by an Eligible Employee (or other employee). The Company reserves the right to
terminate the Plan at any time, subject to Section 9.3, by an instrument in writing which has been executed on its behalf by a duly authorized officer. Upon termination, the Company shall continue to maintain the Funding Trust to pay benefits
hereunder as they become due as if the Plan had not terminated; provided, however, that if the Plan is terminated in connection with a Change in Control Event, within the meaning of regulations or other guidance promulgated under Section 409A
of the Code, Gallagher’s Compensation Committee, as constituted immediately prior to such Change in Control Event, may elect, in its sole discretion, to pay out all Accounts to Participants and beneficiaries within 12 months after the
occurrence of such Change in Control Event to the extent permitted under Section 409A of the Code. For purposes of the preceding sentence, the Account balance of each Participant who is in the employ of the Employer at the time the Funding
Trustee is directed to pay such balance shall become fully vested and nonforfeitable. After Participants and their beneficiaries are paid all Plan benefits to which they are entitled, all remaining assets of the Funding Trust attributable to
Participants who terminated employment with the Employer before they were fully vested in their Accounts under Article 6 at that time shall be returned to the Employer. 
 9.3. Existing Rights 
 No amendment or termination of the Plan shall adversely
affect the rights of any Participant with respect to amounts that have been credited to his or her Account prior to the date of such amendment or termination except as provided in Section 9.2 or to comply with the requirements of applicable
law. 

  
 15 

 ARTICLE 10 
 Miscellaneous 
 10.1. No Funding 

The Plan constitutes a mere promise by the Employer to make payments in accordance with the terms of the Plan and Participants and
beneficiaries shall have the status of general unsecured creditors of the Employer. Nothing in the Plan will be construed to give any employee or any other person rights to any specific assets of the Employer or of any other person. In all events,
it is the intent of the Employer that the Plan be treated as unfunded for tax purposes and for purposes of Title I of ERISA. 

10.2. Non-assignability 
 None of the benefits, payments, proceeds or claims of any Participant or beneficiary shall be subject to any claim of any creditor of any Participant or beneficiary and, in particular, the same shall not
be subject to attachment or garnishment or other legal process by any creditor of such Participant or beneficiary, nor shall any Participant or beneficiary have any right to alienate, anticipate, commute, pledge, encumber or assign any of the
benefits or payments or proceeds which he or she may expect to receive, contingently or otherwise under the Plan. 
 10.3.
Limitation of Participant’s Rights 
 Nothing contained in the Plan shall confer upon any person a right to be employed or
to continue in the employ of the Employer, or interfere in any way with the right of the Employer to terminate the employment of a Participant in the Plan at any time, with or without cause. 

10.4. Participants Bound 
 Any action with respect to the Plan taken by the Plan Administrator or the Funding Trustee or any action authorized by or taken at the direction of the Plan Administrator, the Company or the Funding
Trustee shall be conclusive upon all Participants and beneficiaries entitled to benefits under the Plan. 
 10.5. Receipt and
Release 
 Any payment to any Participant or beneficiary in accordance with the provisions of the Plan shall, to the extent
thereof, be in full satisfaction of all claims against the Employer, the Plan Administrator and the Funding Trustee under the Plan, and the Plan Administrator may require such Participant or beneficiary, as a condition precedent to such payment, to
execute a receipt and release to such effect. If any Participant or beneficiary is determined by the Plan Administrator to be incompetent by reason of physical or mental disability or other legal disability (including minority) to give a valid
receipt and release, the Plan Administrator may cause the payment or payments becoming due to such person to be made to another person for his or her benefit without responsibility on the part of the Plan Administrator, the Employer or the Funding
Trustee to follow the application of such funds. 
 10.6. Compliance With Section 409A of Code. 

This Plan is intended to comply with the provisions of Section 409A of the Code, and shall be interpreted and construed accordingly,
and the timing of all payments under the Plan shall be modified as necessary to comply therewith. 

  
 16 

 10.7. Governing Law 
 The Plan shall be construed, administered, and governed in all respects under and by the laws of the State of Illinois. If any provision shall be held by a court of competent jurisdiction to be invalid or
unenforceable, the remaining provisions hereof shall continue to be fully effective. 
 10.8. Headings and Subheadings

 Headings and subheadings in this Plan are inserted for convenience only and are not to be considered in the construction of
the provisions hereof. 

  
 17Form of 2012 Stock Appreciation Right Award Agreement

 Exhibit 10.1 
 FORM OF 
 STOCK APPRECIATION RIGHTS AGREEMENT 

This STOCK APPRECIATION RIGHTS AGREEMENT (the “Agreement”), dated as of
                (the “Grant Date”) is made by and between HCA Holdings, Inc., a Delaware corporation (hereinafter referred to as the
“Company”), and the individual whose name is set forth below, who is an employee of the Company or a Subsidiary or Affiliate of the Company, hereinafter referred to as the “Grantee”. Any capitalized terms herein not
otherwise defined in Article I shall have the meaning set forth in the 2006 Stock Incentive Plan for Key Employees of HCA Holdings, Inc. and its Affiliates, as amended and restated (the “Plan”). 

WHEREAS, the Company wishes to carry out the Plan, the terms of which are hereby incorporated by reference and made a part of this
Agreement; and 
 WHEREAS, the Compensation Committee of the Board of Directors of the Company, including any subcommittee
formed pursuant to Section 3(a) of the Plan, (or, if no such committee is appointed, the Board of Directors of the Company) (the “Committee”) has determined that it would be to the advantage and best interest of the Company and
its shareholders to grant an award of Stock Appreciation Rights (“SARs”) as provided for herein to the Grantee as an incentive for increased efforts during his or her term of office, employment or service with the Company or its
Subsidiaries or Affiliates, and has advised the Company thereof and instructed the undersigned officers to issue said SARs; 

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is
hereby acknowledged, the parties hereto do hereby agree as follows: 
 STOCK APPRECIATION RIGHTS GRANT 

 

					
	Grantee:	  		  	[Participant Name]

[ParticipantAddress]

			
	 Aggregate number of Time SARs granted
 hereunder (“Time SARs”):
	  		  	[Time SAR Award]
			
	 Aggregate number of EBTIDA Performance SARs
 granted hereunder (“EBTIDA Performance SARs”):
	  		  	[EBITDA Performance
 SAR Award]

			
	Base Price of all SARs granted hereunder:	  		  	[Base Price]
			
	Grant Date of Award (“Grant Date”):	  		  	[Grant Date]

 ARTICLE I 
 DEFINITIONS 
 Whenever the following terms are used in this Agreement, they
shall have the meaning specified below unless the context clearly indicates to the contrary. 
 Section 1.1. Cause

 “Cause” shall mean “Cause” as such term may be defined in any employment agreement or
change-in-control agreement in effect at the time of termination of employment between the Grantee and the Company or any of its Subsidiaries or Affiliates, or, if there is no such employment or change-in-control agreement, “Cause” shall
mean (i) willful and continued failure by Grantee (other than by reason of a Permanent Disability) to perform his or her material duties with respect to the Company or it Subsidiaries which continues beyond ten (10) business days after a
written demand for substantial performance is delivered to Grantee by the Company (the “Cure Period”); (ii) willful or intentional engaging by Grantee in material misconduct that causes material and demonstrable injury,
monetarily or otherwise, to the Company, the Investors or their respective Affiliates; (iii) conviction of, or a plea of nolo contendere to, a crime constituting (x) a felony under the laws of the United States or any state thereof or
(y) a misdemeanor for which a sentence of more than six months’ imprisonment is imposed; or (iv) Grantee’s engaging in any action in breach of restrictive covenants made by Grantee under any Management Stockholder’s
Agreement (if applicable) or other agreement containing restrictive covenants (e.g., covenants not to disclose confidential information, to compete with the business of the Company or its Subsidiaries or to solicit the employees thereof to terminate
their employment) or any employment or change-in-control agreement between the Grantee and the Company or any of its Subsidiaries, which continues beyond the Cure Period (to the extent that, in the Board’s reasonable judgment, such breach can
be cured). 
 Section 1.2. EBITDA Performance SARs 
 “EBITDA Performance SARs” shall mean the SARs granted on the terms and conditions set forth herein, with respect to all or any part of an aggregate number of shares of Common Stock set forth
above opposite the term EBITDA Performance SARs. 
 Section 1.3. Fiscal Year 

“Fiscal Year” shall mean each of the             ,
            ,              and              fiscal years of the
Company (which, for the avoidance of doubt, ends on December 31 of any given calendar year). 

  
 2 

 Section 1.4. Good Reason 

“Good Reason” shall mean “Good Reason” as such term may be defined in any employment agreement or change-in-control
agreement in effect at the time of termination of employment between the Grantee and the Company or any of its Subsidiaries or Affiliates, or, if there is no such employment or change-in-control agreement, “Good Reason” shall mean
(i) (A) a reduction in Grantee’s base salary (other than a general reduction in base salary that affects all similarly situated employees (defined as all employees within the same Company pay grade as that of Grantee) in substantially
the same proportions that the Board implements in good faith after consultation with the Chief Executive Officer (“CEO”) and Chief Operating Officer of the Company, if any); (B) a reduction in Grantee’s annual incentive
compensation opportunity; or (C) the reduction of benefits payable to Grantee under the Company’s Supplemental Executive Retirement Plan (if Grantee is a participant in such plan), in each case other than any isolated, insubstantial and
inadvertent failure by the Company that is not in bad faith and is cured within ten (10) business days after Grantee gives the Company written notice of such event; provided that the events described in (i)(A) or (i)(B) above will not be
deemed to give rise to Good Reason if employment is terminated, but Grantee declines an offer of employment involving a loss of compensation of less than 15% from a purchaser, transferee, outsourced vendor, new operating entity or affiliated
employer; (ii) a substantial diminution in Grantee’s title, duties and responsibilities, other than any isolated, insubstantial and inadvertent failure by the Company that is not in bad faith and is cured within ten (10) business days
after Grantee gives the Company written notice of such event; or (iii) a transfer of Grantee’s primary workplace to a location that is more than twenty (20) miles from his or her workplace as of the date of this Agreement;
provided that Good Reason shall not be deemed to occur merely because Grantee’s willful decision to change position or status within the Company or any of its Subsidiaries causes one or more of the occurrences described in (i), (ii), or
(iii) to come about. 
 Section 1.5. Permanent Disability 

“Permanent Disability” shall mean “Disability” as such term is defined in any employment agreement between Grantee and
the Company or any of its Subsidiaries, or, if there is no such employment agreement, “Disability” as defined in the long-term disability plan of the Company. 
 Section 1.6. Retirement 
 “Retirement” shall mean
Grantee’s resignation (other than for Good Reason) from service with the Company and the Service Recipients (i) after attaining 65 years of age or (ii) after attaining 55 years of age and completing ten (10) years of service with
the Company or any Service Recipient. 
 Section 1.7. SARs 

“SARs” shall mean the aggregate of the Time SARs and the EBITDA Performance SARs granted under Section 2.1 of this
Agreement. 
 Section 1.8. Secretary 
 “Secretary” shall mean the Secretary of the Company. 

  
 3 

 Section 1.9. Time SARs 

“Time SARs” shall mean the SARs granted on the terms and conditions set forth herein with respect to all or any part of an
aggregate number of shares of Common Stock set forth above opposite the term Time SARs. 
 ARTICLE II 

GRANT OF SARS 

Section 2.1. Grant of SARs 
 For good and valuable consideration, on and as of the date hereof the Company irrevocably grants to the Grantee an award of the following SARs: (a) the Time SARs and (b) the EBITDA Performance
SARs (together, the “Award”), in each case on the terms and conditions set forth in this Agreement. Each SAR represents the right to receive pursuant to this Agreement, upon exercise of the SAR, a payment from the Company in shares
of Common Stock having a value equal to the excess of the Fair Market Value of one Share on the exercise date over the Base Price (as defined below). 
 Section 2.2. Base Price 
 Subject to Section 2.4, the base
price of each SAR granted pursuant to this Agreement (the “Base Price”) shall be as set forth above. 
 Section 2.3.
No Guarantee of Employment 
 Nothing in this Agreement or in the Plan shall confer upon the Grantee any right to
continue in the employ of the Company or any Service Recipient or shall interfere with or restrict in any way the rights of the Company and the Service Recipients, which are hereby expressly reserved, to terminate the employment of the Grantee at
any time for any reason whatsoever, with or without cause, subject to the applicable provisions of, if any, the Grantee’s employment agreement with the Company or offer letter provided by the Company or a Service Recipient to the Grantee.

 Section 2.4. Adjustments to SARs 
 The SARs shall be subject to the adjustment provisions of Sections 8 and 9 of the Plan, provided, however, that in the event of the payment of an extraordinary dividend by the Company to its
stockholders, then: first, the Base Price of each SAR shall be reduced by the amount of the dividend per share paid, but only to the extent the Committee determines it to be permitted under applicable tax laws and it will not have adverse tax
consequences to the Grantee; and, if such reduction cannot be fully effected due to such tax laws, second, the Company shall pay to the Grantee a cash payment, on a per SAR basis, equal to the balance of the amount of the dividend not
permitted to be 

  
 4 

 
applied to reduce the Base Price of the applicable SARs as follows: (a) for each Share with respect to which a vested SAR relates, promptly following the date of such dividend payment; and
(b), for each Share with respect to which an unvested SAR relates, on the date on which such SAR becomes vested and exercisable with respect to such Share. 
 ARTICLE III 
 PERIOD OF EXERCISABILITY 

Section 3.1. Commencement of Exercisability 
 (a) So long as the Grantee continues to be employed by the Company or any other Service Recipient, this Award shall become vested and exercisable pursuant to the following schedules: 

(i) Time SARs. This Award shall become vested and exercisable with respect to 25% of the Time SARs on each of the first four
anniversaries of the Grant Date. 
 (ii) EBITDA Performance SARs. This Award shall be eligible to become vested as to
25% of the EBITDA Performance SARs (the “Eligible SARs”) at the end of each of the four Fiscal Years, if the Company, on a consolidated basis, achieves its annual EBITDA targets for the given Fiscal Year, as each such target shall
be established by the Committee on the attached Schedule A or otherwise within the first ninety days of each such Fiscal Year (each, once so established, an “EBITDA Target”) for the given Fiscal Year. In the event the actual
EBITDA for a Fiscal Year equals or exceeds the minimum percentage of the EBITDA Target set forth on Schedule A for such year, a portion of the Eligible SARs shall become vested as provided in the attached Schedule A as of the last day
of the applicable Fiscal Year. Subject to the immediately preceding sentence, in the event that the EBITDA Target is not achieved in a particular Fiscal Year, then that portion of the Eligible SARs that failed to vest due to the Company’s
failure to achieve 100% of its EBITDA Target shall be forfeited and immediately terminated as of the date the actual EBITDA for the Fiscal Year has been certified by the Committee. Any portion of the Eligible SAR that becomes vested pursuant to this
Section 3.1(a)(ii) shall become first exercisable upon the determination by the Committee that the applicable EBITDA Targets have been achieved. 
 (b) Notwithstanding the foregoing (but subject to Section 3.1(c) below), upon the occurrence of a Change in Control (the definition of which is set forth on Schedule B attached hereto):

 (i) this Award shall become immediately vested and exercisable immediately prior to a Change in Control as to 100% of the
Time SARs (but only to the extent this Award has not otherwise terminated or become exercisable with respect to such SARs); 

  
 5 

 (ii) this Award shall become immediately vested and exercisable immediately prior to a
Change in Control as to 100% of the Eligible SARs with respect to (i) the Fiscal Year in which the Change in Control occurs and (ii) each subsequent Fiscal Year (but only to the extent this Award has not otherwise terminated or become
exercisable with respect to such SARs); and 
 (c) Notwithstanding the foregoing, no part of this Award shall become vested as
to any additional SARs as of any date following the termination of Grantee’s employment with the Company or any Service Recipient for any reason and any SAR, which is (or determined to be) unvested as of the Grantee’s termination of
employment, shall immediately expire without payment therefor. 
 Section 3.2. Expiration of SARs 

The Grantee may not exercise any SAR granted pursuant to this Award after the first to occur of the following events: 

(a) The tenth anniversary of the Grant Date so long as the Grantee remains employed with the Company or any Service Recipient through
such date; 
 (b) The third anniversary of the date of the Grantee’s termination of employment with the Company and all
Service Recipients, if the Grantee’s employment terminates by reason of death or Permanent Disability; 
 (c) Immediately
upon the date of the Grantee’s termination of employment by the Company or any Service Recipient for Cause, including if a vested SAR has not yet become exercisable pursuant to Section 3.1(a)(ii); 

(d) One hundred and eighty (180) days after the date of the Grantee’s termination of employment by the Company or any Service
Recipient without Cause (for any reason other than as set forth in Section 3.2(b)); 
 (e) One hundred and eighty
(180) days after the date of the Grantee’s termination of employment with the Company or any Service Recipient by the Grantee for Good Reason; 
 (f) One hundred and eighty (180) days after the date of the Grantee’s termination of employment with the Company or any Service Recipient by the Grantee upon Retirement. 

(g) Sixty (60) days after the date of the Grantee’s termination of employment with the Company or any Service Recipient by the
Grantee without Good Reason (except due to Retirement, death or Permanent Disability); or 
 (h) At the discretion of the
Company, if the Committee so determines pursuant to Section 9 of the Plan. 
 For the avoidance of doubt, for purposes of this Agreement,
Grantee’s employment shall not be deemed to have terminated so long as Grantee remains employed by any Service Recipient. 

  
 6 

 ARTICLE IV 
 EXERCISE 
 Section 4.1. Person Eligible to Exercise 

The Grantee may exercise only that portion of this Award that has both vested and become exercisable at the time Grantee desires to
exercise this Award and that has not expired pursuant to Section 3.2. During the lifetime of the Grantee, only the Grantee (or his or her duly authorized legal representative) may exercise the SARs granted pursuant to this Award or any portion
thereof. After the death of the Grantee, any vested and exercisable portion of this Award may, prior to the time when such portion becomes unexercisable under Section 3.2, be exercised by his personal representative or by any person empowered
to do so under the Grantee’s will or under the then applicable laws of descent and distribution. 
 Section 4.2. Partial
Exercise 
 Any vested and exercisable portion of this Award, or the entire Award, if then wholly vested and exercisable,
may be exercised in whole or in part at any time prior to the time when the Award or portion thereof becomes unexercisable under Section 3.2. 
 Section 4.3. Manner of Exercise 
 Subject to the Company’s
code of conduct and securities trading policies as in effect from time to time, this Award, or any exercisable portion thereof, may be exercised solely by delivering to the Company or its designated agent all of the following prior to the time when
the Award or such portion becomes unexercisable under Section 3.2: 
 (a) Notice in writing (or such other medium
acceptable to the Company or its designated agent) signed or acknowledged by the Grantee or other person then entitled to exercise the Award, stating the number of SARs subject to the Award in respect of which the Award is thereby being exercised,
such notice complying with all applicable rules established by the Committee; 
 (b) [intentionally omitted] 

(c) (i) Full payment (in cash or by check or by a combination thereof) to satisfy the minimum withholding tax obligation with respect to
which the Award or portion thereof is exercised or (ii) indication that the Grantee elects to satisfy the withholding tax obligation through an arrangement that is compliant with the Sarbanes-Oxley Act of 2002 (and any other applicable laws and
exchange rules) and that provides for the delivery of irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Award and to deliver promptly to the Company an amount to satisfy the minimum withholding tax obligation that
would otherwise be required to be paid by the 

  
 7 

 
Grantee to the Company pursuant to clause (i) of this subsection (c), or (iii) if made available by the Company, indication that the Grantee elects to have the number of Shares that
would otherwise be issued to the Grantee upon exercise of such Award (or portion thereof) reduced by a number of Shares having an aggregate Fair Market Value, on the date of such exercise, equal to the payment to satisfy the minimum withholding tax
obligation that would otherwise be required to be made by the Grantee to the Company pursuant to clause (i) of this subsection (c). 
 (d) If required by the Company, a bona fide written representation and agreement, in a form satisfactory to the Company, signed by the Grantee or other person then entitled to exercise such Award or
portion thereof, stating that the shares of Common Stock are being acquired for his own account, for investment and without any present intention of distributing or reselling said shares or any of them except as may be permitted under the Securities
Act of 1933, as amended (the “Act”), and then applicable rules and regulations thereunder, and that the Grantee or other person then entitled to exercise such Award or portion thereof will indemnify the Company against and hold it
free and harmless from any loss, damage, expense or liability resulting to the Company if any sale or distribution of the shares by such person is contrary to the representation and agreement referred to above; provided, however, that the Company
may, in its reasonable discretion, take whatever additional actions it deems reasonably necessary to ensure the observance and performance of such representation and agreement and to effect compliance with the Act and any other federal or state
securities laws or regulations; and 
 (e) In the event the Award or portion thereof shall be exercised pursuant to
Section 4.1 by any person or persons other than the Grantee, appropriate proof of the right of such person or persons to exercise the Award. 
 Without limiting the generality of the foregoing, the Company may require an opinion of counsel acceptable to it to the effect that any subsequent transfer of shares acquired on exercise of this Award (or
portion thereof) does not violate the Act, and may issue stop-transfer orders covering such Shares. Share certificates evidencing stock issued on exercise of any portion of this Award shall bear an appropriate legend referring to the provisions of
subsection (d) above and the agreements herein. The written representation and agreement referred to in subsection (d) above shall, however, not be required if the shares to be issued pursuant to such exercise have been registered under
the Act, and such registration is then effective in respect of such shares. 
 Section 4.4. Conditions to Issuance of Stock
Certificates 
 The Shares issuable (whether by certificate or otherwise) upon the exercise of this Award, or any portion
thereof, may be either previously authorized but unissued Shares or issued Shares, which have then been reacquired by the Company. Such Shares shall be fully paid and nonassessable. If share certificates are to be issued, the Company shall not be
required to issue or deliver any certificate or certificates for Shares purchased upon the exercise of this Award or portion thereof prior to fulfillment of all of the following conditions: 

  
 8 

 (a) The obtaining of approval or other clearance from any state or federal governmental
agency which the Committee shall, in its reasonable and good faith discretion, determine to be necessary or advisable; and 

(b) The lapse of such reasonable period of time following the exercise of the Award as the Committee may from time to time establish for
reasons of administrative convenience or as may otherwise be required by applicable law. 
 Section 4.5. Rights as Stockholder

 Except as otherwise provided in Section 2.4 of this Agreement, the holder of any SARs subject to this Award shall not
be, nor have any of the rights or privileges of, a stockholder of the Company in respect of any Shares issuable upon the exercise of this Award or any portion thereof unless and until certificates representing such Shares shall have been issued by
the Company to such holder, or the Company or its designated agent has otherwise recorded the appropriate book entries evidencing Grantee’s ownership of the Shares. 
 ARTICLE V 
 MISCELLANEOUS 

Section 5.1. Administration 
 The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to
interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Grantee, the Company and all other interested persons. No member of the Committee shall be
personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Award. In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the
Committee under the Plan and this Agreement. 
 Section 5.2. Award Not Transferable 

No part of, or interest in, this Award shall be liable for the debts, contracts or engagements of the Grantee or his successors in
interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment,
garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided, however, that this Section 5.2 shall not prevent transfers by will or by
the applicable laws of descent and distribution. 

  
 9 

 Section 5.3. Notices 

Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of its Secretary or its
designee, and any notice to be given to the Grantee shall be addressed to him at the address (including an electronic address) reflected in the Company’s books and records. By a notice given pursuant to this Section 5.3, either party may
hereafter designate a different address for notices to be given to him. Any notice, which is required to be given to the Grantee, shall, if the Grantee is then deceased, be given to the Grantee’s personal representative if such representative
has previously informed the Company of his status and address by written notice under this Section 5.3. Any notice shall have been deemed duly given when (i) delivered in person, (ii) delivered in an electronic form approved by the
Company, (iii) enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service, or (iv) enclosed in
a properly sealed envelope or wrapper addressed as aforesaid, deposited (with fees prepaid) in an office regularly maintained by FedEx, UPS, or comparable non-public mail carrier. 
 Section 5.4. Titles; Pronouns 
 Titles are provided herein for
convenience only and are not to serve as a basis for interpretation or construction of this Agreement. The masculine pronoun shall include the feminine and neuter, and the singular the plural, where the context so indicates. 

Section 5.5. Applicability of Plan  
 The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof. The terms of this Agreement are governed by the terms of the Plan, and in the
case of any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall govern. 

Section 5.6. Amendment 
 Subject to Section 10 of the Plan, this Agreement may be amended only by a writing executed by the parties hereto, which specifically states that it is amending this Agreement. 

Section 5.7 Governing Law 
 The laws of the State of Delaware shall govern the interpretation, validity and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of
laws. 

  
 10 

 Section 5.8 Arbitration 

In the event of any controversy among the parties hereto arising out of, or relating to, this Agreement which cannot be settled amicably
by the parties, such controversy shall be finally, exclusively and conclusively settled by mandatory arbitration conducted expeditiously in accordance with the American Arbitration Association rules, by a single independent arbitrator. Such
arbitration process shall take place within the Nashville, Tennessee metropolitan area. The decision of the arbitrator shall be final and binding upon all parties hereto and shall be rendered pursuant to a written decision, which contains a detailed
recital of the arbitrator’s reasoning. Judgment upon the award rendered may be entered in any court having jurisdiction thereof. Each party shall bear its own legal fees and expenses, unless otherwise determined by the arbitrator. If the
Grantee substantially prevails on any of his or her substantive legal claims, then the Company shall reimburse all legal fees and arbitration fees incurred by the Grantee to arbitrate the dispute. 

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto. 

 

			
	HCA HOLDINGS, INC.
		
	By:	 	 
		
	Its:	 	 

  

			
	Grantee:
		
		 	(electronically accepted)

  
 11 

 Schedule A 
 EBITDA Targets 
  

															
	 Fiscal Year
	  	FY1	  	FY2	 	 	FY3	 	 	FY4	 
	 EBITDA Target
	  		  	 	TBD	1 	 	 	TBD	1 	 	 	TBD	1 

 Partial Vesting Schedule 
  

																									
	 Actual EBITDA (% of Budget)
	  	100%+	 	 	99.0% -
99.9%	 	 	98.0%
-98.9%	 	 	97.0% -
97.9%	 	 	96.0% -
96.9%	 	 	< 96.0%	 
	 % Eligible SARs2 Vesting
	  	 	100	% 	 	 	80	% 	 	 	60	% 	 	 	40	% 	 	 	20	% 	 	 	0	% 

 “EBITDA” means earnings before interest, taxes, depreciation, amortization, net income
attributable to noncontrolling interests, gains or losses on sales of facilities, gains or losses on extinguishment of debt, asset or investment impairment charges, restructuring charges, any expenses for share-based compensation under ASC Topic
718, and any other expenses or losses resulting from significant, unusual and/or nonrecurring events, as described in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual
report for the Fiscal Year, as determined in good faith by the Board or the Committee in consultation with the CEO. In the event the Company disposes of or acquires any facility during the Fiscal Year, the EBITDA target for such year shall be
adjusted appropriately (based on the number of days during the year for which the facility was owned) to reflect the acquisition or disposition. 
 In addition to any adjustments enumerated in the definition of “EBITDA”, above, the Committee is hereby authorized to make adjustments in the terms and conditions of, and the criteria included
in, awards in recognition of unusual or nonrecurring events affecting the Grantee, the Company, or any Subsidiary or Affiliate, or the financial statements of the Company or of any Subsidiary or Affiliate; in the event of changes in applicable laws,
regulations or accounting principles; or in the event the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this
Agreement. The Committee is also authorized to adjust performance targets or awards downward to avoid unwarranted windfalls. 
  

 

	1 	 The annual EBITDA targets for each of FY2, FY3 and FY4 shall be determined during the first 90 days of the relevant Fiscal Year, in accordance with
Section 3.1(a)(ii) hereof. 

  

	2 	 For the avoidance of doubt, the “Eligible SARs” with respect to any Fiscal Year equals 25% of the EBITDA Performance SARs granted hereunder.

 Schedule B 

Definition of Change in Control 
 For purposes of this Agreement, the term “Change in Control” shall mean, in lieu of any definition contained in the Plan: 

(i) the sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of the Company to any
Person or Group other than, as of the date of determination, (A) any and all of an employee benefit plan (or trust forming a part thereof) maintained by (1) the Company or (2) any corporation or other Person of which a majority of its
voting power of its voting equity securities or equity interest is owned, directly or indirectly, by the Company; (B) Hercules Holding II, LLC, a Delaware limited liability company (or any successor) (“Hercules Holding II”), but only
for so long as Hercules Holding II continues to hold at least 30% of the voting power of the Company’s voting equity securities, or (C) any Equity Sponsor (as defined in the Company’s Amended and Restated Certificate of Incorporation
dated as of March 8, 2011), but only for so long as the Equity Sponsors, in the aggregate, continue to hold at least 30% of the voting power of the Company’s voting equity securities (any of the foregoing, “Permitted Holders”);
or 
 (ii) any Person or Group, other than the Permitted Holders, becomes the Beneficial Owner (as such term is defined in Rule
13d-3 under the Exchange Act (or any successor rule thereto) (except that a Person shall be deemed to have “beneficial ownership” of all shares that any such Person has the right to acquire, whether such right is exercisable immediately or
only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the voting stock of the Company (or any entity which controls the Company), including by way of merger, consolidation, tender or exchange offer or
otherwise; or 
 (iii) a reorganization, recapitalization, merger or consolidation (a “Corporate Transaction”)
involving the Company, unless securities representing more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Company or the corporation resulting from such
Corporate Transaction (or the parent of such corporation) are Beneficially Owned subsequent to such transaction by the Person or Persons who were the Beneficial Owners of the outstanding voting securities entitled to vote generally in the election
of directors of the Company immediately prior to such Corporate Transaction, in substantially the same proportions as their ownership immediately prior to such Corporate Transaction; or 

(iv) during any period of 12 months, individuals who at the beginning of such period constituted the Board (together with any new
directors whose election by such Board or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors of the Company, then still in office, who were either directors at the beginning of such
period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board then in office. 

  
 2

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